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Buffett offers bleak outlook for U.S. newspapers OMAHA, Nebraska (Reuters) -
Warren Buffett is fond of newspapers -- he reads five a day -- but the billionaire investor warned shareholders of his Berkshire Hathaway Inc (BRKa.N) (BRKb.N) that the reeling industry may never recover because it lacks a sustainable business model. At Saturday's annual meeting of Berkshire, which owns the Buffalo News and has a big stake in Washington Post Co (WPO.N), Buffett said that as readership falls, so does the attraction of newspapers for advertisers, and for investors in the companies that publish them.
"For most newspapers in the United States, we would not buy them at any price," Buffett said. "They have the possibility of nearly unending losses. ... I do not see anything on the horizon that sees that erosion coming to an end." Many U.S. newspapers have lost 20 percent or more of their advertising revenue as changes in technology and reading habits shrink circulation and more readers to get their news online.
Several newspapers in large U.S. cities have closed in recent months, and the future of the money-losing Boston Globe, owned by The New York Times Co (NYT.N), remains up in the air.
"Twenty, thirty years ago, they were a product that had pricing power that was essential," said Buffett. "They have lost that essential nature." Buffett said Berkshire would hold on to the Buffalo News, a daily newspaper in the New York state city of the same name, if only because Berkshire buys businesses for the long term and does not sell simply because the companies hit a rough patch. He did not rule out having to squeeze out excess costs, including possible job cuts, or eventually shuttering the paper if it goes too deeply into the red. "On an economic basis you should sell this business. I said I agree 100 percent but I am not going to do it," he said. "The union has been cooperative in having an economic model that will at least give us a little bit of money." Charlie Munger, Berkshire's vice chairman, called the decline of the newspaper industry "a national tragedy." "What replaces it will not be as desirable as what we are losing," he said. (Reporting by Lilla Zuill and Jonathan Stempel; Editing by Xavier Briand)
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![]() Today: highs in the low 90's with temps during the week to remain the same, lows in the mid 70's. The only local media with their own live weather station broadcasting live every 15 minutes as shown above. Hit your refresh button to get the latest current conditions on our weather display above. Weather Station Rainwise
* Lets face it driving in Sarasota can be dangerous and frustrating. But, our new Sheriff cracked down on drivers Wednesday and issued 533 tickets to drivers and made 18 arrests with those traffic stops.
* Bradenton family wins $100K in national jackpot.
* Bradenton Beach restaurant starts 4th early with 45 minute fireworks tonight.
* Budweiser sponsors Tow To Go so you don't have to drink and drive. Call: (800)-AAA-HELP.
*
New film with tons of stars to be filmed in St. Pete July 13th. "A Fonder Heart", movie to be shot in St Pete.a cast that includes Oscar winner Burt Reynolds, Louis Gossett Jr. and nominees Stockard Channing and Charles Durning. Daryl Hannah, model Rachel Hunter, James Brolin and Cheers co-star Shelley Long, plus our own Audrey Landers from Sarasota. Ok, now lets shoot it in Sarasota:)
* Sarasota to have fireworks over Sarasota Bay and on Siesta Key. Bradenton will have their annual 4th of July Block Party and then fireworks over the Manatee River.
* 25 year old Bradenton man charged with rape of a 13 year old.
* Manatee County Sheriff’s Office busts 5 men on soliciting prostitutes. They run some great sting operations.
* Manatee’s population grew by one-half of one percent to reach an estimated 315,766 people last year.
* Around two and a quarter inches of rain fell Wednesday. We still are over 11" short of our normal rain fall this year. Lightning started a fire at a Lakewood Ranch home and roads on Ana Maria were flooded.
* Sarasota City Police Officers protest that city manager got a raise but their department will have budget cuts.
* Three tornadoes touch down Tuesday just north of Tampa. No one is hurt but there was structural damage.
* Dunkin' Donuts pulls drinks over salmonella concern, the Sarasota Bradenton area has over a half dozen Dunkin Donuts. They recently filed for bankruptcy.
* MCC is now being called State College of Florida. No more community college status:)
* It would be sweet if Sarasota were able to have the Baltimore Orioles play spring ball here, it's still up in the air where they will go. Meanwhile they romped Boston 11-10.
