Corporate tax rate overhaul may be part of a 'fiscal cliff' deal

WASHINGTON — Amid the wrangling over the so-called fiscal cliff, President Obama and congressional Republicans can agree on something: They want to lower the corporate tax rate.

The U.S. has the highest overall rate of any of the world's developed economies. It took the top spot in March after Japan reduced its rate, mimicking other countries that have lowered taxes to lure new businesses and keep existing companies from leaving.

Negotiations to avert automatic income tax increases and federal spending cuts scheduled to kick in Jan. 1 could provide the impetus for U.S. policymakers to tackle an overhaul of the corporate tax code next year.

The White House wants to put a corporate tax overhaul, along with changes to the individual income tax system, on a fast track as part of any deal to avoid the "fiscal cliff."

The centerpiece of an overhaul would be slashing the 35% corporate tax rate, a goal long sought by corporate executives and lobbyists.

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

"In the name of global competitiveness, I think that has largely been agreed to," Jim McNerney, chief executive of Boeing Co., said about how both parties view the need for major corporate tax changes.

In February, Obama proposed lowering the federal rate to 25% for manufacturing companies and to 28% for other firms. Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, has been pushing a plan to lower the rate to 25% for all corporations.

In both cases, the rate cuts would be accompanied by the elimination of some of the numerous tax breaks that allow many companies to pay a much lower effective tax rate — and sometimes to avoid paying any corporate taxes at all.

"The administration's position on this is very much in sync with what Republicans say they want, which is a lower rate and a broader base," said Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities and the former chief economist for Vice President Joe Biden.

But there still are some obstacles to a deal.

Some Democrats want to use an overhaul to increase the amount of tax revenue coming from corporations, while Republicans want to keep the amount the same. The White House and congressional Republicans also differ on how the U.S. should treat money earned abroad.

And the business community itself is divided. Many small companies file taxes as individuals. They're opposed to any "fiscal cliff" deal that would raise their rates while giving corporations a rate reduction.

Analysts said the obstacles could be overcome because there is consensus around the broader point that the U.S. needs to bring its corporate tax rate in line with other developed nations.

"Regardless of your political persuasion, it is unquestionably the case that the nominal U.S. corporate tax rate is much higher than that of peer countries," said Edward Kleinbard, a USC law professor and former chief of staff of Congress' Joint Committee on Taxation.

The case for corporate tax reform got a boost when the overall U.S. rate of 39.1%, which includes federal, state and local corporate taxes, became the highest this year among the 34 nations in the Organization for Economic Cooperation and Development. Two decades ago, the U.S. was 13th.

"At one time in the '80s, we had a competitive corporate tax rate," said Dorothy Coleman, vice president of tax and domestic economic policy for the National Assn. of Manufacturers. "We've fallen behind by standing still."

Quiz: The year in business

But the rate in the tax code isn't what many companies pay because of a host of deductions and tax credits. In 2011, the effective corporate tax rate in the U.S. was 29.2%, roughly in line with the 31.9% average of the six other largest developed economies, the Obama administration said.

The White House said that parity does not mean the statutory rate shouldn't be reduced. It simply means that many tax breaks should be eliminated, allowing the rate to be lowered without adding to the deficit.

Read More..

Character actor, World War Two hero Charles Durning dies at 89

NEW YORK (Reuters) – Charles Durning, a World War Two hero who became one of Hollywood’s top character actors in films like “The Sting,” “Tootsie” and “The Best Little Whorehouse in Texas,” has died, a New York City funeral home said on Tuesday. He was 89.

Durning, who was nominated for nine Emmys for his television work as well as two Academy Awards, died of natural causes at his New York City home on Monday, his agent told People magazine. Frank E. Campbell Funeral Chapel in Manhattan confirmed Durning‘s death to Reuters.

Durning also was an accomplished stage actor and once said he preferred doing plays because of the immediacy they offered. He gained his first substantial acting experience through the New York Shakespeare Festival starting in the early 1960s and won a Tony Award for playing Big Daddy in a 1990 Broadway revival of “Cat on a Hot Tin Roof.”

Durning did not start amassing film and TV credits until he was almost 40 but went on to appear in more than 100 movies, in addition to scores of TV shows.

Durning’s first national exposure came playing a crooked policeman who gets conned by Robert Redford in the 1973 movie “The Sting.” He got the role after impressing director George Roy Hill with his work in the Pulitzer- and Tony-winning Broadway play “That Championship Season.”

