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NKorean propaganda mill serves up soft side of Kim

Written By Unknown on Sabtu, 30 Maret 2013 | 22.26

SEOUL, South Korea — The outside world focuses on the messages of doom and gloom from North Korea: bombastic threats of nuclear war, fantasy videos of U.S. cities in flames, digitally altered photos of leader Kim Jong Un guiding military drills. But back home, North Koreans get a decidedly softer dose of propaganda: Kim portrayed as a young, energetic leader, a people person and family man.

Mixed in with the images showing Kim aboard a speeding boat on a tour of front-line islands, or handing out commemorative rifles to smartly saluting soldiers, are those of Kim and his wife clapping at a dolphin show or linking arms with weeping North Korean children.

The pictures can look odd or obviously staged to outsiders. But they're carefully crafted propaganda meant to give North Koreans an image of a country governed by a leader who is as comfortable overseeing a powerful military as he is mingling with the people.

Analysts say the images also hint at something that often gets lost amid the threatening rhetoric: North Korea's supreme commander isn't an all-powerful, isolated monarch who can govern without considering his people's approval. Kim is still busy building his reputation at home.

"Even dictatorships respond to public opinion and public pressure," said John Delury, a North Korea analyst at Seoul's Yonsei University. "He's expected to pay attention to and make improvements in the common people's standard of living. They've put that promise out in their domestic propaganda."

It's a tall order. Living standards in Pyongyang, the capital, are relatively high, with new shops and restaurants catering to a growing middle class. But U.N. officials' reports detail harsh conditions elsewhere in North Korea: up to 200,000 people estimated to be languishing in political prison camps, and two-thirds of the country's 24 million people facing regular food shortages.

When it comes to North Korean propaganda, much of the world focuses on the series of outlandish videos uploaded to the country's YouTube channel and government website, largely for foreign consumption. In one fantasy, missiles rain down on a burning American city while an instrumental version of "We Are the World" plays in the background. In another, President Barack Obama and U.S. troops burn.

But what most North Koreans see on state TV is a different propaganda message: Kim Jong Un bending down to receive flowers from children, Kim visiting families living in rustic homes on front-line islands, Kim mobbed by gushing female soldiers.

As with any propaganda or PR, the images are carefully staged. And many make foreign news headlines only when experts and photo editors discover that North Korea is digitally altering them. For instance, in a picture distributed recently by state media, troops and hovercraft land on a barren, snow-dappled beach. Experts say some of the multiple hovercraft have been copied and pasted into the image.

But North Korea's propaganda makers aren't concerned about the criticism abroad to their heavy-handed photo editing. "These efforts are aimed more at an unsophisticated domestic peasant audience than those of us who are more discerning," said Ralph Cossa, president of the Pacific Forum CSIS think tank in Hawaii.

The caring domestic persona being built for Kim by his image specialists is aided by his wife, Ri Sol Ju.

She is young and glamorous, a chic and smiling presence at his side in many of the country's propaganda images. The couple is often photographed at amusement parks, nurseries, factory tours and concerts.

"It's a more complex kind of image he has as a leader," Delury said. "The basis of his legitimacy domestically has to do with these other, non-military things."

The propaganda machine in North Korea also worked to build up a caring image for Kim's father, the late Kim Jong Il. He doggedly appeared at tours of factories, farms and military posts. But while Kim Jong Un puts his wife front and center and is a relaxed presence on camera, his father was stiff in photos and secretive about his family life.

North Korea takes pains to select and sometimes alter photos so its leaders appear in the best light possible, said Seo Jeong-nam, a North Korean propaganda expert at Keimyung University in South Korea.

For example, past propaganda specialists were careful not to pick photos that showed the large lump on the back of the neck of Kim's grandfather, North Korean President Kim Il Sung, Seo said. When Kim Jong Il was alive, North Korean photographers tried to make him look taller in photos than he actually was, often positioning him slightly in front of others, Seo said.

As for Kim Jong Un, Seo said North Korea's propaganda mill chooses photos that show off his strong resemblance to his grandfather, who still is depicted on state TV as the loving father of the nation, surrounded by children and adoring citizens.

___

Associated Press writer Sam Kim contributed to this story. Follow Klug at www.twitter.com/APKlug and Kim at www.twitter.com/samkim_ap.


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Robotics competition wrapping up in Hartford

HARTFORD, Conn. — More than 1,800 high school students from across New England will be making robots throw Frisbees and climb pyramids on the final day of a regional robotics contest in Hartford.

The annual FIRST Robotics Competition Connecticut Regional wraps up Saturday at the Connecticut Convention Center. Thirty-nine high school robotics teams from Connecticut and 15 teams from other New England states are taking part in the two-day event, sponsored by Hartford-based United Technologies Corp.

The students have worked since January building 100-pound robots that must precisely aim Frisbees and climb pyramids on a 27-feet-by-54-feet field in this year's challenge.

Winning teams will move on to the FIRST International Championship in St. Louis from April 25 to 28. FIRST stands for "For Inspiration and Recognition of Science and Technology."


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UMass-Lowell launches Portuguese studies center

LOWELL, Mass. — Officials at the University of Massachusetts-Lowell say their newest academic and cultural center will explore and celebrate the history and contributions of Portuguese people in the United States and abroad.

The school says the Saab-Pedroso Center for Portuguese Studies and Culture will sponsor events, offer study-abroad programs and coordinate faculty collaborations with universities in the Portuguese cities of Lisbon and Braga.

The center is named after UMass-Lowell alumnus whose combined gift of $850,000 helped establish the initiative. They include Lowell residents Mark Saab and his wife, Elisia Saab, as well as Luis Pedroso of Hampton, N.H.

The school launched the center Thursday night at a reception attended by the consul general of the Portuguese Consulate in Boston and the chancellors of UMass-Lowell and UMass Dartmouth. The two campuses will collaborate on some programs through the center.


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Bank of Cyprus big savers to lose up to 60 percent

NICOSIA, Cyprus — Big depositors at Cyprus' largest bank may be forced to accept losses of up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy, officials said Saturday.

Deposits of more than 100,000 euros ($128,000) at the Bank of Cyprus would lose 37.5 percent in money that would be converted into bank shares, according to a central bank statement. In a second raid on these accounts, depositors also could lose up to 22.5 percent more, depending on what experts determine is needed to prop up the bank's reserves.

The savings converted to bank shares would theoretically allow depositors to eventually recover their losses. But the shares now hold little value and it's uncertain when — if ever — the shares will regain a value equal to the depositors' losses.

Europe has demanded that big depositors in the country's two largest banks — Bank of Cyprus and Laiki Bank — accept across-the-board losses in order to pay for Cyprus' 16 billion euro ($20.5 billion) bailout.

Cypriot officials had previously said that large savers at Laiki — which would be absorbed in to the Bank of Cyprus — could lose as much as 80 percent. But they had said large accounts at the Bank of Cyprus would lose only 30 to 40 percent.

Analysts said Saturday that imposing bigger losses on Bank of Cyprus customers could further squeeze already crippled businesses as Cyprus tries to rebuild its banking sector in exchange for the international rescue package.

"Most of the damage will be done to businesses which had their money in the bank" to pay suppliers and employees, said University of Cyprus economics Professor Sofronis Clerides. "There's quite a difference between a 30 percent loss and a 60 percent loss."

With businesses shrinking, the country could be dragged down into an even deeper recession, he said.

There's also concern that large depositors — including many wealthy Russians — will take their money and run once capital restrictions that Cypriot authorities have imposed on bank transactions to prevent such a possibility are lifted in about a month.

Cyprus agreed on Monday to make bank depositors with accounts over 100,000 euros contribute to the financial rescue in order to secure 10 billion euros ($12.9 billion) in loans from the eurozone and the International Monetary Fund. Cyprus needed to scrounge up 5.8 billion euros ($7.4 billion) on its own in order to clinch the larger package, and banks had remained shut for nearly two weeks until politicians hammered out a deal, opening again on Thursday.

But fearing that savers would rush to pull their money out in mass once banks reopened, Cypriot authorities imposed a raft of restrictions, including daily withdrawal limits of 300 euros ($384) for individuals and 5,000 euros for businesses — the first so-called capital controls that any country has applied in the eurozone's 14-year history.

Under the terms of the bailout deal, the country' second largest bank, Laiki — which sustained the most damaged from bad Greek debt and loans — is to be split up, with its nonperforming loans and toxic assets going into a "bad bank." The healthy side will be absorbed into the Bank of Cyprus.

On Saturday, economist Stelios Platis dismissed the rescue plan as "completely mistaken" and criticized Cyprus' euro area partners for insisting on foisting Laiki's troubles on the Bank of Cyprus.

Clerides said it appears that some euro area countries such as Germany and Finland wanted to see the end of Cyprus as an international financial services center, while others, such as eurogroup chief Jeroen Dijsselbloem, wanted to use the country as an "guinea pig" to send the message that European taxpayers would no longer shoulder the burden of bailing out problem banks.

But German Finance Minister Wolfgang Schaeuble challenged that notion, insisting in an interview with the Bild daily published Saturday that "Cyprus is and remains a special, isolated case" and doesn't point the way for future European rescue programs.

____

AP business correspondent Geir Moulson contributed from Berlin.


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Egypt, Iran resume direct flights after decades

CAIRO — A commercial airliner left Egypt for Iran on Saturday in what was the first direct passenger flight between the two countries in more than three decades, Egyptian airport officials said.

Cairo-Tehran relations have warmed since the June election of Egypt's Islamist president, Mohammed Morsi. Diplomatic relations were frozen after Egypt signed its 1979 peace treaty with Israel and Iran underwent its Islamic Revolution.

Cairo airport officials say a private Air Memphis flight departed for Tehran carrying eight Iranians, including two diplomats. The officials spoke on condition of anonymity because they were not allowed to speak to reporters.

