Analysis: For tech investors, it’s hard to know when to bolt

(Reuters) – When Hewlett-Packard Co agreed to buy British software company Autonomy in August last year for $ 11.1 billion, two well-known investors made diametrically different bets on how the big deal would play out.

To short seller Jim Chanos, who had been raising red flags on Autonomy for years and had started shorting shares of HP in 2011, the deal was another nail in the coffin of the Silicon Valley tech giant, according to a source familiar with his thinking.

But to activist investor Ralph Whitworth, co-founder of Relational Investors LLC, it was time to commit to HP and the turnaround story the company was trying to sell to Wall Street. His fund bought more than 17.5 million HP shares after the deal was announced, and Whitworth received a seat on the company’s board. This year, Relational roughly doubled its stake in HP.

In the wake of HP’s decision to take an $ 8.8 billion write-down on the deal because of alleged accounting irregularities at Autonomy, it appears Chanos – whose call to short Enron before the energy company collapsed in a corporate scandal may be his most famous trade – was more astute.

HP’s shares are down 36 percent since Relational, which declined to comment, built its stake in the third quarter of 2011.

BARRIERS TO ENTRY

Relational’s big move into HP is a reminder that even smart investors can get things wrong in the fast-evolving technology sector, where once hot global names like Research in Motion and Yahoo can quickly become yesterday’s news.

It is a world where a company may effectively erect barriers to entry in a market only to have them torn down by a rival with a new whizz-bang product – just as Apple‘s iPhone broke the dominance that Research in Motion’s BlackBerry had enjoyed.

One warning sign that a tech company may be on the verge of losing its edge is when it makes acquisitions outside of its main area of expertise to move into new product lines. Savvy tech investors also say be wary of companies that experience a succession of management changes, or when a successful core business starts looking tired.

The pace of change in the technology sector is much faster than in other industries, said Kaushik Roy, an analyst at Hercules Technology Growth Capital. “It attracts new talent and capital, many startups are formed, which can be extremely disruptive to incumbents,” Roy said. “In other words, yesterday’s winners can rapidly become today’s losers and vice versa.”

In the case of HP, the company not only has had four CEOs since 1999, it has been striving to find another niche to dominate as demand for one of its core products – computer printers – wanes and as its PC business stumbles.

Or consider online search pioneer Yahoo, which has gone through six chief executives and is struggling to keep pace with Google.

Josh Spencer, a portfolio manager at T. Rowe Price, said frequent turnover in the executive suite at Yahoo was a warning sign to him. Spencer said he does not own Yahoo shares and has not in the recent past.

RED FLAGS

While a company may view an acquisition as a fresh start – that is what HP was trying to say about Autonomy – some investors see it as a warning the core business is struggling.

Spencer noted that the technology industry’s most successful companies – Apple and Samsung – generally have not made acquisitions and instead developed new products internally.

For Margaret Patel, managing director at Wells Capital Management, one of the first red flags she saw at HP was when former CEO Carly Fiorina bought Compaq for roughly $ 25 billion in 2002.

“I felt then that the acquisition was too large and expensive, and personal computers were not their core strength,” said Patel, who has since avoided investing in HP.

Of course, timing can be everything even if an investor is eventually proven right. Patel missed out on a 137 percent gain in HP’s stock price from the time of the Compaq deal up until the end of 2010.

PREMIUM VALUATIONS

A few money managers see a flashing yellow light in the big sell-off of Apple shares in the past few months.

Apple, the most valuable U.S. company, has shed nearly 30 percent of its value in the last three months.

Since the death of co-founder Steve Jobs – the driving force behind Apple’s iPod, iPhone and iPad – DoubleLine co-founder Jeffrey Gundlach has been recommending that investors short the company’s shares because “the product innovator isn’t there anymore.”

