Crowdfunding websites clamor for clearer regulation

LONDON (Reuters) – A new breed of internet-based financiers are calling for action to end regulatory uncertainty they say is preventing them from getting money to the small and medium-sized businesses that need it.

The so-called crowdfunding sector raises cash from members of the public to fund lending and investment. Regulators, however, have proved resistant to pleas for adjustments to rules that are tailored to more traditional markets.

“Operators of these platforms find it difficult to launch and flourish because existing EU and UK regulation does not fit the new models,” operators within the sector said in an open letter to EU and UK policymakers on Friday.

The plea coincides with a summit to discuss proposals for regulating a market that has developed in reaction to reduced bank lending to small and medium-sized enterprises because of tougher capital rules and greater regulatory scrutiny.

A host of alternative financing models have cropped up online, many allowing individuals to lend to, or invest in, companies with sums from as little as 10 pounds ($ 16). Massolution, a research and advisory firm specializing in the sector, says that 1.2 billion euros ($ 1.6 billion) was raised globally from crowdfunding last year.

Though some crowdfunding websites have tried to fit their operations within the existing regulatory framework, most remain largely outside it.

Part of the problem in drawing up appropriate regulation is the wide range of activities involved. Some offer debt, some equity, while others seek donations for charity or funding for creative projects in return for some non-financial reward.

With little or no expected returns from the latter, the main regulatory focus would be on equity crowdfunding and peer-to-peer lending.

As well as making sure that individuals are aware of the inherent risk involved with putting money in start-ups, the industry wants to avoid the risk of scams by ensuring that platforms vet businesses adequately.

LOST IN THE CROWD

Britain’s Financial Services Authority (FSA) warned in August that inexperienced investors should be aware of the risks in crowdfunding websites. A few days later United States securities regulators put crowdfunding at the top of their annual investment scams list.

Views differ about how to tackle these risks without stifling an increasingly important source of funding, and the matter is complicated by the varying rules already in place in different countries across Europe.

Measures taken by Seedrs, the only crowdfunding website to have received FSA approval, include requiring investors to pass a test to show that they understand the risks.

“It is hard to come up with a whole securities regulation; sometimes it does have to be a bit incremental and adaptive,” Seedrs founder Jeff Lynn said. “There is no question at all this is going to be a space that will continue to move.”

Some would like the operation of such platforms to be a distinct regulated activity, but others argue for smaller steps, such as a cap on the sums that people can invest or lend.

The British government, keen to improve the flow of finance to small businesses to boost the sluggish economy, has set up a working group to look at all aspects of policy on such sites.

The FSA said that it considers authorization of crowdfunding schemes case by case. The European Commission, meanwhile, is considered as so far having had a largely observational role.

Though the introduction of a separate regulated activity could still be some way off, the co-founder of peer-to-peer site Zopa, Simon Deane-Johns, believes that increased engagement with governments and regulators shows that things are moving in the right direction.

“Over the next year or two it should become progressively easier to set up a platform,” he said, “possibly through a combination of the FSA understanding more readily where things fit within the current regime and balancing that with some self-regulation.”

(Editing by Alexander Smith and David Goodman)

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Jackson’s Hobbit: the journey begins

WELLINGTON (Reuters) – Film maker Peter Jackson wants to scare children with his latest movie – and perhaps even a few grown ups.

The first of the Hobbit movie trilogy – “The Hobbit: An Unexpected Journey” – is about to hit theatres, and Jackson says he’s tried to hold true to its roots as a children’s fantasy story, with scary bits.

“If they’re scared of the trolls great, if they’re scared of the goblins great, they know there are no goblins, they know there are no trolls, it’s a safe kind of danger,” he says.

The film, produced by MGM and Time Warner Inc, is the fourth in the Oscar-winning Jackson’s blockbuster “Lord of the Rings” film franchise, based on the books of author J.R.R. Tolkien.

It follows the journey of hobbit Bilbo Baggins, reluctantly pushed into travelling with 13 dwarves to steal treasure from a dragon and regain their homeland. During his travels, he comes by the ring that he later passes onto kinsman Frodo Baggins, which was at the core of the “Rings” trilogy.