Egypt's tourism minister visited Tehran last month to sign an agreement promoting tourism between the countries. Egypt's Foreign and Civil Aviation Ministries, however, have set regulations restricting the number and movement of Iranian tourists in Egypt.

Ali al-Ashri, an Egyptian foreign ministry official, said Iranian tourists would only be allowed to visit certain sites, such as the ancient cities of Luxor and resort areas like Sharm el-Sheikh. Cairo was not on the list of places they would be allowed to visit, mainly because it is the site of shrines of revered Shiite figures.

The airport officials said future flights are likely to be scheduled from cities in southern Egypt and will not go through the capital.

The thaw in relations between Sunni-majority Egypt and Shiite Iran is facing scrutiny from Egypt's ultraconservative Muslims, who view Iran's rapprochement with Cairo with suspicion. Ultraconservative Salafis consider Shiites heretics, and fear that Iran is trying to spread its faith in the Sunni world.

On Friday, Salafi protesters stormed a meeting at al-Azhar University, which is affiliated with the Sunni world's most prestigious learning institute. They were trying to stop an Iranian official from attending the meeting. The meeting eventually went ahead as scheduled.


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SAC Capital portfolio manager arrested in NYC

Written By Unknown on Jumat, 29 Maret 2013 | 22.27

NEW YORK — A portfolio manager for the hedge fund operator SAC Capital Advisors has been arrested in New York City as part of a federal insider trading investigation.

The FBI says Michael Steinberg was arrested at 6 a.m. Friday at his home. It declined to specify the charges.

His attorney says in a statement that Steinberg "did absolutely nothing wrong."

Attorney Barry H. Berke says Steinberg was "caught in the crossfire of aggressive investigations" into other people's activities.

At least four other people associated with the Stamford, Conn.-based firm have been arrested over a period of about four years.

On March 15, the Securities and Exchange Commission said that two affiliates of SAC Capital Advisors would pay more than $614 million in what federal regulators called the largest insider trading settlement ever. The settlement is subject to court approval.


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Fewer furlough days for Maine-NH shipyard workers

KITTERY, Maine — Union officials at the Portsmouth Naval Shipyard say they're still concerned about lost work time following the Defense Department's announcement that furlough days will be reduced from 22 to 14.

Furlough notices will be sent out in early May. The furloughs will start in June and last through September. Employees will be furloughed for one day in each of the last 14 weeks of the 2013 budget year.

Paul O'Connor, president of the Metal Trades Council at the Kittery, Maine, shipyard, said it's still 14 days too many. He tells the Portsmouth Herald (http://bit.ly/1069lWz) submarine maintenance work could fall behind schedule.

Maine and New Hampshire's senators say they are glad to see the reduction in days, but said more work is needed to solve the problem altogether.


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US consumer spending, income jump in February

WASHINGTON — U.S. consumers stepped up spending in February after their income jumped, aided by a stronger job market that offset some of the drag from higher taxes. The gains led economists to predict stronger economic growth at the start of the year.

Consumer spending rose 0.7 percent in February from January, the Commerce Department said Friday. It was the biggest gain in five months and followed a revised 0.4 percent rise in January, which was double the initial estimate.

Americans were able to spend more because their income rose 1.1 percent last month. That followed huge swings in the previous two months, which reflected a rush to pay bonuses and dividends in December before taxes increased.

After-tax income also increased 1.1 percent last month, allowing consumers to put a little more away. The saving rate increased to 2.6 percent of after-tax income, up from 2.2 percent in January.

The gains in spending and income follow other signs of an economy gathering momentum. Hiring is up, businesses are spending more, the stock market is hitting record levels and the housing recovery is strengthening.

More spending by consumers should boost economic growth in the January-March quarter after a lull at the end of last year. Consumer spending accounts for 70 percent of economic activity.

After seeing Friday's report on consumer spending, Paul Ashworth, chief U.S. economist at Capital Economics, raised his growth forecast for the first quarter by a full percentage point. Ashworth now expects growth in the January-march quarter increase to an annual rate of 3 percent.

Growth at that pace would be a vast improvement from the 0.4 percent rate in the October-December quarter, which was held back by slower company stockpiling and the sharpest defense cuts in 40 years.

Ashworth called the boost in spending "impressive," noting that consumers spent more while having to adjust to the higher Social Security taxes and a spike in gasoline prices.

"We're now likely to see the fastest quarterly gain in real consumption in two years," he said.

Jennifer Lee, senior economist at BMO Capital Markets, said the increases suggest consumer spending could be growing in the first quarter at an annual rate of more than 3 percent. That would be the fastest gain in more than three years and more than double the 1.3 percent rate in the fourth quarter.

Inflation, as measured by a gauge tied to consumer spending, increased 1.3 percent in February compared with a year ago. That's well below the Federal Reserve's 2 percent target, giving the central bank room to keep stimulating the economy without having to worry about price pressures.

Consumers spent more at the start of the year even after paying higher taxes. An increase in Social Security taxes has reduced take-home pay for nearly all Americans receiving a paycheck. And income taxes have risen on the highest earners. The tax increases both took effect on Jan. 1.

One reason the tax increases haven't slowed the economy is companies have accelerated hiring and are slowly but steadily increasing wages.

Employers have added an average of 200,000 jobs a month since November. That helped lowered the unemployment rate in February to a four-year low of 7.7 percent. Economists expect similar strong job gains in March.

Businesses are also investing more in equipment and machinery, which has given factories a lift after a disappointing 2012.

And the housing recovery that began last year appears to be sustainable. In February, sales of previously occupied homes rose to the highest level in more than three years. The gains have helped lift home prices, which have made Americans feel wealthier.

Stock prices have also surged. On Thursday, the Standard & Poor's 500 index closed at a record high of 1,569. That surpassed the previous record of 1,565 set in October 2007, a year before the peak of the financial crisis.

Three weeks ago, the Dow Jones industrial average beat its 2007 record.

Markets are closed Friday for the Good Friday holiday.


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Virtual reality, goggles and all, attempts return

SAN FRANCISCO — It's back.

The virtual reality headset, the gizmo that was supposed to seamlessly transport wearers to three-dimensional virtual worlds, has made a remarkable return at this year's Game Developers Conference, an annual gathering of video game makers in San Francisco.

After drumming up hype over the past year and banking $2.4 million from crowdfunding, the Irvine, Calif.-based company Oculus VR captured the conference's attention this week with the Oculus Rift, its VR headset that's more like a pair of ski goggles than those bulky gaming helmets of the 1990s that usually left users with headaches.

"Developers who start working on VR games now are going to be able to do cool things," said Oculus VR founder Palmer Luckey. "This is the first time when the technology, software, community and rendering power is all really there."

While VR technology has successfully been employed in recent years for military and medical training purposes, it's been too expensive, clunky or just plain bad for most at-home gamers. Oculus VR's headset is armed with stereoscopic 3-D, low-latency head tracking and a 110-degree field of view, and the company expects it to cost just a few hundred bucks.

A line at the conference snaked around the expo floor with attendees waiting for a chance to plop the glasses on their head and play a few minutes of "Hawken," an upcoming first-person shooter that puts players inside levitating war machines.

Attendance was also at capacity for a Thursday talk called "Virtual Reality: The Holy Grail of Gaming" led by Luckey. When he asked the crowd who'd ordered development prototypes of the technology, dozens of hands shot into the air.

"There's been a lot of promise over several decades with the VR helmet idea, but I think a lot of us feel like Oculus and other devices like it are starting to get it right," said Simon Carless, executive vice president at UBM Tech Game Network, which organizes the Game Developers Conference. "We may have a competitive and interesting-to-use device, which you could strap to your head and have really immersive gaming as a result."

Sony and Microsoft are reportedly working on similar peripherals, as are other companies. Luckey contends that the innovations Nintendo made with its Wii U, Sony is planning with its upcoming PlayStation 4 and Microsoft is likely tinkering with for its successor to the Xbox 360 don't seem like enough.

"We're seeing better graphics and social networks, but those aren't things that are going to fundamentally change the kind of experiences that gamers can have," said Luckey.

A growing list of high-profile game makers have sung the device's praises, including Atari founder Nolan Bushnell, "Minecraft" mastermind Markus Peterson, id Software's John Carmack, "Gears of War" chief Cliff Bleszinski and Valve boss Gabe Newell.

Valve is planning to release a VR version of its first-person shooter "Team Fortress 2" for the Rift, but Luckey is hoping that designers in attendance at this week's conference begin creating games especially for the doodad.

"The doors are already open," noted Luckey. "People are already telling us things they want to do with the Rift that they can't do with traditional games."

Luckey said prototype versions of the technology are being distributed to developers now, and he anticipates releasing a version for consumers by next year.

___

Online:

http://www.oculusvr.com

___

Follow AP Entertainment Writer Derrik J. Lang on Twitter at http://www.twitter.com/derrikjlang.


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Japanese utility takes blame for nuclear crisis

TOKYO — The utility that operates Japan's crippled atomic plant said Friday that it deserved most of the blame for the country's nuclear crisis, in the company's strongest remarks about its own shortcomings.

Tokyo Electric Power Co. acknowledged in a report that it was not prepared to deal with the massive earthquake and tsunami that ravaged northeastern Japan in March 2011. The twin disasters cut power at TEPCO's Fukushima Dai-ichi plant, causing meltdowns at three reactors. Massive radiation leaks at that time contaminated air, water and soil around the plant, forcing about 160,000 residents to evacuate.

"Our safety culture, skills and ability were all insufficient," TEPCO President Naomi Hirose told a news conference. "We must humbly accept our failure to prevent the accident, which we should have avoided by using our wisdom and human resources to be better prepared."

