Pitching Chicago to China

World Business Chicago Vice Chairman Michael Sacks and former Commerce Secretary William Daley leave Sunday on a six-day business mission to China, Sacks' first official foreign trip as a top adviser to Mayor Rahm Emanuel.

Sacks said that he and Daley will pay their own way to China while World Business Chicago, a nonprofit that acts as the city's economic development agency, will cover the travel costs for two staff members, including one from the mayor's office.

Sacks and Daley will visit Hong Kong and Beijing before joining up with Choose Chicago CEO Don Welsh and the Chicago Symphony Orchestra in Shanghai.

There, they'll take in a CSO concert and co-host a reception for about 75 people, including tour operators, and China-based alumni of Northwestern University's Kellogg School of Management and the University of Chicago's Booth School of Business.

Sacks said he asked for Daley's help in selling Chicago to foreign officials, specifically the Chinese, after the former chief of staff to President Barack Obama returned home from Washington last year. Sacks said that was months before Daley said he was considering a run for governor in 2014.

"His gravitas, his stature as former commerce secretary and former chief of staff have made the quality of this trip better than anything I could have done myself," Sacks said. "I would not have been able to secure these meetings without him."

Daley and Sacks are expected to meet with 30-plus corporate executives, including the CEO of Hong Kong-based airline Cathay Pacific and billionaire Chinese entrepreneur Lu Guanqiu, whose son-in-law, Pin Ni, runs Elgin-based auto parts maker Wanxiang America Corp.; six Chinese officials, including the acting mayor of Beijing and China's commerce minister, Chen Deming; and U.S. Ambassador to China Gary Locke.

Sacks' role with World Business Chicago is a volunteer position. His day job is CEO of Grosvenor Capital Management. The investment firm is known as a hedge fund of funds because its primary business is to invest in multiple hedge funds on behalf of large investors, such as pension funds, corporations and sovereign wealth funds.

Sacks frequently travels abroad for his work, often adding city-related sales pitches to his itineraries. This, however, is his first foreign trip focused on his work at World Business Chicago.

Spertus changes name

The Spertus Institute this week will tweak its name — and with it, its identity — as part of an ongoing effort to recover from an unfortunately timed decision to open a new building on the eve of the financial crisis.

The institute, which has been a pillar of Jewish culture in Chicago since 1924, will now be called the Spertus Institute for Jewish Learning and Leadership. The institute also announced that its programming for children and families will be cut for the foreseeable future in favor of new academic offerings for people working at nonprofits.

"During the past 31/2 years, we eliminated a $3.8 million operating deficit, largely by dramatically reducing our programmatic footprint," said Hal Lewis, the institute's president, who took over in July 2009. "So I didn't have the money to go and get branding assistance. But I was convinced we had a branding challenge — because when I first became president I spent a good solid four months on a listening tour, in which people told me, 'Oh, yeah, I know something about Spertus,' but there was uncertainty about the work we did."

A grant from the Harvey L. Miller Foundation paid for most of the rebranding effort, which an outside consulting firm led.

"I should say I'm generally skeptical of consultants," Lewis said. "But they taught me something elegantly simple: Spend more time talking about the why and less time on the how. We know the enormous array of programs we offer ... but we never said why that's important. ... (The answer is) we believe that a learning Jewish community is a vibrant Jewish community. It is the historic experience of the Jewish people that learning doesn't stop at adolescence."

The institute has about 400 students in degree and certificate programs, from a one-day certificate in grant writing to a doctorate in Jewish studies, which can take up to 10 years to complete. The institute also offers public lectures on politics, arts and culture as well as museum-style exhibits.

Spertus plans to offer new leadership concentrations within its master's degree programs aimed at youth workers, camp counselors and early childhood teachers. It also plans to create programs in social entrepreneurship and lay-leader training. Lewis said also he may eliminate one of Spertus' existing education degrees, but these changes are not final and will not be announced until the spring.

"We were never best at early childhood education," Lewis said. "The synagogues are far better at that ... So this is not a retreat from one of our historic strong suits."

The seeds of the long-running overhaul of Spertus can be traced to the November 2007 opening of its building, an iconic glass sculpture at 610 S. Michigan Ave.