Jackson says he’s worked to keep distance between the Hobbit, published in 1937, and the much darker Lord of the Rings, which came out nearly 20 years later.

“The Lord of the Rings has an apocalyptic sort of heavy themic end-of-the world quality to it, which the Hobbit doesn’t, which is one of the delights of it,” he said.

POMPOUS AND SMALL MINDED

The pointy eared, hairy footed hobbit Bilbo is played by British actor Martin Freeman, who says he’s tried to make Bilbo his own creation, a character audiences can root for despite his initial pomposity and small mindedness.

“You have to be able to follow him for the duration of the film, but I wanted him to be open and changeable and ready to be surprised,” Freeman said.

A key scene is an encounter in a cave between Bilbo and the creature Gollum, reprised in full computer generated splendor by Andy Serkis with the distinctive throaty whisper.

“It was a very rich experience,” he said, adding that playing Gollum again was “an absolute thrill”.

Such is the affection for the creature, who calls the magic ring “Precious”, that a 13 meter (42 feet) sculpture of Gollum hangs in the airport terminal at Wellington, which regards itself as the spiritual home of the Tolkien films and terms itself the “Middle of Middle Earth”.

Returning actors from the Rings trilogy, many of whom have only passing mention in the book, were no less enthusiastic. Ian McKellen returns for a leading role as the wispy-haired, grey bearded wizard, Gandalf, while Cate Blanchett is the elven queen Galadriel and Elijah Wood appears as Frodo Baggins.

“You couldn’t not come back, you had to come back,” says Hugo Weaving, the leader of the elves, Elrond.

HOBBIT – A FRAUGHT JOURNEY

The Hobbit film journey has not been without its setbacks.

Metro-Goldwyn-Mayer, owners of the film rights to the Tolkien books, had financial woes, prompting original director Guillermo del Toro to pull out and Jackson, already script writer and executive producer, to step in.

A major labor dispute prompted threats to move production out of New Zealand, and was solved by changing labor laws, while Jackson suffered a perforated ulcer and underwent surgery, delaying the film still further.

Though only two films were planned originally, Jackson has tapped Tolkien’s appendices to the Rings to make it into three.

Audiences are also getting more visual bangs for their buck, with the movies filmed in 3D and at 48 frames per second (fps), double the industry standard.

This delivers clearer pictures, but opinion is divided, with some critics calling it cartoon-like and jarring.

Jackson says he wants to drag the iPad generation back into theatres and the romance, excitement and mystery they offer.

“It’s more realistic, it’s more immersive. I almost feel a responsibility as a film maker to try to do my part at encouraging people to come to the movies, to watch the film in a cinema,” he said.

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” is due in mid-July 2014.

(Reporting by Gyles Beckford, editing by Elaine Lies)

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Lurie Children's Hospital sees surge in patients at new Chicago building

Executives at the Ann & Robert H. Lurie Children's Hospital of Chicago expected a "bump" in patients when the $855 million hospital opened in June.

They weren't prepared for a mountain.

Since the former Children's Memorial traded its patchwork of aging buildings in Lincoln Park for a new high-rise in Streeterville on June 9, patient volume has surged, more than doubling hospital projections.

The number of patients is up about 16 percent in the first five months, according to hospital data, an increase driven by an influx of children with more acute health problems, including transplant patients, kids with heart problems and others in need of specialized care.

Revenue over that five-month period increased 12.9 percent to $222 million.

"We expected to have a new-hospital bump in (patients). We had a new-hospital mountain," said Michelle Stephenson, Lurie Children's chief patient care services officer and chief nurse executive. "We've had some months where the (number of inpatients) was 24 percent over what we expected. "

To meet the demand, the hospital hired 151 nurses to ensure full coverage, she said.

Those new hires came on top of about three dozen pediatric specialists and department heads Lurie Children's recruited in the run-up to the hospital opening.

