Study: 40% of Ill. residents lack sufficient savings













Illinoisans short on savings


A new study finds that 40 percent of Illinoisans don't have enough for a rain day.
(Tribune file / January 30, 2013)



























































More than 40 percent of Illinois residents lack adequate savings to cover basic expenses for three months if they suffer a loss of income, according to a new report from the Corporation for Enterprise Development.

Data released Wednesday by the advocate for low- and moderate-income households shows that 42 percent of Illinois residents live in "liquid asset poverty," meaning they don't have enough cash or other such quickly accessible assets as bank, investment and retirement accounts.

Besides Illinois residents living below the official income poverty line of $23,050 for a family of four, many who would consider themselves middle class are included.

More than a quarter of households being paid $57,841 to $88,980 a year have less than three months of savings, or nearly $5,800 to subsist at the poverty level for three months.

The 2013 Assets & Opportunity Scorecard ranked Illinois 33rd overall in the ability of residents to achieve financial security. The lower the overall score, the better the state's overall performance.

The scorecard evaluates states across 53 measures. Illinois got a "D" in housing and home ownership, for example, partly because of a relatively high foreclosure rate, and a "C" in business and jobs.

It did better in average annual pay and in private loans to small businesses.

Its recommendations to Illinois included: offering programs to transition low-income renters to homeowners and enacting foreclosure prevention and protection policies.

byerak@tribune.com | Twitter: @beckyyerak




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Girl who performed at Obama inaugural slain on South Side









After taking their exams Tuesday, Hadiya Pendleton and a group of others decided to hang out at a park on Tuesday just blocks away from their high school on the South Side.


But the trip ended in tragedy when the 15-year-old King College Prep sophomore was fatally shot about a week after she performed at President Barack Obama’s inauguration with the King College Prep Band.


Penldeton and a16-year-old boy wounded in the attack were shot in a park near the school about 2:20 p.m., in the 4500 block of South Oakenwald Avenue, police said.








Most of those who were in the park were gang members, and that those in the group did not stay on scene to help after the shootings, according to police. The shooting occurred around 2:20 p.m. in the 4500 block of South Oakenwald Avenue.


They boy remained in serious condition Tuesday night. He was also a student at King, according to Pendleton’s friends, though her relatives weren’t sure what school the boy attended.


One of the teens was taken in serious to critical condition to Comer Children's Hospital, according to Chicago Fire Department spokesman Will Knight.


The other victim also was taken to Comer and police at first believed both victims' conditions had stabilized by a little after 3 p.m., said Chicago Police News Affairs Officer Veejay Zala.


At Comer this evening, a group of young people sat and stood inside the entrance to the hospital's emergency room, along with the principal of King high school.


Many hugged as they brushed tears from their eyes and consoled each other and Pendleton's parents.


"She was awesome," one girl said of Pendleton outside the hospital's ER.


Friends of the slain girl said King was dismissed early today because of exams, and students went to the park on Oakenwald--something they don't usually do.


Friends said the girl was a majorette and a volleyball player, a friendly and sweet presence at King, one of the top 10 CPS selective enrollment schools. Pendleton performed at President Barack Obama’s inauguration with the King College Prep band, said Shatira Wilks, her second cousin.


Neighbors said students from King do hang out at Harsh Park, 4458-70 S. Oakenwald Ave., and that students were there this afternoon before the shooting took place. A group of 10 to 12 teens at the park had taken shelter under a canopy there during a rainstorm when a boy or man jumped a fence in the park, ran toward the group and opened fire, police said in a statement this evening.


The attacker then got into an auto and left the area, police said.


Neighbors reported hearing shots about 2:20 p.m.


Desiree Sanders said she heard six gunshots and called 911 after a neighbor told her that some teens had been shot. Neighbors told her as many as 10 young people had been hanging out at the small park, and most scattered after the shooting, though a few stayed behind with the victims.


Those in the group were not cooperating with police, however, and investigators had no detailed descriptions yet of either the attacker or the vehicle in which he left. Central Area detectives were investigating, and they had no one in custody as of about 8:20 p.m.


