Lennar to borrow $1.7 billion from Chinese bank




















Miami-based Lennar Corp. has gotten approval on $1.7 billion in loans from China Development Bank to fund the development and construction of two major projects in San Francisco, according to a person familiar with the transaction.

The contract, set to close by Dec. 31 subject to various conditions, would mark the first U.S. loan by the big state-owned Chinese bank. One condition — tagged the “Chinese component”— is that China Railway Construction Corp. be included as a general contracting partner in the project, the person said.

Closing by year’s end is crucial because of new tax rules set to take effect, the person added.





The agreement, first reported in The Wall Street Journal, would provide funding for the first six years of what is envisioned to be a 20-year project.

The loan agreement, reached Dec. 7 after Lennar officials met in China with bank officials, provides for $1 billion in financing to a partnership led by Lennar to redevelop Hunters Point Shipyard-Candlestick Point, a site in southeast San Francisco spanning more than 700 acres, the person said. Plans for the mixed-use community call for nearly 12,000 residential units on the site. Construction is expected to begin in the first quarter of 2013.

Under the pact, the Chinese bank would provide another $700 million to a partnership of Lennar, Stockbridge Capital Group and Wilson Meany, a real estate investment and development firm, to redevelop Treasure Island and Yerba Buena Islands in San Francisco Bay. Some 8,000 units of housing are planned for the mixed-use project on 535 acres. The U.S. Navy is set to turn over the first parcel of land to the development company in late 2013.





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Parents of students at Broward school warned of Legionnaires’ Disease exposure




















Parents of students at Olsen Middle School in Dania Beach were being informed on Tuesday that their children may have been exposed to someone diagnosed with Legionnaires’ Disease, Broward School District officials said.

The person with Legionnaires’ Disease was not a student, district spokeswoman Nadine Drew said. They did not say if the infected person was a teacher.

Automated ‘robo-calls’ were made to the telephones of Olsen Middle School parents that explained how the district was working with the Broward Health Department





To read the entire Sun Sentinel story click here.





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Hugh Hefner's Fiancee Shows Off Engagement Ring

If the size of the diamond is any indication of Hugh Hefner's love for bride-to-be Crystal Harris, it's a safe bet to say that he's head over heels.

RELATED: Hugh Hefner Gets Marriage License?

Harris revealed her engagement ring on Tuesday, via her Twitter feed.

"My beautiful ring from [Hugh Hefner]," Crystal posted along with photos of the giant sparkler.

The couple is reportedly planning to wed on New Year's Eve.

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Marissa’smail app makeover








Yahoo! rolled out new versions of its popular Web e-mail yesterday, the first major product make-over since Chief Executive Marissa Mayer took the helm of the struggling Internet company five months ago.

Yahoo! released new versions of its Yahoo! Mail product for smartphones and tablets — in keeping with Mayer’s focus on mobile devices — and a revamped version of its Web-based mail product for PC users.

The new PC version of Yahoo! Mail features fewer ads, primarily by doing away with pass-through Web pages that users previously encountered before they could access their inbox and which also appeared after a user sent an e-mail.



As part of yesterday’s makeover announcement, Yahoo! also unveiled an update to its mobile e-mail app for smartphones that are based on the Android operating system, as well as Yahoo!’s first stand-alone app for the iPhone from apple.

Yahoo! closed yesterday at $19.52, up 0.5 percent.











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With spam, it’s better not to give or receive




















Q. Recently I’ve been unable to send emails from my home email address. In addition, my incoming email contains several notices of undeliverable emails that I didn’t send that are addressed to people I don’t know. I suspect that my computer is infected by some malicious software and is being used to send spam email — and that those that are undeliverable are being returned. What should I do?

Joseph Campbell Burnsville, Minn.

I agree that your PC has been taken over by hackers and is being used to send spam.