Lewis said so many assumptions about the building failed to materialize, such as revenue from room rentals. Nonprofits also heavily cut professional development funds during the recession, which, in turn, lowered enrollment because students were no longer able to get help paying for their master's degrees.

However, rentals and other economic indicators are beginning to reverse. The falling stock market hurt Spertus' program endowment, slicing it to about $6 million, and its building endowment to about $12 million. Those funds are now at about $7 million and about $17 million, respectively, Lewis said.

Steven Nasatir, president of the Jewish United Fund/Jewish Federation of Metropolitan Chicago, said his organization is assisting Spertus with fundraising. He said without the branding and other program changes Lewis is making, Spertus would be "treading water."

"The name change is a manifestation of resetting goals and is a positive thing," he said. "People have to better understand what you're attempting to do."

Melissa Harris can be reached at mmharris@tribune.com or 312-222-4582.

Twitter @chiconfidential

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Apple’s China dilemma: market share or cachet?

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

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

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

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

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

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

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

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

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

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

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

A STAR IS DIMMED

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Edwin Chan and Richard Chang)

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Arhoolie Records set highlights 50 years of roots-music

BOSTON (Reuters) – Chris Strachwitz discovered the first performer for his Arhoolie Records label by quizzing roadside field hands, a prosperous cotton farmer named Mr. Tom Moore, and a man called Peg Leg at a railroad station in Navasota, Texas.

As Strachwitz tells it, Peg Leg identified a highway worker and former tenant farmer who entertained local folks: Mance Lipscomb.

“Mance Lipscomb, Texas Sharecropper and Songster,” was recorded in 1960 in the musician’s shotgun house, and it launched Lipscomb into the surging U.S. folk-music revival.

It also launched German-born Strachwitz on a half-century career of uncovering and popularizing vernacular “roots music” of the Americas. That includes the blues of black Americans, the Zydeco of Louisiana’s Creoles, Mexican norteño and Tejano conjunto music, and other styles that spring from deep cultural wells and get crowds dancing in obscure rooms.

“I probably should have become a detective,” Strachwitz told Reuters in a telephone interview. “Meeting all these people was an intriguing adventure. I didn’t have to go on a safari, hunting for elephants or something. I hunted musicians.”

Some of the performers who Strachwitz tracked down on his back-road and honky-tonk rambles, and others influenced by him and his records, gathered two years ago in Berkeley, California for a 50th anniversary concert run.

The three-night run was released this week as “They All Played for Us,” a 4-CD set and photo book that showcases Arhoolie‘s mosaic of musicians.

“They had confidence in the music that they made,” Grammy-winning recording artist Taj Mahal said. “It wasn’t predicated on selling a million or millions … it’s what made them happy. Chris – most of his records were about that.”

Mahal and fellow roots-music pioneer Ry Cooder joined the performers at Berkeley’s Freight & Salvage Coffeehouse for the anniversary. Others included the Savoy-Doucet Cajun Band, bluegrass master Peter Rowan, norteño stars Los Cenzontles, the Treme Brass Band from New Orleans and The Campbell Brothers, a “sacred-steel” guitar gospel group.

GATHERING A MUSICAL FAMILY

Strachwitz, who said he fell in love with records as a child in pre-war Germany and came of age in southern California, gathered his musical family in several ways. He scoured record stores and listened to regional ethnic radio programs.

Strachwitz learned of bluesman “Black Ace” Turner when he inquired at a street-corner gambling game. Blues legend “Lightning” Hopkins took him to see a cousin, Clifton Chenier, who later rose to acclaim as the “King of Zydeco.”

Strachwitz named Arhoolie after a type of work song, a field holler, that had deep roots in African-American musical culture.

He was asked to describe the unique attributes of each musical style he recorded. But instead he cited a common thread.

“I think it’s the powerful rhythm,” he said. “They were all dance music – real dance music, not this boogaloo shit. And it’s sort of honky-tonk music, it’s just free flowing, rhythmic, stuff. With some good singing on top of it.”

He recorded in his living room, kitchens, beer joints and churches. “I didn’t give a damn about acoustics. I’d record in an outhouse if I had to,” he said.