Police crime data show no serious crimes happened in the 4400 or 4500 blocks of South Oakenwald Avenue Dec. 19 to Jan. 20.


“It’s a great neighborhood. Nothing like this has happened since I’ve been here,” on the block, said Roxanne Hubbard, who has lived in the neighborhood for 19 years.


As a matter of policy, Chicago Board of Education officials refuse to confirm whether any child is a student at Chicago Public Schools because a policy on student identification passed by the board several years ago has never been implemented.


Tribune reporter Liam Ford contributed.


jmdelgado@tribune.com





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Amazon shares set record after strong quarterly profit


SAN FRANCISCO (Reuters) - Amazon.com Inc shares hit a record on Tuesday after it reported better-than-expected quarterly profit, fueled by the growth of higher-margin businesses during the fiercely competitive holiday quarter.


The world's largest Internet retailer said that its cloud computing services, video content sales and its aggressive expansion in e-books helped increase profitability.


In addition, a growing network of warehouses or fulfillment centers closer to customers held down shipping costs as it vied with Wal-Mart Stores Inc and other major retailers for consumer dollars over the holidays.


Chief Executive Jeff Bezos highlighted the Kindle's e-book business, calling it a multi-billion dollar category that grew about 70 percent in 2012. Its traditional physical book business rose about five percent in the same period, he noted.


"We're now seeing the transition we've been expecting," Bezos said in the company's results statement.


Profits have shrunk in recent years as the company invested for longer-term growth, building massive fulfillment centers, developing a Kindle Fire tablet hardware and digital content business in competition with Apple Inc, and expanding into Internet-based cloud services.


The fourth-quarter profit results suggested that Amazon may be able to generate attractive returns from such spending, analysts said.


"The fourth-quarter operating income was up more than expected," said R.J. Hottovy, an equity analyst at Morningstar. "This supports the bull case that Amazon can monetize its growth over the longer term."


The Seattle-based company said operating income jumped 56 percent to $405 million in the fourth quarter, compared with $260 million in the fourth quarter of 2011.


Amazon's stock climbed 9 percent to $284 in after-hours trading and touched $288 earlier in the session. It hit a record of $284.72 in regular trading on January 25.


MARGIN FOCUS


The company also said fourth-quarter revenue rose 22 percent to $21.27 billion as it grabbed a big share of online spending during the holidays. But it was the profit that initially caught Wall Street's eye.


"It was a much better-than-expected gross margin, a strong forward indicator to drive margin expansion. What is really important is gross profit dollars and that line is stronger," said Ken Sena at Evercore Partners.


The gross profit margins were 24 percent in the fourth quarter, compared with Wall Street expectations of about 22 percent.


"Incredibly strong margins," said Jordan Rohan, an analyst at Stifel Nicolaus. Amazon generated the highest quarterly gross margin in its North America business in more than three years, he noted.


Amazon mainly operates as a retailer, buying physical products at wholesale prices, storing them and then selling at a slight mark-up to consumers online.


But the company has expanded into other businesses that are potentially more profitable, including cloud computing, digital content and acting as an online marketplace for other merchants.


These newer businesses are growing faster than the company's original retail operations, boosting profitability.


3P GROWTH


The improved profitability was partly driven by the growth of Amazon's online marketplace for third-party merchants, known as 3P.


This business accounted for 39 percent of total unit sales in the fourth quarter, up from 36 percent a year earlier. Total unit sales rose 32 percent in the holiday quarter, while 3P unit sales climbed more than 40 percent, compared with the fourth quarter of 2011, according to Amazon Chief Financial Officer Tom Szkutak.


When Amazon sells products itself, it reports the total value of the sale as revenue. The cost of that product is then subtracted for a gross profit margin. When a third-party merchant sells products on Amazon's marketplace, the company gets a cut of that sale. That commission is reported as revenue, and most of it falls straight to its bottom line as profit.


"That shift means lower revenue numbers but much higher profit margins," said Rohan.


AWS, ADS, DIGITAL GOODS


Amazon's cloud computing business, Amazon Web Services, or AWS, is also thought to be higher margin than the company's original retail business.