Gundlach said he began shorting Apple’s stock at around $ 610 and maintains that it could drop to $ 425. He declined to comment on Tim Cook, who succeeded Jobs over a year ago and is seen by many as less visionary and innovative than Jobs.

Christian Bertelsen, chief investment officer at Global Financial Private Capital, with assets under management of $ 1.7 billion, said his firm began paring back its exposure to Apple this fall because he felt the expectations for the company’s new iPhone5 had gotten overheated.

He said his firm dramatically took down its exposure to Apple shares when the stock hit $ 670 a share. “For us, the light bulb went off this fall,” he said. Mind you, Apple’s shares still remain up about 25 percent for the whole year.

And then there’s Research in Motion. Once a leader in smartphones, it’s now in danger of becoming irrelevant.

“They saw the move towards all touch-screen phones and didn’t move with it,” said Stuart Jeffrey, an analyst at Nomura Securities who noted how the BlackBerry 10 touch-screen phone will debut on January 30, 2013, six years after Apple released its first iPhone in 2007.

Robert Stimpson, a portfolio manager at Oak Associates Funds whose fund does not own any shares of Research in Motion, said the company’s BlackBerry phones are on a downward slope and it will be tough for the company to regain its lost luster.

“The end of the road is a long, lonely journey,” Stimpson said of Research in Motion. “I think they will fight the good fight for many years, probably unsuccessfully.”

(Reporting by Nicola Leske and Sam Forgione in New York; Editing by Paritosh Bansal, Tiffany Wu, Jennifer Ablan and Matthew Goldstein; Editing by Steve Orlofsky)

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‘Rescue Me’ singer Fontella Bass dies

ST. LOUIS (AP) — Fontella Bass, a St. Louis-born soul singer who hit the top of the R&B charts with “Rescue Me” in 1965, has died. She was 72.

Bass died Wednesday night at a St. Louis hospice of complications from a heart attack suffered three weeks ago, her daughter, Neuka Mitchell, said. Bass had also suffered a series of strokes over the past seven years.

“She was an outgoing person,” Mitchell said of her mother. “She had a very big personality. Any room she entered she just lit the room up, whether she was on stage or just going out to eat.”

Bass was born into a family with deep musical roots. Her mother was gospel singer Martha Bass, one of the Clara Ward Singers. Her younger brother, David Peaston, had a string of R&B hits in the 1980s and 1990s. Peaston died in February at age 54.

Bass began performing at a young age, singing in her church’s choir at age 6. She was surrounded by music, often traveling on national tours with her mother and her gospel group.

Her interest turned from gospel to R&B when she was a teenager and she began her professional career at the Showboat Club in north St. Louis at age 17. She eventually auditioned for Chess Records and landed a recording contract, first as a duet artist. Her duet with Bobby McClure, “Don’t Mess Up a Good Thing,” reached No. 5 on the R&B charts and No. 33 on the Billboard Top 100 in 1965.

She co-wrote and later that year recorded “Rescue Me,” reaching No. 1 on the R&B charts and No. 4 on the Billboard pop singles chart. Bass’s powerful voice bore a striking resemblance to that of Aretha Franklin, who is often misidentified as the singer of that chart-topping hit.

Bass had a few other modest hits but by her own accounts developed a reputation as a troublemaker because she demanded more artistic control, and more money for her songs. She haggled over royalty rights to “Rescue Me” for years before reaching a settlement in the late 1980s, Mitchell said. She sued American Express over the use of “Rescue Me” in a commercial, settling for an undisclosed amount in 1993.

“Rescue Me” has been covered by many top artists, including Linda Ronstadt, Cher, Melissa Manchester and Pat Benatar. Franklin eventually sang a form of it too — as “Deliver Me” in a Pizza Hut TV ad in 1991.

Bass lived briefly in Europe before returning to St. Louis in the early 1970s, where she and husband Lester Bowie raised their family. She recorded occasionally, including a 1995 gospel album, “No Ways Tired,” that earned a Grammy nomination.