He made sure his musicians got their due. Strachwitz recalled giving an appreciative Fred McDowell a royalty check for the Rolling Stones’ cover version of “You Gotta Move.”

“Fred McDowell enjoyed his life so much just playing for people, and after we got him the money … from the Rolling Stones, he said. ‘Well, I’m glad them boys enjoyed my music.’”

The 50th anniversary concert and recording were fundraisers for the Arhoolie Foundation, which supports folk culture and is advised by Bob Dylan, Bonnie Raitt and others. Projects include films, instrument donations, and digital transfers of more than 50,000 records and cassettes in the collection Strachwitz donated of Mexican and Mexican-American music.

A “SONGCATCHER” STRUGGLING TO STAY IN BUSINESS

Arhoolie Records and writer Adam Machado won a Grammy award last year for “Hear Me Howling,” an anthology of the Bay Area music scene culled from Strachwitz‘s recordings.

But Arhoolie, based in El Cerrito, California, is struggling. Strachwitz said. He called himself more of “songcatcher” than businessman.

“I’ve been trying to survive basically on the publishing royalties. I haven’t got a salary from Arhoolie in years and now they can’t even afford to pay the rent anymore,” he said.

But there will always be songs to catch and backwaters to explore, Mahal said. The folk-music scene is still vibrant and house concerts are supporting a wave of new talent to be discovered, he said.

And the legacy Strachwitz created will endure.

“Deep Americana (music) is a huge force and it has traveled out of our country to people around the world. It is a big source of comfort for a lot of people,” Mahal said.

“People like Chris Strachwitz have spent their lives making sure that that is so, and that these people don’t get lost in the shuffle, and drop through the cracks.”

(Reporting by Randall Mikkelsen, editing by Jill Serjeant)

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Diner’s Journal Blog: PepsiCo Will Halt Use of Additive in Gatorade

PepsiCo announced on Friday that it would no longer use an ingredient in Gatorade after consumers complained.

The ingredient, brominated vegetable oil, which was used in citrus versions of the sports drink to prevent the flavorings from separating, was the object of a petition started on Change.org by Sarah Kavanaugh, a 15-year-old from Hattiesburg, Miss., who became concerned about the ingredient after reading about it online. Studies have suggested there are possible side effects, including neurological disorders and altered thyroid hormones.

The petition attracted more than 200,000 signatures, and earlier this week, Ms. Kavanaugh was in New York City to tape a segment for “The Dr. Oz Show.” She visited The New York Times on Wednesday and while there said, “I just don’t understand why they can’t use something else instead of B.V.O.”

“I was in algebra class and one of my friends kicked me and said, ‘Have you seen this on Twitter?’ ” Ms. Kavanaugh said in a phone interview on Friday evening. “I asked the teacher if I could slip out to the bathroom, and I called my mom and said, ‘Mom, we won.’ ”

Molly Carter, a spokeswoman for Gatorade, said the company had been testing alternatives to the chemical for roughly a year “due to customer feedback.” She said Gatorade initially was not going to make an announcement, “since we don’t find a health and safety risk with B.V.O.”

Because of the petition, though, Ms. Carter said the company had changed its mind, and an unidentified executive there gave Beverage Digest, a trade publication, the news for its Jan. 25 issue.

Previously, a spokesman for PepsiCo had said in an e-mail, “We appreciate Sarah as a fan of Gatorade, and her concern has been heard.”

Brominated vegetable oil will be replaced by sucrose acetate isobutyrate, an emulsifier that is “generally recognized as safe” as a food additive by the Food and Drug Administration. The new ingredient will be added to orange, citrus cooler and lemonade Gatorade, as well Gatorade X-Factor orange, Gatorade Xtremo citrus cooler and a powdered form of the drink called “glacier freeze.”

Ms. Carter said consumers would start seeing the new ingredient over the next few months as existing supplies of Gatorade sell out and are replaced.

Health advocates applauded the company’s move. “Kudos to PepsiCo for doing the responsible thing on its own and not waiting for the F.D.A. to force it to,” said Michael Jacobson, executive director of the Center for Science in the Public Interest.

