Yesterday, we heard about the hyper-loop, a system that could get you from L.A. to San Francisco in about 30 minutes without losing your eyeballs.

Steve Julian: Business analyst Mark Lacter, that might come in handy given how crowded California's air corridor has become...

Mark Lacter: We'll talk about the hyper-loop in a moment, Steve, but yes, the L.A.-to-San Francisco air route is the busiest in the U.S., and it's already the most competitive.  We're talking about more than 50 flights a day, which - if you spread them out between six in the morning and 10:30 at night - there'd be one flight every 20 minutes.  But, Delta obviously thinks there's room for more because it's announced an hourly shuttle between the two cities.  That's another 14 daily flights beginning September 3.  The airline will be using a somewhat smaller jet, and it sounds as if the focus will be on the business traveler, with free newspapers, wine, and beer.

Julian: How much will it cost, do we know?

Lacter: As usual, it's a lot cheaper if you make an advance purchase, but if you're buying your tickets at the last minute - which is what a lot of business travelers do - roundtrip runs a hefty $430.  Actually, this Bay Area shuttle is just the latest effort by Delta to expand out of LAX, which is different from other major airports in that it doesn't have any one airline that dominates (United has a slight edge in market share over American, with Delta about three percentage points behind).  American also has been adding flights out of LAX.

Julian: Sounds like the airline business is improving...

Lacter: That's what happens when you pack planes to the absolute max, which is bad news for travelers being crammed into coach seats.  But it's good news for LAX, which continues to be the airport of choice among airlines looking to add service - matter of fact, domestic passenger traffic was up almost 8 percent in June compared with a year earlier.  Some of those gains might be at the expense of service elsewhere - most especially Ontario Airport, which has seen a big exodus among airlines and passengers.  Ontario city officials have been trying to regain control of the airport, which has been operated by the city of Los Angeles.

Julian: Back to the hyper-loop - is this kind of transport possible?

Lacter: Well, it's the brainchild of billionaire Elon Musk, and you never say never with this guy.  He started the electric car company Tesla and the private space company Space X.  The hyper-loop is a high-speed system of passenger pods that would travel on a cushion of air (think of air hockey table).  The pods would travel at more than 700 miles per hour, but they wouldn't result in sonic booms that severely restricted the Concorde aircraft.  Of course, anything that promises super-speed travel is bound to get people talking - and, from what the physics professors are saying, the Musk idea seems feasible.

Julian: How would its cost compare to the bullet train?

Lacter: He says a lot cheaper.  The price tag on the train is $70 billion at last check; Musk says he can do his for $6 billion.  But, the issue isn't so much the cost or even the technology, but the politics.  As a rule, governments do not think outside the box, and that's what a project like this is all about.  Already, you have bullet train supporters saying that the hyper-loop is impossible, but what they're really saying is we have a lot riding on the train, and we don't want this guy to mess it up.

Julian: But, how much demand is there for high-speed transport?

Lacter: You'd think there would be a lot, but when Boeing came up with a nifty idea for a souped-up plane that would shave almost an hour from L.A. to New York, the airlines said no because it would require more fuel - and that would mean raising fares.  Musk says his system would be a lot cheaper than traveling by plane, which could be a game changer in the attitudes about going places.  But, those attitudes won't change until the thing is actually built, and that can't realistically happen until attitudes change.  That's the ultimate problem.

Julian: Hence, why we're content to squeeze into coach.

Lacter: Yep.

Mark Lacter is a contributing writer for Los Angeles Magazine and writes the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Businesses are cutting back on hours to avoid having to provide health care coverage under the new Affordable Care Act.

Steve Julian: Business analyst Mark Lacter, who's affected here?

Mark Lacter: Thirty hours a week is the magic number for workers to be considered full time under the new law.  If a business has 50 or more full-time employees, health care coverage has to be provided.  Except that a lot business owners say that the additional cost is going to be a financial killer, so instead, some of them have been cutting back hours to below that 30-hour threshold.  More than 200,000 Californians are at risk of losing hours from the health care law - that according to one study.

Julian: What kinds of businesses are doing this?

Lacter: Restaurant chains have received much of the attention, but the city of Long Beach, as an example, is going to reduce hours for a couple of hundred of its workers.  And, last week came word that the L.A.-based clothing chain Forever 21 will cut some of its full-time employees to a maximum 29-and-a-half hours a week, and classify them as part time.  That touched off an outcry on the Internet - people were saying that Forever 21 was being unfair and greedy - though the company says that only a small number of employees are affected, and that its decision has nothing to do with the Affordable Care Act.  There's really no way to know - Forever 21 is a private company, which means it's not obligated to disclose a whole lot.  What we do know is that those people will be losing their health care coverage.

Julian: And, the ultimate impact on businesses and workers?

Lacter: Steve, you're looking at several years before the picture becomes clear.  Here in California, workers not eligible for health care through their employer can get their own individual coverage, and if their income levels are not over a certain amount, they'd be eligible for Medicaid.  And, let's not forget many businesses already provide coverage for their employees.  So, lots of rhetoric - but, not many conclusions to draw from, which does make you wonder why so many business owners are unwilling to at least give this thing a chance.  Just doesn't seem to be much generosity of spirit for their workers, not to mention any recognition that if people can go to a doctor instead of an emergency room we'd probably all be better off.

Julian: Health care is far from the only controversy for Forever 21, true?

Lacter: In some ways, it's one of the biggest Southern California success stories.  Don Chang emigrated here in 1981 from Korea at the age of 18, opened his first store in Highland Park three years later (it was called Fashion 21), and he never looked back.  Today, revenues are approaching $4 billion.  But, the guy must have some pretty hefty legal bills because his company has been accused of all kinds of workplace violations.  The lawsuits alleged that workers preparing items for the Forever 21 stores didn't receive overtime, that they didn't get required work breaks, that they received substandard wages, and that they worked in dirty and unsafe conditions - sweatshop conditions, essentially.

Julian: Are most of their claims settled out of court?  You don't hear much about them.

Lacter: They are, which means there's usually a minimal amount of media coverage.  If a privately held company decides to keep quiet by not releasing financial results or other operational information, there's not likely to be much of a story - unlike what happens with a company like Apple, which is always under scrutiny.  Sometimes, plaintiffs will try to organize class-action suits, but that's extremely tough when you're dealing with low-wage workers who are often very reluctant to get involved because of their legal status.  And, let's not forget that Forever 21 - like any low-cost retailer - is simply catering to the demand for cheap, stylish clothes that are made as quickly as possible.

Julian: I guess you can't make that happen when wages and benefits are appreciably higher than your competition.

Lacter: The next time you walk into a Forever 21 store and wonder how prices can be so reasonable, that's how.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

When you look at fast growing private companies in the U.S., you need look no further than a small city next to Los Angeles International Airport.

Steve Julian: Business analyst Mark Lacter, tell us about the company that's based in El Segundo.

Mark Lacter: It's called Fuhu, Steve - that might ring a bell with some parents because Fuhu is the maker of the Nabi.  The Nabi is an Android tablet for kids, and it's a very cool device that mimics a lot of the capabilities of regular tablet, including the ability to play games and get onto the Web (with controls that parents are able to set up).  Last year, they sold 1.2 million Nabis, and that helped push the El Segundo company to the very top of Inc. magazine's list of fastest-growing businesses.  That's number one on a list of 5,000 companies, with a three-year growth rate of 42,148 percent.  Or, to put it another way, company revenue was $279,000 in 2009; it was almost $118 million in 2012.  Now, by the standards of an Apple or a Samsung, those are still not huge numbers -

Julian: - and maybe that explains why there's been relatively little media coverage of this company.

Lacter: It might also explain why local tech companies in general get short shrift.  Many of them are quite successful, but they're often on the small side, and they're also privately held as opposed to publicly-traded on a stock exchange.  That's one big difference from Silicon Valley, which has so many huge public corporations: Apple, Intel, HP.  L.A. County has only six Fortune 500 companies, and not a single one devoted solely to technology.  In Silicon Valley, there are 22 in the Fortune 500.

Julian: And yet, the L.A. economy has more than held its own without those large corporations.

Lacter: Matter of fact, the accounting firm PriceWaterhouse studied more than two dozen cities around the world to determine where it was easiest to do business (that's based on factors like access to labor), and what they found - somewhat surprisingly - was that L.A. ranked ahead of both San Francisco and Tokyo.  And, you can see evidence of that with the increase in venture capital money coming into all parts of L.A.  Now, it's important to keep an eye on all these up-and-coming companies because these businesses are helping generate higher-wage jobs.  And, for an area with a still-high unemployment rate - still over 10 percent in some places -- that's a big deal.

Julian: Speaking of companies, does anyone want to buy the L.A. Times?

Lacter: The answer is yes - most recently, the controlling owner of the Dodgers, Mark Walter, said he was interested in both the Times and the Chicago Tribune (though there's no way to know whether there are actual discussions taking place).  You also have several local groups, including one that involves billionaire Eli Broad, that have been interested to one degree or another.  But what was thought would be a fairly straightforward auction process has turned enormously complicated.  It's now to the point where the Tribune board has decided spin off the papers into a separate business, and that process will take until next year to complete and could preclude any sales for quite some time after that.

Julian: So, it's Limbo-land for the Times for who knows how long.

Lacter: Steve, it's not that Tribune really wants to keep the newspapers.  But, selling them off presents huge tax implications.  Also, there are assets that the potential buyers thought would be part of the package - assets that include real estate - that Tribune wants to hold onto.  So, what's left to sell are just the newspapers themselves, and frankly, they're among the least valuable properties.

Julian: Now, last week came word that the billionaire Koch brothers, who were believed to be interested in the Tribune properties, decided not to pursue a deal...

Lacter: ...that's right, they don't consider the Times or the other dailies to be economically viable.  You might recall a bit of an outcry over the prospect of having the Kochs, who are staunch conservatives, becoming the owners of these papers.  So, they're out of the picture.  But for the L.A. Times, it's really the worst of all worlds: no new owner and no vision for recasting the paper, at least in the near term.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Now that we have a deal between Time Warner Cable and CBS, we can turn our Hollywood focus back on the movie industry.

Steve Julian: Business analyst Mark Lacter, would you agree it's been an up and down summer at the box office?

Mark Lacter: It's been a flaky summer for Hollywood, Steve.  On the plus side, ticket revenue was up more than 10 percent, and attendance increased around six-and-a-half percent compared with last year (this covers the first week of May through Labor Day weekend).  The problem is that the studios and their investors spent huge amounts of money to make a lot of these movies, and they had to compete in a very crowded market - 23 big-budget films came out this summer, which is way higher than normal, and some of them never had a chance.

Julian: Some examples?

Lacter: Probably the biggest clunker was "The Lone Ranger," which could end up losing close to $200 million for Disney.  Another big disappointment was "White House Down," which was distributed by Sony and brought in only $140 million, which for a big-budget action film is really bad.  Even a film like "Pacific Rim," which did well at the box office, might still end up in the red because the production and marketing costs were so high.

Julian: And summer, of course, is the time when studios want to bring out these monster releases -

Lacter: - right, what they call "tent poles" - and in that category, the biggest winner was Disney's "Iron Man," which took in $1.2 billion.  Also having a great summer was "Monsters University" from Pixar, with $700 million.  You also had "Despicable Me 2" and "Fast and Furious 6," which might not be our cup of tea (speak for yourself, it takes me back to my police car days!), but did very well for Universal.  Eight of the top 12 films this summer were sequels - and yet, sequels were no guarantee of success (a number of them really struggled).  And, some non-blockbuster films found considerable success: "Now You See Me" from Lionsgate only cost $75 million to make.

Julian: So, in some ways, Hollywood was its usual unpredictable self.

Lacter: That's right - and don't expect any big changes in strategy when it comes to big-budget films.  The prospect of having huge success with one of these blockbusters is just too great, but perhaps more important is the fact that many of these films are financed by multiple groups of investors, and so the risk is spread around.  It's not like the old days when a studio bankrolled the whole thing.

Julian: Though, sounds like it's bad news for the city of Los Angeles: the "Man of Steel" sequel is going to be shot in Michigan?

Lacter: Mayor Garcetti has actually declared a state of emergency because the city keeps losing business to other states that offer big tax incentives to films - what's known as runaway production.  The truth is that business has been lost over the years, but L.A. is hardly in any danger of losing its spot as the center of entertainment.  And, you can see that with the L.A. County Board of Supervisors signing off on Disney's plan for a TV and movie production facility near Santa Clarita that will add more than a half-million square feet of studio space.

Julian: And, Universal's expanding, too.

Lacter: Earlier this year, Universal was given the approval to build more production facilities, and Paramount is planning an expansion, as well.  Now, these are all very ambitious projects - not the sort of investments that would be made if these studios were looking elsewhere to make movies and TV shows.  And, of course, they mean jobs - actually, employment levels in the entertainment industry have remained fairly steady going back the last decade.

Julian: Are there states that are pulling back their incentives?

Lacter: Yes, the state of North Carolina, which has been especially aggressive in using tax incentives to draw in movies and television going back to the 80s, is phasing out the giveaways because legislators have decided that the economic benefits aren't worth the tax revenues being lost.  And, other states with tax incentive programs are pulling back as well - they're finding that the payback is very difficult to measure.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Across the country, the sale of electric cars is sluggish.

Susanne Whatley: But business analyst Mark Lacter, that's not quite the case in California...

Mark Lacter: Well, comparatively speaking, Susanne.  L.A. and San Francisco alone made up 35 percent of the electric cars sold in the entire U.S. during the first half of the year - 35 percent!  Keep in mind that statewide just 9,700 electric cars were sold in that six-month period, which translates to a little over 1 percent of all car sales in California.  So, they're not exactly lining up around the block, even in a region that's known for its early adopters.  Of course, electric cars were always going to be a tough sell -

Whatley: I've been driving one for about half a year now... and I absolutely love it.  But they ARE expensive, and I'm sure that's a factor.

Lacter: - and that's even after a federal tax credit, but they also require drivers to learn about recharging the battery - sometimes in not-very-convenient places - and, from a design standpoint, most of them don't stand out (one of the automakers that's now out of business had been selling what was a basically plain vanilla Mitsubishi sedan).  Now, the one notable exception is the Tesla - so long as you have at least $90,000 to shell out, and are willing to wait a while to get your car delivered.  In affluent sections of L.A., this is truly the hot car - just 600 or so Teslas have been sold in Southern California during the first seven months of the year.  It's also received rave reviews from all the big automotive publications.

Whatley: And perhaps most surprising of all, Tesla has been making money…

Lacter: That's right, although the stock price is ridiculously overvalued at around $20 billion (that's one-third the market value of General Motors, even though Tesla cranks out all of 21,000 vehicles a year while GM sells almost 5 million).  People seem to love this car almost in spite of it being battery powered, which gets us back to the challenges in trying to sell these things.  Elon Musk, who founded the company (he's also behind SpaceX and he co-founded PayPal), has managed to win over customers because the car itself is so much fun to drive.  The other makers of electric cars - not so much.

Whatley: So, for the folks still on the fence... might it be better to wait until driverless cars become available?

Lacter: That's going to be quite a wait, although all the automakers are working on their versions of self-driving cars.  The Mercedes people just announced plans to launch in 2020 - the same year that Nissan wants to bring out its car - and Google, which has had self-driving cars tooling around California for several years, is looking at 2017.  So, what we're seeing is real, but the question is what sort of real it'll turn out to be.  Certainly, the possibilities are nothing short of revolutionary - you're looking at, potentially, faster commute times because cars will be able to travel closer to one other (reaction times would be faster than with a human behind the wheel); in addition, fewer accidents and injuries (also a function of reaction times).  But, how well the vehicles work once they get beyond the testing phase is anyone's guess.  California does allow self-driving prototypes car for testing purposes, but that's far different than full-scale authorization.

Whatley: What if something goes wrong?