Stephenson said the hospital has yet to determine the specific reasons behind the jump in patients, but said data shows it is drawing more children from the collar counties and downstate.

She also cited the location, adjacent to Northwestern Memorial Hospital, Northwestern University's Feinberg School of Medicine and Prentice Women's Hospital, which is connected to Lurie via an enclosed skyway.

Moving 31/2 miles south next to Prentice, which sends Lurie about a quarter of its patients, is likely a significant factor in the patient boom, said Jay Warden, a senior vice president at The Camden Group, a consulting firm.

"It used to be a challenge for moms to have a baby transferred to Children's while they had to stay at Prentice until they're discharged," Warden said. "Now it's the best of both worlds for both hospitals."

Warden said hospitals typically get a burst of new patients when they open facilities, in part because of the accompanying marketing and publicity blitz. That's not always the case with children's hospitals, which tend to serve the sickest and smallest of patients who have few other options.

He said limitations at the old hospital likely kept some patients away.

Indeed, Children's Memorial had a listed capacity of 247 beds, but with shared rooms and other factors, executives considered the hospital full at 220 patients, Stephenson said. The Lurie hospital has a capacity of 288 beds in all-private rooms, which it has come close to filling on a few occasions.

One ward that's consistently bursting at the seams is the neonatal intensive care unit, which was built to handle 44 patients but is averaging about 50. Some of the children have been bumped into shared space in the hospital's cardiac care unit, Stephenson said.

As for patients, the new facility has been a hit, with satisfaction scores up an average of 10 percent, hospital officials said.

Tina Sneed, whose 18-year-old daughter Whitney Ballard recently underwent a liver transplant at the hospital, said she's happy with the expanded rooms and new areas for parents.

She and her daughter have made several 7-hour trips from Kentucky in the last 18 months to see specialists, including overnight stays at both facilities.

Her only complaint?

"The waiting room was kind of crowded," she said. "It was nothing too bad, they just have so many (surgeries) going on at the same time we barely had room to move in there."

pfrost@tribune.com

Twitter @peterfrost

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Mother and son charged in drug overdose death

Carol Stedronsky, left, and her son Brian Stedronsky are charged with drug-induced homicide. Lake County Sheriff's Department photo (handout / December 6, 2012)

By Deanese Williams-Harris




Tribune reporter

11:51 a.m. CST, December 6, 2012

A mother and a son have been charged in the death of an Ingleside man, who died after using patches containing a strong pain killer that he had bought from them. 

Authorities launched an investigation in September after the death of Jeffrey Ferris, 30, who had been brought to a hospital by Brian Stedronsky and his aunt,  police said. The two had dropped Ferris off about 1 a.m. on Sept. 18 after a night of partying, police said.

Brian Stedronsky told detectives he sold Ferris two patches containing fentanyl that he had purchased from his mother Carolyn Stedronsky. Ferris cut the patches open and sucked out the medication, police said.

Brian later admitted the patches were the second and third that he had sold Ferris, police said.

Carolyn Stedronsky told investigators she took the patches from her husband, who was prescribed the medication for an injury, police said.

The mother and son, both from Ingleside, were charged with a Class X felony of drug-induced homicide. The mother has been ordered held on $250,000 bail, the son on $300,000 bail, police said.

Brian and Carolyn Stedronsky are both being held at the Lake County Jail. Their next court dates are  Dec. 11.

dawilliams@tribune.com

Twitter: @neacynewslady

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Windows 8: A ‘Christmas gift for someone you hate’

Microsoft (MSFT) is no stranger to criticism these days, and the company’s new Windows 8 platform is once again the target of a scathing review from a high-profile user. Well-known Internet entrepreneur and MIT professor Philip Greenspun handed Windows 8 one of its most damning reviews yet earlier this week, calling the new operating system a “Christmas gift for someone you hate.” Greenspun panned almost every aspect of Microsoft’s new software, noting that Microsoft had four years to study Android and more than five to examine iOS, but still couldn’t build a usable tablet experience.

