Miami’s book fair ‘Evening With…’ series ends on easy note

A bit of fiction and a bit of philosophy, both seasoned with a touch of the historical, rounded out the final night of Miami Book Fair International’s “Evenings With…” programs Friday.

Emma Donoghue read from her Astray, new book of short stories inspired by old newspaper accounts, and historian Alan Ryan talked about his weighty new two-volume work On Politics: A History of Political Thought: From Herodotus to the Present (told you it was weighty).

“I feel like I should say, ‘Hello, Miami!’ ” joked Donoghue when she took the stage. Earlier, the Canadian author expressed wonder at the fact she was swimming in the Biltmore pool on a November afternoon before her appearance. “I don’t usually stay in places like that,” she said, laughing.

But Donoghue, author of the novel Room, is no stranger to new experiences: She’s a two-time emigrant from Dublin, once from Ireland to England, then on to Ontario.

“The Irish are obsessed with immigration,” she told the audience. Even when the economy’s good there, she said, the Irish look to other countries. “It’s still a small island,” she joked. “A lot of us have felt the need to fly that particular coop.”

Fitting then, that Astray features characters on the verge of moving on or struggling in their new surroundings. Donoghue read the amusing story The Widow’s Cruse and fielded questions about Room, a harrowing novel about a little boy being raised in a tiny shed by his kidnapped mother. Disturbing to be sure. But in case you wonder, Donoghue has no pressing childhood traumas of her own to inspire her to such a dark premise.

“I grew up in Dublin in a bookish household,” she said. “I was allowed to read all the time. . . There’s something to be said for a happy childhood that leaves you feeling confident.”

Ryan, who was in conversation with Robert Weil, editor-in-chief of W.W. Norton’s Liveright & Co., talked about his comprehensive study of political philosophy. Or, as his daughter (a biology professor) describes his profession: “He does dead philosophers.”

Ryan did mention a few of those worthy gentleman — Plato, St. Augustine and John Stuart Mill, for example — but still managed to elicit a laugh when discussing Americans’ adoration of a Constitution they’ve never read and continually confuse with the Declaration of Independence.

“The Constitution is revered, and it is at least worth knowing,” he said.

The fair continues this weekend with a full schedule of authors Saturday and Sunday.

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Buzzmakers: Lindsay Lohan Comes Clean & Janeane Marries

What had ET readers buzzing this week?

1. Janeane Garofalo: I Didn't Know I was Married!

Sometimes what happens in Vegas actually does stay in Vegas -- at least for two decades. Funny girl Janeane Garofalo is claiming she's been married for 20 years, and didn't even know it!

The Reality Bites actress told the New York Post that she and Big Bang Theory producer Rob Cohen decided to wed at a Las Vegas drive-thru chapel but never thought it would stick. "Rob and I got married, for real, which we had to have a notary dissolve not 30 minutes before we got here tonight," Garofalo said at the New York Comedy Festival reunion for The Ben Stiller Show. "We were married for 20 years until this evening."

Garofalo, 48, further explained, "We got married drunk in Vegas. ... We dated for a year, and we got married at a drive-through chapel in a cab. [We thought], 'You have to go down to the courthouse and sign papers and stuff.' So, who knew? We were married, and apparently now that [Rob] is getting married for real, his lawyer dug up something." Cohen, 63, joked, "I'm gonna get all of that Reality Bites money!"

2. Miley Cyrus: My Dad Knows Nothing

In speaking with ET's Christina McLarty, Miley Cyrus cleared up rumors that she and fiance Liam Hemsworth were planning multiple weddings, started by her dad.

According to Miley, she hasn't even set one wedding date, let alone the three ceremonies that Billy Ray told Us Weekly were going to take place.

"My dad knows nothing," Miley says, pointblank. "I think he's getting cabin fever from [Superstorm Sandy]. He got stuck in his hotel and now he's making up crazy things." Billy Ray has been in NYC, performing in a Broadway production of Chicago.