Durning had everyday looks – portly, thinning hair and a bulbous nose – and was a casting director’s delight, equally adept at comedy and drama.

Durning was nominated for supporting-actor Oscars for playing a Nazi in the 1984 Mel Brooks comedy “To Be or Not to Be” and the governor in the musical “The Best Little Whorehouse in Texas” in 1983. “Whorehouse” was one of 13 movies Durning made with friend Burt Reynolds, as well as Reynolds’ 1990s TV sitcom “Evening Shade.”

Other notable Durning movie roles included a cop in “Dog Day Afternoon,” a man who falls in love with Dustin Hoffman’s cross-dressing character in “Tootsie,” “Dick Tracy,” “Home for the Holidays,” “The Muppet Movie,” “North Dallas Forty” and “O Brother Where Art Thou?”

He was nominated for Emmys for the TV series “Rescue Me,” “NCIS,” “Homicide: Life on the Street,” “Captains and the Kings” and “Evening Shade,” as well as the specials “Death of a Salesman,” “Attica” and “Queen of the Stardust Ballroom.”

Durning was a fan of Jimmy Cagney and after returning from harrowing service in World War Two he tried singing, dancing, and stand-up comedy. He attended the American Academy of Dramatic Arts until he was kicked out.

“They basically said you have no talent and you couldn’t even buy a dime’s worth of it if it was for sale,” Durning told The New York Times.

D-DAY INVASION

He worked a number of make-do jobs – cab driver, dance instructor, doorman, dishwasher, telegram deliveryman, bridge painter, tourist guide – all while waiting for a shot at an acting career. Occasional stage roles led him to Joseph Papp, the founder of the New York Shakespeare Festival, who became his mentor.

“Joe said to me once, ‘If you hadn’t been an actor, you would have been a murderer,’” Durning told the Times. “I don’t know what that meant. I hope he was kidding. He said I couldn’t do anything else but act.”

Durning grew up in Highland Falls, New York, and was 12 years old when his Irish-born father died of the effects of mustard gas exposure in World War One. He had nine siblings and five of his sisters died of smallpox or scarlet fever – three within a two-week period.

Durning was part of the U.S. force that landed at Omaha Beach during the D-Day invasion in June 1944. A few days later he was shot in the hip – he said he carried the bullet in his body thereafter – and after six months of recovery was sent to the Battle of the Bulge.

Durning, who was wounded twice more, was captured and was one of the few survivors of the Malmedy massacre when German troops opened fire on dozens of American prisoners. In addition to three Purple Heart medals for his wounds, Durning was presented the Silver Star for valor.

At an observation of the 60th anniversary of D-Day in Washington, Durning told of the terror he felt and carnage he saw when hitting the beach on D-Day. He said he had to jettison his weapon and gear in order to swim ashore and saw mortally wounded comrades offering themselves as human shields.

“I forget a lot of stuff now but I still wake up once in a while and it’s still there,” he said. “I can’t count how many of my buddies are in the cemetery at Normandy.”

Durning was married twice and had three children.

(Reporting by Ellen Wulfhorst; Writing by Bill Trott; Editing by Eric Beech)

Movies News Headlines – Yahoo! News

Title Post: Character actor, World War Two hero Charles Durning dies at 89
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Rumored iPad 5 to be thinner

By Chris O'Brien

1:03 p.m. CST, December 24, 2012

That iPad 3 you got last March? Forget it. It's like the eight-track tape  of tablets. (Kids: Ask your parents what that means.) Even that iPad 4 you're about to unwrap Christmas morning that you think is so darn new is about to become yesterday's news. 

At least, that is, if the latest iPad rumors are true. According to the Japanese blog Macotakara, the next iPad is due to hit in March. At which time, all previous versions of the iPad will feel like bricks.

QUIZ: What set the Internet on fire in 2012? 

The site reports that the fifth version of the iPad will be thinner and lighter than the last iPad. For those of you hoping that Apple's next version of the iPad would be heavier and clunkier, this is no doubt crushing news.

For the rest of the planet, however, this is pretty much what you'd expect from Apple. Macotakara says its sources say the next iPad will be 2 millimeters thinner and 17 millimeters narrower. 

If true, it marks a continuation of the accelerated product update cycle that kicked into gear this past year under Apple CEO Tim Cook. 

According to 9to5Mac.com, if the dimensions are correct, "The new supposed thinness would mean the next iPad is nearly as thin as the 7.2mm thin iPad mini."

