BROOKLINE, Mass. (AP) — There's a new mystery on Dennis Lehane's mind, but the story isn't something the best-selling author can control from behind a keyboard.
The plot kicked off Christmas Eve, when the crime novelist's rescue beagle Tessa escaped from his yard after an outdoor gate latch didn't lock all the way.
Since then, Lehane's family has launched an all-out search. They've posted fliers, organized foot searches and used social media to try to bring Tessa back to their home in Brookline, Mass., near Boston.
The 47-year-old author of books including "Mystic River" and "Gone, Baby, Gone" is offering a monetary reward and has said he'll name a character in his next book after whoever finds Tessa.
Lehane said Thursday outside his home that he's surprised by the media attention the story has attracted, and thinks it has something to do with the character offer.
But he said as word of the missing dog spread, his family has heard from people across the country on a "Finding Tessa" Facebook page. They even got an offer of help from a dog psychic in San Francisco.
"No dog since Lassie ever got this attention ... the flip side of the comedy is, who wouldn't do this for their dog?" he said.
The doggie dilemma comes as Lehane faces a Friday deadline for finishing a movie script based on his short story "Animal Rescue," timing he said may be "sadistic irony." The movie is scheduled to begin shooting in March in New York City.
The author said he's been spending about four hours a day searching for the tri-colored female beagle after he finishes writing, and his wife has dedicated about 10 hours a day to the effort.
They adopted the 4-year-old beagle not long ago from a Florida rescue agency. Before that, Tessa was a stray in Georgia.
With the help of Twitter and Facebook accounts, Lehane and his wife organized two search efforts Thursday in sections of Brookline and Boston, where they suspect Tessa could be. In the beginning, there were three sightings within about two miles of their home not long after a house sitter reported that the dog was loose.
But the trail went cold for days after a sighting near a McDonald's restaurant. Tessa wasn't wearing tags, but does have a microchip.
"Every dog expert we talk to is strongly suggesting that she's in somebody's house," Lehane said. "That's why we keep saturating the area with pictures. Because somebody could have her and just not know."
Missing dog posters dotted the family's Coolidge Corner neighborhood Thursday, including in the front windows at Durty Harry's dog grooming shop where Tessa is a client. Shop owner Michelle Fournier said interest in the search took off even before people knew Tessa had a famous owner.
"This is about a dog and her family. This is about a community who loves dogs," she said.
Lehane said Thursday that Tessa is so sweet that she'd taken to spooning the family's puppy before her disappearance. He said if someone knows where Tessa is, he only cares about a happy ending, not about solving the mystery of where she's been.
"It's a no-questions-asked issue," the author said. "... Bring the dog to a shelter or call me and I will pick up the dog."
Energy drinks are the fastest-growing part of the beverage industry, with sales in the United States reaching more than $10 billion in 2012 — more than Americans spent on iced tea or sports beverages like Gatorade.
Their rising popularity represents a generational shift in what people drink, and reflects a successful campaign to convince consumers, particularly teenagers, that the drinks provide a mental and physical edge.
The drinks are now under scrutiny by the Food and Drug Administration after reports of deaths and serious injuries that may be linked to their high caffeine levels. But however that review ends, one thing is clear, interviews with researchers and a review of scientific studies show: the energy drink industry is based on a brew of ingredients that, apart from caffeine, have little, if any benefit for consumers.
“If you had a cup of coffee you are going to affect metabolism in the same way,” said Dr. Robert W. Pettitt, an associate professor at Minnesota State University in Mankato, who has studied the drinks.
Energy drink companies have promoted their products not as caffeine-fueled concoctions but as specially engineered blends that provide something more. For example, producers claim that “Red Bull gives you wings,” that Rockstar Energy is “scientifically formulated” and Monster Energy is a “killer energy brew.” Representative Edward J. Markey of Massachusetts, a Democrat, has asked the government to investigate the industry’s marketing claims.
Promoting a message beyond caffeine has enabled the beverage makers to charge premium prices. A 16-ounce energy drink that sells for $2.99 a can contains about the same amount of caffeine as a tablet of NoDoz that costs 30 cents. Even Starbucks coffee is cheap by comparison; a 12-ounce cup that costs $1.85 has even more caffeine.