Mr. Jacobson has championed the removal of brominated vegetable oil from foods and beverages for the last several decades, but the F.D.A. has left it in a sort of limbo, citing budgetary constraints that it says keep it from going through the process needed to formally ban the chemical or declare it safe once and for all.

Brominated vegetable oil is banned as a food ingredient in Japan and the European Union. About 10 percent of drinks sold in the United States contain it, including Mountain Dew, which is also made by PepsiCo; some flavors of Powerade and Fresca from Coca-Cola; and Squirt and Sunkist Peach Soda, made by the Dr Pepper Snapple Group.

PepsiCo said it had no plans to remove the ingredient from Mountain Dew and Diet Mountain Dew, both of which generate more than $1 billion in annual sales.

Heather White, executive director at the Environmental Working Group, said of PepsiCo’s decision, “We can only hope that other companies will follow suit.” She added, “We need to overhaul how F.D.A. keeps up with the latest science on food additives to better protect public health.”

Ms. Kavanaugh agreed. “I’ve been thinking about ways to take this to the next level, and I’m thinking about taking it to the F.D.A. and asking them why they aren’t doing something about it,” she said. “I’m not sure yet, but I think that’s where I’d like to go with this.”

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S&P tops 1,500 in biggest rally since 2004

NEW YORK (Reuters) - The Standard & Poor's 500 index closed above 1,500 for the first time in more than five years on Friday as strong earnings reports, including Procter & Gamble's, helped the benchmark extend its rally to eight days.

The winning streak is the longest in eight years and left the S&P 500 about 4.1 percent away from its all-time closing high of 1,565.15 on October 9, 2007.

The equity market's strong start this year has been attributed to solid corporate results, an agreement in Washington to extend the government's borrowing power, encouraging signs from the global economy and seasonal inflows into stocks.

Procter & Gamble shares led the Dow and S&P higher with a 4 percent gain to $73.25 after the world's top household products maker's quarterly profit soared past expectations. The company also raised its sales and earnings outlook for the fiscal year.

Sales of new U.S. single-family homes fell in December but rose in 2012 to the highest level since 2009, a sign the U.S. housing market turned a corner last year.

"Economic data in the U.S. has been trending higher, albeit modestly. Things are incrementally better," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

The Dow Jones industrial average rose 70.65 points or 0.51 percent, to close at 13,895.98. The S&P 500 gained 8.14 points or 0.54 percent, to 1,502.96. The Nasdaq Composite added 19.33 points or 0.62 percent, to end at 3,149.71.

The S&P 500 closed at its highest since December 10, 2007, and the Dow ended at its highest since October 31, 2007.

Apple shares dropped 2.4 percent to $439.88, and the iPhone maker lost its coveted title as the largest U.S. company by market capitalization to Exxon Mobil Corp .

Apple's market cap fell to $413 billion, down roughly $250 billion from its September peak. Apple's fall is about equal to the entire value of Google Inc .

"The market was able to move forward despite deterioration in Apple and that's also a positive," Prudential Financial's Krosby said.

There was heavy volume in Apple shares as it hit its session low shortly before the closing bell. The stock dropped by as much as $7, to $435 from $442, within the span of one second during the last minute of trading.

More than 50 orders were executed on NYSE Arca at $435 a share, according to Thomson Reuters time-and-sales data, in blocks as small as 100 shares and as large as 10,494 shares.

Adding to the overall bullish tone in the market, German business morale improved for a third consecutive month in January to its highest in more than six months. In addition, European banks said they will repay the European Central Bank much more than expected of the loans the bank gave them during the crisis.

"Good news in credit markets helps set the stage for (more investment in) riskier assets," Krosby said.

For the week, the Dow rose 1.8 percent, the S&P 500 gained 1.1 percent and the Nasdaq added 0.5 percent. It was the fourth straight week of gains for all three indexes.

Helping to lift the Nasdaq on Friday, Starbucks rose 4.1 percent to $56.81 after the coffee retailer reported stronger-than-expected sales in the United States and Asia. {ID:nL1N0ATH04]

Netflix added 15.5 percent to $169.56, following its massive 42.2 percent jump on Thursday after the company announced a surprising jump in subscribers to its video streaming service.

