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Built for entertaining, just blocks from BU

Written By Unknown on Sabtu, 24 November 2012 | 22.26

This gracious, renovated Colonial in the Cottage Farm area of Brookline near Boston University is made for grand-scale entertaining, with its large reception hall off of which is a series of elegant connected rooms and a showpiece grand staircase.

Built in 1890, the seven-bedroom house at 131 Carlton St. has 6,305 square feet of space and is filled with restored woodwork and paneled wainscoting, large windows and glass doors out to patios.

The beige stucco exterior has white trim and black shutters, hip and gable roofs, dormers and a colonnaded front entrance. The 11,000-square-foot lot has a large yard enclosed by a metal fence, screened by bushes and containing many old trees as well as a brick driveway.

The home, which has a renovated kitchen, bathrooms and master bedroom suite and original hardwood floors, is on the market for $2,795,000. The current owners also added new lighting, re-carpeted the hallways and stairways and repainted the entire interior.

You enter into a large reception hall with a grand staircase, a restored wood beam ceiling and coat closets on either side. To the left is a library with lots of windows, built-ins and a fireplace. Adjacent is a sunken mahogany-paneled study/office.

To the right is a large living room with two walls of windows, a fireplace and glass doors out to a bluestone-floored side porch. Off the living room is a track-lit sunroom with brick flooring.

To the left of the sunroom, and accessible from the reception hall through French doors, is a large formal dining room with a large built-in hutch and fireplace. There are glass doors from this room out to a bluestone patio.

The house's renovated kitchen can be entered through a butler's pantry redone in 2007 with new cabinets and built-in hutch, granite counters and a wine cooler.

The large eat-in, recessed-lit kitchen, also done over in 2007, has granite counters, a green-concrete island breakfast bar with pendant lights, and high-end appliances including Thermador wall ovens. There's a sunny eat-in area with a fireplace and window seats as well as glass doors leading out to the patio.

Behind the kitchen is a recently added a half bath with glass mosaic tile.

The showpiece newly carpeted grand staircase features a multilevel landing with a set of bay windows and window seats. Up a few steps there's a laundry room with a full-size washer and dryer and a sink.

There are three bedrooms off a carpeted hallway, including a master suite with a large hardwood-floored bedroom with a seating area and a fireplace. The redone en-suite master bathroom with white Carrara marble floors and walls has a walk-in shower, double marble-topped vanities and a whirlpool tub. A large, redone carpeted master closet features walls of built-in wardrobes and storage areas.

The second and third bedrooms also have hardwood floors and roomy closets and are served by a full bath with white ceramic tile floors and a white subway-tiled tub and shower.

There are four additional bedrooms on the third floor, all with original hardwood floors and closets, along with another white-ceramic tile full bathroom.

There's an additional 450 square feet of space in the partially finished basement, a second laundry room and a full bathroom.

The home is conveniently located about two blocks over the Mass Pike to Boston University's main campus and nor far from the BU Bridge to Cambridge.


22.26 | 0 komentar | Read More

Pay limits tore at TARP bailout

The executive pay limits that came with the bank bailouts of the 2008-2009 financial crisis may have had the unintended benefit of reducing the bailouts' scope, a new study has found.

A report in the Journal of Banking, Finance and Accounting finds that the pay provisions discouraged some banks from participating in the Troubled Asset Relief Program, which ultimately paid out $400 billion of the $700 billion the government budgeted to shore up the U.S. financial system.

"We do know that some high-profile bankers complained that the pay restrictions were onerous. (But) our study suggests that TARP may have been better designed than bankers would have you believe," said Mary Ellen Carter, a Boston College professor of accounting and one of the study's authors. "The restrictions gave financial incentives for bank executives to think carefully about participating and, if they did participate, to get out from underneath the program as quickly as possible."

The researchers studied 263 publicly traded banks that were approved for TARP and found that 35 rejected the funds and that this decision was related to higher levels of CEO pay. However, these banks fared just as well as banks that took TARP money.

So the pay restrictions may have deterred banks that didn't really need the money from taking it, Carter said.

Banks that did take TARP funds saw higher executive turnover than their peers, she said, but the performance of those banks also didn't suffer.


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Revved up over Jaguar XJ

The 2013 Jaguar XJ with a 3-liter, V6 engine was a tough sell — at first.

My initial reaction was that the smaller engine would diminish the prestige of the luxury sedan that I'd always known to have an abundance of brawn under the hood.

However, when I laid eyes on the elegant sedan painted up in "British Racing" green with a bold mesh chrome grille, my reaction was anything but dissatisfaction.

While the XJ's exterior dazzles, the interior takes luxury to another level. Well-appointed leather with conspicuous stitching adorned the interior surfaces. Dark walnut wood paneling contrasted the cashew-colored seats.

Our test model included an optional $1,400 comfort package with a front-seat massage feature that is truly a "you gotta check this out" feature. The massage function has three levels of intensity. In addition, the front seats electronically adjust in 12 different ways. Both the front and rear seats were heated and ventilated as part of an optional four-zone climate control system.

The XJ's supercharged V6 engine produces 340 horsepower and is mated to an eight-speed automatic transmission. The combination gives the luxury sedan the performance personality of a V8 with the benefit of respectable gas mileage. The XJ's EPA gas mileage rating is 18 city/28 highway. But for those who can't live without the extra two cylinders, the XJ has three other V8 engine options ranging in horsepower from 385 to 510.

The XJ also has an idle-reducing feature that shuts the engine down when the sedan comes to a stop and restarts in less time than it takes the driver's foot to move from the brake pedal to the accelerator. The default feature, which is showing up on many other manufacturers' 2013 models, increases fuel efficiency in urban driving situations. Drivers unaware of the feature might be fooled into thinking their new car just stalled out. Although I eventually got used to the feature, it's easy to override.

Our test XJ had three driving modes: normal, dynamic and winter. The normal mode delivers a comfortable and leisurely character. Switching to dynamic mode and shifting through the eight speeds using the steering wheel transformed the sedan's character to aggressive and responsive. Regardless of mode or conditions, the sedan was smooth in braking and in handling and felt like a much smaller car as the XJ held its line through corners.

I found it easy to get wrapped up and even a little overwhelmed by the luxury features packed into the 2013 XJ. What intrigued me most about the XJ was what Jaguar was able to accomplish with its six-cylinder engine: a powerful, yet reasonably fuel-efficient luxury sedan.


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Addicted to Black Friday

Despite economic worries and Thursday night openings in neighboring states, consumers rewarded Massachusetts retailers and malls for opening earlier than ever yesterday, showing that Black Friday shopping has become as much of a tradition as turkey on Thanksgiving.

And elsewhere across the country — without the Bay State's blue laws to keep the holiday sacrosanct — crowds rushing the stores on Thanksgiving is becoming as common as gridiron tilts for millions, said the National Retail Federation, which expects holiday sales to climb 4.1 percent to $586 billion this year.

"I had no intention of buying a TV, but when I saw the deal it was too good to pass up," said Steve Abellard of Quincy, strapping a 60-inch Vizio to the top of his car early yesterday morning, along with his brother, who also purchased a TV.

Black Friday got off to a busy start at the Wrentham Village Premium Outlets, where a traditional 12:01 a.m. opening, which overcame a challenge by town police this year, had traffic backed up for miles as usual. The trend was self-gifting, with many standing in lines for hours to buy a coveted item for themselves.

"This year the discounts are better than last year," said Ravish Jain, 28, a software engineer from Rhode Island who was shopping for a PlayStation 3 at the Sony store and was among the first in line.

