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Archive for 08/17/12

Missing Lichtenstein painting turns up in New York

A 1961 painting by Roy Lichtenstein named ''Electric Cord'' is seen in this handout from the Estate of Roy Lichtenstein, received by Reuters August 1, 2012. The painting which depicts a coiled cord in black and white on canvas, lost more than 40 years ago, has resurfaced in a warehouse in New York's Upper East Side. A court in New York has ordered a temporary freeze on any sale of ''Electric Cord.'' A hearing is set for Monday to determine the painting's fate. REUTERS/Estate of Roy Lichtenstein Courtesy of Art Loss Registry/Handout
A 1961 painting by Roy Lichtenstein named ''Electric Cord'' is seen in this handout from the Estate of Roy Lichtenstein, received by Reuters August 1, 2012. The painting which depicts a coiled cord in black and white on canvas, lost more than 40 years ago, has resurfaced in a warehouse in New York's Upper East Side. A court in New York has ordered a temporary freeze on any sale of ''Electric Cord.'' A hearing is set for Monday to determine the painting's fate.
Credit: Reuters/Estate of Roy Lichtenstein Courtesy of Art Loss Registry/Handout


NEW YORK | Thu Aug 2, 2012 12:20pm EDT

NEW YORK (Reuters) - A Roy Lichtenstein painting missing since 1970 has surfaced at a New York City warehouse, and a judge this week ordered that it stay put until rightful ownership can be determined, according to court documents.

Lichtenstein in 1961 created "Electric Cord," which depicts a coiled cord in black and white on a 28 inch by 18 inch (71 cm by 46 cm) canvas. It was purchased for $750 in the 1960s by art collector Leo Castelli, but disappeared in 1970 after the Castelli gallery sent it out for cleaning.

In 2007, Barbara Castelli, who inherited the art gallery when her husband Leo died in 1999, listed "Electric Cord" with a registry of missing and stolen artwork.

Castelli learned last week that an art dealer named James Goodman had contacted the Roy Lichtenstein Foundation seeking assistance authenticating "Electric Cord," which was sitting at a storage facility on Manhattan's Upper East Side.

The painting had been shipped from a gallery in Bogota, Colombia, court records show.

Attorneys for Castelli contend that the painting is currently worth $4 million. New York State Judge Peter Sherwood issued on Tuesday a temporary restraining order, barring the painting from being removed from the warehouse.

Lichtenstein was a pioneer in pop art who died at age 73 in 1997. In May, one of Lichtenstein's works, titled "Sleeping Girl," sold at the auction house Sotheby's for $44.8 million.

(Reporting By Chris Francescani; Editing by Paul Thomasch and Will Dunham)

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Johannesburg snow fulfils couple's white wedding dream

Locals run as an unusual snowfall hits some parts of Johannesburg, August 7, 2012. REUTERS/Stringer

Locals run as an unusual snowfall hits some parts of Johannesburg, August 7, 2012.

Credit: Reuters/Stringer

JOHANNESBURG | Wed Aug 8, 2012 12:18pm EDT

JOHANNESBURG (Reuters) - A South African couple married this week after a bout of unusually cold weather allowed them to fulfill a light-hearted promise to tie the knot the next time Johannesburg was covered in snow.

Portuguese emigre Rui Moca and Monique Joubert had planned to wed next year, but when South Africa's biggest city was shrouded in a rare blanket of snow on Tuesday, Joubert's sister called Jacaranda FM to tell them about the couple's dream of a "real" white wedding.

The radio station leapt into action, organizing a minister, lawyer, photographer, flowers, cake and limousine, and the couple were married on air in the studio in the early evening - with Moca's family listening in from Europe over the Internet.

"The entire wedding with all the bells and whistles was organized in just three hours," Jacaranda DJ Martin Bester said.

The snowfall was the first in Johannesburg in five years and the heaviest since 1981. Newspapers ran front-page photographs of snow-clad palm trees and a lion sitting disconsolately in its enclosure at Johannesburg zoo with snow gathering in its mane.

The cold snap also disrupted travel in Africa's biggest economy, with drifting snow and sub-zero temperatures shutting the motorway between the main port of Durban and the economic hub of Johannesburg for at least 24 hours.