Lacter: That's one of the big concerns - liability, but the real issue is public acceptance.  Already, surveys are finding reluctance to buying a driverless car, or even having them on the road.  That's not a huge surprise considering how novel the concept still is - and all it takes are a few mishaps to affirm the skeptics.  All of which points to a lengthy transition period - not unlike the early days of the passenger plane, when most folks couldn't imagine getting into a flying machine.  Eventually, they got used to them, but it took time.

Whatley: And finally, some thoughts on Cal Worthington?

Lacter: Certainly one of the great showmen in the annals of L.A. broadcasting - Cal Worthington wasn't the first auto dealer to discover the benefits of commercials, but he lasted longer than anyone else, selling more than a million cars (that according to his count), and grossing billions of dollars.  The Worthington ads are sometimes considered the first infomercials - that might be a stretch, but three factors really made it all come together: Southern California's appetite for the automobile, the ease by which Cal could deliver his schtick (remember when he was strapped to the wing of a biplane?), and the fact that there was so much available air time to sell in L.A.. Definitely a legend in his own time.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

When talk turns to the economy, it's clear that LA brings out the best and the worst.

Steve Julian: Business analyst Mark Lacter, where do you see the best of it here?

Mark Lacter: You see the best of the economy, Steve, with all kinds of startup activity - much of it tech-related - and you also see the large number of auto sales, the improved housing market, and the record number of people visiting Southern California - all indications of a growing economy.  But then, you have the other L.A. economy, with large numbers of families struggling to make ends meet, and seeing very little sign of recovery.  You know, the government has been releasing income data covering the last few years, and what you see is that the disparity between the richest 1 percent and the other 99 percent is at its widest point since the 1920s.  You especially see that kind of bifurcated economy in Southern California, which has some of the wealthiest people in the country, and also some of the poorest.

Julian: Now, the split between rich and poor has been happening for a good long time, hasn't it?

Lacter: Yes, but L.A. is in a special class because there are so many immigrants with limited job skills - in fact, a new study by the UCLA Anderson Forecast says it's a much higher percentage than immigrants living in Miami, San Francisco, and New York.  What's interesting is that 20 years ago the job skills among immigrants were significantly higher in L.A.  Limited job skills mean there's very little opportunity to move up the income ladder.  That factors into buying homes, sending your kids to college - really becoming part of the middle class.

Julian: I imagine that's particularly true for factory work…

Lacter: Yes, some of the same jobs that newly-arrived immigrants in previous generations would gravitate to.  Today, many of those jobs are gone, and they're being replaced by positions that require greater skill that's borne out of greater education.  And that, of course, is another problem: a sizable percentage of recently-arrived immigrants never finished high school, much less college, and that makes it even less likely that they'll be able to move up.

Julian: Related, or unrelated, to the recession?

Lacter: Actually, L.A. had serious income inequality in December of 2006, before the recession, when the county's unemployment rate was just 4.3 percent - a stunningly low rate when you consider that as of July, the jobless rate was almost 10 percent.  This points out that the division of haves and have-nots can happen even when the economy is doing well.

Julian: And it seems the last C-17 to be built for Air Force is a reminder of wage gap.

Lacter: That's right - it'll be up to foreign customers to keep the program in Long Beach alive.  Boeing currently has an order from India for 10 of the cargo planes, which will keep the line moving through the third quarter of next year.  Frankly, the only reason the C-17 has lasted this long is heavy political pressure by congressional lawmakers whose districts have an economic stake in the program.  At one time, as many as 16,000 people may have worked on the C-17 in Long Beach, but that number has fallen sharply over the years.

Julian: Still, this is the last airplane manufacturing plant in Southern California.

Lacter: And that, of course, speaks volumes about the state of the aerospace business, which had been one of the main economic drivers back in the days leading up to World War II.  Aerospace continued to be very important until the end of the Cold War, when you had a huge industry consolidation that resulted in the loss of tens of thousands of local jobs throughout the 1990s.  There's still quite a bit of aerospace activity locally that involves missiles, satellites, and electronics - both for the major defense contractors like Boeing and Northrop, and for smaller contractors and sub-subcontractors that still get a piece of the military pie.

Julian: But most of them require high skill levels…

Lacter: Yes, and that gets us back to the folks who are stuck in low-paying jobs with little prospect for moving up.  This is what the L.A. economy is all about, the good and the bad.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Sign ups for the Affordable Care Act start in a week, and the program is leading to changes in the way employers handle health coverage.

Steve Julian: Business analyst Mark Lacter, what's the most noticeable adjustment?

Mark Lacter: Steve, once you get beyond the squabbling over efforts to defund the new law, what's happening is quite remarkable: businesses are finding new ways to administer and pay for coverage - and some would say it's long overdue.  One interesting example: the grocery chain Trader Joe's, which is based in Monrovia, employs over 20,000 people, and shells out millions of dollars a year in helping provide its people with health insurance.  Well, Trader Joe's has decided to end coverage for part-timers working fewer than 30 hours a week - under the new law businesses are not obligated to provide benefits to employees who work less than that amount.  However, the company is giving those people $500 to go towards the purchase of premiums at the new public exchanges.  And that, along with the tax credits available, could make the new arrangement cost about the same or even cheaper than the current health care package.

Julian: How did TJ's explain this to its employees?

Lacter: The company cited the example of an employee with one child who makes $18 an hour and works 25 hours a week.  Under the old system, she pays $166 a month for coverage; under the new system, she can get a nearly identical plan for $70 a month.  Now, there are cases in which workers will end up paying more - usually it involves having a family member who makes more money, but who doesn't have access to coverage (good example would be an independent contractor or freelancer).  By the way, other companies - including the drug store chain Walgreen's - are also moving part-timers to the public market, and offering some sort of a subsidy.

Julian: I imagine not all companies are being as conscientious...

Lacter: No.  We've seen a number of corporations cut worker hours and not offer a supplemental payment.  Steve, it's worth remembering that administering health insurance is something that businesses fell into quite by accident 60 years or so ago - premiums cost next to nothing at the time, and it was seen as way of attracting workers without having to jack up wages.  The arrangement became more attractive over the years because of certain tax benefits.  But, it's far from ideal - workers move from job to job more often than they used to, and not all businesses are capable of handling the extra costs, especially small businesses.

Julian: Doesn't L.A. have a higher percentage of uninsured than elsewhere?

Lacter: Considerably higher - the Census Bureau show that 21 percent did not have coverage in 2012, which is higher than the overall national number.  Now, there are a bunch of reasons for this: L.A. has a large percentage of households that simply can't afford health insurance or don't have access to government programs, among them undocumented immigrants.  You also have big numbers of people who are self-employed and don't get covered - we're talking about freelancers or consultants of some sort.

Julian: …Or, they work for small businesses whose owners either can't afford, or don't want to provide coverage…

Lacter: That's right - the new law only requires businesses with more than 50 full-time workers to offer health insurance, and a lot of small businesses don't meet that threshold.  The Census Bureau says that in the L.A. area, one in four people with jobs do not have health insurance - and, by the way, there's been a drop-off both in the percentage of businesses in California that offer coverage.

Julian: Sounds dire.  Who picks up the cost?

Lacter: Well, we all do in one way or another - and that, of course, is the problem.  What the Affordable Care Act offers is a start in getting some of the uninsured onto the rolls.  Clearly, it's an imperfect solution that will require all sorts of adjustments, and even though everyone and their uncle seems to have formed a definitive opinion about the new law, it's going to be years before there's any real sense of how it's going.  And, let's remember, signing up for these programs is not some political act.  It's just a way for people to get health insurance for themselves and their families.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

We've been reporting on the city of Los Angeles approving major developments without seismic studies attached.

Steve Julian: Business analyst Mark Lacter, why is this?

Mark Lacter: Steve, this is a real gotcha moment for the L.A. Planning Department, the City Council, and everyone else at City Hall who signed off on these projects.  The latest revelation, which was reported by the L.A. Times, shows that a planned 39-story residential tower in Century City is just 300 feet from the active Santa Monica fault.  And, we're only learning about this because the Metropolitan Transportation Authority did its own seismic testing near the site when it was looking for potential subway stops, and officials decided that it was too close to the fault.  This also comes after three large-scale projects in Hollywood were found to be located quite close to the active Hollywood fault.

Julian: The concern is that if any faults were to rupture, the foundation of a building could be split apart.

Lacter: Kind of an inconvenient truth both for the developers, who have millions of dollars riding on these projects, and for L.A. city officials who are betting on a future that will include many more high rises.  And, we should note that more than two-dozen high rises are either in the process of going up, or are at least on the drawing board.  In case you're wondering why there aren't regulations that monitor this sort of thing, the answer is that there are regulations.  California has a law that requires state geologists to map active earthquake faults, and then set zones on either side of the fault line.

Julian: Has the state done this?

Lacter: The state says it hasn't had the time nor the money to map areas within the city of L.A., though the faults have been known to be in the general vicinity of these projects - and so, you'd think the city would want them tested extensively.  Of course, that would mean more delays, which the developers wouldn't be happy with.

Julian: Of course, seismic studies are not always definitive.

Lacter: They're not - and it's possible that different geologists would come up with different findings.  But so far, most of the information seems to be coming from the developers, and you have to wonder whether it's a great idea to rely on folks who have a financial interest in a project to tell us what's safe and what isn't.  Probably not.

Julian: Your article in the new issue of Los Angeles Magazine raises a broader point about the city's business climate.

Lacter: Steve, for many years, L.A. has been branded as a terrible place to do business because of government interference, but that's largely a myth.  If anything, city officials have been too accommodating.  Frankly, the anti-business rap never made much sense when you consider the thousands of companies that start up here each year.  A study by the accounting firm PricewaterhouseCoopers ranks L.A. particularly high when it comes to ease of doing business, which runs counter to the conventional wisdom.

Julian: You're not saying it's truly easy, are you?

Lacter: Easy, no.  There certainly are plenty of reasons for business owners to pull out their hair.  And those hassles, along with an unemployment rate that remains quite high, has given developers and others the leverage to ask for various giveaways.  All they have to do is say that their projects will generate more jobs, and city officials tend to respond favorably - no matter how questionable those proposals might be.  And, by the way, job creation doesn't always determine economic growth, certainly not in the short term.

Julian: We all remember during the mayoral campaign, candidates were talking about how their policies would lead to lower unemployment...

Lacter: ...right, almost like they could pick up jobs at Ralphs.  Well, it doesn't work that way.  Thing is, the city of L.A. doesn't need to cut so many deals - the local economy is rich enough and broad enough to keep prospering.  Which is why city officials would be much better off laying off the incentives, and focusing on the basics - public safety, transportation, the parks, and libraries.  Do that right, and the business climate will take care of itself.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

The partial federal government shutdown is one week old, but economists are still saying that its impact in Southern California and elsewhere will be limited.

Susanne Whatley: Business analyst Mark Lacter, why is that?

Mark Lacter: If you look back on the history of these things, Susanne, you see that the disputes are resolved before too much damage gets done.  As for Southern California, I notice that KPCC's Alice Walton was asking around over the weekend about the shutdown, and most folks gave it a shrug.  The regional economy is just too diversified - and not especially tied to federal employment.  You have about 46,000 federal workers employed in L.A. County in one capacity or another - that's out of a workforce of nearly 5 million.  And, now it appears as if the federal employees who have been furloughed are going to receive their back wages whenever the shutdown finally ends.

Whatley: That still might make things dicey when it comes time to pay the monthly mortgage...

Lacter: ...but at least money will be available before most folks run into serious liquidity issues.  That's what the shutdown really comes down to - inconvenience rather than dislocation.  And, you see this with the various government services affected: the E-Verify website is down - that lets business owners know whether the people they're wanting to hire can work legally in the U.S., which obviously is important.  The Small Business Administration has stopped processing loan applications, and the Federal Housing Administration is reporting delays in its loan processing, which could mean a home buyer might not complete his or her paperwork all that quickly.

Whatley: But, what if this were to go on for months?

Lacter: Well, then it would create problems, but nobody really thinks that's going to happen.  The real issue, not just nationally and regionally - but globally - is the refusal by Congress to raise the debt ceiling.  The deadline is a week from Thursday, and - of course - there's been all sorts of debate about what this would mean for the economy.

Whatley: All right, so what would this mean for the economy?

Lacter: Well, no one knows exactly.  But, then again, no one knows exactly what would happen if you fell out of a airplane without a parachute.  I just wouldn't want to test it out.  And, of course, let's keep in mind that these are manufactured crises - not reflective of anything that's going on with the real economy.  It's certainly not reflective of anything that's going on in L.A., which saw a big jump in payroll jobs for 2012 - actually it was the sharpest increase since 2005, and nearly double the national rate (that's despite an unemployment rate that remains very high in certain parts of Los Angeles).

Whatley: What about some of the big locally based companies?

Lacter: Well, if your company is publicly traded, there's a good chance your shares took a dip these past few days.  Going back to September 18, the Dow has lost almost 700 points, which - percentage-wise - is not very much, but it is reflective of how uneasy Wall Street has become.  Public companies based in the L.A. area are taking it on the chin - Disney, Amgen, Mattel, DirecTV - their stock prices are all down going back to the middle of September.

Whatley: Even so, hasn't this been a good year for the stock market?

Lacter: It has - those local companies are up anywhere from 13 percent 30 percent year to date, and the Dow is up 14 percent year to date.  Of course, the stock price of a company doesn't always match the amount of money it makes, and this year, even before worries about the debt ceiling, the numbers haven't been as good as they should be at this stage of a recovery.  And, that's why there's particular concern about next week.  You do have to wonder whether a default could have ripple effects involving trade, consumer spending, the dollar - who knows what?  Now, it's still a pretty good bet that saner heads will prevail, although there are no guarantees - and again, if worse came to worse, do you really want to be jumping out of that plane?  Guess we'll find out.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

The state's online registration for Covered California has been up for a couple of weeks, and reaction has been mixed.

Steve Julian: Business analyst, Mark Lacter, what's your take on how well Californians are getting into the Affordable Care Act?

Mark Lacter: It's hard to get a good read, Steve, because it's hard to measure the success of what is really a new marketplace.  If you're basing it on the number of unique visitors coming to the Covered California website, well, then the program clearly has attracted lots of interest - they had almost a million visitors during the first week of eligibility.  But, maybe a better measure would be the number of people whose applications actually have been received by the insurance companies that are going to handle the claims.  If that's your measuring stick, then the numbers have been far smaller so far.  Now, it's worth pointing out that California - and particularly L.A. County - have a higher percentage of households without insurance than other parts of the nation, and so you'd expect there to be lots of interest.

Julian: So the question, then, is how many folks turn into actual policyholders paying actual premiums each month.

Lacter: The truth is nobody knows, which is why state officials want to sign up as many people as possible in the early going when the program is getting so much attention.  This is especially true for younger and healthier people who are needed to help offset the cost of caring for older and sicker people.

Julian: And, that's also why any computer glitch can be such a headache...

Lacter: That's right.  Covered California did run into problems in the early going, but everybody agrees that things are going much better than the federal website, which is the default site used by folks in states that don't have their own program to oversee the health care laws.  That federal site has been an utter disaster.  So, by comparison, California is ahead of the game.

Julian: It's a work in progress, even here.

Lacter: Very much so.  The California website still doesn't have a way for enrollees to find out which doctors and hospitals are included in each health plan.  And, that's a big deal because  insurance companies are limiting the options available as a way of keeping premiums low.  So, it's possible that the doctor you had been using for your individual insurance plan will not be on the list of doctors that can be used for one of the cheaper plans.  Of course, for someone who doesn't have any health coverage, none of that is likely to matter.

Julian: And then, there's the continued threat of a U.S. default...

Lacter: You know, Steve, this is like watching the beginning of a bad traffic accident in slow motion - and we're all pretty helpless to do anything about it.  And, so are the financial markets, which are moving back and forth not based on what's going on with the economy or with any industry, but on the latest press conference out of Washington.  One thing we do know is that if the nation does go into quote-unquote default - and we're not even sure what that might mean - but if Wall Street and somehow declares this a major crisis, it's going to be bad.