Black Friday shopping is a family tradition for Jeanne Dennis and her daughter — and it started in the womb. Dennis had a Nov. 29 due date for the now 31-year-old Heather Braccialarghe. "That was Thanksgiving weekend, and I was at Filene's Basement," she said. "Fortunately, she was two weeks late."

The two were among the throngs mid-morning yesterday at the Burlington Mall, which had lines at every entrance for its first-ever 12:30 a.m. opening. They were on their fourth stop, after a 5 a.m. start from Mashpee to shop at Braintree's South Shore Plaza, and Kohl's and Crate & Barrel in Burlington.

But Carlos Rodrigues opted to return home after arriving at midnight at Target in Dorchester's South Bay Center, where the line snaked around the corner.

"It was too crazy," he said, after returning in the afternoon. "I gave up quickly. Any deals the first people in line are going to get — not everybody."

Walmart boasted of its best Black Friday ever and downplayed demonstrations and planned employee walkouts at its stores in support of a campaign led by a United Food and Commercial Workers International Union-tied group.

"We are aware of a few dozen protests at our stores," spokesman David Tovar said yesterday. "The number of associates that have missed their scheduled shift today is more than 60 percent less than ... last year."

But groups of two to 30 demonstrated at all 48 Walmarts in Massachusetts yesterday, said Russ Davis of Massachusetts Jobs with Justice. "It's preposterous," he said of Walmart's response.

At Walmart in Quincy, throngs of shoppers jammed the aisles just after the 1 a.m. opening and carts were filled with big-ticket items.

Foot traffic was a bit more muted in downtown Boston later in the morning.

West Roxbury's Gina Huber and Patrick McDonough started shopping at 7:30 a.m., visiting Copley Place and the Shops at Prudential Center. Given the sluggish economy, they didn't plan to go overboard on big-ticket items this year.


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Western Mass. country store turned into co-op

CUMMINGTON — A popular country store and gathering place in western Massachusetts has been bought by its loyal customers and turned into a cooperative.

The Old Creamery Grocery in Cummington has been bought by 550 member-owners for $1.3 million. They include locals as well as people from as far away as California who own homes in the area.

Board of directors' President Kimberly Longey tells The Berkshire Eagle the price tag includes the property, the inventory, and a renovation and expansion project.

The co-op plans to expand existing store space by 20 percent, improve the parking area and grounds, and add an outdoor dining area and ice cream window.

The Old Creamery will remain open during renovations. All 26 employees will stay on.

The Creamery opened in 1886 as a dairy farmer's processing plant.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Markets subdued as Black Friday dawns in US

Written By Unknown on Jumat, 23 November 2012 | 22.26

LONDON — Markets were subdued Friday as Wall Street readied to return following the Thanksgiving holiday and as the U.S. shopping season begins in earnest.

The day after Thanksgiving is dubbed "Black Friday" because it is when U.S. retailers traditionally turn their first profit of the year as millions of Americans rush out to stores in search of gifts for Christmas and other seasonal holidays.

A strong holiday shopping season will be used to help predict the momentum of the U.S. economy, the world's biggest. Anecdotal evidence and footfall figures over the coming days will be closely monitored.

"With much of the northeast still struggling in the aftermath of hurricane Sandy, holiday shopping has the potential to disappoint," said Rebecca O'Keeffe, head of investment at Interactive Investor.

In Europe, the FTSE 100 index of leading British shares was up 0.1 percent at 5,797 while Germany's DAX fell the same rate to 7,238. The CAC-40 in France was 0.1 percent lower too at 3,493.

Wall Street was poised for a fairly unspectacular return from Thanksgiving, with both Dow futures and the broader S&P 500 futures up 0.1 percent. Trading is expected to remain subdued especially as it's only a half day in U.S. markets.

"Thanksgiving Thursday and Friday always means quieter markets and this year is no different," said Alastair McCaig, market analyst at IG.

Though trading levels are clearly down, investors will be monitoring developments in Brussels as European Union leaders try to cobble together a budget deal. The prevailing view in the markets is that nothing will be achieved Friday and that another meeting will be needed.

Cyprus is also in focus amid signs that the country, one of the 17 EU countries that use the euro, is close to agreeing a financial bailout deal with representatives from the EU, the European Central Bank and the International Monetary Fund. Cyprus stocks were up nearly 10 percent Friday, a clear indicator of an expected deal.

Over the rest of the year, the focus will likely remain on whether the White House can come to a deal with Congress on the budget and whether Greece will get its next batch of bailout cash.

The expectation in the markets is that both will be dealt with positively. A deal to give Greece more money is expected to be achieved at a euro finance ministers meeting on Monday.

Hopes that Greece will avoid an imminent bankruptcy have lain behind the euro's recent advance. That held Friday, with Europe's single currency up a further 0.2 percent at $1.2897.

Earlier in Asia, Hong Kong's Hang Seng index rose 0.8 percent to 21,913.98 and South Korea's Kospi added 0.6 percent to 1,911.33. Japanese markets were closed for a holiday.

In the oil markets, benchmark oil for January delivery was down 13 cents to $87.25 a barrel in electronic trading on the New York Mercantile Exchange.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Small biz big on Saturday

Small Business Saturday is quickly becoming the little shopping holiday that could.

Despite being sandwiched between Black Friday and Cyber Monday, local brick-and-mortar retailers say they're happy to fling their doors open tomorrow to lure sales and visibility away from big-box stores.

"The first year it really didn't do much for the store, but as they've been better about marketing and getting people excited about the idea a month or so beforehand it really helps," said Marie Corcoran, owner of Gifted, a jewelry and assorted gifts store in the South End. "We are open every Saturday anyway, but it's just an extra little boost to remind people that small people are out there, too."

Conceived by American Express, Small Business Saturday is designed to help local businesses stay economically viable, while preserving neighborhoods nationwide. This year, 67 percent of Americans surveyed by the corporation and the National Federation of Independent Business plan to "shop small" at local businesses tomorrow, compared to 44 percent last year.

"It's taking on a life of its own," said Jon Hurst, president of the Retailers Association of Massachusetts. "This will probably be ... the biggest day for small Main Street businesses for this season. If it's not the biggest, it will be a strong number two behind the Saturday before Christmas."

Small businesses will see "well over half" of the projected $14 billion in retail sector sales the state will see in November and December, Hurst added. Small Business Administration head Karen Mills is also expected to visit Roslindale tomorrow to discuss the holiday's importance.

Patrons at Gifted will get half off the price of one scarf if they buy another tomorrow, Corcoran said.

Taylor's Stationery in Needham is offering 20 percent off boxes of Christmas cards.

"We love Small Business Saturday because it's just a big influence for people to really remember the little guys that support local towns," said store owner Jack McQuillan. "It's a big push for us and just a great thing."

Nearly 100 merchants in Salem have joined the Small Business Saturday bandwagon this year, city officials said, and holiday weekend parking will be free at municipal lots and garages.

"For some folks, they're not aware of the retailers we have, from toy stores to bookstores, women's clothing apparel and gift items," said Salem Mayor Kim Driscoll.

"There's a fair amount of shopping you can get done without having to leave town."

Yet Rinus Oosthoek, executive director of the Salem Chamber of Commerce, said it will still take time for the holiday to be ingrained in the public consciousness.

"It's the same as if you organize a festival," he said. "It takes a number of years to build it up so it fulfills its mission in a sense."

Concord Cheese Shop owner Peter Lovis said the intentions behind the holiday are noble, but added it would not dramatically alter his business.

