Banks Loosen Purse Strings
By RUTH SIMON
WALL STREET JOURNAL
U.S. banks are expanding their loans to consumers for the first time since the credit crisis erupted, as lending standards begin to loosen and demand for new loans edges higher.
J.P. Morgan Chase & Co., which Friday posted a 47% profit jump for its fourth quarter, said its total loans increased 6% since the end of September. While most of the loan growth came from loans to businesses, the nation's No. 2 bank by assets said total credit-card balances rose for the first time in two years.
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Consumers were more willing to pull out their plastic. Credit-card usage was up 10% year-over-year. The bank issued 3.4 million new credit cards in the fourth quarter, up 4% from the same period a year earlier.
"We see the consumer is getting stronger," said J.P. Morgan Chairman James Dimon. He added that many Americans are still saving and paying down their debts, which he said will make them better borrowers.
The New York bank's profit surge and optimism that more consumers and businesses are looking for loans triggered a rally Friday in financial stocks. That helped push the Dow Jones Industrial Average to its highest level since June 2008. The Dow, which includes J.P. Morgan shares, rose 55.48 points, or 0.47%, to 11787.28, finishing the week up nearly 1%. It was the bellwether average's seventh weekly gain in a row, during which it has gained 6%.
Signs of a lending rebound in business loans already were evident at some big U.S. banks, and Mr. Dimon cited "fairly broad-based strength across corporate, middle market, even small business." But consumer lending has lagged behind because of unemployment, foreclosures and the reluctance of many Americans to go deeper into debt.
Now, the economy is gaining momentum, as shown by the Commerce Department's report Friday that consumers spent more for the sixth straight month. That means profit-hungry bankers are growing more eager to make new loans, especially to borrowers with strong credit histories.
When other banks post earnings in the coming week, many analysts expect more evidence that at least the healthiest lenders are shifting focus from grappling with troubled loans to making new ones. That would be bullish for many sectors of the economy, such as auto dealers, retailers and home builders.
"The rapid decline in job losses has made everyone more comfortable to lend," said Roger Hochschild, president of Discover Financial Services. The credit-card issuer expects higher account balances, newly opened accounts and balance transfers on cards wooed away from rival issuers to result in "modest" growth in Discover's overall credit-card portfolio in the second half of 2011.
New-loan growth has "been slow and sluggish" but is approaching a level that will be strong enough to offset borrowers who are paying down debts, said Charles Kim, chief financial officer at Commerce Bancshares Inc. On Thursday, the regional bank in Kansas City, Mo., posted a 25% profit jump from the year-ago quarter. Home-equity and installment loans are increasing, and credit-card volume grew because of "better-than-expected spending," Mr. Kim added.
In the third quarter, lenders made more than 36 million consumer loans, up 3.7% from a year earlier, according to Equifax Inc. and Moody's Analytics. That was the first year-over-year gain since the crisis began. Consumer-loan originations are expected to climb 5.9% this year, much higher than the slim 1.1% increase in 2010. Still, the amount of available new credit is just half of its prerecession level, according to the latest figures from Equifax.
The totals include bank-issued and retail credit cards, auto loans, consumer-finance loans, home-equity lending and student loans. The totals exclude mortgages, partly because home-loan volume is driven by refinancing.
The consumer-loan uptick is most pronounced in the auto sector, where the dollar value of loans originated last year topped the 2009 total, Equifax estimates. The percentage of auto-loan applications by prime borrowers that were approved rose to 91% in December from 82% a year earlier, said CNW Research. Among so-called near-prime borrowers with credit scores of 620 to 749, the approval rate jumped to 83% from 70%.In addition, down-payment requirements have loosened, and "there are plenty of resources for financing," said John McEleney, president of McEleney Chevrolet and McEleney Toyota in Clinton, Iowa.
Robyn Crouse, who lives in Clinton and works at a call center, financed her recent purchase of a 2008 Toyota Corolla with a loan from a credit union that offered a 5.99% interest rate and $500 down payment. A year ago, she couldn't get a loan from a local bank, because it considered her too risky and said she didn't have enough of a credit history. "It was a whole different experience" this time, she said.
At J.P. Morgan, auto-loan originations fell 19% year-over-year, due to more competition.
Credit-card companies, which had reined in their pitches because of higher loan losses and new regulations, are now also stepping up their marketing. In the fourth quarter, direct-mail solicitations doubled from a year earlier, according to Synovate, a unit of Aegis Group PLC.
"It's not just the super-prime" borrowers who are being barraged with new offers, said Anuj Shahani, director of Synovate's Competitive Tracking Services. Mailings to subprime borrowers surged 90%.
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Some of those offers are starting to pay off for card issuers. In October, the latest month for which figures are available, banks issued 3.3 million new credit cards, up 21% from October 2009, according to Equifax.
And while many borrowers continue to pay down debt, credit-card balances have also begun to rebound. Bank of America CEO Brian Moynihan told analysts last month that industrywide, credit-card holders who carry balances "have actually started to borrow just a little bit more: not a lot, but 3% or 5%."
At Discover, customers who revolve their credit-card balances increased their spending in September, October and November. Barclays Capital estimates that loans will grow by 2% this year at American Express Co. and 5% at Discover and Capital One Financial Corp.
Home-equity lending, which dried up when home prices fell, is on the comeback trail. Originations of home-equity lines increased in October, the first monthly gain since the mortgage crisis, Equifax said. Terms for home-equity loans have loosened in recent weeks, said Stephen Calk, chairman and CEO of mortgage banker Chicago Bancorp. Some small banks have raised the maximum amount of a home's value that can be financed to 90% from 80%.
Some borrowers are using home-equity loans for home improvements, to avoid mortgage insurance or to escape the higher interest rates charged on jumbo mortgages. Jumbo loans are too big for government backing.