The report said that TEPCO's equipment and safety measures were not sufficient and that the meltdowns should have been avoided. It also said TEPCO didn't try to inform the public of risks and troubles at the plant.

The acknowledgement is a major reversal from TEPCO's initial investigation report.

In the June 2012 report, TEPCO maintained that the tsunami was mostly to blame for the world's worst nuclear disaster since Chernobyl in 1986. It defended its crisis management and criticized excessive interference from the Prime Minister's Office.

After the company's reluctance to come to terms with its responsibility triggered public outcry, it launched an internal reform task force, led by Hirose, to reinvestigate the crisis. The task force was overseen by a five-member panel of outside experts, including former U.S. Nuclear Regulatory Commission chief Dale Klein.

In October, TEPCO acknowledged that it underestimated the tsunami risk and could have mitigated the impact of the accident if it had diversified power and cooling systems by paying closer attention to international standards and recommendations, and trained employees with practical crisis management skills. Friday's report urged TEPCO to introduce effective training programs and oversight by outside experts.

Critics have raised doubts as to whether TEPCO is seriously trying to change, and an extended blackout at the plant last week was a reminder that the crisis is not over.

The blackout occurred after a rat short-circuited an outdoor switchboard, but TEPCO waited three hours to make an announcement. The outage left four fuel pools without cooling functions for as long as 30 hours.

TEPCO officials denied Friday that the incident posed safety threats outside of the plant, but acknowledged they lacked sensitivity about how Fukushima residents felt about the loss of power and cooling.

"We learned that it only takes one rat, not even an earthquake or tsunami, to paralyze the plant," said Yukihiro Higashi, an Iwaki Meisei University engineering professor who is on a government nuclear regulatory panel overseeing Fukushima Dai-ichi safety.

"People in Fukushima are under constant fear of another serious incident that requires evacuation," Higashi said.

The full cleanup of the plant, which is still running on makeshift equipment, is expected to take decades.

Officials said Friday that rats and snakes are frequently spotted at the plant, even inside its emergency command center. Rats are particularly a concern because they can chew on power cables and water hoses, said TEPCO official Kazuhiko Yamashita, adding that officials are considering further anti-rodent measures.

The reform plans aim to use the lessons learned at TEPCO's Kashiwazaki-Kariwa plant in northern Japan. The cash-strapped utility wants to restart, and officials say they have upgraded safety measures, although they have not specified any timeline.

Government, parliamentary and private groups have separately published the results of their investigations into the crisis, largely blaming the disaster on botched crisis management, government-industry collusion and the tsunami.


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The Ticker

Written By Unknown on Kamis, 28 Maret 2013 | 22.27

Airline merger approved

AMR Corp., the bankrupt parent of American Airlines, has received court approval to merge with US Airways Group Inc. and create the world's largest airline.

But one clause in the merger agreement, a nearly $20 million severance package for AMR's outgoing CEO Tom Horton, was not approved by a judge at a hearing in U.S. Bankruptcy Court in Manhattan.

SF tower aims high

Boston Properties and Hines have broken ground on the Transbay Tower in San Francisco, which will be the nation's seventh largest tower at 1,070 feet tall. The building will consist of 60 levels of office space in a 1.4 million square foot complex.

Construction is expected to begin this summer and be completed in 2016.

Lexington co. secures investment

SynapDx Corp. has secured a significant yet undisclosed investment from The Kraft Group that will support the ongoing clinical development of the company's blood-based autism spectrum disorder diagnostic test. The test is designed to help clinicians identify children with autism earlier than they do today.

T-Mobile takes bite of Apple

T-Mobile will become the first major wireless company to sell Apple's popular iPhone 5 without a contract requirement on April 12. Preorders will be accepted starting April 5. T-Mobile will sell the device for $99, plus the monthly cost of using the phone.

TODAY

 The Commerce Department releases fourth-quarter gross domestic product.

TOMORROW

 U.S. stock markets closed for Good Friday.

 The Commerce Department releases personal income and spending for February.

L Former U.S. Sen. Scott Brown, left, is joining Boston-based CoachUp as a senior advisor on its advisory board. Boston Bruins President Cam Neely is joining the startup's board of directors.

L Atlantic Power has named Edward Hall as executive vice president and chief operating officer. Hall previously served as executive vice president and COO Global Generation at power company AES Corp.


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Groundbreaking set at former Herald site

The Boston Herald's former longtime South End headquarters will be feted next month before crews start demolition for its next life as the "Ink Block," a 471-unit apartment complex anchored by a Whole Foods supermarket.

Newton-based National Development's plans for the April 11 groundbreaking ceremony will include a strong Herald presence.

Mayor Thomas M. Menino will remove a symbolic brick from the building for preservation, and Herald columnist Joe Fitzgerald will share memories of the paper's home base of 54 years before it moved to a more modern newsroom and offices in the Seaport District last year.

Herald publisher and owner Patrick J. Purcell sold the former 6.6-acre Herald site to National Development in 2007 for undisclosed terms. He retained a minority stake in the $200 million redevelopment, which also will include stores and restaurants and link the South End with Chinatown and the rest of the city.

"We're going to start taking the building down," said Ted Tye, managing partner of National Development. "We've been in predemolition now for several months, taking things out of the building."

In 2011, the Herald signed a 10-year lease for its new headquarters on Fargo Street, where it occupies two floors in the rapidly growing South Boston waterfront area.

Purcell said he's excited about the new quarters and how the newspaper has been evolving with both its print and online editions, and through video.

"And I'm really excited about what the development of the former Herald building will mean for the South End community," 
he said.


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'Journey' sweeps Game Developers Choice Awards

SAN FRANCISCO — "Journey" arrived on top at the Game Developers Choice Awards.

The artsy video game developed by thatgamecompany swept the 13th annual ceremony Wednesday with six wins, including game of the year and the innovation award. "Journey" was also honored for best audio, game design, visual arts and as best downloadable game.

"I really think the success of 'Journey' is because we're standing on the shoulder of the giants," said "Journey" designer and thatgamecompany co-founder Jenova Chen.

The wordless but emotional downloadable PlayStation 3 game casts players as a mysterious scarfed figure that must trek across a desert, through temples and toward a towering mountain. Other players appear online in the game, but they aren't able to communicate with words or sound.

"If you've played the game, you can imagine how difficult it was for the team to go through it," said Chen. "Particularly at the mountain, right before the end. It was very, very stressful. I actually had to go see a psychiatrist."

Selected by a jury of game creators, the Game Developers Choice Awards honor the best games of the past year.

Other winners at the Moscone Convention Center ceremony included Ubisoft's island shoot-'em-up "Far Cry 3" for best technology, Telltale Games' interactive zombie drama "The Walking Dead" for best narrative, Fireproof Studios' puzzler "The Room" for best handheld/mobile game. Arkane Studios' stealthy revenge tale "Dishonored" won the inaugural audience award, which was chosen by online votes.

Ray Muzyka and Greg Zeschuk, masterminds of such seminal role-playing games as "Baldur's Gate," ''Knights of the Old Republic" and "Mass Effect," were honored with the lifetime achievement award.

"Spacewar!" developer Steve "Slug" Russell received the pioneer award for his contribution to video games. Russell's "Spacewar!" was created in 1962 and is considered to be among the first digital computer games.

Chris Melissinos, creator of the Smithsonian American Art Museum's "The Art of Video Games" exhibit, was presented with the ambassador award, which recognizes individuals who have helped advanced the gaming industry.

"Thank you to all the game creators who have provided me with a lifetime of inspiration," Melissinos said while accepting his trophy. "You've had a much larger impact on the world than you may believe."

___

Online:

http://www.gamechoiceawards.com

___

Follow AP Entertainment Writer Derrik J. Lang on Twitter at http://www.twitter.com/derrikjlang/ .


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Sporting News partners with digital video provider

CHARLOTTE, N.C. — Sporting News will add online highlight clips as part of a new business deal.

Parent company American City Business Journals and digital video provider Perform will work together on Sporting News Media in the United States and Canada. The venture will combine the two organizations' management, sales, content, technology, editorial and media assets.

Perform owns ePlayer, which streams highlights and news from the NFL, NBA, Major League Baseball, NHL, colleges and other sports.

American City Business Journals CEO Whitney Shaw says "we are combining the heritage and editorial excellence of one of the U.S.'s oldest sports media brands with a forward-looking, digitally focused organization."

The joint venture will be owned 65 percent by Perform and 35 percent by ACBJ.


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US economy expands at 0.4 percent rate

WASHINGTON — The U.S. economy grew at a slightly faster but still anemic rate at the end of last year. However, there is hope that growth accelerated in early 2013 despite higher taxes and cuts in government spending.

The economy grew at an annual rate of 0.4 percent in the October-December quarter, the Commerce Department said Thursday. That was slightly better than the previous estimate of 0.1 percent growth. The revision reflected stronger business investment and export sales.

Analysts think the economy is growing at a rate of around 2.5 percent in the current January-March quarter, which ends this week.

Steady hiring has kept consumers spending this year. And a rebound in company stockpiling, further gains in housing and more business spending also likely drove faster growth in the first quarter.

The 0.4 percent growth rate for the gross domestic product, the economy's total output of goods and services, was the weakest quarterly performance in almost two years and followed a much faster 3.1 percent increase in the third quarter. The fourth quarter was hurt by the sharpest fall in defense spending in 40 years.

For all of 2012, the economy grew 2.2 percent after a 1.8 percent increase in 2011 and a 2.4 percent advance in 2010. Since the recession ended in mid-2009, the economy has been expanding at sub-par rates as a string of problems from higher gas prices to Europe's debt crisis have acted as a drag on the U.S. economy.

