Heart joins select class with Rock Hall induction

The journey to the Rock and Roll Hall of Fame can be a long and winding road for some acts. For Heart, it took more than a decade, and sisters Ann and Nancy Wilson admitted they were losing hope. "(The) running joke in the band was (we) would never get in," Ann said. But all that changed when the group made the class of 2013, announced this month. "Well, it just goes to show you that just when you think you know the shape of rock 'n' roll, it changes shape on you," Ann said. "This is really more than thrilling." Her younger sister, Nancy, was glad the speculation over whether they'd make it was finally put to rest. "We feel like we deserve it, so we're happy to be here," Nancy said. Since their seminal 1976 release "Dreamboat Annie" that spawned the classic hits "Magic Man," and "Crazy on You," the band went on the sell more than 30 million albums worldwide. They took time off in the 1990s so Nancy, then married to director Cameron Crowe, could raise her family, but have been performing and touring for the last several years. This year, they released their 14th studio album, "Heart Fanatic," and also released the book "Kicking and Dreaming: A Story of Heart, Soul, and Rock & Roll." Their most recent tour resumes on Jan. 25 in Worcester, Mass. With their induction, they are part of only a few rock bands in the hall fronted by women (others include Jefferson Airplane with lead singer Grace Slick. Stevie Nicks and Christine McVie with Fleetwood Mac, and Chrissie Hynde with the Pretenders). Neither sister feels she was an inspiration to other women that eventually played in rock 'n' roll bands. "Boys invented rock to get girls, so when girls came into it they had to make a new universe," Ann joked, before adding: "I'm just looking forward to the time when we don't have to have a gender designation on music. To me, that will really be the time when we've done something." The 28th Annual Rock and Roll Hall of Fame Induction ceremony will be held in Los Angeles on April 18. Other acts who will be part of the 2013 class are Rush, Donna Summer, Randy Newman, Public Enemy and Albert King. They're proud to be among the more senior rock acts still touring today (Ann is 62; Nancy is 58). "Rock 'n' roll does not have an age limit as long as it's authentic. Rock and roll is just as beautiful as when Keith Richards plays it as jazz would be when Thelonious Monk would play it," said Ann. "But the key to all that is that it has to be the real deal. It can't be some old washed up dudes thinking ... 'Let's go out and do it some more.' No. It has to still be vital."

Read More..

Study: Solo stars at higher death risk than bands

Rock 'n' roll will never die — but it's a hazardous occupation. An academic study published Thursday confirms that rock and pop musicians are more likely to die prematurely than the general population, and finds that solo artists are twice as likely to die young as members of bands. Researchers from Liverpool John Moores University and Britain's Health Department studied 1,489 rock, pop, punk, R&B, rap, electronica and New Age stars who became famous between 1956 and 2006 — from Elvis Presley to the Arctic Monkeys. They found that 137 of the stars, or 9.2 percent, had died, representing "higher levels of mortality than demographically matched individuals in the general population." The researchers dismissed the "fanciful but unsubstantiated" popular myth that rock stars tend to die at 27 — as Jim Morrison, Jimi Hendrix, Janis Joplin, Kurt Cobain and Amy Winehouse all did. The average age of death was 45.2 years for North American stars and 39.6 for European ones. Solo performers had twice the death risk of members of bands. Lead researcher Mark Bellis speculated that could be because bands provide peer support at stressful times. "Solo artists, even though they have huge followings, may be relatively isolated," said Bellis, director of the Center for Public Health at Liverpool John Moores University. Music critic John Aizlewood agreed that solo artists receive more attention and adulation — and also more pressure. "And when you are a solo act, irrespective of what they say in interviews, it's an incredibly egotistical thing," he said. "So you tend to be dealing with people who are more emotionally extreme. "They have an ego in the way a drummer or even a lead guitarist in a band doesn't." In good news for aging rockers, the study found that, after 25 years of fame, stars' death rates began to return to normal — at least in Europe. A European star still living 36 years after achieving fame faces a similar mortality rate to the European public. But U.S. artists continue to die in greater numbers. Bellis said factors contributing to the difference could include longer careers — and thus longer exposure to rock 'n' roll excess — in the U.S., a huge, populous country with greater opportunities for aging stars to stay on the road. Europe's stronger social safety net and socialized medicine may also play a role, he said. The research, which updates a 2007 study by the same team, was published in the online journal BMJ Open. The study suggests the infamous rock 'n' roll lifestyle may not be entirely to blame for rock stars' death risk. The researchers looked for the first time at the role of "adverse childhood experiences" — such as physical or sexual abuse — on stars' later behavior. They found that performers who had had at least one adverse childhood experience were more likely to die from drug and alcohol use or "risk-related causes." "Substance abuse and risk-taking in stars are largely discussed in terms of hedonism, music industry culture, responses to the pressures of fame or even part of the creative process," the researchers said. However, they said, "adverse experiences in early life may leave some predisposed to health-damaging behaviors, with fame and extreme wealth providing greater opportunities to engage in risk-taking." But Ellis Cashmore, a cultural studies professor at Staffordshire University and author of the book "Celebrity/Culture," said it would be wrong to overlook "artistic frustration" as a factor in artistic self-destruction. He said troubled artists from Vincent Van Gogh and Ernest Hemingway to the Beach Boys' Brian Wilson all illustrate "the torment that creativity brings with it." "Perhaps it is the continual striving for some sort of unattainable artistic perfection that drives them," he said.

