McDonald's Canada Reveals How They Make Famous Fries

McDonald's Canada is at it again, demystifying their french fry recipe "from the farm to all the way to the fryer."
In their new behind-the-scenes video, Scott Gibson, manager of the company's supply chain, takes customer questions on their world-famous fries.
Gibson addresses the first question asking whether or not the potatoes used by the fast food restaurant are real. Standing in the middle of the Levesque farm with farmer Angelo Levesque, the two discuss how the potatoes are harvested and sorted at the farm. Then they are then brought to McCain, the company's fries supplier, to be prepped before heading to stores.
SLIDESHOW: Fast Food Ads vs. Reality: How Do They Size Up?
Mario Dupuis, production manager at McCain, describes how they prepare the fries by washing the potatoes to remove the rocks and the dirt and put them through a "peeling system."
Afterwards, they are cut and blanched "to remove the natural sugars from the strips, this will prevent some variation in the color once we cook the product," said McCain.
Next they are washed in a textural solution to give it the "nice even coat we see in the restaurants," said McCain, adding they also use an ingredient on the strips to prevent the fries from greying or oxidizing. Afterwards, they are then dried and fried for 45 to 60 seconds. Finally, they are frozen, packaged and shipped to stores.
Once in stores, the fries are deep-fried in 100 percent vegetable oil. They are salted with about 1 tablespoon of salt per four orders of medium fries. For those concerned about salt intake, Gibson suggests that customers can order their fries without the salt.

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Apple’s New iPad Mini Is Pricey but That Won’t Deter Fans: TechCrunch’s John Biggs

It's officially here: The iPad mini, the subject of endless speculation and rumors over the past year, made its debut Tuesday at the California Theater in San Jose, Calif. The iPad mini starts at $329 and hits store shelves Nov. 2. Pre-sales begin Oct. 26. It boasts a 7.9-inch display, weighs 0.68 pounds and is 7.2mm thick. The design closely resembles the iPod Touch and comes in both black and white.
Related: Get Ready for a Big Week in Tech: Apple & Facebook Earnings, Mini iPad, Windows 8 & More
As is the case with all Apple products, there is an option to pay up for more hardware. Here are the price points:
$329 for 16GB
$429 for 32GB
$529 for 64GB
In mid-November Apple will roll out the Wi-fi and 4G mini for $459 for 16GB, $559 for 32GB, and $659 for 64GB.
The iPad mini screen measures 1,024x768, the same resolution as the iPad 2. It also includes a dual-core A5 processor, a front-facing FaceTime HD camera, Apple's "Lightning" connector and a 5-megapixel back camera. A fully charged iPad mini will get 10 hours of battery life.
Apple (AAPL) stock was trading nearly two percent lower after the iPad mini presentation.
Related: Why Apple's Stock is Dropping
John Biggs, East Coast editor of TechCrunch, says the Apple event lacked the shock and awe of previous product announcements.
"Everybody was expecting an iPad mini and we got an iPad mini," he says in an interview with The Daily Ticker. "To see an iPad mini pop up is no huge surprise."
Biggs says the new mini may be pricey but it would not deter Apple devotees and tech "dorks" from adding to their Apple collections. The smaller screen will attract consumers who use tablet devices for reading -- "it's Apple's e-reader" -- Biggs says, and the new mini is not likely to cut into sales of the larger iPad versions, which still feature bigger screens and a higher resolution display.
The starting price for the iPad mini is $130 more than the Kindle Fire HD and Nexus 7 — Apple's two main competitors in the e-reader space. Most Apple insiders and analysts were expecting a lower entry point for the mini, says CNET's Brian Tong, and consumer sticker shock could drag down sales expectations. The mini's price would have been even higher if Apple made it with a retina display, he adds.
"It will sell well but won't break records," Tong says. "It will sell because it's Apple. Never underestimate the Apple consumer."
Microsoft will unveil its first tablet device, Surface, next week.
Related: Microsoft Launches Its Own Tablet--and Admits Apple Was Right
Biggs says the Surface's size and user-face are more conducive to typing, an important feature for some consumers. The tablet market may be expanding but there's still only one winner, according to Biggs — Apple. "You're getting the premium product," he says.

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US economic growth improves to 2 pct. rate in Q3

WASHINGTON (AP) -- The U.S. economy expanded at a slightly faster 2 percent annual rate from July through September, buoyed by an uptick in consumer spending and a burst of government spending.
Growth improved from the 1.3 percent rate in the April-June quarter, the Commerce Department said Friday.
The pickup in growth may help President Barack Obama's message that the economy is improving. Still, growth remains too weak to rapidly boost hiring. And the 1.74 percent rate for 2012 so far trails last year's 1.8 percent growth, a point GOP nominee Mitt Romney will emphasize.
The report is the last snapshot of economic growth before Americans choose a president in 11 days.
The economy improved because consumer spending rose 2 percent in the July-September quarter, up from 1.5 percent in the second quarter. Spending on homebuilding and renovations increased more than 14 percent. And federal government spending expanded sharply on the largest increase in defense spending in more than three years.
Growth was held back by the first drop in exports in more than three years and flat business investment in equipment and software.
The economy was also slowed by the severe drought this summer in the Midwest. That sharply cut agriculture stockpiles and reduced growth by nearly a half-point.
The government's report covers gross domestic product. GDP measures the nation's total output of goods and services — from restaurant meals and haircuts to airplanes, appliances and highways.
The first of three estimates of growth for the July-September quarter sketched a picture that's been familiar all year: The economy is growing at a tepid rate, slowed by high unemployment and corporate anxiety over an unresolved budget crisis and a slowing global economy.
While growth remains modest, the factors supporting the economy have changed. Exports and business investment drove growth for most of the recovery, but are now fading. Meanwhile, consumer spending has ticked up and housing is adding to growth after a six-year slump.
Consumer spending drives nearly 70 percent of economic activity.
Businesses have grown more cautious since spring, in part because customer demand has remained modest and exports have declined as the global economy has slowed.
Many companies worry that their overseas sales could dampen further if recession spreads throughout Europe and growth slows further in China, India and other developing countries. Businesses also fear the tax increases and government spending cuts that will kick in next year if Congress doesn't reach a budget deal.
Since the recovery from the Great Recession began in June 2009, the U.S. economy has grown at the slowest rate of any recovery in the post-World War II period. And economists think growth will remain sluggish at least through the first half of 2013. Some analysts believe the economy will start to pick up in the second half of next year.