Growth appears to be strengthening this year even after taxes increased on Jan. 1 and automatic government spending cuts totaling $85 billion started to take effect on March 1. The Congressional Budget Office has estimated that the combination of tax increases and spending cuts could trim economic growth this year by about 1.5 percentage points. The CBO is predicting just 1.5 percent growth for 2013.

But so far, the economy is showing signs of holding its own against the fiscal drag.

Employers have added an average of 200,000 jobs a month since November. That helped lower the unemployment rate in February to 7.7 percent, a four-year low.

Economists expect similar job gains in March, in part because a measure of unemployment benefit applications fell this month to a five-year low.

Sales of previously occupied homes rose in February to the highest level in nearly three years, while builders broke ground on more houses and apartments. Annual home prices jumped in January by the most since June 2006, according to a closely watched measure.

Stock prices have surged. On Wednesday, the Standard & Poor's 500 index was within two points of its all-time high.

All of that is making consumers feel wealthier, which could lead to more spending. Consumer spending drives 70 percent of economic activity.

The Federal Reserve still thinks the economy needs aggressive measures to bolster growth. Last week it stood by its plan to keep a key short-term interest rate near zero until unemployment drops below 6.5 percent. The Fed also left unchanged its plan to keep buying $85 billion in bonds until it sees a substantial improvement in the job market.

The slowdown in business inventories trimmed 1.5 percentage point from growth in the fourth quarter and the reductions in defense spending cut another 1.3 percentage point from growth.

Consumer spending was growing at a 1.8 percent rate in the fourth quarter, slightly better than the 1.6 percent increase in the third quarter but down from last month's estimate that consumer spending was growing by 2.1 percent.

That revision was offset by upward revisions in business investment spending on structures and equipment and by stronger sales of U.S. exports.

The government first estimated two months ago that the economy had contracted at an annual rate of 0.1 percent in the fourth quarter, a decline that was erased by the revisions.

The government will release its first look at first quarter growth on April 26.


22.27 | 0 komentar | Read More

Swiss papers say US eyes tax info in Liechtenstein

Written By Unknown on Rabu, 27 Maret 2013 | 22.27

Geneva — Swiss media report that U.S. prosecutors are poised to step up their probes of wealthy U.S. tax evaders using the tiny principality of Liechtenstein.

Zurich daily newspapers Neue Zuercher Zeitung and Tages-Anzeiger say the U.S. Justice Department has requested statistical data on U.S. clients of Swiss banks with interests in companies or foundations in Liechtenstein.

The reports Wednesday each describe the prosecutors' request for information by the end of this week as a potential new front in the long-running U.S. probe into more than a dozen Swiss banks, including UBS and Credit Suisse and private banks such as Wegelin & Co., which is closing after admitting to helping American tax cheats.

The papers describe the letter as an informal request that could lead to a formal tax probe.


22.27 | 0 komentar | Read More

Heinz sets date for vote on company sale

PITTSBURGH — Shareholders of H.J. Heinz Co. will vote on April 30 whether to sell the ketchup maker to Warren Buffett's Berkshire Hathaway and 3G Capital for $23.3 billion.

Heinz also said Wednesday that antitrust regulators approved the deal early, clearing one of the conditions to completing the transaction.

Heinz shareholders will receive $72.50 in cash for each share they own if the deal is approved.

Based on Pittsburgh-based Heinz's number of shares outstanding, the deal is worth $23.3 billion. Including debt, the deal is worth about $28 billion.

Berkshire Hathaway Inc., based in Omaha, Neb., is putting up $12.12 billion in return for half of the equity in Heinz, as well as $8 billion of preferred shares that pay 9 percent. Brazil's 3G Capital will run Heinz.


22.27 | 0 komentar | Read More

Gov't eases mortgage rules for troubled borrowers

WASHINGTON — A federal agency says it is easing rules for troubled borrowers to lower their monthly mortgage payments on loans backed by Fannie Mae or Freddie Mac.

The Federal Housing Finance Agency, which oversees the two government-controlled lenders, says borrowers who are at least 90 days delinquent on their mortgages won't have to submit financial documents to qualify for a permanent loan modification if they make three on-time payments.

Borrowers may receive more favorable terms on their mortgages if they choose to provide the documents.

The agency says the program should help borrowers lower their payments and avoid foreclosure. It takes effect July 1.

Fannie and Freddie together own or guarantee about half of all U.S. mortgages, or about 31 million home loans.


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Signed contracts to buy US homes dips slightly

WASHINGTON — Fewer Americans signed contracts to buy homes in February, but the level stayed close to a nearly three-year high. The report suggests sales of previously occupied homes will keep rising in the coming months.

The National Association of Realtors said Wednesday that its seasonally adjusted index for pending home sales dipped to 104.8 in February. That's down from January's reading of 105.2 — the highest since April 2010, when a homebuyer's tax credit was boosting sales.

Signed contracts are 8.4 percent higher than a year ago.

There is generally a one- to two-month lag between a signed contract and a completed sale.

In February, completed sales of previously occupied homes rose to a seasonally adjusted pace of 4.98 million, the fastest in more than three years. The gains in both signed contracts and completed sales point to a housing recovery that is strengthening, although re-sales remain below the 5.5 million that are consistent with healthy markets.

Steady hiring and near record-low mortgage rates have encouraged more Americans to buy homes more than six years after the housing market started to collapse. More people are also moving out on their own after living with friends and relatives in the recession. That's driving a big gain in apartment construction and also pushing up rents.

Pending home sales rose 0.4 percent in the Midwest and 0.1 percent in the West last month. They fell 2.5 percent in the Northeast and 0.3 percent in the South.

One concern is that a shortage of available homes is limiting sales in many markets. More people are also starting to put their homes on the market, which could help sales in the coming months.

The Realtors' group last week said that the number of available homes for sale rose 10 percent last month, the first monthly gain since April. Even with the gain, the inventory of homes for sale was still 19 percent below a year ago.

A limited supply has helped drive prices higher.

U.S. home prices rose 8.1 percent for the 12 months that ended in January, according to the Standard & Poor's/Case-Shiller 20-city index. That's the fastest annual pace since June 2006. Prices rose in all 20 cities surveyed and eight markets posted double digit gains.

Stable price gains should encourage more people to buy and put their homes on the market, keeping the housing recovery going. And higher home prices make people feel wealthier, which leads consumers to spend more and drives more economic growth.


22.27 | 0 komentar | Read More

Cyprus: cash, security control for banks reopening

NICOSIA, Cyprus — Cyprus has imposed limits on money transfers and hired extra security guards as it prepares for the planned reopening Thursday of its banks, which have been closed for almost two weeks to avoid a run during the country's financial drama.

A banking official said Wednesday that new controls will include restrictions on large-scale transfers from the country's two largest and most troubled lenders, Bank of Cyprus and Laiki, when they reopen Thursday. Both are being restructured and big depositors face losses of as much as 40 percent.

Authorities are looking to increase the daily withdrawal limit from 100 euros to 300 euros (from $130 to $386), while payroll payments will be allowed in order to help businesses, which have taken a huge hit as people cut down on their spending amid the uncertainty swirling about the banks.

The restrictions will be kept for at least a week until the situation stabilizes, said the official, who spoke only on condition of anonymity because the measures have yet to be officially announced.

Meanwhile, private security firm G4S will dispatch 180 of its staff to all bank branches across the island to keep a lid on any possible trouble, said John Argyrou, managing director of the firm's Cypriot arm.

"Our presence there will be for the comfort of both bank staff and clients, but police will also be present," he said.

Argyrou said he doesn't foresee any serious trouble unfolding once banks open their doors because people had time to "digest" what has transpired.

"There may be some isolated incidents, but it's in our culture to be civil and patient, so I don't expect anything serious."

Another 120 staff from G4S would be assigned money transportation duties.

Banks were closed on March 16 as politicians scrambled to come up with a plan to raise 5.8 billion euros ($7.5 billion) that would qualify the country for 10 billion euros ($12.9 billion) in bailout loans from fellow eurozone partners and the International Monetary Fund.

Under the deal clinched in Brussels early Monday, Cyprus agreed to slash its oversized banking sector and inflict hefty losses on large Laiki and Bank of Cyprus depositors.

Laiki is to be restructured, with its healthy assets going into a "good bank" and its nonperforming loans and toxic assets going into a "bad bank," officials have said. The healthy side will be absorbed into the Bank of Cyprus.

The board of directors of both banks has been fired and administrators appointed to handle the restructuring and absorption, the banking official said.

Bank of Cyprus CEO Yiannis Kypris issued a statement saying the Central Bank governor had asked him verbally Wednesday to resign.

"These are very difficult times for everyone. The Bank of Cyprus was and must remain the basic support of the economy and our society in the effort to deal with the crisis our country is going through," Kypris said. "I hope that the handling of this transition phase will respect the workers, shareholders and customers of the Bank of Cyprus."

Cypriot officials said the deal would mean the country would shift its focus away from being an international center of financial services. That is expected to cost jobs, adding to the unemployment rate which now stands at around 14 percent.

Business leaders and cabinet ministers were meeting with President Nicos Anastasiades on Wednesday to find ways to get the economy going again.

To give consumers a break, electricity prices will drop 5.75 percent next month. Over the next couple of weeks, authorities will look into how they can reduce them by another 3 percent, said Commerce Minister Giorgos Lakkotrypis.

Interior Minister Socrates Hasikos said his ministry is looking to cut red tape in order to attract foreign investment. He said Chinese investors have shown increasing interest in property sales, adding that a single real estate office has sold some 400 residences to Chinese buyers.

"There has always been interest from foreign investors," said Hasikos. "The question is how we as the government, as Cyprus, can convince all these investors ...that the environment is secure, that whatever happened has now passed and that they can continue securely investing in Cyprus."