Thomson Reuters data through Friday showed that of the 147 S&P 500 companies that have reported earnings so far, 68 percent exceeded expectations. Since 1994, 62 percent of companies have topped expectations, while the average over the past four quarters stands at 65 percent.

Halliburton Co shares jumped 5.1 percent to $39.72 after the world's second-largest oilfield services company reported higher-than-expected earnings and sales for the fourth quarter.

About 6.4 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average during January 2012 of about 6.93 billion shares.

On the NYSE, more than three issues rose for every two that fell. On the Nasdaq, five stocks advanced for every four that declined.

(Reporting by Rodrigo Campos; Editing by Kenneth Barry and Jan Paschal)

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Blanket of snow to follow today's dusting

Frigid winds blowing off Lake Michigan brought a dusting of fluffy snow to portions of the lakefront today, but some real snow is expected by morning.

Lake-effect snow was heavy in northern Indiana and parts of lower Michigan, and the winds brought a bit of the white stuff to some areas of Chicago's lakefront -- enough to cause some slick streets.

But late Thursday and into Friday morning, clouds are forecast to overfill the entire Chicago area and produce as much as a couple inches of snow, according to Tribune/WGN meteorologist Tom Skilling.

If we get more than 1 inch of snow at the official reporting station, it will end a couple of records.

It will be the latest in the season that the area gets its first more-than-1-inch snowfall -- the last time we went this long was Jan. 17, 1899 -- and it will end a record stretch of not showing a 1 inch snow cover on the ground, according to the National Weather Service.

In early January this year we set the no-snow-cover record, and depending on when we get that inch it will be about 333 or 334 days since we last had that much snow on the ground.

If we get the snow it probably won't be around too long. While Monday is forecast to be clear and cold, with highs of about 24, by Sunday night temperatures will start rising with a bit more snow turning into sleet and then rain, Skilling says.

Monday and Tuesday could see highs in the 40s with rain sticking around.

For the latest radar, conditions and forecasts go to The Chicago Weather Center.

chicagobreaking@tribune.com
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Samsung puts lid on capex for first time since financial crisis

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

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

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

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

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

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

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

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

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

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

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

RECORD EARNINGS

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

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

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

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

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

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

SAMSUNG VS APPLE

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

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

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

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

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

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

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

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

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

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

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

(Reporting by Miyoung Kim; Editing by Ryan Woo)

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CBS orders pilots for “Bad Teacher,” Bruno Heller drama

LOS ANGELES (TheWrap.com) – A pilot based on the 2011 Cameron Diaz film “Bad Teacher” and a drama from “The Mentalist’ creator Bruno Heller have been ordered by CBS, an individual with knowledge of the orders told TheWrap on Wednesday.

“Bad Teacher” will be written and executive-produced by “My Name Is Earl” and “Community” veteran Hilary Winston, with Lee Eisenberg and Gene Stupnitsky, who were behind the film, executive-producing as well. Sam Hansen and Jimmy Miller will also executive-produce the pilot, which comes from Sony Pictures Television in association with the Mosaic Media Group, and follows a sexy, foul-mouthed divorcee who becomes a teacher to find her next husband.

“The Advocates,” written and executive-produced by Heller, revolves around a female lawyer and a male ex-con who team up as “victim advocates,” going to the very edge of the law to right wrongs and fight for the underdog. Warner Bros. is producing.

The new pilot orders follow on the heels of CBS ordering pilots for a small-screen adaptation of the Eddie Murphy film “Beverly Hills Cop” – which is being executive-produced by “The Shield” creator Shawn Ryan, and Murphy will appear in – as well as the sitcom “Friends With Better Lives” and the detective drama “Backstrom.”

TV News Headlines – Yahoo! News

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The New Old Age Blog: Grief Over New Depression Diagnosis

When the American Psychiatric Association unveils a proposed new version of its Diagnostic and Statistical Manual of Mental Disorders, the bible of psychiatric diagnoses, it expects controversy. Illnesses get added or deleted, acquire new definitions or lists of symptoms. Everyone from advocacy groups to insurance companies to litigators — all have an interest in what’s defined as mental illness — pays close attention. Invariably, complaints ensue.