As with earlier elixirs, a dearth of evidence underlies such claims. Only a few human studies of energy drinks or the ingredients in them have been performed and they point to a similar conclusion, researchers say — that the beverages are mainly about caffeine.
Caffeine is called the world’s most widely used drug. A stimulant, it increases alertness, awareness and, if taken at the right time, improves athletic performance, studies show. Energy drink users feel its kick faster because the beverages are typically swallowed quickly or are sold as concentrates.
“These are caffeine delivery systems,” said Dr. Roland Griffiths, a researcher at Johns Hopkins University who has studied energy drinks. “They don’t want to say this is equivalent to a NoDoz because that is not a very sexy sales message.”
A scientist at the University of Wisconsin became puzzled as he researched an ingredient used in energy drinks like Red Bull, 5-Hour Energy and Monster Energy. The researcher, Dr. Craig A. Goodman, could not find any trials in humans of the additive, a substance with the tongue-twisting name of glucuronolactone that is related to glucose, a sugar. But Dr. Goodman, who had studied other energy drink ingredients, eventually found two 40-year-old studies from Japan that had examined it.
In the experiments, scientists injected large doses of the substance into laboratory rats. Afterward, the rats swam better. “I have no idea what it does in energy drinks,” Dr. Goodman said.
Energy drink manufacturers say it is their proprietary formulas, rather than specific ingredients, that provide users with physical and mental benefits. But that has not prevented them from implying otherwise.
Consider the case of taurine, an additive used in most energy products.
On its Web site, the producer of Red Bull, for example, states that “more than 2,500 reports have been published about taurine and its physiological effects,” including acting as a “detoxifying agent.” In addition, that company, Red Bull of Austria, points to a 2009 safety study by a European regulatory group that gave it a clean bill of health.
But Red Bull’s Web site does not mention reports by that same group, the European Food Safety Authority, which concluded that claims about the benefits in energy drinks lacked scientific support. Based on those findings, the European Commission has refused to approve claims that taurine helps maintain mental function and heart health and reduces muscle fatigue.
Taurine, an amino acidlike substance that got its name because it was first found in the bile of bulls, does play a role in bodily functions, and recent research suggests it might help prevent heart attacks in women with high cholesterol. However, most people get more than adequate amounts from foods like meat, experts said. And researchers added that those with heart problems who may need supplements would find far better sources than energy drinks.
Hiroko Tabuchi contributed reporting from Tokyo and Poypiti Amatatham from Bangkok.
Wary holiday shoppers forced retailers to heavily discount items during December, ultimately handing merchants decent sales but raising worries about consumer spending in the new year.
After wooing bargain hunters in December by cutting prices, major retailers such as Macy's Inc., Target Corp. and J.C. Penney Co. lowered their profit expectations for the fourth quarter, warning that steep markdowns may eat into year-end results.
Along Colorado Boulevard in Old Town Pasadena, shoppers said they controlled their budgets during the holidays and planned to take a break from spending in the new year.
"We budgeted $600 for all our family and friends, and we stuck with that," said Wendy Estrada, 33, of Pasadena. "It wasn't the right time to go over the top."
However, Estrada, an admissions officer for a culinary school, had just picked up a $65 pair of tan heels for herself, part of a post-Christmas splurge using gift cards she'd received. But after those are used up, "I'm done until Valentine's Day," she said.
In December, many shoppers were weary of spending during Black Friday sales after Thanksgiving and were focused instead on the "fiscal cliff" debate and the school shooting tragedy in Newtown, Conn., analysts said. As a result, many merchants slashed prices in a last-ditch effort to entice people through their doors.
"The surge in sales we saw was driven by a spike in promotions by retailers, which really helped salvage sales at the back end from the Saturday before Christmas up through New Year's," Ken Perkins of Retail Metrics Inc. said. "A lot of consumers were looking for value."
Major chain stores posted an overall 4.5% sales increase in December compared with the same month a year earlier, beating analysts' expectations of a 3.3% rise. according to Thomson Reuters' tally of 17 retailers.
Top performers were a mixture of high- and low-end stores. Costco Wholesale Corp. led the way with a 9% bump, while upscale department store chain Nordstrom Inc. reported an 8.6% jump. Off-price retailers Ross Stores Inc. and TJX Cos. both said sales rose 6%.