“The only device that I can remember being as confused by is the BlackBerry PlayBook,” Greenspun wrote on his blog after using Windows 8 on a Dell (DELL) XPS One All-in-One desktop PC. The acclaimed computer scientist noted that Microsoft omitted all of the best features from the most popular touch-focused platforms and instead created a user interface he describes as a “dog’s breakfast.”

“Suppose that you are an expert user of Windows NT/XP/Vista/7, an expert user of an iPad, and an expert user of an Android phone… you will have no idea how to use Windows 8,” Greenspun wrote.

He continued, “Some functions, such as ‘start an application’ or ‘restart the computer’ are available only from the tablet interface. Conversely, when one is comfortably ensconced in a touch/tablet application, an additional click will fire up a Web browser, thereby causing the tablet to disappear in favor of the desktop. Many of the ‘apps’ that show up on the ‘all apps’ menu at the bottom of the screen (accessible only if you swipe down from the top of the screen) dump you right into the desktop on the first click.”

The only praise Greenspun offered was that “some of the supplied apps are wonderful,” pointing to Microsoft’s Bing Finance application as an example.

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Latest James Bond movie breaks UK box office record

LONDON (Reuters) – “Skyfall“, the 23rd official James Bond movie, has become the most successful film in British box office history, earning 94.3 million pounds ($ 152 million), its producers said on Wednesday.

The tally, earned over 40 days, surpasses the previous record of 94.0 million pounds set by 2009 3D adventure film “Avatar” over its 11 month run in UK cinemas, although the figures do not take inflation into account.

Skyfall, which has been well received by critics, stars Daniel Craig in his third outing as 007, and is directed by Sam Mendes.

In it Bond and British spymaster M, played by Judi Dench, are pitted against technological wizard Silva (Javier Bardem) who is bent on revenge.

“We are very proud of this film and thank everybody, especially Daniel Craig and Sam Mendes, who have contributed to its success,” said co-producers Michael G. Wilson and Barbara Broccoli in a statement.

Globally, Skyfall has some way to go to match Avatar. It has earned $ 870 million in ticket sales around the world, according to movie tracking site Boxofficemojo.com, compared with Avatar’s record $ 2.8 billion.

According to the same website, Avatar’s adjusted box office total comes in at 14th in cinema history, with the 1939 classic “Gone With the Wind” in pole position.

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

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Extended Use of Breast Cancer Drug Suggested

The widely prescribed drug tamoxifen already plays a major role in reducing the risk of death from breast cancer. But a new study suggests that women should be taking the drug for twice as long as is now customary, a finding that could upend the standard that has been in place for about 15 years.

In the study, patients who continued taking tamoxifen for 10 years were less likely to have the cancer come back or to die from the disease than women who took the drug for only five years, the current standard of care.

“Certainly, the advice to stop in five years should not stand,” said Prof. Richard Peto, a medical statistician at Oxford University and senior author of the study, which was published in The Lancet on Wednesday and presented at the San Antonio Breast Cancer Symposium.

Breast cancer specialists not involved in the study said the results could have the biggest impact on premenopausal women, who account for a fifth to a quarter of new breast cancer cases. Postmenopausal women tend to take different drugs, but some experts said the results suggest that those drugs might be taken for a longer duration as well.

“We’ve been waiting for this result,” said Dr. Robert W. Carlson, a professor of medicine at Stanford University. “I think it is especially practice-changing in premenopausal women because the results do favor a 10-year regimen.”

Dr. Eric P. Winer, chief of women’s cancers at the Dana-Farber Cancer Institute in Boston, said that even women who completed their five years of tamoxifen months or years ago might consider starting on the drug again.

Tamoxifen blocks the effect of the hormone estrogen, which fuels tumor growth in estrogen receptor-positive cancers that account for about 65 percent of cases in premenopausal women. Some small studies in the 1990s suggested that there was no benefit to using tamoxifen longer than five years, so that has been the standard.

About 227,000 cases of breast cancer are diagnosed each year in the United States, and an estimated 30,000 of them are in premenopausal women with estrogen receptor-positive cancer and prime candidates for tamoxifen. But postmenopausal women also take tamoxifen if they cannot tolerate the alternative drugs, known as aromatase inhibitors.