Amazon also runs an online advertising business that is also considered a lot more profitable.


These businesses are in the company's North America Other category, which generated fourth-quarter revenue of $769 million, up 68 percent from a year earlier.


"AWS is growing very fast and that is certainly impacting our operating profit," said CFO Szkutak.


The financial chief also highlighted Amazon's newer digital content businesses, particularly its video streaming offering.


Amazon has invested heavily in TV shows and movies to stream over the Internet. It has partly packaged this as a free service to consumers who have subscribed to its Prime two-day shipping service. But customers can also pay to stream other video, often newer movies.


"The percentage of Prime customers who were watching free content through Prime instant video has gone up dramatically year-over-year," Szkutak said during a conference call with analysts. "We've also increased Prime membership dramatically year-over-year. They are also purchasing paid content."


SHIPPING COSTS FALL


One of Amazon's biggest investments in recent years has been focused on building lots of fulfillment centers closer to shoppers.


It costs a lot to set up these giant warehouses, but over the long term, Amazon hopes they will help the company reduce its shipping costs.


That strategy shows signs of success in the fourth quarter. Net shipping costs were 4.5 percent of sales in the period, down from 5.4 percent a year early, the company reported.


"Over the past few years, we have expanded our fulfillment network to the point where we are closer to customers and you're seeing that reflected in our transportation costs," Szkutak CFO said.


(Reporting By Alistair Barr and Alexei Oreskovic in San Francisco; Editing by Bernard Orr)



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A-Rod implicated in PED use again as MLB probes


NEW YORK (AP) — Alex Rodriguez was ensnared in a doping investigation once again Tuesday when an alternative weekly newspaper reported baseball's highest-paid star was among a half-dozen players listed in records of a Florida clinic the paper said sold performance-enhancing drugs.


The Miami New Times said the three-time AL MVP bought human growth hormone and other performance-enhancing substances during 2009-12 from Biogenesis of America LLC, a now-closed anti-aging clinic in Coral Cables, Fla., near Rodriguez's offseason home.


The new public relations firm for the New York Yankees third baseman issued a statement denying the allegations.


The newspaper said it obtained records detailing purchases by Rodriguez, 2012 All-Star game MVP Melky Cabrera, 2005 AL Cy Young Award winner Bartolo Colon and 2011 AL championship series MVP Nelson Cruz of Texas.


Cabrera left San Francisco after the season to sign with Toronto, while Oakland re-signed Colon.


Other baseball players the newspaper said appeared in the records include Washington pitcher Gio Gonzalez, who finished third in last year's NL Cy Young Award voting, and San Diego catcher Yasmani Grandal.


Biogenesis, which the New Times said was run by Anthony Bosch, was located in a beige, nondescript office park. The former clinic is no longer listed as a business in its directory,


"There was a flier put out by the building management a couple weeks ago. It was put on all the doors and windows of all the offices," said Brad Nickel, who works in a group cruise planning company on the floor above where the clinic was located. "It just said this guy's not really a doctor, he doesn't belong here, he's no longer allowed here, call the police or the building management if you see him."


David Sierra, who works in his aunt's real estate office in the same building, kept a picture of the flier on his iPhone. He recognized the doctor in the picture from passing him in the hallway.


Sierra said while he never recognized any of the clients at the clinic, "there were always really nice cars in front — I'm not talking just Mercedes. Range Rovers, Bentleys."


The New Times posted copies of what it said were Bosch's handwritten records, obtained through a former Biogenesis employee it did not identify.


Bosch's lawyer, Susy Ribero-Ayala, said in a statement the New Times report "is filled with inaccuracies, innuendo and misstatements of fact."


"Mr. Bosch vehemently denies the assertions that MLB players such as Alex Rodriguez and Gio Gonzalez were treated by or associated with him," she said.


Rodriguez appears 16 times in the documents New Times received, the paper said, either as "Alex Rodriguez," ''Alex Rod" or the nickname "Cacique," a pre-Columbian Caribbean chief.