Other retailers did not fare as well. Struggling teen clothier Wet Seal Inc. said sales fell 9.7%, while action-sports retailer Zumiez Inc. reported a 1% slump. Target said sales were flat.
Results were based on sales at stores open at least a year, known as same-store sales and considered an important measure of a retailer's health because it excludes the effect of store openings and closings.
Analysts noted that some retailers sacrificed profit by aggressively marking down merchandise to draw people into stores. Strong sales did not always translate into a blockbuster holiday season.
Macy's, which reported a 4.1% jump in sales, lowered its fourth-quarter earnings guidance and separately announced that it planned to close six underperforming stores nationwide, including one on Paseo Colorado in Pasadena.
Macy's Chief Executive Terry J. Lundgren said December growth "was somewhat less than we had expected."
"It came amid significant head winds from uncertain economic news and the lingering effects of Hurricane Sandy," he said in a statement Thursday.
Kevin Mansell, chief executive of Kohl's Corp., described sales in December as "lower than planned." The chain saw a 3.4% jump.
"Sales came in late in the holiday shopping season and, as a result, were at deeper discounts than planned," he said, adding that more markdowns were planned to clear out inventory before spring.
The mixed showing during the crucial holiday season indicates that shoppers have not completely shaken off worries about the economy, industry watchers say. The last-minute maneuvering over the looming "fiscal cliff" convinced some consumers that they should hold on to their dollars.
"If even Target can't get positive sales, that shows you it's a pretty tough environment," said Britt Beemer, a retail expert at America's Research Group. "When it's all said and done, it was a pretty lackluster holiday and it was a nail-biter."
Merchants are now settling into the usual post-holiday lull, with many lowering prices even further to clear inventory and prepare for the next spike in consumer spending, typically before Easter.
Going forward, industry watchers predict that 2013 will be much like last year — a time of slow growth as the economy gradually mends and shoppers find a more stable footing with their personal finances.
For retailers, the fight will continue for more discerning and picky shoppers, said Michael Brown, a partner in the retail practice at consulting firm A.T. Kearney.
"We are not seeing a period of aggressive growth where that tide is lifting all retailers," he said. "It's going to be a highly competitive environment where retailers have got to work hard to get consumers into stores."
Browsing in Old Town Pasadena, shopper Teresa Overing, 50, was feeling confident that the economy was back on track. Overing, a Pasadena human resources manager, said there was nothing in particular brightening her outlook, just a general feeling that things are finally turning around.
"In spite of all the news, I'm more optimistic," she said. "Maybe it's the new year and the nice weather."
shan.li@latimes.com
Justin Bieber and his collection of exotic cars have been tantalizing targets for celebrity photographers ever since the young singer got his driver's license.
A video captured the paparazzi chasing Bieber through Westside traffic in November. When Bieber's white Ferrari stops at an intersection, the video shows the singer turning to one of the photographers and asking: "How do your parents feel about what you do?"
A few months earlier, he was at the wheel of his Fisker sports car when a California Highway Patrol officer pulled him over for driving at high speeds while trying to outrun a paparazzo.
This pursuit for the perfect shot took a fatal turn Tuesday when a photographer was hit by an SUV on Sepulveda Boulevard after taking photos of Bieber's Ferrari. And the singer now finds himself at the center of the familiar debate about free speech and the aggressive tactics of the paparazzi.
Since Princess Diana's fatal accident in Paris in 1997 while being pursued by photographers, California politicians have tried crafting laws that curb paparazzi behavior. But some of those laws are rarely used, and attorneys have challenged the constitutionality of others.
On Wednesday, Bieber went on the offensive, calling on lawmakers to crack down.
"Hopefully this tragedy will finally inspire meaningful legislation and whatever other necessary steps to protect the lives and safety of celebrities, police officers, innocent public bystanders and the photographers themselves," he said in a statement.
It remained unclear if any legislators would take up his call. But Bieber did get some support from another paparazzi target, singer Miley Cyrus.
She wrote on Twitter that she hoped the accident "brings on some changes in '13 Paparazzi are dangerous!"