Julian: Who gets hit?

Lacter: It'll impact anyone who has a retirement account, any business wanting to borrow money, and potentially it's going to impact the budgeting of the state.  You know, one of the things we were reminded of during the Great Recession was how reliant California has been on higher-income individuals who make a lot of their money through the stock market and other investments.  So, when those folks do well - as they have been over the last year - the state coffers will do well.  And when they don't, as was the case in 2008 and 2009, the state takes a huge hit because there's not enough tax dollars coming in.  Gov. Brown and others have tried to lessen the reliance on those top tiers - so far without success.

Julian: And the state's budget situation is so much better than it was a year or two ago.

Lacter: That's the real pity.  And, even if the House and Senate reach a temporary agreement on the debt ceiling, it's just a matter of weeks or months before another deadline crops up - and more uncertainty for the financial markets.  I guess Chick Hearn would have called this nervous time.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

The contamination of Foster Farms chickens has provided insight into food regulation.

Steve Julian: Business analyst Mark Lacter, had we been paying attention before this happened?

Mark Lacter: You know, Steve, we often have an out of sight, out of mind attitude when it comes to food safety, and - as we're seeing with this episode - the government has a way of enabling that attitude.  What stands out, first of all, is that people started getting sick from salmonella-contaminated chicken back in March, and yet, it wasn't until the past few weeks that news stories began appearing about the seriousness of the problems.

Julian: At last check, more than 400 people have been infected, with most of them in California...

Lacter: Right, and Foster Farms, which is based in Merced County, controls two-thirds of the poultry market along the West Coast.  No fatalities so far, but many of the people who became sick had to be hospitalized - and that leads to still more concerns that the salmonella strains were resistant to antibiotics.  Now, why it took this long for consumers to be made aware that there was a problem tells you something about the way the federal government regulates poultry plants.  It was only last Friday, after the company had seen a 25 percent drop in sales, when the president of Foster Farms decided to go public.  He said he was embarrassed by the outbreak, and promised to change the company's processing facilities so that salmonella can be better identified.

Julian: Where was the US government in this?

Lacter: Apparently, the Department of Agriculture only requires testing for levels of salmonella at the time of slaughter - not later on, after the poultry is cut into parts.  Foster Farms now says it will do retesting at that later stage.  What's also interesting is that Foster Farms was not asked to recall any of its products because the chicken is considered safe as long as it's handled properly and then cooked to the right temperature, which is at least 165 degrees.  That's why some supermarkets have kept carrying the brand.

Julian: Can the government even order a recall?

Lacter: Not in a case like this - and that's because of a court case in the 1990s involving a Texas meat producer that federal inspectors were ready to shut down due to a salmonella outbreak involving ground beef.  The company sued the government, arguing that salmonella is naturally occurring, and therefore, not an adulterant subject to government regulation.  And the courts agreed.  Foster Farms has been using much the same argument.

Julian: Why isn't there more public outrage over this?

Lacter: Well, again, we go back to out of sight, out of mind.  Slaughterhouses are not exactly fun places, and they're usually not well covered by the news media until something bad happens, like the Foster Farms situation.

Julian: Chino comes to mind - a story we covered.

Lacter: That's when an animal rights group used a hidden camera to record inhumane treatment of cattle at a meat processing plant.  That company was forced into bankruptcy.  Another reason coverage is spotty is because it's not always easy to trace someone's illness to a contaminated piece of meat or chicken.  And, that leads to lots of misinformation.  The broader issue is figuring out a way to monitor these facilities without the process becoming cost prohibitive.  The Agriculture Department has been pushing a pilot program that would allow plants to speed up processing lines, and replace government inspectors with employees from the poultry companies themselves.

Julian: The idea being?

Lacter: The idea being to establish safeguards that can prevent problems before they get out of hand.  But, this is pretty controversial stuff, and advocacy groups representing poultry workers say that processing lines need to be slowed down, not speeded up.  So, you have this ongoing back and forth involving industry, government, consumer groups, and labor organizations.  And unfortunately, most of us tend to move on after one of these outbreaks gets cleared up.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

It's late October, which means  more and more stores are decorating for Christmas. 

Steve Julian:  Business analyst Mark Lacter, whatever happened to "better late than never?" 

Mark Lacter: Steve, retailers never want to sell late because it often means having to reduce the price. They're looking to start out as soon as possible - these last three months represent their biggest payday of the year. And here in California people do seem to be buying stuff - consumer spending has been up for 14 consecutive quarters, going back to the spring of 2009, and taxable sales are up almost 5 percent from the peak levels before the recession. Another good sign is Chapman University's index of consumer sentiment, which is at its highest level since the beginning of the recession in late 2007. All these indicators explain why the state economy is generally outpacing the rest of the nation.

Julian: There has to be a "but" in here someplace…

 Lacter: The "but" is that only 60 percent of the jobs lost during the downturn have been recovered, and the unemployment rate in many parts of the state, including L.A. County, is still at or above 10 percent, which isn't what you'd call a healthy economy. And that's why holiday shopping this year could end up being sort of hit and miss. Folks who have well-paying jobs and a bunch of their money in the stock market - and Southern California has its share of both - those folks will probably be spending good amounts. 

Julian: Are there geographic tell-tale signs?

Lacter: The closer to the coast you go, the more spending there's likely to be. But it's a different story if you're feeling vulnerable about your job or in the amount of savings you have in the bank. So you have retailers once again coming up with ways of reaching as many budget-conscious folks as possible, as early as possible. The most obvious move is opening their stores on Thanksgiving night - Macy's is the latest of the chains to get a head start on Black Friday (Target, Kohl's, Walmart and J.C. Penney will also be open). Another strategy is matching your prices with the prices on Amazon and other online retailers - also, retailers will use mobile apps and arrange in-store pickup of online purchases. All told, expect holiday sales to run 3 percent ahead of last year, with the L.A. area likely to be a bit higher. Decent, but not great.

 Julian: What's the message to consumers now: buy or not buy?

 Lacter: Well, we'll start with the good news - gasoline prices are at their lowest level since the beginning of the year, with an average gallon of regular in the L.A. area running $3.75, according to the Auto Club. And barring any refinery fires or international catastrophes, the numbers might keep falling into November and December, which could incentivize consumers to buy a little more at the shopping malls. Here's some more good news - the L.A. area has seen a huge drop in the number of homeowners who are underwater, which happens when the value of a property is less than the amount that's owed on the property. This of course was a big problem during the recession, but over the last year the median home values have gone up between 20 percent and 30 percent. 

 Julian: And if your equity is positive instead of negative, you'll probably feel more confident about spending. 

 Lacter: That's right. But there are also deterrents to spending - as has been reported, a few hundred thousand Californians lose their individual health care policies by the end of the year because their plans don't meet the requirements of the Affordable Care Act. Policyholders will be stuck in many cases with a premium increase, possibly a big increase. Now it's possible that in the long run these folks will be better off with a more inclusive plan that results in lower out-of-pocket expenses. But it'a hard to ignore the sticker shock of having to shell out, say, $250 a month instead of $100.

 Julian: There goes the holiday list...

 Lacter: For those folks, yes. And even though L.A. consumers do a good job of separating their feelings about Washington with their desire to spend, the economy is bound to slow down a little. So Steve, just don't count on that $9,000 fur vest I was going to get you for Christmas. Sorry about that…

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Police say TSA agent Gerardo Hernandez was shot and killed last Friday at the base of the escalators of LAX Terminal 3, and not at the checkpoint gates.  Paul Ciancia is accused of killing Hernandez and wounding several others.  Ciancia remains hospitalized in critical condition.

Steve Julian: Business analyst Mark Lacter, how did the airlines respond to shooting and its aftermath?

Mark Lacter: Generally pretty well, Steve, considering that the airport was effectively closed for several hours on Friday, and most of Terminal 3 was out of commission until Saturday afternoon.  You know, there's always this precarious balance in operating airlines and airports, even in the best of circumstances.  Just so many flights coming in and going out, and so many thousands people using the facility at any given time - and it really doesn't take much to upset the balance.  So, when you have something horrific take place and you see all those travelers stranded outside the terminals, the ripple effects are enormous - not just at LAX but all over the country.

Julian: More than a thousand flights were either canceled or delayed on Friday.

Lacter: And, there was a further complication because the airlines flying out of Terminal 3 are not the legacy carriers like United, American, and Delta that have all kinds of resources, but smaller operations with less flexibility.  It's not like there's an empty aircraft just sitting in a hangar waiting to take passengers wherever they want to go.  Actually, the airlines have gotten better at arranging re-bookings when there's a snowstorm or some other emergency that gives them advance warning.  But obviously, there was no advance warning last Friday, so the carriers needed to improvise in handling passengers whose flights were cancelled.

Julian: What did they do?

Lacter: One step was waiving the fees normally charged to re-book flights (and that's gotten to be a pretty penny).  Another was waiving the difference in the price of the original ticket and the re-booked ticket.  But, the policies varied according to the airline, and we heard about travelers not receiving hotel or food vouchers, or having to buy a brand new ticket on another airline if they wanted to avoid the wait - and that can be expensive.  Which raises another issue: planes tend to be completely full these days because airlines have been cutting back on the number of flights.  And that can be a problem if you're taking a route that doesn't have too many flights in the first place.  So, it gets really complicated.

Julian: Why do you think we haven't we heard more horror stories from passengers?

Lacter: Well, look at the cities that the airlines in Terminal 3 fly to - New York, San Francisco, Seattle, Dallas.  They're all served by several other carriers.  L.A. to New York, in particular, is one of the busiest routes in the world, which means that it's also one of the most competitive.  So, even if your flight was cancelled, there's a good chance you'd be able to find space by Saturday (which is normally a slower day for air travel).  This is a big reason, in general, why people like LAX.

Julian: Why don't other local airports handle more of the load?

Lacter: You might remember a few years ago local officials were promoting something called "regionalization" - the idea was that as LAX maxed out on the number of passengers it was allowed to handle each year, then other airports would make up the difference - places like Ontario, Bob Hope in Burbank, and John Wayne in Orange County.

Julian: Right, and they talked about easing traffic congestion by spreading around the flights.

Lacter: Well, regionalization never happened because, first of all, passenger levels at L.A. International didn't come close to maxing out.  But, more importantly, because the airlines decided that using LAX was more efficient for everything from handling baggage to arranging international connections.  So, through the first nine months of the year, passenger traffic at LAX is up 4.2 percent from a year earlier, while at Ontario traffic was down 9.3 percent.  And, we've seen that John Wayne, Bob Hope, and Long Beach are all struggling.  Of course, the challenge at a busy place like LAX is making it as safe as possible, and that will no doubt become a priority in the weeks ahead.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Yesterday may have been a holiday on paper, but if you were navigating LA's major freeways, there was no sign people had the day off.

Steve Julian: Business analyst Mark Lacter, is this more evidence that Southern California traffic getting worse?

Mark Lacter: Steve, L.A. continues to be the most clogged-up city in the U.S. - according to something called the TomTom Traffic Index - with commuters caught up in delays, on average, 35 percent of the time.  Or, to put it another way, L.A. commuters are in congestion up to 40 minutes of each hour they're driving.  The worst time of the week to commute is Thursday night; that's when there's congestion more than 80 percent of the time.  Monday morning commutes are the lightest.

Julian: After L.A., where should you not live if congestion bugs you?

Lacter: The next worst cities in the U.S. are San Francisco, Honolulu, Seattle, and San Jose.  Now, the Census Bureau comes up with its own commuting surveys, and if you compare the most recent numbers with those back in 2000, you'll see that things aren't all that different.  Matter of fact, the percentage of commuters driving alone to work actually increased a little over the last decade to 72 percent, while the percentage of those carpooling has declined.

Julian: What about public transit?

Lacter: Well, the numbers are up slightly from 2000, but only to 7.3 percent of all commuters.  So, even assuming that the number inches up in the next couple of years when the Expo Line extends into Santa Monica, it's still a smallish piece of the pie.  And, since many of the other public transit projects being planned are decades away from being completed, those numbers might not change much.  One other thing, Steve: less than 1 percent of all L.A. commuters bike to work, which would throw cold water on the idea that biking in L.A. is becoming a popular way of getting to the office.

Julian: People just prefer commuting by car…

Lacter: It remains the most convenient way of getting around - despite the congestion.  New car sales are up 14 percent through the first nine months of the year in Southern California.  Add to that are generally affordable gas prices (they've been especially low in the last few weeks).  In other parts of the world, congestion is considered a good thing because it means that the economy is doing well.  Which explains that while L.A. is the most congested city in the U.S., it doesn't rank among the 10 around the world.  On that front, Moscow is tops, followed by Istanbul, and Rio de Janeiro.

Julian: What about driverless cars?

Lacter: Well, these vehicles hold the most promise for reducing accidents, lowering travel times, and improving fuel economy - and you don't have to give up your car.  Actually, a lot of the technology is already in place - that includes stuff like radar-based cruise control, and devices that keep you at a safe distance from the car in front of you.  The trick, of course, is taking these individual capabilities and integrating them into an entirely driverless car.  Several car companies say they could be ready to start selling by 2020, with Google saying that its car could be ready even sooner.

Julian: Is that realistic?

Lacter: Who knows?  But even if the dates can be met - and that's a big if, considering how complex these systems are - legislatures will have to determine, among other things, whether vehicles can be fully autonomous (meaning that you can curl up and take a nap while the computer is driving by itself).  Or, whether they will only be semi-autonomous, which would be like an airline crew using automatic pilot, but always prepared to take over the controls.

Julian: Is that a liability issue?

Lacter: Yes - if something does go wrong, who will get the blame?  The owner of the vehicle?  The carmaker?  The suppliers of the car companies?  These questions might take years to get resolved in the courts - and even then, it could be years before the percentage of these vehicles on the road is large enough to truly have an impact.  But, considering that most commuters aren't willing to give up their cars, this would seem to be the most exciting, most desirable idea.  One day.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Source: Dr. Douglas Loe 11/12/2024

Sernova Corp. (SVA:TSX.V; SEOVF:OTCQB; PSH:XERTA) should benefit from Sana Biotechnology's recent prioritization of its diabetes-targeted cell therapy programs, reported Leede Financial Inc. analyst Dr. Douglas Loe in a Nov. 6 research note. Now Sana's clinical programs in oncology and Huntington's disease are a secondary focus.

"Our model assumes that Sernova's cell reservoir device Cell Pouch will itself remain focused on Type 1 diabetes, and we are thus encouraged to see a U.S. peer prioritize its pipeline in ways that are consistent with our own views on how priorities in regenerative medicine will evolve in coming years," Loe wrote.

500% Potential Return

Leede has a CA$1.50 per share target price on Sernova, trading at the time of the report at about CA$0.25 per share, noted Loe.

"At current price levels, our price target corresponds to a one-year return of 500%, a return that we believe is imminently achievable by 2025E but likely with a milestone-driven, and not a linear, trajectory," the analyst wrote.

The company is a Speculative Buy.

Synergistic Potential Exists

Loe highlighted that Sernova and Sana could benefit from aligning their programs, on a timeline providing synergies to both.

"We are encouraged to see a leading regenerative firm choose to expedite its diabetes cell therapy program in preference to other initiatives that it could fund if it chose to," Loe wrote. "This is consistent with our own view that the most attractive medical market for regenerative firms, and for Sernova, to target is the large and growing diabetes market both for economic and technical reasons."

Sana's Diabetes Programs

Sana's primary focus is its program to treat Type 1 diabetes with its Phase 1-stage, hypo-immune platform (HIP)-modified primary pancreatic islet cell therapy UP421 and its preclinical HIP-modified, stem cell-derived pancreatic islet platform SC451.

Through this platform, regenerative cell therapies can be modified genetically to evade immune detection post implantation. This is achieved by reducing expression of major histocompatibility-complex, classes one and two human leukocyte antigens while increasing expression of CD24. This is a surface protein found on stem cells in the pancreas.