Read More..

Ugandan shilling steady, seen weaker after Christmas holiday

KAMPALA (Reuters) - The Ugandan shilling was unchanged against the dollar on Friday but traders said they expected it to weaken once more active trading resumed next year. At 1238 GMT commercial banks in Kampala quoted the currency of east Africa's third-largest economy at 2,645/2,655, unchanged from Thursday's close. "The market is pretty flat because (dollar) demand is not there but going into 2013 we anticipate some small depreciation for the shilling," said Shahzad Kamaluddin, trader at Crane Bank. "Considering the negative factors like a growing current account deficit, aid cuts and the central bank's loose policy stance I reckon the shilling will weaken when business resumes." The shilling has lost 6.4 percent against the dollar this year but it has been strengthening since late November, lifted by decreased demand for the hard currency ahead of the year-end festivities. Traders say the central bank's cuts to its key lending rate will keep yields on Ugandan government securities low and possibly erode the interest of offshore investors - whose dollar flows partly support the shilling's exchange rate. At the last auction on November 29, the yield on the benchmark 91-day Treasury bill was unchanged from the previous auction at 9.8 percent. Bank of Uganda is due to sell 110 billion shillings' worth of Treasury bills of all maturities on December 27. The bank cut its key lending rate by 50 basis points to 12 percent this month, extending its policy easing cycle aimed at resuscitating economic growth. "Because of low demand, market sentiment favours limited shilling appreciation for the remaining trading sessions of this year beyond which it (shilling) will come under pressure," said a trader at a leading commercial bank. The central bank says Uganda's projected growth rate of about 4.3 percent for the 2012/13 (July-June) fiscal year is below the country's potential growth rate of around 7 percent.

Read More..

Instant View: November personal income, durable goods up

NEW YORK (Reuters) - Consumer spending rose in November by the most in three years as incomes climbed, suggesting fourth-quarter economic growth might be stronger than currently expected. The Commerce Department said on Friday inflation-adjusted consumer spending rose 0.6 percent, and after-tax income climbed 0.8 percent when adjusting for inflation. A gauge of planned U.S. business spending rose much more than expected in November, a hint that worries over tighter fiscal policy may not be holding back the factory sector as much as feared. The Commerce Department said on Friday that non-defense capital goods orders excluding aircraft, a closely watched proxy for investment plans, jumped 2.7 percent last month, the second straight month of solid gains. Economists had expected so-called core capital goods orders to rise just 0.3 percent. The reading for October was upwardly revised to a 3.2 percent gain from a previously reported 2.9 percent increase. COMMENTS DAVID ADER, SENIOR GOVERNMENT BOND STRATEGIST, CRT CAPITAL GROUP, STAMFORD, CONNECTICUT: "These are generally very good figures for the economy and stock market as the gains we see here are real and inflation clearly less of a threat." TIM GHRISKEY, CHIEF INVESTMENT OFFICER OF SOLARIS GROUP IN BEDFORD HILLS, NEW YORK "Durable goods orders (was) a strong number for the second month in a row. That flies in the face of the weakness we have seen in the manufacturing sector." "This definitely shows economic strength above expectations. It's not a roaring recovery by any means, we all know that, but this really shows some momentum here." TOM DI GALOMA, MANAGING DIRECTOR, NAVIGATE ADVISORS LLC, STAMFORD, CONNECTICUT "This morning's economic data is better across the board however the overwhelming factor remains the fiscal cliff which keeping Treasuries well bid." OMER ESINER, CHIEF MARKET ANALYST, COMMONWEALTH FOREIGN EXCHANGE, WASHINGTON D.C. "The numbers look good across the board and while durable goods is notoriously a volatile indicator the sharp upside surprises top November figures as well as upward revisions suggest that capital spending was on stronger footing than previously expected. "Overall these were strong figures, but they will likely not impact trading as all eyes are on Washington D.C. and fiscal cliff discussion." GARY THAYER, CHIEF MACRO STRATEGIST, WELLS FARGO ADVISORS, ST. LOUIS, MISSOURI "The data were better than expected. It shows the economy is holding in here at the end of the year despite the concerns about the fiscal cliff. "The durable goods orders figures show businesses are holding back on new spending, but not cutting spending. It looks like the economy still has some underlying strength that may help us get through the uncertainty of the fiscal cliff. "The personal spending data was decent. It suggests that consumers, though they are still dealing with relatively high unemployment, are spending cautiously and that continues a trend we've seen much of this past year. We probably need to see better employment numbers to see stronger spending numbers." WAYNE KAUFMAN, CHIEF MARKET ANALYST AT JOHN THOMAS FINANCIAL IN NEW YORK "Data looks good. Personal income has been one of the things we were worried about, so this looks really good. Durable goods were also better than expected. These are signs of an improving economy." FOREX: The dollar trimmed losses versus yen, the euro cut losses versus dollar GRAPHICS Consumer spending rose by 0.6 percent in November - the largest jump in three years - suggesting fourth-quarter economic growth might be stronger than expected. http://link.reuters.com/hed44t U.S. durable goods: New orders for durable goods rose by 0.7 percent in November. Excluding transportation and defense, new orders increased by 1.8 percent. http://link.reuters.com/xyk34t