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Disney buying Lucasfilm for $4.05 billion

LOS ANGELES (AP) — Disney is paying $4.05 billion to buy Lucasfilm Ltd., the production company behind "Star Wars," from its chairman and founder, George Lucas. It's also making a seventh movie in the "Star Wars" series called "Episode 7," set for release in 2015, with plans to follow it with Episodes 8 and 9 and then one new movie every two or three years.
The Walt Disney Co. announced the blockbuster agreement to make the purchase in cash and stock Tuesday. The deal includes Lucasfilm's prized high-tech production companies, Industrial Light & Magic and Skywalker Sound, as well as rights to the "Indiana Jones" franchise.
Disney CEO Bob Iger said in a statement that the acquisition is a great fit and will help preserve and grow the "Star Wars" franchise.
"The last 'Star Wars' movie release was 2005's 'Revenge of the Sith' — and we believe there's substantial pent-up demand," Iger said.
Kathleen Kennedy, the current co-chairman of Lucasfilm, will become the division's president and report to Walt Disney Studios Chairman Alan Horn. Lucas will be creative consultant on new "Star Wars" films.
Lucas said in a statement, "It's now time for me to pass 'Star Wars' on to a new generation of filmmakers."
The deal brings Lucasfilm under the Disney banner with other brands including Pixar, Marvel, ESPN and ABC, all companies that Disney has acquired over the years. A former weatherman who rose through the ranks of ABC, Iger has orchestrated some of the company's biggest acquisitions, including the $7.4 billion purchase of animated movie studio Pixar in 2006 and the $4.2 billion acquisition of comic book giant Marvel in 2009.
Disney shares were not trading with stock markets closed due to the impact of Superstorm Sandy in New York.

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Oregon governor says Nike plans expansion

SALEM, Ore. (AP) — Nike wants to expand its Oregon operations and hire hundreds of workers but is asking the government to promise it won't change the state tax code.
Gov. John Kitzhaber (KIHTS'-hah-bur) says he'll call the Legislature into session Friday to create a law to give Nike its wish.
The company has not specified its expansion plans except to say it would create at least 500 jobs and $150 million in capital investment over five years.
Nike Inc. has its headquarters in Beaverton, outside Portland. Company officials could not immediately be reached for comment.
It employs 44,000 people globally, including 8,000 in Washington County.
Nike has been selling off brands and making other moves to focus on its most profitable businesses, which include its namesake Nike brand, Jordan, Converse and Hurley.

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Report: Most Pakistani lawmakers do not file taxes

ISLAMABAD (AP) — The majority of Pakistani lawmakers do not file tax returns despite a legal requirement to do, a report said Wednesday, reinforcing concerns about the low level of tax revenue in the country.
Pakistan has one of the lowest tax-to-GDP rates in the world because payment is not well enforced, and major areas of the economy, such as the agriculture sector, are either taxed at very low rates or not at all.
Around two-thirds of the country's 446 lawmakers failed to file tax returns in 2011, the latest data available, said the report, co-published by the Center for Investigative Reporting in Pakistan and the Centre for Peace and Development Initiatives.
A similar percentage of the government's 55 Cabinet members also failed to file returns, said the report, titled "Representation Without Taxation." Among those politicians who failed to file a return was Pakistani President Asif Ali Zardari.
Even lawmakers who filed returns often paid very low amounts of tax on outside income. The lowest-paying lawmaker who filed a return, Senator Mushahid Hussain, paid less than $1 in taxes, said the report.
The figures do not take into account the tax paid by lawmakers on their official salaries, which is automatically deducted. It instead focuses on declarations of supplemental income from land, businesses and other sources of revenue.
Analysts have said that the country's effective tax rate is so low because a small elite, comprised of the military, land owners and the rising urban upper and middle classes is reluctant to give up any of its wealth. These groups either put pressure on lawmakers or are the lawmakers themselves.
"End result is the erosion of public trust in the government that is frequently blamed for serving the interests of the rich and powerful at the expense of the poor and low-income groups," the report said.