22.27 | 0 komentar | Read More

Chinese banks post slower profit growth

Written By Unknown on Selasa, 26 Maret 2013 | 22.27

HONG KONG — Two of China's biggest state-owned banks reported their slowest profit growth in years amid an economic downturn and interest rate reforms.

Bank of China said Tuesday that profit grew 12 percent to 139.4 billion yuan ($22.4 billion). Agricultural Bank of China's earnings rose 19 percent to 145 billion yuan.

They were the slowest growth rates for either bank since they went public. Bank of China listed in 2006 while Agricultural Bank of China's IPO was in 2010.

Profit growth slowed as the world's second-largest economy underwent a painful slowdown in 2012.

Growth has also been hurt by the government's easing of interest rate controls. Chinese banks have in the past benefited from a margin between lending and deposit rates of more than 3 percentage points, among the world's largest.

China's central bank in June cut the minimum rate banks are allowed to charge commercial borrowers to 0.8 times the government's benchmark rate from the previous level of 0.9 percent. It also said banks would be allowed for the first time to pay depositors up to 1.1 times the state-set rate.

Bank of China said volatile global financial markets and low interest rate polices at central banks in other countries hurt returns in its foreign currency business.

Bank of China said net interest income rose 13 percent to 257 billion yuan. Agricultural Bank of China said it rose about 10 percent to 342 billion yuan.


22.27 | 0 komentar | Read More

ECB: Cyprus unique situation, no new template

BRUSSELS — A top European Central Bank official on Tuesday exposed rare signs of public discord among those in charge of the euro currency when he rejected the idea that Cyprus' rescue plan should become a model for other countries.

Benoit Coeure, who sits on the ECB's six-member executive board, on Tuesday bluntly dismissed an idea voiced the day before by Jeroen Dijsselbloem, the head of the Eurogroup of euro finance ministers, that forcing losses on banks' shareholders, bondholders and even large depositors could become the template for future rescues.

Coeure told France's Europe 1 radio that Dijsselbloem was "wrong" to say that because the solution agreed on for Cyprus cannot be a model for the eurozone. He said Cyprus's situation is unique because of the island nation's outsized financial sector, including large deposits from foreigners.

The 17-country eurozone and the International Monetary Fund early Monday granted Cyprus a 10 billion euro ($13 billion) bailout that foresees dissolving the country's second-largest bank, wiping out its bondholders and inflicting significant losses — possibly up to 40 percent — on all deposits larger than 100,000 euros ($130,000).

In an interview later Monday, Dijsselbloem (die-SELL-bloom) insisted investors must be held responsible "before looking at public money or any other instrument coming from the public side." But his comments that the approach taken in Cyprus — including forcing losses on large deposits — was a model solution spooked markets and sent the euro to its lowest value against the dollar since November.

"The experience in Cyprus is not a model for the eurozone since the situation had reached a dimension that can't be compared with any other country," Coeure said. "I think Mr. Dijsselbloem was wrong to say what he said."

Deposits in Europe are guaranteed by a state-backed deposit insurance scheme only up to 100,000 euros. The bailout program for Cyprus marks the first time in Europe's three-year-old debt crisis that large deposit holders — wealthy savers, business people or institutions — will be forced to take losses.

EU officials previously stressed that this measure, a so-called bail-in, was a "unique step" in Cyprus, but Dijsselbloem's remarks raised the specter for that solution to be applied elsewhere in Europe too.

Investors were concerned that if holders of large deposits in weaker southern European countries were to start fearing for their money, they could move it away from their domestic banks. While there is an ECB stopgap to help cover a run on a bank, a steady outflow of funds would further expose a lender's capital reserves, possibly pushing them to seek support from their governments. But nations such as Portugal, Spain, Italy or Greece already have huge public debt loads, which would make it difficult for them to recapitalize their banks.

"Cyprus was bankrupt. That's a situation you don't have anywhere else in the eurozone," Coeure insisted. "The situation was so special that it required a special solution. There is no reason to use the same methods elsewhere," he said.

The European Commission, the bloc's executive arm, was also at pains Tuesday to dispel fears ignited by Dijsselbloem's comments.

Spokeswoman Chantal Hughes said "we want a solution where the taxpayer stops paying for the banks' errors" but added that the course taken for Cyprus reflected the country's "unique situation" and wasn't a "perfect model or a model that should be used again in the same way."

She also stressed that deposits of up to 100,000 euros are guaranteed across the 27-nation bloc, and no losses can be forced upon them, "neither now, nor in the future."

Dijsselbloem has stood by his comments, but issued a terse statement late Monday saying that "macro-economic adjustment programs are tailor-made to the situation of the country concerned and no models or templates are used."

___

Follow Juergen Baetz at http://www.twitter.com/jbaetz


22.27 | 0 komentar | Read More

Apple buys WiFi-location startup

NEW YORK — Apple has bought WiFiSLAM, a startup that has been developing a way to use WiFi hotspots to help smartphones navigate large indoor spaces, like stores, airports and conference centers.

The purchase is part of Apple's efforts to bolster its own mapping and location capabilities, after breaking up with Google Inc. last year.

The purchase was reported over the weekend by The Wall Street Journal, which said Apple Inc. paid $20 million for the Silicon Valley company. Apple confirmed the purchase Monday but did not say how much it paid or why it wanted WiFiSLAM.

WiFiSLAM has shut down its website and closed its YouTube account.

Traditional methods of locating cellphones include GPS and sensing of nearby cell towers. Neither of these approaches work well indoors.

Retail chains are interested in helping shoppers find things in their stores, and apps that could help them navigate the aisles could be valuable. ABI Research estimates that the market for "indoor retail location" aids will be worth $5 billion in 2018.


22.27 | 0 komentar | Read More

Chinese banks post slower profit growth

HONG KONG — Two of China's biggest state-owned banks reported their slowest profit growth in years amid an economic downturn and interest rate reforms.

Bank of China said Tuesday that profit grew 12 percent to 139.4 billion yuan ($22.4 billion). Agricultural Bank of China's earnings rose 19 percent to 145 billion yuan.

They were the slowest growth rates for either bank since they went public. Bank of China listed in 2006 while Agricultural Bank of China's IPO was in 2010.

Profit growth slowed as the world's second-largest economy underwent a painful slowdown in 2012.

Growth has also been hurt by the government's easing of interest rate controls. Chinese banks have in the past benefited from a margin between lending and deposit rates of more than 3 percentage points, among the world's largest.

China's central bank in June cut the minimum rate banks are allowed to charge commercial borrowers to 0.8 times the government's benchmark rate from the previous level of 0.9 percent. It also said banks would be allowed for the first time to pay depositors up to 1.1 times the state-set rate.

Bank of China said volatile global financial markets and low interest rate polices at central banks in other countries hurt returns in its foreign currency business.

Bank of China said net interest income rose 13 percent to 257 billion yuan. Agricultural Bank of China said it rose about 10 percent to 342 billion yuan.


22.27 | 0 komentar | Read More

Apple buys WiFi-location startup

NEW YORK — Apple has bought WiFiSLAM, a startup that has been developing a way to use WiFi hotspots to help smartphones navigate large indoor spaces, like stores, airports and conference centers.

The purchase is part of Apple's efforts to bolster its own mapping and location capabilities, after breaking up with Google Inc. last year.

The purchase was reported over the weekend by The Wall Street Journal, which said Apple Inc. paid $20 million for the Silicon Valley company. Apple confirmed the purchase Monday but did not say how much it paid or why it wanted WiFiSLAM.

WiFiSLAM has shut down its website and closed its YouTube account.

Traditional methods of locating cellphones include GPS and sensing of nearby cell towers. Neither of these approaches work well indoors.

Retail chains are interested in helping shoppers find things in their stores, and apps that could help them navigate the aisles could be valuable. ABI Research estimates that the market for "indoor retail location" aids will be worth $5 billion in 2018.


22.27 | 0 komentar | Read More

ECB: Cyprus unique situation, no new template

BRUSSELS — A top European Central Bank official on Tuesday exposed rare signs of public discord among those in charge of the euro currency when he rejected the idea that Cyprus' rescue plan should become a model for other countries.

Benoit Coeure, who sits on the ECB's six-member executive board, on Tuesday bluntly dismissed an idea voiced the day before by Jeroen Dijsselbloem, the head of the Eurogroup of euro finance ministers, that forcing losses on banks' shareholders, bondholders and even large depositors could become the template for future rescues.

Coeure told France's Europe 1 radio that Dijsselbloem was "wrong" to say that because the solution agreed on for Cyprus cannot be a model for the eurozone. He said Cyprus's situation is unique because of the island nation's outsized financial sector, including large deposits from foreigners.

The 17-country eurozone and the International Monetary Fund early Monday granted Cyprus a 10 billion euro ($13 billion) bailout that foresees dissolving the country's second-largest bank, wiping out its bondholders and inflicting significant losses — possibly up to 40 percent — on all deposits larger than 100,000 euros ($130,000).

In an interview later Monday, Dijsselbloem (die-SELL-bloom) insisted investors must be held responsible "before looking at public money or any other instrument coming from the public side." But his comments that the approach taken in Cyprus — including forcing losses on large deposits — was a model solution spooked markets and sent the euro to its lowest value against the dollar since November.

"The experience in Cyprus is not a model for the eurozone since the situation had reached a dimension that can't be compared with any other country," Coeure said. "I think Mr. Dijsselbloem was wrong to say what he said."

Deposits in Europe are guaranteed by a state-backed deposit insurance scheme only up to 100,000 euros. The bailout program for Cyprus marks the first time in Europe's three-year-old debt crisis that large deposit holders — wealthy savers, business people or institutions — will be forced to take losses.

EU officials previously stressed that this measure, a so-called bail-in, was a "unique step" in Cyprus, but Dijsselbloem's remarks raised the specter for that solution to be applied elsewhere in Europe too.