The fact that you aren’t able to send emails from your home account supports this theory, since it indicates that your Internet service provider believes you are spamming and has temporarily blocked your ability to send email to anyone.

I suggest you download and run the free version of security program Malwarebytes (go to www.tinyurl.com/cwbd73f and click “free download.”) If that doesn’t work, try Windows System Restore to eliminate recently installed software (see www.tinyurl.com/y9q9apj and www.tinyurl.com/ykgps6.) Then call your Internet service provider; explain what happened and what you’ve done to fix it. If your PC is clean, you’ll be allowed to send email again.Q. I’ve recently received a lot of spam, including some that appear to be from people I know — except that the messages come from the wrong email address. How does a spammer use a familiar name with a fake email address and send it to me?

Also, is there a way to find out the identity of the people who send spam emails? I’ve read that the email address of the sender is not always accurate.

Ginger Bramlett Rockwall, Texas

The bogus email that appeared to be from your friend, but came from the wrong email address, is from a spammer who is trying to trick you into opening the email.

Why did this happen? Your friend’s email may have been hacked and his or her address book stolen, providing the spammer with a host of addresses where an email bearing your friend’s name might be opened by the recipient.

It’s hard to find out who actually sent spam, because originating email addresses are easy to fake.

I suggest you send these emails to your spam filter so that you and others may be spared at least some spam in the future. In addition, your Internet service provider allows you to block spam that comes from a specific domain name — the part of the email address that follows the symbol, such as Yahoo.com. See www.tinyurl.com/cxmq4m7.





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South Florida pols sticking to party lines on fiscal cliff




















Don’t expect South Florida’s congressional delegation to stray too far from party lines when it comes to dancing on the edge of the fiscal cliff, the end-of-the-year spending cuts and tax increases set to take effect if Congress and the president don’t address them.

Democrats are firmly with President Barack Obama, whose proposal seeks to raise $600 billion over a decade by eliminating tax deductions and $960 billion over the same period by raising tax rates for the top 2 percent of income earners. Many Democrats sounded as though the highly charged presidential campaign was still under way.

Republicans are just as committed to their party.





There’s been "no evidence thus far" that Republicans are truly interested in the middle class, said Rep. Debbie Wasserman Schultz, of Weston, who the president just asked again to head the Democratic National Committee.

"We need to continue to focus on rebuilding our economy from the middle class out," she said during an appearance on MSNBC.

"President Obama talked eloquently and passionately during the campaign about making sure that we can get a handle on this deficit, that we can rebuild our economy from the middle class out, that we can focus on creating jobs and getting the economy turned around," she added.

Equally firm: South Florida Democratic Reps. Alcee Hastings, of Miramar and Frederica Wilson, of Miami. Both are members of the Congressional Black Caucus, which released a statement of principles this week calling for the Bush-era tax cuts to expire on the wealthiest Americans.

Social Security should be completely off the table, the caucus warned, and it said it would oppose any plans that change the eligibility for Medicare or cut Medicaid, the statement said.

Some Democrats made conciliatory moves, however. Sen. Bill Nelson said that during his campaign, voters told him they want consensus and an end to partisan gridlock.

"They want bipartisanship," he said in a video message. "They want to stop the ideological rigidity."

It’s the only way to rebuild the economy and reduce the federal deficit, while preserving Social Security and Medicare, he said. He called on people of both political parties "to reach across the aisle and work together so America doesn’t go over the cliff."

That’s unlikely to come from his Republican counterpart, Sen. Marco Rubio, who along with former vice presidential candidate Rep. Paul Ryan of Wisconsin was featured in a speech this week in Washington.

Rubio blamed the "complicated and uncertain tax code" for "hindering the creation of middle-class jobs." He gave no hint he would be interested in supporting the president’s tax proposal on the wealthiest Americans.