Beth and Sean Smith took out a home-equity line of credit this month to help finance the purchase of a 4,000 square-foot, four-bedroom home in Indianapolis. "It gave us the flexibility we needed to get into a house that we couldn't have afforded if we didn't do that," Ms. Smith said.
Write to Ruth Simon at ruth.simon@wsj.com
Sunday, January 16, 2011
A Guide to Loving Winter Greens
A Guide to Loving Winter Greens
Think you don't want to eat chard and kale? Clearly you haven't tried the eight inspired recipes on the next page
Photographs by David Prince for The Wall Street Journal, Food Styling by Brett Kurzweil
Clockwise from top left: turnip greens, collard greens, swiss chard, chicory, kale and cavolo nero.
Brave a cold walk through a farmers' market anywhere other than Southern California right now and you'll likely tire of seeing so much that's big, leafy and green. Multiple varieties of kale, chicory and mustard greens are in season with a vengeance, crowding out colorful produce and dulling our culinary creativity. Summer bounty like tomatoes and corn we buy up blindly, figuring we'll find something to do with them—or just eat them plain. But hulking bunches of cavolo nero? Not always the most mouthwatering prospect. Yet greens are versatile, flavorful and bursting with the kind of nutrients we're depleted of in the wake of the holidays. And there are all kinds of interesting and, yes, delicious ways to cook them, as chefs around the country are proving: They're spiking collards with bright Asian flavors, throwing chicory on the grill and shredding kale into refreshing winter salads. Turn the page for eight recipes that will keep you entertained until that first tender asparagus spear shows up.
—Katherine Wheelock
Wilted Collards With Ginger and Shoyu
A light, flavorful dish to accompany steamed fish or roasted pork—or simply serve over a big bowl of rice. Serves 4.
Blanch 2 pounds baby collard greens—stemmed, leaves cut into ½-inch strips—for 30 seconds in a large pot of boiling salted water and shock them in ice water. Drain and squeeze as dry as possible. // Transfer collards to a large bowl and toss with your fingers to separate, adding 2 tablespoons shoyu or regular soy sauce and ½ teaspoon toasted sesame oil and distributing evenly. Heat 2 tablespoons olive oil in a medium sauté pan over medium-low heat. Add 2 tablespoons thinly julienned ginger, and 2 crumbled dried red chiles. // Sauté for 1 minute, raise the heat to medium and add the collards. Season with salt and toss to coat. Add 2/3 cup chicken stock and cook, stirring frequently, for 3 minutes. Season with additional salt if necessary and serve.
—Andrea Reusing of Lantern, Chapel Hill, N.C.; author of "Cooking in the Moment" (April 2011, Clarkson Potter)
Parmesan Broth With Swiss Chard and White Beans
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Parmesan broth with Swiss chard and white beans
A deeply satisfying soup that can compete with chicken noodle as a winter cure-all.Serves 4 to 6.
Over low heat, steep 8 cups chicken stock with 8 ounces Parmesan rinds for about 45 minutes, until the rinds are soft. Strain the liquid and reserve. // In a heavy-bottomed soup pot, sauté 1 smashed garlic clove in 2 tablespoons olive oil over medium heat until garlic just begins to color. Add 1 dried red chili, crumbled; 4 cups loosely packed Swiss chard, stems removed and leaves cut into ribbons; and stir to coat. //Add the warm, strained stock and 2 cups canned cannellini beans and bring to a simmer. Season with salt and pepper and add a teaspoon lemon zest. To serve, ladle soup over a slice of toasted country bread and drizzle with olive oil. —Sara Jenkins of Porsena and Porchetta, New York
Mustard Greens Braised With Ginger, Cilantro and Rice
A quick braise and a one-two punch of ginger and cilantro that adds up to a restorative one-pot meal. Serves 4 to 6.
Heat 3 tablespoons oilive oil in a wide, heavy pot over medium heat. Add 1 onion, diced; ¼ cup white rice; 2 tablespoons finely chopped fresh ginger; and 1 teaspoon each ground cumin and paprika. Stir to coat with oil. Cook for 2 minutes, then add 1 cup chopped cilantro (leaves and stems) and 2 bunches mustard greens, stems removed. Sprinkle with 1 teaspoon salt, cover, and cook until volume reduces, about 10 to 15 minutes. // Stir, reduce heat to low, cover and cook slowly for 30 to 40 minutes. Check occasionally and if the pan seems dry, add a few tablespoons water. // Cook 10 minutes more, until greens are so tender they're silky, and serve warm or at room temperature, with plain yogurt spooned on top or just a squeeze of fresh lemon. —Deborah Madison, author of "Local Flavors" (Clarkson Potter)
Grilled Chicories With a Crispy Fried Egg
Lightly charred winter lettuces bathed in pancetta dressing to erase all memories of summer's grilled vegetables. Serves 4. Place a handful of outer leaves from four bunches of mixed chicories like escarole, frisée, radicchio and curly endive in a bowl along with leaves separated from the base of 1 Belgian endive and add some olive oil, salt, pepper, a splash of water and mix. // In a separate bowl, combine ¼ cup red wine vinegar and 1 minced shallot and whisk in 2 tablespoons honey, 3 tablespoons rendered pancetta or bacon fat (from about ¼ pound pancetta, sautéed in a pan over medium heat) and ½ cup olive oil, and season with salt and pepper. The dressing should taste sharp but balanced by the honey. // Pile the chicories on a hot grill pan and move them around with tongs so leaves get slightly charred and steamed at the same time. When they begin to soften, return them to a bowl. Meanwhile, get a cast-iron skillet hot and fry a farm egg sunny-side up until the whites begin to set but the yolk is still runny. // Toss the still-warm chicories with the dressing and serve with the crispy egg and a bit of shaved Parmesan on top.