Investors were concerned that if holders of large deposits in weaker southern European countries were to start fearing for their money, they could move it away from their domestic banks. While there is an ECB stopgap to help cover a run on a bank, a steady outflow of funds would further expose a lender's capital reserves, possibly pushing them to seek support from their governments. But nations such as Portugal, Spain, Italy or Greece already have huge public debt loads, which would make it difficult for them to recapitalize their banks.

"Cyprus was bankrupt. That's a situation you don't have anywhere else in the eurozone," Coeure insisted. "The situation was so special that it required a special solution. There is no reason to use the same methods elsewhere," he said.

The European Commission, the bloc's executive arm, was also at pains Tuesday to dispel fears ignited by Dijsselbloem's comments.

Spokeswoman Chantal Hughes said "we want a solution where the taxpayer stops paying for the banks' errors" but added that the course taken for Cyprus reflected the country's "unique situation" and wasn't a "perfect model or a model that should be used again in the same way."

She also stressed that deposits of up to 100,000 euros are guaranteed across the 27-nation bloc, and no losses can be forced upon them, "neither now, nor in the future."

Dijsselbloem has stood by his comments, but issued a terse statement late Monday saying that "macro-economic adjustment programs are tailor-made to the situation of the country concerned and no models or templates are used."

___

Follow Juergen Baetz at http://www.twitter.com/jbaetz


22.27 | 0 komentar | Read More

Slovakia signs deal to have US Steel stay

BRATISLAVA, Slovakia — The Slovak government and U.S. Steel signed a deal Tuesday that will ensure the American company remains the owner of a steel mill employing thousands for at least five more years.

The negotiations between U.S. Steel and the Slovak government have been going on for months. U.S. Steel has reportedly had purchase offers for the mill in the eastern city of Kosice.

"Today, we created conditions to motivate U.S. Steel to stay in Slovakia and continue to produce steel," Slovak Prime Minister Robert Fico said, a day after meeting with U.S. Steel's CEO, John Surma, in Pittsburgh.

U.S. Steel bought the operations in 2000, but Europe's financial troubles have hurt demand for steel and profits at the plant.

The plant, U.S. Steel's last overseas operation, employs about 12,500 people and is a key source of business in eastern Slovakia as well as a major supplier for the country's growing car industry.

The government said the deal covers issues such as energy costs and environment protection but offers no tax breaks. After five years, the two parties will reassess the deal, it said.

The agreement was crucial for the government at a time when the unemployment rate is almost 15 percent in Slovakia.

"The Slovak government is fighting and will be fighting for every single job," Fico said.

U.S. Steel has an annual raw steelmaking capacity of about 29 million tons, with 5 million of that coming from the Kosice plant. Actual production in Kosice was 4.2 million tons in 2011 and 4.4 million tons in 2012.

Early last year, the Serbian government bought a money-losing U.S. Steel plant for the symbolic sum of $1, hoping to keep 5,400 workers employed.


22.27 | 0 komentar | Read More

Markets steady after being roiled by EU confusion

LONDON — Markets were generally steady Tuesday as European officials attempted to douse concerns that the main thrust of Cyprus' bailout — a raid on deposits — could be used again in the future.

On Monday, markets were roiled by a suggestion from Jeroen Dijsselbloem, who chairs the meetings of the finance ministers of the 17 European Union countries that use the euro, that the Cyprus bailout was a template for future rescue plans.

Though he later attempted to retract his comments and described Cyprus as a "specific case with exceptional challenges," Dijsselbloem left the impression that those with bank deposits above the uninsured level of 100,000 euros ($129,000) may be tapped in any new bailouts.

Other European officials, such as Greek finance minister Yannis Stournaras and European Central Bank policymaker Benoit Coeure, sought Tuesday to ease fears that the Cyprus bailout strategy will be repeated, but investors remained wary and markets were only back where they were when Dijssselbloem's first comments were aired.

"The damage has been done and it's going to be very difficult for Dijsselbloem or any other officials to fix this in the short term," said Craig Erlam, market analyst at Alpari.

In Europe, the FTSE 100 index of leading British shares was up 0.3 percent at 6,395 while Germany's DAX rose 0.3 percent to 7,892. The CAC-40 in France was 0.7 percent higher at 3,756.

The euro was up 0.1 percent at $1.2867. In the immediate aftermath of the Cypriot bailout on Monday morning, Europe's single currency had managed to race above $1.30.

The focus will likely remain on the fallout from the Cyprus deal, especially as the country's banks are all scheduled to stay closed until Thursday.

Before a late Monday night decision, all but the Bank of Cyprus and Laiki, were due to reopen on Tuesday, having been closed for 10 days. No reason has been given for the further delay but fears of a bank run are thought to have played a role in the decision.

"Continued uncertainty within the eurozone is likely to limit gains," said Lee Mumford, a financial sales trader at Spreadex.

On Wall Street, the Dow Jones industrial average was up 0.6 percent at 14,357 while the broader S&P 500 index rose 0.5 percent to 1,560.

Investors in the U.S. appeared to brush off a mixed batch of data. While government figures showed that factory orders surged in February, a survey of consumer sentiment from the Conference Board revealed underlying pessimism.

Earlier in Asia, Japan's Nikkei 225 index fell 0.6 percent to close at 12,471.62. Hong Kong's Hang Seng rose 0.3 percent to 22,311.08. Australia's S&P/ASX 200 dropped 0.8 percent to 4,950.20. South Korea's Kospi rose 0.3 percent to 1,983.70.

Mainland Chinese shares fell, with the Shanghai Composite Index losing 1.2 percent to 2,297.67 while the smaller Shenzhen Composite Index lost 0.7 percent to 953.36. Losses were attributed to moves by the government to cool off the real estate sector.

Oil prices edged higher alongside most global equities, with the benchmark New York rate up 82 cents at $95.63 a barrel.


22.26 | 0 komentar | Read More

Slovakia signs deal to have US Steel stay

BRATISLAVA, Slovakia — The Slovak government and U.S. Steel signed a deal Tuesday that will ensure the American company remains the owner of a steel mill employing thousands for at least five more years.

The negotiations between U.S. Steel and the Slovak government have been going on for months. U.S. Steel has reportedly had purchase offers for the mill in the eastern city of Kosice.

"Today, we created conditions to motivate U.S. Steel to stay in Slovakia and continue to produce steel," Slovak Prime Minister Robert Fico said, a day after meeting with U.S. Steel's CEO, John Surma, in Pittsburgh.

U.S. Steel bought the operations in 2000, but Europe's financial troubles have hurt demand for steel and profits at the plant.

The plant, U.S. Steel's last overseas operation, employs about 12,500 people and is a key source of business in eastern Slovakia as well as a major supplier for the country's growing car industry.

The government said the deal covers issues such as energy costs and environment protection but offers no tax breaks. After five years, the two parties will reassess the deal, it said.

The agreement was crucial for the government at a time when the unemployment rate is almost 15 percent in Slovakia.

"The Slovak government is fighting and will be fighting for every single job," Fico said.

U.S. Steel has an annual raw steelmaking capacity of about 29 million tons, with 5 million of that coming from the Kosice plant. Actual production in Kosice was 4.2 million tons in 2011 and 4.4 million tons in 2012.

Early last year, the Serbian government bought a money-losing U.S. Steel plant for the symbolic sum of $1, hoping to keep 5,400 workers employed.


22.26 | 0 komentar | Read More

Markets steady after being roiled by EU confusion

LONDON — Markets were generally steady Tuesday as European officials attempted to douse concerns that the main thrust of Cyprus' bailout — a raid on deposits — could be used again in the future.

On Monday, markets were roiled by a suggestion from Jeroen Dijsselbloem, who chairs the meetings of the finance ministers of the 17 European Union countries that use the euro, that the Cyprus bailout was a template for future rescue plans.

Though he later attempted to retract his comments and described Cyprus as a "specific case with exceptional challenges," Dijsselbloem left the impression that those with bank deposits above the uninsured level of 100,000 euros ($129,000) may be tapped in any new bailouts.

Other European officials, such as Greek finance minister Yannis Stournaras and European Central Bank policymaker Benoit Coeure, sought Tuesday to ease fears that the Cyprus bailout strategy will be repeated, but investors remained wary and markets were only back where they were when Dijssselbloem's first comments were aired.

"The damage has been done and it's going to be very difficult for Dijsselbloem or any other officials to fix this in the short term," said Craig Erlam, market analyst at Alpari.

In Europe, the FTSE 100 index of leading British shares was up 0.3 percent at 6,395 while Germany's DAX rose 0.3 percent to 7,892. The CAC-40 in France was 0.7 percent higher at 3,756.

The euro was up 0.1 percent at $1.2867. In the immediate aftermath of the Cypriot bailout on Monday morning, Europe's single currency had managed to race above $1.30.

The focus will likely remain on the fallout from the Cyprus deal, especially as the country's banks are all scheduled to stay closed until Thursday.

Before a late Monday night decision, all but the Bank of Cyprus and Laiki, were due to reopen on Tuesday, having been closed for 10 days. No reason has been given for the further delay but fears of a bank run are thought to have played a role in the decision.

"Continued uncertainty within the eurozone is likely to limit gains," said Lee Mumford, a financial sales trader at Spreadex.

On Wall Street, the Dow Jones industrial average was up 0.6 percent at 14,357 while the broader S&P 500 index rose 0.5 percent to 1,560.

Investors in the U.S. appeared to brush off a mixed batch of data. While government figures showed that factory orders surged in February, a survey of consumer sentiment from the Conference Board revealed underlying pessimism.

Earlier in Asia, Japan's Nikkei 225 index fell 0.6 percent to close at 12,471.62. Hong Kong's Hang Seng rose 0.3 percent to 22,311.08. Australia's S&P/ASX 200 dropped 0.8 percent to 4,950.20. South Korea's Kospi rose 0.3 percent to 1,983.70.

