Thousands celebrate Hobbit premiere in New Zealand

WELLINGTON (Reuters) – Tens of thousands of people packed New Zealand’s capital city, clambering on roofs and hanging onto lamp posts on Wednesday to get a glimpse of the stars at the red carpet world premiere of the film “The Hobbit: an Unexpected Journey”.

Wellington, where director Peter Jackson and much of the post production is based, renamed itself “the Middle of Middle Earth“, and fans with prominent Hobbit ears, medieval style costumes, and wizard hats had camped out the night before to claim prized spaces along the 500 meter (550 yards) red carpet.

Jackson, a one time newspaper printer and the maker of the Oscar winning “Lord of the Rings” trilogy more than a decade ago, was cheered along the walk, stopping to talk to fans, sign autographs and pose for photos.

The Hobbit trilogy is set 60 years before the Rings movies, but Jackson said it has benefited from being made after the conclusion of the J.R.R. Tolkien fantasy saga.

“I’m glad that we established the style and the look of Middle Earth by adapting Lord of the Rings before we did the Hobbit,” Jackson told Reuters from the red carpet.

Jackson, a hometown hero in Wellington, said the production had been on a “difficult journey”, alluding to Warner Brothers’ financial problems, and a later labor dispute with unions.

“Fate meant for us to be here,” he told an ecstatic crowd, which hailed him as a film genius, but also a down to earth local boy.

“I came here to see the stars but also Peter (Jackson)…I loved the Lord of the Rings and that made me want to be here, without him none of it would be here,” said teenage student Samantha Cooper.

OLD FRIENDS

The cast was no less enthusiastic about the Hobbit, especially those who had starred in the Lord of the Rings trilogy.

British actor Andy Serkis, who plays the creature Gollum with a distinctive throaty whisper, said picking up the character after a near-ten year break was like putting on a familiar skin.

“I was reminded on a daily basis with Gollum (that) he’s truly never left me,” he said.

Most of the film’s stars attended the premiere, including British actor Martin Freeman, who plays the Hobbit Bilbo Baggins, Andy Serkis, Hugo Weaving, Cate Blanchett, and Elijah Wood. Ian McKellen, who plays the wizard Gandalf, was absent.

Freeman, known for his roles in the comedy The Office and Sherlock Holmes, said he looked for a different, lighter, slightly pompous Baggins from the older, wiser character played by Ian Holm in the Rings movies.

“Between us – Peter (Jackson) and me — we hashed out another version of Bilbo. There’ll be others, but our version is this one and I hope people like it,” he said.

The production was at the center of several controversies, including a dispute with unions in 2010 over labor contracts that nearly sent the filming overseas and resulted in the government stepping in to change employment laws.

The only sour note at the premiere came when animal rights activists held up posters saying “Middle Earth unexpected cruelty” and “3 horses died for this film”, after claims last week that more than 20 animals died during the making of the film.

Event organizers tried to block out the protesters’ posters with large Hobbit film billboards. Jackson has said some animals died on a farm where they were housed, but none had been hurt during filming.

The movies have been filmed in 3D and at 48 frames per second (fps), compared with the standard 24 fps, which Jackson has likened to the quality leap to compact discs from vinyl records.

The second film “The Hobbit: The Desolation of Smaug” will be released in December next year, with the third “The Hobbit: There and Back Again” due in mid-July 2014.

(Editing by Elaine Lies)

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Grim forecast for U.S., global recovery

WASHINGTON — In a grim new forecast, a leading international economic group sharply cut its outlook for U.S. and global growth next year and warned that the debt crisis in Europe and fiscal policy risks in America could plunge the world back into recession.

As it stands now, the industrialized world is looking at a muted and uneven recovery over the next two years, according to the Organization for Economic Cooperation and Development.

The Paris-based OECD projected gross domestic product across its 34 member nations — which include the U.S., Japan and the 17-nation Eurozone — to grow a sluggish 1.4% next year. That is down from 2.2% that the group had forecasted six months earlier.

Growth prospects in the U.S. also were slashed for next year. Experts at the OECD now see inflation-adjusted GDP, the broadest measure of economic activity, rising 2% next year in the U.S., roughly equivalent to this year and down from its earlier forecast of an increase of 2.6%.

The new projections are all the more sobering in that they are based on assumptions that Europe's debt crisis won't get much worse and that the U.S. won't go over the so-called fiscal cliff — a combination of more than $500 billion in automatic tax hikes and federal spending cuts slated to begin at the start of next year.

Quiz: How much do you know about the 'fiscal cliff'?

