Fed aims for a 6.5% jobless rate

Six and a half percent unemployment in America would mean almost 2.1 million more people working than today. At the rate the country has been creating new jobs each month, it would take more than a year to find work for that many people.

Keep 6.5 percent in mind this week when the Federal Reserve meets Tuesday and Wednesday to talk about its efforts to push interest rates down. The hope is that the cheap cash will spur on investment leading to job creation. After all, the central bank has promised to keep its target interest rate near zero as long as more than 6.5 percent of Americans in the workforce are without work. The Fed has put other conditions on maintaining its historically low interest rate such as low inflation, but official measures remain tame. So its job growth the Fed is looking for.

It won’t have to wait long for the latest update. On Friday the first jobs report of 2013 will be released. Hiring has been a slow grind but it has been positive.

Finding work in January, though, can be tricky. Winter weather, a hangover from the holidays and seasonal work ending can slow down hiring.

It will be months, maybe even a couple of years before the U.S. unemployment rate hits 6.5 percent. There is nothing magical about that number, but as long as the Federal Reserve has it in its sights, so should we.

Tom Hudson is anchor and managing editor of Nightly Business Report, produced by NBR Worldwide and distributed nationally by American Public Television. In South Florida, the show is broadcast at 7 p.m. weekdays on Channel 2. Follow him on Twitter, @HudsonNBR.

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Appeals court again upholds power of Miami’s Civilian Investigative Panel

An appeals court has struck down a police officer’s challenge to the validity of Miami’s Civilian Investigative Panel — the second time the panel has withstood a legal challenge from police officers in the past five years.

Police Lt. Freddy D’Agastino and the Fraternal Order of Police filed a lawsuit arguing that the civilian panel, which reviews citizen complaints against officers and makes recommendations to the police chief, had no legal authority to investigate officers.

But in a ruling on Wednesday, the Third District Court of Appeal found that the panel neither conflicts with state or local law, nor intrudes on the police department’s power to discipline its officers. The CIP does not have the authority to discipline officers, though it does have the power to subpoena records and witnesses in its own investigations.

The appeals court also upheld the panel’s authority in 2008, when then-Police Chief John Timoney sought to prevent the panel from investigating him.

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BlackRock to buy $80 million Twitter stake: source

SAN FRANCISCO (Reuters) – BlackRock, the world’s largest asset management company, has taken an $ 80 million stake in Twitter Inc, a person with knowledge of the deal said Friday.

The six-year old social media company will not raise new capital as part of the private deal that values the firm at more than $ 9 billion. BlackRock will buy shares directly from early Twitter employees seeking to liquidate their stock holdings and options.

Twitter’s new valuation represents a slight rise from late 2011, when the company facilitated a similar tender offer with Prince Alwaleed bin Talal of Saudi Arabia that valued the company at a reported $ 8.4 billion.

Twitter sought investors for another tender offer last summer in the wake of Facebook Inc‘s botched initial public offering in May, but did not complete the deal until recently, according to people with knowledge of the situation.

In recent years other tech companies including Facebook, Groupon Inc and SurveyMonkey have used similar transactions to cash out existing employees and delay an initial public offering. Twitter itself is rumored to be a potential IPO prospect within two years.

Several hundred Twitter employees, including many who joined the company before 2009, will be eligible to sell their shares as part of the transaction.

(Reporting By Gerry Shih; editing by Andrew Hay)

Tech News Headlines – Yahoo! News

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Matt Damon Takeover of Jimmy Kimmel Live Took Nine Years To Happen

Last night's epic takeover of Jimmy Kimmel Live! by jilted guest Matt Damon was so  chock-full of celebrity guests that it should come as no surprise the star-studded skit took nearly a decade to come to fruition.

Fresh from receiving his star on the Hollywood Walk of Fame Friday morning, the host with the most gave ET's Brooke Anderson the inside scoop into Damon's invasion.

Pics: 'Movie 43' and Madcap Movie Mega-Cast Blowouts

"I think we've been planning it for like nine and a half years," reveals Kimmel of his much talked-about Thursday show. "It took a long time."

Like most things at JKL!, he says, the takeover itself (featuring Ben Affleck, Jennifer Lopez, Nicole Kidman, Demi Moore, Robert De Niro, Andy Garcia and Sheryl Crow) fell into place mere hours before taping began.

Video: Matt Damon Hosts Super Star-Studded 'Kimmel'

"Everything came together just a couple of days before the show. It seems to be how everything works," he says. "But it was great; it was a lot of fun."

And, in case you were wondering, Kimmel is currently exacting his revenge on the A-List actor.

"I have some plans," he threatens. "This is not over. There is another chapter to come."

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Caught: Suspect who escaped during bathroom break nabbed in Bronx

They finally flushed out this fugitive!