Rodriguez admitted four years ago that he used PEDs from 2001-03. Cabrera, Colon and Grandal were suspended for 50 games each last year by MLB following tests for elevated testosterone. Responding to the testosterone use, MLB and the players' union said Jan. 10 they were authorizing the World Anti-Doping Agency laboratory outside Montreal to store each major leaguer's baseline testosterone/epitestosterone (T/E) ratio in order to detect abnormalities.


"We are always extremely disappointed to learn of potential links between players and the use of performance-enhancing substances," MLB said in a statement. "Only law enforcement officials have the capacity to reach those outside the game who are involved in the distribution of illegal performance-enhancing drugs. ... We are in the midst of an active investigation and are gathering and reviewing information."


A baseball official, speaking on condition of anonymity because he was not authorized to make public statements, said Monday that MLB did not have any documentation regarding the allegations. If MLB does obtain evidence, the players could be subject to discipline. First offenses result in a 50-game suspension and second infractions in 100-game penalties. A third violation results in a lifetime ban.


Rodriguez is sidelined for at least the first half of the season after hip surgery Jan. 16. A 50-game suspension would cost him $7.65 million of his $28 million salary.


"The news report about a purported relationship between Alex Rodriguez and Anthony Bosch are not true," Rodriguez said in a statement issued by a publicist. "He was not Mr. Bosch's patient, he was never treated by him and he was never advised by him. The purported documents referenced in the story — at least as they relate to Alex Rodriguez — are not legitimate."


Jay Reisinger, a lawyer who has represented Rodriguez in recent years, said the three-time AL MVP had retained Roy Black, an attorney from Rodriguez's hometown of Miami. Black's clients have included Rush Limbaugh and William Kennedy Smith.


Bosch did not return a phone message seeking comment.


MLB hopes to gain the cooperation of Bosch and others connected with the clinic, another baseball official said, also on condition of anonymity because no public statements on the matter were authorized. In order to successfully discipline players based on the records, witnesses would be needed to authenticate them, the official said.


Players could be asked to appear before MLB for interviews, but the official said MLB would be reluctant to request interviews before it has more evidence.


Rodriguez spent years denying he used PEDs before Sports Illustrated reported in February 2009 that he tested positive for two steroids in MLB's anonymous survey while with the Texas Rangers in 2003. Two days later, he admitted in an ESPN interview that he used PEDs over a three-year period. He has denied using PEDs after 2003.


If the new allegations were true, the Yankees would face high hurdles to get out of the final five years and $114 million of Rodriguez's record $275 million, 10-year contract. Because management and the players' union have a joint drug agreement, an arbitrator could determine that any action taken by the team amounted to multiple punishments for the same offense.


But if Rodriguez were to end his career because of the injury, about 85 percent of the money owed by the Yankees would be covered by insurance, one of the baseball officials said.


The Yankees said "this matter is now in the hands of the commissioner's office" and said they will not comment further until MLB's investigation ends.


Gonzalez, 21-8 for the Washington Nationals last season, posted on his Twitter feed: "I've never used performance enhancing drugs of any kind and I never will, I've never met or spoken with tony Bosch or used any substance provided by him. anything said to the contrary is a lie."


Colon was not issuing a statement, agent Adam Katz said through spokeswoman Lisa Cohen.


"We are aware of certain allegations and inferences," Cruz's law firm, Farrell & Reisinger, said in a statement. "To the extent these allegations and inferences refer to Nelson, they are denied."


Sam and Seth Levinson, the agents for Cabrera, Cruz and Gonzalez, did not respond to emails seeking comment. Greg Genske, Grandal's agent, also did not reply to an email.


Cruz and Gonzalez had not previously been linked to performance-enhancing drugs. Cruz hit 24 home runs last year for the Texas Rangers, who says they notified MLB last week after being contacted by the New Times.


The New Times report said it obtained notes by Bosch listing the players' names and the substances they received. Several unidentified employees and clients confirmed to the publication that the clinic distributed the substances, the paper said. The employees said that Bosch bragged of supplying drugs to professional athletes but that they never saw the sports stars in the office.


The paper said the records list that Rodriguez paid for HGH; testosterone cream; IGF-1, a substance banned by baseball that stimulates insulin production; and GHRP, which releases growth hormones.