Bass was inducted into the St. Louis Hall of Fame in 2000.

Funeral arrangements for Bass were incomplete. She is survived by four children. Bowie died in 1999.

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Celebrity bad science: Dried placenta pills and oxygen shots

LONDON (Reuters) – Pop guru Simon Cowell carries pocket-sized inhalable oxygen shots, America’s “Mad Men” actress January Jones favors dried placenta pills, and British soap star Patsy Palmer rubs coffee granules into her skin.

Celebrities rarely shy away from public peddling of dubious ideas about health and science, and 2012 was no exception.

In its annual list of the year’s worst abuses against science, the Sense About Science (SAS) campaign also named former U.S. presidential candidate Mitt Romney for spreading misinformation about windows on planes, and Olympic swimmer Michael Phelps for false justifications for peeing in the pool.

To help set the record straight, SAS, a charity dedicated to helping people make sense of science and evidence, invited qualified scientists to respond to some of the wilder pseudo-scientific claims put about by the rich and famous.

It suggested Romney, who wondered aloud in September why aircraft crews don’t just open the windows when there’s a fire on board, should listen to aeronautical engineer Jakob Whitfield:

“Unfortunately, Mitt, opening a window at height wouldn’t do much good,” the scientist said. “In fact, if you could open a window whilst in flight, the air would rush out…because air moves from the high pressure cabin to the lower pressure outside, probably causing further injury and damage.”

January Jones’s dried placenta pills, which the actress admitted in March she consumed after giving birth, win no favor with Catherine Collins, principal dietician at St George’s Hospital in London.

“Nutritionally, there’s nothing to be gained from eating your placenta – raw, cooked, or dried,” Collins said. “Apart from iron, which can be easily found in other dietary choices or supplements, your placenta will provide toxins and other unsavory substances it had successfully prevented from reaching your baby in utero.”

Gary Moss, a pharmaceutical scientist, patiently points out to Palmer that while caffeine may have an effect on cellulite, rubbing coffee granules into the skin is unlikely to work, since the caffeine can’t escape the granules to penetrate the skin.

Phelps’s claim that it’s fine to pee in the pool because “chlorine kills it” is put straight by biochemist Stuart Jones, who reminds him that “urine is essentially sterile so there isn’t actually anything to kill in the first place”.

And for Cowell, Kay Mitchell a scientist at the Centre for Altitude Space and Extreme Environment Medicine warns that very high levels of oxygen can in fact be toxic – particularly in the lungs, where oxygen levels are highest.

“Celebrity comments travel far and fast, so it’s important that they talk sense,” said Sense About Science’s managing director Tracey Brown. “The implausible and frankly dangerous claims about how to avoid cancer, improve skin or lose weight are becoming ever more ridiculous. And unfortunately they have a much higher profile than the research and evidence.”

To encourage more vigilance among celebrity pseudo-scientists in the future, SAS provided a checklist of “misleading science claims” it suggests should be avoided:

* “Immune boosting” – you can’t and you don’t need to

* “Detox” – your liver does this

* “Superfood” – there is no such thing, just foods that are high in some nutrients

* “Oxygenating” – your lungs do this

* “Cleansing” – you shouldn’t be trying to cleanse anything other than your skin or hair.

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SeaWorld Hopes For an IPO Splash

Shamu may have new masters. The private equity firm Blackstone today filed to take SeaWorld public at an undisclosed date. Blackstone (BX)  bought the amusement parks in late 2009 for $ 2.7 billion from Anheuser-Busch InBev (BUD). At the time, the amusement parks weren’t profitable—they lost $ 58 million in December 2009 alone—but they’ve made money since: In 2011 net income was $ 19 million, and in the first nine months of 2012 it was $ 86 million.