Sernova's Cell Reservoir Platform

As for Sernova, it has a well-vascularized, sustainably functioning cell reservoir platform, Cell Pouch, proven for some time. Development of regenerative islet platform technology is now catching up. Sernova has a clinical trial underway that combines the two technologies. This Phase 1 trial in diabetes, in partnership with the University of Chicago, already has shown "impressive long-term insulin independence data" up to five years in some study participants.

This is "well beyond what we believe is a reasonable threshold for the U.S. Food and Drug Administration to require for future Cell Pouch approval, at least for Type 1 diabetes," Loe wrote.

Currently, with regard to this program, Sernova optimizing background immunosuppression in Cell Pouch patients. Details of its new immunosuppressive regimen are expected in the biotech's next Phase 1 study update, likely in early H1/25.

"Future enrollees could be subjected to novel immunosuppressive therapies that conceivably could extend islet survival and perhaps even reduce the immunosuppressive burden that transplant patients must endure at present," Loe commented.

Further, Sernova is considering conducting a Phase 1 study using its Cell Pouch and Evotec AG's stem-cell-derived iBeta platform to treat diabetes. Before this can happen, though, Evotec needs to be able to produce iBeta at a clinical scale, which Loe expects can happen by H2/25.

"We see no reason why Sana and its UP421/SC451 modified islet platforms could not be incorporated into a Cell Pouch environment as a way to sustain their therapeutic half-life in the body post-implantation," wrote Loe.

Possible Stock Price Movers

Loe provided a handful of potential catalysts for Sernova's share price. They are:

1) Sernova's conclusion of its ongoing Phase 1 study in Type 1 diabetes with the University of Chicago, which Loe asserted should happen a quickly as possible given available capital. Also, the biotech should incorporate into this trial or a separate one to commence soon after, regeneratively produced pancreatic islets.

2) Sernova, in partnership with Sana, launching a Phase 1 iBeta/Cell Pouch trial late next year, which could boost Sernova's share price.

3) Sernova identifying additional developers of regenerative cell therapies with which it could combine Cell Pouch in mutually beneficial ways.

4) Sernova starting clinical programs in hemophilia A and in thyroid disease, expected to happen in the coming quarters.

5) Sernova incorporating its confocal cell coating technology into one or more future protocols for stem cell-derived pancreatic islet production, even its current Phase 1 diabetes trial with the University of Chicago. Before this can happen, however, coating polymer composition and manufacturing methodologies must be honed to meet good manufacturing practices specifications.

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Important Disclosures:

1. Sernova Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Sernova Corp.
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
5. This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

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Disclosures for Leede Financial Inc., Sernova Corp., November 6, 2024

Important Information and Legal Disclaimers Leede Financial Inc. (Leede) is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF). This document is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular investing strategy. Data from various sources were used in the preparation of these documents; the information is believed but in no way warranted to be reliable, accurate and appropriate. All information is as of the date of publication and is subject to change without notice. Any opinions or recommendations expressed herein do not necessarily reflect those of Leede. Leede cannot accept any trading instructions via e-mail as the timely receipt of e-mail messages, or their integrity over the Internet, cannot be guaranteed. Dividend yields change as stock prices change, and companies may change or cancel dividend payments in the future. All securities involve varying amounts of risk, and their values will fluctuate, and the fluctuation of foreign currency exchange rates will also impact your investment returns if measured in Canadian Dollars. Past performance does not guarantee future returns, investments may increase or decrease in value, and you may lose money. Leede employees may buy and sell shares of the companies that are recommended for their own accounts and for the accounts of other clients. Disclosure codes are used in accordance with Policy 3600 of CIRO.

The analyst or any associate of the analyst responsible for the report or public comment hold shares or is short any of the company's securities directly or through derivatives.

Leede provided investment banking services for the company during the 12 months preceding the publication of the research report.

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The Getty spent $65m (and change) for this late Manet masterpiece, "Spring."

A  132-year-old vision of springtime has landed permanently at the Getty Museum, smack in the middle of this California autumn: "Spring (Jeanne Demarsy)," one of Impressionist painter Edouard Manet’s  last completed pictures.

Here's what Getty Director Timothy Potts had to say about the artist:

Manet was the ultimate painter’s painter: totally committed to his craft, solidly grounded in the history of painting and yet determined to carve out a new path for himself and for modern art. ... Alone of his contemporaries (the only one who comes near is Degas), Manet achieved this almost impossible balancing act, absorbing and channeling the achievements of the past into a radically new vision of what painting could be.

"Spring" somehow manages to be the evocation of youth itself and all its hopes. The subject is 16-year-old actress Jeanne Demarsy, just then seeing her stage career ascend at the same time Manet neared the end of his own career. (He died at age 51 in 1883,  soon after the painting went on display.) 

For most of the years since its creation, the picture has been in private hands. It was recently on loan to the National Gallery.

Getty Assistant Curator Scott Allan said that the Getty worked hard to acquire "Spring" and was lucky to get her. According to news reports, the Christie's auction price paid was an eyebrow-lifting $65 million — about double the top previous sale price for a Manet. "We don’t discuss the price," Potts said.

At the Getty, "Spring (Jeanne Demarsy)" hangs next to an early Manet in the museum's Impressionist-Post Impressionist gallery. It was intended to be one of the "Four Seasons" by the late-19th century French master. The series was never completed (although "Autumn" hangs in a museum in France).

(More seasoning: Manet's "Autumn." Museum of Fine Arts of Nancy, France)

Allan said that, unlike many of Manet's early works, "Spring" was intended to hang in the Salon, the French art establishment’s showplace of traditional painting, which had rejected innovators like the Impressionists for decades. That led most of the Impressionists to disdain the Salon. But Allan said Manet was extremely pleased that his late work was accepted there. 

Here's Potts again:

So popular was it that "Spring" became the subject of one of the first color photographs of a work of art. Its acquisition by the Getty brings to Los Angeles the most important — and beautiful! — painting by this artist left in private hands and one of the great masterpieces of late-19th-century art. 

The painting depicts a lovely teenager, dressed in the peak of 1880s fashion in a blue-on-white printed dress; a flowered, fringed hat; and a parasol balanced on her left shoulder. The background features white rhododendrons, barely in blossom.

Mlle. Demarsy stares off to the left, the demure image of a confident young woman at the earliest spring of her adulthood, with an entire creative life before her, already immortalized before the world by one of the century’s greatest artists.

But Manet was himself at the peak of his accomplishments,  just before his sudden demise.
 
"Spring" became one of Manet’s most popular works, deeply appreciated by art lovers young and old and by critics of both the old guard and the avant garde. It was his last picture to hang in the Salon. Manet’s powers would soon decline, and he devoted much of his last few months to watercolors, said Allan.

(Getty director Timothy Potts looks at the Getty's new painting, Manet's "Spring." Getty Museum)

This content is from Southern California Public Radio. View the original story at SCPR.org.

Frank Romero with one of his French paintings, in his home in the South of France. But every year, he and his wife Sharon throw a big studio sale for Christmas, and you're invited.; Credit: John Rabe

"Live! Life's a banquet and most poor suckers are starving to death!" - Auntie Mame.

Your calendar is filling up, but here are four holiday events you'll want to make room for:

Every year, pioneering Chicano artist Frank Romero and his wife Sharon throw a big studio sale that includes works by a wide group of artists, and a lot of food and drink. It's just as much a party as a sales event, and Frank and the other artists are always there to meet and greet. And now that the couple is spending more time at their home in France, it's a chance for their old friends to catch up with them, so who knows who you'll see from L.A.'s arts community.

RELATED: See Frank's new works - French scenes with an East LA flavor

The Romero Studio annual Christmas party and sale is Saturday, Dec. 6, 6-10pm; and Sunday, Dec. 7, 1-5pm, at Plaza de la Raza, Boathouse Gallery, 3540 North Mission Rd., LA CA 90031 (in Lincoln Park across from the DMV — which BTW is a very good DMV).

Then, on Sunday, Dec. 14, at 4:30pm,  it's the Advent Procession of Lessons and Carols, at St. James Episcopal Church, which a friend describes as "one of the truly beautiful choral events of the season," and the highlight of the Choir of St. James' season. It's free and it's at St. James' Episcopal Church in Koreatown (3903 Wilshire Blvd., Los Angeles 90010).
 

"Auntie Mame," the 1958 Rosalind Russell movie with more quotable quips than a weekend getaway with Oscar Wilde, has become something of a Christmas tradition. It's screening at the American Cinematheque's Egyptian Theatre on Wednesday, Dec. 17, at 7:30. As delightful as this movie is any day of the week on your TV at home, this is a film to be seen in 35mm with a theater full of people reacting to every bon mot and heart-touching moment.

GO INSIDE: The Disney Hall organ, "Hurricane Mama," turns 10

Last year, my husband and I blindly went to Disney Hall for the Holiday Organ Spectacular. We expected some music and a little fun. But it really was spectacular. It's back this year, on Friday, Dec. 19, with organist David Higgs leading the evening from the console of Hurricane Mama.

If you've never seen or heard the organ in person, this is a great evening because Higgs — a teacher as well as master organist — gives you a guided tour of every stop, and every mood the organ can produce, from cathedral-loud to country-church-quiet. At the end of the night, he breaks the audience into parts to sing "The Twelve Days of Christmas," and you may sing as loud as you like.

These are just a few curated selections, but they're just the tip of the iceberg in Southern California; please make your own holiday event recommendations in the comments below. 

This content is from Southern California Public Radio. View the original story at SCPR.org.

One of 4,000 "The Far Side" panels Gary Larson drew over 14 years. The full collection is now out in paperback.; Credit: Gary Larson

Off-Ramp animation expert Charles Solomon reviews "The Complete Far Side: 1980-1994" by Gary Larson.

It’s hard to believe the last panel of Gary Larson’s wildly popular comic strip “The Far Side” ran 20 years ago: January 1, 1995. The comics page of the LA Times (and many other papers) still feels empty without it.

RELATED: Charles Solomon interviews artists responsible for look of "Big Hero 6"

During its 14-year run, "The Far Side" brought a new style of humor to newspaper comics that was weird, outré and hilarious. The strip became an international phenomenon, appearing in over 1,900 newspapers worldwide. Larson won both the National Cartoonists' Society Reuben Award for Outstanding Cartoonist of the Year and the Best Syndicated Panel Award. An exhibit of original artwork from the strip broke attendance records at natural history museums in San Francisco, Denver and here in L.A. Fans bought tens of millions of "Far Side" books and calendars.

Much of the humor in “The Far Side” derived from Larson's seemingly effortless juxtaposition of the mundane and bizarre. When a bug-housewife declares "I'm leaving you, Charles...and I'm taking the grubs with me," it's the utter normalcy of the scene that makes it so funny. Mrs. Bug wears cats eye glasses, while Mr. Bug reads his newspaper in an easy chair with a doily on the back.

Or, a mummy sits an office waiting room reading a magazine while a secretary says into the intercom, “Mr. Bailey? There’s a gentlemen here who claims an ancestor of your once defiled his crypt, and now you’re the last remaining Bailey and … oh, something about a curse. Should I send him in?”

"The Complete Far Side" contains every strip ever syndicated: more than 4,000 panels. It should probably come with a warning label, "Caution: reading this book may result in hyperventilation from uncontrollable laughter." Except for a few references to Leona Helmsley or other now-forgotten figures, Larson’s humor remains as offbeat and funny as it was when the strips were first printed.

Andrews and McMeel initially released this collection in 2003 in two hardbound volumes that weighed close to 10 pounds apiece. You needed a sturdy table to read them. The three volumes in the paperback re-issue weigh in around three pounds and can be held comfortably in the lap for a while.

Because “The Far Side” ended two decades ago, many people under 30 don’t know it. The reprinted collection offers geezers (35 or older) a chance to give a present that should delight to that impossible-to-shop-for son, daughter, niece or nephew. How often does an older adult get a chance to appear cool at Christmas or Hanuka? 

And if that ingrate kid doesn’t appreciate it, "The Complete Far Side" also makes an excellent self-indulgence.

Charles Solomon lends his animatio expertise to Off-Ramp and Filmweek on Airtalk, and has just been awarded the Annie's (The International Animated Film Society) June Foray Award, "for his significant and benevolent or charitable impact on the art and industry of animation." Congratulations, Charles!

This content is from Southern California Public Radio. View the original story at SCPR.org.

"Sailor Moon" cosplayers at Anime Revloution 2014 in Vancouver, Canada.; Credit: GoToVan/Flickr Creative Commons

Japanese animation — anime — offers very different visions from its American counterparts, and it's extremely popular with college and high school students. They can be extremely difficult for well-meaning parents, uncles and aunts to shop for, so here, in no particular order, are some titles that can transform an adult’s image from clueless doofus to knowing friend. Plus, we have a few suggestions for younger children (who can also be a pain to shop for).

Cardcaptor Sakura: Complete Collection
NIS America: $249.99; 9 discs, Blu-ray, plus book
When cheerful fourth-grader Sakura Kinamoto opens an odd book in her father's study, strange lights fly out. Kerberos, who looks like a plushie of the lion on the book's cover, explains that she's inadvertently released a deck of magical cards. Despite her protests that’s she just an ordinary little girl, Kero insists Sakura must become a Cardcaptor and retrieve them before they work mischief on the world. Many American series talk about empowering girls — in this one, the viewer sees Sakura grow stronger and more confident as she learns to master the magical cards.

Cowboy Bebop: The Complete Series
Funimation: $59.98; Blu-ray, 4 discs
The sci-fi action series "Cowboy Bebop" redefined cool in animation when it debuted in 1998. Twenty-first-century bounty hunter Spike Spiegel is an anti-hero in the tradition of '40s film noir detectives. Spike is a tough guy; a crack shot, an ace pilot and a skilled martial artist. But his cynical exterior conceals a never-healed wound left by the woman he loved and lost. Seventeen years later, "Cowboy Bebop" is so popular that two special editions of the series for holiday gifting have already sold out (!). But it’s available on DVD and Blu-ray.

Dragon Ball Z: Battle of the Gods
Funimation: $34.98; DVD/Blu-ray combo pack; 3 discs
The first new "Dragon Ball Z" animation in 17 years, "Battle of the Gods" (2013) proved how popular the franchise still is, selling over 1 million tickets in just six days in Japan. The filmmakers keep the animation flat, limited and hand-drawn, so "Battle of the Gods" looks like the classic TV series and delivers the mixture of slapstick, friendship and over-the-top battles Dragon Ball fans remember and want to see again — especially guys in their 20s who grew up watching it.

Naruto Shippuden: Road to Ninja: The Movie 6
VIZ: $29.99 DVD/Blu-ray combo; 2 discs
The title hero of the long-running "Naruto" and "Naruto Shippuden" series is a come-from-behind hero whose world centers on magical ninja techniques, outrageous fights, slapstick, friendship and ramen. "The Road to Ninja" incorporates these well-loved elements, but stresses the lonely, compelling side of the title character. Audiences would quickly weary of Naruto if he were just a knuckleheaded prankster. His dedication to overcoming his weaknesses and achieving his goals makes him heroic, as well as comic — and one of the most popular animated characters of the new millennium.

(A scene from "Ranma 1/2," an anime series about a 16-year-old boy who's transformed into a girl whenever he's splashed with water.)

Ranma 1/2: Sets 1, 2, 3 & 4
VIZ: $54.97 each, Blu-ray; $44.82, DVD: 3 discs
Because he once fell into a cursed spring, black-haired high school martial artist Ranma Saotome turns into a buxom, red-haired girl when he’s hit with cold water. (Hot water restores his proper gender.) Ranma and his father Genma are freeloaders in the home of Suon Tendo. To ensure the continuation of the family dojo, the fathers have decided that the loutish Ranma and Suon’s hot-tempered daughter Akane are engaged. "Ranma 1/2"  supplies the slapstick insanity animation can provide in abundance. The filmmakers carefully sneak in just enough grudging affection between Ranma and Akane to keep the series from feeling mean-spirited.