Rodriguez's cousin, Yuri Sucart, also is listed as having purchased HGH. Sucart was banned from the Yankees clubhouse, charter flights, bus and other team-related activities by MLB in 2009 after Rodriguez said Sucart obtained and injected PEDs for him.


Also listed among the records, according to the New Times, are tennis player Wayne Odesnik, Cuban boxer Yuriorkis Gamboa and Jimmy Goins, the strength and conditioning coach of the University of Miami baseball team.


Odesnik, who lost in the first round of qualifying for this year's Australian Open, is a former top-100 player who was suspended by the International Tennis Federation after Australian customs officers found eight vials containing HGH in his luggage when he arrived in that country ahead of a January 2010 tournament. He denied using HGH and never tested positive for it. What originally was a two-year ban was cut in half because the ITF said Odesnik cooperated with its anti-doping program.


"The statement about Wayne's relationship with Mr. Bosch is completely false, and Wayne has contacted the reporter and newspaper for a retraction," the tennis player's mother, Janice Odesnik, wrote in an email to The Associated Press.


Mia Ro, a spokeswoman for the federal Drug Enforcement Administration in Miami, said she could not confirm or deny the existence of an investigation into Bosch or the clinic.


The University of Miami said it was conducting "an intensive review" of the matter but did not identify Goins by name.


Goins was "very surprised" to learn of the allegations raised by the New Times, according to a statement from Michelle A. White, of the Coral Gables law firm of Fenderson & Hampton, which said it was representing him.


White would not comment on whether Goins was a patient of Bosch but added that Goins "has done nothing improper either personally or as a representative of the University of Miami," and denies any allegation or inference of wrongdoing.


___


Associated Press writers Jennifer Kay in Coral Cables, Fla., and Curt Anderson in Miami, and AP Sports Writers Howard Fendrich and Tim Reynolds contributed to this report.


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Charlize Theron’s ‘Hatfields & McCoys’ Update Gets NBC Pickup






NEW YORK (TheWrap.com) – NBC has ordered the drama pilot “Hatfields & McCoys,” a modern-day tale of the famously warring families from a team that includes executive producer Charlize Theron.


The series bears no relation to History’s hit miniseries of the same name, which aired last year. But it does trade on the same legend of feuding West Virginia families.






In the new version, the families have moved to nearby Pittsburgh, where a startling death rekindles the feud. The blue-collar McCoys battle the wealthy Hatfields for control of the city.


And no, they aren’t fighting over which family gets to not be in charge of Pittsburgh, which is a lovely place, if you’ve ever been.


The series is written and executive produced by John Glenn, with Theron, A.J. Dix, Dawn Olmstead, and Beau Flynn also executive producing. It comes from ABCS, Denver & Delilah,Tower Hill, Beau Flynn Productions and Grady Girl.


TV News Headlines – Yahoo! News





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Soldier with new arms determined to be independent


BALTIMORE (AP) — After weeks of round-the-clock medical care, Brendan Marrocco insisted on rolling his own wheelchair into a news conference using his new transplanted arms. Then he brushed his hair to one side.


Such simple tasks would go unnoticed in most patients. But for Marrocco, who lost all four limbs while serving in Iraq, these little actions demonstrate how far he's come only six weeks after getting a double-arm transplant.


Wounded by a roadside bomb in 2009, the former soldier said he could get by without legs, but he hated living without arms.


"Not having arms takes so much away from you. Even your personality, you know. You talk with your hands. You do everything with your hands, and when you don't have that, you're kind of lost for a while," the 26-year-old New Yorker told reporters Tuesday at Johns Hopkins Hospital.


Doctors don't want him using his new arms too much yet, but his gritty determination to regain independence was one of the chief reasons he was chosen to receive the surgery, which has been performed in the U.S. only seven times.


That's the message Marrocco said he has for other wounded soldiers.


"Just not to give up hope. You know, life always gets better, and you're still alive," he said. "And to be stubborn. There's a lot of people who will say you can't do something. Just be stubborn and do it anyway. Work your ass off and do it."