—Travis Lett of Gjelina, Venice Beach, Calif.
Kale With Kimchi Butter
A cure for kale fatigue in the form of steamed greens drizzled with umami-rich kimchi butter—the perfect match for grilled steak. Serves 4 to 6 as a side dish.
Trim, wash and blanch 3 bunches each of curly kale and Tuscan kale in a big pot of boiling salted water for about 3 minutes. Shock the kale in ice water for 1 minute, then drain and spread on paper towels to dry. // To make kimchi butter: Bring 2/3 cup water to boil in a small pot. Cut 8 ounces unsalted butter into small chunks and whisk into the water. Reduce the heat to low and add 1 teaspoon honey, 2 tablespoons fish sauce (preferably Three Crabs brand), 2 tablespoons sambal sauce (available at Asian markets), 1 teaspoon finely grated garlic, 2 tablespoons finely grated fresh ginger and ¼ cup rice wine vinegar. Whisk until mixed well. // To serve, warm the kale leaves in a pot with a splash of water and heat the kimchi butter. Distribute the kale on plates and drizzle over about 3 tablespoons kimichi butter per plate. Finish with a sprinkle of toasted pine nuts and fleur de sel.
—Ludo Lefebvre of LudoBites, Los Angeles
Delicata Squash and Kale Salad
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Delicata Squash and Kale Salad
A zesty marriage of two winter heavyweights—no slow-cooking required. Serves 4 to 6.
Preheat oven to 400 degrees. Peel a medium squash's skin off with a knife, not a peeler. Cut the squash in half lengthwise and scoop out the seeds with a spoon, then cut it into pieces about 2 inches long and 1 inch thick. Place the squash on a baking sheet lined with foil, drizzle with olive oil, season with salt and pepper and bake for 25 minutes, until very tender. // Remove the squash from the oven and toss with ½ tablespoon chopped parsley, the zest of half an orange and a drizzle of olive oil; let cool. // In a mixing bowl, toss the cooled squash with half a minced shallot, ½ cup raw shredded kale, ¼ cup shaved Parmesan, 1 tablespoon shaved radish, 1 tablespoon crushed toasted pecans, ½ tablespoon each of chopped parsley and chives and 3 teaspoons fresh-squeezed lemon juice. Drizzle with olive oil, and season with salt and pepper to taste.
—Michael Paley of Proof on Main, Louisville, Ky.
Pasta With Mustard Greens and Lamb Sausage
A quick, hardy pasta guaranteed to become a weeknight staple—and shave minutes off your time spent staring down farmers' market mustard greens. Serves 4 to 6.
Bring a large pot of heavily salted water to boil. Season 2 pounds ground lamb with 3 cloves garlic, finely chopped; 2 tablespoons crushed red pepper; 1 tablespoon dried oregano; and a pinch of salt. Heat 2 tablespoons olive oil in a large, heavy-bottomed pot over medium heat. // Add the seasoned lamb and cook for 5 minutes, breaking it into pieces with a spoon to prevent large clumps. Add ¼ cup heavy cream and 2 tablespoons water and let it cook down until only a couple of tablespoons of liquid remain. Add 1 bunch mustard greens, stems removed and leaves roughly chopped, and let wilt. // Cook 1 pound of bucatini, maccheroncini or anneloni according to package instructions. Drain, toss immediately with sauce, and toss again with ¼ cup grated Pecorino. If you like, add 3 tablespoons breadcrumbs crisped in hot olive oil in a frying pan. Adjust seasoning and serve.
—Sara Jenkins
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Cavolo Nero Caesar Salad
Cavolo Nero Caesar Salad
Kale Caesar! A clever, nutritionally superior twist on the classic salad—complete with DIY croutons and a heap of Parmesan. Serves 4 to 6. To make the dressing, place the zest of 1 lemon, 3 cloves peeled garlic and 6 olive-oil-packed anchovy fillets in a mortar and pestle and pound into a thick paste. Add 1 egg yolk, a pinch of salt and a squeeze of lemon juice and stir thoroughly to combine. While stirring, slowly stir in ½ cup of a total of 2 cups olive oil. // Continue to add a slow stream of olive oil, periodically stopping to add a squeeze of lemon. Add more salt and lemon juice to taste. Add water as needed to thin the dressing to the consistency of heavy cream. To make croutons, toss a few torn-up slices of ciabatta or whole wheat bread with olive oil and salt and toast in the oven at 375 degrees until just golden. // For the salad, combine 2 pounds cavolo nero (also called Tuscan, Lacinato or Dinosaur kale), center stems removed and leaves torn, with croutons in a large bowl. Pour dressing over the top and toss to coat. Add ½ cup grated or shaved Parmesan, toss again, and serve.
—Ignacio Mattos of Il Buco, New York
Think you don't want to eat chard and kale? Clearly you haven't tried the eight inspired recipes on the next page
Photographs by David Prince for The Wall Street Journal, Food Styling by Brett Kurzweil
Clockwise from top left: turnip greens, collard greens, swiss chard, chicory, kale and cavolo nero.
Brave a cold walk through a farmers' market anywhere other than Southern California right now and you'll likely tire of seeing so much that's big, leafy and green. Multiple varieties of kale, chicory and mustard greens are in season with a vengeance, crowding out colorful produce and dulling our culinary creativity. Summer bounty like tomatoes and corn we buy up blindly, figuring we'll find something to do with them—or just eat them plain. But hulking bunches of cavolo nero? Not always the most mouthwatering prospect. Yet greens are versatile, flavorful and bursting with the kind of nutrients we're depleted of in the wake of the holidays. And there are all kinds of interesting and, yes, delicious ways to cook them, as chefs around the country are proving: They're spiking collards with bright Asian flavors, throwing chicory on the grill and shredding kale into refreshing winter salads. Turn the page for eight recipes that will keep you entertained until that first tender asparagus spear shows up.