Pokémon: Indigo League (Season 1): Complete Collection
VIZ: $54.98  9 discs          
"Pokémon" is no longer the trend du jour it was 20 years ago, when it swept America. But the games and the animated series remain popular. Although it's product-based and sometimes cloying, "Pokémon" is an agreeable show for elementary school children that stresses friendship, perseverance, fair play and good sportsmanship. These early adventures take the main characters through the first part of the game in its original Red/Blue versions. With his friends Misty and Brock, aspiring master Pokémon trainer Ash Ketchum defeats other trainers, captures wild Pokémon and outwits the inept comic villains of Team Rocket.

Princess Nine Complete Series
Bayview Entertainment: $39.99 DVD
Ryo Hayakawa inherited her late father’s talent as a pitcher, but she works as a waitress in her mother’s tiny cafe. Determined to overcome sexist opposition and create a girls’ baseball team that can compete in the national championships, Ms. Himuro, the head of prestigious Kisaragi High, gives Ryo a scholarship. She must recruit players and build an effective team. Ryo is a very likable character — she’s proud of her abilities, but surprised at where they take her. "Princess Nine" ranks among the better girls’ series of recent years, with characters who are strong, capable individuals but who exhibit human weaknesses.

Short Peace
Sentai Filmworks: $29.98 Blu-ray
For "Short Peace," Katsuhiro Otomo ("Akira") and three other directors made short films in personal styles they felt suited the stories they’d chosen, two of them evoking the look of 19th century woodblock prints. In Shuhei Morita’s Oscar-nominated "Possessions," a wandering tinkerer seeks refuge from a storm in a remote forest shrine. Inside, he  must pacify umbrellas, bowls and other household objects that resent being thrown away after years of devoted service. Otomo’s "Combustible" focuses on childhood sweethearts Owaka and Matsukichi, the son and daughter of wealthy merchants in 18th century Edo (Tokyo). The climactic blaze that brings the star-crossed lovers together — only to separate them forever — is stunningly beautiful.

(Oscar-winning Japanese animator and film director Hayao Miyazaki walks past an advertisement following the release of his film "Ponyo.")

No figure in contemporary animation is more admired than Hayao Miyazaki. Walt Disney Home Entertainment has just released to DVD/Blu-ray 2-disc sets of three of his major films at $26.95 each:

Kiki's Delivery Service
A charming coming-of-age story, "Kiki's Delivery Service" (1989) follows the very human ups and downs of an adolescent witch who must leave her family for a new city where she’ll discover her special talent. Kiki copes believably with tight budgets, self-doubt and the awkward attentions of a flight-obsessed boy. The late comedian Phil Hartman gave his final performance as Gigi, the sardonic black cat who provides a running commentary on Kiki's misadventures.

Princess Mononoke
The ecologically-themed "Princess Mononoke" (1999) was the first of Miyazaki’s features to receive a major theatrical release in the U.S. The problems posed by rampant development and consumerism figure prominently in the film. “If you want to discuss any aspect of the problems we face as humans, you cannot ignore ecology,'' he said. Miyazaki juxtaposes visually and emotionally intense scenes of the characters, with quiet images of clouds, streams and forests. When rain begins to fall, he lingers on a stone that darkens as it absorbs moisture.

(A screenshot from Japanese director and animator Hayao Miyazaki's "Princess Mononoke.")

The Wind Rises
In "The Wind Rises" (2013), Miyazaki carries the viewer through rapturously beautiful fantasies, hard-won pleasures and poignant sorrows in this biopic of Jiro Horikoshi, who designed the A6M Zero Fighter for Mitsubishi during World War II. "The Wind Rises" isn’t focused on speed — Miyazaki concentrates on the magic of flight. Instead of launching the viewers on a CG rollercoaster ride, he enables them to savor the magic of escaping gravity in a way that approaches visual poetry. "The Wind Rises" may be Miyazaki’s last feature, but the director is still clearly at the height of his powers; although premature, it’s a glorious exit.

Death Note: The Complete Series

Light Yagami, the hero of the dark fantasy-adventure "Death Note" (2006) is brilliant, alienated— and murderous. He found the Death Note: the notebook of a Shinigami (god of death). If anyone writes the name of a human in the book, that person dies within minutes. Light launches a vigilante campaign to rid the world of criminals and create his vision of a perfect society. But the unexplained string of deaths attracts the attention of the police, who turn the case over to the secretive master crime solver known only as L. Although it begins slowly, "Death Note" gets better with each installment, as the stakes grow higher in the macabre duel of wits between Light and L.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Rob Marshall is either the bravest director in Hollywood or the most foolhardy. Three of his five theatrical films — the musicals "Chicago," "Nine" and now "Into the Woods" — don't just invite comparison to the eccentric genius of other artists, they insist on it.

Originally a Bob Fosse stage project, "Chicago" was so imbued with Fosse's vitriolic spirit that even in Marshall's more straightforward hands the movie version felt like the missing piece in a triptych with Fosse's "Cabaret" and "All That Jazz."

"Nine" is the musical created from Fellini's masterpiece "8 1/2."

(Marcello Mastroianni in Fellini's "8 1/2")

Odd enough that someone thought Fellini's intimate but epic fugue on his own creative doubts and sexual fantasies should be adapted by others for Broadway; stranger still to re-import the hybrid back to the screen, in the workmanlike form Marshall gave to it.

And now we have "Into the Woods," a film placing Marshall in the long line of moviemakers defeated by Sondheim's difficult musical brilliance and penchant for challenging material. It's distinguished company, reaching back all the way to "A Hard Day's Night" director Richard Lester's re-invention of "A Funny Thing Happened (On the Way to the Forum)" as a kind of psychedelic Keystone Cops movie, and forward to Tim Burton's more adept but still wrong-headed Murnau-meets-Hammer-Horror approach to "Sweeney Todd."

Even director Hal Prince, the principal theatrical collaborator during Sondheim's most fertile and formative period, made an absolute hash of their shared stage success "A Little Night Music" in a film version later disavowed by both men, and mostly remembered for Elizabeth Taylor's chirpy and discernibly flat rendition of "Send in the Clowns."

Liz singing "Send in the Flat Clowns"

It's just possible that the real problem is that Sondheim's self-reflexive and deconstructive impulse (his musicals are almost always and to varying degrees commentaries on the Musical itself) makes his projects unfit for screen adaptation. In movies, we miss the artifice of the proscenium, the sweat on the actor's brow. But if any of Sondheim's late-period projects held out the hope of a successful movie version it was surely "Into the Woods," a droll recombination of the fairytale form's literary DNA into something like Sondheim's masterpiece "Company," set in a realm of magic beanstalks and slippers made of glass.

The characters are straight out of the Disney pantheon (or "Shrek"): Cinderella meets Rapunzel meets Red Riding Hood meets Jack and his Beanstalk, with a generic Wicked Witch, a couple of not so charming Prince Charmings, plus a peasant couple thrown in. But the issues at stake — marital fidelity, raising children, the fear of aging and death — are complicated, and filled with gray tones which Sondheim and librettist James Lapine masterfully etched across the fairytale's Manichean black and white.

What seemed audacious when Sondheim and Lapine conceived it in 1987 ought to fit comfortably into the era of "Sleepy Hollow" and "Maleficent," but in Marshall's hands, it does not. The good news is that though populated by what old school TV shows used to call a Galaxy of Today's Brightest Stars (Anna Kendrick as an appealingly unglamorous Cinderella; Chris Pine as the nymphomaniac Prince who stalks her; Meryl Streep quite moving in the Wicked Witch role made famous on Broadway by Bernadette Peters) this is mostly a very well-sung movie. There have been controversial excisions and revisions (enabled by Lapine, who is Marshall's screenwriter), but as an introduction to one of Sondheim's more beloved scores, "Into the Woods" makes for a solid musical primer.

WATCH: The "Into the Woods" trailer

But though Marshall has taken a lot of flack for daring to cut out characters (most notably the stage production's Narrator, who served as a kind of Greek Chorus in the original) and for softening plot points (Rapunzel died onstage), the big problem is that Marshall isn't nearly ruthless enough in rethinking "Into the Woods" as an honest-to-God movie. There are many moments (Johnny Depp ending a scene with a stagy howl at the Moon that virtually screams "and... fade out!;" the unseen death of a major character) where Marshall embraces the limitations of stagecraft when something bigger and more cinematic is needed, as if afraid to mar the pedigree of Broadway with Hollywood's debased visual stamp.

"Giants in the Sky," Jack's coming-of-age number, where he describes finding manhood in the sexual and physical dangers available above the clouds in the Giant's Castle, is a showstopper onstage, where we're willing to accept rhetoric in place of physical immediacy. Onscreen, it's simply frustrating for a character to suddenly appear and tell us he's just had the adventure of a lifetime, and that it's too bad we missed it.

The Woods themselves — both character and symbol onstage, a kind of living maze representing moral confusion — are lush here and geographically nondescript, like a particularly plush unit set, done up in a generic Lloyd Webber-meets-Disney house style.

Perhaps most unfortunately of all, Marshall seems constitutionally incapable of conveying the pervasive satiric impulse at the heart of the Sondheim/Lapine original, which could have been called "What Happens After Happily Ever After." Without ironic distancing, the film's second half, where the characters betray each other in decidedly contemporary sexual and self-interested terms, plays as non-sequitur.

It's possible to imagine a more idiosyncratic movie director who both understands and embraces the arsenal of cinematic effects available through editing, camera movement and design transforming "Into the Woods" into a rousing cinematic triumph — the young Terry Gilliam comes to mind. But Hollywood doesn't really embrace its daring cranks and visionaries very often, as Gilliam's difficult career demonstrates. Whenever possible, today's studios like to import genius at a safe remove, and then hand it off to a reliable journeyman who won't make waves or piss off the suits. The limitations of that approach are visible in every scene of "Into the Woods," and perhaps they explain its failure best of all. It's one thing not to be up to the task of adapting a work of odd brilliance. It's something else again to not even take it on.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Actors Benedict Cumberbatch and Sophie Hunter arrive at the 26th Annual Palm Springs International Film Festival Film Festival Awards Gala at Palm Springs Convention Center on January 3, 2015 in Palm Springs, California.; Credit: Frazer Harrison/Getty Images

The 26th Annual Palm Springs International Film Festival opened this weekend, distinguished by robust audience turnouts, megawatt celebrity visitations and constant reminders of the unique space PSIFF occupies and the specialized services it provides to Hollywood.

Falling as it does just before Sundance and just after the Golden Globes nominations, Palm Springs is as much a part of the awards season calendar as it is the festival circuit. Big ticket screenings are presented with all the photo op pomp that would greet a major world premiere at, say, the Los Angeles Film Festival, but in many cases this is to build buzz for (or to re-energize) films that are already in theaters.

At Sundance or Tribeca, the suspense is usually about whether the films in competition will get good reviews and/or find distribution. At Palm Springs, especially on opening weekend, it's more about whether you'll run into Brad Pitt in the guest and industry suite at the Renaissance Hotel.

At the PSIFF awards gala, Golden Globe nominee Reese Witherspoon took home the oddly gender specific Chairman's Award for her performance in "Wild."

J.K. Simmons received something called a Spotlight Award for his superb turn as the menacing music instructor in "Whiplash."

David Oyelowo grabbed the "Breakthrough Performance Award (Male)" for depicting Martin Luther King Jr. in "Selma." Brad Pitt's sing-along presentation of Oyelowo's award became the meme for much of the post-event press coverage.

Sing-a-long with Brad Pitt

Rosamund Pike got the "Breakthrough Performance Award (Female)" for "Gone Girl."

Michael Keaton presented the Director of the Year award to his "Birdman" collaborator Alejandro G. Iñárritu.

And the Palm Spring Convention Center stage was home to two young British heartthrobs who are in Oscar contention this year for period biopics about scientific genius: Eddie Redmayne, who grabbed the Desert Palm Achievement Award (Male) for portraying ALS sufferer Stephen Hawking in "The Theory of Everything," and Benedict Cumberbatch, who split glory with the cast of the Alan Turing biography "The Imitation Game" as co-winner of the Ensemble Performance Award.

The Desert Palm Achievement Award (Female) went to Julianne Moore in the Alzheimer's drama "Still Alice."

Every single one of the movies honored is in theaters now, almost all of them in the midst of slowly expanding release patterns as they mount their long slow march toward the Academy Awards.

The generous "one award per movie" policy and the care with which PSIFF avoids alienating celebrity affections by giving out trophies with such blunt and unequivocal titles as "Best Actress" or "Best Actor" mark the PSIFF awards gala as a psuedo-event: a kind of open-armed Hollywood team huddle before things get grim and serious with the Oscar announcements at the end of the month.

Even an Oscar-worthy oddity like Richard Linklater's "Boyhood" managed to find a place in the parade, with Linklater, who directed Shirley MacLaine in the 2010 black comedy "Bernie," presenting the 80-year-old actress with the Sonny Bono Visionary Award, essentially for career achievement.

Meanwhile, the festival's generous supply of indie, studio and foreign movies churned away in various local movie theaters, a really quite remarkable cluster of buzzworthy pictures, almost all of which have played elsewhere, including at Sundance and Toronto and Tribeca, and in many cases at your local multiplex.

This programming approach can be a double-edged sword. Director Ava DuVernay, whose civil rights-era epic "Selma" opened the festival, was unable to stay for her full run of Palm Springs personal appearances because her movie has been out long enough to spark a rather bitter controversy over its depiction of President Lyndon Johnson. DuVernay abandoned a Palm Springs Q and A in order to defend her film on Charlie Rose. 

While some audience members were bitterly disappointed at missing the chance to hear one of this year's golden ones, I'm sure the PSIFF Board of Governors understood completely. This time of year, you have to play the long game, and, in the words of the civil rights anthem, "keep your eyes on the prize."

Off-Ramp contributor R.H. Greene, former editor of Boxoffice Magazine, is in Palm Spring this week to cover the 26th Annual Palm Springs International Film Festival. Look for his missives here, and listen Saturday to Off-Ramp for his report on the festival.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Actors Carla Gugino, Matthew Lillard and Sir Patrick Stewart pose at the "Match" screening during the Palm Springs International Film Festival on January 3, 2015 in Palm Springs, California. ; Credit: Chelsea Lauren/Getty Images for PSIFF

Is there a happier star in Hollywood than Patrick Stewart?

Certainly no one seems to be having more fun than the onetime Star Trek captain and current (and seemingly permanent) X-Man. And why shouldn't Sir Patrick be pleased with himself? He really has got it all: a thriving stage profile in both New York and London, the unconditional love of a vast and loyal fan base, and a film career that oscillates freely between franchise blockbusters and the small, character-driven chamber pieces Stewart so clearly relishes.

"Match" is about as small a movie as Stewart has ever appeared in: a well-intentioned three-character film studded with very funny dialogue courtesy of writer/director Stephen Belber, upon whose play "Match" is based.

Stewart plays an aging gay dance instructor named Tobi Powell, who may or may not have sired a child back in the swinging 60s – an era movies now take to have been 10 years of uninterrupted orgy punctuated by Beatles records and gunshots aimed at the Kennedy brothers.

As the saying goes, "If you can remember the '60s, you weren't there." Stewart's Tobi Powell was vibrantly there at the time, so it's perhaps natural that he can't seem to recall whether or not one of his rare couplings with a female partner might have had some unintended consequences.

Mincing slightly and speaking in an accent that sounds Midwestern by way of Wales, Stewart is an absolute blast to watch. His genuine (and usually underutilized) flair for comedy is roguishly on display, allowing "Match" to shift between pathos and farce with an assurance born more of the performer's bravado than the emotional contours of Belber's somewhat overeager text.

Though allegedly a bit of a shut-in, Tobi is a minor masterpiece of a lost and exuberant art form: the exaggerated star turn. It's unsurprising Frank Langella got a Tony nomination for playing him on Broadway a decade ago, and at least a bit unexpected that Stewart has gone completely unnoticed this awards season, even by the nomination-happy Golden Globes.