SeaWorld Entertainment runs 11 parks under several different brands: SeaWorld, Busch Gardens, Aquatica, and Sesame Place. It also runs Discovery Cove, a park next to the SeaWorld in Orlando that offers luxury cabanas and the ability to swim with dolphins and limits admission to no more than 1,300 people a day. More than half the company’s revenue comes from parks in Florida, several of which are in the theme park mecca, Orlando. In an attempt at the quantification of fun, the IPO filing says the parks combined have 93 animal attractions (Hello, Shamu), 193 rides (lazy rivers, anyone?), 113 shows, 49 play areas (like Halloween mazes), 38 limited-time events, and 113 “distinctive experiences,” such as feeding penguins.

SeaWorld’s filing makes clear what anyone who’s ever purchased an outrageously priced amusement park soda already knows—the real profit comes from food and merchandise. In the nine months through September, SeaWorld spent just $ 99 million on food and goods that brought in $ 445 million in revenue. Compare that with the $ 560 million it cost to operate the parks, which brought in $ 716 million in ticket sales. The average customer spent $ 22.39 on “in-park” spending, the filing says. That’s on top of the nearly $ 35 the average person spent on admission.

The filing points out some unique risk factors. Blackstone will keep a controlling share in SeaWorld, which could lead to a conflict of interest, because Blackstone also owns a “substantial stake” in the company that owns Legoland theme parks. And then there are the animals. They are susceptible to infectious diseases, the filing says, and dangers lurk in their interactions with humans, too. “Injuries or death, while rare, have occurred in the past and may occur in the future,” it says. So Shamu and his buddies are both assets and liabilities.

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Afghan bomber attacks near major US base

KABUL, Afghanistan (AP) — A vehicle driven by a suicide bomber exploded at the gate of a major U.S. military base in eastern Afghanistan on Wednesday, killing the attacker and three Afghans, Afghan police said. The Taliban claimed responsibility for the attack.

Police Gen. Abdul Qayum Baqizai said a local guard who questioned the vehicle driver at the gate of Camp Chapman was killed along with two civilians and the assailant. The camp is located adjacent to the airport of the capital of Khost province, which borders Pakistan. Chapman and nearby Camp Salerno had been frequently targeted by militants in the past, but violent incidents have decreased considerably in recent months.

Taliban spokesman Zabihullah Mujahid said in an email that the bomber targeted Afghan police manning the gate and Afghans working for the Americans entering the base. He claimed high casualties were inflicted.

NATO operates with more than 100,000 troops in the country, including some 66,000 American forces. It is handing most combat operations over to the Afghans in preparation for a pullout from Afghanistan in 2014. Militant groups, including the Taliban, rarely face NATO troops head-on and rely mainly on roadside bombs and suicide attacks.

NATO forces and foreign civilians have also been increasingly attacked by rogue Afghan military and police, eroding trust between the allies.

On Tuesday, the Interior Ministry said a policewoman who killed an American contractor in Kabul a day earlier was a native Iranian who came to Afghanistan and displayed “unstable behavior” but had no known links to militants.

The policewoman, identified as Sgt. Nargas, shot 49-year-old Joseph Griffin, of Mansfield, Georgia, on Monday, in the first such shooting by a woman in the spate of insider attacks. Nargas walked into a heavily-guarded compound in the heart of Kabul, confronted Griffin and shot him once with her pistol.

The U.S-based security firm DynCorp International said on its website that Griffin was a U.S. military veteran who earlier worked with law enforcement agencies in the United States. In Kabul, he was under contract to the NATO military command to advise the Afghan police force.

The ministry spokesman, Sediq Sediqi, told a news conference that Nargas, who uses one name like many in the country, was born in Tehran, where she married an Afghan. She moved to the country 10 years ago, after her husband obtained fake documents enabling her to live and work there.

A mother of four in her early 30s, she joined the police five years ago, held various positions and had a clean record, he said. Sediqi produced an Iranian passport that he said was found at her home.

No militant group has claimed responsibility for the killing.