"If key adverse risks cannot be averted, and especially if the Eurozone crisis were to intensify significantly, the likely outcome would be considerably weaker, potentially plunging the global economy into deep recession and deflation, with large additional rises in unemployment," the OECD said.

The report, released Tuesday, is on the pessimistic side.

Although economists widely agree on the recession risks in the event that the U.S. isn't able to solve the fiscal impasse, a number of experts now say that the U.S. and global economies could see considerably stronger growth next year if Washington can reach agreement on tax and spending policies that avoid a big fiscal contraction in 2013.

"The economy in the U.S. is really poised to grow," said Bernard Baumohl, chief global economist at the Economic Outlook Group, noting that GDP growth in the U.S. could surge to a solid 3.5% or higher next year if the budget issues are resolved.

The latest forecast from the Federal Reserve, compiled in mid-September, sees U.S. GDP increasing 2.5% to 3% next year.

Baumohl's reasons for greater optimism include a recovering housing market, improving job growth and healthier personal finances, all of which should help drive stronger consumer spending.

Total consumer debt, which has fallen for four years, dropped by $74 billion to $11.31 trillion in the third quarter from the previous quarter, and it is now down $1.37 trillion from the peak in September 2008, according to a report Tuesday from the New York Fed.

Reflecting these trends, the Conference Board said Tuesday that its latest survey showed consumer confidence at its highest level since early 2008, results similar to a survey by the University of Michigan.

American business sentiments, however, have been more cautious of late, and many companies have held back on making investments in recent months. But banks are generally in good shape, and big companies are sitting on mountains of cash and are expected to ramp up investments once the fiscal and tax pictures become clearer.

The OECD report nodded to these factors, but noted that the global recovery slowed markedly over the last year amid faltering confidence and weakening world trade, in part because of problems in the Eurozone, which contributed to an unexpectedly strong slowdown in developing countries such as China.

The 17-nation Eurozone will probably remain in recession well into next year, the OECD said.

Meanwhile, Japan, the world's third-largest economy, has fallen back into a downturn after a growth spurt last year aided by massive reconstruction spending following the earthquake and tsunami in March 2011. The Japanese economy is expected to move at a lumbering pace over the next two years.

The outlook for China, Brazil and India — three of the biggest developing economies, none of which is a member of the OECD — looks comparatively brighter:  Growth will probably accelerate next year and in 2014, with China, the world's second-largest economy, again leading the pack.

The OECD forecast sees China's GDP expanding 8.5% next year and nearly 9% in 2014 after slowing this year to about 7.5%.

Although far from immune from the troubles in the U.S. and Europe, which still account for much of the global demand for goods, China and other major emerging economies have more wherewithal to boost growth than their more-indebted developed counterparts by ramping up government spending and lowering interest rates.

The report notes that spending cuts throughout OECD member countries have taken a toll on economic growth, particularly in the Eurozone, where GDP growth for next year was slashed to -0.1% from a positive rate of 0.9%.

Many developed countries are now struggling with financial and economic challenges related to an aging population, large public debts and high unemployment.

Assuming Europe's debt crisis stabilizes, the Eurozone is forecast to recover in 2014. For OECD countries overall, GDP growth is projected to pick up in 2014 to 2.3%.

The U.S. economy is expected to outperform most other OECD nations in 2014, with its GDP stepping up to a more sturdy growth of 2.8%. That compares with the Fed's forecast of 3% to 3.8% growth in 2014.

Either way, U.S. economic growth isn't likely to come close to keeping up with the rapid advance of developing countries, notably China.

Last year, the U.S. accounted for 23% of the global economy, with the Eurozone and China tied for second, each with a 17% share each.

But by 2030, the OECD estimates, China's share of the global economy will rise to 28%, while the U.S. will slip to No. 2 with 18% of world GDP, and the Eurozone's share will fall to 12%.

don.lee@latimes.com

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Jesse Jackson Jr. still might collect federal pension

WASHINGTON—

— Jesse Jackson Jr., who resigned from Congress last week and acknowledged he was the subject of a federal investigation, could be eligible for an annual pension estimated at $45,000, but that benefit would be lost if he was convicted of one of several public corruption felonies.

Jackson, 47, a South Side Democrat who served 17 years in Congress, remained out of sight Monday, five days after sending a resignation letter to House Speaker John Boehner, R-Ohio. A federal criminal investigation into Jackson's alleged misuse of campaign money remains active, a source said Monday.