Dr. W.P. Andrew Lee, head of the team that conducted the surgery, said the new arms could eventually provide much of the same function as his original arms and hands. Another double-arm transplant patient can now use chopsticks and tie his shoes.


Lee said Marrocco's recovery has been remarkable, and the transplant is helping to "restore physical and psychological well-being."


Tuesday's news conference was held to mark a milestone in his recovery — the day he was to be discharged from the hospital.


Next comes several years of rehabilitation, including physical therapy that is going to become more difficult as feeling returns to the arms.


Before the surgery, he had been living with his older brother in a specially equipped home on New York's Staten Island that had been built with the help of several charities. Shortly after moving in, he said it was "a relief to not have to rely on other people so much."


The home was heavily damaged by Superstorm Sandy last fall.


"We'll get it back together. We've been through a lot worse than that," his father, Alex Marrocco, said.


For the next few months, Marrocco plans to live with his brother in an apartment near the hospital.


The former infantryman said he can already move the elbow on his left arm and rotate it a little bit, but there hasn't been much movement yet for his right arm, which was transplanted higher up.


Marrocco's mother, Michelle Marrocco, said he can't hug her yet, so he brushes his left arm against her face.


The first time he moved his left arm was a complete surprise, an involuntary motion while friends were visiting him in the hospital, he said.


"I had no idea what was going through my mind. I was with my friends, and it happened by accident," he recalled. "One of my friends said 'Did you do that on purpose?' And I didn't know I did it."


Marrocco's operation also involved a technical feat not tried in previous cases, Lee said in an interview after the news conference.


A small part of Marrocco's left forearm remained just below his elbow, and doctors transplanted a whole new forearm around and on top of it, then rewired nerves to serve the old and new muscles in that arm.


"We wanted to save his joint. In the unlucky event we would lose the transplant, we still wanted him to have the elbow joint," Lee said.


He also explained why leg transplants are not done for people missing those limbs — "it's not very practical." That's because nerves regrow at best about an inch a month, so it would be many years before a transplanted leg was useful.


Even if movement returned, a patient might lack sensation on the soles of the feet, which would be unsafe if the person stepped on sharp objects and couldn't feel the pain.


And unlike prosthetic arms and hands, which many patients find frustrating, the ones for legs are good. That makes the risks of a transplant not worth taking.


"It's premature" until there are better ways to help nerves regrow, Lee said.


Now Marrocco, who was the first soldier to survive losing all four limbs in the Iraq War, is looking forward to getting behind the wheel of his black 2006 Dodge Charger and hand-cycling a marathon.


Asked if he could one day throw a football, Dr. Jaimie Shores said sure, but maybe not like Baltimore Ravens quarterback Joe Flacco.


"Thanks for having faith in me," Marrocco interjected, drawing laughter from the crowd.


His mother said Marrocco has always been "a tough cookie."


"He's not changed that, and he's just taken it and made it an art form," Michelle Marrocco said. "He's never going to stop. He's going to be that boy I knew was going to be a pain in my butt forever. And he's going to show people how to live their lives."


___


Associated Press Chief Medical Writer Marilynn Marchione in Milwaukee and AP writer David Dishneau in Hagerstown, Md., contributed to this report.


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Actor Jason London arrested after Ariz. bar fight


PHOENIX (AP) — Authorities say actor Jason London has been arrested on suspicion of assault and disorderly conduct after an Arizona bar fight.


Scottsdale police say London allegedly sneezed on a man who then asked him to apologize, but London refused and instead hit the man in the face.


The Arizona Republic (http://bit.ly/VoULau ) says the two men were escorted out of the bar, but London began pushing and cursing at firefighters trying to treat him and appeared extremely drunk. He was arrested early Monday.


London's Twitter account says "some guy thought I was hitting on his girl" and that several large bouncers beat him, breaking bones in his face. London added, "the truth will win" and "I hate Arizona."


London is best known for the 1993 movie "Dazed and Confused."