Last year, a Los Angeles County Superior Court judge threw out charges related to a first-of-its-kind anti-paparazzi law in a case involving Bieber being chased on the 101 Freeway by photographer Paul Raef. Passed in 2010, the law created punishments for paparazzi who drove dangerously to obtain images.
But the judge said the law violated 1st Amendment protections by overreaching and potentially affecting such people as wedding photographers or photographers speeding to a location where a celebrity was present.
The L.A. city attorney's office is now appealing that decision.
Raef's attorney, Dmitry Gorin, said new anti-paparazzi laws are unnecessary.
"There are plenty of other laws on the books to deal with these issues. There is always a rush to create a new paparazzi law every time something happens," he said. "Any new law on the paparazzi is going to run smack into the 1st Amendment. Truth is, most conduct is covered by existing laws. A lot of this is done for publicity."
Coroner's officials have not identified the photographer because they have not reached the next of kin. However, his girlfriend, Frances Merto, and another photographer identified him as Chris Guerra.
The incident took place on Sepulveda Boulevard near Getty Center Drive shortly before 6 p.m. Tuesday. A friend of Bieber was driving the sports car when it was pulled over on the 405 Freeway by the California Highway Patrol. The photographer arrived near the scene on Sepulveda, left his car and crossed the street to take photos. Sources familiar with the investigation said the CHP told him to leave the area. As he was returning to his vehicle, he was hit by the SUV.
Law enforcement sources said Wednesday that it was unlikely charges would be filed against the driver of the SUV that hit the photographer.
Veteran paparazzo Frank Griffin took issue with the criticism being directed at the photographer as well as other paparazzi.
"What's the difference between our guy who got killed under those circumstances and the war photographer who steps on a land mine in Afghanistan and blows himself to pieces because he wanted the photograph on the other side of road?" said Griffin, who co-owns the photo agency Griffin-Bauer.
"The only difference is the subject matter. One is a celebrity and the other is a battle. Both young men have left behind mothers and fathers grieving and there's no greater sadness in this world than parents who have to bury their children."
Others, however, said the death focuses attention on the safety issues involving paparazzi
"The paparazzi are increasingly reckless and dangerous. The greater the demand, the greater the incentive to do whatever it takes to get the image," said Blair Berk, a Los Angeles attorney who has represented numerous celebrities. "The issue here isn't vanity and nuisance, it's safety."
richard.winton@latimes.com
andrew.blankstein@latimes.com
We didn’t have to wait very long to discover what 2013′s first big Kickstarter project would be. Via Ars Technica, we give you the GameStick, an Android-based two-inch long stick that plugs directly into a controller and acts as a highly portable gaming console. The GameStick team says that their goal with the new mini-console was to create “a big screen games console that was so small you could pop it in your pocket… so you can take all your games with you to any TV you like.” As far as titles go, GameStick developers so far have “identified 200 [Android] titles that will be great to play on GameStick” and are also “working with our network of over 250 developers including great studios such as Madfinger, Hutch, Disney and others to bring you the best line-up.” The project is seeking $ 100,000 by February 1st and has already raised over $ 31,500 on its first day; in other words, gamers who invest in the GameStick should see a lot of exciting stretch goals announced over the next month. If fully funded, GameStick is slated to launch to the public by this April.
[More from BGR: ‘iPhone 5S’ to reportedly launch by June with multiple color options and two different display sizes]
This article was originally published by BGR
Wireless News Headlines – Yahoo! News
LOS ANGELES (AP) — The Civil War saga "Lincoln," the musical "Les Miserables" and the Osama bin Laden thriller "Zero Dark Thirty" are among the nominees announced Wednesday for the top honor from the Producers Guild of America.
Other best-picture contenders are the Iran hostage-crisis thriller "Argo"; the low-budget critical favorite "Beasts of the Southern Wild"; the slave-turned-bounty-hunter saga "Django Unchained"; the shipwreck story "Life of Pi"; the first-love tale "Moonrise Kingdom"; the lost-souls romance "Silver Linings Playbook"; and the James Bond adventure "Skyfall."
Walt Disney dominated the guild's animation category with three of the five nominees: "Brave," ''Frankenweenie" and "Wreck-It Ralph." The other nominees are Focus Features' "ParaNorman" and Paramount's "Rise of the Guardians."