Jackson has been out of the public eye since June, when he began a leave for what aides later disclosed is bipolar disorder. He won re-election Nov. 6 while at the Mayo Clinic in Minnesota, where an official said Monday he is no longer a patient.

Smith & Co., a crisis management firm that is representing Jackson, declined to comment on his whereabouts. The firm, with offices in Washington and Los Angeles, in the past has represented clients including Monica Lewinsky, Michael Vick and former Sen. Larry Craig, R-Idaho.

Federal officials do not disclose how much a retiree receives as a pension. But at the National Taxpayers Union, Executive Vice President Pete Sepp estimated that Jackson could collect about $45,000 a year when he reaches age 62. If Jackson chose to draw the pension beginning at age 56 — just a little more than eight years from now — the sum would be reduced by 30 percent, leaving about $31,500 a year.

Jackson has not been charged with a crime. He said in his resignation letter that he was aware of the ongoing federal investigation into his activities and was doing his best to cooperate with investigators and accept responsibility for his "mistakes."

Earlier this year, Congress expanded the number of felony public corruption offenses that would trigger the loss of a federal pension. They added several crimes, including tax evasion, money laundering and offenses relating to soliciting political contributions.

Lawmakers also broadened the penalty's reach by dictating that it would apply to former members of Congress who became president or vice president or served in state or local government. That provision was aimed at high-profile figures such as now-imprisoned Rod Blagojevich, a former congressman convicted of offenses that occurred while he was Illinois governor.

Jackson announced his resignation when the House was adjourned for Thanksgiving week. The House is scheduled to gavel back into session at 1 p.m. CST on Tuesday. Sometime later, Jackson's resignation letter will be read aloud.

That might not be the last word from Capitol Hill on Jackson.

The House Ethics Committee had been investigating Jackson's efforts in 2008 to gain Blagojevich's appointment to President Barack Obama's Senate seat, but the committee does not have jurisdiction over former lawmakers and may not sanction them. However, the panel retains the authority to issue a report in such cases and could do so regarding Jackson. The panel did just that after the 2006 resignation of Rep. Mark Foley, R-Fla., over sexually provocative emails to teenage boys who had been congressional pages.

Meanwhile, Jackson's former offices remain open, under the control of the House clerk.

Under House rules, when a lawmaker dies, resigns or is expelled, the clerk manages the congressional office until a successor is chosen for the vacancy, said Steve Dutton, a spokesman for the Committee on House Administration.

Dutton said Jackson's offices in Washington, Chicago and Homewood will remain open — and staffers paid — until a successor is picked.

kskiba@tribune.com

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Nintendo says more than 400,000 Wii Us sold in US

NEW YORK (AP) — Nintendo has sold more than 400,000 of its new video game console, the Wii U, in its first week on sale in the U.S., the company said Monday.

The Wii U launched on Nov. 18 in the U.S. at a starting price of $ 300. Nintendo said the sales figure, based on internal estimates, is through Saturday, or seven days later.

The Wii U is the first major game console to launch in six years. It comes with a new touch-screen controller that promises to change how people play games by offering different people in the same room a different experience, depending on the controller used.

Six years ago, Nintendo Co. sold 475,000 of the original Wii in that console’s first seven days in stores, according to data from the NPD Group. The original Wii remains available, and Nintendo said it sold more than 300,000 of them last week, along with roughly 250,000 handheld Nintendo 3DS units and about 275,000 of the Nintendo DS.

At this early stage, demand isn’t the only factor dictating how many consoles are sold. Supply is, too. This means it’s likely that more people wanted to buy the Wii U in the first week than those who were able to. The original Wii was in short supply more than a year after it went on sale.

As of Monday afternoon, the website of Best Buy Co. was sold out of the Wii U. Video game retailer GameStop Corp. said there was at least a three day wait for a deluxe Wii U, which costs $ 350, has more memory and comes with a game called “Nintendo Land.” GameStop still had the basic, $ 300 version available.

Wedbush analyst Michael Pachter estimates that Nintendo will ship 1 million to 1.5 million Wii Us in the U.S. through the end of January.

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Disney Channel to debut ‘Sofia the First’ Jan. 11

NEW YORK (AP) — Disney says its animated children‘s series “Sofia the First” will premiere Jan. 11 on the Disney Channel and Disney Junior networks.

Created for kids ages 2 to 7, “Sofia the First” is about a young girl who becomes a princess and learns that honesty, loyalty and compassion are what makes a person royal.

Sofia is voiced by “Modern Family” actress Ariel Winter, and her mother is played by “Grey’s Anatomy” star Sara Ramirez.