Speaking of the Mini, Macotakara reports that Apple is cooking up a retina screen for the next iPad mini. 

Here's the real thing iPad owners need to fear: How long will Apple continue to support those older iPads? It already doesn't let owners of the first iPad download new versions of iOS. 

ALSO: 

Yelp's new weapon against fake reviews: User alerts

Google Maps returns to iPhone; iPad app coming soon

Scam watch: Fake news sites, smartphone viruses, BBB scam stopper

Follow me on Twitter @obrien.

Read More..

2 firefighters fatally shot in ambush at blazing NY house

WEBSTER, N.Y. -- A gunman ambushed four volunteer firefighters responding to an intense pre-dawn house fire Monday morning outside Rochester, N.Y., killing two before ending up dead himself, authorities said. Police used an armored vehicle to evacuate more than 30 nearby residents.

The gunman fired at the firefighters when they arrived shortly after 5:30 a.m. at the blaze near the Lake Ontario shore in Webster, town Police Chief Gerald Pickering said. The first Webster police officer who arrived chased the suspect and exchanged gunfire with him, authorities said.

“It does appear it was a trap” for the first responders to the fire, Pickering said at a news conference.

Authorities didn't say how the gunman died or whether anyone might have died in the fire itself.

One of the dead firefighters was also a town police lieutenant; it wasn't clear whether he returned fire. An off-duty police officer who was driving by was injured by shrapnel, Pickering said.

The fire started in one home and spread to two others and a car, officials said. The gunfire initially kept firefighters from battling the blazes. Police say four homes were destroyed and four damaged.

The West Webster Fire District learned of the fire early Monday after a report of a car and house on fire on Lake Road, on a narrow peninsula where Irondequoit Bay meets Lake Ontario, Monroe County Sheriff Patrick O'Flynn said.

The fire appeared from a distance as a pulsating ball of flame glowing against the early morning sky, flames licking into treetops and reflecting on the water, with huge bursts of smoke billowing away in a brisk wind.

Two of the firefighters arrived on a fire engine and two in their own vehicles, Pickering said. After the gunman fired, one of the wounded men managed to flee, but the other three couldn't because of flying gunfire.

A police armored vehicle was used to recover two of the men, and eventually it evacuated 33 people from nearby homes, the police chief said.

The dead men were identified as Police Lt. Michael Chiapperini, 43, the Webster Police Department's public information officer; and Tomasz Kaczowka, also a 911 dispatcher, whose age was not released.

Pickering described Chiapperini as a “lifetime firefighter” with nearly 20 years with the department, and called Kaczowka a “tremendous young man.”

The two wounded firefighters, Joseph Hofsetter and Theodore Scardino, were in guarded condition in the intensive care unit at Strong Memorial Hospital, authorities said. Both were awake and alert and are expected to recover.

Hofsetter, also a full-timer with the Rochester Fire Department, was hit once in the pelvis, and the bullet lodged in his spine, authorities said. Scardino was hit in the chest and knee.

Monday's shooting and fires were in a neighborhood of seasonal and year-round homes set close together across the road from the lakeshore. The area is popular with recreational boaters but is normally quiet this time of year.

“We have very few calls for service in that location,” Pickering said. “Webster is a tremendous community. We are a safe community, and to have a tragedy befall us like this is just horrendous.”

O'Flynn lamented the violence, which comes on the heels of other shootings including the massacre of 20 students and six adults at Sandy Hook Elementary School in Newtown, Conn.

“It's sad to see that that this is becoming more commonplace in communities across the nation,” O'Flynn said.

Webster, a middle-class suburb, now is the scene of violence linked to house fires for two Decembers in a row.

Last Dec. 7, authorities say, a 15-year-old boy doused his home with gasoline and set it ablaze, killing his father and two brothers, 16 and 12. His mother and 13-year-old sister escaped with injuries. He is being prosecuted as an adult.

Associated Press and Reuters contributed

Read More..

British retailers start online sales early

LONDON (Reuters) – British retailers have brought forward their Christmas clearance sales online in the hope that shoppers will log on to buy bargains and offset lackluster spending in stores.

Marks & Spencer launched its sale online at midday on Monday, it said on its website, while department store John Lewis said it would cut online prices when its stores close at 1700 GMT. Debenhams has already started its online sale.

