Business News

Trial over Globes broadcast rights opens in LA

LOS ANGELES (AP) — The executive who negotiated a deal that brought the Golden Globe Awards to NBC in the mid 1990s testified Tuesday that he didn’t feel it was necessary to tell its organizers they were signing away rights to the show that could keep it on the network indefinitely.

Former dick clark productions President Francis La Maina testified he informed the then-president of the Hollywood Foreign Press Association about a so-called “perpetuity clause” and he felt it was her responsibility to explain that element of the deal to the full membership. The NBC deal was brought to the group in 1993, a decade after it had been bumped from network television because of scandal.

The clause allows the production company, which is no longer owned by entertainment pioneer Dick Clark, to work on the Globes as long as it airs on NBC.

La Maina was the first witness in a trial in federal court that will decide ownership of the broadcast rights to the Globes, a glitzy awards banquet that brings out Hollywood superstars and in some years serves as a predictor of Oscar contenders.

The production company, also known as dcp, used the language of the 1993 deal to support a $150 million contract extension signed in 2010 that keeps the Globes on NBC through 2018. T

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Event Embed: Looking for a Message at “The Intersection”

Jan 15 2012 What do you find at the meeting point of business, technology, philanthropy and creativity? A day-long conference that owed its high points to the late Steve Jobs and the lessons of host Pixar Studios. For a dose of inspiration, a look into intriguing startups, and advice from top entrepreneurs, Portfolio.com takes you inside Fast Company‘s Innovation Uncensored gathering in San Francisco. And you don’t have to pay a cent. Entrepreneurs, educators, and officials converge on Washington for the Future of Entrepreneurship Education Summit to present their ideas to stimulate business creation and success. We have some highlights. A crowd gathers at Pixar Studios’ headquarters in Emeryville, California for The Intersection’s inaugural conference. Image: J. Read more…


PHOTOS: Southwest Florida home sales: Jan. 17, 2012

  • The feature includes an exterior photo of the home, address, selling price, Realtor, square footage or general description. Example: NAPLES – Jane Doe of Smith & Co. sold this three-bedroom, two-and-a-half-bath home at 501 14th Avenue South, Aqualane Shores. It sold in 327 days for $565,000.

    Two or three photos are selected from the gallery each week for publication in Sunday’s Daily News Real Estate section, as well as some of our community publications as space allows.

    There is no cost associated with submitting material for Realtors – just an opportunity to get your name out and brag about a recent closing.

    If you would like to participate, please send a return email to dosborn@naplesnews.com.


Forex trade emails cast doubt on SNB’s Hildebrand

ZURICH – The supervisory council of the Swiss National Bank forced Philipp Hildebrand to step down as chairman after emails about a currency trade by his wife failed to clear him of involvement in the deal, newspapers reported on Tuesday.

Hildebrand’s wife Kashya, a former hedge fund trader who now runs a Zurich art gallery, bought 400,000 Swiss francs worth of dollars on August 15, three weeks before her husband oversaw steps to cap the rise of the safe-haven franc. She later sold the dollars at a higher rate.

Hildebrand quit his post on Monday, saying he could not provide final evidence that he had been unaware of the trade and that the intense public scrutiny over the affair was compromising his credibility.

Only last week, he resisted calls to step down, saying he only learned of his wife’s trade a day after she made it.

Emails between Kashya, Hildebrand and their Sarasin bank client advisor Felix Scheuber released by the SNB on Monday showed the central banker had been involved in discussions on a dollar trade but left it unclear whether he had approved it.

After examining the email exchange, the SNB’s advisory council indicated to Hildebrand on Saturday that his position was no longer tenable, two Swiss newspapers reported.

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Olympus sues executives for damages in cover-up

Financially battered Olympus Corp. is suing 19 former and current executives for damages that the Japanese camera and medical equipment maker says it has suffered over a massive cover-up of investment losses.

The lawsuit, filed Sunday by auditors on behalf of the company in Tokyo District Court, targets former CEO Tsuyoshi Kikukawa, current President Shuichi Takayama and 17 other executives that the company says participated in or knew about the fraudulent activity.

The scheme _ which first came to light after former President Michael Woodford blew the whistle _ has raised serious questions about corporate governance in Japan, and whether major companies are complying adequately with global standards.

Olympus said Tuesday the lawsuit follows a report from an investigation by an independent panel that the Tokyo-based company had set up. Then-President Masatoshi Kishimoto, as well as subsequent executives _ including Kikukawa _ knew about the scheme, it said.

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Cleveland Fed offers teens cash prizes for spotting economics in TV shows

High school students have a chance to watch TV for fun and profit.

The Federal Reserve Bank of Cleveland is offering juniors and seniors a chance to win prizes of up to $500 by writing about a TV show episode that explores a basic economic principle.

To enter, a student must submit an essay, poem, play or short story to the bank’s 2012 Creative Writing Contest by Feb. 27. The work should explain how basic economic concepts affect the TV show’s plot or characters. Suggested topics include how characters deal with issues of supply and demand or how inflation affects the characters’ ability to buy things.

Kids can pick any TV show, as long as it’s appropriate for general audiences (meaning not rated TV-MA).

Find submission guidelines, a list of prizes and other information for contest at bit.ly/econcontest.

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