Last week’s premiere of the “Sofia the First” animated movie drew a total audience of more than 5 million viewers. It was the year’s top-rated cable TV telecast among kids ages 2 to 5.

In the series’ debut episode, Sofia strives to become the first princess to earn a spot on her school’s flying derby team.

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Chicago housing recovery lags other cities

A sale is pending on this home in San Francisco. The National Association of Realtors reported a decline in sales in September. (Justin Sullivan/Getty Images / October 19, 2012)

By Mary Ellen Podmolik




Tribune staff reporter

8:25 a.m. CST, November 27, 2012

The Chicago area's housing recovery continues to lag behind other metropolitan areas, according to a widely watched monthly index of home prices released Tuesday.

The S&P/Case-Shiller home price index found that area home prices in September fell 0.6 percent from August and were down 1.5 percent on an annualized basis. Chicago and New York City were the cities among the 20 studied where pricing was worse than their year-ago comparisons.

September's reading was the first monthly decrease for the Chicago area's home price index after five months of gains. Despite the slip in the overall market, area condo prices continued to recover, rising .9 percent in September from August, marking the six consecutive month of improvement.

Historically, condo prices remain at their spring 2001 level while the overall market's pricing is similar to its fall 2001 levels.

All combined, the 20 cities included in the home price index in September recorded a monthly gain of 0.3 percent in September. Year-over-year, prices rose 3 percent. On a quarterly basis, the national composite rose 3.6 percent in the third quarter compared with 2011's third quarter.

mepodmolik@tribune.com | Twitter @mepodmolik

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Smith comes down hard on Allen hit

Chicago Bears coach Lovie Smith and defensive end Israel Idonije voiced disapproval Monday regarding the hit by Minnesota Vikings defensive end Jared Allen that injured Bears right guard Lance Louis.

In the third quarter of Sunday’s 28-10 win over the Vikings, Louis got blindsided by Allen after a Jay Cutler interception. Louis suffered a signficant left knee injury on the play and didn’t return.

Smith was asked if he thought the play was unnecessary.

"Yes," Smith said. "I did. Jared Allen plays the game a certain way, good player in our league. But I think there are some plays, when you look at them again, you say, 'Hey, we could have done without that.'

"I think our game could do without that play. We have an injured player right now based on it. I think you could have gotten him blocked a little bit differently. That’s about all I should probably say about it."

Allen defended himself after the game.

"I thought it was a legal hit,"’ he said. "He’s running to make a tackle, so I just went to block him. I never intentionally try to hurt anybody."

Idonije has been on the same side as Allen in the past in terms of taking out a player after an interception. Still, Idonije saw no need for such a vicious blow.

"I saw the play. It wasn’t necessary," Idonije said. "There have been a number of rules put in the game now that you can’t hit a defenseless player. Lance’s vision is clearly down the field. Allen hits him on his blindside.

"At that point of the game, you can have easily (gone) shoulder to shoulder. You could have laid him out with just using his hands to his chest, a lot of options.  … He hit (Louis) that way because he chose to hit him that way."

Smith did not provide any more details about the injuries suffered by Louis, guard Chris Spencer (knee), receiver/returner Devin Hester (concussion), running back Matt Forte (ankle), and cornerback Charles Tillman (ankle).

vxmcclure@tribune.com

Twitter @vxmcclure23

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Nokia unveils 2 new cellphone models, priced at $62

HELSINKI (Reuters) – Struggling Finnish cellphone maker Nokia unveiled on Monday two new cellphone models, the Asha 205 and the Asha 206, pricing both models at around $ 62, excluding subsidies and taxes.

Both models will go on sale this quarter.

Nokia unveiled a new Slam feature which allows consumers to share multimedia content like photos and videos with nearby friends almost instantly through Bluetooth connection.

(Reporting By Tarmo Virki)

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Rolling Stones turn back clock with hit-filled comeback

LONDON (Reuters) – The Rolling Stones turned back the clock in style on Sunday with their first concert in five years, strutting and swaggering their way through hit after familiar hit to celebrate 50 years in business.

Before a packed crowd of 20,000 at London‘s O2 Arena, they banished doubts that age may have slowed down one of the world’s greatest rock and roll bands, as lead singer Mick Jagger launched into “I Wanna Be Your Man”.

More than two hours of high-octane, blues-infused rock later, and they were still going strong with an impressive encore comprising “You Can’t Always Get What You Want” and “Jumpin’ Jack Flash”.

In between there were guest appearances from American R&B singer-songwriter Mary J. Blige, who delivered a rousing duet with Jagger on “Gimme Shelter” and guitarist Jeff Beck who provided the power chords for “I’m Going Down”.