"We have a clientele that always shops here and is always aware of the importance of supporting small independent businesses," he said.


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Shoppers pack stores for Black Friday deals

Black Friday got off to a raucous start at the Wrentham Village Premium Outlets, where traffic was backed up for miles and shoppers lined up at high-end stores for deep discounts.The trend was self-gifting, with many people standing for hours in line at stores to purchase one coveted item for themselves.

"This year the discounts are better than last year," said Ravish Jain, 28, a software engineer from Woonsocket, R.I. He was shopping for a Playstation 3 at the Sony store, and was among the first in line.

People around him were buying HD camcorders, laptops and televisions.

Nicole Kniffen, 20, of Medfield, is a Black Friday veteran of the last five years and was guiding her boyfriend toward a television purchase.

"We haven't even decided on the size," she said. "It really depends on the deals."

Karla Valentino, 44, of Hyde Park, was shopping with her twin brother at the Nautica store, where virtually everything was half-off.

Asked whether she planned to spend more this year than last, she replied, "Hell yeah. I think the sales are much better this year."

Lines snaked down the sidewalk at high-end handbag havens Kate Spade and Coach.

Joyce Zheng, a 20-year-old Cornell University student from China, drove up with her friend, fellow student Simon Sun, 22, from Ithaca, N.Y.

"My budget is roughly $200," she said of her impending handbag and shoe purchases at Kate Spade. Having spent two hours in line, she said she felt entitled to go all-out.

The same was true for Donna Lussier, a Woonsocket mom who was planning to buy herself an item she could otherwise not afford: a Coach bag.

"I'm going to be very frugal this year," she said. "It's because of the way the times are."At Walmart, throngs of shoppers jammed the aisles and shopping carts were filled with big-ticket items. One man ran back in for a second trip after he filled the trunk of his car.

Some had not initially planned on spending money.

"I had no intention of buying a TV, but when I saw the deal it was too good to pass up," said Steve Abellard of Quincy, strapping a 60-inch Vizio to the top of his car, along with his brother, who also purchased a TV.

Desirae White of Dorchester spent more than she planned as well. She waited for five hours in line for a doorbuster deal on a HDTV, and then ended up filling her shopping cart with towels, pillows and a mixer. "It was packed," she said.


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Car buyers snapping up cheaper loans

Record-low interest rates have propped up a slow-to-recover housing industry. Even lower rates are helping the auto finance industry explode, with many firms seeing exponential growth - and consumers getting great deals.

Many drivers who have been riding out the recession in older vehicles are now racing out to get cheap loans.

"People have held on to their cars for a long time, and there's pent-up demand," said Mark Sheinbaum, CEO of Chase Auto Finance, part of JPMorgan Chase & Co. Chase has been offering auto loans for as little as 2.53 percent in some areas.

Consumers who aren't ready to buy have been refinancing their cars, trucks or SUVs, saving hundreds of dollars a month.

Jeff Burto of Oakland Park, Fla., said refinancing his Toyota Highlander put an extra $325 a month in his pocket. It cut his interest rate by more than half, to 3.25 percent. "My (old) interest rate was rather high," said Burto, president and chief operating officer of Fort Lauderdale, Fla.-based Sunbound, a company that specializes in coordinating meetings, conferences and incentive travel.

Still, he was surprised when he got a new interest rate barely above 3 percent at Miramar, Fla.-based Tropical Financial Credit Union. That's cheaper than the current all-time record low of 3.31 percent for a fixed 30-year home loan, according to secondary lender Freddie Mac, which monitors mortgage rates.

The low rates on auto loans have been a boon to the credit union, according to Helen McGiffin, chief operating officer for the credit union. Tropical Financial was offering loans as low as 1.49 percent this week for a new or used vehicle, and refinancing rates were as low as 2.5 percent.

"We're up over 46 percent in consumer loans in a year, thanks to the auto loans," she said. "That's a pretty hefty increase."

Lenders are finding they have to offer the cheap loans to stay competitive with the automakers that are subsidizing low-interest loans at dealerships - some of them charging no interest, McGiffin said. "Consumers are now used to 0 percent loans," she added.

"It's common sense. People are going to refinance if there's a good opportunity," said Mel Campbell, a spokesman for Regions Bank.

Earlier this year, before interest rates declined even further, applications to refinance U.S. car loans had jumped nearly 30 percent in a year and were outpacing the number of people applying to buy a car, according to a LendingTree.com survey of lenders in its network. About 70 percent of vehicle buyers need a loan to purchase, the website reported.

About half of U.S. consumers are eligible for the cheapest auto loans because they have a credit score of 700 or above, estimated Jim Landy, president and CEO of CarFinance.com. Those with lower credit scores pay a higher interest rate, but still enjoy cheaper rates than even a year ago, Landy said.

Boca Raton, Fla., financial planner Mari Adam, who said she has good credit, found she could save $1,200 by refinancing the loan on her daughter's Scion.

"In my case, it took all of 15 minutes. It involved no money changing hands and, lo and behold, I saved $1,200," Adam said. "That's not small change."

What helped is that car loans do not have closing costs like mortgages do, she said. "It's free to apply and get a new auto loan," she said.

But consumers should be careful in refinancing: Don't get a longer car loan than your existing one to further lower your monthly payments without considering the age and value of the vehicle, Adam recommended.

(c)2012 the Sun Sentinel (Fort Lauderdale, Fla.) Distributed by MCT Information Services


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Much-maligned Corvair was no turkey

Among my earliest memories of riding in a car was riding in the rear seat of my grandmother's Chevrolet Corvair coupe - white with a red vinyl interior. I don't have any other memories of the car, be they good or bad. I was a mere toddler. On the other hand, my grandmother did.

But before I get to that, for those of you unfamiliar with the Corvair, a brief primer.

The car was initiated in 1956 by Chevrolet's chief engineer Edward Cole, the man behind the small-block Chevy V-8. He wanted an American response to the increasingly popular Volkswagen Beetle and other foreign economy cars gaining a foothold in the U.S. auto market.

So, like the Beetle, the Corvair had an air-cooled engine placed in the rear of the car. The engine used an aluminum block to save weight, yet still ended up 78 pounds heavier than anticipated. Ordinarily, this wouldn't have been much of an issue. But remember, the engine was in the rear.

Now consider that General Motors accountants, in an effort to save $4 a car, eliminated the rear anti-sway bar - which was needed given the car's overweight engine. This exacerbated the car's tendency to over-steer, a condition where the car's rear swings wide through corners.

Was it dangerous? Not if you kept the tires inflated to their proper pressure - 15 psi front, 26 rear. There's only one problem: Few drivers keep their tires properly inflated today, let alone in 1960.

GM changed the rear suspension design for 1964, but by then, lawyer Ralph Nader was making headlines with his book, "Unsafe at Any Speed."

Nader may have demonized the car, but my grandmother loved it. After all, she lived in the hilly environs of Pittsburgh and my grandfather, a doctor, drove large, rear-drive Lincolns. Despite their alleged road-hugging weight, a popularly cited advantage of large cars back then, they weren't great for driving in the snow.

By contrast, the Corvair, with its engine over the drive wheels - just like a front-wheel-drive car - had great traction in the snow. She loved the fact that she could get around without fear of inclement weather. She never felt endangered by the car's handling.

But all things change.

When Mercury introduced its luxurious Cougar muscle car in 1967, the Corvair was gone; my grandmother liked to drive fast.

So, not long after Thanksgiving, I pose this question: Was the Corvair a turkey?

Yes, it did over-steer.