The 19-year-old singer/actress goes on to admit that the apple doesn't fall far from the tree.

"He does what I do: When he's sitting in a press thing, he's like, 'Let's make this fun. Let's make some stuff up,'" Miley says.

Even with this recent flub, Miley does thank her parents for doing a good job of raising her, saying, "My parents have never been super strict, and people could think that's bad or good, but people that judge me or say that I'm, like, crazy -- they don't know half the stuff their kids are doing."

3. Stephanie Bongiovi Drug Charges Dropped

Stephanie Bongiovi, Jon Bon Jovi's 19-year-old daughter, will not be charged after reportedly overdosing on heroin in her dorm at Hamilton College in New York.

According to a statement from the Kirkland Town Police Department, a female [presumably Bongiovi] was found unresponsive by an ambulance crew sent to the college early Wednesday, after a report that a female had apparently overdosed in the school's largest dorm.

Although Bongiovi and 21-year-old Ian Grant were charged with drug possession, the charges have now been dropped.

Citing section 220.78 titled "Witness or victim of drug or alcohol overdose" of New York State Penal Law -- which states that a person who seeks health care for someone who is experiencing a drug or alcohol overdose or other life threatening medical emergency, as well as the individual who has overdosed or who was experiencing such life threatening medical emergency, can't be prosecuted for the possession of heroin weighing less than 8 ounces or possession of any amount of marijuana -- police said that neither Bongiovi or Grant can be charged.

There has been no statement from Jon Bon Jovi at this time.

4. Dina Lohan Addresses Cocaine Accusation

Did Lindsay Lohan lie about her mother having an alleged cocaine problem? Dina Lohan sets the record straight for ET's Christina McLarty.

"Absolutely lied. We were having an argument, it escalated," explains Dina of their October altercation which was recorded by her father, Michael Lohan. "She just wanted to hurt me at that moment. You know, mothers [and] daughters, we fight."

Dina tells Christina that it pained her to see that private family moment "go public and viral." As for accusations that she uses cocaine, Dina replies, "I hate cocaine. I don't do cocaine."

After Lindsay proclaimed that she was not being truthful about her accusations against her mother about cocaine use, Dina says, "I'm so proud of her for telling the truth because it destroyed me. I mean, I cried for weeks. It just hurt me so bad and she knew how horrible that was, and she came clean and told the truth that she lied. I'm very proud of her for that, which is very difficult to have to do."

Dina adds, "There's so much more to the story than the public sees, and it takes its toll on my children and myself, and we're just trying to move forward." Watch ET for more with our exclusive Dina Lohan interview.

5. Big Bang Cast Leads Call Me Maybe Flash Mob

Fans of The Big Bang Theory might logically assume that the cast of the hit CBS comedy has as many laughs on-screen as off. But now there is concrete proof as Kaley Cuoco just revealed in this clip of cast and crew members surprising showrunners with a flash mob of Carly Rae Jepsen's viral hit Call Me Maybe!

Kaley explains on The Big Bang Theory's Facebook page that the idea was hers and that she recruited her sister Bri to choreograph the impromptu number, which occurred during a taping on October 23 in front of a live audience.

The clip shows how the prank was carried out with secrecy and precision, with the cast re-assembling on the set immediately after the flash mob to resume taping and to hear star Jim Parsons sum up the event with one of his character Sheldon Cooper's favorite words, "Bazinga!"

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Chemicals used to make explosives found in NJ doc's home

Prosecutors say large amounts of chemicals commonly used for making bombs and explosive devices were found at the home of a northern New Jersey doctor.

Sixty-year-old Roberto Rivera of Ridgewood faces several charges, including possession of a destructive device and recklessly creating a risk of widespread injury. His bail was set at $1 million cash, and it was not known Saturday if he had retained a lawyer.