(Reporting by Ed Cropley; Editing by Roger Atwood)


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Women authors gaining ground on men in earnings

Author J.K Rowling poses for photos with her certificate after being presented with the Freedom of the City of London, at Mansion House, central London May 8, 2012. REUTERS/Andrew Winning
Author J.K Rowling poses for photos with her certificate after being presented with the Freedom of the City of London, at Mansion House, central London May 8, 2012.
Credit: Reuters/Andrew Winning
NEW YORK | Thu Aug 9, 2012 6:17pm EDT
NEW YORK (Reuters) - With yearly estimated earnings of more than $90 million, prolific writer James Patterson is by far the highest earning author in the world but women are gaining ground, according to Forbes.com.
Stephen King, author of "11/22/63" and numerous other books, came in a distant second on the Forbes.com list, earning $39 million, followed by Janet Evanovich, who wrote the Stephanie Plum suspense books and was the best paid woman with a $33 million income.
Legal thriller writer John Grisham was not far behind with $26 million, while Jeff Kinney, who penned the "Wimpy Kid" series, completed the top five, with earnings of $25 million.
Jeff Bercovici, of Forbes.com, said most of the names are the list are familiar ones, including Patterson.
"The thriller maestro, whose young-adult fantasy and sci-fi franchises also do brisk business, took in an astonishing $94 million this year."
But he added that it was a trio of women, Suzanne Collins, E.L. James and J.K. Rowling, who made a big impact.
Collins, who ranked eighth, made most of her $20 million salary thanks to the phenomenal success of her "Hunger Game" books, the first of which has been made into a film with more to follow.
"Harry Potter" author Rowling, who came in 10th with $17 million in earnings, is branching into the adult market with "The Casual Vacancy," due to be published in September.
James, the author of the amazing successful erotic "Fifty Shades of Grey" books, was estimated to be earning more than $1 million a week for during the height of their popularity. She is not on the list year but Forbes.com expects her to be in next year's ranking.
Forbes.com compiled the estimated earnings from May 2011 to May 2012 and ranking by talking to experts including: publishers, agents and authors. They also reviewed data on book sales and Nielsen BookScan sales figures.
The full list can be found here
(Reporting by Patricia Reaney; Editing by Leslie Gevirtz)

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Insight: African alcohol binge raises pressure for crackdown

Men chat as they drink beer at a sheeben (bar) in Soweto, southwest of Johannesburg August 8, 2012. REUTERS/Siphiwe Sibeko

1 of 4. Men chat as they drink beer at a sheeben (bar) in Soweto, southwest of Johannesburg August 8, 2012.

Credit: Reuters/Siphiwe Sibeko



WORCESTER, South Africa | Wed Aug 8, 2012 10:08am EDT


WORCESTER, South Africa (Reuters) - On a bitterly cold Saturday afternoon in Worcester, a forlorn rural community near South Africa's southern tip, the queue at the liquor store is the longest in town.


It's a scene constantly repeated across South Africa and a number of other nations on the continent: the prelude to a weekend of binge drinking.


After years of turning a blind eye to alcohol abuse, politicians from South Africa to Kenya and Zambia are under pressure to tackle a problem that is adding to Africa's burden of HIV, birth defects, road accidents and violent crime.


Africa has the world's highest proportion of binge drinkers, even though its large populations of Muslims and evangelical Christians generally abstain from alcohol. As incomes rise, it has become a boom market for international brewers and distillers whose sales are often flagging in the wealthy world.


"It's true that most people in Africa don't drink for cultural, religious and economic reasons but those who drink, drink a lot," said Dr Vladimir Poznyak of the World Health Organisation (WHO) in Geneva.


If governments finally crack down effectively, companies such as SABMiller, Diageo Plc and Heineken NV may find Africa no longer allows the spectacular sales growth they have achieved there in recent years.


The drinks firms say Africans are better off consuming their products than popular but sometimes lethal home concoctions.


However, the effects in Worcester of drinkers rapidly consuming dangerous - sometimes even fatal - quantities of alcohol are obvious. The liquor store queue snakes past a drunken man crumpled on the ground in a pool of vomit and in the evening drinkers cram into Worcester's numerous run-down bars.