So did any rear-engine, rear-drive car. But it was a fun little beast to flog around, with styling that influenced small-car design around the world at the time.

Turkey? Not in that regard.

And most people forget that the Corvair employed aluminum engine blocks and turbocharging; common now, uncommon then.

©2012 The Virginian-Pilot (Norfolk, Va.) Distributed by MCT Information Services


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China economy hopes give markets a lift

Written By Unknown on Kamis, 22 November 2012 | 22.26

LONDON — An upbeat Chinese manufacturing survey helped offset the disappointment of another round of grim European figures to give markets a lift Thursday — on a day that will see trading seriously curtailed by the U.S. Thanksgiving holiday.

The optimism in the markets came in the wake of a manufacturing survey from HSBC. Its purchasing managers index (PMI), a gauge of activity, rose to a 13-month high of 50.4 for November from the previous month's 49.5. Readings above 50 denote growth.

"Strong manufacturing data from China provided a big enough lure to temp investors back in to equities," said Mike McCudden, head of derivatives at stockbroker Interactive Investor.

Following an earlier advance in Asia, European stocks opened higher. The FTSE 100 index of leading British shares was up 0.5 percent at 5,783 while Germany's DAX rose 0.7 percent to 7,231. The CAC-40 in France was 0.3 percent higher at 3,486.

The gains in Europe came despite a survey showing that the 17-country eurozone remains in recession. Financial information company Markit said its composite PMI, which assesses the service sector as well as manufacturing, for the eurozone rose to 45.8 in November from 45.7 the month before. That signals further contraction in the eurozone economy, which is now in recession, officially defined as two straight quarters of negative growth.

"The slight rise clearly does nothing to alter our view that the recession has intensified in Q4," said Ben May, European economist at Capital Economics.

Over recent weeks, the focus of attention has been on two main issues — whether the White House can come to a deal with Congress on the budget and whether Greece will get its next batch of bailout cash.

Though a deal on either front has yet to be achieved, investors remain confident that their worst fears — a U.S. recession and a Greek exit from the euro — will be averted. A U.S. budget deal is expected to be achieved to avoid automatic tax increases and spending cuts at the start of next year, while Greece is tipped to finally get the approval for the release of the money it needs to avoid bankruptcy at a meeting in Brussels on Monday.

That confidence has boosted stocks this week as well as given the euro a boost. Europe's single currency was up a further 0.2 percent at $1.2876.

Earlier, Asian markets registered strong gains, boosted by the manufacturing news from China, a major market for many countries in the region.

Hong Kong's Hang Seng rose 1 percent to close at 21,743.20. South Korea's Kospi added 0.8 percent to 1,899.50 and Australia's S&P/ASX 200 gained 1 percent to 4,424.20.

Japan's Nikkei 225 index jumped 1.6 percent to close at 9,366.80 — its highest finish since May 2 — as a recently weakened yen provided a vital boost to the export-heavy index. The yen continued to fall back Thursday, with the dollar up 0.2 percent at 82.62 yen.

Oil prices were flat as traders weighed up Thursday's economic figures as well as the cease-fire in Gaza. Benchmark crude for January delivery was unchanged at $87.38 per barrel in electronic trading on the New York Mercantile Exchange.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Cuts at struggling Citibank

As part of a global retrenchment, struggling Citibank will close nine of its 31 Massachusetts branches early next year, the company said.

The bank wouldn't disclose the specific branches that will close, but said they will be mostly outside Boston and the closures will take effect March 15.

"Citibank will maintain a significant branch network presence in the city of Boston, as our strategy is to serve clients with excellence throughout the world's top cities," said Citibank spokeswoman Catherine Pulley. "Like any business with a retail footprint, we are continually acting on opportunities to optimize our branch network, which includes opening, renovating and in some instances closing or relocating branches. Boston remains a U.S. key market for Citibank."

Citibank has already notified employees in the affected branches, Pulley said. Most will have an opportunity to find other positions at Citi, while the rest will receive severance packages, she added.

The company plans to notify customers formally Dec. 3 and will automatically transfer their accounts to other branches, Pulley said. "We want to make this as seamless as possible for our customers," she added.

The company recently announced it is closing nearly half its branches in Greece and three branches in Texas. But it plans to keep the total number of branches in the United States to "around 1,000," Pulley added.

News of the Massachusetts closings comes a month after Citigroup CEO Vikram Pandit stepped down.

"The new management team is looking at every line of business Citi has, from retail banking to investment banking to global banking," said Gerard Cassidy, managing director of bank equity research for RBC Capital Markets. They want to deliver the highest possible return for their shareholders."


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Media screens to light up Innovation Center

Boston's burgeoning Innovation Center will be dressed up with digital signs, as city planners hope the facility becomes a beacon for entrepreneurs when it opens next year.

The Boston Redevelopment Authority is floating plans for flashy "media screens" on the single-story building — the first part of the Seaport Square development that's under construction on the South Boston waterfront.

The high-definition signs will display programming and events taking place at the Innovation Center, along with artwork, ads and information about the area.

The signs will mirror the "digital media tower" that stands outside the Boston Convention & Exhibition Center.

"We think that's been a huge success there and could be good, though with a narrower focus, at the Innovation Center," said BRA spokeswoman Susan Elsbree.

Architect Hacin & Associates designed the Northern Avenue building — the manifestation of Mayor Thomas M. Menino's "Innovation District" — but BRA staffers are taking on the digital signs.

The $5.5 million project, funded by Seaport Square developers John Hynes of Boston Global Investors and Morgan Stanley, broke ground last April and is set for completion next April.

Tim Rowe, founder of the Cambridge Innovation Center, is developing the programming and will manage the day-to-day operations in Boston. The public facility will be outfitted with conference rooms, studios, meeting space for networking and events, and a restaurant with a patio. An official name is still in the works.


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The Ticker

Hostess winding down

A bankruptcy court judge yesterday approved a request by Hostess Brands Inc. to begin winding down its operations.

The ruling came after the maker of Twinkies, Ding Dongs and Wonder Bread failed in last-ditch negotiations to end a strike by its second-largest union.

Hostess now has the green light to terminate the jobs of its 18,000 workers without risking legal action, and to sell off its brands.

Zipcar shares zoom on financial report

Shares of Zipcar soared to a six-week high after Goldman Sachs Group raised its rating for the Cambridge car-sharing service.

The company's profit may rise more than investors expect because of "potentially higher operating margins in new and established markets" such as Boston, New York, San Francisco and Washington, the investment bank said.

Ban on gifts to docs weakened

The Massachusetts Public Health Council approved regulations to implement a law passed last summer allowing pharmaceutical and medical device companies to provide "modest" meals to doctors and other prescribers.

"It's unfortunate we have taken a step back on the gift ban passed in 2008," said Amy Whitcomb Slemmer, executive director of Health Care for All.

The council voted to increase the reporting requirements for meals outside medical settings, but it will be up to Public Health Commissioner Lauren Smith to decide exactly what must be reported.

Facebook may end voting on privacy

Facebook is proposing to end its practice of letting users vote on changes to its privacy policies. But the social network said it will continue to let users comment on proposed updates.

Today

L U.S. financial markets are closed for Thanksgiving.TOMORROW

L Retailers kick off the holiday shopping season with Black Friday sales.


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BBC chooses former news chief as director-general

LONDON — The BBC has chosen a former head of its news division to lead the broadcaster through a "long, hard look" at itself as it struggles to recover from a scandal stemming from its coverage of child sex abuse.