—Katherine Wheelock
Wilted Collards With Ginger and Shoyu
A light, flavorful dish to accompany steamed fish or roasted pork—or simply serve over a big bowl of rice. Serves 4.
Blanch 2 pounds baby collard greens—stemmed, leaves cut into ½-inch strips—for 30 seconds in a large pot of boiling salted water and shock them in ice water. Drain and squeeze as dry as possible. // Transfer collards to a large bowl and toss with your fingers to separate, adding 2 tablespoons shoyu or regular soy sauce and ½ teaspoon toasted sesame oil and distributing evenly. Heat 2 tablespoons olive oil in a medium sauté pan over medium-low heat. Add 2 tablespoons thinly julienned ginger, and 2 crumbled dried red chiles. // Sauté for 1 minute, raise the heat to medium and add the collards. Season with salt and toss to coat. Add 2/3 cup chicken stock and cook, stirring frequently, for 3 minutes. Season with additional salt if necessary and serve.
—Andrea Reusing of Lantern, Chapel Hill, N.C.; author of "Cooking in the Moment" (April 2011, Clarkson Potter)
Parmesan Broth With Swiss Chard and White Beans
View Full Image
Parmesan broth with Swiss chard and white beans
A deeply satisfying soup that can compete with chicken noodle as a winter cure-all.Serves 4 to 6.
Over low heat, steep 8 cups chicken stock with 8 ounces Parmesan rinds for about 45 minutes, until the rinds are soft. Strain the liquid and reserve. // In a heavy-bottomed soup pot, sauté 1 smashed garlic clove in 2 tablespoons olive oil over medium heat until garlic just begins to color. Add 1 dried red chili, crumbled; 4 cups loosely packed Swiss chard, stems removed and leaves cut into ribbons; and stir to coat. //Add the warm, strained stock and 2 cups canned cannellini beans and bring to a simmer. Season with salt and pepper and add a teaspoon lemon zest. To serve, ladle soup over a slice of toasted country bread and drizzle with olive oil. —Sara Jenkins of Porsena and Porchetta, New York
Mustard Greens Braised With Ginger, Cilantro and Rice
A quick braise and a one-two punch of ginger and cilantro that adds up to a restorative one-pot meal. Serves 4 to 6.
Heat 3 tablespoons oilive oil in a wide, heavy pot over medium heat. Add 1 onion, diced; ¼ cup white rice; 2 tablespoons finely chopped fresh ginger; and 1 teaspoon each ground cumin and paprika. Stir to coat with oil. Cook for 2 minutes, then add 1 cup chopped cilantro (leaves and stems) and 2 bunches mustard greens, stems removed. Sprinkle with 1 teaspoon salt, cover, and cook until volume reduces, about 10 to 15 minutes. // Stir, reduce heat to low, cover and cook slowly for 30 to 40 minutes. Check occasionally and if the pan seems dry, add a few tablespoons water. // Cook 10 minutes more, until greens are so tender they're silky, and serve warm or at room temperature, with plain yogurt spooned on top or just a squeeze of fresh lemon. —Deborah Madison, author of "Local Flavors" (Clarkson Potter)
Grilled Chicories With a Crispy Fried Egg
Lightly charred winter lettuces bathed in pancetta dressing to erase all memories of summer's grilled vegetables. Serves 4. Place a handful of outer leaves from four bunches of mixed chicories like escarole, frisée, radicchio and curly endive in a bowl along with leaves separated from the base of 1 Belgian endive and add some olive oil, salt, pepper, a splash of water and mix. // In a separate bowl, combine ¼ cup red wine vinegar and 1 minced shallot and whisk in 2 tablespoons honey, 3 tablespoons rendered pancetta or bacon fat (from about ¼ pound pancetta, sautéed in a pan over medium heat) and ½ cup olive oil, and season with salt and pepper. The dressing should taste sharp but balanced by the honey. // Pile the chicories on a hot grill pan and move them around with tongs so leaves get slightly charred and steamed at the same time. When they begin to soften, return them to a bowl. Meanwhile, get a cast-iron skillet hot and fry a farm egg sunny-side up until the whites begin to set but the yolk is still runny. // Toss the still-warm chicories with the dressing and serve with the crispy egg and a bit of shaved Parmesan on top.
—Travis Lett of Gjelina, Venice Beach, Calif.
Kale With Kimchi Butter
A cure for kale fatigue in the form of steamed greens drizzled with umami-rich kimchi butter—the perfect match for grilled steak. Serves 4 to 6 as a side dish.
Trim, wash and blanch 3 bunches each of curly kale and Tuscan kale in a big pot of boiling salted water for about 3 minutes. Shock the kale in ice water for 1 minute, then drain and spread on paper towels to dry. // To make kimchi butter: Bring 2/3 cup water to boil in a small pot. Cut 8 ounces unsalted butter into small chunks and whisk into the water. Reduce the heat to low and add 1 teaspoon honey, 2 tablespoons fish sauce (preferably Three Crabs brand), 2 tablespoons sambal sauce (available at Asian markets), 1 teaspoon finely grated garlic, 2 tablespoons finely grated fresh ginger and ¼ cup rice wine vinegar. Whisk until mixed well. // To serve, warm the kale leaves in a pot with a splash of water and heat the kimchi butter. Distribute the kale on plates and drizzle over about 3 tablespoons kimichi butter per plate. Finish with a sprinkle of toasted pine nuts and fleur de sel.
—Ludo Lefebvre of LudoBites, Los Angeles
Delicata Squash and Kale Salad
View Full Image
Delicata Squash and Kale Salad
A zesty marriage of two winter heavyweights—no slow-cooking required. Serves 4 to 6.