Belber's best writing is mostly his comedic stuff. One aria comparing cunnilingus to knitting may just be the best scene of its type since Meg Ryan faked an orgasm in "When Harry Met Sally" a quarter century ago.

Solid and believable supporting turns from Carla Gugino and Matthew Lillard add to the fun until Belber's script bogs down in the third act into the kind of paint-by-numbers epiphany shtick even TV has given up on at this point.

WATCH: The official trailer for "Match," starring Patrick Stewart

Everybody cries. Everybody changes. Everybody yawns.  Or I did anyway.

Still, go see this movie — or better yet, watch it on your phone, since it's shot almost entirely in close up — to see a grand and gracefully aging actor strut his stuff with contagious delight. You will definitely laugh, and, God, does this movie hope you'll also cry.

But if you do weep, don't be surprised if, like Tobi himself, you hate yourself in the morning.

Off-Ramp contributor R. H. Greene is covering the 26th Annual Palm Springs International Film Festival, where he recently saw the new comedy "Match" starring Patrick Stewart. "Match" comes to theaters and video-on-demand on Jan. 14.

This content is from Southern California Public Radio. View the original story at SCPR.org.

A scene from Tomislav Mrisic's "Cowboys (Kauboji)," which screened at the Palm Springs Film Festival.; Credit: Kino films

It has escaped the average filmgoer's notice, but Eastern Europe has been in the midst of a cinematic renaissance for quite a while now. A few individual titles and filmmakers have bubbled to the surface in U.S. cinemas, including Danis Toanovic's Serbian antiwar satire "No Man's Land," which won an Oscar in 2001, and Cristian Mungiu's Romanian abortion drama "4 Months, 3 Weeks, and 2 Days," which nabbed the Palme d'Or at Cannes 2007.

Those are both great movies, but they are also the small tip of a very large iceberg. This year, Estonian filmmaker Zaza Urushadze's "Tangerines" — a humanist drama about the Georgian civil war of 1992 — is a leading contender for a foreign film Oscar.

As of now, its main competitor for the trophy would seem to be the Polish film "Ida" by Pawel Pawlikowski, which has taken most of the top critics prizes for foreign film this awards season. And who has heard of Radu Jude, the witty Romanian director of "The Happiest Girl in the World," or Kamen Kalev, Bulgaria's great hope for the cinematic future? Among so many others.

A sort of "Waiting for Guffman" with a Croat twist, the delightful Croatian Oscar entry "Cowboys (Kauboji)" isn't in the same league as the best Eastern Europe has to offer, and in an odd way this is one of its strengths.

Tomislav Mrisic's film utterly lacks pretension, which is not to say that it has no point to make. If there's an Eastern European precedent for "Cowboys'" assured mix of satire, drama and farce, it's probably the "Loves of a Blonde"-era Milos Forman.

Mrisic shares with Forman an acute eye for the foibles of small town bureaucracy and a soft humanism that simultaneously allows "Cowboys" to embrace its rag-tag ensemble of eccentrics and to spoof them mercilessly.

(A screen shot from Croation Oscar entry "Cowboys (Kauboji)")

The plot sees Sasa (Sasa Anlokovic), a failed and hangdog theater director with health problems, returning to his small and economically desolate Croatian town, where he is enlisted by an old friend-turned-local-bureaucrat to bring Big City "culture" to the sticks.

Aware that his lung cancer may have fallen out of remission and that time may be running out for him, Sasa sets about the task of creating what may be his last opus with the clay available to hand: a half dozen unskilled, uneducated and, in most cases, un-hygienic misfits, culled from the dregs of the town. They decide to create a Western stageplay based on their shared love of "Stagecoach," "High Noon" and John Wayne. Something decidedly unlike "Stagecoach" is the result.

There are titters and belly laughs abounding in "Cowboys" — a film that may actually be even funnier to an American audience than it is in Croatia, given Mrisic's deft mangling of the worn-out genre cliches of old school horse opera.

The performances are all solid and specific: This is no undifferentiated cluster of cliche yahoos, but rather a broadly drawn ensemble, in which each character has a specific logic and an unspoken need he or she is trying to fill.

WATCH the "Cowboys" trailer in the original Croatian

Mrisic finds much to mock in his small town provincials, but also much to celebrate. "Cowboys" is a smart film that still sees goodness everywhere it looks, which makes it a refreshing change not just from the American school of rote affirmation comedy but also from the relentless bleakness we associate with so much European fare.

For all the farce on hand, "Cowboys" is in the end a covertly passionate defense of the creative act: Its imperishability and its importance for its own sake, excluding aesthetic considerations. It is also a plea for that hoary old chestnut, the healing power of laughter. While that may read like a cliche, with "Cowboys," Mrisic's point is made.

Off-Ramp contributor R.H. Greene is covering the 26th Annual Palm Springs International Film Festival and will be posting regularly from there.

This content is from Southern California Public Radio. View the original story at SCPR.org.

I got the word this week from The Crest of Westwood that they'll be streaming coverage of the Golden Globes at The Crest on Sunday.

It's free and open to the public; doors open at 4:30 and the event starts at 5pm.

The Crest's Virginia Chavez writes, "We're encouraging formal attire, but it's not required for entrance."

But Off-Ramp says, "Phooey! Dress up. It's what classy people do." Like this stunning couple:

(Anne Knudsen/LA Public Library Herald-Examiner collection)

The caption of this 1985 photo reads, "David Hasselhoff in a burgundy-and-black striped tuxedo kept pace with wife Catherine Hickland's high fashion style: Ellene Warren's silk shoulder-beaded jacket, silk jacquard pants and matching evening bra. Hasselhoff and Hickland attended the Emmy Awards at the Pasadena Civic Auditorium.

There's such a thing as an "evening bra?" I don't think so.

The Crest - 1262 Westwood Blvd. LA, CA 90024 - (323) 553 - 3500

This content is from Southern California Public Radio. View the original story at SCPR.org.

Andrew J. West stars in Anna Mastro's "Walter"; Credit: "Walter"

It's always dicey to characterize a major film festival based on the movies you personally see there, because no matter how diligent you try to be, your impression will always be statistically anecdotal.

I'll see perhaps 10 percent of the films at this year's Palm Springs International Film Festival by the time they roll up the red carpets for the final time, added to the 25 or so I'd watched before I got here, owing to the festival's unique programming policies.

Not bad considering there are 190 movies being screened. So I think I've got the feel of things here. I wouldn't want my doctor to diagnose me based on a test with a 35 to 40 percent chance of accuracy, but I'm not a doctor. Instead of "Do no harm," I quote Spencer Tracy to myself. He said the secret to the creative process is to "just look 'em in the eye and tell 'em the truth."

And the truth is, with the exception of a couple of documentaries and a horror movie, virtually every film I've seen at Palm Springs so far shared some obvious characteristics: the Palm Springs International Film Festival loves it some poignancy and affirmation.

I've already commented on "Match," the Patrick Stewart acting showcase, and "Cowboys," a very funny Croatian comedy with cross-currents of seriousness. I may comment later about "Today," Iran's Oscar submission. (It's terrific by the way, a deeply affecting story about a burnt out cab driver who gets yanked into the world of a battered, unwed mother who steps into his cab.)

(Still from "Today” (Emrooz) by Iranian filmmaker Reza Mirkarimi)

I also saw an Anne Hathaway passion project called "Song One" here. I'm not going to write about it because I'm not in the mood to stomp on somebody else's butterfly. Plus the dramedy "1001 Grams" by the splendiferous-ly named Norwegian Bent Hamer, whose deadpan satire is routinely compared to Jacques Tati.

WATCH the official trailer for "1001 Grams," which includes some foreign languages

At their best, these are all movies that want to move the audience to tears before bouncing a ray of hope off the screen at them. At their worst, these movies are about pain in the same way Novocain is. They acknowledge its reality, in order to neutralize it.

Filmmaker Anna Mastro's debut film "Walter" (one of the Palm Springs premieres) fits what seems to be the festival's programming model, too, and is, I think, a really quite appealing little indie film, with the by now familiar mildly magical realist bent.

It's is a story about grief, though one with a screwball premise so that it doesn't quite present that way at first. Walter (portrayed with charisma and nuance by Andrew J. West) is a 20-something slacker, but a very uptight one, with a soldier's commitment to dress and routine.

He still lives with mom (Virginia Madsen, now shifting toward the character actress portion of her career with ease and grace) and has a job one rung above fast food worker on the ladder of success: He's a ticket taker at the local multiplex.

But what the world surely sees as failure, Walter knows to be his cover for a far more important vocation. Walter's father died when he was just 10 years old; ever since the funeral, Walter has realized something we don't: His real job in life is to decide where people go after they die.

His snap judgments secretly send people to heaven or hell ... until a dead guy from Walter's past shows up and demands that Walter determine his fate, and then all hell breaks loose.

It's an odd premise, bordering on the labored, but Mastro and her extremely appealing cast pull it off, in part by wearing their influences on their sleeves. The fingerprints of Wes Anderson are all over this picture, especially in terms of the way shots are framed and music is used, and I was able to identify the pivotal contribution of "Beasts of the Southern Wild" co-composer Dan Romer by ear, long before I noticed his screen credit.

I suppose that's supposed to be a damning criticism of a first-timer, but I don't see it that way. Tarantino aped Scorsese for years and virtually remade a minor Hong Kong gangster picture when he debuted with "Reservoir Dogs."

Spielberg acknowledges his debt to David Lean. Hitchcock's apprenticeship at Germany's UFA film studio resulted in a lifelong visual and thematic debt to the great Expressionist master Fritz Lang.

The question is, what do you do with your influences, how do you make them your own? And Mastro — who has a real gift for casting, pacing a scene and maneuvering her actors easily between farce and seriousness — has her own talents. She understands how Anderson's visual syntax has become a cinematic shorthand for quirk, and she deploys it to that effect, then tells the story at hand.

There are some issues with that story, though. There's a girl in concessions (Leven Rambin) Walter likes, and there's a bully at work. For all its surface oddity, the mechanical underpinnings of "Walter" frequently feel like they belong in an "American Pie" sequel.

And yet this movie won me over. I liked its faith in the movie palace as a place that still vibrates with the marvelous. I found a dream sequence, where Rambin undresses to camera while sprawled on a rich yellow bed of movie house popcorn hilarious and deeply expressive.

But I think my affection for this picture is mostly centered on Mastro and her cast, which includes a standout performance by Justin Kirk as a very grounded ghost and a broad but successful cameo from William H. Macy as Walter's psychiatrist. They're all groping toward something rather grim and real about loss, while doing their best to serve up some laughs and wonder along the way.

It touched me, because it feels kind of wise.

Off-Ramp contributor R.H. Greene, former editor of Boxoffice Magazine, is in Palm Spring this week to cover the 26th Annual Palm Springs International Film Festival. Look for his missives here, and listen Saturday at noon to Off-Ramp, when he'll interview Chaz Ebert about her late husband Roger Ebert's contributions to the film festival circuit.

This content is from Southern California Public Radio. View the original story at SCPR.org.

At the corner of Glendale and Glenfeliz, Jeff Harmes created an art garden completely from scratch. ; Credit: Alana Rinicella

On the median on the Atwater Village side of the Hyperion bridge, Jeff Harmes built a garden. It's an act he calls "taking nothing and making it into something that everyone can get something out of, that can inspire everyone."

Having lived on the streets for 30 years, Jeff says grew to hate litter. He used to sweep street gutters with a piece of cardboard and remove trash packed into the forks of trees. He thought of them as small acts that would go mostly unnoticed.

On a whim last spring, he started tilling the median — or "the island," as he likes to call it ... although "oasis" is more like it, now. He made rock sculptures from stones he scrounged out of the L.A. River. In celebration of spring, he made a peace sign out of flowers. 

He says he doesn't know much about gardening or landscaping. He learns as he goes and looks to commuters for suggestions. In the absence of running water, he relies on rainfall.

Vibrant succulents sit next to kitschy items like gnomes and plastic flamingos. Intricate formations of seashells and stones contrast starkly against the neatly patted dirt. A young girl even donated her seashell collection for the peace sign. 

Recently, though, a vandal smashed the peace sign and wrecked Jeff's plants, including his squash crop. With help from the neighborhood, Jeff has been able to rebuild the garden. New plants have sprouted and the stonework has been repaired.

Jeff says his new goal with the garden is for people to draw something positive from it. "I want hate to be transferred into something beautiful," he said. Moving forward, he hopes to expand it down the island. 

(Note: This post has been edited. The original called it a "meridian," which is an invisible geographic line. "Median" is correct.)

This content is from Southern California Public Radio. View the original story at SCPR.org.

There are still a couple dozen tickets left for one of the most interestingly-cast performances of H.G. Wells, Orson Welles and Howard Koch's "War of the Worlds." On Saturday, Jan. 17,  generations of Star Trek actors will take on the world's most famous radio show.

The cast — directed by Jim Fall — features: René Auberjonois (“Star Trek: Deep Space Nine”), Michael Dorn (“Star Trek: TNG”), Dean Haglund (“The X-Files”), Walter Koenig ("Star Trek"), Linda Park ("Star Trek: Enterprise"), Jason Ritter (“The Event”), Tim Russ (“Star Trek: Voyager”), Armin Shimerman (“Star Trek: Deep Space Nine”) and Wil Wheaton, playing... Orson Welles.

The performance is a fundraiser for Sci-Fest LA, the new annual science fiction play festival, so tickets aren't cheap — but they're scarce, and this looks like a memorable night.

KPCC and "Off-Ramp" celebrated the 75th anniversary of the broadcast last year by distributing the original 1938 performance, and a new documentary, internationally... introduced by George Takei, another original Trek actor you might have heard of.

War of the Worlds: Sat., Jan. 17,  8 PM; The Acme Theatre, 135 North La Brea Ave. LA CA 90036

This content is from Southern California Public Radio. View the original story at SCPR.org.

An aerial photograph of the San Gabriel Mountains in Southern California.; Credit: Bruce Perry, Department of Geological Sciences, CSU Long Beach; Courtesy National Park Service

A friend who has one of those cabins in the San Gabriels that you have to ride a mule into sent Off-Ramp a note about an event for fans of L.A.'s mountains ... which is pretty much everyone:

"The Sierra Madre Historical Preservation Society and First Water Design present the finest assembly of experts of our magnificent mountains and their impact on our history, culture, and way of life." It's a long list of historians, authors, and others who've spent their lives studying and writing about the mountains.

• John Robinson: "The San Gabriels," "Trails of the Angeles: 100 Hikes in the San Gabriels," "Sierra Madre’s Old Mount Wilson Trail"
• Michele Zack: "Southern California Story: Seeking the Better Life in Sierra Madre," "Altadena: Between Wilderness and City"
• Elizabeth Pomeroy: "John Muir: A Naturalist in Southern California," "San Marino: A Centennial History"
• Nat Read: "Don Benito Wilson: From Mountain Man to Mayor," "Los Angeles 1841 to 1878"
• Michael Patris:  "Mount Lowe Railway"
• Glen Owens: "The Heritage of the Big Santa Anita"
• Paul Rippens: " The Saint Francis Dam"
• Willis Osborne: "A Guide to Mt. Baldy & San Antonio Canyon"
• Christopher Nyerges: "Enter the Forest"
• Norma Rowley: "The Angeles Was Our Home"
• Chris Kasten: cartographer and former manager of Sturtevant Camp

The event takes place on Saturday, Jan. 24, from 1 p.m. to 4 p.m, at Pritchard Hall at the Sierra Madre Congregational Church, 170 West Sierra Madre Blvd., Sierra Madre, CA 91024.

And it's free! Email Jeff Lapides for more info, or call him at 626-695-8177.

This content is from Southern California Public Radio. View the original story at SCPR.org.