Tony Hall, currently chief executive of the Royal Opera House, had been chosen as the new director-general beginning in March, Chris Patten, chairman of the governing BBC Trust, said Thursday.

Hall, 61, worked at the BBC for 28 years, including a decade as director of news before taking the Royal Opera post in 2001. He succeeds George Entwistle, who resigned on Nov. 10 after just 54 days as director-general.

The BBC has been shaken by controversy over a decision by its Newsnight program not to run a report that one of its former stars, Jimmy Savile, was a serial sexual abuser of young women.

Entwistle, who had stumbled in explaining why that happened, resigned after Newsnight broadcast a report which led to a prominent politician being falsely identified as a child abuser.

In a memo to staff, Patten said the BBC needed to restore its focus on "making great programs."

"In doing this, it will need to take a long, hard look at the way it operates and put in place the changes required to ensure it lives up to the standards that the public expects. Tony Hall is the right person to lead this," Patten said.

"As an ex-BBC man he understands how the corporation's culture and behavior make it, at its best, the greatest broadcaster in the world," he added. "And from his vantage point outside the BBC, he understands the sometimes justified criticisms of the corporation — that it can be inward-looking and on occasions too institutional."

Until Hall arrives in March, the chief executive of BBC Worldwide, Tim Davie, will continue to serve as acting director-general.

Hall, who was appointed to the House of Lords two years ago, will be paid 450,000 pounds ($718,000) a year as director-general.

The BBC and Entwistle have been criticized for his final payoff of the same amount. He received a year's salary upon departure, twice as much as he was entitled to by contract.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Gambling company would let Massachusetts workers unionize

Written By Unknown on Rabu, 21 November 2012 | 22.26

PALMER -- A company hoping to open a casino in western Massachusetts has reached a deal with a federation of about 50 labor unions to allow future employees to form a union and negotiate contracts.

The Mohegan Tribal Gaming Authority finalized the agreement with the Pioneer Valley AFL-CIO to cover employees at a casino it wants to build on a 150-acre site just of the Massachusetts Turnpike in Palmer.

The move could give the authority, which runs the Mohegan Sun casino in Connecticut and another in Pennsylvania, an advantage in the pursuit of the only casino license in western Massachusetts.

The Republican reports that the Mohegan authority's chief executive says his company recognizes "the importance of preserving worker rights to organize."

At least three companies have proposed a casino in Springfield.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Rock band AC/DC releases entire catalog on iTunes

NEW YORK — AC/DC is finally releasing its music digitally on iTunes.

Columbia Records and Apple announced Monday that the classic rock band's music will be available at the iTunes Store worldwide.

Sixteen studio albums will be released, including "High Voltage" and "Back in Black," which is already in the Top 30 on iTunes' top albums chart. Two of the group's albums are also in the Top 100 and several of the Australian band's songs are in the Top 200.

AC/DC was one of the few acts that would not release music through the digital outlet. Two years ago Apple struck a deal with The Beatles' record label, EMI Group, and management company, and began selling the group's music. Kid Rock, who had also been against selling his music through the digital retailer, is releasing a new album, "Rebel Soul," on Monday and it's available on iTunes.

Silvio Pietroluongo, Billboard's director of charts, said AC/DC's decision isn't shocking.

"It's something that I think artists realize they need to do in order to get their music into the hands of their fans and to make more money," he said. "Right now with CD sales being what they are, touring is the main source of income and not every band is equipped to be out on tour 200 days a year to make the kind of money the need to make, or want to make."

Garth Brooks, however, has yet to release his music on iTunes. Pietroluongo said he believes the country star will come around, but he's not sure when that will be.

Four of AC/DC's live albums and three compilation records are also available. The statement said the songs have been mastered for iTunes "with increased audio fidelity."

The group's first live album in 20 years, "Live at River Plate," is out Tuesday.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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San Diego media figure dies after car crash

SAN DIEGO -- David Copley, owner and publisher of The San Diego Union-Tribune until it was sold in 2009, died Tuesday after crashing his Aston Martin near his home in La Jolla.

Copley, 60, was found slumped in the front seat of his car early in the evening and rushed to Scripps Memorial Hospital, where he was pronounced dead.

He had left a board meeting of the Museum of Contemporary Art San Diego, saying he did not feel well. The cause of death was an apparent heart attack; Copley had received a heart transplant in 2005.

Copley's family influenced nearly every facet of life in the San Diego region during the eight decades of newspaper ownership, with its endorsement of select politicians and support of economic development projects and educational ventures such as the establishment of UC San Diego. His mother, Helen, married James Copley, then the publisher, in 1965.

For several decades, the Copley Press published The San Diego Union and the Evening Tribune; in 1992 the papers merged. After James Copley died in 1973, Helen Copley assumed control of the newspapers. David Copley became publisher in 2001, three years before his mother's death.

But as the newspaper industry's economic fortunes waned, David Copley sold the newspapers and, in effect, retired from public life.

The Copley family used the editorial pages of its newspapers to spread its conservative, pro-business views. The Copley name adorns the downtown symphony hall and a plaza in Balboa Park.

David Copley financed Broadway musicals and art projects by the artist Christo. Shy and uncomfortable in public settings, he nonetheless enjoyed world travel, particularly on his yacht, and entertained lavishly at his home in La Jolla.

With David Copley as publisher, the newspaper won a Pulitzer Prize in 2006 for exposing the corruption of a leading Republican, Rep. Randall "Duke" Cunningham.

In 2009, David Copley sold the remaining newspaper interests to a private equity group, which later sold it to developer-hotelier "Papa Doug" Manchester, who renamed the paper the U-T San Diego.

Karin Winner, retired Union-Tribune editor, told the U-T that David Copley "had an enormous capacity for humor and an uncanny ability to understand the bigger picture...."

She added: "I'm really glad that he had the past few years to live his life the way he wanted to. I know that it was very hard on him to let the paper be sold, but he thought it was what was best for the community and the employees at the time."

---

Visit the Los Angeles Times at www.latimes.com

(c)2012 the Los Angeles Times. Distributed by MCT Information Services


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Walmart making wait worth it by guaranteeing sale items

Walmart is bracing for protests on Black Friday, but not from shoppers who will get an in-store guarantee on select items for the first time this year, an attempt by the retailer to ensure that long waits in line won't be in vain.

The three items — an iPad 2, Emerson 32-inch HDTV, and LG Blu-ray Player — are middle-of-the-road gifts. Walmart is guaranteeing that anyone waiting in line during the first hour of the store's opening (1 a.m. in the Bay State) will get those devices at Black Friday prices, even if the store sells out of those items.

"This is our Super Bowl," said Walmart spokesman William C. Wertz. "We prepare for this all year-round."

The 16GB iPad 2 comes with a $75 gift card on Black Friday, and is being sold at the regular price of $399. The Emerson TV is $148, about half off the regular retail price, and the Blu-ray player is more than half-off the retail price at $38.

If Walmart sells out of the guaranteed items, shoppers in line within the first hour will be able to receive the item in the mail before Christmas.


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Stocks slightly higher at the open on Wall Street

NEW YORK — Stocks opened slightly higher Wednesday on Wall Street ahead of the Thanksgiving holiday.

In the opening minutes of trading, the Dow Jones industrial average was up seven points at 12,795. The Standard & Poor's 500 index was up a point at 1,389. And the Nasdaq composite index was up five at 2,922.

Deere, the maker of tractors and other farm and construction equipment, opened down 3 percent. It reported a quarterly profit of $1.75 per share, missing Wall Street expectations of $1.88.