The chief investigator of the case, Police Gen. Mohammad Zahir, said that during interrogation, the policewoman said she had plans to kill either the Kabul governor, city police chief or Zahir himself, but when she realized that penetrating the last security cordons to reach them would be too difficult, she saw “a foreigner” and turned her weapon on him.

There have been 60 insider attacks this year against foreign military and civilian personnel, compared to 21 in 2011. This surge presents another looming security issue as NATO prepares to pull out almost all of its forces by 2014, putting the war against the Taliban and other militant groups largely in the hands of the Afghans.

More than 50 Afghan members of the government’s security forces also have died this year in attacks by their own colleagues. The Taliban claims such incidents reflect a growing popular opposition to the foreign military presence and the Kabul government.

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Police investigate NBC News anchor for showing gun clip

(Reuters) – NBC News anchor David Gregory is being investigated by police after displaying what he said was a high-capacity gun clip on Sunday’s broadcast of “Meet the Press,” Washington‘s Metropolitan Police Department said Wednesday.

Gregory held up what appeared to be a 30-round gun magazine – which would be barred under Washington municipal code – while hosting the nationally broadcast interview with National Rifle Association Chief Executive Officer Wayne LaPierre.

“Here is a magazine for ammunition that carries 30 bullets,” Gregory said as he held aloft the black cartridge, according to video posted on the network’s website.

“Now isn’t it possible that, if we got rid of these, if we replaced them and said ‘Well, you could only have a magazine that carries five bullets or ten bullets,’ isn’t it just possible that we can reduce the carnage in a situation like Newtown?” Gregory asked LaPierre.

“I don’t think it’s what will work,” LaPierre responded.

The network had contacted the police department prior to Sunday’s broadcast “inquiring if they could use a high capacity magazine for the segment,” police spokesman Araz Alali said on Wednesday.

“NBC was informed that possession of a high-capacity magazine was not permissible and their request was denied.”

Alali, the police spokesman, declined to elaborate on the investigation into NBC.

Washington’s municipal code prohibits possession, sale or transfer of “any large capacity ammunition feeding device, regardless of whether the device is attached to a firearm.”

The maximum penalty for conviction on such a charge is a $ 1,000 fine and one year in prison.

NBC spokeswoman Erika Masonhall, contacted by email, said the network had no comment on the investigation.

After the broadcast, which originated in Washington, a number of bloggers and websites questioned Gregory’s actions and the legality of the gun clip.

(Reporting by Chris Francescani and Paul Eckert; Editing by Paul Thomasch, Andrew Hay and Gunna Dickson)

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Justice Sotomayor refuses to block contraceptives mandate

(Reuters) – U.S. Supreme Court Justice Sonia Sotomayor has refused to block enforcement starting next week of a requirement in President Barack Obama‘s 2010 healthcare overhaul that some companies provide insurance coverage for contraceptive drugs and devices.

In an order issued on Wednesday, Sotomayor said two for-profit companies controlled by Oklahoma City billionaire David Green and his family did not qualify for an injunction while they challenge the requirement in court.

Hobby Lobby Stores Inc, an arts and crafts chain with more than 500 stores, and Mardel Inc, a chain of 35 Christian-themed bookstores, said it violated their religious beliefs to require that their group health plans cover treatments that could induce abortions.

They said they face possible fines of $ 1.3 million a day if they disobey the mandate, which takes effect on January 1.

Sotomayor, who hears emergency appeals from the 10th Circuit, said it was not “indisputably clear” that Hobby Lobby and Mardel deserved an injunction, noting that lower courts have been divided in similar cases on whether temporary relief is proper.

“Even without an injunction pending appeal, the applicants may continue their challenge to the regulations in the lower courts,” and following a final judgment ask the Supreme Court at that time to consider their appeal, she said.

Sotomayor did not rule on the merits of the companies’ religious-based claims.