Preheat oven to 400 degrees. Peel a medium squash's skin off with a knife, not a peeler. Cut the squash in half lengthwise and scoop out the seeds with a spoon, then cut it into pieces about 2 inches long and 1 inch thick. Place the squash on a baking sheet lined with foil, drizzle with olive oil, season with salt and pepper and bake for 25 minutes, until very tender. // Remove the squash from the oven and toss with ½ tablespoon chopped parsley, the zest of half an orange and a drizzle of olive oil; let cool. // In a mixing bowl, toss the cooled squash with half a minced shallot, ½ cup raw shredded kale, ¼ cup shaved Parmesan, 1 tablespoon shaved radish, 1 tablespoon crushed toasted pecans, ½ tablespoon each of chopped parsley and chives and 3 teaspoons fresh-squeezed lemon juice. Drizzle with olive oil, and season with salt and pepper to taste.
—Michael Paley of Proof on Main, Louisville, Ky.
Pasta With Mustard Greens and Lamb Sausage
A quick, hardy pasta guaranteed to become a weeknight staple—and shave minutes off your time spent staring down farmers' market mustard greens. Serves 4 to 6.
Bring a large pot of heavily salted water to boil. Season 2 pounds ground lamb with 3 cloves garlic, finely chopped; 2 tablespoons crushed red pepper; 1 tablespoon dried oregano; and a pinch of salt. Heat 2 tablespoons olive oil in a large, heavy-bottomed pot over medium heat. // Add the seasoned lamb and cook for 5 minutes, breaking it into pieces with a spoon to prevent large clumps. Add ¼ cup heavy cream and 2 tablespoons water and let it cook down until only a couple of tablespoons of liquid remain. Add 1 bunch mustard greens, stems removed and leaves roughly chopped, and let wilt. // Cook 1 pound of bucatini, maccheroncini or anneloni according to package instructions. Drain, toss immediately with sauce, and toss again with ¼ cup grated Pecorino. If you like, add 3 tablespoons breadcrumbs crisped in hot olive oil in a frying pan. Adjust seasoning and serve.
—Sara Jenkins
View Full Image
Cavolo Nero Caesar Salad
Cavolo Nero Caesar Salad
Kale Caesar! A clever, nutritionally superior twist on the classic salad—complete with DIY croutons and a heap of Parmesan. Serves 4 to 6. To make the dressing, place the zest of 1 lemon, 3 cloves peeled garlic and 6 olive-oil-packed anchovy fillets in a mortar and pestle and pound into a thick paste. Add 1 egg yolk, a pinch of salt and a squeeze of lemon juice and stir thoroughly to combine. While stirring, slowly stir in ½ cup of a total of 2 cups olive oil. // Continue to add a slow stream of olive oil, periodically stopping to add a squeeze of lemon. Add more salt and lemon juice to taste. Add water as needed to thin the dressing to the consistency of heavy cream. To make croutons, toss a few torn-up slices of ciabatta or whole wheat bread with olive oil and salt and toast in the oven at 375 degrees until just golden. // For the salad, combine 2 pounds cavolo nero (also called Tuscan, Lacinato or Dinosaur kale), center stems removed and leaves torn, with croutons in a large bowl. Pour dressing over the top and toss to coat. Add ½ cup grated or shaved Parmesan, toss again, and serve.
—Ignacio Mattos of Il Buco, New York
Friday, January 14, 2011
11 Pet Dangers to Avoid During the Fall & Winter Months
11 Pet Dangers to Avoid During the Fall & Winter Months
ORGANIC AUTHORITY
The crisp chill of autumn is upon us, that means changing leaves, cozy sweaters, and lots of holidays. But along with all that excitement comes some dangers for your adorable pooch and kitty. Find out the top 11 fall pet dangers to avoid.
1. Antifreeze
Every year more than 10,000 dogs and cats are accidentally poisoned with automotive antifreeze. Pets are attracted to the sweet taste of ethylene glycol and one to two teaspoons will poison a cat and three tablespoons is enough to kill a medium size dog.
2. Allergies
Fall weather can bring about all whole new set of allergies. Ragweed and mold are two big aggravates, along with grass and dust. Look for signs like scratching, biting, chewing, sneezing, coughing, watery eyes, and hives and rashes.
3. Arthritis
Cold weather can lead to arthritis caused by inflamed joints. If your dog or cat is limping, having trouble moving, jumping, or sitting, moving slower than usual, or whimpering when he moves, he may be suffering from seasonal arthritis.
4. Mushrooms
All mushrooms are toxic to dogs. Always watch for mushrooms in areas where you walk your dogs or where they run and play. Be especially cautious of parasol-shaped mushrooms and all small brown mushrooms. Symptoms of mushroom poisoning can range from mild vomiting and diarrhea to severe digestive problems to complete liver failure.
5. Compost Pile
Your compost pile in your backyard is also dangerous to your pet. The decomposing organic material could contain mycotoxins that can cause hyperthermia, agitation, excessive panting or drooling, and even seizures.
6. Rodenticides
In fall and winter, mice and rats come flocking indoors to warmer surroundings. Putting out rodenticides will get rid of rodents but could also be fatal to your pooch and cat. There are four different types of poison and each has the potential to kill your pet: anticoagulants, cholecalciferol, bromethalin, and phosphides.
7. Candy
Everyone knows that chocolate is toxic to dogs, especially the baking variety, but so are raisins and the sugar-free sweetener xylitol. Be extra cautious on Halloween where pets can get into bags of candy. Wrappers and sticks from lollipops can also pose a threat causing intestinal blockages.
8. Thanksgiving
You may have the urge to share your yummy feast with your pet. This is ok in moderation. Just check the list of toxic foods for pets before you feed them. Avoid fat and fatty foods that can trigger pancreatitis in dogs and cats, and never feed your dog poultry bones. They easily splinter and break and can cause serious damage if swallowed.