Along with honors from other Hollywood professional groups such as actors, directors and writers guilds, the producer prizes help sort out contenders for the Academy Awards. Those nominations come out Jan. 10.
The guild, an association of Hollywood producers, hands out its 24th annual prizes Jan. 26. The big winner often goes on to claim the best-picture honor at the Oscars, which follow on Feb. 24.
Previously announced nominees by the Producers Guild for best documentary are "A People Uncounted," ''The Gatekeepers," ''The Island President," ''The Other Dream Team" and "Searching for Sugar Man."
Other nominees:
— TV drama series: "Breaking Bad," ''Downton Abbey," ''Game of Thrones," ''Homeland," ''Mad Men."
— TV comedy series: "30 Rock," ''The Big Bang Theory," ''Curb Your Enthusiasm," ''Louie," ''Modern Family."
— Long-form television: "American Horror Story," ''The Dust Bowl," ''Game Change," ''Hatfields & McCoys," ''Sherlock."
— Non-fiction television: "American Masters," ''Anthony Bourdain: No Reservations," ''Deadliest Catch," ''Inside the Actors Studio," ''Shark Tank."
— Live entertainment and talk television: "The Colbert Report," ''Jimmy Kimmel Live," ''Late Night with Jimmy Fallon," ''Real Time with Bill Maher," ''Saturday Night Live."
— Competition television: "The Amazing Race," ''Dancing with the Stars," ''Project Runway," ''Top Chef," ''The Voice."
— Sports program: "24/7," ''Catching Hell," ''The Fight with Jim Lampley," ''On Freddie Roach," ''Real Sports with Bryant Gumbel."
— Children's program: "Good Luck Charlie," ''iCarly," ''Phineas and Ferb," ''Sesame Street," ''The Weight of the Nation for Kids: The Great Cafeteria Takeover."
___
Online:
http://www.producersguild.org
COMMERCIALS for gyms tend to feature actors who look like Calvin Klein underwear models, with physiques that most will not achieve no matter how long they spend on an elliptical machine.
Planet Fitness, a national chain of about 600 fitness clubs, is introducing a campaign that mocks fitness fanatics, especially those whose devotion infringes on others.
A new commercial opens with a slight woman who is curling small dumbbells in a drab gym as a brawny man berates her like a drill sergeant.
“If you can’t handle a big girl’s workout, the little girl’s gym is right across the street!” shouts the man, a whistle hanging around his neck and his hands balled into fists, as the woman appears to be on the brink of tears. “If you were committed to this workout the way you committed to that morning doughnut, you’d be puking out your ears right now!”
The spot cuts to a flashing light and siren and the words “Lunk Alarm,” and then to the same woman in street clothes being given a tour of a Planet Fitness facility.
“And that’s why I don’t like gyms,” she says.
“Well,” begins the employee showing her around, “we’re not a gym — we’re Planet Fitness.”
The ad closes with a voice-over, which says: “No gymtimidation. No lunks. Just $10 a month.”
The ad, by Red Tettemer & Partners in Philadelphia, will be introduced widely on Jan. 10. Three other spots in the campaign follow the same structure, opening with overbearing gym rats and closing with assurances that Planet Fitness is more laid back.
Planet Fitness will spend an estimated $10 million to $12 million on the campaign. It spent $15.8 million on advertising in the first nine months of 2012, more than the $14.9 million it spent in all of 2011, according to Kantar Media, a unit of WPP.
Rather than being just a narrative device in the spots, lunk alarms have actually been fixtures at Planet Fitness gyms. Members who exhibit lunk behavior, which the company defines on posters in its facilities as grunting, dropping weights loudly and being judgmental, are subject to a public shaming when a manager at the facility sounds the alarm.
In some cases, Planet Fitness even revokes memberships, as it did at a location in Wappingers Falls, N.Y., in 2006. Albert Argibay, a bodybuilder whose exertions were considered grunting by Planet Fitness, but which Mr. Argibay countered in news accounts as merely heavy breathing, kept lifting after he was told to leave, and was eventually escorted from the premises by police officers.