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Pennies over patriotism: Look at tax-averse stars

PARIS (AP) — France's Socialist government is introducing a 75-percent income tax on those earning over €1 million ($1.3 million), forcing some of the country's rich and famous to set up residency in less fiscally-demanding countries.
Here's a look at some big stars in France and elsewhere who have, over the years, put their pennies above their patriotism.
DEPARTING DEPARDIEU
The French prime minister has accused actor Gerard Depardieu of being "pathetic" and "unpatriotic" for setting up residence in a small village just across the border in neighboring Belgium to avoid paying taxes in France.
The office of the mayor in Depardieu's new haunts at Nechin, also known as the "millionaire's village" for its appeal to high-earning Frenchmen, said that for people with high income, like Depardieu, the Belgian tax system, capped at 50 percent, is more attractive.
Depardieu, who has played in more than 100 films, including "Green Card" and "Cyrano de Bergerac," has not commented publicly on the matter.
BEATLE TAX
In 2005, the Beatles' Ringo Starr took up residency in Monaco, where he gets to keep a higher percentage of royalties than he would in Britain or Los Angeles. France's tiny neighbor Monaco, with zero percent income tax for most people, has obvious appeal for the 72-year-old drummer and his estimated $240 million fortune.
The Beatles' resentment of high taxes goes back to their 1960s song "Taxman." George Harrison penned it in protest of the British government's 95 percent supertax on the rich, evoked by the lyrics: "There's one for you, nineteen for me."
Harrison reportedly said later, "'Taxman' was when I first realized that even though we had started earning money, we were actually giving most of it away in taxes."
LICENSE TO DODGE
Former "James Bond" star Sean Connery left the U.K. in the 1970s, reportedly for tax exile in Spain, and then the Bahamas — another spot with zero income tax and one of the richest countries per capita in the Americas. His successor to the 007 mantle, Roger Moore, also opted for exile in the 1970s — this time in Monaco — ensuring his millions were neither shaken nor stirred.
EXILE ON MAIN ST.
In 1972, The Rolling Stones controversially moved to the south of France to escape onerous British taxes. Though it caused a stink at the time, it spawned one of the group's most seminal albums, "Exile on Main St." The title is a reference to their tax-dodging. In 2006, British media branded them the "Stingy Stones" with reports that they'd paid just 1.6 percent tax on their earnings of $389 million over the previous two decades.
FISCAL HEALING
In 1980, U.S. singer Marvin Gaye moved to Hawaii from L.A. to avoid problems with the Internal Revenue Service, the American tax agency. Later that year, Gaye relocated to London after a tour in Europe. Gaye, whose hits include "Sexual Healing" and "I Heard it Through the Grapevine" settled in Belgium in 1981. He was shot to death in 1984.

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"Fiscal cliff" creates waiting game for payrolls firms

WASHINGTON/NEW YORK (Reuters) - At payroll processing businesses across the United States, the "fiscal cliff" stalemate in Washington means uncertainty over tax-withholding tables just days before the start of 2013.
The U.S. Internal Revenue Service still has not issued the tables for next year that show how much money employers should hold back from workers' paychecks to cover federal income taxes.
Payroll processors need the tables to get their systems geared up for the new year. The tables are set by many factors, including tax rates and annual inflation adjustments.
In anticipation of late-breaking developments, Rochester, New York-based Paychex Inc will be serving Buffalo chicken wings for staffers working late on New Year's Eve, said Frank Fiorille, an executive at the payroll processing giant.
"Our systems are flexible enough that we can wait almost up until the last minute and still make changes," he said.
The IRS appreciates of the impact of Congress' inaction.
"Since Congress is still considering changes to the tax law, we continue to closely monitor the situation," IRS spokesman Terry Lemons said in a statement. "We intend to issue guidance by the end of the year on appropriate withholding for 2013."
Tax rates are slated to rise sharply for most Americans if Congress and President Barack Obama fail to reach an agreement that averts the "fiscal cliff" approaching at year-end.
"The political process will determine one way or the other what" the IRS must do, said Scott Hodge, president of the Tax Foundation, a business-oriented tax research group.
For now, he said, from the tax-collection agency's viewpoint, "doing nothing is probably the best course." This would be because withholding tables distributed now might only have to be revised if Congress acts in the next few days.
Some payroll servicers are not waiting for formal IRS guidance. The American Payroll Association, which represents about 23,000 payroll professionals, told members on Friday to rely on 2012 withholding tables until the IRS releases the new forms for 2013.
The association said its decision was based on a statement earlier this month from an IRS official.
The agency would not confirm that policy on Friday.
Tax preparer H&R Block Inc said it will use 2012 tax-withholding tables if the 2013 tables are not issued.
Executives said they were frustrated with the uncertainty in Washington, but were doing their best to cope.
"We are not doctors or surgeons and this is not life threatening," said Rob Basso with Advantaged Payroll Services, an Auburn, Maine-based payroll processor that serves 30,000 businesses. "It is annoying and disruptive to people's lives, but we will get through it.

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Future of state estate taxes hangs on U.S. "fiscal cliff"