Mainland Chinese shares fell, with the Shanghai Composite Index losing 1.2 percent to 2,297.67 while the smaller Shenzhen Composite Index lost 0.7 percent to 953.36. Losses were attributed to moves by the government to cool off the real estate sector.

Oil prices edged higher alongside most global equities, with the benchmark New York rate up 82 cents at $95.63 a barrel.


22.26 | 0 komentar | Read More

Chicago billionaire picks Worcester site for proposed slots parlor

Written By Unknown on Senin, 25 Maret 2013 | 22.27

Mass Gaming & Entertainment LLC, which is seeking a gaming license in the Bay State, said today it has selected a site owned by Wyman-Gordon in Worcester as the location for its proposed slots parlor.

The proposed site is a 14-acre parcel on Madison Street in Worcester, extending from the Canal District to the Green Island neighborhood. The parcel is currently under option to Carpenter Worcester Associates, an affiliate of Cambridge-based hotel developer Carpenter & Co., officials said.

"We have spent more than a year looking for the right location and we believe the Worcester site is by far the best location in the state for our new gaming facility," said MGE Chairman Neil Bluhm, a Chicago-based real estate and casino magnate. "We are confident that our plan will create a significant economic development for Worcester and we look forward to working closely with the city in bringing this project to reality."

Wyman-Gordon is an industrial company that creates complex metal products for the marine, aerospace, power and construction industries and is now owned by Precision Castparts Corp. of Portland, Ore. Wyman-Gordon continues to operate other facilities in Worcester, officials said.

The plan also calls for a full-service hotel to be built in downtown Worcester, officials said, adding further details will be unveiled in the coming weeks.

Bluhm's firm is one of four vying for the Bay State's sole license for a slots parlor, which would likely be able to open before the state's resort casinos could be up and running.

There are currently seven companies vying for two commercial casino licenses — three in Boston and four in the Springfield area. Those licenses are expected to be issued in early 2014.


22.27 | 0 komentar | Read More

Orr begins tenure as Detroit's emergency manager

DETROIT — Bankruptcy attorney and turnaround specialist Kevyn Orr has arrived at Detroit City Hall for his first day on the job as emergency manager.

Orr has said he expects to sit down with Mayor Dave Bing Monday and meet with some City Council members.

He was appointed earlier this month by Gov. Rick Snyder and takes over the finances of the largest city in the country to come under state oversight.

Orr also plans to look at the city's financial data to help develop his plan of action in tackling Detroit's fiscal crisis. The city has a $327 million budget deficit and more than $14 billion in debt.

Some, including a group led by prominent Detroit pastors, have said they will protest Orr's appointment and Michigan's emergency manager law.


22.27 | 0 komentar | Read More

Cyprus reaches 'painful' solution to secure rescue

NICOSIA, Cyprus — Cyprus clinched a last-minute solution to avert imminent financial meltdown early Monday after it agreed to slash its oversized banking sector and inflict hefty losses on wealthy depositors in troubled banks to secure a 10 billion euro ($13 billion) bailout.

The deal, described by the country's politicians as "painful", was agreed with euro finance ministers in Brussels just in time. The European Central Bank had threatened to cut off crucial emergency assistance to the Cyprus's embattled banks after Monday if no agreement was reached.

Without that funding, Cyprus's banks would have collapsed, dragging the economy down with them and threatening the small Mediterranean island's membership of the 17-strong group of European Union countries that use the euro — all of which would have sent the EU's markets spinning.

"The result that was found is right," German Chancellor Angela Merkel said. "It also makes those who helped cause these undesirable developments play their part. That is how it should be."

Germany has long insisted Cypriot banks, which attracted foreign investors with high interest rates, needed to contribute to the bailout.

"I think that a fair sharing of the burden was achieved," she said. "On one hand, the banks have to take responsibility for themselves. That is what we have always said: we do not want taxpayers to have to rescue banks, we want banks to rescue themselves."

Markets in Europe reacted positively, opening sharply higher, and the euro was back near $1.30.

The mood in Nicosia was more somber, however.

"This decision is painful for the Cypriot people. This decision was a defeat of solidarity, of social cohesion, which are fundamental freedoms, fundamental principles of the European Union," Parliament President Yiannakis Omirou told AP.

"So as soon as possible we have to prepare our economy to go out from the mechanism and the troika," he said, referring to the bailout agreement and the three-member delegation from the European Commission, International Monetary Fund and ECB who oversee implementation of bailout measures.

Banks in Cyprus have been closed for more than a week in Cyprus while politicians wrangled on how to raise 5.8 billion euros ($7.5 billion) to qualify for the rescue. An alternative was needed after the country's lawmakers resoundingly defeated the initial plan which would have seized up to 10 percent of funds in people's accounts in all banks.

While cash has been available through ATMs, many machines have quickly run out. Daily withdrawal limits of 100 euros ($130) were imposed on ATMs of the country's two troubled lenders, Laiki and Bank of Cyprus, on Sunday. All banks were scheduled to reopen Tuesday — although a final decision on that was expected later Monday by the Central Bank.

Some form of capital controls will almost certainly be imposed once the banks open to prevent a potential bank run— although the details remained unclear Monday afternoon. Lawmakers passed a bill last week allowing authorities to restrict financial transactions in times of crisis.

Ordinary Cypriots were trying to be optimistic.

"We believe in our people. People will work hard so we can stand on our feet again," said Nicosia resident Nicos Andreou Theodorou.

Under the new plan, the bulk of the funds will be raised by forcing losses on wealthy savers in two of the country's banks, with the remainder coming from tax increases and privatizations.

Laiki, the country's second-largest bank, will be restructured, with all bond-holders and people with more than 100,000 euros in their accounts facing significant losses. The bank will be dissolved immediately into a bad bank containing its uninsured deposits and toxic assets, with the guaranteed deposits being transferred to the nation's biggest lender, Bank of Cyprus.

Deposits at Bank of Cyprus above 100,000 euros will be frozen until it becomes clear whether or to what extent they will also be forced to take losses. Those funds will eventually be converted into bank shares. German Finance Minister Wolfgang Schaeuble said he expected a bit more than 50 percent of savings at Bank of Cyprus will be involved in the swap.

It is not yet clear how severe the losses would be to Laiki's large bank deposit holders, but the euro finance ministers noted the restructure expected to yield 4.2 billion euros ($5.4 billion) overall. Analysts have estimated investors might lose up to 40 percent of their money.

The plan agreed Monday does not need extra approval from Cyprus's parliament because the losses are part of a restructuring of the island's banks — which would come under legislation passed last week — and not a tax.

"Today's agreement should ... prevent a further escalation of the eurozone crisis and much more dramatic damage that would have followed from a Cypriot eurozone exit," said Reinhard Cluse, Managing Director of UBS Investment Bank.

However, Cluse said there is a risk that Cyprus' debt load may become unsustainable as the country is expected to enter a deep recession due to the cuts to its banking sector.

To further secure Cyprus's economy, the size of the country's banking sector — worth up to eight times the country's gross domestic product of about 18 billion euros ($23.3 billion) — must be drastically reduced , said Jeroen Dijsselbloem, who chairs the meetings of the eurozone's finance ministers.

The international creditors said the country's business model of attracting foreign investors, including many Russians, with low taxes and lax financial regulation had backfired and needed to be reformed. The country would also have to cut its budget, implement structural reforms and privatize state assets.

Russia's prime minister on Monday slammed the deal, saying the agreement was tantamount to theft: "In my opinion, the stealing of what has been stolen continues there."

Russian citizens hold as much as 20 billion euros ($26 billion) in Cypriot banks. Russian Deputy Prime Minister Igor Shuvalov also expressed concerns over the impact of Monday's decision.

"Despite all the assurances that we're receiving from the European Commission we fear that this (decision) could affect the stability of the euro, the stability of the eurozone and would send shockwaves to deteriorate the situation on the whole," he said.

Several national parliaments in eurozone countries such as Germany must approve the deal, which might take another few weeks. EU officials said they expect the whole program to be approved by mid-April.

____

Menelaos Hadjicostis in Nicosia, Geir Moulson in Berlin, Don Melvin and Juergen Baetz in Brussels, Pan Pylas in London and Nataliya Vasilyeva in Moscow contributed to this report.


22.27 | 0 komentar | Read More

Cyprus bailout prompts muted relief in markets

LONDON — The rally in stock markets in the wake of the Cypriot bailout deal proved short-lived Monday as investors remained cautious following a crisis that laid bare the scale of problems surrounding Europe's single currency.

In the immediate aftermath of the deal between the Mediterranean island nation and international creditors, stocks rallied strongly and the euro edged back up above the $1.30 mark. But as the day wore on, the optimism was running dry.

Though Cyprus' bailout deal will prevent it becoming the first country to ditch the euro, investor worries over Europe's common currency remain, not least because the deal sanctions raiding bank deposits.

"The Cypriot bailout has a powerful legacy which may alter the security with which depositors elsewhere in the eurozone view the safety of banks," said Jane Foley, an analyst at Rabobank International. "It has also reportedly uncovered a lack of harmony."

In Europe, the FTSE 100 index of leading British shares was up 0.2 percent at 6,403 while Germany's DAX rose 0.1 percent to 7,916. The CAC-40 in France was down 0.2 percent at 3,761.

Italy's FTSE-MIB was the big underperformer, trading 1.5 percent lower, as political parties there still struggled to form a government.

On Wall Street, the Dow Jones industrial average was down 0.2 percent at 14,481 while the broader S&P 500 index was flat at 1,557.