While the slogan “No Gymtimidation” is being introduced with the new campaign, the company has for years promised what it calls a “judgment-free zone.” That, in the words of the Planet Fitness Web site, “means members can relax, get in shape, and have fun without being subjected to the hard-core, look-at-me attitude that exists in too many gyms.”
Jamie Medeiros, director of marketing at Planet Fitness, said that only about 15 percent of Americans belonged to gyms, and that the company was focused not on trying to lure consumers from other facilities but on enticing those who had avoided gyms altogether.
“We go after the 85 percent who don’t belong to a gym now or who have never belonged to a gym,” Ms. Medeiros said.
While many chains sell protein powders and a wide range of supplements, Planet Fitness takes the counterintuitive approach of serving the type of food that dieters typically avoid.
Every month members are treated to pizza on the first Monday night and bagels on the second Tuesday morning, while Tootsie Rolls are handed out daily.
“The common person doesn’t have time to work out every day, and they may not aspire to the type of person who has six-pack abs and eats egg whites,” Ms. Medeiros said. “But we want to be the type of facility that people want to go to as opposed to, ‘Oh my god, I have to go to the gym today!’ ”
The company has thrived even during the economic downturn, growing to four million members today from about 3.2 million a year ago, according to Ms. Medeiros. About 60 percent of its members are women, much higher than what Ms. Medeiros said is the national average of 20 percent.
Health clubs, like cellphone carriers, tend to sell one- or two-year contracts, but Planet Fitness instead has a month-to-month plan, at $10 monthly, which the company believes knocks down a barrier to joining.
Among consumers who exercise, 71 percent agreed with the statement that fitness clubs were too expensive, according to a survey by Mintel, a market research firm. As for the atmosphere, only 27 percent said that they enjoyed the social aspects of gyms.
When brands hire celebrity endorsers and attractive models, marketers typically refer to the advertisements as aspirational, meaning that consumers do not see themselves reflected in the ad as much as an ideal to which they aspire. But Steve Red, the chief creative officer of Red Tettemer & Partners, said the aspirational approach can backfire when it comes to promoting health clubs.
“I’m never going to get to be that washboard-stomach, super-cut guy that I see in the Equinox ads,” said Mr. Red, referring to the chain of upscale gyms. “There are a ton of gym brands that are all about being cut and sinewy and having a six-pack, but I would argue that approach is not aspirational — it’s inaccessible.”
The richest people on the planet got even richer in 2012, adding $241 billion to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the world's 100 wealthiest individuals.
The aggregate net worth of the world's top 100 stood at $1.9 trillion at the market close Dec. 31, according to the index. Of the people who appeared on the final ranking of 2012, only 16 registered a net loss for the 12-month period.
"Last year was a great one for the world's billionaires," said John Catsimatidis, the billionaire owner of Red Apple Group Inc., in an email written poolside on his BlackBerry in the Bahamas. "In 2013, they will continue looking for investments around the world — and not necessarily in U.S. — that will give them an advantage."
Amancio Ortega, the Spaniard who founded retailer Inditex, was the year's biggest gainer. The 76-year-old tycoon's fortune increased to $57.5 billion, a gain of $22.2 billion, according to the index, as shares of the retailer that operates the Zara clothing chain rose 66.7%.
"It's an amazing company that has done great, and the gains are quite justified given its performance," said Christodoulos Chaviaras, an analyst at Barclays in London who's had an "equalweight" rating on Inditex for about a year. "Can they repeat that? It will be harder. A lot of the positive news is already reflected in the share price."
Global stocks soared in 2012. The MSCI World Index gained 13.2% during the year to close at 1338.50 on Dec. 31. The Standard & Poor's 500 index rose 13.4% to close at 1426.19.
European stocks surged in the second half of the year. The Stoxx Europe 600 index is up 19.6% since June 4, advancing as the European Central Bank introduced bond-buying programs, S&P upgraded Greece's debt and German business confidence rose more than forecast. The benchmark gauge's 14.4% advance for the year was the best annual return since 2009.
Carlos Slim, the telecommunications magnate who controls Mexico's America Movil, maintained his title as the richest person on Earth for the entire year. The 72-year-old's net worth rose $13.4 billion, or 21.6%, through Dec. 31, making him the second-biggest gainer by dollars.