Retailers in recent years have started sales online on Christmas Day, ahead of the clearances in stores from Boxing Day, but are increasingly launching their online offers before Christmas after delivery deadlines for the day have passed.

Hard-pressed shoppers have been leaving it later to buy presents in the hope that retailers would slash prices, the British Retail Consortium said.

It was forecasting that 5 billion pounds ($ 8.1 billion) would be spent in the shops on Saturday and Sunday combined, the last weekend before Christmas.

Richard Dodd, the BRC’s head of Media and Campaigns, said weekend trading had met expectations.

“Christmas, ultimately once all the final sums are done, will turn out to be acceptable but not exceptional,” he said.

He said the sector expected a modest increase in cash spending against a year go, but not necessarily any significant increase in real terms once inflation was stripped out.

Many British families‘ budgets are stretched, according to a survey from Markit that showed the biggest deterioration in household finances for seven months.

Analyst Howard Archer at IHS Global Insight said the weakening in household finances could not come at a worse time for retailers, and it highlighted why many people appeared to have been careful in their Christmas shopping this year.

“The suspicion has to be that consumers will be especially keen to take advantage of genuine major bargains in the sales to acquire items that they cannot otherwise afford or are reluctant to make at the moment,” he said.

“However, we suspect that people will likely to be more careful in buying – or reluctant to buy – items that they don’t really want or need in the sales.”

($ 1 = 0.6180 British pounds)

(Reporting by Paul Sandle; Editing by Louise Heavens)

Internet News Headlines – Yahoo! News

Title Post: British retailers start online sales early
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Quentin Tarantino unchains America’s tormented past in “Django”

LOS ANGELES (Reuters) – Twenty years after Quentin Tarantino unveiled his first film “Reservoir Dogs,” the director has turned his eye to America’s slavery history, spinning a blood-filled retribution tale in his trademark style for “Django Unchained.”

Tarantino, 49, has become synonymous with violence and dark humor, taking on the Nazis in “Inglourious Basterds” and mobsters in “Pulp Fiction.”

In “Django Unchained,” to be released in U.S. theaters on Christmas Day, he fuses a spaghetti Western cowboy action adventure with a racially charged revenge tale set in the 19th century, before the abolition of slavery in the United States.

Jamie Foxx stars as a slave whose freedom is bought by a former dentist, played by Christoph Waltz. The two set off as bounty hunters, rounding up robbers and cattle rustlers before turning their attention to brutal plantation owners in America’s Deep South.

Tarantino is well-versed in delivering violence. But the director said he faced “a lot of trepidation” about filming the slavery scenes. He has already come under fire from some critics for the frequent use in the film of the “N-word” – a racial slur directed at blacks.

The director said he was initially hesitant to ask black actors to play slaves who are shackled and whipped, and even considered filming outside of the United States.

But a dinner with veteran Oscar-winning actor Sidney Poitier, whom Tarantino called a “father figure,” changed his mind after Poitier urged him to not “be afraid” of his film.

“This movie is a deep, deep, deep American story, and it needed to be made by an American, and it needed to star Americans. … Lots of the movies dealing with this issue have usually had Brits playing Southerners and it creates this arm’s-distance quality,” Tarantino said.

Much of the film’s more graphic slavery scenes, such as gladiator-style fights to the death and being encased naked in a metal hot box in the heat of the Southern sun, are drawn from real accounts.

“We were shooting on hallowed ground. This was the ground of our ancestors. … Their blood was in the grass, there’s still bits of flesh embedded in the bark,” Tarantino said.

The film has received good reviews from critics and is expected to add Oscar nominations in January to its five Golden Globe nods.

With the exception of Waltz, who plays eccentric German bounty hunter Dr. King Schultz, the majority of the main players are not only American but from the South.

“It seemed sacred to us, and we couldn’t help but channel those emotions, everybody on the crew and on the set. … Those were very moving days,” Tarantino said.

‘DESPICABLE’ CHARACTERS

Tarantino reunited with Waltz, who won an Oscar in 2010 for his role as a menacing Nazi officer in “Inglourious Basterds,” and long-time collaborator Samuel L. Jackson, who plays slave housekeeper Stephen, a character who Tarantino described as “the most despicable black (character)” in movie history.

“Stephen might be frankly the most fascinating character in the whole piece, and it was important to deal with that whole upstairs-downstairs aspect of the Antebellum South,” he said.