Bergen County Prosecutor John Molinelli says investigators also found several assault rifles and other weapons when they searched Rivera’s home Friday night. Ridgewood police had initially responded to the home after receiving a report that potentially hazardous materials might be at the residence.

Prosecutors said Rivera is unemployed but has a license to practice medicine in New York.

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Strategies for stretching your holiday shopping dollars

Want to save some cash on your holiday shopping? Four money-saving experts, all South Florida moms who run websites about frugal living and smart shopping, have plenty of advice for you.

Their first tip: Start now.

“Retailers have been starting their sales earlier every year, so planning ahead is very important,” said Melissa Cid, who runs www.savingmomsmoney.com. “Making a list is the best way to stay on track and keeps you from splurging on unnecessary items.”

Know everyday store prices of items on your list so you can spot a good deal when the sale ads show up at your door, said Cid, a Miami Lakes mom of two.

“Some retailers try to trick consumers by marking up prices and then advertising a discount,” she said. “Knowing the everyday price of an item will make you a smarter consumer.”

Save in stores

Check out Black Friday ads early at sites like www.bfads.net, Cid said. “Use these sites to your advantage to plan early and compare prices,” she said.

Look for sales that offer bonuses with purchase, said Mary Pat Pankoke, of www.couponclasses.com. Stores like Target and Best Buy frequently offer a gift card bonus when you purchase a particular item, she said. Search online for printable coupons you can use in-store, Pankoke said. “Use layaway plans offered by stores like Walmart and Kmart to buy items on sale, then pay for them over time with no interest, picking them up in time for holiday gift giving,” she said.

Familiarize yourself with a store’s couponing and price matching policy, which allows you to bring in a competitor’s ad and have a lower price matched, Cid said. Pay attention to stores that alter their price-matching policies during the holidays, Pankoke said. For example, Walmart will match the prices found in competitor’s print ads, but not online pricing — including pricing on their own website, she said. Target offers price matching, but has exclusions on Black Friday through Cyber Monday deals.

“Sign up for store reward programs. Certain stores will let you redeem those loyalty points or dollars for future purchases,” said Whitney Zimet of www.iamthemaven.com. “This is especially nice at toy stores where you can easily spend major bucks, and where you know you’ll need to return again and again for future purchases.”

Some retailers offer store credit cards with a percentage off a first purchase, or all purchases discounted, said Zimet, a Coral Gables mom of two. One example is Target’s store card, which offers five percent off all purchases.

“Just be careful with these,” Zimet said. “Pay off those cards each month because the interest rates are huge.” Also ask the store when they have customer appreciation days — usually a percentage off storewide — or if they offer free gift wrapping.

Stick to your list and don’t buy items you don’t need, said Leanette Fernandez of www.teachme2save.com. “Check the clearance aisles for really good deals and pricing,” she said.

Don’t forget to use your smart phone for on-the-spot price checking, Cid said. “And hold on to your receipt in case you come across a better deal at another store,” she said.

Clip coupons

Look for extra holiday coupons in the Sunday newspaper and on sites like www.coupons.com, Cid said, “but also keep your eyes peeled for in-store holiday coupon books at grocery stores, drug stores and retailers like Target. Know the store’s coupon policies before you shop to prevent problems at the register, because lines can be very long this time of year.”

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Fired investigators uncovered evidence of misconduct at Citizens’ top levels

TALLAHASSEE --
The corporate watchdogs who were recently fired from Citizens Property Insurance Corp. had uncovered evidence of favoritism, improper compensation and poorly handled investigations at the highest levels of the state-run company.

A report reviewed Friday by Citizens’ Audit Committee shows that one of the final investigations conducted by Citizens’ Office of Corporate Integrity targeted top senior officials at the company. The four corporate watchdogs were investigating how Citizens had handled previous allegations of sexual harassment, drunken disrobing, irregular severance payments, falsified documents and other improprieties by employees.

All four investigators were given termination notices last month.