Not necessarily for some state governments that could begin collecting more in estate taxes on wealth left to heirs if the United States goes over the "cliff," allowing sharp tax increases and federal spending cuts to take effect in January.
In an example of federal and state tax law interaction that gets little notice on Capitol Hill, 30 states next year could collect $3 billion more in estate taxes if Congress and President Barack Obama do not act soon, estimated the Urban-Brookings Tax Policy Center, a Washington think tank.
The reason? The federal estate tax would return with a vengeance and so would a federal credit system that shares a portion of it with the 30 states. They had been getting their cut of this tax revenue stream until the early 2000s. That was when the credit system for payment of state estate tax went away due to tax cuts enacted under former President George W. Bush.
With the return of the credit system next year as part of the "cliff," states such as Florida, Colorado and Texas - which have not collected estate tax since 2004 - could resume doing so. California Governor Jerry Brown has already begun to add the anticipated estate tax revenue into his plans, including $45 million of it in his 2012-2013 revised budget.
Brown may or may not be jumping the gun.
CLOUDY CLIFF AHEAD
The outlook on the "fiscal cliff" coming up at year-end is uncertain. Democratic President Barack Obama has said he hopes for a last-minute deal to avert it. That would need to get done soon, with Congress just now coming back from its holiday break.
Chances of an agreement became more remote last week after Republicans in the U.S. House of Representatives fumbled their own legislative attempt to prevent the fiscal jolt that economists say could trigger a recession.
House Speaker John Boehner abruptly adjourned the chamber for the holidays after failing to gather the votes from within his own party to pass legislation he and other Republicans had drafted, after walking out of negotiations with Obama.
Weeks of inconclusive political drama over the "cliff" have focused largely on individual income tax rates and spending on federal programs such Medicare and Social Security, but many tax issues are also involved, including the estate tax.
At the moment, under laws signed a decade ago by Bush, the estate tax is applied to inherited assets at a rate of 35 percent after a $5 million exemption. That means a deceased person can pass on an inheritance of up to $5 million before any tax applies. Inherited wealth passed to a spouse or a federally recognized charity is generally not taxed.
Obama wants to raise the rate to 45 percent after a $3.5 million exemption. Republicans have called for complete repeal of the estate tax, which they call the "death tax," though Boehner earlier this month called for freezing the estate tax at its present level. It was difficult to determine what the Republicans want after last week's events in the House.
STATES STAND TO GAIN
If Congress and Obama do not act by December 31, numerous Bush-era tax laws will expire, including the one on estate taxes. That would mean the estate tax rate will shoot up next year to the pre-Bush levels of 55 percent after a $1 million exemption.
It would also mean that for the first time in years, a portion of that estate tax would go to the states, through the return of the credit system.
Under that old law, estates paying the tax could get a credit against their federal tax bill for state estate tax payments of up to 16 percent of the estate's value.
If the fiscal cliff were allowed to take hold unaltered by Washington, 30 states would again automatically begin getting their share of federal estate taxes. The state laws are generally written so the state estate tax amounts are calculated under a formula based on the amount of the federal credit.
This would help states that have struggled with lower tax revenues since the 2007-2009 financial crisis and resulting recession, according to research by the Pew Center on the States, though painful federal spending cut backs would also hurt the states.

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Exclusive: Profits up, but Britain gets less tax from big firms

Big companies in Britain now pay less tax than they did 12 years ago despite a big jump in profitability, a Reuters analysis of official data shows. Tax campaigners say the trend is the clearest signal yet that tax avoidance has blossomed under a more business-friendly strategy at the UK tax authority Her Majesty's Revenue and Customs (HMRC).
Large companies' payments of corporation tax - the UK equivalent of corporate income tax - totaled 21 billion pounds ($34 billion) in 2011/12, HMRC data shows. That was down five billion pounds or 21 percent since 2000/01 when the government, then controlled by the Labour Party, took the first steps towards a more collaborative approach to big business.
At the same time, the gross operating surplus for all companies in the UK - a widely watched measure of companies' profitability compiled by the Office of National Statistics - has risen 65 percent, to 329 billion pounds. The economy has grown by 55 percent over the same period, and receipts of both personal income tax and small companies' income tax are higher.
HMRC and the finance ministry denied the figures showed an increase in tax avoidance - legal tactics used by multinationals such as Google, Amazon and Starbucks. They cited recent economic weakness and lower corporation tax rates. The UK's official corporation tax rate was steady at 30 percent between 2000 and 2007 but has been gradually cut. In the last tax year it was 26 percent.
Reuters calculations show the lower tax rate and the weak economy account for about half the fall, leaving around 2.6 billion pounds of the difference in the amount of corporate tax paid between 2000/01 and 2011/12 unaccounted for.
John Christensen of Tax Justice Network, a tax campaigningoogleg group, said the figures show successive governments' attempts to create a more business-friendly administration - which includes a policy known as "enhanced relationship" based on mutual trust - have encouraged companies to use such tactics.
"These figures tell a more powerful story than any figures I have seen so far," he said, adding that senior HMRC staff had told him in recent years that they were "alarmed" at the drop in payments from large companies. HMRC defines these as firms with annual profit of more than 1.5 million pounds.
The finance ministry declined to comment on the calculations.
"PARADOXICAL"
Prem Sikka, a professor of accounting at Essex University who has written extensively about tax avoidance, said that even allowing for the tax cut, the figures were "paradoxical".
"How are they managing to reconcile higher profits with lower taxes?" he said. "It can't be done ... unless they are booking these profits somewhere else." Companies reporting for tax purposes are increasingly diverting UK profits to lower-tax jurisdictions, he said.
Google, for example, channels $4 billion of UK sales through Ireland each year, most of which ends up in Bermuda. Google said it complies with tax law in every country in which it operates but that it also has an obligation to its shareholders "to run our business efficiently".
When shown the calculations, an HMRC spokesman said the downward trend may also have been emphasized by a shift in the way taxes were paid from 1999 which led to "elements of double counting" in 2000/01 and 2001/02. That could make revenues in those years look artificially high. He declined to quantify the impact of this.
Sikka dismissed the impact of this change.
"That wouldn't make any difference to the total tax liability," he said.
HMRC's own data does not point to a spike in corporation tax payments over the period the changes were initiated.
Total corporation tax payments were just 2 billion pounds higher in 2001-2002 than in 1998-1999, a rise of 7 percent, while GDP rose 16 percent over the period.
The government's tax minister, David Gauke, who has described corporation tax as one of "the most economically damaging taxes", called the tax authority's current approach "very successful" in a September speech. He declined requests for an interview.