___


Information from: The Arizona Republic, http://www.azcentral.com


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Chicago Booth social enterprise program gets $5M gift









Retired CDW Chairman and Chief Executive John Edwardson has donated $5 million to the social enterprise initiative at the University of Chicago's Booth School of Business.

The gift is the first directed to the social enterprise effort, which launched last March. It will pay for research and larger cash awards to the winners of the school's annual social new venture competition.






Social enterprises try to achieve philanthropic goals, such as pollution and poverty reduction, through business tactics and discipline. They are often for-profit operations that put tackling complex social problems ahead of rewarding shareholder.

"One of the things I've been concerned about, and I think that kids are different today, is that when I was at Booth, we were focused on one thing and that was getting out of Booth and making a lot of money," said Edwardson, who graduated from the school in 1972. "Over the years, one thing that has become important to me is helping students learn to share what they have when they have a little, so that when they have a lot, they would be willing to share a lot."

Social entrepreneurship programs have brought a softer edge to business schools. Examples include a company trying to develop cheap, solar-powered batteries for sub-Saharan Africa, or a home retrofitting company or a restaurant that mostly employs ex-convicts.

The school's competition for social ventures business plans is being renamed the John Edwardson Social New Venture Challenge. Last year, 19 teams of three to five students competed for $55,000 in prize money, split among the top four finishers, said Booth spokesman Allan Friedman.

In comparison, the school's more traditional startup competition had 33 teams vying for $75,000 in prize money, split among the top 10 teams, Friedman said.

"I had agreed to endow a professorship, but it just wasn't exciting me very much," Edwardson said. "And then when I went to the social new venture challenge, and it really excited me. And I thought this is where I want my gift to go, to help do more of this."

From 2001 to 2011, Edwardson was CEO and chairman of Vernon Hills-based CDW, a computer equipment reseller. He stayed on as chairman for one more year to ensure a smooth transition.

He also is the chairman of Booth's alumni advisory board, known as the Council on Chicago Booth, and will be the lead volunteer fundraiser for the school's upcoming capital campaign. Edwardson said no fundraising goal has been set.

mmharris@tribune.com | Twitter @chiconfidential



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Butler's 19 points lead Bulls over Bobcats









To Jimmy Butler, it's simple.


Whether he's averaging 45.2 minutes in the five games he started for Luol Deng or playing 31 minutes, 14 seconds in reserve of Deng and others, as he did during Monday's 93-85 victory over the Bobcats, his role remains the same.


"Rebound, guard and make some open shots," Butler said. "Starting gave me a lot more confidence. But I'm still able to do those things (off the bench)."








Indeed, Butler stole the show, backing up his promise with a career-high 19 points and six rebounds, playing at shooting guard alongside Deng for a long second-quarter stretch and most of the final 5:28.


"Jimmy's a big part of the team," coach Tom Thibodeau said. "Lu has been huge for us. We know we have flexibility. You do what's best for the team."


Deng returned after missing five games with an injured right hamstring and finished with 12 points in just over 31 minutes as the Bulls avenged their New Year's Eve home loss to the Bobcats.


"I felt great," Deng said. "I hadn't gone full speed like that, so I was a little worried about the change of speed and direction. So I'm happy I was able not to have any setbacks. It felt a little tight, but it didn't feel like how it felt when I first did it."


Thibodeau admitted he didn't want to overextend Deng's minutes in his first game while casually plugging him for defensive player of the year.


"There may not be a better defender in the league," Thibodeau said.


At least against the speedy, perimeter-driven Bobcats, minutes dropped for Marco Belinelli and Richard Hamilton. Thibodeau even used the combination of Kirk Hinrich and Nate Robinson for a brief third-quarter stretch.


"They went real small," Thibodeau said. "I liked (Butler's) quickness out there defensively."


The Bulls pulled away late in the third after the Bobcats tied it at 55-55 with 3:36 remaining. Joakim Noah, huge again with a double-double, seven assists and five blocks in nearly 45 minutes, scored on a three-point play. Robinson, who contributed 15 points off the bench, fueled a 13-0 run with two 3-pointers as the Bobcats failed to score for 4:24.


With 13 points and 18 rebounds, Noah became the first Bull to grab 15 or more rebounds in four straight games since Dennis Rodman in March 1998.