The report released Friday “focused on the mishandling of investigations, the mishandling of discipline and the mishandling of Citizens’ funds,” said Chief Internal Auditor Joe Martins, who recently decided that the Office of Corporate Integrity was no longer needed at Citizens.

The investigation by the now-terminated employees found that, among other things, Citizens:

• Gave large severance packages to some top employees accused of misconduct, including more than $80,000 to an underwriting executive who resigned after being accused of “inappropriate behavior” with another employee.

• Gave only a warning to its deputy director of human resources after she got drunk at the Coyote Ugly bar in Tampa, removed her bra and danced on top of a table during a company retreat.

• Failed to complete certain investigations or did not file them into the official complaint system, potentially shielding them from public view. Certain employees were shown favoritism after they were discovered breaking company policy.

Citizens declined to respond to several follow-up questions about the various allegations, stating that more public records would be released on Monday.

The state-run insurer disbanded its Office of Corporate Integrity abruptly in October, terminating all four members and presenting them with confidentiality agreements. The move sparked rebuke from government watchdogs, state lawmakers and Gov. Rick Scott, who had recently called for an investigation into lavish corporate spending at the company.

The reports of corporate excess and impropriety come at a time when Citizens is raising insurance rates on homeowners and slashing coverage in order to reduce risk on the 1.4 million policies it ensures.

Citizens said the move to terminate the four investigators — T.W. Smart, Selisa Daniel, Melanie Yopp and Meghan Walker — was actually a restructuring effort aimed at beefing up its fraud detection system and “avoiding unnecessary redundancies.” The company is currently looking to hire new fraud detectors. Citizens categorically denied that it had eliminated the OCI as a way of silencing the investigators.

The report reviewed Friday is the first evidence of what the Citizens investigators were doing shortly before they were told their services were no longer needed.

In March, an anonymous tipster complained that Citizens had mishandled internal investigations, spent funds on improper severance agreements and shown favoritism to certain employees engaged in misconduct. The accusations implicated some of the highest-ranking executives at the multibillion-dollar insurer.

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A Chance to Win an American Cinemateque Gift Bag!

Ben Stiller was honored by the American Cinemateque this week, and his kudos are your gain as we're giving away chances to win the official gift bag from the show! Read on for your chance to win…

CLICK HERE TO ENTER the American Cinemateque Gift Bag giveaway.

We're giving away one official gift bag. Contents are expected to include:

3 Strands Global - bracelet
ALFAPARF MILANO - hair color, hair care and styling products

Buffalo David Bitton baseball caps

Cavi-Blast.com - non-surgical, FDA approved, non-invasive alternative to liposuction

District - apparel and accessories

DreamWorks Animation SKG, Inc. - MADAGASCAR 3: EUROPE’S MOST WANTED 3D Blu-ray + DVD + Digital Copy Pack with UltraViolet™

ELEMIS Leading British Spa and Skincare Brand- anti-aging eye serum

FEELING BLOCKS- Feeling “Face” Block

Godiva Chocolatier- truffles

it luggage- luggage

Marchesa by Lenox- pleated swirl 5”x7” frame

Marchon- sunglasses

mophie- smartphone charger

MVP Portabe Wireless Speaker- Bluetooth wireless speakers

MyCustomYogaMat- yoga mat

Native Union- Bluetooth handset

Parfums 06130- unisex fragrance

Philosophy- skin care set and candy cane shampoo, shower gel, bubble bath

Ritmo Mundo- LED slap bracelet watch

ROFL Cafe (Republic of Laughter)- brunch, lunch or dinner for two

Sean Meshorer- The Bliss Experiment book

Stone Rose- button-downs

Vision Vodka t-shirt

CLICK HERE FOR THE OFFICIAL RULES of the American Cinemateque Gift Bag giveaway.

NO PURCHASE NECESSARY. Open to US residents 18 and older. Entries must be received by November 18, 2012 at 11:59pm PST to be eligible.