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House sets Sunday session as "fiscal cliff" deadline nears

 The House of Representatives will return to Washington on Sunday night, just over a day before income tax rates are set to spike higher, in a last-ditch chance to avert the year-end "fiscal cliff."
Senior Republican aides confirmed that House Speaker John Boehner on Thursday told members to be back in Washington in time for a 6:30 p.m. EST (2330 GMT) legislative session on Sunday.
The House may then stay in session until January 2, the final day of the current Congress, according to a Twitter message from House Majority Leader Eric Cantor.
That is the day that another component of the "fiscal cliff" - $109 billion in automatic spending cuts to military and domestic programs - is set to start.
The House went on recess a week ago amid a deadlock over how to resolve ways to avoid the $600 billion in tax increases and spending cuts that could throw the U.S. economy back into recession.
Some media outlets reported that Obama would meet with congressional leaders on Friday, but several congressional aides said no such meeting had yet been arranged.
If a meeting occurs, Obama is not expected to offer a new "fiscal cliff" solution and he is instead likely to stick to the outline he set out a week ago for a stop-gap fix, according to a senior Democratic aide.
That would include legislation to shield most Americans from any income tax increase starting on January 1, except for those households with net incomes above $250,000 a year. Obama also wants an extension of expiring benefits for the long-term unemployed.
So far, the Republicans who control the House have refused to go along with any measure that would raise income taxes on anyone.
Meanwhile, House Republican leaders held an approximately 35-minute telephone conference call with rank-and-file members on Thursday, according to one Republican aide.
"There were a lot of different members who spoke on the call. All had questions. All had comments," the aide said, refusing to elaborate.

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New York City faces $811 million budget gap in FY 2014: report

 New York City faces an $811 million budget shortfall in fiscal year 2014 and lowered revenue projections in part because of Superstorm Sandy, the city's Independent Budget Office said on Thursday.
The city's tax revenue collections are likely to grow by just 3.4 percent in fiscal 2014 to $44.8 billion. That figure is $347 million lower than the IBO projected in May, it said.
The dimmer outlook is due to slower expected economic growth, particularly in the banking and securities industries, the IBO said. Near-term losses from Sandy, which ripped into the East Coast on October 29, also dampened projections for the current fiscal year, which ends June 30, 2013.
In June, Mayor Michael Bloomberg and the City Council agreed on a $68.5 billion fiscal 2013 budget that spared 20 fire companies from closing and increased funding for day-care and after-school programs.
To close the projected budget gap, the city is likely to cut spending further and raise fees and fines, among other measures, according to a financial plan proposed by Bloomberg in November.
That plan includes cutting 1,340 jobs through 2014, mostly through attrition, the IBO said.
The city also expects to save $230 million in 2014 by borrowing and refinancing outstanding bonds at low interest rates.
GAP IS SMALL, BUT LABOR PROBLEMS LOOM
Even so, the gap -- which amounts to 1.6 percent of projected revenues -- is small enough to be closed largely through normal year-end accounting procedures, said IBO head Ronnie Lowenstein.
The city has not set aside money for a possible settlement in ongoing negotiations with organized labor, she said.
"There is, at this point, no money set aside in the city's labor reserve to pay retroactive wage and salary increases," she said.
Nearly all of the city's unions have been working without a current contract. The teachers' contract ran out in October 2009.
Under one settlement scenario, the city could owe wages and back pay of more than $5 billion through June 2013, the IBO's report said.
STORM COSTS UNCERTAIN
Before Sandy slammed into the U.S. East Coast, the IBO forecast the gross city product to grow at an annualized rate of 1.6 percent in the fourth quarter of 2012 and 1.2 percent in the first quarter of 2013.
Now, the city's economic output is likely to shrink by 1.0 percent at the end of 2012 and rebound with growth of 1.9 percent in the beginning of 2013 as storm victims repair homes and businesses, the IBO said.
It said Wall Street's importance as an economic driver for the city is expected to continue waning, as it has since the recession.
The financial sector will account for 26.1 percent of aggregate wage growth during from 2013 to 2016 -- compared to pre-recession levels of nearly 60 percent.
Yet New York City could be on track to gain nearly 480,000 payroll jobs from the end of 2009 through late 2016, which would be the greatest employment expansion since 1950, the IBO said.
Medicaid and public pensions cost increases are expected to slow. But spending on debt service payments and health and other benefits will rise, the IBO said.
The city's general obligation bonds are rated AA by Fitch Ratings and Aa2 by Moody's Investors Service.

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HeroClix, a Fun App using Comic Book Characters, was Recently Featured on the AppWatch Segment of NewsWatch

NewsWatch, a nationwide television show, recently aired a news segment about “HeroClix”, a new app using comic book characters from popular franchises. The segment aired as part of “AppWatch”, a weekly review of the top apps in the marketplace.