A murder suspect who escaped from a Brooklyn police precinct yesterday by asking a cop for a bathroom break was captured today by cops hiding out in a friend’s Bronx apartment, the NYPD said.

Brandon Santana, 24, was apprehended at 3:15 p.m. at 3930 Third Avenue by NYPD officers and the Regional Fugitive Task Force, about 37 hours after he ran, un-handcuffed, from the 78th Precinct in Park Slope after knocking down a cop escorting him to the toilet.

Police said that the girlfriend of Santana’s friend opened the door when they arrived, and she told them that a pal of her boyfriend was staying there.

NYPD

Brandon Santana, escaped during bathroom break.

Cops found Santana standing in the bedroom, and took him into custody without incident, according to the NYPD.

Santana is suspected of repeatedly bashing 22-year-old dad-to-be Alexander Santiago with a lead pipe during a gang assault on the man and three of his friends at 12th Street and Fifth Avenue in Park Slope on Aug. 1, 2010.

After Santana’s latest arrest today, Santiago’s girlfriend Stephanie Mercado, told The Post, “'I hope the cops keep him tight, and don't let him get away.”

“No bathroom breaks this time,” Mercado said. “And now that they have him we want them to get the rest of the cowards. I want justice."

Santana’s apprehension was the second time in the past week he was caught by cops.

He had been hiding out with a relative in Iowa, but returned to the city this week – and was promptly caught by cops who wanted to arrest him for Santiago’s murder.

Detectives questioned Santana at the station house Wednesday night, and then left at the end of their shift at 1 a.m. yesterday, expecting to put him in a witness lineup later.

An hour later, after he had been placed in a first-floor holding cell, Santana asked the officer minding him if he could use the bathroom.

When the cop opened the cell door, Santana — who was not handcuffed — shoved the officer, knocking him to the ground, and ran straight out of the station house, law-enforcement sources said.

One cop behind the front desk jumped over it to chase him, but hurt himself in the process, sources said.

A lieutenant also went after Santana but couldn’t catch up, sources said.

“It’s like they gave us justice, then took it away,” said Anaisa Santiago, Alexander’s 15-year-old sister yesterday.

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Economist: Euro crisis could erupt again this year

DAVOS, Switzerland --
Is the euro crisis over? A leading U.S. economist says not by a long shot.

Even as the head of the European Central Bank talked Friday of “positive contagion” in the markets and predicted an economic recovery for the recession-hit eurozone later this year, economist Barry Eichengreen warned that the debt crisis that has shaken Europe to its core could easily erupt again this year unless European leaders move faster to solve their problems.

While European governments and markets have been breathing easier in recent months after years of turmoil, it’s no time for complacency, said Eichengreen, a professor at the University of California - Berkeley who has chronicled the Great Depression and explored the consequences of a breakup of the euro currency.

“Nothing has been resolved in the eurozone, where markets have swung from undue pessimism to undue optimism,” Eichengreen told The Associated Press in an interview at the World Economic Forum in Davos, Switzerland, an annual gathering of corporate and government leaders. “They said all the right things last year … and they’ve been backtracking ever since.”

He urged eurozone leaders follow up on its proposals to steady its banking system and keep failed banks from adding to government debt through expensive bailouts.

European leaders in Davos this week are seeking to reassure investors and corporate leaders that the continent is on the mend after its punishing debt crises.

European Central Bank chief Mario Draghi on Friday forecast a recovery in the eurozone economy in the second half of the year, and spoke of “a new restored sense of relative tranquility” and “positive contagion on the financial markets.”

But he acknowledged “we don’t see this being transmitted into the real economy yet.”

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Miami Dolphins assemble familiar faces for lobbying team, many with ties to Mayor Carlos Gimenez

The Miami Dolphins’ lobbying team looks like a reunion of Miami-Dade Mayor Carlos Gimenez’s campaign brain trust.

To push for a $400-million stadium renovation funded in part with tax dollars, the Dolphins have enlisted three key figures from Gimenez’s recent election races: Marcelo Llorente, Brian Goldmeier and Jesse Manzano-Plaza.

Llorente, who became a frequent presence on the campaign trail after losing his own mayoral bid, has been hired as one of the Dolphins’ Tallahassee lobbyists. Goldmeier, Gimenez’s fundraiser, and Manzano-Plaza, a former Gimenez campaign manager, have been brought on as advisers to help drum up community support for the Dolphins’ plan.

The three men’s participation could indicate a calculated effort on the Dolphins’ part to appeal to the mayor, whom Miami-Dade commissioners tasked on Wednesday with negotiating a potential deal with the football team. Gimenez was a stubborn critic of the lopsided public financing deal for the new Miami Marlins ballpark in Little Havana — a position that helped the former commissioner in his campaign for mayor.

Gimenez dismissed the suggestion that a particular lobbying or campaign team could curry favor with his office.