The new study, known as Atlas, included nearly 7,000 women with ER-positive disease who had completed five years of tamoxifen. They came from about three dozen countries. Half were chosen at random to take the drug another five years, while the others were told to stop.

In the group assigned to take tamoxifen for 10 years, 21.4 percent had a recurrence of breast cancer in the ensuing 10 years, meaning the period 5 to 14 years after their diagnoses. The recurrence rate for those who took only five years of tamoxifen was 25.1 percent.

About 12.2 percent of those in the 10-year treatment group died from breast cancer, compared with 15 percent for those in the control group.

There was virtually no difference in death and recurrence between the two groups during the five years of extra tamoxifen. The difference came in later years, suggesting that tamoxifen has a carry-over effect that lasts long after women stop taking it.

Whether these differences are big enough to cause women to take the drug for twice as long remains to be seen.

“The treatment effect is real, but it’s modest,” said Dr. Paul E. Goss, director of breast cancer research at the Massachusetts General Hospital.

Tamoxifen has side effects, including endometrial cancer, blood clots and hot flashes, which cause many women to stop taking the drug. In the Atlas trial, it appears that roughly 40 percent of the patients assigned to take tamoxifen for the additional five years stopped prematurely.

Some 3.1 percent of those taking the extra five years of tamoxifen got endometrial cancer versus 1.6 percent in the control group. However, only 0.6 percent of those in the longer treatment group died from endometrial cancer or pulmonary blood clots, compared with 0.4 percent in the control group.

“Over all, the benefits of extended tamoxifen seemed to outweigh the risks substantially,” Trevor J. Powles of the Cancer Center London, said in a commentary published by The Lancet.

Dr. Judy E. Garber, director of the Center for Cancer Genetics and Prevention at Dana-Farber, said many women have a love-hate relationship with hormone therapies.

“They don’t feel well on them, but it’s their safety net,” said Dr. Garber, who added that the news would be welcomed by many patients who would like to stay on the drug. “I have patients who agonize about this, people who are coming to the end of their tamoxifen.”

Emily Behrend, who is a few months from finishing her five years on tamoxifen, said she would definitely consider another five years. “If it can keep the cancer away, I’m all for it,” said Ms. Behrend, 39, a single mother in Tomball, Tex. She is taking the antidepressant Effexor to help control the night sweats and hot flashes caused by tamoxifen.

Cost is not considered a huge barrier to taking tamoxifen longer because the drug can be obtained for less than $200 a year.

The results, while answering one question, raise many new ones, including whether even more than 10 years of treatment would be better still.

Perhaps the most important question is what the results mean for postmenopausal women. Even many women who are premenopausal at the time of diagnosis will pass through menopause by the time they finish their first five years of tamoxifen, or will have been pushed into menopause by chemotherapy.

Postmenopausal patients tend to take aromatase inhibitors like anastrozole or letrozole, which are more effective than tamoxifen at preventing breast cancer recurrence, though they do not work for premenopausal women.

Mr. Peto said he thought the results of the Atlas study would “apply to endocrine therapy in general,” meaning that 10 years of an aromatase inhibitor would be better than five years. Other doctors were not so sure.

The Atlas study was paid for by various organizations including the United States Army, the British government and AstraZeneca, which makes the brand-name version of tamoxifen.

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Local sales of homes in foreclosure jump 65% in 3Q

Sales of Chicago-area homes in the foreclosure process but not yet repossessed by banks soared during the third quarter, RealtyTrac reported Thursday.

The online foreclosure marketplace said 3,531 pre-foreclosure homes in the greater Chicago area sold in the three months that ended in September, up 34 percent from the second quarter and 65 percent year-over-year. Separately, third-quarter sales of repossessed, bank-owned properties rose to 5,731 properties, up 37 percent from June and 45 percent from 2011's third quarter.