The role that has people talking is Leonardo DiCaprio‘s first villainous turn as a racist plantation owner – a stark contrast from his Hollywood heartthrob “Titanic” days and roles as eccentric Americans in “The Aviator” and “J. Edgar.”

Asked how he felt to be the first director to make DiCaprio a villain, Tarantino laughed, saying he felt “pretty darn good about it.” He commended DiCaprio for turning into a “Southern-fried Caligula,” referring to the tyrannical ancient Roman emperor.

“I saw him as a petulant boy emperor. … He has nothing but hedonistic hobbies and vices to indulge him, and it’s almost as if he’s rotting from the inside,” Tarantino said.

The film’s female lead, Django’s wife Broomhilda played by Kerry Washington, moves away from Tarantino’s fierce screen women such as Uma Thurman in “Kill Bill” and Diane Kruger in “Inglourious Basterds.”

Tarantino said Broomhilda was meant to be the “princess in exile.” He said he was “annoyed” when he was asked by a friend why Broomhilda did not exact revenge on her abusers in the same way as Thurman’s “Kill Bill” character. The film, he said, is “Django’s story.”

“It invokes … that odyssey that Django goes on and gives the black slave narrative the romantic dimensions of great opera or great folklore tales,” Tarantino said.

(Editing by Jill Serjeant, Patricia Reaney and Will Dunham)

Celebrity News Headlines – Yahoo! News

Title Post: Quentin Tarantino unchains America’s tormented past in “Django”
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Kraft targets men, millennials

The pot pie kit comes with pouches of Velveeta cheese, biscuit topping, vegetables and seasoning. The cook sautes chicken until done, then adds milk, vegetables and seasoning, and cooks for another minute. The chicken mixture goes into a baking dish and gets topped with the cheese. Finally, the biscuit mix, to which more milk has been added, goes on the very top. The Velveeta Cheesy Casserole is ready in about 18 minutes at 425 degrees.

Then there's Oscar Mayer's pulled pork that's sold in a clear plastic tub. It's precooked, shredded and seasoned. Kraft is selling the meat without the sauce so cooks can choose their own and add as much as desired.

These and other new products are part of Kraft Foods Group's efforts to attract new customers: millennials and men. The recession disproportionately affected men, who are now doing about 40 percent of the cooking, according to the U.S. Bureau of Labor Statistics.

Northfield-based Kraft has found that both groups are cooking more and looking for flexible recipes, ways to customize their food and have fun in the kitchen. So Kraft is updating its stable of mature brands in ways that appeal to them.

Millennials, age 18 to early 30s, are beginning to cook and don't want to do things like their parents did. So Kraft is offering more products that require some effort. Just not too much effort.

A Kraft study showed younger men cooking even more than their older counterparts — 42 percent of millennial men do all the cooking in the household, while 76 percent do at least some cooking. They also like to experiment with their dishes.

"Now they'll talk about cooking like guys would talk about a hobby 20 years ago," said Barry Calpino, vice president of breakthrough innovation at Kraft. "It's an adventure, it's an experience, it's fun, they talk about 'their signature.'"

Men feel they have more latitude as cooks, according to Robin Ross, associate director of culinary at Kraft. "Women want to please their families and for everyone to like what they make,'' she said. Men, she said, tend not to feel the same pressure. "Men have more of a free hand."

Kraft Foods, a $19 billion a year packaged North American grocery business, was spun off in October from Deerfield-based Mondelez International. Kraft CEO Tony Vernon promised mid-single-digit operating income growth rates for the company, and acknowledged it needs to develop new, more modern products for its brands and increase advertising support to make customers aware of them.

While Vernon hasn't released targets for his ad budget, Kraft has lagged competitors, investing the equivalent of 3 percent of sales toward advertising and marketing, compared with 4.5 percent of sales at competitors, according to the company.

During the company's most recent earnings call, Vernon underscored double-digit sales growth for Lunchables, Velveeta, and MiO, a liquid concentrate used to flavor water, citing new products and subsequent advertising. However, he acknowledged work to do with Jell-O, to capitalize on "yogurt's explosive growth," and with Planters "to re-establish category leadership and profitable growth."

On Friday, Kraft shares closed at $45.53, up 2 percent from the Oct. 1 spinoff.

Simply being a smaller company, Calpino said, means Kraft can lavish attention on brands like Velveeta, which hadn't seen much attention in decades.

"Five or six years ago, I'm not sure we'd do innovation reviews" on Velveeta, Calpino said. "It wasn't even on the list."