"They drink and drink and drink. They don't stop when it is necessary to stop drinking liquor," said Berita Jones, a police captain in the town of about 130,000.


"Worcester's crime is almost entirely alcohol-related," said Jones, whose time is spent checking that its 166 licensed bars outlets comply with the law, and making regular raids of its more than 300 shebeens, or informal taverns.


UNQUENCHABLE THIRST


Home to some of the world's fastest growing economies, Africa's thirst for beer and spirits is almost unquenchable: analysts estimate beer volumes rose around 7 percent last year. Excluding the mature South African market, growth reached more than 10 percent.


Drinks companies want to keep up the momentum. SABMiller is investing up to $2.5 billion over the next five years to build and renovate breweries on the continent. Rival Diageo's African sales have risen by an average 15 percent in each of the last five years, and now account for 14 percent of the group's total.


But some public health officials say regulation of alcohol consumption and education about its abuse have failed to keep pace. "In parallel to this increase in commercial alcohol availability, the infrastructure and regulation for effective alcohol control have no strong tradition in many African countries," said Poznyak.


NEW LAWS


On average an African drinks about 6.15 liters of pure alcohol each year, about half of what a European consumes. However, more than 25 percent of Africans are binge drinkers, the highest proportion in the world, according to a WHO report.


Most African countries already have laws that prohibit underage drinking and drink driving, but critics say these are poorly enforced and often completely ignored.


South Africa is crafting a new law to restrict alcohol advertising, raise the minimum drinking age to 21 from 18 and get tougher on drink driving, Minister of Social Development Bathabile Dlamini has said.


The bill would also propose warning labels on alcohol containers, raising taxes and stricter licensing laws for alcohol outlets, said a government official who declined to be identified because the bill has not yet been made public.


The bill will be discussed in South Africa's cabinet in the next few weeks before its release for public comment, the official said.


In Kenya authorities are also looking to raise the legal drinking age to 21 from 18, following on from a 2010 law that banned alcohol sales in grocery stores and in bars before 5 p.m.


The Mututho law, named after the legislator who crafted it, John Mututho, is credited for a 90 percent drop in alcohol-related deaths in Kenya.


"Even when we say we have succeeded up to that level, we are also saying we have failed 10 percent, so the age of drinking will be 21. We are amending the law," Mututho said.


Earlier this year, Zambia banned the manufacture and sale of spirits in relatively cheap small plastic sachets, which it blamed for increasing alcohol abuse by young people. Zambia's health department secretary told Reuters that alcohol-related road accidents and health problems are increasingly a concern.


In Nigeria, Africa's most populous nation and a huge beer market, alcohol regulation does exist but critics say it is loosely enforced.


Adeline Osakwe, deputy director at the Nigeria Food and Drug Administration, said the country ensures consumers are aware of alcohol content through product labeling. It also regulates alcohol advertising.


"For TV commercials, as long as it will not lead people to abuse alcohol, we give approvals," Osakwe said.


HOME-BREW TO HEINEKEN


For years poor Africans were limited to home-brew sorghum or maize beer, sometimes made with dangerous ingredients such as battery acid to increase the potency.


Commercial alcohol is now widely available in most African states and premium brands such as Johnny Walker whisky or Heineken beer are increasingly in reach of the average drinker.


Rising incomes have also encouraged conspicuous consumption of premium brands. Even in Worcester's gritty nightclubs, some tables are weighed down by bottles of pricey spirits such Scotch whiskies Chivas Regal and Glenfiddich.


Drinks companies say commercially produced alcohol is safer than home-brews. "The alternative is that lower income people who wish to consume liquor will buy illicit and potentially dangerous alcohol," said Vincent Maphai, executive director of Corporate Affairs at SABMiller's South African unit.


SABMiller is already offering lower priced beer in order to win over drinkers from the home-brew market, which it says is about four times the $11 billion commercial market.


Higher alcohol taxes, which the South African bill is likely to impose, risk of pushing the poor back to potentially lethal home-brews. Nevertheless, public health officials say governments need to do more to warn about the dangers of alcohol abuse.