Washington, DC (PRWEB) December 20, 2012
NewsWatch, a nationwide television show, recently aired a news segment about “HeroClix”, a new app using comic book characters from popular franchises. The segment aired as part of "AppWatch”, a weekly review of the top apps in the marketplace.
To get started, download the HeroClix TabApp application for free in the Apple App Store. Then unlock new comic stories and missions with each super hero figure. Unlock over 15 maps and follow along the unique storyline of each character while battling known villains. Users can challenge themselves to take out enemies at three separate difficulty levels and achieve the ultimate 3 star rating for each.
Figurines are available across multiple franchises, including Marvel Comics and DC Comics. Marvel figurines include comic book characters Wolverine, Captain America, and Iron Man. Each character has a different storyline that pops up when you place them on the screen. The marvel edition has over 30 villains and 18 different maps that users can play through.
The game has a live action, arcade style of play that is fun for anyone, ages 14+. Unlock special maps and comic scenarios with each figure. Users can take out a swarm of villains with the tap or swipe of a finger as you move on to more challenging levels. Haven’t picked up a figure yet? You can still play HeroClix TabApp by selecting the "Don’t Have A Figure" option from the main menu to play the demo.
HeroClix TabApp is currently available for iOS devices and is compatible with the iPad 2 and newer, as well as the iPad mini. If you don’t have an iPad, HeroClix plans to announce they will be creating an Android compatible version soon. To download the app and begin playing, go to HeroClixTabApp.com or visit your itunes store and search for HeroClix TabApp. The app is currently free on the iTunes Store and figurines can be purchased through the HeroClix website.
NewsWatch is a weekly 30-minute consumer oriented television show that airs on the ION Network Thursday mornings at 5:30am across the nation. NewsWatch regularly features top travel destinations, health tips, technology products, medical breakthroughs and entertainment news on the show. A recent addition to NewsWatch, AppWatch is a weekly segment that provides viewers app reviews and game reviews of the latest and hottest apps and games out on the market for iOS and Android devices. The show airs in 180 markets nationwide as well as all of the top 20 broadcast markets in the country, and is the preferred choice for Satellite Media Tour and Video News Release Distribution.

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Hands-Free Lighting Device Designed by ASF Lightware Solutions Now Offered by Rehabmart.com

It is an LED light that is worn around the neck and offers a wider and brighter light than a typical clip-on book light. The hands-free design is perfect for wheelchair or walker users, and helps to keep hands free for tasks like quilting, knitting, changing diapers and other various forms of work and hobbies.

Elberton, GA (PRWEB) December 20, 2012
Rehabmart.com, an online e-commerce company that sells rehabilitation and medical supplies, has joined into a distribution partnership with ASF Lightware Solutions to offer their hands-free Beam N Read® Lights to a wider consumer marketplace. Headquartered in Merrick, New York, ASF Lightware Solutions was founded by inventor Arthur Friedman who has been awarded 18 patents for his inventions and designs, including the Beam N Read® light. Friedman himself needed a better portable light solution and was disappointed with the available market choices, so he created his own. Both Friedman and his company's co-founder and CKO (Chief Knitting Officer), wife Cynthia Freeman, use the Beam N Read® light in their daily lives.
The Beam N Read® Hands Free Lights are specifically designed for personal light wherever the user might need it, that won't disturb others in the same vicinity. It is an LED light that is worn around the neck and offers a wider and brighter light than a typical clip-on book light. The hands-free design is perfect for wheelchair or walker users, and helps to keep hands free for tasks like quilting, knitting, changing diapers and other various forms of work and hobbies. It is very compatible with books, newspapers, magazines, eReaders and as a Kindle reading light. The range of uses for the Beam N Read® is practically limitless and include utilization for reading, needlework, fine detail artwork and hobbies, camping, travel, emergencies and to help senior citizens with age-related disabilities and adults and children with special needs. The extra long battery life provides useful emergency light during a power outage as well.
Accessories to customize the Beam N Read® vary by model and include night vision filters that help to prevent night blindness and reduce the risk of eyestrain. Recommended for anyone who works in the dark, the Beam N Read® Hands-Free Night Vision Light is perfect for campers and hunters, and for healthcare professionals or caregivers who need to administer to a patient in the dark. “We are proud to introduce these amazing Hands-Free Beam N Read® Lights from ASF Lightware Solutions to more consumers,” said Hulet Smith, OTR/L, MBA and CEO of Rehabmart. “This personal light offers unsurpassed quality, functionality and versatility, enhancing sight for all users. Use it for reading, writing, drawing, painting, all forms of needlework and sewing, crafts and hobbies, traveling and camping, night work, emergencies, and just for seeing a whole lot better whenever and wherever you need to! Testimonials abound for this helpful device and we are so pleased to be able to offer this simple, but profound life enhancement to our customers at Rehabmart.com.”
About Rehabmart.com:
As an Occupational Therapist, the founder of Rehabmart, Hulet Smith, has the breadth of knowledge and experience necessary to match the needs of his customers with the very latest innovative products in the field of medical supplies and rehabilitation equipment. As a parent of special needs children, he has a personal interest in finding the best products to improve the lives of those who are disabled and medically challenged. Rehabmart.com is committed to provide superior customer service, competitive pricing and exceptional product offerings.

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Appconomy Announces Launch of its Jinjin Marketplace in China; Completes Series A Round for $16 Million Total

Appconomy, Inc., developer of the Appconomy Commerce Cloud platform and mobile apps, announced today the launch of its JinjinTM mobile marketplace in China.