9. Cold Weather
Chilly temps can also pose a threat to your pet. Indoor animals don’t develop a thick double coat like outdoor pets and should not be left outside unattended for any period of time. Consider buying a sweater for your dog for walks or booties to keep his paws safe from ice and rock salt. Also be cautious around ice – your pet could easily slip and rip a ligament or break a bone.
10. Decorations
Halloween, Thanksgiving, and Christmas decorations can all be dangerous to your pet. Ornaments, tinsel, plants, costumes, and other decorations should all be kept out of your pet’s reach.
11. Plants
Although beautiful, some holiday plants are toxic to dogs. You should avoid holly, amaryllis, mistletoe, poinsettia, Christmas and Thanksgiving cactus, American and European bittersweet, chrysanthemum, Christmas rose, Jerusalem cherry, autumn crocus, and burning bush. They can cause vomiting, diarrhea, depression, lack of appetite, tremors, belly pain, difficulty breathing, shock, organ damage, slowed heart rate, collapse, and even death.
ORGANIC AUTHORITY
The crisp chill of autumn is upon us, that means changing leaves, cozy sweaters, and lots of holidays. But along with all that excitement comes some dangers for your adorable pooch and kitty. Find out the top 11 fall pet dangers to avoid.
1. Antifreeze
Every year more than 10,000 dogs and cats are accidentally poisoned with automotive antifreeze. Pets are attracted to the sweet taste of ethylene glycol and one to two teaspoons will poison a cat and three tablespoons is enough to kill a medium size dog.
2. Allergies
Fall weather can bring about all whole new set of allergies. Ragweed and mold are two big aggravates, along with grass and dust. Look for signs like scratching, biting, chewing, sneezing, coughing, watery eyes, and hives and rashes.
3. Arthritis
Cold weather can lead to arthritis caused by inflamed joints. If your dog or cat is limping, having trouble moving, jumping, or sitting, moving slower than usual, or whimpering when he moves, he may be suffering from seasonal arthritis.
4. Mushrooms
All mushrooms are toxic to dogs. Always watch for mushrooms in areas where you walk your dogs or where they run and play. Be especially cautious of parasol-shaped mushrooms and all small brown mushrooms. Symptoms of mushroom poisoning can range from mild vomiting and diarrhea to severe digestive problems to complete liver failure.
5. Compost Pile
Your compost pile in your backyard is also dangerous to your pet. The decomposing organic material could contain mycotoxins that can cause hyperthermia, agitation, excessive panting or drooling, and even seizures.
6. Rodenticides
In fall and winter, mice and rats come flocking indoors to warmer surroundings. Putting out rodenticides will get rid of rodents but could also be fatal to your pooch and cat. There are four different types of poison and each has the potential to kill your pet: anticoagulants, cholecalciferol, bromethalin, and phosphides.
7. Candy
Everyone knows that chocolate is toxic to dogs, especially the baking variety, but so are raisins and the sugar-free sweetener xylitol. Be extra cautious on Halloween where pets can get into bags of candy. Wrappers and sticks from lollipops can also pose a threat causing intestinal blockages.
8. Thanksgiving
You may have the urge to share your yummy feast with your pet. This is ok in moderation. Just check the list of toxic foods for pets before you feed them. Avoid fat and fatty foods that can trigger pancreatitis in dogs and cats, and never feed your dog poultry bones. They easily splinter and break and can cause serious damage if swallowed.
9. Cold Weather
Chilly temps can also pose a threat to your pet. Indoor animals don’t develop a thick double coat like outdoor pets and should not be left outside unattended for any period of time. Consider buying a sweater for your dog for walks or booties to keep his paws safe from ice and rock salt. Also be cautious around ice – your pet could easily slip and rip a ligament or break a bone.
10. Decorations
Halloween, Thanksgiving, and Christmas decorations can all be dangerous to your pet. Ornaments, tinsel, plants, costumes, and other decorations should all be kept out of your pet’s reach.
11. Plants
Although beautiful, some holiday plants are toxic to dogs. You should avoid holly, amaryllis, mistletoe, poinsettia, Christmas and Thanksgiving cactus, American and European bittersweet, chrysanthemum, Christmas rose, Jerusalem cherry, autumn crocus, and burning bush. They can cause vomiting, diarrhea, depression, lack of appetite, tremors, belly pain, difficulty breathing, shock, organ damage, slowed heart rate, collapse, and even death.
Broccolini Spinach Soup
Broccolini Spinach Soup
Serves 4-6
Ingredients:
1 1/2 pounds of organic broccolini
2 tablespoons extra-virgin olive oil
1 cup diced onion
1 cup chopped leek
1 1/2 tablespoons minced garlic
Salt and freshly ground pepper
1 teaspoon of fresh basil chopped
1 teaspoon of fresh marjoram chopped
1 teaspoon of fresh Italian parsley chopped
5 cups organic vegtable stock (you can also use chicken stock)
2 cups of packed organic spinach washed, and trimmed
2 teaspoons of freshly grated lemon zest
2 tablespoons of Meyer Lemon juice
1 cup organic soy or almond milk, or 1/4-1/2 cup of cream if preferred
Method:
Watch the Organic Broccolini & Spinach Soup Recipe video
Cut the stems from the florets of the broccolini. Cut stems into about 1/2 - inch pieces.
Heat the olive oil in a soup pot over medium high heat. Add the onion and leek to pan and season with salt and pepper. Add garlic and cook for about 1 minute. Lower temperature to medium heat and cook vegetables slowly until tender about 10 minutes (you do not want the vegetables to take on any color).
Stir in the basil, marjoram, and Italian parsley. Add the broccolini stems, vegetable stock and salt and pepper to taste. Bring to a simmer and cook uncovered for 2-3 minutes. Add the florets and cook until fork tender about 5 minutes. Stir in cleaned spinach and lemon zest. Once the spinach has wilted into the soup, puree the soup in small batches in a blender.