“If anybody knows me, you can hire whoever you want. At the end of the day, I work for the people of Miami-Dade County — that’s who pays my salary,” he said in an interview Thursday. “I’m pretty black-and-white about things like that.”

Gimenez, who said he was unaware of Llorente’s and Manzano-Plaza’s involvement with the Dolphins, said his former election workers are successful in their own right.

“They’re very good at what they do, and they’re professionals,” he said. “I would hope that’s why the Dolphins hired them. In terms of me, that makes no difference.”

Goldmeier, Llorente and Manzano-Plaza are part of a larger team, led by Dolphins CEO Mike Dee, hunting for votes among state lawmakers and county commissioners, who would have to sign off on the football team’s request to raise a Miami-Dade mainland hotel tax to 7 percent from 6 percent and to receive a $3 million annual subsidy from the state. The funds would amount to some $199 million, about half the cost of proposed upgrades to Sun Life Stadium in Miami Gardens.

Voting 9-4, commissioners on Wednesday endorsed state legislation that would allow the county to raise the hotel tax — an early victory for the Dolphins, who are having to stare down criticism of the Marlins deal. Commissioners directed Gimenez to negotiate with the Dolphins. The mayor said talks would begin soon, led on the county side by deputy mayors Ed Marquez and Jack Osterholt.

“If the public is going to be investing money via a bed tax — which is tourist money, but still public money — then what are we going to be getting in return? Why should we be investing public money into the enterprise?” Gimenez said. “I know we’re not going to put the general fund at risk in any way, shape or form. There’s not going to be any fancy financing.”

His administration will likely hire outside consultants with expertise in negotiating with professional sports teams, the mayor added.

“I don’t want to be at a disadvantage,” he said. “So it may be that we come to some kind of framework — and maybe we don’t.”

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Beyond Google Fiber: Google looks to create its own experimental wireless network

Look out, wireless carriers: Google (GOOG) may have its eye on shaking up your business as well. The Wall Street Journal reports that Google “is trying to create an experimental wireless network covering its Mountain View, Calif., headquarters” that “could portend the creation of dense and superfast Google wireless networks in other locations that would allow people to connect to the Web using their mobile devices.” But before anyone gets too excited about “Google Wireless” coming to their neighborhoods, the Journal notes that documents Google filed with the Federal Communications Commission show that the network will “use frequencies that wouldn’t be compatible with nearly any of the consumer mobile devices that exist today, such as Apple’s (AAPL) iPad or iPhone or most devices powered by Google’s Android operating system.” So for now it looks as though Google’s wireless network is still squarely in the experimental phase and won’t be rolling out across the country anytime soon.

[More from BGR: Unlocking your smartphone will be illegal starting next week]

This article was originally published on BGR.com

Gadgets News Headlines – Yahoo! News

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Next ET: Beyonce Flashback Friday

From talented toddler to Queen Bey, ET is looking back at Beyonce's rise to fame!

Pics: Beyonce's Candid & Personal Photo Album

Also on Friday, we preview the new reality show exposing the ugly side of Beverly Hills shrinks. Plus, our Rocsi Diaz looks back at the best red carpet looks of the week.

Check your local listings.

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Bronx detectives snare 14 in gun sales investigation

These Bronx detectives don’t have supernatural powers — but two operations, including one called Ghostbusters, took down fourteen people in a gun sales investigation today, authorities said.

Ringleader Reinaldo Romero, 27, who gave the operation its name because of his alias ‘Caspa,’ and other crooks affiliated with him allegedly sold 55 guns to undercovers—including seven assault rifles, police said.

Romero sold the weapons out of a Soundview barbershop he owned called Kache on Westchester Avenue, as well as out of his Van Nest home, to cops between April 2011 and November last year.

Most were loaded, and the assault rifles came with 30-round magazines. Some were brand-new, others were used. They were sold in the South Bronx, Soundview, and Baychester, authorities said.

The guns initially came from Ohio, but started coming in from Baltimore last year. “These guns are coming out of state,” said Detective Charles Lennon, the lead investigator on the case. The case started when police received a tip about the gun ring in Brooklyn.

The assault rifles sold for $1400 a pop, while pistols went for $900, cops said.

“They would have gone into the streets of the Bronx," said Lennon.

Romero was charged with first-degree sale of a firearm, authorities said.

Angel Plass, 31, who went by the alias ‘Acura’ was extradited from East Lake, Ohio and arrested Tuesday, police said. He was charged with criminal sale of a firearm, in the third degree.

Elvis Montero, 25, was also extradited from Baltimore, and charged with criminal sale of a firearm, in the third-degree.

Four other people were arrested in a second investigation where they sold 85 guns from George and Virginia to an undercover detective.

“We appreciate the hard work of the NYPD in apprehending these alleged peddlers of illegal and often deadly weapons,” said Bronx District Attorney Robert T. Johnson.

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