Gains by Slim's industrial conglomerate, Grupo Carso, and Grupo Financiero Inbursa, his banking and insurance operation, more than offset the decline posted by America Movil, his biggest holding. The largest mobile phone operator in the Americas by subscribers fell 5.8% to close at 14.9 pesos at the end of the year.
U.S. software mogul Bill Gates, 57, ranks second on the list, trailing Slim by $12.5 billion. The Microsoft Corp. co-founder added $7 billion to his net worth as shares of the Redmond, Wash., company rose 2.9%. Microsoft stock accounts for less than 20% of the billionaire's fortune.
Warren Buffett, 82, lost his title as the world's third-richest man to Ortega on Aug. 6. The Berkshire Hathaway Inc. chairman gained $5.1 billion during the year, even after donating 22.3 million Berkshire Class B shares in July to charity. The billionaire, who has pledged to give away most of his fortune, spent much of the year pressing for higher taxes on the wealthy.
Ikea founder Ingvar Kamprad, 86, is the world's fifth-richest person with a $42.9-billion fortune. The complex ownership structure behind Ikea, the world's largest furniture retailer, became more transparent in August after Ikea's franchisor published its financial performance publicly for the first time. His net worth rose 16.6% in 2012.
Brazil's Eike Batista, 56, was the year's biggest loser by dollars, falling $10.1 billion. The commodities maven, who vowed a year ago that he'd become the world's wealthiest man by 2015, sold a 5.63% stake in his EBX Group Co. in March to Abu Dhabi's Mubadala Development Co.
As part of the deal, he pledged an unspecified additional stake in 2019 if he fails to meet a 5% annual return on the sovereign wealth fund's $2-billion investment, according to a person with knowledge of the deal. Batista now ranks 75th in the world with a net worth of $12.4 billion. On March 27, he was worth $34.5 billion and ranked 8th on the Bloomberg index.
Batista's former title as the richest Brazilian is now held by 73-year-old banker Jorge Paulo Lemann, who ranks 37th on the index with an $18.8-billion fortune. The country's second-richest person is Dirce Camargo, the matriarch behind Camargo Correa, the Sao Paulo conglomerate that has interests in cement, electricity and Havaianas flip-flops. Her net worth is $13.4 billion, according to the Bloomberg ranking.
Camargo, who doesn't appear on any other major international wealth ranking, is one of 54 billionaires the index uncovered during the year. Among the others: Hamdi Ulukaya, the 40-year-old Turkish immigrant owner of Chobani, the bestselling yogurt brand in the U.S.; South Africa's Nathan "Natie" Kirsh, 80, who amassed a $5.4-billion fortune in retail and real estate; and Elaine Marshall, 70, whose 14.6% ownership of closely held Koch Industries makes her the fourth-richest woman in America. She is worth $14.1 billion.
Koch Industries' two other shareholders, the brothers Charles and David Koch, are each worth $40.9 billion, up $7.1 billion, or 20.9%, for the year.
Oracle Corp. founder Larry Ellison rose $6.4 billion in 2012 as shares of the world's largest database company jumped 31.7%. Ellison, 68, who has more than tripled the amount of Oracle stock he has pledged against lines of credit in the last year, agreed to buy 98% of Hawaii's Lanai island. The 141-square-mile parcel with no traffic lights was purchased from billionaire David Murdock, the 89-year-old chairman of Dole Food Co., the world's largest producer of fresh fruit and vegetables.
The bulk of Ellison's fortune comes from his 23.5% stake in Oracle. He also has interests in software makers NetSuite Inc. and LeapFrog Enterprises Inc., as well as property holdings, including estates in California and Newport, R.I.
WASHINGTON — The House voted Tuesday to roll back income tax increases on the vast majority of Americans, finalizing a deal on the so-called fiscal cliff after weeks of gridlock.
The approval, in a session that stretched late into the New Year's holiday, came after hours of closed-door debate among Republicans, with conservatives threatening to derail a bill that had overwhelmingly passed the Senate in the early hours of the morning.