Kyle Duncan, general counsel for the nonprofit Becket Fund for Religious Liberty, which represents the chains, did not immediately respond to requests for comment. At least 42 lawsuits have been filed over the issue, the fund has said.

Hobby Lobby and Mardel claimed that the contraceptives provision violated the First Amendment to the U.S. Constitution, as well as the Religious Freedom Restoration Act of 1993.

But on November 19, Oklahoma federal judge Joe Heaton refused to issue a preliminary injunction, saying the chains did not have the same religious rights as Green family members. Then on Thursday, the 10th U.S. Circuit Court of Appeals in Denver refused to issue a injunction during the chains’ appeal.

Forbes magazine in September called David Green, 71, the 79th richest American, with a net worth of $ 4.5 billion.

The case is Hobby Lobby Stores Inc et al v. Sebelius et al, U.S. Supreme Court, No. 12A644.

(Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman)

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Home prices rose in ninth straight month: S&P

NEW YORK (Reuters) – Single-family home prices rose in October for nine months in a row, reinforcing the view the domestic real estate market is improving and should bolster the economy in 2013, a closely watched survey showed on Wednesday.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.7 percent in October on a seasonally adjusted basis, stronger than the 0.5 percent rise forecast by economists polled by Reuters.

“Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength,” David Blitzer, chairman of the index committee at Standard & Poor’s, said in a statement.

While record low mortgage rates and modest job growth should keep the housing recovery on track, analysts cautioned home prices face downward pressure from a likely pickup in the sales of foreclosed and distressed properties and reduced buying investors and speculators.

Prices in the 20 cities rose 4.3 percent year over year, beating expectations for a rise of 4.0 percent.

Las Vegas posted the biggest monthly rise on a seasonally adjusted basis at 2.4 percent, followed by a 1.7 percent increase in San Diego, the latest Case-Shiller data showed.

“Higher year-over-year price gains plus strong performances in the Southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy,” Blitzer said.

Housing contributed 10 percent to the overall U.S. economic growth in the third quarter, while the sector represented less than 3 percent of gross domestic product, he said.

Last week, the government said U.S. GDP expanded at a stronger-than-expected 3.1 percent annualized pace in the third quarter.

Excluding seasonal factors, however, home prices in 12 of the 20 cities fell in October from September as home values tend to decline in fall and winter, Blitzer said.

Chicago experienced the largest non-seasonally adjusted decline at 1.5 percent, followed by a 1.4 percent fall in Boston.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

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Toronto reaches skyward, but how dark the clouds?

TORONTO (Reuters) – Barry Fenton walked to the bank of floor-to-ceiling windows in his 30th-floor uptown Toronto penthouse suite and declared, “This is the best view of the city.”

To the south, a mass of steel-and-glass skyscrapers glinted in the bright autumn sun. Several cranes were in motion on unfinished buildings, a common sight in a city in the midst of a residential building boom.

“If you look around the core, every building you look at has a different look to it, a different ambience,” said the energetic co-founder of Lanterra Developments, one of the city’s most active builders. “That’s important.”

Fenton, 56, says he is confident the city’s condominium market will remain strong — despite warnings that it is all moving too far, too fast — and has an ambitious lineup for future development. And he is not alone in his optimism.

Toronto‘s seams are bursting with new condo and hotel towers designed by star architects like Frank Gehry and built by famed developers like Donald Trump.

But Fenton and others who see Toronto emerging from its “pokey” past — as a columnist in the Globe and Mail recently described it — face some formidable obstacles: an infrastructure buckling under soaring density rates, the laws of supply and demand and preservationists who say too many new towers are destroying the city’s character.

Canada’s central bank drew a bead on the city of 2.6 million this month in its weighty “Financial System Review,” warning of “potential future supply imbalances” in the condo market.

The Bank of Canada noted that the number of unsold condominiums in pre-construction has doubled, to 14,000, over the past year.