Phil Lempert, a supermarket industry expert, said the millennial generation poses challenges for big food companies, which are not known for rapid change. Companies like Kraft, he said, have to "keep it fresh, keep it changing." Young people, he said, "never want to wake up and have the same meal in an entire lifetime.'' He also said that unlike their predecessors, millennials are more interested in "ethnic foods and adventure than ever before."

Lempert said a lot of millennials' tastes are "being driven by food trucks,'' serving products like tacos with a few different meats with a level of high quality and bold flavors. In turn, that has raised millennials' expectations on everything from a restaurant meal to a box of Kraft Macaroni and Cheese.

Lynn Dornblaser, director of innovation and insight at Mintel International, said the fact that Kraft offers some of its new products like easy-to-use, three-pack sauce packets should be a hit because millennials love to cook, but hate to clean.

"Cleaning is a barrier to cooking from scratch," she said. It's the same for male cooks. Even making a white sauce for pasta, Dornblaser said, "you've got dishes to wash, measuring to do, steps to follow."

So products like Kraft's new Velveeta casseroles, pulled pork, Fresh Take cheese and bread crumb mixtures and Velveeta Toppers cheese sauce pouches "offer the ability for consumer to be a little creative with what they're cooking but without too much bother," she said.

Last year, Velveeta launched Cheesy Skillets dinner kits, the brand's biggest launch in more than 20 years. It's a stark departure for a brand best known for Shells & Cheese and its ability to melt over nachos. Consumers saute beef, add cheese sauce from a pouch, cook the pasta, mix, and add hamburger toppings such as shredded lettuce and diced tomato.

Read More..

2 hurt in blaze at Bronzeville senior housing building

Chicago fire department officials rescue a victim from a high-rise fire at 49th Street and Cottage Grove Avenue on Sunday morning. (Eric Clark, Photo for the Tribune / December 23, 2012)

Staff report

11:12 a.m. CST, December 23, 2012

An 85-year-old and a 67-year-old were taken to hospitals following a fire this morning at a senior housing building in the Bronzeville neighborhood.

The 85-year-old suffered burns to 25 percent of the body and was taken to Northwestern Memorial Hospital in serious-to-critical condition and the 67-year-old was in fair condition and taken to University of Chicago Hospitals, according to the Chicago Fire Department.

The victims' genders were not available.

The fire started about 10 a.m. in an 8th-floor room of a senior building in the 4900 block of South Cottage Grove Avenue, according to the fire department.

As of 11 a.m., the fire appeared to be under control but a fire department representative could not be reached to confirm.

Six ambulances were sent to the scene when an EMS Plan I was called, according to the fire department. A still and box alarm was also in place.

chicagobreaking@tribune.com

Twitter: @ChicagoBreaking

Read More..

“Hobbit” fever beats Tom Cruise at box office

(Reuters) – The big-budget “Hobbit” fantasy movie ruled movie box office charts for a second straight weekend, fending off Hollywood heavyweight Tom Cruise in new crime drama “Jack Reacher.”

“The Hobbit: An Unexpected Journey” hauled in nearly $ 37 million from theaters in the United States and Canada, according to studio estimates of Friday-through-Sunday ticket sales. The film is the first of three movies based on the classic J.R.R. Tolkien novel about a world of dwarfs, elves and dragons in the fictitious Middle Earth.

In second place, Cruise’s “Jack Reacher” about the investigation into a sniper shooting brought in just short of $ 17 million at U.S. and Canadian theaters. Distributor Paramount Pictures postponed a premiere of the film after the fatal school shooting in Newtown, Connecticut, sparked new scrutiny of violent movies.

Adult comedy “This is 40,” starring Paul Rudd and Leslie Mann as a middle-aged couple, brought in $ 12 million, finishing in third place.

“The Hobbit” was distributed by Time Warner Inc’s Warner Bros. studio. Paramount Pictures, a unit of Viacom Inc, released “Jack Reacher.” Comcast Corp’s Universal Pictures distributed “This is 40.”

(Reporting By Lisa Richwine and Andrea Burzynski)

Movies News Headlines – Yahoo! News

Title Post: “Hobbit” fever beats Tom Cruise at box office
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Kraft's new recipe for sales: Updating products for men, millennials

The pot pie kit comes with pouches of Velveeta cheese, biscuit topping, vegetables and seasoning. The cook sautes chicken until done, then adds milk, vegetables and seasoning, and cooks for another minute. The chicken mixture goes into a baking dish and gets topped with the cheese. Finally, the biscuit mix, to which more milk has been added, goes on the very top. The Velveeta Cheesy Casserole is ready in about 18 minutes at 425 degrees.