* New law allows Florida law enforcement to pull you over and ticket you for no seat belt use. At last:)
* The first-ever Vinyl Music Festival will be kicking off on July 16 in Sarasota, Florida. The electronic music event will feature a roster of over 25 international celebrity DJs that will perform in venues throughout the downtown area.
* Gulf Coast Foundation awards $400,000 in grants with $150,000 given to the Sarasota County Department of Health and Human Services to expand services for uninsured and underinsured residents at county health clinics.
* Punta Gorda man arrested for trying to solicit a 14 year old Bradenton girl.
Florida Attorney General is running at break neck speed racking up achievements in his office to help him run for Governor. He sends out at least one or more press releases a day to let us know what he is doing.
* Lakewood Ranch says 1700 people came looking for new homes in the first quarter of 2009. Half of the buyers bought them as second homes.
* U.S. Rep. Vern Buchanan, R-Longboat Key votes against Climate Bill last Friday.
* Man arrested in Venice for shooting his ex-wife and her boyfriend Saturday.
* 1,000 people protest government spending and taxes at Lakewood Ranch Polo Club on Sunday.
* New home invasion in Sarasota has everyone concerned again. At approximately 1:15 p.m.,Friday, Sarasota County Sheriff’s Deputies responded to 7868 Holiday Drive in Sarasota for a reported Home Invasion Robbery. The victim, a white female in her 30’s, said two suspects armed with handguns and wearing black clothes and masks entered the home through an unsecured front door. The suspects bound her arms and feet, took electronic equipment and fled the home. Syesha Mercado to perform in national tour of 'Dream Girls'.
* There are reports that sales contracts for homes are being canceled in our area because the appraisals aren't meeting what the purchase price is. Others are saying that homes in Bradenton are priced higher then in Sarasota. Strange stuff, who knows.
* Manatee Commissioner Joe McClash starts his own online newspaper for Bradenton. Some say it is a conflict of interest. What do you think?
* Pig farmer invests with local couple that is accused of promising false returns on investments. How piggy is that?
* We are going to the Don Cesar and you can come. Watch for our coverage.
Citizen Advisory: Suspicious Male
Soliciting Money
* Manatee Community College board raises tuition and fees 12%.
* City of Venice adopts the same no fertilizer ordinance as Sarasota County. One fertilizer is allowed and is made in Sarasota, Florikam.
* Sarasota County libraries now Twitter.
* Boy awarded $285K from Manatee schools after beating by other students.
* Mote Marine to offer birthday parties. Basic Birthday Package for 15 children and adults is $300.
* Manatee schools to send 120 students to Denver for the National TSA Conference. Manatee County finished first in the statewide technology competition.
* Sarasota DUI cases thrown out due to breathalyzer machine used by law enforcement. Around 500 cases will be thrown out of court. Which means we still have at least another 500 drunks on the road.
* Sarasota Memorial Hospital to install new system that will allow the hospital and physicians practices to share patient information.
* Charlie Crist holds in his hands the ability to let home insurance companies raise their rates and thus maybe help keep insurance companies in the state.
* A small section of Prestencia Blvd is closed for emergency road repairs.
It's the end of an era with the closing of the University Club on Main Street in Sarasota. The Club was the official 'good ole boys' meeting place for 40 years.
* This wasn't just any Sarasota Father's Day, the Dad in the middle got to have his triplet daughters all baptized.
* Shoppers raved about the two for one specials at Macy's with their recent weekend sale.
* Stabbing victim taken to SMH hospital early Monday morning, more details to follow.
* A $650,000 mooring field for Sarasota Bay, you have to be kidding us:)
* State to hold hearing on homeless at Salvation Army in Sarasota on Tuesday.
* Sarasota County Clerk's Office workers must take 12 furlough days off next year to help balance budget. 24 other works will be laid off.
* State utility regulators got an earful Friday from over 100 people who protested FPL's proposed rate increase of 31%.
* We added a Heat Index to our Weather Station today due to unusually high heat index expectations.
* Bradenton liquor store employee tazers man who robbed store of booze.
* Palma Sola beaches closed due to sewerage spill.