New entrance at The Huntington Library, Art Collections, and Botanical Gardens. ; Credit: Tim Street-Porter/The Huntington

For years, I’d feared the worst. Behind that intrusive belt of chain link and green canvas fence, with all the hidden noise of power digging machines, smashing jackhammers and growling tractors going on behind it, and heaps of dirt piled high, I dreaded that something terrible was going on in the dark, hidden heart of our dear old Huntington.

We were promised a new visitor center, a new store, a new cafe and restaurant. I imagined the Disney-fied worst: Henry Huntington’s Roller Coaster Red Car Ride; Pinky’s Pinkberry Parlor. The Blue Boy Fashion Center. Maybe even a giant Rem Koolhaas-LACMA style amoeba of purple reinforced concrete sprawling all over the lawns between the library and the old gallery.

My fears were groundless. The $68 million (not much more than the Getty paid for its new Manet) 52,000 square foot Education and Visitor Center addition is in perfect harmony with the early 20th Century original library and art gallery, perhaps more so than some previous increments, such as the nearby and blankly imposing Munger Research Center. 

The addition is named after outgoing Huntington chief Steven S. Koblik, who engineered much of the funding and planning for the facility. He’s got something to be proud of in his retirement: a new garden-centered segment of new facilities that founder, pioneer transit tycoon Henry Huntington, would probably have enthused over.

(The Huntington Store at The Huntington Library, Art Collections, and Botanical Gardens. Photo: Tim Porter-Street/The Huntington)

With its mighty $400 million endowment and the muscular fundraising power that enticed squillionaire Charlie Munger to donate hugely to this project (not to mention that research center), the venerable Huntington institution could have easily erected something expensively and grandiloquently modern.  

But its directorate and patrons seem to understand an important fact about the place: Most visitors don’t go there to be dazzled. We go there to be enthralled, even comforted by the century-old institution’s enduring and deeply reassuring ambiance that we are privileged to inhabit during our visits to its galleries of great art, its acreage of exquisite gardens and Arcadian vistas.

The Huntington possesses what designer Sheryl Barton, who co-created the new landscaping with the Huntington’s Jim Folsom, spoke of at the opening press conference as “the choreography of experience.”

That experience includes the new California-Mediterranean groves and gardens and the low-lying new structure that includes an expanded store, new classrooms, courts, cafes and an auditorium. With its simple, Tuscan-columned loggias and red-tiled roofs (and, oh, yes, even that showy glass dome on the Rose Hills Foundation Garden Court), it all effortlessly blends into the traditional whole.

Although the Huntington doesn’t seem to be planning on a new influx of visitors, it’s hard to see this new, more user-friendly front office isn’t going to attract more people to its San Marino location than the current 600,000 per year.

Particularly considering how regional museum attendance in general has boomed over recent decades. Will this abate the quiet private experience many of us Huntington fans have shared and treasured over the years?

(The Huntington will be installing this Alexander Calder sculpture, the  Jerusalem Stabile, this spring. Here, it's seen at the Rijksmuseum, Amsterdam. Calder Foundation; gift of the Philip & Muriel Berman Foundation to the Calder Foundation. Copyright © 2015 Calder Foundation /Artists Rights Society (ARS) Used with permission of The Huntington)

Probably. But there will also be important new things to see — like  Alexander Calder’s 12-by-20-foot Jerusalem Stabile, which beckons you into the new addition, and two powerful, newly acquired murals by the great 20th Century California artists Millard Sheets and Doyle Lane. Plus a new and glorious vista from the cafe’s terrace over to the original old Huntington villa — now gallery — where all this began, over a century ago.

This content is from Southern California Public Radio. View the original story at SCPR.org.

; Credit: John Rabe

Dear Off-Ramp fans,

What is a blog, after all? Words and images.

And what is a radio story on the web? Words, images, and sound.

Can't they live together in harmony? We say YES.

And with that in mind, we're killing the Off-Ramp blog page.  

But don't fear; we're not cutting back on content: everything that would have found a home here - Marc Haefele's art reviews, recommendations for fun events, etc. -- will now be on the regular web page of the Off-Ramp radio show. 

All the old blog entries will continue to stay on this page as an archive, like Catherine Deneuve's fading vampire lovers in The Hunger.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Source: Michael Legg 11/12/2024

Nano Nuclear Energy Inc. (NNE:NASDAQ) saw a 69% raise in its target price to US$66 per share from US$39 by The Benchmark Co. in light of the nuclear energy company's robust internal development, reported analyst Michael Legg in a November 7 research note. Nano Nuclear is developing 1–2 megawatt small modular reactors (SMRs).

"Nano Nuclear's balance sheet has been bolstered by capital raises placing over US$65 million (US$65M) on [the] balance sheet, allowing [the company] to continue to execute on its strategy," Legg wrote.

As the company was trading at the time of the report at about US$19.05 per share, the new target price implies a 246% return, noted Legg.

Nano Nuclear remains a Buy.

Strengthened Financial Status

This New York-headquartered company improved its balance sheet to the point of having US$65M in cash and no debt, which allowed Nano Nuclear to keep working its strategy.

"We have lowered our discount rate on our net present value analysis to 20% from 25% to reflect reduced risk," Legg wrote.

Company's Recent Efforts

The analyst reported Nano Nuclear's newest achievements and progress. They include:

1) Advancing development of its ZEUS and ODIN SMRs to the physical test work phase from the design stage and starting initial rig construction. The company also did external design audits on its SMRs.

2) Expanding its team, adding advisers and engineers, to expedite program development. Nano Nuclear appointed John Vonglis as chairman of its Executive Advisory Board for Strategic Initiatives. Vonglis is a former chief financial officer of the U.S. Department of Energy (DOE) and Acting Director of DOE’s Advanced Research Projects Agency-Energy.

The energy company appointed Lieutenant General Terry G. Robling, USMC (Ret.), as chair of its Executive Advisory Board for Federal and Defense Appropriations and Requirements. It appointed Carlos Maidana as head of its Thermal Hydraulics and Space Program and added six engineers to its Nuclear Technology and Engineering team.

3) Acquiring for US$1.71M in August a 14,000-square-foot, two-story building in Oak Ridge, Tenn., to be its Nuclear Technology Center location.

4) Signing a memorandum of understanding with the Rwanda Atomic Energy Board, which could result in deployment of SMRs and microreactors in the African country.

5) Starting its pre-application review with the Nuclear Regulatory Commission (NRC). Nano Nuclear provided the NRC and DOE the status of its microreactor designs and the estimated development timelines, so the NRC may line up the personnel needed to oversee the related licensing. Nano Nuclear is in the process of identifying places for a test bed reactor site.

6) Winning a DOE Gateway for Accelerated Innovation in Nuclear (GAIN) voucher, which provides it with funding for 80% of a winning proposal, the remaining 20% to be covered by Nano Nuclear. This increases its chances of being awarded additional vouchers in the future, purported Legg.

Nuclear Power Demand Grows

Momentum in the clean energy sector, particular nuclear power, being sought out for artificial intelligence data centers, bitcoin mining and electric vehicles, also is benefitting Nano Nuclear, Legg wrote.

A string of recent events exemplify the demand. Amazon.com announced it will buy power from SMRs, and Google partnered with Kairos for nuclear power. Sam Altman and Bill Gates invested in nuclear. President-Elect Donald Trump had noted while campaigning that he would expand nuclear power were he elected.

Further, the U.S. federal government passed the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act, aimed at ramping up development of advanced nuclear technology and preserving existing nuclear power generation.

"We believe this passing is further justification that nuclear is needed to reach climate initiatives, as nuclear is the only large-scale, reliable, emission-free energy source," Legg wrote.

Foreseen Benefits to the Stock

Legg noted that ongoing operational success could positively impact Nano Nuclear's share price.

Other catalysts, he wrote, include increased knowledge about and demand for SMRs, expected to happen as climate change efforts favor emission-free energy and the public accepts safety and use cases.

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Disclosures for The Benchmark Co., Nano Nuclear Energy Inc., November 7, 2024

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( Companies Mentioned: NNE:NASDAQ, )

Source: Streetwise Reports 11/12/2024

NexGold Mining Corp. (NEXG.V:TSXV; NXGCF:OTCQX; TRC1.F:FRA) and Signal Gold Inc. have successfully closed their previously announced oversubscribed and upsized concurrent financing, generating a total of US$18.5 million. Initially disclosed in joint announcements from both companies on October 10 and October 23, 2024, this financing is part of a larger plan in which NexGold will acquire all shares of Signal Gold to combine both companies' gold projects to create a near-term gold developer.

The financing involved two components. The first was a flow-through (FT) unit private placement by NexGold, which raised CA$8.085 million through the sale of 10,106,250 FT units at CA$0.80 per unit. Each unit includes one flow-through common share and half of one purchase warrant, allowing the holder to buy an additional non-flow-through share at CA$1.05 for the next two years. In the second component, Signal Gold's private placement of subscription receipts yielded CA$10.45 million by issuing 120,075,840 receipts at CA$0.08705 each. These receipts will convert into Signal units once specific escrow release conditions are met, including completion of the acquisition. Each unit consists of one common share and half a purchase warrant, allowing the holder to acquire additional shares for CA$0.11818 over two years.

The net funds from this financing will be used to retire debt, fund the exploration and development of both companies' gold projects - including NexGold's Goliath gold complex in Ontario and Signal's Goldboro project in Nova Scotia - and for general corporate purposes. The gross proceeds from FT units will go toward qualified exploration expenses for NexGold's projects, with renunciation planned by December 31, 2024, as per Canadian tax requirements.

Investor interest included an acquisition by a Sprott Asset Management sub-advised fund, which purchased 2.5 million FT units for CA$2 million, bringing Sprott's holdings to 11.43% of NexGold's issued shares (14.95% on a partially diluted basis). NexGold also extended an investor awareness agreement with i2i Marketing Group, providing up to six months of marketing services for CA$250,000 to increase investor visibility.

Gold Rush

Gold's surge to the US$2,800 mark due to a "perfect storm" of factors, according to an October 29 report from Kitco. Gary Wagner explained that this historic rise, approximately 35% this year, was driven by geopolitical tensions, anticipated Federal Reserve rate cuts, consistent central bank demand, and U.S. political uncertainty in the run-up to the presidential election.

Chen Lin offered a positive outlook on NexGold, noting heightened investor interest following recent updates, including expanded financing and merger plans.

Wagner noted that "geopolitical, political conflicts" and "uncertainties about the outcome of the upcoming presidential election" were critical components, with emerging market central banks increasing their gold reserves to reduce reliance on the U.S. dollar.

On October 30, LiveMint highlighted gold's global appeal. The article mentioned how central banks continue to expand their gold reserves, with net buying reaching 337 tonnes in Q3 2023.

This marks a near-record level, according to the World Gold Council. Escalating geopolitical tensions, especially in the Middle East, have also led investors to seek gold as a safe haven, pushing prices upward. In addition, strong economic data in the U.S., such as job growth and consumer spending, has affected expectations around Federal Reserve policies. These, in turn, have indirectly influenced gold.

By November 4, Egon von Greyerz, in his analysis of the global financial system, emphasized gold as a reliable store of value. He argued that "gold has always stood as a protector" during economic downturns, describing the asset as "the best-performing asset class in this century." Von Greyerz asserted that gold's continued strength could be attributed to its resistance to the "destruction of fiat money," making it an essential wealth-preserving asset in an increasingly unstable financial environment.

The Catalysts Pushing NexGold Forward

NexGold's acquisition of Signal Gold is expected to accelerate its growth as a mid-tier gold producer. According to NexGold's September 2024 investor presentation, this financing supports the ongoing development of the Goliath Gold Complex in Northern Ontario, which holds a combined measured and indicated gold resource of over 2.1 million ounces. Additionally, Signal's Goldboro project in Nova Scotia adds strategic value with historical production potential and significant exploration upside.

The Goliath project benefits from robust infrastructure, an approved environmental assessment, and a promising pre-feasibility study indicating a post-tax NPV of CA$336 million at US$1,750/oz gold. With this acquisition, the combined entity is expected to leverage its enhanced capital position to pursue further exploration and optimization, aiming for near-term production and establishing a solid platform for growth and consolidation in the Canadian gold sector.

What Are Experts Saying?

Ron Stewart, a mining analyst at Red Cloud Securities, maintained a Speculative Buy rating on NexGold with a target currently Under Review in his September analysis. Stewart stated that the merger with Signal Gold offered NexGold an accretive pathway to growth by adding the Goldboro project's resources to its portfolio. He noted that the combined assets of NexGold and Signal would form a "multi-asset company with over 6 million ounces in gold resources," which he described as synergistic and favorable for shareholders. Stewart anticipated the merger would close in Q4 2024, with upcoming catalysts including the Goliath Feasibility Study in Q1 2025 and a potential construction decision for Goliath in H2 2025. [OWNERSHIP_CHART-1961]

Important Disclosures:

1. NexGold Mining Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexGold Mining Inc.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: NEXG.V:TSXV; NXGCF:OTCQX; TRC1.F:FRA, )

Source: Streetwise Reports 11/07/2024

Tectonic Metals Inc. (TSXV: TECT; OTCQB: TETOF; FSE: T15B) announced the successful closing of its private placement, which was significantly oversubscribed, raising CA$5,349,171. This amount surpassed the company's initial target. Initially announced on October 4, 2024, this extension raised an additional CA$1,691,712 through the issuance of 28,195,200 units priced at CA$0.06 per unit. This total combined the funds from the second tranche with those from the initial tranche and previous offering rounds.

Each unit in the placement includes one common share and one-half of a common share purchase warrant, with each full warrant exercisable at CA$0.10 until two years from the offering's close. LIFE units from the offering are freely tradeable, while non-LIFE units are subject to a four-month hold period. In this latest tranche, CA$591,708 was generated through LIFE units, with 9,861,800 common shares and 4,930,900 warrants issued, while HOLD units contributed CA$1,100,004, resulting in the issuance of 18,333,400 common shares and 9,166,700 warrants.

Finder's fees in cash totaling CA$98,143 were paid to Canaccord Genuity Corp., Haywood Securities Inc., Ventum Financial Corp., Roche Securities Ltd., Gerhard Merkel, and Black Oak Ventures Ltd. Additionally, Tectonic issued 1,635,714 non-transferable common share purchase warrants to these finders, each exercisable at CA$0.10 until November 1, 2026. The cumulative finder's fees for both the extended and initial offerings amount to CA$226,029, with 3,767,153 finder's warrants issued. This private placement was approved by the TSX Venture Exchange (TSXV).

Why Gold?

On October 29, Kitco Media's Gary Wagner reported on gold nearing US$2,800, attributing this surge to a mix of "geopolitical conflicts, Federal Reserve interest rate normalization, and strong demand from global central banks." This combination, which Wagner referred to as a "perfect storm," has pushed gold prices up by approximately 35% this year. Emerging market central banks have notably increased their gold reserves as part of a strategic shift away from the U.S. dollar, adding further support to the metal's robust price performance.

Further insights from LiveMint on October 30 revealed a strong performance in the gold sector, with MCX gold rates surging in India. This was partly fueled by cultural factors and a rise in retail demand. Chintan Mehta, CEO of Abans Holdings, emphasized gold's safe-haven appeal, stating, "Gold stands out in times of uncertainty . . . a complete safe-haven unlike silver." Despite potential near-term dips, Mehta suggested that such declines would present valuable buying opportunities amid continued demand for gold.

In a November 4 report, Egon von Greyerz, founder of VON GREYERZ AG, highlighted the consistent historical role of gold as a protective asset. He took particular note of gold's rise in times of financial instability. He observed, "Gold doesn't lie…an ounce of gold in 1923 was worth 87 trillion Marks," underscoring gold's resilience during currency devaluations. He further anticipated that gold's journey was "only starting now," driven by the ongoing devaluation of fiat currencies.