Then there's Oscar Mayer's pulled pork that's sold in a clear plastic tub. It's precooked, shredded and seasoned. Kraft is selling the meat without the sauce so cooks can choose their own and add as much as desired.

These and other new products are part of Kraft Foods Group's efforts to attract new customers: millennials and men. The recession disproportionately affected men, who are now doing about 40 percent of the cooking, according to the U.S. Bureau of Labor Statistics.

Northfield-based Kraft has found that both groups are cooking more and looking for flexible recipes, ways to customize their food and have fun in the kitchen. So Kraft is updating its stable of mature brands in ways that appeal to them.

Millennials, age 18 to early 30s, are beginning to cook and don't want to do things like their parents did. So Kraft is offering more products that require some effort. Just not too much effort.

A Kraft study showed younger men cooking even more than their older counterparts — 42 percent of millennial men do all the cooking in the household, while 76 percent do at least some cooking. They also like to experiment with their dishes.

"Now they'll talk about cooking like guys would talk about a hobby 20 years ago," said Barry Calpino, vice president of breakthrough innovation at Kraft. "It's an adventure, it's an experience, it's fun, they talk about 'their signature.'"

Men feel they have more latitude as cooks, according to Robin Ross, associate director of culinary at Kraft. "Women want to please their families and for everyone to like what they make,'' she said. Men, she said, tend not to feel the same pressure. "Men have more of a free hand."

Kraft Foods, a $19 billion a year packaged North American grocery business, was spun off in October from Deerfield-based Mondelez International. Kraft CEO Tony Vernon promised mid-single-digit operating income growth rates for the company, and acknowledged it needs to develop new, more modern products for its brands and increase advertising support to make customers aware of them.

While Vernon hasn't released targets for his ad budget, Kraft has lagged competitors, investing the equivalent of 3 percent of sales toward advertising and marketing, compared with 4.5 percent of sales at competitors, according to the company.

During the company's most recent earnings call, Vernon underscored double-digit sales growth for Lunchables, Velveeta, and MiO, a liquid concentrate used to flavor water, citing new products and subsequent advertising. However, he acknowledged work to do with Jell-O, to capitalize on "yogurt's explosive growth," and with Planters "to re-establish category leadership and profitable growth."

On Friday, Kraft shares closed at $45.53, up 2 percent from the Oct. 1 spinoff.

Simply being a smaller company, Calpino said, means Kraft can lavish attention on brands like Velveeta, which hadn't seen much attention in decades.

"Five or six years ago, I'm not sure we'd do innovation reviews" on Velveeta, Calpino said. "It wasn't even on the list."

Phil Lempert, a supermarket industry expert, said the millennial generation poses challenges for big food companies, which are not known for rapid change. Companies like Kraft, he said, have to "keep it fresh, keep it changing." Young people, he said, "never want to wake up and have the same meal in an entire lifetime.'' He also said that unlike their predecessors, millennials are more interested in "ethnic foods and adventure than ever before."

Lempert said a lot of millennials' tastes are "being driven by food trucks,'' serving products like tacos with a few different meats with a level of high quality and bold flavors. In turn, that has raised millennials' expectations on everything from a restaurant meal to a box of Kraft Macaroni and Cheese.

Lynn Dornblaser, director of innovation and insight at Mintel International, said the fact that Kraft offers some of its new products like easy-to-use, three-pack sauce packets should be a hit because millennials love to cook, but hate to clean.

"Cleaning is a barrier to cooking from scratch," she said. It's the same for male cooks. Even making a white sauce for pasta, Dornblaser said, "you've got dishes to wash, measuring to do, steps to follow."

So products like Kraft's new Velveeta casseroles, pulled pork, Fresh Take cheese and bread crumb mixtures and Velveeta Toppers cheese sauce pouches "offer the ability for consumer to be a little creative with what they're cooking but without too much bother," she said.

Last year, Velveeta launched Cheesy Skillets dinner kits, the brand's biggest launch in more than 20 years. It's a stark departure for a brand best known for Shells & Cheese and its ability to melt over nachos. Consumers saute beef, add cheese sauce from a pouch, cook the pasta, mix, and add hamburger toppings such as shredded lettuce and diced tomato.

Read More..