* FPL shoots for 31% rate increase. There will be a public hearing in Sarasota Friday at 11 AM. Be there or be quiet. at the Sarasota City Commission chambers 1600 Ringling Boulevard.
Two inches of rain, 40 mph winds and heavy thunderstorms bombard the area Wednesday evening
* Sarasota County to use some of it's $100 million dollar surplus funds to make it through lean times.
* New Sarasota County Sheriff, Tom Knight, reins in budget and offers Commissioners their first drama free budget session with a sheriff in almost a decade.
* Rectory at Our Lady of Lourdes Parrish burglarized early Wednesday morning. The burglar set off an alarm and was arrested by Sarasota County Deputies.
* Woman falls from cruise ship in Gulf Tuesday. Search boats and planes have not found her yet.
* NASA scrubs launch this morning due to hydrogen leak. This is the 3rd time there has been a leak.
* Manatee County has 17 homicides this year and it is only half over.
* Gov. Crist signs bill which bars local governments from charging for law enforcement, firefighter or EMS responses. He also signed a bill requiring persons arrested on felony charges to have a DNA sample taken. Bravo!
Sarasota YMCA and other charities benefit from long Culverhouse feud. Hugh Sr., the father created a foundation to donate money to local charities, his wife changed who got the donations along with her new husband. The son and the YMCA fought them in court. Hugh owned the Bucs and the 10,000 acre Palmer Ranch in Sarasota that he bought from the old Coast Federal. The Palmer Ranch extends from Sarasota down to Venice. Hugh Jr. donated $1 million to Doug Williams college to help make up for his father paying him a frugal salary while he played for the Bucs.
* Nik Wallenda, a Sarasota native and circus performer will take a 375' high wire walk Sunday.
* 14 year old Bradenton boy arrested for driving car.
* The North Sarasota Library will host the 3rd Annual Bike Rodeo, from 10 a.m.-noon, Saturday, June 20 in the parking lot of North Sarasota Library
* Manatee County looks to drop free ride Ana Maria Trolley in new budget.
* Thieves rob local Marathon gas station of $30,000.
Sarasota Chrysler Plymouth readies for selling out it's new cars and transitioning into strictly used car sales as Chrysler puts thousands of dealers to the curb.
* Sarasota Reds beat Lakeland 11-7.
* When the biggest thing to hit Sarasota is a 20' colon you know it's summer time and the living is slow.
* Locals get creative with "Home Trolley Tour" of homes for sale that are foreclosed on.
* New roundabouts on U.S. 41 by the City of Sarasota will slow already snail like traffic in season.
* University of Florida raises tuition and fees 15% for next year.
*Would be bank robber arrested and shot, the guy is 66 years old. What's he not thinking:)
* Two teens arrested for having sex in a car while driving. Dangerous stuff:)
* City of Bradenton seeks half million dollars in Federal energy grants.
* City of Venice issues prescription
discount cards.
* Bradenton Police bust 4 hookers who advertise on Craigs List.
* New Farmers Market opens up off of I-75 in Ellenton at the Sports Complex. Over 40 vendors are expected on Saturdays.
* Girls may get short end of stick in Florida if high school sports are cut back.
* June 19th FPL public hearing on rate increases in Sarasota. Florida Attorney General's office to testify that rate increase is too high.
* Poachers have taken four
clutches of sea turtle eggs since June 6 from Sarasota County beaches in
Venice and Casey Key, leaving empty nest cavities that were discovered
by Mote Marine Laboratory’s Sea Turtle Patrol volunteers. All four
clutches were laid by loggerhead sea turtles, a threatened species
protected by county ordinances, federal and state laws. Officials suspect
the eggs were stolen for food or to sell on the black market. To report
someone who appears to be illegally harassing a sea turtle, digging a sea
turtle nest or handling sea turtle eggs, contact the Sarasota County Call
Center at 941-861-5000 and ask for the Sea Turtle Protection Program.
Anonymous calls are accepted.
* Manatee County debates increasing Sheriff's Department budget for next year from $92 million to ?