Chipotle Mexican Group, the restaurant chain, climbed 2.4 percent. It announced late Tuesday that it would buy back an additional $100 million of its own stock. It had announced a $100 million buyback plan Oct. 18.

The quiet open Wednesday followed an uneventful finish Tuesday. The Dow dropped as much as 94 points after a warning from Federal Reserve Chairman Ben Bernanke about federal budget talks, then recovered to close down seven points.

The stock market will be closed Thursday for Thanksgiving and will close early Friday.

The price of oil climbed 95 cents to $87.70 per barrel. It fell $2.53 on Tuesday because of signs that Israel and Hamas were close to a cease-fire to end Israel's weeklong assault on the Gaza Strip, but a cease-fire remained elusive Wednesday.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note rose 0.01 percentage point to 1.68 percent.

European markets were modestly higher. Stocks climbed 0.3 percent in France and 0.1 percent in Germany. Asian markets fared better. The Nikkei index in Japan climbed 0.9 percent and the Hang Seng in Hong Kong 1.4 percent.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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VW recalls about 2,500 Beetles to fix air bags

Written By Unknown on Selasa, 20 November 2012 | 22.26

DETROIT — Volkswagen is recalling about 2,500 Beetles because the front passenger seat air bag could inflate and injure a small child.

The recall includes 2012 and 2013 Beetles with leather sport seats. If the seat gets wet, the module that's supposed to detect a child seat could fail. The air bag could go off in a crash and hurt the child.

Volkswagen says no one has been injured. Cars are supposed to detect child seats and switch off air bags automatically.

The problem was discovered in routine factory inspections. The affected cars were built from February through August.

Volkswagen will replace the seat module free of charge. The company will notify owners when the parts are ready.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Man arrested over theft of 9 million Greek files

ATHENS, Greece— A Greek man has been arrested on suspicion of having stolen 9 million personal data files in what is believed to be the biggest breach of private information the country has ever seen.

Police said Tuesday that the 35-year-old, whose name was not released, was found in possession of the data files that included identity card details, tax numbers, vehicle license plate numbers and home addresses.

The files appeared to include duplicate entries, meaning the number of actual individuals affected could be lower. Greece has a population of around 10 million.

Authorities are investigating how the man, who faces felony charges of data theft, came into possession of the files and whether he intended to sell the list, police spokesman Christos Manouras said.

The investigation began Monday after an employee at the data protection authority notified police that someone appeared to have a large number of digital files containing personal data, the head of financial and electronic crimes police Dimitris Georgatzis said.

The 35-year-old was tracked down through the internet, and computer equipment seized from his house during a search, Georgatzis added.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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2 former Stanford executives convicted of fraud

HOUSTON — Two former associates of R. Allen Stanford have been convicted of fraud for trying to help the imprisoned Texas financier conceal a $7 billion Ponzi scheme.

Prosecutors in Houston say 70-year-old Gilbert Lopez Jr. and 40-year-old Mark Kuhrt were both convicted Monday of conspiracy to commit wire fraud and nine counts of wire fraud.

Each count carries a maximum 20 years in prison.

Earlier this year, Stanford was convicted on 13 fraud-related counts and sentenced to 110 years in prison. Prosecutors say Lopez and Kuhrt helped to hide Stanford's misuse of assets.

Lopez is a former chief accounting officer of Stanford Financial Group Co. Kuhrt is a former global controller of Stanford Financial Group Global Management.

Sentencing has been set for Feb. 14.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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UBS rogue trader Kweku Adoboli guilty of fraud

LONDON — A rogue trader who lost $2.2 billion in bad deals at Swiss bank UBS was convicted of two counts of fraud on Tuesday.

Ghanaian-born Kweku Adoboli, 32, exceeded his trading limits and failed to cover his losses, allegedly faking records to hide his tracks at the bank's London office. At one point, Adoboli risked running losses of up to $12 billion.

A conviction for fraud carries a maximum jail term of 10 years.

The 10-person jury at Southwark Crown Court in London found Adoboli innocent of four other false accounting charges.

The trader ran into trouble dealing in exchange traded funds, complex financial products that track stocks, bonds and commodities. Adoboli admitted the losses, but said he was pressured by staff to take risks.

He also testified last month that he had been trying to help UBS survive after it amassed losses of $52 billion during the 2007-2008 global financial crisis.

"There were times we thought there was no way the organization would survive," said Adoboli, who joined UBS as a trainee in 2003 and rose quickly to become a senior trader. "I grew up with UBS. I felt very loyal to UBS."

Detective Chief Inspector Perry Stokes of City of London Police, who led the investigation of Adoboli, had a different view, believing the trader's motive was "to increase his bonus, his status, his job prospects and his ego."

"Adoboli was a sophisticated fraudster," Stokes said. "He was one of the most accomplished fraudsters that I've seen in my time investigating serious fraud."

After questions were raised about his trading, Adoboli walked off the job and sent an e-mail to colleagues saying what he had done.

"I take full responsibility for my actions and the s--- storm that will now ensue. I am deeply sorry to have left this mess for everyone and to have put my bank and my colleagues at risk," he wrote.

The conviction on the second fraud count came on a 9-1 vote after Judge Brian Keith said he would accept a majority verdict.

The trading loss at UBS was one of the largest in U.K. banking history. U.S.-based JPMorgan Chase lost at least $5.8 billion through bad trades at its London office, the bank's CEO Jamie Dimon said in July.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Stocks open lower; HP takes a big hit

NEW YORK — Stocks sank early Tuesday on Wall Street. Hewlett-Packard stock suffered a big decline after its executives said that a company HP bought for $10 billion last year lied about its finances.

The Dow Jones industrial average was down 54 points to 12,741 just after the opening bell. HP, one of the 30 stocks that make up the Dow, declined $1.87, or 14 percent, to $11.43.

Hewlett-Packard CEO Meg Whitman said that there were "serious accounting improprities, disclosure failures and outright misrepresentations" at the company, Autonomy, which makes search engines. She stopped short of alleging fraud.

HP took an $8.8 billion charge in its latest quarter to bring the accounting value of Autonomy in line with its real value.

In the broader stock market, the Standard & Poor's 500 index was down five points to 1,381. The Nasdaq composite index, heavy with technology companies, declined nine points to 2,907.

Consumer discretionary companies, a group that includes hotels, luxury retailers and media companies, managed a small gain. Technology companies fell the most.

In economic news, the government said that U.S. builders started construction last month on the most homes and apartments since July 2008, more evidence that the housing market's recovery is gaining momentum.

Homebuilder stocks were among the best performers in the market. PulteGroup gained almost 5 percent, D.R. Horton advanced more than 2 percent, and Lennar gained almost 2 percent.

On Monday, the Dow soared 207 points. Investors focused on signs over the weekend that congressional Republicans and the White House might be able to reach a deal on tax increases and government spending cuts set to take effect Jan. 1.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note rose 0.01 percentage point to 1.63 percent.

The price of crude oil fell 61 cents per barrel, or 0.7 percent, to $88.67.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Total sells Nigeria offshore oil stake for $2.5B

Written By Unknown on Senin, 19 November 2012 | 22.26

LAGOS, Nigeria — French oil firm Total SA says it has sold a stake in an offshore oil field in Nigeria for $2.5 billion to Chinese state oil company Sinopec Corp.

Total made the announcement Monday in a statement posted to its corporate website. Sinopec officials were not immediately available for comment.

Officials with Total have said they plan to sell off some stakes in oil fields around the world to raise cash for new ventures.

Total said the deal, done for cash, must be approved by Nigerian authorities.