Robinson poured it on in the fourth, scoring eight points as the Bulls pushed their lead to 14. But old friend Ben Gordon found his range in the final period as well, scoring 10 of his 18 points as the Bobcats trimmed the lead to six late.


That's when Carlos Boozer powered home a left-handed dunk over Bismack Biyombo off a feed from Robinson with 1:24 left to jazz the sellout crowd of 21,308.


"As long as we play the type of basketball we know we're capable of, we can beat any team," Butler said. "We can also lose to any team if we don't."


kcjohnson@tribune.com


Twitter @kcjhoop





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Yahoo sees revenue climb this year, but long road ahead


(Reuters) - Yahoo Inc forecast a modest uptick in revenue for the current year as it revamps its family of websites but Chief Executive Marissa Mayer warned it would be a long journey to revive the Internet company's fortunes.


In Yahoo's first financial outlook since Mayer became CEO in July, the company outlined a plan to trigger a "chain reaction of growth" by overhauling a dozen of its online services to increase the amount of time users spent on its websites.


It also pointed to strength in its search advertising business and progress made in improving its internal operations.


Yahoo's shares were 3 percent higher in after hours trade after the revenue projection was disclosed during an analysts conference call, shedding some ground after earlier rising as much as 4.5 percent.


But weakness in Yahoo's display ad business, which accounts for roughly 40 percent of the company's total revenue, caught some analysts by surprise.


"While the road to growth is certain, it will not be immediate," said Mayer, a former Google Inc executive and Yahoo's third full-time CEO since September 2011.


Yahoo said that revenue, excluding fees it pays to partner websites, will range between $4.5 billion and $4.6 billion in 2013, implying an annual growth rate of 0.7 percent to 3 percent.


Finance Chief Ken Goldman also warned investors to expect "an investment phase" in the first half of the year, which he said would impact profit margins.


"What was clear from the call is that this is a long-term turnaround story," said Macquarie Research analyst Ben Schachter. "We shouldn't expect anything to just snap back and correct itself."


During the fourth quarter, Yahoo's net revenue increased 4 percent year-on-year to $1.22 billion, as search advertising sales offset a 10 percent decline in the number of display ads sold on Yahoo's core properties.


Mayer said the decline was the result of less activity by visitors to its popular websites, such as its Web email service, and to a lesser extent due to users accessing the Web on smartphones, where Yahoo's ad business is not as strong.


Efforts to revamp its mobile properties, begun last year with a redesign of the photo-sharing service Flickr, remain on track, said Mayer, noting that Yahoo now has 200 million monthly mobile users.


"From a monetization perspective this is still a very nascent source of revenue for us. With any platform shift, revenue always followed users and mobile will be no different," she said.


Mayer took over after a tumultuous period at Yahoo in which former CEO Scott Thompson resigned after less than 6 months on the job over a controversy about his academic credentials and in which Yahoo co-founder Jerry Yang resigned from the board and cut his ties with the company.


Yahoo's stock has risen roughly 30 percent since Mayer took the helm, reaching its highest levels since 2008.


Part of the stock's rise has been driven by significant stock buybacks, using proceeds from a $7.6 billion deal to sell half of its 40 percent stake in Chinese Internet company Alibaba Group, said Sameet Sinha, an analyst with B. Riley Caris.


Yahoo said it repurchased $1.5 billion worth of shares during the fourth quarter.


The company's fourth-quarter net income was $272.3 million, or 23 cents per share, versus $295.6 million, or 24 cents per share in the year-ago period.


Excluding certain items, Yahoo said it had earnings per share of 32 cents, versus the average analyst expectation of 28 cents according to Thomson Reuters I/B/E/S.


For the first quarter, Yahoo said it expects revenue, excluding partner website fees, of $1.07 billion to $1.1 billion, trailing the $1.1 billion that Wall Street analysts expect on average.


Shares of Yahoo were up 59 cents at $20.90 in after-hours trading on Monday.


(Reporting by Alexei Oreskovic; Editing by Phil Berlowitz and Edwina Gibbs)



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