The final tally, 257 to 167, included support from 172 of the chamber's Democrats and just 85 of the majority Republicans, far fewer than half. The vote divided House GOP leaders, with the second- and third-ranking Republicans, Eric Cantor of Virginia and Kevin McCarthy of Bakersfield, among the 151 in their party voting no. Speaker John A. Boehner (R-Ohio), casting a rare vote, and Rep. Paul D. Ryan (R-Wis.), the House Budget Committee chairman and 2012 vice presidential nominee, voted in favor.
Once signed by President Obama, the bill will allow taxes to rise for those with incomes above $400,000 for individuals and $450,000 for couples. It also will renew tax credits aimed at low-income households and college students, extend unemployment benefits, delay automatic spending cuts in defense and other government programs for two months, and resolve several other issues that Congress had left hanging.
What it will not do is match the ambitious goals set by Obama and Boehner for a "grand bargain" that would put the government on a path to a balanced budget. Instead, the compromise sets up another deadline two months hence for Congress to once again deal with the government's budget.
That debate seems likely to be at least as bitter as this one. In the closing minutes of the House session, Democrats disputed Republican claims that the deal set a new permanent level of tax revenue for the federal government. Democratic lawmakers noted the president had vowed to seek more new tax revenue in the next round. Republicans countered that overspending, not under-taxation, was the cause of the government's problems.
Shortly after the vote, Obama hailed the passage as part of the balanced approach to deficit reduction he had sought, noting that it fulfilled his campaign pledge to raise taxes on the nation's wealthiest citizens. Obama, who will sign the measure in coming days, took pains to praise leaders of both parties who corralled votes.
Speaking at the White House before leaving to rejoin his family on vacation in Hawaii, Obama called the compromise "just one step in the broader effort" to reduce the deficit, and specifically pointed to spending on Medicare for an aging population as the major force driving the red ink.
"I am very open to compromise," he said. But, he added, "we can't simply cut our way to prosperity." Solving the problem will require "further reforms to our tax code" to eliminate unjustified loopholes, he said.
Boehner, in a statement, said he would press for "significant spending cuts and reforms to the entitlement programs that are driving our country deeper and deeper into debt."
The deal, largely negotiated by Vice President Joe Biden and Senate Republican leader Mitch McConnell (R-Ky.), blocked income tax increases that were to go into effect at the turn of the year for 99% of American households. It passed the Senate by a lopsided 89-8 vote, engineered by McConnell and Senate Majority Leader Harry Reid (D-Nev.) to put as much pressure as possible on the House to follow suit.
But as House Republicans gathered early on the afternoon of New Year's Day for the first of two private caucus meetings, many vowed to resist. The bill could be amended and sent back to the Senate, they said.
The mood did not last.
In the evening, Republicans held a second caucus meeting. This time, take-out Chinese food replaced sandwiches, and resignation subbed for defiance.
Several Republicans said afterward they feared that, if the bill failed and taxes went up on nearly everyone in the country, their party would take the blame.
"You do have to know when to hold 'em and when to fold 'em," said Rep. Steven C. LaTourette (R-Ohio), who is retiring this week, as he emerged from the meeting. "We've been beaten [in] this fight."
Even so, the decision by Boehner to bring the bill to a vote without the support of a majority of his caucus — the usual standard — rankled many Republicans. The compromise, they complained, did virtually nothing to cut spending. And while it kept the low tax rates of the President George W. Bush era for most Americans, the tax hikes it did contain were anathema to lawmakers who had sworn to oppose any increase. Passage of the bill in the Senate marked the first time in two decades that any Republican in Congress had voted for an income tax increase.
Concern over the next debate fueled much of the Republican opposition to the current bill. Some Republicans balked at the economic stimulus provisions — primarily the low-income tax breaks, which were a priority for Obama and House Democrats. They also objected that the bill would raise far more in tax revenue than it would trim in federal spending, which they worried set a bad precedent for future budget negotiations with the president.
Those concerns dominated the day's first caucus meeting, in which Cantor told members he could not support the bill. Others pushed for a vote on an amendment to add spending cuts.
For a time, Republican lawmakers said they were fired up to fight the Senate deal — many wistfully recalling Boehner's Plan B, which would have taxed incomes only above $1 million, about the top two-tenths of 1% of Americans. That bill never came to a vote because the speaker was forced to yank it from the floor amid GOP resistance.
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