* A Sarasota couple and two out-of-state men are accused of bilking investors in a Ponzi-like scheme, according to a lawsuit brought by the Securities and Exchange Commission. In a case filed Thursday, the SEC accuses John and Marian Morgan of Sarasota, Stephen Bowman of Omaha, Neb., and Thomas Woodcock Jr. of Rockwall, Texas, of running a fraudulent investment scheme in which they told investors they were investing in a secret but legitimate banking practice.
* Sarasota County throws wrench in Lakewood Ranch's proposed 5,500 home plan.
* Former NBA referee and former Lakewood Ranch resident Tim Donaghy to be released to half way house after 11 months of prison. His gambling conviction appears to be related to him being beaten while in prison by an inmate with mafia connections.
* Tampa airport traffic down 10% in May from May of last year.
* Bradenton Holiday Inn Express owners seek bankruptcy protection.
* Missing Bradenton man found in Orlando.
* 81 year old Bradenton woman charged with stabbing husband with a pen.
* Sarasota gets $45,000 gift from FPL to change 4 vehicles to all electric.
* Venice debates taller buildings.
* Injured bald eagle released in Sarasota.
* FBI to form new taskforce in SW Florida for bank robberies and crime.
* 3 locals file for judgeship.
* Area foreclosures dip but there are still over 5,000 homes in the pipeline ready to foreclose.
Local Dunkin Donuts group file for bankruptcy. The local 18 stores were bought 2 years ago from Kaplan a Sarasota resident by a Boston group. They have listed $10 million in debt. Do you think he sold them because they were making money?
* Sarasota woman gets water bill for $777 for 68,000 gallons of water, yet her water was shut off for repairs for much of the time. A new water meter installed at her home by the County seems defective showing 20,000 gallons of water usage per month. The average is 6,000. The house next door had their water meter stuck and was only billed $30 a month for two years.
* Bradenton man denied access to bank because they thought he looked suspicious.
* City of Sarasota residents want chickens in their backyard. New group called CLUCK formed to get an ordinance passed.
* Dad's get a free dinner for Father's Day at Sam Snead's, hey we deserve it, lol:)
* Naked Osprey man found in Bradenton woman's car. The man appeared out of it. Time for help.
* WCI in Chapter 11 says they will finish homes started but not build any new ones for now.
* Elderly Bradenton man missing Tuesday. When you get older you deserve to be able to get lost:)
* Sarasota County to discuss $8 million dollar park on Longboat Key Tuesday.
* Professional burglars hit 5 cars at Ellenton Mall and Applebee's Monday.
* Bradenton group, FloridaOil.org Inc, pushes for oil drilling off of coastline. Forget about it.
* Gov. Crist to meet with 10 members of the Economic Development Corporation of Sarasota (the county's economic dept). It's a closed door meeting. What?
One of the most
sought after players is Bradenton safety Jonathan Dowling. The question
now becomes, is he a safety at the next level?
Dowling is one of a handful of top notch prospects
that are at the Gators camp today in Gainesville.
* Sarasota is one of the top areas in the state attracting foreign buyers of real estate.
Moms and Dads take time out Saturday to teach their children how to build things at Home Depot's class for children in Sarasota. As Crosby Stills, Nash and Young's song said, "Teach your children well".
* 69 year old Venice man killed on his bicycle over the weekend when he went through a red light.
* In between the sunshine we picked up over an inch rain over the weekend. The Good Earth says thank you:)
* Once source says that local home for sale inventory has dropped from 36 months to 18 months. We don't think so. The latest figures we saw showed up to 10,000 homes in the pipeline ready to be foreclosed. Add to that the existing pool of homes on the market and those who want to list their home and haven't due to the market and you have a long term supply.
* Tarpon fishing has been hot and heavy this season according to local fishermen.
* Bradenton woman shot in the face at her home in what appears to be an attempted robbery. This case doesn't appear to be related to the one above.
* Man in Nokomis shoots himself during a routine traffic stop by a Sarasota County Deputy Friday morning.
* Lightning storm tears up area Friday morning setting off car alarms and waking everyone up early. It dropped around an inch of rain in some parts of southern Sarasota County. Oh baby, do we need the rain.