Return blended soup to pan and stir in lemon juice then soy milk. Taste and adjust seasoning if needed. Serve in warm bowls and garnish with lemon zest.
This recipe can be made ahead up until the point you blend the soup and store it in the refrigerator for several days or up to one month frozen.
Watch the Organic Broccolini & Spinach Soup Recipe video
Serves 4-6
Ingredients:
1 1/2 pounds of organic broccolini
2 tablespoons extra-virgin olive oil
1 cup diced onion
1 cup chopped leek
1 1/2 tablespoons minced garlic
Salt and freshly ground pepper
1 teaspoon of fresh basil chopped
1 teaspoon of fresh marjoram chopped
1 teaspoon of fresh Italian parsley chopped
5 cups organic vegtable stock (you can also use chicken stock)
2 cups of packed organic spinach washed, and trimmed
2 teaspoons of freshly grated lemon zest
2 tablespoons of Meyer Lemon juice
1 cup organic soy or almond milk, or 1/4-1/2 cup of cream if preferred
Method:
Watch the Organic Broccolini & Spinach Soup Recipe video
Cut the stems from the florets of the broccolini. Cut stems into about 1/2 - inch pieces.
Heat the olive oil in a soup pot over medium high heat. Add the onion and leek to pan and season with salt and pepper. Add garlic and cook for about 1 minute. Lower temperature to medium heat and cook vegetables slowly until tender about 10 minutes (you do not want the vegetables to take on any color).
Stir in the basil, marjoram, and Italian parsley. Add the broccolini stems, vegetable stock and salt and pepper to taste. Bring to a simmer and cook uncovered for 2-3 minutes. Add the florets and cook until fork tender about 5 minutes. Stir in cleaned spinach and lemon zest. Once the spinach has wilted into the soup, puree the soup in small batches in a blender.
Return blended soup to pan and stir in lemon juice then soy milk. Taste and adjust seasoning if needed. Serve in warm bowls and garnish with lemon zest.
This recipe can be made ahead up until the point you blend the soup and store it in the refrigerator for several days or up to one month frozen.
Watch the Organic Broccolini & Spinach Soup Recipe video
Serviced Apartment Ownership: The Next Investment Trend?
Serviced Apartment Ownership: The Next Investment Trend?
By Alice Truong
Ovolo Group
Ovolo is selling 48 serviced apartments in Sheung Wan, guaranteeing investors a 3.3% return.
Ovolo Group’s latest strategy is unheard of in Hong Kong: The serviced-apartment operator is selling its 48 units in a Sheung Wan building.
“It’s the first time it’s been done in Hong Kong,” said Girish Jhunjhnuwala, Ovolo’s founder and managing director.
Mr. Jhunjhnuwala said the sale of flats at 222 Hollywood Road (view photos)—each of which will carry a guaranteed 3.3% quarterly return—is aimed at giving the company cash to expand.
The idea of selling a branded residence isn’t new in Asia: The Ritz-Carlton in Singapore began selling apartments and penthouses in 2007, saying the hotel brand allows it to charge a 20% to 50% premium. In Macau, the Mandarin Oriental started selling serviced apartments in June.
Indeed, serviced apartments have proven to be a lucrative business in Hong Kong, with rents increasing 10% to 15% in 2010, according to the latest figures by property consultant CB Richard Ellis.
The business model of strata-title ownership, or dividing a building’s ownership to different parties, would give Ovolo the liquidity to purchase and operate additional apartments, Mr. Jhunjhnuwala said.
Ovolo, which operates 245 serviced apartments in Hong Kong, plans to open 63 serviced apartments in West Kowloon in the first quarter of 2011.
“This is a good way to utilize our assets to do more,” he said.
More than 250 brokers have visited the Hollywood Road show flat since the units went on sale Tuesday—a strong showing, said Raymond Fung, investment director at Knight Frank, the sole agent of the sale.
Ovolo said it would leverage its brand to bring in tenants and manage the premises, collecting monthly rents, which range from 35,000 Hong Kong dollars (US$4,502) to HK$39,000, and distributing a 3.3% return to investors on a quarterly basis. After covering expenses, the operator ends up with a net of about 1%, Mr. Jhunjhnuwala said.
More In Real Estate
A 'Brand Name' Building
New Luxury on the Peak
Property Prices, Transactions at Highest Level Since '97 Peak
Thirteen Bedrooms, Seven Floors, $50 Million
December Property Transactions Down 26.2%
“We’re offering a guaranteed yield because we’re so confident in the market,” said Mr. Jhunjhnuwala, adding the Hollywood Road building has maintained an occupancy rate of about 80% within the past year. Ovolo purchased 222 Hollywood Rd. from fellow serviced-apartment operator Kush last year, renovating the building in November in preparation of the strata-title sale.
“A 3% rental return is attractive given that returns for prime office or luxury residential property is now sub-3%,” said Ben Ma, associate director of CB Richard Ellis Research. Mr. Ma said a comparable 650-square-foot apartment in Sheung Wan would rent for HK$10,000 to HK$13,000, but Ovolo can charge three times as much because of its brand.
Buyers who intend to live in the units, on sale for HK$8.2 million to HK$13 million, would receive no return and would be responsible for monthly management fees of HK$1,820.
The apartments for sale are still subject to the government’s latest housing measures to combat speculators because the building is zoned as a residence. But Mr. Jhunjhnuwala said he expects buyers to be long-term investors because of the operator’s guaranteed returns. In November, the government levied additional stamp duties of up to 15% for properties bought and sold within two years and lowered the mortgage limit to 50% for residences valued at HK$12 million or above.