Greater Toronto home sales have slowed after years of steady increases. Sales fell 16 percent in November from the same month a year ago, according to the Toronto Real East Board. So far, however, prices are flattening, not falling, as some analysts have predicted.

In defiance of warnings by the central bank and economists, two mega-projects were unveiled within days of each other in October — a three-tower condo complex to be designed by Gehry and a multi-tower office project that includes a massive casino.

RACE TO THE TOP

More skyscrapers — 147 of them — are being built in Toronto than anywhere in North America, according to Emporis, the German data provider. That is twice as many as in New York, a city with about three times the population.

Toronto is getting taller fast. Fifteen buildings that will be more than 150 meters (492 feet) high are under construction, more than anywhere in the western hemisphere.

The recently completed Trump International Hotel topped out at 277 meters, just shy of Toronto’s tallest skyscraper, the 72-story First Canadian Place, which is 298 meters. That height could be exceeded by a couple of major projects on the drawing boards, including the Mirvish project.

(The city’s tallest freestanding structure, however, is the CN Tower, which soars over Toronto at 553 meters.)

“Toronto is creating a very sustainable future by building condos downtown,” said Daniel Libeskind, the American architect, who was in Toronto in October for a ceremony for one of his latest projects, the 57-story L Tower, with its sweeping, curvaceous, design that rises above the city’s modernist Sony Center for Performing Arts.

“It fights urban sprawl and brings people into the heart of the city.”

While building in big American cities and in Western Europe cratered following the financial crisis four years ago, Toronto never stopped booming. Demand for residential space has been strong, and while the office market has also been healthy, most of the new developments have been for condo projects.

Lanterra’s Fenton said his company has built some 9,000 condominium units in Toronto over the past 10 years and now has “in the hopper” up to 6 million square feet of property in downtown Toronto that is being rezoned for new projects.

Lanterra gained prominence over the past five years for the development of Maple Leaf Square, which included two condo towers, a hotel and office space, near the city’s hockey shrine, Air Canada Center, on land that had sat vacant for years.

Now it is “one of the hottest places to be,” said Fenton.

“ONE TOWER LEADS TO ANOTHER”

Some worry that Toronto can’t handle much more development.

“We have accumulated a serious infrastructure deficit,” wrote Ken Greenberg, a Toronto architect, in the Globe and Mail in October. “We have failed to make the investments in public transit that are urgently needed. Our narrow sidewalks and poorly designed streets are already jammed.”

He criticized the city officials and developers for a lack of coordinated planning. “One tower leads to another,” he said.

Despite decades of debate about transportation policy, Toronto has just two subway lines, a fleet of charming but lumbering streetcar lines and crumbling roadways.

Commuters in Toronto spend at least 80 minutes in traffic a day, on average — worse than what commuters face in London or Los Angeles — according to the Toronto Board of Trade.

Toronto’s City Planning Department did not respond to numerous requests for comment.

There is also concern about soaring neighborhood density rates. The city’s waterfront area has seen the most growth. Its population has soared 134 percent in a decade and is up 66 percent in the past five years, to 43,295, according to city data.

Toronto’s aging energy grid is strained. In July, downtown Toronto endured an eight-hour blackout after a transformer blew due to high demand. There was a similar outage last January.

THE MEGA-PROJECTS

Now two of the most ambitious projects the city has ever seen are being floated.

First out of the gate was theater impresario David Mirvish, who with his father, the late Ed Mirvish, helped create Toronto’s vibrant arts and theater scene.

In early October, Mirvish unveiled a plan for three condominium towers, with up to 85 floors each, that would be the city’s tallest buildings.

A podium at the buildings’ base would house two museums, including one for the Mirvish family’s contemporary art collection.

The Mirvish buildings would be designed by Gehry, the celebrated Canadian-born architect whose 76-story 8 Spruce Street residential tower was just completed in New York.