The state-run Nigerian National Petroleum Corp. is the concession holder on the field. Other partners include Chevron Corp, Esso E&P Nigeria Ltd. and Nexen Petroleum Nigeria Ltd.

China has been interested in expanding its oil holdings in Nigeria for some time.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Intel CEO Paul Otellini to retire in May

SANTA CLARA, Calif. — Intel says its CEO, Paul Otellini, plans to retire in May after nearly 40 years with the company.

Intel Corp. said Monday that its board will look at company executives as well as external candidates to replace Otellini. He has been head of the world's largest chip-maker for eight years.

Intel says it has also promoted three executives to executive vice president: Renee James, head of Intel's software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.

The Santa Clara, Calif., company's shares are up 16 cents at $20.35 in premarket trading Monday.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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US stocks open higher

NEW YORK — The stock market is starting the holiday week with a big gain.

Just after the opening bell on Wall Street, the Dow Jones industrial average is up 102 points at 12,690. The Standard & Poor's 500 index is up 12 at 1,372. And the Nasdaq composite index is up 32 to 2,885.

European markets are sharply higher. Financial analysts say it's because of optimism that leaders in the United States will reach a deal to avoid the so-called fiscal cliff, a package of tax increases and government spending cuts set to take effect Jan. 1.

U.S. investors are also encouraged by corporate earnings reports. Lowe's says its third-quarter profit surged 76 percent. That's after a strong report from Home Depot last week. Tyson Foods also beat Wall Street expectations.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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SAS avoids bankruptcy after unions approve plan

COPENHAGEN, Denmark — Danish and Norwegian media are reporting that all eight unions have now approved a savings plan that will help the troubled SAS carrier stay afloat.

Denmark's TV2 and Norway's NTB news agency are reporting that the Danish CAU cabin crew union finally signed on to a saving plan Monday afternoon in Copenhagen, a week after talks began.

The deal means that the carrier's board can now proceed with the implementation of a series of austerity measures that that SAS's creditors and owners insisted on.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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BCE resubmits Astral bid to broadcast regulator

TORONTO — Canada's largest telecommunications company, BCE Inc., resubmitted a bid to the country's broadcast regulator to buy Astral Media Inc. for $3.38 billion, the companies said Monday.

The Canadian Radio-television Telecommunications Commission blocked a deal last month, saying it would have resulted in an unprecedented level of consolidation in the country's media landscape.

Astral is Canada's largest pay and specialty TV broadcaster. It owns 25 TV stations, including HBO Canada. It also owns 84 radio stations in 50 Canadian markets and is the third-largest outdoor advertising company.

BCE, also known as Bell, wants to deliver more content to televisions, tablets and mobile devices.

BCE said Monday they've found ways to address the CRTC's concerns over the level of ownership concentration in some markets but said details on the amended proposal will be made available by the CRTC when it launches its public consultation period.

"We heard Canadians and the CRTC loud and clear — they want assurance that Astral joining with Bell Media will directly benefit consumers and creators. We're ready to deliver more choice for listeners and viewers, more opportunity for content creators, and more competition for the broadcasting industry," George Cope, Bell's president and CEO, said in a statement.

Many had expected the regulator would approve the deal with conditions, but Jean-Pierre Blais, who took over as charmain of the CRTC five months ago, said the combined company would have controlled 107 radio stations, two national English language television stations and 49 pay and specialty television channels.

Blais dismissed the notion that they could have set conditions on the deal. He said last month that BCE is already Canada's largest Internet service provider, the second largest wireless service provider and third largest television distributor in Canada.

Most of BCE's competitors said the deal would have placed significant market power in the hands of one vertically integrated company.

BCE had argued it needed to do the deal to compete with international rivals like video subscription service Netflix, and they pledged tangible benefits by adding $240 million in funding for programs.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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The Ticker

Written By Unknown on Minggu, 18 November 2012 | 22.26

Hub man convicted in mortgage fraud

Sirewl R. Cox, 37, of Boston was convicted late last week on charges relating to a massive mortgage fraud case.

A jury found Cox guilty on counts of wire fraud, bank fraud and conducting an unlawful monetary transaction. Sentencing is scheduled for Feb. 6.

In 2006 and 2007, Cox identified multiple-family buildings for sale and recruited straw buyers to purchase the buildings, prosecutors said. Cox and others then recruited straw buyers who obtained mortgages using false information to purchase individual units in buildings that Cox controlled.

Cox faces up to 60 years in prison, to be followed by 11 years of supervised release and a $1.5 million fine.

Abiomed discloses, disputes class action suit

Danvers-based Abiomed, which makes heart support technologies, disclosed Friday that a class action suit has been filed against the company and its officers over the marketing and labeling of its Impella 2.5 device. Abiomed, founded by the late David Lederman, right, said it has reviewed the complaint and believes the allegations are without merit. The company plans to vigorously defend itself.

The suit follows the company's disclosure earlier this month of a related Justice Department investigation, which sent shares plummeting 34 percent.

MONDAY

The Boston Redevelopment Authority holds a public meeting on developer First Bristol's plan for a 177-room Hilton Garden Inn and two restaurant/retail sites on Route 1A in East Boston, near Logan International Airport.

The Home for Little Wanderers officially opens its new Walpole campus following completion of an $18 million construction project and sale of its Jamaica Plain property.

TUESDAY

The U.S. Commerce Department releases housing starts for October.

WEDNESDAY

The Conference Board releases leading economic indicators for October.

THURSDAY


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Developer not sold on downtown

Not everyone is moved by the momentum in Boston's Downtown Crossing.

A New York developer who filed plans for a 28-story apartment and retail tower on Washington Street four years ago — in the teeth of the Great Recession — is not yet sold on the shopping district's recovery.

"We wouldn't consider doing anything until that hole across the street is filled," said John Usdan, president of Midwood Management, referring to the partially demolished Filene's block.

Another New York developer, Millennium Partners, won city approval in September to replace that eyesore with a skyscraper as part of a $620 million project that's on track to start next spring with the restoration of the adjacent Burnham Building.

But that's not enough for the $200 million One Bromfield project to make a comeback.

"We don't have a particular time-frame other than when we think conditions have improved enough," Usdan told the Herald. "We just don't think it's viable yet."

According to Midwood's mothballed plans, the developer would replace four buildings at the northern corner of Bromfield and Washington streets with a tower containing 260 luxury apartments atop several levels of retail and parking.

Mayor Thomas M. Menino trumpeted the project during a tour of Downtown Crossing in July 2008 — a promotional event that coincided with the excavation of the former Filene's building for New York developer Vornado Realty Trust's ill-fated One Franklin project.

Rosemarie Sansone, president of the Downtown Boston Business Improvement District, said she hasn't heard anything about the One Bromfield project "for ages."

"It is a very important location and, based on the interest and activity in the district, I would expect something to develop in the near future," she said.

A tenant in one of the Midwood-owned buildings that would be replaced is in a wait-and-see mode.

"I'm sure they'd like to do something," said Fred Rosenthal, owner of Bromfield Pen Shop. "The building is empty except for me and Payless Shoes."

In addition to the Millennium Tower project at the Filene's site, Downtown Crossing has seen a string of successes this year including the construction of the Millennium Place condo tower, Walgreens' announced takeover of the shuttered Borders store, a Chicago developer's plans for a boutique hotel and Lafayette Corporate Center switching space back to retail.

"There's a lot to celebrate, but it's just not going to happen all at once," said David Begelfer, CEO of commercial real estate group NAIOP Massachusetts. "Companies are going to be cautious. They're not going to get ahead of themselves. We'll see some of these projects come closer to completion before others start."