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BoNY wants out of Elliott’s battle with Argentina

Leave us out of it!

Caught in a legal crossfire, Bank of New York Mellon is arguing that it should not be forced to help Paul Singer’s Elliott Management collect as much as $1.3 billion from Argentina.

An appeals court recently upheld a ruling requiring Argentina to pay the New York hedge fund each time it pays other bondholders, which, unlike Elliott, agreed to a debt restructuring several years ago.

Judge Thomas Griesa ruled that all agents of Argentina are also bound by the order, and Elliott named Bank of New York as one of them.

As trustee, BoNY is responsible for making Argentina’s payments to investors who agreed to the restructuring. But the bank will argue that it is not an agent of Argentina and has an “arms-length” relationship with the country in a brief it plans to file later today, sources told The Post.

BoNY will argue that its sole responsibility is to the vast majority of bondholders who agreed to take a haircut after Argentina defaulted on $100 billion of debt in 2002. The bank receives payments from Argentina and holds that money in trust for those investors.

Argentina has rejected the court order and insists it will not pay Elliott, which is demanding to be repaid in full. At the same time, the country said it will continue to pay the other bondholders.

Nonetheless, those bonds have tanked since the appeals court ruled in Elliott’s favor on fears that the court would tie BoNY’s hands. If BoNY were unable to pay those bondholders without violating a court order, Argentina could be forced into a second default.

More than $3 billion in payments to those bondholders is due in December, unless Argentina’s stay is extended beyond then.

To pay Elliott, Griesa suggested BoNY take money out of funds slated for the exchange bondholders to pay Elliott.

“Some money is due to the plaintiffs out of those December payments,” Griesa said during a court hearing last week.

As a result, those bond investors are also lining up to oppose the order. Brevan Howard, the powerful UK hedge fund, and MFS Investment Management, a big Massachusetts money manager, have joined with hedge fund Gramercy in opposing the order, The Post has learned.

“Exchange bondholders not only are not getting adequate time, but their property is being taken unlawfully,” said Sean O’Shea, the attorney for these investors, who collectively own more than $1 billion worth of Argentinan bonds.

The prominent law firm of David Boies has teamed with O’Shea to represent these bondholders, and more institutions are expect to file briefs with the court next week to oppose the order.

mcelarier@nypost.com

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Jolly holiday shopping season already underway

Lilian Stoppa and Renata Rosa stepped out of Target in Midtown Miami with a cart piled high with holiday gifts.

Landing in Miami on Thursday morning for a five-day shopping spree, they already had spent $800 by mid-afternoon on presents for family members: toys for Rosa’s daughter, beauty items for Stoppa’s mother, plus lots of other stuff.

“This is just the start,” giggled Stoppa, 30, who works with Rosa, also 30, at a Sao Paulo telecom company. Their next stops: Sawgrass Mills, Aventura Mall and Bal Harbour Shops, if their money holds out. “We came to Miami to shop because it’s very much cheaper than in Brazil.”

Tourists like Stoppa and Rosa are exactly the reason retail experts predict Florida’s holiday shopping season will see its highest increase since the recession.

Across South Florida, stores are getting a head start on the holidays in hopes of cashing in. Sales are already underway everywhere from Neiman Marcus and Nordstrom, to Macy’s, Toys“R”Us and Anthropologie.

The Florida Retail Federation forecasts that Florida will see a 5.2 percent jump in holiday spending from $55 billion in 2011 to $58 billion this year, marking the highest percentage growth predicted since the economic slump began. Pre-recession, retail sales peaked at $54.3 billion in 2006.

“All of the indicators point to what we believe will be a very robust holiday shopping season,” said Florida Retail Federation President and Chief Executive Rick McAllister.

That also translates into more than 42,000 new retail jobs, he said.

Buoyed in large part by tourists and snowbirds, Florida is expected to outpace the nation in spending for the holiday season, as it did before the recession.