“These towers can become a symbol of what Toronto can be,” the 83-year-old Gehry said at project’s unveiling. “I am not building condominiums, I am building three sculptures for people to live in.”

Two weeks later, Oxford Properties Group, a Canadian developer with a $ 20 billion global real estate portfolio, announced a $ 3 billion makeover of the downtown convention center, just south of the Mirvish and Gehry project. It envisions a casino, two hotel towers and two office towers that would be among the tallest in the city.

Adam Vaughan, a city councilor whose district would encompass both projects, said a lot more planning is needed. He had kinder words for the Mirvish proposal — “it’s a transformative and astonishing proposal” — than for Oxford’s project, which he called “all out of proportion.”

“It’s time to have a really smart conversation about how we are building this neighborhood because there is a hell of lot of density arriving not just with this project but with all the projects that have been approved,” he said in an interview.

AT THE KIT KAT

Al Carbone, owner for the past three decades of the Kit Kat restaurant, doesn’t think people like Vaughan are listening to him, as the councilor and other politicians are not heeding the growing concerns about the rapid pace of development.

He said buildings are springing up too close to lot lines, creating jammed sidewalks and alleyways. And the sun does not shine on the streets like it once did.

He supports the Mirvish project, which would preserve his street, known as Restaurant Row. But he is battling a separate 47-story building that would go up steps away from his restaurant.

The plan, which still must be approved, would retain the historic facades of buildings on the street, which Carbone believes will destroy the character of the row.

“It’s a tough battle,” said Carbone, who launched the website SaveRestaurantrow.com to drum up support in opposition to the project. “You can’t have a condo on every corner.”

WHERE IS TORONTO HEADED?

Some believe Toronto is at a crossroads as developers, politicians and citizens debate the rapid changes the city’s urban landscape.

The Globe and Mail’s Marcus Gee dismissed the idea that the development was somehow bad for the city in a column in October, saying the condo boom “has transformed our once-pokey downtown into a vibrant, around-the-clock urban community.”

David Lieberman, an architect who also teaches at the University of Toronto’s architectural school, agrees the new developments have been good for the city, but he is not sure the city’s citizens are ready for it.

“We have such an excellent opportunity to get things right, but there is the Canadian conservatism,” Lieberman said, sipping coffee in his studio in an old downtown Toronto house. “Canadians in their city building are not risk takers.”

(Reporting By Russ Blinch. Editing by Janet Guttsman and Douglas Royalty)

Canada News Headlines – Yahoo! News

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Boston Cop Rescues Drowning Woman

A Boston police officer is being hailed a hero after he jumped into the frigid cold water to rescue a drowning woman.

Cell phone video showed police officer Edward Norton plunging into Fort Point channel Friday afternoon during a torrential downpour to rescue the unidentified woman who’d reportedly fallen in by accident.

Norton, who just happened to be in the right place at the right time, says he didn’t think twice about jumping in.

“It just kind of happened. I saw here there. Someone had to do it,” Norton told ABC News. “As I was in the air, I was thinking I don’t know what’s under the water.”

Once in the water, Norton’s bullet-proof vest weighed him down, making the rescue more complicated than he anticipated. Onlookers did their part by tossing in a life preserver, which helped keep the frantic woman afloat.

“She kept saying stuff like, ‘I can’t hold on.’ So, I told her, ‘Hold on. Help is coming,’” Norton said. The officer remained with the woman in the water until firefighters arrived on the scene and pulled them both out of the water to safety.

Both were taken to local hospitals and checked for hypothermia, but were released with a clean bill of health.

As for the people calling Norton a hero, he says, not really because it’s all in a day’s work.

“I feel like I did what I would expect to do for one of my loved ones. My wife, my daughter, anyone,” Norton said.

While everyone made it out of the water safely with no injuries, there was one casualty so to speak. Norton says his wedding band slipped off when he hit the water and hero or not, his wife is none too pleased.

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Wireless News Headlines – Yahoo! News

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