Shanghai, China (PRWEB) December 20, 2012
The Jinjin marketplace launched in two of China’s most strategic markets, Beijing and Shanghai, the nation’s capital and the country’s largest city, respectively. Appconomy also announced that it had raised an additional $6 million in venture financing to complete its Series A round, for a final total of more than $16 million, to continue the rapid introduction of the Jinjin marketplace app and its mobile solutions across China’s retail industry.
The Jinjin marketplace features dozens of popular Chinese and global retail brands, with hundreds of locations in Beijing and Shanghai. Merchants include popular food & beverage chains Golden Phoenix Bakeries, Burger King, Pepper Lunch, among many others, as well as a variety of high-end health, beauty, and other goods & services merchants. For consumers, the Jinjin marketplace offers a ground-breaking mobile loyalty and rewards program in China. It is available immediately from the Jinjin website (http://www.jinjinapp.com) and popular Chinese Android app stores, e.g., HiAPK, Wandoujia, and Gfan, and will be available within days in iTunes for iOS users.
“We strongly believe that the launch of the Jinjin marketplace represents a unique milestone in the reinvention of the retail and dining experience for Chinese consumers and merchants,” said Brian Magierski, President and CEO of Appconomy. “Following our announcement early last month of the Jinjin Retail Solution at the China Retail Industry Convention, which we’ve begun the process of piloting for large retailers, Appconomy now offers the only comprehensive, mobile solution, serving both big and small box retailers. Through our Jinjin marketplace, commerce platform, and mobile apps, we enable retailers, in both their physical and online stores, with capabilities like smart shopping list management, in-store geo-fencing technology for precise product location, customizable notifications, discounts, rewards, and loyalty programs.”
“With the launch of the Jinjin marketplace, we are excited to accelerate our market penetration with multiple Chinese national and global brands, in multiple markets,” said Steve Papermaster, Chairman of Appconomy’s Board of Directors. “As we prepare for a next major phase of growth and related financing activity, we are pleased with both the strong interest by current investors to complete our Series A by exercising their rights and the new investors that are participating in the Appconomy opportunity to create value by joining in the round.

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JelliJar – New Online Specialty Food Marketplace in Beta Release

JelliJar is pleased to announce that its online food marketplace is accessible to select food producers and customers. The full site will launch in the first week of January 2013.

Toronto, Ontario (PRWEB) December 20, 2012
JelliJar is pleased to announce that its online food marketplace is accessible to select food producers and customers. The full site will launch in the first week of January 2013.
JelliJar is a marketplace where all types of food products can be discovered and purchased. The marketplace allows small producers that make products in small batches or have dedicated production facilities to be discovered by consumers with discerning tastes.
Small Food Producers, Chefs, Restaurants and Specialty Food Retailers can:

1. List their products, story, recipes, photos, videos, and contact details;

2. List retail locations where their products are sold (Shop Local);

3. Enable ecommerce transactions through PayPal;

4. Have customers subscribe to products;

5. Participate in Tasting Box subscriptions; and

6. Social Media Integration with Facebook, Pinterest, Twitter.
To learn more about JelliJar, please visit: http://www.jellijar.com
About JelliJar:
JelliJar is an online marketplace dedicated to providing food lovers with the ability to discover food that caters to their taste preferences. Its focus is on providing users with the ability to make informed choices when shopping for food for in the following categories: Gourmet and Artisan, Specialty Diets and International Cuisines.
Consumers will be provided with many resources to discover hidden treasures from the following types of producers: Small Food Producers, Independent Restaurants, Chefs and Independent Retailers.

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The sale of the NYSE and the death of stocks

T

o the general public, it's quite a "shocker," says David Weidner at MarketWatch. IntercontinentalExchange (ICE), an upstart derivatives exchange, based in Atlanta, is buying NYSE Euronext, the company that owns the iconic, 220-year-old New York Stock Exchange, in a deal worth more than $8 billion. To long-time market professionals, however, this merger merely confirms something they've known for quite some time. They've been witnessing the slow death of stocks — as the lord of the marketplace — for years, as new regulations and decimalization of trades once done using rounder fractions "effectively squeezed the margins — and the potential for graft — out of the system." Initial public offerings offered healthy profits, but even those have dried up recently, leaving the NYSE and other exchanges "searching the globe for a merger partner," hoping they could buy their way to growth. But the lucrative futures and options exchanges that seemed like natural buyers of the stock exchanges turned up their noses, asking, "Why would we need them?"

There was an exception. The newcomer to the derivatives party, the IntercontinentalExchange (ICE) needed something to vault it into the conversation — even though it not only had profits, but market share and a valuation to rival any exchange in the world.

For all of its lackluster financial cosmetics, the NYSE is still the Big Board. It is the venue where the great corporations of the world are listed. The announced deal will have some opportunities for technology sharing and other efficiencies, but mostly its an $8.2 billion deal for a brand.

As if that weren't already humiliating enough for the Big Board, says Felix Salmon at Reuters, "stock trading is a complete afterthought in this deal" for ICE. "The real reason that ICE wants the company is Liffe, NYSE Euronext's London-based financial derivatives subsidiary." Derivatives exchanges, you see, are few. They compete only with each other, so they make money hand over fist. "There are lots of stock exchanges," so they compete fiercely with each other, "and none of them make much money."

You can almost hear ICE CEO Jeffrey Sprecher rolling his eyes and wondering why on earth he needs to hang on to what at this point is little more than a heavily-guarded tourist attraction... [But] it's actually a good thing that stock trading has become a low-margin, low-value business: that's what's meant to happen when you have lots of competition. Think of it as one of the few areas of the financial-services sector where capitalism works as advertised. 

This deal, once unthinkable, really does underscore "what a dog the stock trading business has become," say Zachary M. Seward and Matt Phillips at Quartz. There's just no denying it. But if all this gloom is driving down the value of stocks in everybody's eyes, maybe equities markets will soon be so undervalued that they'll bounce back.

If we were contrarians, all of this Death of Equities talk — reminiscent of the 1979 Businessweek cover that nearly nailed the bottom of the markets before surges of the 1980s and 1990s — might get us a little more interested in the markets.

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Who Owns America’s Debt?