Tectonic's Catalysts

The capital raised through Tectonic's private placement aims to support exploration and development at the company's Flat Gold Project in Alaska, a promising district-scale opportunity for open-pit heap leach gold mining. As outlined in the company's October 2024 investor update, Tectonic has prioritized "economic mine" criteria, highlighting heap leach processing potential, high gold recovery rates, and infrastructure access through on-site airstrips and nearby river barge routes, which reduce logistical costs.

The company's exploration strategy benefits from strong partnerships and technical expertise, particularly its milestone partnership with Doyon Limited, Alaska's largest private landholder, and Crescat Capital, which together hold significant ownership in Tectonic. Additionally, Tectonic's technical team has established a 100% drill success rate at the Chicken Mountain target, identifying zones of gold mineralization and potential higher-grade starter pits. According to Tectonic's October 2024 presentation, the company's "disciplined, upfront de-risking strategy" aims to secure long-term value and sustainable operational progress at the Flat Gold Project.

Analysts Talk Tectonic

*Technical analyst Clive Maund strongly endorsed Tectonic Metals Inc., rating it an "Immediate Strong Buy" on October 4. Maund emphasized the potential for "spectacular gains" as Tectonic's stock showed clear signs of a bullish reversal. He noted a "giant Double Bottom base pattern," indicating a rally from lows, supported by an "exceptionally positive volume pattern" and a strengthening Accumulation line, both bullish signals. [OWNERSHIP_CHART-10225]

Maund also highlighted Tectonic's Flat Project, noting its substantial scale and favorable mining conditions, especially within the Chicken Mountain Intrusion, where all 74 drill holes intersected gold mineralization, hinting at a "big resource." Additionally, Maund remarked on Tectonic's strategic partnerships. These include Doyon Ltd., which holds nearly 10% of the company's stock, underscoring strong local support and shareholder stability. These factors contributed to his confidence in the stock's growth potential, concluding that the current price represented a strong entry point.

Ownership and Share Structure

Institutions hold around 32.3%. Doyon Ltd has 9.9% and Crescat Capital has 22.3%. 15% of Tectonic is held by insiders and other institutions.The rest is retail.

Tectonic has a market cap of US$16.92 Million with 342.61 Million Free Float Shares. Their 52-week range is US$0.045 - 0.17

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Important Disclosures:

1. Tectonic Metals Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Tectonic Metals Inc.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

* Disclosure for the quote from the Clive Maund article published on October 4, 2024

1. For the quoted article (published on October 4, 2024), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$2,500.
2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989. The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

Clivemaund.com Disclosures

The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.

( Companies Mentioned: TSXV: TECT;OTCQB: TETOF;FSE: T15B, )

Source: Sid Rajeev 11/12/2024

Western Exploration Inc. (WEX:TSX.V; WEXPF:OTC) had its fair value increased by Fundamental Research Corp. (FRC) to CA$2.67 per share from CA$2.07 on anticipation of a material resource expansion at the Aura gold-silver project in Nevada, FRC Head of Research Sid Rajeev reported in an Oct. 31 research note.

"[The company] has made notable strides at its Aura gold-silver project, showcasing promising drill results, and improved recoveries," Rajeev wrote. "With mergers and acquisitions (M&A) activity on the rise, we believe Western Exploration Inc. is emerging as a strong acquisition target."

At the time of the report, the explorer was priced at CA$1.24 per share. As such, the new fair value implies a potential return for investors of 115%.

Western Exploration remains a Buy.

Current Project Highlights

Rajeev provided a current overview of the Aura project, noting the company has made significant progress there since FRC's last report, in January.

This Nevada property hosts sediment-hosted, Carlin-style gold deposits. Three have been identified there to date: Doby George, Gravel Creek, and Wood Gulch.

Doby George hosts near-surface, high-grade oxide gold, and mineralization amenable to heap-leach processing, thereby having the potential for relatively low capex and opex. Recent metallurgical heap-leach tests at Doby George yielded a higher gold recovery rate of 72%, up from 69%. This is on the higher end of recoveries for a typical open-pit mine.

Gravel Creek, in contrast, hosts underground, high-grade sulfide gold mineralization. Initial results from an ongoing resource expansion drill program there have been "highly promising," wrote Rajeev. Intercepts have returned unusually high grades, up to 75 grams per ton (75 g/t) gold and 3,080 g/t silver. Assay results from drill hole WGC459 indicate that high-grade mineralization extends at least 80 meters north of the Discovery zone. Preliminary metallurgical test results from Gravel Creek showed "impressive recoveries of 95%" toward the upper end of the usual range for an underground operation.

Resource Expansion Potential

The current aggregated resource of all three deposits is 652,000 ounces of gold equivalent (652 Koz of Au eq) in the Indicated category and 665 Koz Au eq in the Inferred category.

"We believe there is potential for resource expansion as the deposits remain open in multiple directions," Rajeev wrote. He noted which areas remain prospective, and they are Wood Gulch, Gravel Creek, The Gap (the undrilled area between them), the Jarbidge Hanging Wall (without a resource), and the Northeast Extension (undrilled).

Catalysts To Watch For

Rajeev noted future events that could boost Western Exploration's share price. Results of ongoing drilling at Aura is one. Next year, an update to the Gravel Creek and Doby George resource is expected in H1/25. A preliminary feasibility study for Doby George is slated to follow in Q4/25.

Another catalyst is the gold sector, the outlook for which is favorable. M&A activity has picked up as majors are looking for projects to boost their production profile. The trend is positive for this company advancing its precious metals project.

"We maintain a positive outlook on gold in light of the anticipated rate cuts by the U.S. Federal Reserve and elevated geopolitical tensions," the analyst wrote. "We see [Western Exploration] as a prime acquisition target."

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Important Disclosures:

1. Western Exploration Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Western Exploration Inc.
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Disclosures for Fundamental Research Corp., Western Exploration Inc., October 31, 2024

Disclaimers and Disclosure The opinions expressed in this report are the true opinions of the analyst about this company and industry. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. The analyst and Fundamental Research Corp. “FRC” does not own any shares of the subject company, does not make a market or offer shares for sale of the subject company, and does not have any investment banking business with the subject company. Fees were paid by WEX to FRC. The purpose of the fee is to subsidize the high costs of research and monitoring. FRC takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of Professional Conduct. Additionally, analysts may not trade in any security under coverage. Our full editorial control of all research, timing of release of the reports, and release of liability for negative reports are protected contractually. To further ensure independence, WEX has agreed to a minimum coverage term including an initial report and three updates. Coverage cannot be unilaterally terminated. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. The distribution of FRC’s ratings are as follows: BUY (67%), HOLD (3%), SELL / SUSPEND (30%). To subscribe for real-time access to research, visit https://www.researchfrc.com/website/subscribe/ for subscription options.

This report contains "forward looking" statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products/services in the marketplace; acceptance in the marketplace of the Company's new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company's periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward-looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. A report initiating coverage will most often be updated quarterly while a report issuing a rating may have no further or less frequent updates because the subject company is likely to be in earlier stages where nothing material may occur quarter to quarter. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.

( Companies Mentioned: WEX:TSX.V;WEXPF:OTC, )

Source: Streetwise Reports 11/12/2024

As 321gold's Bob Moriarty discussed the outcome of the BRICS conference in Russia and the state of the gold market with Robert Sinn of Goldfinger Capital, he lamented the need for more young gold bugs to enter the market as the yellow metal enters what he predicted will be a five- to 10-year bull market.

Sinn said at a recent conference, despite recent record gold prices, two-thirds of the seats were empty at gold panels with experts talking about likely windfalls in 2025.

"If you went to a gold conference last year, what was the average age?" Moriarty said during the interview posted last month, guessing 67 "or higher." "We have to get young people into the market, and we have not done that yet. The fact is that nobody's (at) the gold show because they all died of old age."

Moriarty said he expects there will be plenty of those windfalls coming in the bull market. He said there "absolutely has to be" more majors doing acquisitions.

Before the Bre-X scandal of the 1990s, in which fraudulent samples led to the collapse of the CA$6 billion company, most major mining companies had their own exploration departments, which many later cut, Moriarty pointed out.

"Since 2000, all of the exploration has been juniors," he said. "So, there has to be a lot more M&A activity. There has to be."

Yukon Projects Won't Go For 'Chump Change'

Gold hit its latest record high on October 30. It slid after the election, but most experts agree it is in a bull market and will continue to be.

"We are still relatively constructive on gold," said Taylor Krystkowiak, investment strategist at Themes ETFs, according to a report by Ian Salisbury for Barron's. "Why does gold go up? It's geopolitical uncertainty, it's deficit spending, and it's inflation. Right now, all those stars are aligned."

Despite pushbacks during its rise, "gold continues to climb," Nick Fulton, managing partner at USA Pawn, told Newsweek. "When we saw US$2,600 an ounce gold, I thought US$2,800 by the end of the year. Now? We could see gold at US$3,000 an ounce happen in a 30-day time span."

Moriarty said the highest recent scores logged by sentiment indices on gold and silver, which are reflected in a scale of 0 to 100, are lower than he would expect at "88 for gold and 88 for silver."

"I would think it would be in the 90s, and it's not," he said. Silver, for instance, when it hit its all-time record high in 1980, had a score of 95, he said.

The juniors should be performing "three or four times higher, and they're not," Moriarty said.

"So, were in an interesting situation," he said. "We're going to have five to 10 years at least of a bull market. And when the dollar changes its value dramatically, it's going to drive gold and silver much higher."

Moriarty said the majors are "trying to go out and pick up copper projects now," which he doesn't think makes sense.

"The majors are always wrong," he said. "They're paying the most for projects at the very top. Projects are being given because they're not interested. But when you have four major projects in one small area in the Yukon (and) those projects are going into production, somebody is going to buy them. But I don't think they're going to buy them for chump change. I think it's going to cost some money."

BRICS Conference: 'Who Cares?'

The two also discussed the recent BRICS meeting Russia. An intergovernmental organization, BRICS is an acronym for founding members Brazil, Russia, India, China, South Africa. Iran, Egypt, Ethiopia, and the United Arab Emirates are all full members now and it has also expanded to add 13 new "partner nations."

But one thing it didn't do was settle on a common currency for the countries, which disappointed Moriarty.

"I think the BRICS meeting was really important, and I was hoping for kind of agreement on what the BRICS financial solution is, and they really didn't come up with it," he said. "It was a meet and greet, and they talked about opening commodities exchanges. Who cares?"

This potential currency would allow these nations to "assert their economic independence while competing with the existing international financial system," wrote Melissa Pistilli of Investing News Network. "The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading."

Russian President Vladimir Putin presented a colorful mockup of a BRICS bank note at the conference, but Moriarty wasn't impressed.

"They need to do something, but they haven't done it yet. "You've got dozens of countries that recognize (that) the stranglehold the United States has on the rest of the world geopolitically is a negative for the rest of the world. And they all agree that that needs to change, but nobody's talked about how to do it."

Sitka Gold Corp.

One company Moriarty and Sinn discussed was Sitka Gold Corp. (SIG:TSXV; SITKF:OTCQB; 1RF:FSE), which recently released high-grade intercepts from its RC Gold Project in the Tombstone Gold Belt of Yukon.

The standout results included one hole that returned 678.1 meters of 1.04 grams per tonne gold (g/t Au) from surface, including 409.5 meters of 1.36 g/t Au, and 93 meters grading 2.57 g/t Au. The intercept also contained a high-grade core of 5.5 meters grading 17.59 g/t Au.

The results extended gold mineralization approximately 200 meters deeper than any previously drilled hole at the Blackjack deposit, signaling the potential for continued high-grade mineralization at depth and showing persistent mineralization throughout the entire 708.7-meter length of the hole.

Moriarty said the company is drilling Clear Creek on the RC property now, "and I think we're going to see a lot. More 400-, 500-, 600-meter intercepts. So, what's going to happen is the majors are going to wake up."

He predicted the company could be another Snowline Gold Corp. (SGD:CSE; SNWGF:OTCQB), which "has somewhere between seven and eight times the market cap" of Sitka. At the time of writing, Snowline had a market cap of CA$883 million to Sitka's CA$129 million.

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Important Disclosures:

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Snowline Gold Corp.
2. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: SIG:TSXV; SITKF:OTCQB; 1RF:FSE, )

Japan-based startup SmartBank has announced the rise of a USD 26 million funding round, aimed at the development of its personal finance management app. 

US-based identity platform Persona has partnered with Okta to deliver an automated identity verification solution and support organisations to safeguard against phishing and deepfakes. 

Blink Payments has announced its partnership with Zedonk, a collaboration that will enable the UK paytech platform to enter into the B2B fashion payments market.

Canada-based fintech firm Nuvei has announced that it has obtained all necessary regulatory approvals to move forward with its acquisition by Neon Maple Purchaser.

Bluefin has expanded the capabilities of its PayConex Omnichannel Gateway to support Flexible Spending Account (FSA) and Health Savings Account (HSA) payments.

Crypto payment gateway Alchemy Pay has acquired Money Transmitter Licences (MTLs) in Minnesota, Oklahoma, Oregon, and Wyoming.

Citi has announced its partnership with Bank of Shanghai in order to launch a payment solution for international travelers that visit the region of China.

Fideuram Intesa Sanpaolo Private Banking (FISPB), Intesa Sanpaolo Group’s private bank, has partnered with BlackRock to advance the expansion of its Digital Wealth Management solution in Italy and Europe. 

Volt has partnered with Kinguin to allow the latter's 18 million users to securely make purchases of games and in-game items through a Pay by Bank option.

SafetyTech company Privately SA has partnered with Privado ID to develop a privacy-focused, device-based age verification solution.

Libero Copper and Gold Corp. (LBC:TSX.V; LBCMF:OTCQB) announced the progress and objectives of its 14,000-metre exploration program at the Mocoa porphyry copper-molybdenum project in southern Colombia. Read more to discover how this ambitious program targets high-grade copper and molybdenum zones.

Volt Lithium Corp. (VLT:TSV; VLTLF:US; I2D:FSE) says it has significantly improved the operating capacity of its next-generation Direct Lithium Extraction (DLE) technology for processing oilfield brines in Texas' Delaware Basin. Read why one analyst predicts more steady increases.

Brunswick Exploration Inc. (BRW:TSX.V) announced an extensive expansion of its lithium exploration holdings in Greenland. Read more about the strategic land acquisitions set to drive future lithium exploration and development across the region.

Michael Ballanger of GGM Advisory Inc. shares his thoughts on current movements in the market.

Will Davidson and his Minecraft creation, modeled off the Santa Cruz Mission; Credit: Steve Henn

Minecraft is a deceptively simple video game. You're dropped into a virtual world, and you get to build things. It's like a digital Lego set, but with infinite pieces.

Its simplicity makes it a big hit with kids, like 10-year old Will Davidson. Last year, Will built a Spanish mission for a school report. He modeled his off the Santa Cruz Mission. "I made a chapel over here," Davidson says. "I also have a bell tower."

After he turned in his report, he added a few things. Like skeleton archers. "And zombies ... and exploding things, and spiders, that try to kill you," he said.

Minecraft is popular with kids because they're free to create almost anything, says Ramin Shokrizade, a game designer.

Also, kids aren't manipulated into clicking buttons to buy add-ons within the game. In other games, designers give players a special power for free at first, then take it away and offer it back at a price.

Zynga, the creator of Farmville, calls this fun pain, according to Shokrizade. "That's the idea that, if you make the consumer uncomfortable enough, and then tell them that for money we'll make you less uncomfortable, then [they] will give us money," he says.

Kids, Shokrizade says, are especially susceptible to this — and Minecraft has a loyal following, in part, because it doesn't do it.

Susan Linn, from the Campaign for a Commercial-Free Childhood, agrees. She says a big reason she likes Minecraft is because after you purchase the game upfront, that's it.

"Parents don't have to worry that their kids are going to be targeted for more marketing," Linn says. "How forward-thinking!"

But Linn is worried. Microsoft bought Mojang, the company that created Minecraft, on Monday for $2.5 billion, and she says that any time a large company spends billions to acquire a smaller company, executives are bound start looking for new ways to get even more money out of it.