By Alice Truong
Ovolo Group
Ovolo is selling 48 serviced apartments in Sheung Wan, guaranteeing investors a 3.3% return.
Ovolo Group’s latest strategy is unheard of in Hong Kong: The serviced-apartment operator is selling its 48 units in a Sheung Wan building.
“It’s the first time it’s been done in Hong Kong,” said Girish Jhunjhnuwala, Ovolo’s founder and managing director.
Mr. Jhunjhnuwala said the sale of flats at 222 Hollywood Road (view photos)—each of which will carry a guaranteed 3.3% quarterly return—is aimed at giving the company cash to expand.
The idea of selling a branded residence isn’t new in Asia: The Ritz-Carlton in Singapore began selling apartments and penthouses in 2007, saying the hotel brand allows it to charge a 20% to 50% premium. In Macau, the Mandarin Oriental started selling serviced apartments in June.
Indeed, serviced apartments have proven to be a lucrative business in Hong Kong, with rents increasing 10% to 15% in 2010, according to the latest figures by property consultant CB Richard Ellis.
The business model of strata-title ownership, or dividing a building’s ownership to different parties, would give Ovolo the liquidity to purchase and operate additional apartments, Mr. Jhunjhnuwala said.
Ovolo, which operates 245 serviced apartments in Hong Kong, plans to open 63 serviced apartments in West Kowloon in the first quarter of 2011.
“This is a good way to utilize our assets to do more,” he said.
More than 250 brokers have visited the Hollywood Road show flat since the units went on sale Tuesday—a strong showing, said Raymond Fung, investment director at Knight Frank, the sole agent of the sale.
Ovolo said it would leverage its brand to bring in tenants and manage the premises, collecting monthly rents, which range from 35,000 Hong Kong dollars (US$4,502) to HK$39,000, and distributing a 3.3% return to investors on a quarterly basis. After covering expenses, the operator ends up with a net of about 1%, Mr. Jhunjhnuwala said.
More In Real Estate
A 'Brand Name' Building
New Luxury on the Peak
Property Prices, Transactions at Highest Level Since '97 Peak
Thirteen Bedrooms, Seven Floors, $50 Million
December Property Transactions Down 26.2%
“We’re offering a guaranteed yield because we’re so confident in the market,” said Mr. Jhunjhnuwala, adding the Hollywood Road building has maintained an occupancy rate of about 80% within the past year. Ovolo purchased 222 Hollywood Rd. from fellow serviced-apartment operator Kush last year, renovating the building in November in preparation of the strata-title sale.
“A 3% rental return is attractive given that returns for prime office or luxury residential property is now sub-3%,” said Ben Ma, associate director of CB Richard Ellis Research. Mr. Ma said a comparable 650-square-foot apartment in Sheung Wan would rent for HK$10,000 to HK$13,000, but Ovolo can charge three times as much because of its brand.
Buyers who intend to live in the units, on sale for HK$8.2 million to HK$13 million, would receive no return and would be responsible for monthly management fees of HK$1,820.
The apartments for sale are still subject to the government’s latest housing measures to combat speculators because the building is zoned as a residence. But Mr. Jhunjhnuwala said he expects buyers to be long-term investors because of the operator’s guaranteed returns. In November, the government levied additional stamp duties of up to 15% for properties bought and sold within two years and lowered the mortgage limit to 50% for residences valued at HK$12 million or above.
Mortgage Rates Decline to 4-Week low
Mortgage Rates Decline to 4-Week low
By RUTH MANTELL
Home-mortgage rates declined for a second straight week, according to data released Thursday by Freddie Mac, but the housing market continued to face headwinds from a supply glut and the struggling employment situation.
The average 30-year fixed-rate mortgage fell to 4.71% in the week ended Jan. 13, reaching a four-week low, Freddie Mac said. The rate was 4.77% in the prior week and 5.06% in the prior year, according to Freddie Mac, a buyer of residential mortgages.
To obtain the latest rate, the mortgage required payment of an average 0.8 point. A point is 1% of the mortgage amount, charged as prepaid interest.
The 15-year fixed-rate mortgage averaged 4.08% in the latest week, with an average 0.7 point, down from the prior week's 4.13% and the year-ago rate of 4.45%.
Low rates could help a still-troubled housing market, which has been hobbled by persistent employment weakness and a large supply of homes.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.72% in the latest week, with an average 0.7 point, down from 3.75% in the prior week and 4.32% last year. Also, one-year Treasury-indexed ARMs averaged 3.23% in the most recent week, with an average 0.6 point, down from 3.24% in the prior week and 4.39% a year ago.
Write to Ruth Mantell at ruth.mantell@dowjones.com
By RUTH MANTELL
Home-mortgage rates declined for a second straight week, according to data released Thursday by Freddie Mac, but the housing market continued to face headwinds from a supply glut and the struggling employment situation.
The average 30-year fixed-rate mortgage fell to 4.71% in the week ended Jan. 13, reaching a four-week low, Freddie Mac said. The rate was 4.77% in the prior week and 5.06% in the prior year, according to Freddie Mac, a buyer of residential mortgages.
To obtain the latest rate, the mortgage required payment of an average 0.8 point. A point is 1% of the mortgage amount, charged as prepaid interest.
The 15-year fixed-rate mortgage averaged 4.08% in the latest week, with an average 0.7 point, down from the prior week's 4.13% and the year-ago rate of 4.45%.
Low rates could help a still-troubled housing market, which has been hobbled by persistent employment weakness and a large supply of homes.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.72% in the latest week, with an average 0.7 point, down from 3.75% in the prior week and 4.32% last year. Also, one-year Treasury-indexed ARMs averaged 3.23% in the most recent week, with an average 0.6 point, down from 3.24% in the prior week and 4.39% a year ago.
Write to Ruth Mantell at ruth.mantell@dowjones.com
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