As the U.S. continues to rack up more than $1 trillion of new debt every year, Americans are beginning to worry about who we owe this money to and how much power our creditors have over us.
According to Barry P. Bosworth, a senior fellow at the Brookings Institution, our two biggest foreign creditors are Japan and China.
Although it may seem as though our debt to these countries renders us a puppet on strings, Bosworth says this fear is overblown. The U.S. market is very important to China's economy, so China would be loathe to do anything that might exacerbate tensions or disrupt trade between the two countries. And the same can be said for Japan. China owns $1.15 trillion of U.S. government debt -- more than any other country -- but U.S. taxpayers actually owe less money to China compared to recent years. China holds 10% of U.S. Treasuries, down from 12% two years ago.
Related: China's Slow Growth 'Marks An End of an Era' But No Hard Landing
And what about all the anti-China rhetoric that we hear about on the campaign trail?
Republican Presidential Nominee Mitt Romney has been promising the country that he will declare China a "currency manipulator" on the first day of his presidency--and then enact tariffs as necessary until he forces China to level the trading playing field. Is that something that Romney is actually likely to do if he gets elected?
No, says Bosworth.
Tough talk with respect to China has become standard rhetoric for any presidential challenger. If and when Romney becomes president, his position will likely mellow.
Bosworth also says that the problem with the U.S.-China trade relationship is not, as is commonly believed, that China doesn't play fair. China has actually addressed lots of its unfair practices over the past decade, Bosworth says, while the U.S. is still pursuing the same old self-destructive habits. Until we stop consuming so much and start producing more, Bosworth says, we're in no position to demand anything.

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Earnings from McDonald's, Microsoft sink stocks

NEW YORK (AP) -- Poor earnings reports from three companies in the Dow Jones industrial average — Microsoft, General Electric and McDonalds — sent indexes down sharply Friday, marking a sour end to an otherwise strong week in the stock market.
McDonald's led a broad drop in the Dow, falling 3 percent. The Dow was down 151 points at 13,397 shortly after noon.
"I'm concerned about corporate earnings, but I'm not alarmed yet," said Doug Cote, chief market strategist at ING Investment Management in New York.
Cote cautions that it's still early in reporting season, but what's worrying is that companies have reported an overall drop in earnings so far. "And once you get one quarter of negative earnings, it's a precursor," he said. "It's the cockroach theory: if you find one, there's probably many more."
The Standard & Poor's 500 sank 17 points to 1,440 and the Nasdaq composite dropped 52 points to 3,020. All 10 industry groups in the S&P 500 fell, led by materials and technology stocks.
McDonald's profit sank as a strong dollar hurt international results, which account for two-thirds of its business. The fast-food giant's stock lost $3.51 to $89.35.
Microsoft's income fell 22 percent as PC sales took a dive and as troubles in Europe took their toll. Its stock lost 67 cents to $28.82.
General Electric, another economic bellwether, fell 3 percent. The company reported stronger profits early Friday but its revenue missed Wall Street's expectations. Orders for new equipment and services sank, mainly because wind turbine orders have fallen because a key U.S. federal subsidy for wind power expires at the end of the year.
GE's stock lost 60 cents to $22.21.
Analysts currently expect companies in the S&P 500 to post their worst earnings results since the third quarter of 2009, according to S&P Capital IQ. Banks and consumer discretionary companies are projected to report the best growth. Analysts expect companies dealing in metals and other materials to report the worst results, followed by energy companies.
But it's technology companies like IBM, Intel and Google whose weak results have grabbed the most attention so far.
Weak earnings from Google and a rise in claims for unemployment benefits helped pull the stock market lower Thursday. That snapped a four-day run of gains for the Dow. Google fell again Friday, giving up $14.14 to $680.86.
The Dow is still up 0.6 percent for the week. The S&P 500 up is up 0.8 percent.
In other Friday trading, the yield on the 10-year Treasury note slipped to 1.77 percent from 1.83 percent late Thursday.
Among other stocks making big moves, Chipotle Mexican Grill plunged 14 percent after the burrito chain forecast that revenue growth would slow sharply next year. The stock had been a favorite among investors thanks to super-fast growth in recent years. The stock fell $41.32 to $244.61.

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McDonald's Canada Reveals How They Make Famous Fries

McDonald's Canada is at it again, demystifying their french fry recipe "from the farm to all the way to the fryer."
In their new behind-the-scenes video, Scott Gibson, manager of the company's supply chain, takes customer questions on their world-famous fries.
Gibson addresses the first question asking whether or not the potatoes used by the fast food restaurant are real. Standing in the middle of the Levesque farm with farmer Angelo Levesque, the two discuss how the potatoes are harvested and sorted at the farm. Then they are then brought to McCain, the company's fries supplier, to be prepped before heading to stores.
SLIDESHOW: Fast Food Ads vs. Reality: How Do They Size Up?
Mario Dupuis, production manager at McCain, describes how they prepare the fries by washing the potatoes to remove the rocks and the dirt and put them through a "peeling system."
Afterwards, they are cut and blanched "to remove the natural sugars from the strips, this will prevent some variation in the color once we cook the product," said McCain.
Next they are washed in a textural solution to give it the "nice even coat we see in the restaurants," said McCain, adding they also use an ingredient on the strips to prevent the fries from greying or oxidizing. Afterwards, they are then dried and fried for 45 to 60 seconds. Finally, they are frozen, packaged and shipped to stores.
Once in stores, the fries are deep-fried in 100 percent vegetable oil. They are salted with about 1 tablespoon of salt per four orders of medium fries. For those concerned about salt intake, Gibson suggests that customers can order their fries without the salt.

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