BIRTH DEFECTS


Even several months into pregnancy, Johannesburg resident Martha regularly drank until she passed out. She never worried about the effect until her son was born with a hole in his heart. "I would have stopped if I knew that it would harm my baby like this," said Martha, who declined to give her family name.


Her son, now 12 years old, was diagnosed with fetal alcohol syndrome, an incurable birth defect that has left him with the brain and body of a four-year old.


South Africa has the highest reported number of children with such birth defects: about 122 out of every 1,000 are born with the syndrome, compared with about 8 per 1,000 in the United States, according to South Africa's Foundation for Alcohol Related Research.


But experts say many Africans, like Martha, don't get proper education about the dangers of alcohol, especially in rural areas where access to hospitals and clinics is limited.


Alcohol also heightens the danger on a continent where driving is already perilous. Kenya's Kenyatta National Hospital treats up to 40 victims of road accidents, mostly caused by drunk drivers and pedestrians, on some Saturday nights.


But with little to do beyond drinking for entertainment in many parts of rural Africa, health officials face a tough battle.


"In spite of all economic benefits that increased investments in alcohol production and sales can bring, the health of the population should be properly protected and this should be a priority," the WHO's Poznyak said. "Health is the best investment, also from an economic point of view, in any society." ($1 = 0.6401 British pounds)


(Additional reporting by Duncan Miriri in Nairobi, Chris Mfula in Lusaka, Chijioke Ohuocha in Lagos; editing by David Dolan and David Stamp)


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Pegasystems 2nd-qtr misses on delayed orders from Europe, shares fall

* Second-quarter adjusted EPS $0.09 vs est $0.12

* Second-quarter revenue $105.1 mln vs est $113.3 mln

* Shares down 10 percent after the bell

Aug 9 (Reuters) - Enterprise software maker Pegasystems Inc's quarterly results fell short of analysts' expectations as customers in Europe delayed orders, sending its shares down nearly 10 percent after the bell.

Excluding one-time items, the company earned 9 cents per share for the second quarter, while revenue rose marginally to $105.1 million.

Analysts on average were expecting Pegasystems to earn 12 cents per share on revenue of $113.3 million, according to Thomson Reuters I/B/E/S.

Pegasystems sells software that help companies manage business processes and customer relationships.

"Some larger deals are being split into smaller projects, which, while still planned, are being pushed into future quarters," Chief Financial Officer Craig Dynes said in a statement.

He said the delays also made it very difficult for the company to surpass its full-year revenue goal of $500 million.

Analysts had estimated the company's full-year revenue at $490.5 million.

Pegasystems had a net loss of $2.3 million, or 6 cents per share, for the second quarter, compared with a profit of $2.3 million, or 6 cents per share, a year earlier.

Operating expenses rose 13 percent.

The Cambridge, Massachusetts-based company's shares, which closed down 3 percent at $27.02 on the Nasdaq on Thursday, fell further to $24.28 after the bell.


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Art critic, writer Robert Hughes dies at 74

n">(Reuters) - Australian writer and art critic Robert Hughes, whose works include "The Fatal Shore" and "The Shock of the New," died on Monday in New York, his publishers said.

Hughes, 74, died after a long illness, publishers Alfred A. Knopf said in a statement.

"We are very sad to report that the renowned critic and art historian Robert Hughes died today in New York after a long illness," the publishing house said.

Hughes, known for his acerbic wit and criticism of modern art, moved to New York in the 1970s where he lived until his death.

He began his career as a cartoonist and later an art critic in Sydney before moving to Europe and later the United States where he landed a job as art critic for Time magazine.

He also worked in television, producing a 1980 BBC series on the development of modern art called "The Shock of the New" and a book that were noted for their insight and wit.

He also made TV documentaries on the painter Francisco Goya and a 1997 U.S. TV series called "American Visions" on the history of U.S. art since the American Revolution.

But he was perhaps most famous for his 1987 book "The Fatal Shore," a study of the early settlement of Australia and its roots as a British penal colony, which went on to become an international best-seller.

"The Fatal Shore" was rated in 2011 as among the top 100 non-fiction books written in English since 1923 by Time magazine, which called it "a staggering achievement."

(Reporting By Jill Serjeant; Editing by Stacey Joyce)


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