UPDATE 1-NBA-Warriors beat Hornets at home to stay hot

Top pick Davis gets 15 points, 16 rebounds
* Warriors off to best start since 1991-92
Dec 18 (Reuters) - The Golden State Warriors staved off a late fourth-quarter challenge to beat New Orleans Hornets 103-96 for a successful home return on Tuesday.
David Lee had 26 points and nine rebounds while Klay Thompson added 19 points as the Warriors triumphed in their first game at Oracle Arena since a recent seven-game road trip that saw them finish 6-1.
Despite the Golden State controlling the Hornets for most of the night, New Orleans made a furious run in the fourth to tie the game 92-92 with about four minutes remaining.
Jarrett Jack responded with six free throws during a game-deciding 9-2 stretch to help Golden State (17-8) continue their sparkling start to the season.
"We had a lot of confidence tonight, a lot more confidence than in the past," Lee told reporters after The Warriors were off to their best start since the 1991-1992 season when they started 21-8.
"It's no fun when a team's catching up on you like that, but I think we had confidence we could make plays down the stretch."
One of the younger teams in the league, few expected the Warriors to open the campaign this successfully and they are now just 1 1/2 games behind the Pacific Division lead.
The Hornets (5-19) have lost eight straight, despite getting 28 points off the bench from Ryan Anderson in their latest defeat.
Also a youthful group, New Orleans have endured a tough start and have now dropped 18 of their last 20 games.
Number one overall draft pick Anthony Davis recorded 15 points and 16 rebounds in his fifth game back since missing extensive time with a ankle injury. Greivis Vasquez added 20 and 11 assists.
Golden State grabbed a 10-point lead after the first quarter and were up 90-78 midway through the fourth before the visitors fought back by outscoring the Warriors 14-2 over a three-minute stint.

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Obama Wins 2012 Election: Why Your Taxes Are Going Up

When President Obama and the new Congress begin to tackle important legislation and federal policy in January, one of the key issues will be how to reform America's byzantine tax code. Obama campaigned on a platform to raise taxes on the wealthiest Americans, declaring that millionaires and billionaires need to "pay their fair share." The president proposed the highly controversial "Buffett Rule," which would make sure those individuals earning more than $1 million a year would pay at least 30% of their income in federal taxes. Related: Do the Rich Have a Moral Obligation to Pay Higher Taxes? Gov. Jerry Brown Says 'Yes' The top individual tax rate is currently 35% but few U.S. households and individuals actually pay that much; various tax deductions and loopholes reduce one's tax burden. According to the Obama campaign, the richest 400 taxpayers in 2008 (who each made more than $110 million that year) paid an average income tax rate of just 18%. In 2009 over 20,000 U.S. households with more than $1 million in income paid a federal tax rate of less than 15%. Obama has vowed to raise the top income tax rate for individuals to 39.6% and let the Bush-era tax breaks end for the highest income earners. The majority of Americans — those who are lower to middle class — could also see a 2% tax increase if Congress allows the temporary payroll tax holiday to expire at the end of the year. Related: Here's Why Your Taxes Are Going Up 2% Next Year: Just Explain It Nearly half of voters support raising taxes on incomes over $250,000, according to Tuesday night's exit polls. Len Burman, a professor of public affairs at Syracuse University and a co-founder of the bipartisan Tax Policy Center, believes higher tax rates play just a small role in resolving the nation's budget woes. "In the long term [Obama] is going to need to raise taxes on more than just the rich," Burman says in an interview with The Daily Ticker. "The budget problem isn't going to be solved without broader-based tax increases, preferably done in the context of tax reform and also serious entitlement reform. We're not going to be able to solve this on the tax side alone." Burman, who recently co-wrote the new book "Taxes in America: What Everyone Needs to Know," says tax rates do not need to be raised for any income group if Congress and the White House would agree on one simple change: raising the capital gains rate, i.e. the profits from the sale of an investment. Assets, such as stocks, art or real estate, that are held for at least a year are currently taxed at a special 15% rate; Obama wants to raise that to 20%. "The problem with a low tax rate on capital gains is not that it allows Mitt Romney and Warren Buffett to pay very low taxes but that it creates this huge opportunity for tax sheltering," he notes. "There's a whole industry that's devoted to coming up with these schemes. [Raising capital gains rates] could make the tax system more progressive and allow for lower tax rates" and a reduction in the deficit Burman says. Obama's tax proposal also targets the Alternative Minimum Tax, the Estate Tax and as well as many personal tax credits and itemized deductions. Obama would make permanent the 2007 AMT patch and index it for inflation. He would raise the estate tax to 45% from 35% on estates worth more than $3.5 million. He would lower the corporate tax rate to 28% from 35% and provide a refundable $3,000 credit per added employee for companies that expand their workforce. He would tax carried interest as ordinary income. Related: Corporate Tax Loopholes=Corporate Socialism: Pulitzer Prize Winner David Cay Johnston A divided Congress refused to compromise with Obama during his first term and could very well dismiss the president's tax reforms for the next four years. Republicans are loathe to raise taxes by even a penny and Obama has said he would veto any budget bills that did not include tax increases. Neither party wants to raise taxes in a weak economy. But the options available for reducing the deficit and generating new revenue are few and far between.