“We asked for commentary,” said David Kupfer, the University of Pittsburgh psychiatrist who has spent six years as chairman of the task force that is updating the handbook. He sounded unruffled. “We asked for it and we got it. This was not going to be done in a dark room somewhere.”

But the D.S.M. 5, to be published in May, has generated an unusual amount of heat. Two changes, in particular, could have considerable impact on older people and their families.

First, the new volume revises some of the criteria for major depressive disorder. The D.S.M. IV (among other changes, the new manual swaps Roman numerals for Arabic ones) set out a list of symptoms that over a two-week period would trigger a diagnosis of major depression: either feelings of sadness or emptiness, or a loss of interest or pleasure in most daily activities, plus sleep disturbances, weight loss, fatigue, distraction or other problems, to the extent that they impair someone’s functioning.

Traditionally, depression has been underdiagnosed in older adults. When people’s health suffers and they lose friends and loved ones, the sentiment went, why wouldn’t they be depressed? A few decades back, Dr. Kupfer said, “what was striking to me was the lack of anyone getting a depression diagnosis, because that was ‘normal aging.’” We don’t find depression in old age normal any longer.

But critics of the D.S.M. 5 now argue that depression may become overdiagnosed, because this version removes the so-called “bereavement exclusion.” That was a paragraph that cautioned against diagnosing depression in someone for at least two months after loss of a loved one, unless that patient had severe symptoms like suicidal thoughts.

Without that exception, you could be diagnosed with this disorder if you are feeling empty, listless or distracted, a month after your parent or spouse dies.

“D.S.M. 5 is medicalizing the expected and probably necessary process of mourning that people go through,” said Allen Frances, a professor emeritus at Duke who chaired the D.S.M. IV task force and has denounced several of the changes in the new edition. “Most people get better with time and natural healing and resilience.”

If they are diagnosed with major depression before that can happen, he fears, they will be given antidepressants they may not need. “It gives the drug companies the right to peddle pills for grief,” he said.

An advisory committee to the Association for Death Education and Counseling also argued that bereaved people “will receive antidepressant medication because it is cheaper and ‘easier’ to medicate than to be involved therapeutically,” and noted that antidepressants, like all medications, have side effects.

“I can’t help but see this as a broad overreach by the APA,” Eric Widera, a geriatrician at the University of California, San Francisco, wrote on the GeriPal blog. “Grief is not a disorder and should be considered normal even if it is accompanied by some of the same symptoms seen in depression.”

But Dr. Kupfer said the panel worried that with the exclusion, too many cases of depression could be overlooked and go untreated. “If these things go on and get worse over time and begin to impair someone’s day to day function, we don’t want to use the excuse, ‘It’s bereavement — they’ll get over it,’” he said.

The new entry for major depressive disorder will include a note — the wording isn’t final — pointing out that while grief may be “understandable or appropriate” after a loss, professionals should also consider the possibility of a major depressive episode. Making that distinction, Dr. Kupfer said, will require “good solid clinical judgment.”

Initial field trials testing the reliability of D.S.M. 5 diagnoses, recently published in The American Journal of Psychiatry, don’t bolster confidence, however. An editorial remarked that “the end results are mixed, with both positive and disappointing findings.” Major depressive disorder, for instance, showed “questionable reliability.”

In an upcoming post, I’ll talk more about how patients might respond to the D.S.M. 5, and to a new diagnosis that might also affect a lot of older people — mild neurocognitive disorder.

Paula Span is the author of “When the Time Comes: Families With Aging Parents Share Their Struggles and Solutions.”

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This post has been revised to reflect the following correction:

Correction: January 24, 2013

An earlier version of this post misspelled the surname of a professor emeritus at Duke who chaired the D.S.M. IV task force. He is Allen Frances, not Francis.

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NTSB: Dreamliner grounding indefinite

Boeing 787 Dreamliners will remain flightless birds for some time, it appears.

Federal investigators said Thursday they are still early in their probe of a Dreamliner battery fire in Boston Jan. 7. That fire, along with a subsequent 787 battery problem in Japan, led to groundings of Boeing's breakthrough plane model in the U.S. and elsewhere.