Midwood's Usdan needs physical proof that Downtown Crossing has turned the corner.

"I want to see foundations poured," Usdan said from his Manhattan office. "Call me when you see some shovels."


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It's OK to run your car on lower-octane gas

The owner's manual for my new vehicle recommends gasoline with 87 octane or greater. On a recent trip in Montana, I noticed their regular is 85.5 octane and their next level up is 88 octane with 10 percent ethanol. I used a half-tank of 85.5 and noticed no difference, but after reading the owners manual about 87 or better I used the 88 octane for as long as I was in Montana. Why does Montana rate theirs at 85.5, and would it have made a difference in the long run if I used that rating?

As I said in my response to a previous question about octane, a key measure of octane is the fuel's resistance to pre-ignition or detonation. In other words, higher-octane fuels require more heat and pressure to ignite. At higher elevations, air is less dense, meaning fewer air molecules per cubic foot of air that is drawn into an engine. Less dense air effectively lowers the compression ratio of the engine, meaning the cylinder will develop less heat and pressure during the compression cycle. That means a lower-octane fuel can be used without pre-ignition and/or detonation.

The Montana Weights and Measures Bureau has this to say: "While the minimum antiknock rating in Montana is 85.5 for regular unleaded fuel, that is not necessarily what is found. Due primarily to competition and/or multiple suppliers of refined products, regular unleaded gasoline found in western and northeastern Montana usually has an octane rating of around 87.0. Central and southern Montana's fuel octane rating is generally found to be between 85.5 and 86.0."

Since your vehicle apparently operated well on the lower-octane fuel at those altitudes — no worries. Today's computer-controlled engine management systems can and will adjust fuel-air mixture and ignition timing to safely operate on a variety of octane ratings.

And remember this axiom: Operate your vehicle on the lowest-octane fuel that provides good performance, driveability and fuel economy. Any additional octane is unnecessary and a waste of money.

L L L

I have a 1998 Honda Civic with 47,600 miles. When I straighten the steering wheel after making a left-hand turn I occasionally hear a "ping." Is this a cable in the steering column? What is the problem, and how much would it cost to have it repaired? I'm now unemployed, so I've put off having this checked out.

The most likely cause of a "ping" or "clunk" in the steering/suspension is a worn component such as a strut bushing, control arm bushing, ball joint, steering rod end or upper strut bearing. A loose steering rack or a worn U-joint in the steering column might cause noise when straightening the steering wheel. There are no structural cables in the steering system.

There's no way to know what's causing the noise or the potential cost of repair without having the steering and suspension checked by a professional. I'd suggest making an appointment at a reputable tire shop or a dealer for an inspection and estimate. This could be a safety problem, so don't put this off.

L L L

I have a 2009 Ford Focus with 50,000 miles on it. Yesterday, the interior dome light came on while I was driving, and now it does not turn off. It does not turn off with the headlights or with the manual on/off switch, and it does not dim after a few seconds upon leaving the car. It finally turns off after about 10 minutes of leaving the car parked. What could be wrong?

The body control module (BCM) has extensive self-diagnostic capability that a scan tool can read as fault codes. Check for codes from the door-ajar switches or the smart junction box. Right now, the interior lights are finally being turned off by the battery-saver function.


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Spindle app spools out hype - and investors

A new app developed by three former Microsoft workers helps people find the most interesting social media updates from businesses and organizations at any given time.

Spindle 1.1 — released on Thursday in Boston and San Francisco, with other major cities to come — mines Twitter and Facebook, using signals such as location and time of day to tell users what's happening near them, sorted by categories such as restaurants, shopping and nightlife.

"What differentiates us is timeliness and the fact that we're updating constantly, based on user feedback," said CEO Pat Kinsel, who founded Spindle with Alex Lambert and Simon Yun, all former engineers and managers from Microsoft's New England Research and Development (NERD) center in Cambridge. "There's nothing else out there like that."

Unlike apps that reshuffle a static list of businesses, Spindle evaluates in real time what each one is sharing to determine what's interesting and relevant now.

Users can filter the updates by categories such as restaurants to find what they're looking for without the extra "noise."

They can also use the map function to zoom in on a location and find out what's happening there, or search for a specific business or organization and add it to their favorites list for updates on only those places.

Users can tell friends where they're going, let them know when there's something happening in their current location or point people to something they've discovered via Facebook, Twitter, SMS or email.

The new app's release coincided with Spindle's announcement that it raised $2.3 million in total funding from Polaris Ventures, Greylock Partners, Lerer Ventures, SV Angel, Atlas Venture, Broad Beach Ventures, Project 11, Ray Ozzie and Raman Narayanan.

"They are super-smart guys with serious social search chops who've worked together before to solve hard problems," Dave Barrett, general partner at Polaris Ventures, said of Kinsel and his team. "Beyond the app itself, their big data back-end and their vision for it are incredibly compelling."


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Best defense: Made in USA

New Balance is on a mission to provide lightweight military sneakers made in the United States, and it wants the Defense Department to equip soldiers with them, company head Rob DeMartini told the Herald.

"For whatever reason, the sneaker is the only piece of equipment for a uniform that services don't require to be" made in the U.S., said DeMartini, New Balance's president and CEO.

The Berry Amendment, originally passed on the eve of World War II, requires the Department of Defense to procure clothing and other items made in the United States. The 950 is New Balance's first Berry-compliant sneaker, DeMartini said.

Suggesting why the Defense Department doesn't require U.S.-made sneakers, DeMartini said, "They would say one of the reasons is nobody made a Berry-compliant shoe, and so we have made one."

The sneaker is "fiber forward," meaning everything that goes into the shoe has U.S.-based content, "starting from literally the grass sheep eat," company spokeswoman Amy Dow added.

Last month, more than four dozen members of Congress appealed to the Defense Department to make training shoes Berry-compliant in a letter spearheaded by U.S. Rep. Duncan Hunter of California and U.S. Rep. Michael H. Michaud of Maine, where New Balance has three factories and close to 900 workers.

The politicians claimed the Defense Department circumvented the U.S. procurement policy by issuing cash allowances for soldiers to purchase their own training shoes, leading to servicemen and women relying more on foreign-made shoes than ones manufactured and available in the United States.

"We should not rely on other countries, particularly those who may have competing global interests, to supply our forces with basic items. This is especially true when there are millions of Americans looking for work," the letter said. "More importantly, our soldiers deserve to fight in uniforms, including footwear, that are made in the USA."

Hub-based, 107-year-old New Balance, which hopes to break ground on its new Brighton headquarters, hotel, office and athletic complex early next year, has made military apparel — including running shorts, protective fire-retardant underwear and overboots — for more than 25 years, DeMartini said.

"We do it for two reasons — one, we think it's right to serve in the military, but two, the technical demands that they have help us build a better brand," he said.

For the fourth year in a row, New Balance is the presenting sponsor of the Run-Walk to Home Base fundraiser. The 9K run or two-mile walk event supports the Red Sox [team stats] Foundation and Massachusetts General Hospital Home Base Program, which has raised $7.3 million to provide clinical care and support to Iraq and Afghanistan veterans and families affected by combat stress and traumatic brain injury.

The New Balance 950 shoe will be manufactured in Massachusetts and will sell under a contract price with military branches, DeMartini said, adding the new sneaker could create 250 jobs primarily in the company's manufacturing and manufacturing support sectors.

"It's basically ... completed and it's waiting to be called for," he said.


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