Increased sales of distressed homes are a good sign for the market's long-term health because overall prices will rise as discounted properties are removed from the market. Also, the increase in pre-foreclosure short sales has enabled homeowners to benefit from the Mortgage Forgiveness Debt Relief Act, which does not treat the forgiven part of the unpaid debt as taxable income. The legislation is set to expire at year's end.

Natiionally, the 98,125 pre-foreclosure short sales completed during the third quarter just outnumbered the sale of 94,934 bank-owned properties.

"The shift toward earlier disposition of distressed properties continued in the third quarter as both lenders and at-risk homeowners are realizing that short sales are often a better alternative than foreclosure," said Daren Blomquist, a RealtyTrac vice president.

However, he added, "The prospect of being taxed on potentially tens or hundreds of thousands of dollars in additional income may motivate more distressed homeowners to forgo a short sale and allow the home to be foreclosed."

On average, Chicago-area homes sold through short sales, a transaction where the homeowner sells the property for less than the amount owed on the mortgage, with the bank's permission, sold for an average discount of 41 percent from non-distressed sales. Bank-owned homes sold at an average discount of 54 percent.

RealtyTrac said sales of distressed properties accounted for 28 percent of Chicago-area home sales during the third quarter. The company's definition of the Chicago area extends from southern Wisconsin to Northwest Indiana.

mepodmolik@tribune.com | Twitter @mepodmolik

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Jazz legend Dave Brubeck dead

Dave Brubeck, a jazz musician who attained pop-star acclaim with recordings such as "Take Five" and "Blue Rondo a la Turk," died Wednesday morning at Norwalk Hospital, in Norwalk, Conn., said his longtime manager-producer-conductor Russell Gloyd.

Brubeck was one day short of his 92nd birthday. He died of heart failure, en route to "a regular treatment with his cardiologist,” said Gloyd.

Throughout his career, Brubeck defied conventions long imposed on jazz musicians. The tricky meters he played in “Take Five” and other works transcended standard conceptions of swing rhythm.

The extended choral/symphonic works he penned and performed around the world took him well outside the accepted boundaries of jazz. And the concerts he brought to colleges across the country in the 1950s shattered the then-long-held notion that jazz had no place in academia.

As a pianist, he applied the classical influences of his teacher, the French master Darius Milhaud, to jazz, playing with an elegance of tone and phrase that supposedly were the antithesis of the American sound.

As a humanist, he was at the forefront of integration, playing black jazz clubs throughout the deep South in the ’50s, a point of pride for him.

"For as long as I’ve been playing jazz, people have been trying to pigeonhole me,” he once told the Tribune.

"Frankly, labels bore me."

He is survived by his wife, Iola; four sons and a daughter; grandsons and a great granddaughter.

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PlayStation 3 was the world’s No.1 Netflix streaming device this year

There are dozens of devices that can stream Netflix (NFLX), but only one can machine be crowned the king of the living room. According to Netflix, that device is Sony’s (SNE) PlayStation 3 console. Without revealing any specific figures, Netflix announced on its blog “in the U.S. and globally, PS3 is the largest TV-connected platform in terms of Netflix viewing” and that “at times, PS3 even surpassed the PC in hours of Netflix enjoyment to become our No. 1 platform overall.” 

Netflix’s blog is quick to mention why the PS3 is the most popular streaming device this year, applauding it for being the first console to have 1080p HD video and 5.1-channel Dolby Digital Plus surround sound, post-play, second screen controls, subtitles and easy app updates.

While the Xbox 360 is gaining ground in terms of how many hours users spend watching videos on it, streaming video services such as Netflix requires an Xbox LIVE Gold subscription. One reason why the PlayStation 3 might be leading Netflix streaming is because it doesn’t require a subscription fee to have access to the Netflix app, or any other streaming video app such as Amazon (AMZN) Instant Video.

“The PlayStation and Netflix communities both share a strong passion for high quality entertainment,” Sony Computer Entertainment of America CEO and president Jack Tretton said. “Netflix provides a fantastic experience for watching TV shows and movies on PS3, and our joint development will continue to produce innovations for our customers that further demonstrate PS3 as the true home for entertainment in the living room.”

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