The revelation at a news conference Thursday afternoon that investigators still have not found a cause may suggest grounded Dreamliners, including six owned by Chicago-based United Airlines, won't be airborne anytime soon.

"We are early in our investigation. We have a lot of activity to undertake," said National Transportation Safety Board Chairman Deborah A.P. Hersman, pointing to one upcoming forensic test that alone takes a week. "There is a lot more work to be done before we can identify what caused this event."

The NTSB is the lead investigator of the battery fire in Boston aboard a Japan Airlines 787 aircraft.

Despite many aviation experts calling the 787's numerous mechanical glitches "teething pains" that all new airplane models go through, Hersman emphasized the gravity of fires on planes.

"This is an unprecedented event. We are very concerned. ... We do not expect to see fire events on board aircraft," she said. "This is a very serious air safety concern."

Nobody was hurt in the fire on the 787 in Boston or in an emergency landing in Japan after battery-related smoke and fumes on a different 787 were discovered.

The NTSB investigation will try to explain why multiple backup protections in the battery and the electronics systems aimed at preventing a fire failed, Hersman said.

"These events should not happen," she said. "As far as the design of the aircraft, there are multiple systems to protect against a battery event like this. Those systems did not work as intended. We need to understand why."

Besides fire, NTSB investigators found evidence of short circuits in the charred eight-cell, 63-pound battery and "thermal runaway," essentially uncontrolled spreading of heat. But those were symptoms, not necessarily causes, Hersman said. The batteries were made in Japan by Kyoto-based GS Yuasa Corp.

News that the NTSB investigation may be protracted -- longer than the few days some had predicted -- is bad news for Chicago-based Boeing.

Boeing last week halted deliveries of new 787s, until the FAA lifts the flight ban. However, Dreamliner production continues. Boeing is working to double monthly output in 2013 to help shrink a backlog of about 800 orders that swelled during multiple delays to the jet's debut, which came in late 2011.

Deliveries are important because that's when planemakers get large bulk payments on the purchase price of a jet. The 787's list price starts at about $207 million, but airlines typically buy at discount.

In a statement Thursday, Boeing said it is assisting in multiple investigations in the U.S. and Japan.

"The company has formed teams consisting of hundreds of engineering and technical experts who are working around the clock with the sole focus of resolving the issue and returning the 787 fleet to flight status," Boeing said.

Earlier Thursday, Boeing received a vote of confidence from United Airlines, the only U.S. airline  to own the new jet, during an earnings call with United Continental Holdings CEO Jeff Smisek. "History teaches us that all new aircraft types have issues, and the 787 is no different," Smisek said. "We continue to have confidence in the aircraft and in Boeing's ability to fix the issues, just as they have done on every other new aircraft model they've produced."

United had been using a Dreamliners on a route between Chicago and Houston. After the grounding, the route has been flown with a different aircraft.

Dreamliners in the U.S., Japan, Europe and elsewhere have been grounded since Jan. 16, after a 787 operated by All Nippon Airways made an emergency landing in Japan because battery-related smoke and fumes. That followed the fire in Boston that the NTSB is investigating.

The Dreamliner grounding was the first since the McDonnell Douglas DC-10 had its airworthiness certificate suspended following a deadly crash in Chicago in 1979.

Boeing has sold about 850 of its new aircraft, with 50 delivered to date. The plane is half made of a composite material, leading some to call it a "plastic plane." It makes greater use of electronics, powered by batteries, rather than heavy hydraulics. That makes the plane lighter and helps improve fuel efficiency, which is a big deal for airlines.

Boeing has said in statements that it is confident the 787 is safe, and it stands by the plane's integrity. It is cooperating with investigations in the U.S. and abroad.

Because of the groundings, LOT Polish Airlines scrapped its inaugural flight from O'Hare International Airport to Warsaw Jan. 16, just hours after the FAA grounded the plane. LOT officials said they would seek compensation from Boeing for having its two Dreamliners grounded. It will take delivery of the three more due in March only if the problems are resolved, the airline said.

After Thursday, it's clear nobody knows just when that might be.

"There is a tremendous amount of work going on all around the world," Hersman said. "We actually have two shifts of employees both here and in Japan who really are working around the clock to try to solve this."

gkarp@tribune.com

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