This year, the National Retail Federation is predicting holiday spending nationwide to rise 4.1 percent. On average, consumers are expected to spend about $750 each.

Economists point to strong consumer confidence as a major factor contributing to a stronger shopping season.

“By and large the consumer is very confident right now, and that usually leads to spending,” McAllister said.

Other indicators also point to a healthy season. ICSC, a trade association for the shopping center industry, this week released its ICSC-Goldman Sachs 2012 Holiday Spending Intentions Survey, which found that 19 percent of consumers plan to spend more, and 5 percent substantially more, on holiday gifts this year versus last year. It was the highest percentage of consumers reporting they intend to increase spending over the previous holiday season since ICSC began asking the question in 2004.

Retailers like West Elm are ready, beckoning gift givers. Stores are decked out with sparkly, eye-catching displays of items like candlesticks, ornaments and crystal paperweights.

“We’ve had lots of people shopping early, for several weeks,” said Ana Meza, an assistant manager at West Elm in Midtown Miami.

Without question, the holiday season is critical for retailers, a period when they typically generate 20 percent to 40 percent of the full year’s revenue.

This year brings an added bonus. With Thanksgiving falling early, the shopping season is stretched to 32 days, giving retailers more valuable time to rack up sales.

Shoppers like Jose Hernandez aren’t waiting for the last minute. Hernandez, who works as a civilian supervisor at the Naval Construction Battalion Center in Gulfport, Miss., and spends every other three months home in Miami, started his holiday shopping this week. He figures he spent $2,000 at Carter’s, GUESS, Marshalls and Target in Midtown, and plans to spend a total of $5,000 — up 40 percent from last year — before Christmas Day.

“The economy is going up,” said Hernandez, 44.

Yet experts say that many holiday revelers will avoid the stores all together, opting instead for online purchases.

Retail experts expect e-commerce to continue to post a dramatic increase this holiday season, up 15 percent. Though it still represents only about 5 percent of all shopping, online buying is the fastest-growing segment of the retail industry, McAllister said.

Many online sites are offering percentage discounts starting this weekend. Disney Store will offer a selection of “Magical Friday” deals on sale beginning Monday, at DisneyStore.com. Kohl’s is letting customers shop more than 500 “Early Bird specials” on Kohls.com starting Wednesday.

While apparel is expected to be the top category for purchases, gift cards are again projected to outsell any single article of merchandise. The National Retail Federation’s 2012 holiday consumer spending survey showed that 81.1 percent of shoppers will purchase at least one gift card, spending an average of $156.86 on them.

“Gift cards are the best invention ever,” said Jennifer Mayer, 44, a drug representative who has three daughters and lives in Miami Beach. “It’s not for everyone, but it’s great for those you don’t intimately know.”

This year, Mayer plans to buy gift cards at places like Starbucks, H&M, Forever 21 and Barnes & Noble.

“They’re great for bosses. They’re great for teenagers,” she said. “They’re a lifesaver.”

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Former Miami Mayor Diaz pens book about reinventing the city

Former Miami mayors don’t usually write books anyone would want to publish, much less read.

Then there’s Manny Diaz. Whether you admire him like many in Miami and across the country do, or excoriate him as some at home did, Diaz was hardly shy about embracing big plans and notions. And few would disagree that the city he left was a far different place when he exited City Hall in 2009 after two terms in office.

So it should come as no surprise that Diaz has in fact written a book for a national audience, recapping his greatest hits as mayor. Recall police reform and Irish-cop Chief John Timoney, Midtown Miami, the downtown condo boom, the “mega-plan’’ and the innovative Miami 21 zoning plan. It’s been published by the uber-serious University of Pennsylvania Press. No vanity press project, this.