Read More..

US durable goods orders up 0.7 percent

WASHINGTON (AP) — U.S. companies boosted their orders in November for long-lasting manufactured goods that reflect investment plans. It was the second straight such increase, an encouraging sign for the economy. The Commerce Department said Friday that overall orders for durable goods rose a seasonally adjusted 0.7 percent in November over October. But a more closely watched category of orders that tracks business investment surged 2.7 percent. That followed an upwardly revised 3.2 percent jump in October, the biggest in 10 months. Those back-to-back increases followed a period of weakness in so-called core capital goods that had raised concerns about business investment, a driving force in the economic rebound. The overall increases in orders for durable goods were widespread in November. Only demand for commercial aircraft showed a big decline. The surge in orders in the business investment category defied concerns that businesses might be reducing investment because of uncertainty about how the debate over the "fiscal cliff" will be resolved. The fiscal cliff refers to the set of automatic tax increases and spending cuts that will take effect in January if Congress and the Obama administration don't reach a budget deal first. In addition, Europe's debt crisis and slower growth overseas have cut into U.S. exports and corporate profits and raised further concern. Total orders for transportation equipment dropped 1.1 percent. The decline reflected a 13.9 percent fall in commercial aircraft orders, which offset a 3.5 percent gain in orders for motor vehicles and parts. Excluding transportation, orders for nondurable goods, items expected to last at least three years, rose to $220.9 billion. For the year, they're up 7.3 percent. Orders rose 3.3 percent for machinery rose, 2.4 percent for primary metals such as steel and 3.1 percent for computers. A separate survey by the Institute for Supply Management showed that U.S. manufacturing shrank in November to its weakest level since July 2009. The institute's manufacturing index dropped to 49.5, down from 51.7 in October. Readings above 50 signal growth in manufacturing; readings below 50 indicate contraction. The government said Thursday that the overall economy grew at an annual rate of 3.1 percent in the July-September quarter. The increase occurred even though business spending on equipment and software fell at an annual rate of 2.6 percent, the first such decline since the spring of 2009, when the economy was in recession. Many economists are concerned that further cutbacks in business investment and cautious consumer spending could help dampen growth in the current quarter to an annual rate of around 1.5 percent. But most think the economy will gradually pick up in 2013 if Congress and the administration can achieve a budget deal that removes uncertainty over changes in taxes and government spending.

Read More..

Boehner says Congress, Obama must keep working on fiscal deal

WASHINGTON (Reuters) - House of Representatives Speaker John Boehner said on Friday that congressional leaders and President Barack Obama must try to move on from House Republicans' failed tax plan and work together to resolve the looming U.S. "fiscal cliff." Boehner said he was not concerned that Thursday's withdrawn vote threatened his position as speaker, but did not outline a clear path forward. Boehner said a divided Washington must come together to revamp the massive U.S. tax code in a way that helps spur economic growth. "How we get there, God only knows."

Read More..

Canada economy ekes out 0.1 percent growth in October

OTTAWA (Reuters) - The Canadian economy grew by just 0.1 percent in October from September, indicating a very slow start to the fourth quarter amid foreign and domestic economic woes, Statistics Canada data indicated on Friday. The figure matched analysts' expectations. The Bank of Canada says fourth quarter growth will be 2.5 percent annualized but the October data confirm market suspicions the real figure will be much less impressive. Overall, output rose in 12 of 18 sectors. Service industries grew by 0.1 percent on strength in wholesale and retail trade while goods production was unchanged. Mining and oil and gas extraction advanced by 0.3 percent while support activities for the mining industry grew by 1.3 percent, reflecting higher drilling and rigging services. Canada is the single biggest exporter of energy to the United States. Manufacturing output fell by 0.4 percent. Canadian firms are struggling to cope with weak markets in the United States and Europe as well as the challenges posed by a strong dollar.

Read More..