"You can’t open or grow a business if your taxes are too high or too uncertain. And that’s why I personally oppose the president’s plan to raise taxes," Rubio said. "This isn’t about a pledge. It isn’t about protecting millionaires and billionaires. For me, it’s about the fact that the tax increases he wants would fail to make even a small dent in the debt but it would hurt middle-class businesses and the people who work for them."

Rep. Ileana Ros-Lehtinen, of Miami, was one of the few Republicans from South Florida to suggest she’d be open to tax reform, saying there needs to be a review of the tax code "to remove special interest tax loopholes used by the wealthy."

But she warned that the country’s debt exists "not because tax rates are too low, but because government spends too much."

Republican Rep. Mario Diaz-Balart, also of Miami, said he was less optimistic about a resolution now than he was right after the election.

He said he feels as though Republicans have moved closer to the president without getting credit for it.

"I’m very disappointed with the president’s response," he said in an interview.

"The speaker put forward a proposal, and whether you agree with it or not, there are a couple of things beyond debate: He’s gotten closer to the president’s position."

Even those on their way out of Congress made no move to cross party lines. Republican Rep. Allen West, of Plantation, who was ousted by Democrat Patrick Murphy, warned constituents in a letter that he didn’t think there was a true plan to reduce spending.

Rep. David Rivera, a Republican who lost his re-election bid and who will be replaced by Democrat Joe Garcia, did not respond to a request for comment.





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Google’s Gmail service suffers disruption






SAN FRANCISCO (Reuters) – Several Google Inc Web products, including the popular Gmail service, appeared to go dark for users on several continents on Monday.


Google confirmed that “service disruptions” had affected Gmail and Google Drive, its online storage service. The two products are part of Google’s Apps suite, a Microsoft Office rival that caters to both consumers and businesses.






By 10:10 a.m. Pacific Time (1.10 p.m. EST), Google’s Apps Dashboard monitoring service reported that Gmail and Drive service had resumed. The company did not specify how many users were affected, or where, but the outage prompted widespread complaints on social media on both coasts in the U.S. and other major markets, from the United Kingdom to Brazil.


Some users additionally reported that the outage had affected Google Docs, the company’s word-processing and spreadsheet programs, while Chrome, Google’s Internet browser, also crashed unexpectedly.


“We are currently experiencing an issue with some Google services,” Google spokeswoman Andrea Freund said in a statement. “For everyone who is affected, we apologize for any inconvenience you may be experiencing.”


Firmly entrenched in the consumer market, Gmail is one of Google’s most popular and important product offerings. The search giant, which has been pushing a corporate version of the email service and its Apps suite to businesses to compete with Microsoft, said this month that the package will no longer be free to business customers.


(Reporting By Gerry Shih; Editing by Andrew Hay and Nick Zieminski)


Tech News Headlines – Yahoo! News


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Will and Jaden Smith Survive After Earth

Will Smith and his son Jaden haven't shared the big screen since 2006's The Pursuit of Happyness. Now the father-son duo pair up once more for M. Night Shyamalan's post-apocalyptic thriller After Earth, and we're showing you the new trailer.

RELATED: Will Smith Surprises Jada on The Talk

In the film, opening June 7, 2013, a father and son crash land on a now-abandoned Earth. While the father, General Cypher Raige lies dying after the accident, his 13-year-old son Kitai must play the soldier, searching for the rescue beacon -- their only chance to be saved.

Watch the video for more.

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Hedging their bets: JPM eyes Dodd-Frank customer $$








Jamie Dimon is betting his bank can profit from catering to hedge funds and asset management firms bracing for a wave of new financial regulations.

The JPMorgan boss placed 26-year veteran Carlos Hernandez in charge of a new investor-services group, part of so-called prime brokerage services, which focuses on hedge funds, pensions, endowments and other financial firms that are facing a number of new rules.

Some of the provisions are set to go into effect as soon as Dec. 31. With deadlines looming, money managers are scrambling to be in compliance.