But Miami Transformed: Rebuilding America One Neighborhood, One City at a Time, is no policy wonk-fest, either. A breezy read at just over 200 pages, index and foreword by New York mayor and Diaz buddy Michael Bloomberg included, the book is meant as a concise case study of how a poor, crime-ridden and economically stagnant medium-sized city can be swiftly transformed into a flourishing, swaggering metropolis with a hurtling skyline and its own Tom Wolfe novel.

“I wanted to keep the book short and easy to read,’’ said Diaz, who will appear at the Freedom Tower for the Miami Book Fair International on Friday evening. “You can lose someone with a 750-page book really fast. So it’s sort of conversational, talking about how we got to where we are.’’

If features, of course, an ambitious Cuban-refugee protagonist who arrived as a 6-year-old child, grew up happy in Little Havana despite poverty, studied hard and became a successful lawyer and behind-the-scenes political fundraiser and operative. Then he was thrust into the spotlight by the curious case of another young Cuban refuge-seeker: the rafter-child Elian Gonzalez, whose Miami relatives Diaz famously represented.

Diaz was in the family home in Little Havana, working on last-minute negotiations, when the Border Patrol broke down the door at gunpoint to take Elian, and says he still feels betrayed by then-U.S. Attorney General Janet Reno, a former Miami-Dade state attorney who ordered the raid.

There is little inside baseball and only a few reveals: For instance, Diaz earned $1.10 an hour working as a janitor at Belen Jesuit Prep, where he was a student, under a federal jobs program.

All this and more is quickly recounted before Diaz, who wrote the book with longtime collaborator Ignacio Ortiz-Petit, gets into the heart of the matter: The eight years he served as mayor, which coincided with a dramatic real-estate boom and helped usher Miami into the rank of world cities with a changed downtown, regenerated neighborhoods, a growing, young population and the kind of buzz even the best promotional hype can’t buy.

The overriding goal of his administration, Diaz writes, was to bring the middle class back to Miami from the suburbs by improving substandard city services, fostering both private development and affordable housing, and rebuilding crumbling streets. He also focused on creating alluring amenities, including parks, museums, and arts and cultural institutions, which he says are proven economic generators.

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Sina’s profit beats on Weibo; co forecasts weak 4th-quarter revenue

(Reuters) – Chinese internet company Sina Corp eked out a profit in the third quarter that beat analysts’ estimates as strong advertising sales on its microblogging platform offset weaker website advertising but it forecast current-quarter revenue below expectations.

Shares of the company fell 6 percent to $ 49.72 in extended trading. They closed at $ 53.10 on the Nasdaq on Thursday.

Sina expects adjusted net revenue to range between $ 132 million and $ 136 million in the fourth quarter, with advertising revenues forecast to increase between 6 percent and 8 percent from a year earlier.

Analysts on average were expecting revenue of $ 151.9 million, according to Thomson Reuters I/B/E/S.

Sina, which makes most of its revenue from online advertising both on its website and through its microblogging platform, Weibo, is facing stiff headwinds this year as firms slash advertising budgets due to a worsening economic outlook.

Analysts said the spat between Japan and China over a few uninhabited islands in the East China Sea may have affected Sina’s website advertising sales as Japanese automakers cut back on advertising in China.

Net profit was $ 9.9 million for the September quarter, compared to a loss of $ 336.3 million a year earlier. The profit beat analysts’ expectations of $ 7.5 million.

Sina’s advertising revenue rose 19 percent to $ 120.6 million in the third quarter, while non-advertising revenue rose 9 percent to $ 31.8 million. Overall net revenue was $ 152.4 million, up from $ 130.3 million, a year earlier.

The company started monetizing Weibo by offering special services to business accounts and selling VIP memberships to regular users earlier this year.

Weibo contributed about 10 percent to total advertising revenue in the second quarter and had 368 million registered accounts.

(Reporting By Melanie Lee in Shanghai & Aurindom Mukherjee in Bangalore; Editing by Sriraj Kalluvila)

Internet News Headlines – Yahoo! News

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