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Has Obama Been Good for Millionaires?

The question of whether Americans are better off than they were four years ago depends, of course, on the American. For the 12 million unemployed, the answer is most certainly no. But for many of America's millionaires, the answer may be more affirmative. A new study from WealthInsight, the London-based wealth-research and data firm (and yes, they are non-partisan), showed that the United States added 1.1 million millionaires between Jan. 1, 2009 and the end of 2011, the latest period measured. There were 5.1 million millionaires in America at the end of 2011, compared with around 4 million at the end of 2008. That works out to more than 1,000 millionaires a day under the Obama administration. (They defined millionaires as people with total net worth of $1 million or more, excluding primary residence). (Read more: Rich Will Spend More Under Romney: Poll) "It's true that Obama has been good for millionaires, at least in absolute terms," said Andrew Amoils, analyst at WealthInsight. "He certainly hasn't been bad for millionaires." Amoils said that quantitative easing and financial bailouts especially helped the finance sector, which accounts for the largest share of millionaires. It also helped that markets recovered in 2009. The timeframe is worth noting. Measured against the 2007 peak, when 5.27 million Americans had a net worth of at least $1 million, the nation lost 165,360 millionaires. Their combined wealth is down six percent, to $18.8 trillion from a peak of more than $20 trillion in 2007. We don't know how 2012 will turn out, though if stock markets continue to strengthen, the millionaire count for 2012 is likely to increase. Wealth Insight says the number of millionaires in America will grow to more than six million by 2016, and their combined fortunes will jump 25 percent over the same period. (Read more: Millionaires Give Nine Percent of Income to Charity) Where did all the millionaires come from between 2008 and 2011? Mainly from retail, tech and finance -- and in both blue and red states. Of the sectors adding the largest number of people worth $30 million or more, the retail, fashion, and luxury goods sector ranked first. That was followed by energy and utilities, then tech, telecoms and finance. Transportation and construction saw the biggest drops. The number of people worth $30 million or more grew 26 percent in Connecticut since 2008, 20 percent in Kansas, 12 percent in Michigan, showing that the wealth creation was nationwide.

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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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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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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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Soccer-Corinthians 1 Al-Ahly 0 - Club World Cup result

TOYOTA, Japan, Dec 12 (Reuters) - Corinthians (Brazil) 1 Al-Ahly (Egypt) 0 - result of Wednesday's first semi-final at the FIFA Club World Cup at Toyota Stadium. Goal: Paolo Guerrero 30 Halftime: 1-0

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Chelsea are tighter under Benitez, says Cahill