Reuters



JPMorgan Chase’s Jamie Dimon is adding new muscle in an effort to boost its hedge fund business.





Under the new rules, for instance, asset managers will be forced to post cash or cash equivalents as collateral on so-called over-the-counter derivatives trades.

Demanding that collateral be posted on every trade for hedge funds, insurance companies and other asset managers such as pensions and endowments is a new requirement under the Dodd-Frank financial overhaul law.

The sweeping legislation passed in the wake of the financial meltdown has some money managers griping about rules that they say are much more complicated than they were in the past.

The new edicts are expected to place heavier administrative and financial burdens on these firms, challenging their ability to operate and turn a profit in the new regulatory environment.

That’s where JPMorgan and other custodial banks, including Bank of New York Mellon, have been hoping to step in and forge new client relationships.

“The goal is to help our clients optimize their businesses,” Hernandez told The Post during a telephone interview.

Hernandez, 52, who formerly ran JPMorgan’s equity division, was named in September to run the investor-services unit, which the bank has been attempting to build up.

Such investor-services units may be one of the few growing areas for big banks, which are facing head-count reductions by the thousands in the rapidly changing Wall Street landscape.

mark.decambre@nypost.com










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AutoNation: Back in the fast lane with expansion, higher sales




















Despite an agonizingly slow economic recovery, the country’s largest auto retailer, Fort Lauderdale-based AutoNation, is thriving again as demand for vehicles expands.

The company, one of Florida’s largest, is posting increasingly strong profits and revenues. Just last week, in a sign of confidence, Autonation announced a major acquisition — buying six large auto stores in Texas — that will add about 700 employees to its national payroll of 19,400.

In announcing the deal Tuesday, which is expected to provide AutoNation with $575 million in additional revenues next year, the company’s CEO and chairman, Mike Jackson, expressed optimism about the prospects for continued growth in vehicle sales.





“You want to know what I’m thinking, look at what I do,” Jackson told viewers on CNBC’s Squawk Box program.

No information was released on the cost of the transactions, but in recent years auto dealerships sometimes sold for three to five times revenue, which would represent a significant investment for the company.

Tough times

To be sure, AutoNation has struggled through some tough times. It was battered by the Great Recession, which depressed sales and pushed the company into a $1.2 billion loss four years ago. As sales began to improve in 2010 and 2011, it was blindsided by a shortage of Japanese-made cars last year after the earthquake and tsunami in March 2011 shut down Japanese manufacturers of some essential components.

Since then, however, AutoNation has rebounded. Unit sales, revenues and profits all performed well in the first three quarters of this year, and the company expects new vehicle sales to continue their recovery nationwide, rising to the mid-14 million units this year, up from about 12.7 million in 2011. In the third quarter of 2012, AutoNation’s new car unit sales grew by 21 percent over the same period in 2011, doing better than an estimated 15 percent increase industry wide. November’s sales of new vehicles increased by 21 percent over November 2011 .

The big dealerships acquired sell Audi, Porsche, Volkswagen and Chrysler products in the Houston and Dallas-Fort Worth markets. They are expected to sell 14,000 new and used autos this year, and will add substantially to AutoNation’s future sales.

“We are in the right industry at the right time,” Jackson said during an interview. “The recovery in new vehicle sales is being driven by replacement demand,” added Jackson, who has 42 years of experience in the auto business. “The average age of the light vehicle fleet in the country has increased to 11 years, and even though cars and trucks last longer today, they can’t go on forever. About 12 to 13 million vehicles are scrapped every year and need to be replaced.”

Other factors are contributing to stronger demand for vehicles. “The population is growing, interest rates are low, there is ample credit available and manufacturers are producing a wide range of new models that offer attractive styling, power and greatly improved gas mileage,” said Jackson, who took over as AutoNation’s CEO in 1999. “Auto financing is more available than it has been in recent years. A little known fact is that people are more likely to default on a mortgage than on a vehicle loan.”





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