* MoneyShow.com, based in Sarasota, announced the results of the Traders’ Sentiment Indicator today on its Web site. The results revealed that 47% of active traders are bullish, 40% are bearish, and 13% have a neutral outlook about the S&P 500 between now and the end of the year.
* Sarasota County started controlled burns near Myakka State Park this week. More controlled burns are on the way.
* Vagrant from Louisiana sets clothes racks on fire at Bradenton WalMart after the store refused to take fraudulent items in return. Maybe we could send the man back to Louisiana.
* Sarasota woman scammed into thinking she won $470,000 sends $3,700 to scammer. "If it's to good to be true......"
* Sarasota man arrested for robbing 4 area restaurants by throwing a rock threw the front window. High tech:) Maybe they can make the man wash dishes in prison.
Alligator over 9' caught in Nokomis. It's mating season you know, and they are out looking for some.
* You may see your water bill go up if you are one of those people that uses an excessive amount of water according to the SW Florida Water District.
* We will be taking off on our annual Emerald Isle, N.C. tour shortly. View our previous trips. http://ourtownsarasota.com/emeraldisle.html
* Florida unemployment benefits extended another 20 weeks.
* New food kitchen to feed the homeless or hungry opens at Knights of Columbus in Sarasota and is run by the couple that ran the one at St. Vincents for 10 years.
* Local Sarasota man donates hurricane clips to Habit to Humanity to sell at a discount.
* 28 year Bradenton mother arrested for letting her child wander on the streets around midnight while she attended a party.
* Man killed on I-75 when his motorcycle hit a tractor trailer around 1 AM. At least that is what the tractor trailer driver said.
* The Taste of Myakka will be held from 1 p.m. to 8 p.m. at the Myakka Family Worship Center on 33420 Singletary Road. The event is open to the public and will benefit cancer patient Randy Ballard and wife Diana Ballard.
* Sarasota County will hold Town Hall meetings on their budget and take email questions and comments during the meeting. The Town Hall will be at 6:30 p.m. Monday, June 8. in the Sarasota County Access TV television studio.
* Bradenton's South East High School students win national Odyssey of the Mind competition. Bravo!
* Sarasota woman gets $773 water bill while her house has plumbing leak. The County is supposed to adjust water bills due to leaks or filling a swimming pool.
* Florida Power and Light spokesperson says, “FPL rates are the lowest of the state’s 54 utility companies,”. “A typical FPL customer pays about $25 less per month, or $300 per year less, than other Florida utility customers.”
* Bradenton has had around 2700 foreclosures this year alone, with over 500 in May.
* Pine View graduate electrocuted while working on a movie taping in Georgia. John Lamensdorf, 22, had graduated from NYU.
* Florida to raise vehicle registration renewal by 35%. In this economy that just isn't right.
* Meg Lowman says at least 10 python snakes have been found in Sarasota and at least 100 could be lurking here.
* Number of students reading at sixth grade level increases in Sarasota County while 8th and 10th grade numbers decline.
* Bradenton Dr. Rao now accused by 15 women that he fondled them. We feel sorry for the women and wish they had come forward earlier so others wouldn't be victims.
* Gov. Charlie Crist has rejected Bradenton's state senator Bennett's demand to fire Florida Insurance Commissioner Kevin McCarty if he refuses to resign.
* Florida homeowner insurance rates and availability of insurance lies in the hands of Gov. Crist. Lawmakers passed a bill that would encourage insurance companies to not pull out of Florida by allowing them to charge higher rates. (Editor's Note: Raising rates is not a bad thing considering the alternatives. Insurance companies are canceling homeowner policies in instances where they have to give a 45% discount for homes with hurricane windows. Tis better to have insurance then no insurance.)
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OurTown Sarasota Features: OurTown Sarasota.com. Photos on our America Cross Country Tour 2009 page. Long Island Tour 2009 - Tour Teddy Roosevelt's house. View our special Kennedy Space Center Shuttle page with photos. * Our Town Sarasota Mote Pictorial Exhibit. * Sarasota History Crossword puzzle. This one will challenge you. Click * Our Town New York City-WTC- Jones Beach- Tour 2002
* Almost nine out of 10 Sarasota County residents (86 percent) give high marks to the overall quality of life in Sarasota County according to the annual county survey.
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