Former Rolling Stones Bill Wyman and Mick Taylor were also back in the fold, performing with the regular quartet of Jagger, Ronnie Wood and Keith Richards on guitar and Charlie Watts on drums for the first time in 20 years.

“It took us 50 years to get from Dartford to Greenwich!” said Jagger, referring to their roots just a few miles from the venue in southeast London. “But you know, we made it. What’s even more amazing is that you’re still coming to see us…we can’t thank you enough.”

The Sunday night gig was the first of two at the O2 Arena before the band crosses the Atlantic to play three dates in the United States.

The mini-tour is the culmination of a busy few months of events, rehearsals and recordings to mark 50 years since the rockers first took to the stage at the Marquee Club on London‘s Oxford Street in July, 1962.

There has been a photo album, two new songs, a music video, a documentary film, a blitz of media appearances and a handful of warm-up gigs in Paris.

“STYLE AND PANACHE”

The reunion nearly did not happen. One factor behind the long break since their record-breaking “A Bigger Bang” tour in 2007 has been Wood’s struggle with alcohol addiction, while Jagger and Richards also fell out over comments the guitarist made about the singer in a 2010 autobiography.

But they eventually buried the hatchet, and Richards joked in a recent interview: “We can’t get divorced – we’re doing it for the kids!”

Critics were fulsome in their praise of the first comeback gig.

“Keith Richards has said that the beauty of rock and roll is that every night a different band might be the world’s greatest. Well, last night at the O2 Arena, it was the turn of the Rolling Stones themselves to lay claim to the title they invented,” wrote Neil McCormick of the Daily Telegraph.

“And they did it with some style and panache.”

The big question on every fan’s lips is whether the five concerts lead to a world tour and even new material. The Stones sang their two new tracks “Doom and Gloom” and “One More Shot”, which appeared on their latest greatest hits album “GRRR!”.

Richards has hinted that the five concerts ending at the Newark Prudential Center in the United States on December 15 would not be the last.

“Once the juggernaut starts rolling, it ain’t gonna stop,” he told Rolling Stone magazine. “So without sort of saying definitely yes – yeah. We ain’t doing all this for four gigs!”

The band has come in for criticism from fans about the high price of tickets to the shows – they ranged from around 95 pounds ($ 150) to up to 950 pounds for a VIP seat.

The flamboyant veterans, whose average age is 68, have defended the costs, saying the shows were expensive to put on, although specialist music publication Billboard reported the band would earn $ 25 million from the four shows initially announced. A fifth was added later.

“Everybody all right there in the cheap seats,” Jagger asked pointedly as he looked high to his left at the arena. “They’re not really cheap though are they? That’s the trouble.”

Among the biggest cheers on the night were for classics including “Wild Horses”, “It’s Only Rock and Roll” and “Start Me Up”.

There was even time for the odd reference to their advancing years.

“Good to see you all,” said Richards with a mischievous grin. “Good to see anybody.”

(Reporting by Mike Collett-White, editing by Paul Casciato)

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Obama taps Walter as new SEC chief

WASHINGTON -- President Obama on Monday designated Elisse Walter as chairwoman of the Securities and Exchange Commission, but it's unclear if the Democratic commissioner will be the permanent replacement for outgoing Mary Schapiro.

Walter, who has served on the SEC since July 2008, will take over the reins of the agency after Schapiro steps down on Dec. 14. Schapiro announced her resignation Monday.

Obama thanked Schapiro for her "steadfast leadership." 

"When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole," Obama said in a written statement.

"But she accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people – thanks in large part to Mary's hard work," he said.

Obama can designate a current commissioner as chairman. But he must nominate a permanent replacement, who then has to be confirmed by the Senate.

After Schapiro departs next month, the SEC will have two Democrats and two Republicans, making it difficult to pass any controversial measures.

The White House did not indicate if Walter was among those being considered for the nomination.

Walter served as chairwoman for a short period in January 2009 after the departure of former Chairman Christopher Cox, before Schapiro was sworn in.

Walter, a former executive at the Financial Industry Regulatory Authority and the National Assn. of Securities Dealers, has been mentioned as a permanent replacement for Schapiro.

Obama said he was "confident that Elisse's years of experience will serve her well in her new position."

ALSO:

SEC chief Mary Schapiro to step down

Warren Buffett says tax hikes won't stop wealthy from investing

New faces likely for key U.S. economic posts, starting at Treasury

Follow Jim Puzzanghera on Twitter and Google+.

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