YOKOHAMA, Japan (Reuters) - Chelsea have become more compact defensively under interim manager Rafael Benitez as they prepare for the soccer Club World Cup in Japan, defender Gary Cahill said on Wednesday. The English Premier League side, who face Mexico's Monterrey in their semi-final in Yokohama on Thursday, took four games to register their first win under the Spaniard. However, nine goals in their last two matches have given Chelsea a boost for a tournament they are under pressure to win after an embarrassing group-stage exit from the Champions League. "Since (Benitez) came we have tightened up as a unit defensively and as a team," Cahill told reporters. "That's given us a platform to build on. It was hard at first to get his points across because we were playing games almost every other day. "Now the players are adapting, they know what's expected of them and it's working well at the minute." Cahill said the Chelsea players had realised the significance of the Club World Cup since flying out to Japan following Saturday's 3-1 win at Sunderland. "Since coming here it's sunk in now how big it is," the centre-back said. "It's hard to get into the competition in the first place. "We've come all this way and want to win it. Our Brazilian players have said it's absolutely huge for them and we saw the send-off (Corinthians) got at the airport." Some 15,000 Corinthians fans saw off their team in Sao Paulo, waving banners and letting off fire extinguishers in the airport lobby. DREAM CHANCE Chelsea have Brazilians David Luiz, Ramires and Oscar among their ranks and Benitez echoed Cahill's sentiments about how much the Club World Cup meant to them. "They said it was a dream for them to play in the tournament," said Benitez, who won the trophy with Inter Milan in 2010 and was a runner-up with Liverpool in 2005. "I intend to win the tournament," said Benitez, who replaced the sacked Roberto Di Matteo last month. "I will use the best team possible - you can't leave it for the final. You have to win your semi-final." While club captain John Terry remained in London for treatment on a knee injury, Frank Lampard is likely to play a part after overcoming a nagging calf problem. "Frank Lampard will be available," confirmed Benitez, who knows any slip-ups in Japan could prompt trigger-happy Chelsea owner Roman Abramovich to hire a new coach. "My main focus is to get the players to sleep for more than four hours. "My experience with this tournament is to look at the condition of the players in training. Some are fresher than others. We have plenty of options." With Fernando Torres rediscovering his touch after an alarming drought and scoring four goals in the last two games, Benitez even cracked a joke about Abramovich. Asked if he had received any message from the Russian tycoon, Benitez said: "Not at the moment. But I'm not planning on playing Abramovich at centre-forward; I prefer Torres."

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Wenger not embarrassed by cup defeat to lowly Bradford

LONDON (Reuters) - Arsenal's quarter-final League Cup exit at the hands of minnows Bradford City left manager Arsene Wenger questioning the power of his strike force but the Frenchman refused to label the defeat as an embarrassment. Despite playing almost an hour with five attackers, Arsenal failed to break down the League Two club who went on to claim Tuesday's match 3-2 on penalties after a stubborn defensive display. Wenger started German international striker Lukas Podolski alongside Gervinho and finished the match with attack-minded players Alex Oxlade-Chamberlain, Marouane Chamakh and Tomas Rosicky on the pitch, but it was left to captain and centre back Thomas Vermaelen to send the match into extra time when he equalised in the 88th minute. Gervinho squandered a glorious chance in front of goal and Francis Coquelin hit the woodwork in the 38th minute. The end-of-match statistics showed Arsenal had registered 28 shots with 12 on target compared to Bradford's five shots with three on target. "We played with a very offensive team. What is disappointing is (we played) basically over an hour with five strikers and couldn't score," Wenger told club website www.arsenal.com. "We created a lot of different situations. You have to say they defended very well. It's difficult to play this kind of game. "I know people will say: 'it's League Two', but a cup game is a cup game. In football you always have a chance if you give everything." Asked whether he was embarrassed by the defeat, Wenger said: "You feel embarrassed when you don't give everything. I feel the team did fight and will be more disappointed and frustrated. "I cannot fault the effort. We have put the effort in (and) have given absolutely everything until the last minute. It was a typical English cup game and Bradford got on top of us in the end. We missed three penalties - that's a lot to take." Arsenal have not won a major trophy since the FA Cup in 2005 and the latest setback in a disappointing season could trigger another departure at the club with Britain's Telegraph newspaper reporting on Wednesday that Manchester United have their eye on Theo Walcott. Walcott, who did not play against Bradford, has yet to commit to Arsenal after contract talks broke down in August and the 23-year-old becomes a free agent at the end of the season when his current deal expires. Striker Robin Van Persie went to Old Trafford at the start of the season. Arsenal have felt his loss with the Dutchman so far netting 11 goals in the Premier League for his new team. Former Arsenal player Thierry Henry has been linked with another loan return to the Emirates but Wenger said before the match with Bradford that there was no news about his compatriot.

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Soccer-Scottish Cup 4th round fixtures

Dec 12 (Infostrada Sports) - Fixtures from the Scottish Cup 4th Round matches on Wednesday 4th Round Wednesday, December 12 (GMT) Dumbarton(II) v Hamilton Academical(II) (1930) Postponed 4th Round, replay Wednesday, December 12 (GMT) Arbroath(III) v Celtic (1945) 4th Round Wednesday, December 12 (GMT) Cowdenbeath(II) v St. Johnstone (1945) Postponed 4th Round, second leg Monday, December 17 (GMT) Greenock Morton(II) v Turriff United (1930)

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