The focus will likely remain on developments surrounding Cyprus for a while yet. In particular, investors will be interested to see if the level of bank withdrawals from the country's banks when they reopen. That's scheduled for Tuesday.

A longer-lasting concern is how the Cyprus deal plays out in other countries, notably those at the forefront of Europe's debt crisis. Will depositors look to reduce their holdings in Spain, Italy and Greece?

"It will set an unsettling precedent for future bailouts and investors will once again be concerned over the security of their bank deposits," said Mike McCudden, head of derivatives at Interactive Investor.

In return for a 10 billion euros ($13 billion) bailout from its European partners and the International Monetary Fund, Cyprus agreed to drastically shrink its outsized banking sector, cut its budget, implement economic reforms and privatize state assets — a cocktail of measures that mean the country's near-term economic prospects are bleak indeed.

The deal will allow the European Central Bank to continue providing liquidity to the remnants of Cyprus' banking system, thereby eliminating any short-term fears of bankruptcy.

Cyprus's side of the bargain is earmarked to raise 5.8 billion euros. To do so, the country's second-largest bank, Laiki, will be restructured and bond holders and savers with more than 100,000 euros deposited will have to take significant losses. Depositors in the biggest bank, the Bank of Cyprus, with over 100,000 euros will also bear a cost but those with savings up to 100,000 euros will be guaranteed in accordance with the EU's deposit insurance guarantee.

Earlier, investors in Asia had the first chance to respond to the Cypriot developments and there too the response in financial markets was of relief. Japan's Nikkei 225 index surged 1.7 percent to 12,546.46 while South Korea's Kospi jumped 1.5 percent to 1,977.67. Hong Kong's Hang Seng rose 0.6 percent to 22,251.15.

However, mainland Chinese shares fell Monday, with the Shanghai Composite Index down 0.1 percent at 2326.72, while the smaller Shenzhen Composite Index fell the same rate to 959.93.

Oil prices were solid, with the benchmark New York rate up $1.78 a barrel at $95.48 per barrel.

_____

Pamela Sampson in Bangkok contributed to this report.


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Mass. pharmacy recalling some compounded products

BOSTON — A Massachusetts pharmacy has issued a voluntary recall of some sterile compounding products.

Pallimed Solutions Inc., of Woburn, said Monday the recall was a precautionary measure and there were no reports of any illnesses. It says it issued the recall after a recent unannounced inspection by state and federal regulators.

A person familiar with the investigation told The Associated Press that officials are analyzing a foreign substance that was visible in several vials. The person spoke on condition of anonymity because the investigation is ongoing.

The company says the recalled products were prepared for fewer than 800 patients and the recall doesn't involve any other product.

The state stepped up inspections of compounding pharmacies after a deadly fungal meningitis outbreak was linked to a steroid produced at a different pharmacy.


22.26 | 0 komentar | Read More

EU chief spurring negotiations on Cyprus deal

Written By Unknown on Minggu, 24 Maret 2013 | 22.27

BRUSSELS — A top European official is leading a high-level meeting Sunday afternoon in a last-ditch effort to help Cyprus come up with a plan necessary for a 10 billion euro bailout loan that would save it from bankruptcy.

The day of talks could prove critical — not only for the future of the small island country, but also for the 17-nation eurozone. If Cyprus or its banks were to collapse, officials fear that a lack of confidence could spread to other countries that use the euro, triggering higher borrowing costs or capital flight from those countries.

Cyprus is racing to meet a Monday deadline to come up with a plan to raise 5.8 billion euros ($7.5 billion) in order to get the bailout from the other European countries that use the single currency, as well as from the IMF.

Cyprus has "to fulfill a difficult mission to save the Cypriot economy and avert a disorderly default threatening the economy if there is no final deal for the loan agreement," government spokesman Christos Sylianides said in a written statement.

Cypriot President Nicos Anastasiades and Finance Minister Michalis Sarris were flying to Brussels, Sylianides said. Anastasiades was to be in constant contact throughout the negotiations in Brussels with party leaders who would be in the presidential mansion in Nicosia, he said.

An EU spokesman said European Council President Herman Van Rompuy would lead the meeting, with Anastasiades and European Commission President Jose Manuel Barroso attending. The Council is the gathering of 27 EU heads of state and government; the Commission is the EU's executive arm.

Van Rompuy's role will not be to reach a final agreement, but to facilitate efforts to find a solution, spokesman Preben Aamann said. Any new proposal would have to be approved Sunday evening by the Eurogroup, the gathering of finance ministers from the 17 EU countries that use the euro currency.

The IMF, European Central Bank and European Commission will then determine whether any plan put forward by Cyprus meets the requirement that Cyprus' debt, including any new bailout loan, be sustainable over the long run.

To avoid bankruptcy or the collapse of its banking system, Cyprus needs significantly more than the 10 billion euros the international creditors are willing to lend it. For that reason, the country must somehow raise — and not through borrowing — the additional money.

The original plan, agreed to in marathon negotiations, called for a one-time "levy" on all bank depositors in Cypriot banks. The proposal ignited fierce anger among Cypriots and failed to garner a single vote in the Cypriot Parliament.

German Finance Minister Wolfgang Schaeuble underlined that time was of the essence. The European Central Bank says it will stop providing emergency funding to Cyprus' banks after Monday if no new plan is in place.

"Cyprus will go down a tough path — either way. But that's not the consequence of European stubbornness but of a business model that no longer works," he said.

Following the Van Rompuy meeting, Anastasiades will meet with Christine Lagarde, the managing director of the International Monetary Fund, and Mario Draghi, president of the European Central Bank, Cypriot spokesman Nikos Christodoulides said.

______

Associated Press writers Juergen Baetz in Brussels and Elena Becatoros in Nicosia, Cyprus, contributed to this story.

______

Don Melvin can be reached at https://twitter.com/Don_Melvin


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Police: No hazardous material at Berezovsky site

LONDON — Chemical and radiation experts found no hazardous materials in their search of the property where Boris Berezovsky's body was found, as British police on Sunday investigated the unexplained death of the self-exiled Russian tycoon who went from Kremlin kingmaker to fiery critic.

Berezovsky, who fled to Britain in the early 2000s after a bitter falling out with Russian President Vladimir Putin, was found dead Saturday at the property in Ascot, a town 40 kilometers (25 miles) west of London. He was 67, and Thames Valley police say his death is being treated as "unexplained."

Police said Sunday that officers specially trained in chemical, biological, radiological and nuclear materials have given the scene the "all clear."

"Officers found nothing of concern in the property and we are now progressing the investigation as normal," a statement from police said, adding that the majority of the cordon put in place around the property has now been lifted.

Berezovsky — who had survived a number of assassination attempts — amassed a fortune through oil and automobiles during Russia's chaotic privatization of state assets following the collapse of the Soviet Union in the early 1990s.

Once a member of Russian President Boris Yeltsin's inner circle, Berezovsky fell out with Yeltsin's successor, Putin, and fled Britain in the early 2000s to escape fraud charges that he said were politically motivated.

He became a strident and frequent critic of Putin, accusing the leader of ushering in a dictatorship, and accused the security services of organizing the 1999 apartment house bombings in Moscow and two other Russian cities that became a pretext for Russian troops to sweep into Chechnya for the second war there in half a decade.

Putin's spokesman acknowledged Sunday that the Russian president considered Berezovsky an enemy with clearly stated intentions to fight.

"We know for certain that he spared no expense in support of processes, within Russia and beyond, that could be said to have been directed against Russia and Putin," spokesman Dmitry Peskov said on the independent cable television channel Rain. "He definitely was Putin's opponent, and unfortunately not only his political opponent, but most likely in other dimensions as well."

In recent years, Berezovsky fended off legal attacks that often bore political undertones — and others that bit into his fortune.

Russia repeatedly sought to extradite on Berezovksy on a wide variety of criminal charges, and the tycoon vehemently rejected allegations over the years that he was linked to several deaths, including that of slain journalist Anna Politkovskaya and ex-KGB agent Alexander Litvinenko.

Berezovsky won a libel case in 2010 against a Kremlin-owned broadcaster that aired a show in which it was suggested he was behind the poisoning of Litvinenko, who had fled Russia with Berezovsky's help after accusing officials there of plotting to assassinate political opponents.

He took a hit with his divorce from Galina Besharova in 2010, paying what was at the time Britain's largest divorce settlement. The figure beat a previous record of 48 million pounds ($73.1 million) and was estimated as high as 100 million pounds, though the exact figure was never confirmed.

Last year, Berezovsky lost a multibillion-pound High Court case against fellow Russian Roman Abramovich and was ordered to pay 35 million pounds ($53.3 million) in legal costs.

Berezovsky had claimed that Abramovich, the billionaire owner of Chelsea Football Club, cheated him out of his stakes in the oil group Sibneft, arguing that he blackmailed him into selling the stakes vastly beneath their true worth after he lost Putin's good graces.

But a judge threw out the case in August, ruling that Berezovsky was a dishonest and unreliable witness, and rejected Berezovsky's claims that he was threatened by Putin and Alexander Voloshin, a Putin ally, to coerce him to sell his Sibneft stake.

It also recently emerged that Berezovsky ran up legal bills totaling more than 250,000 pounds in just two months of a case against his former partner, Elena Gorbunova, with whom he had two children and who claimed the businessman owed her millions.

Earlier this week, The Times of London newspaper reported that Berezovsky was selling property — including an Andy Warhol portrait of the former Soviet Union leader Vladimir Lenin — to settle his debts and pay expenses owed to lawyers.

News of Berezovsky's death has prompted conspiracy theories along with speculation as to his state of mind, given his recent financial setbacks.

Ilya Zhegulev, a journalist with the Russian edition of Forbes magazine, said he spoke with Berezovsky the day before he died and discussed the tycoon's decision to flee Russia in 2000.

The journalist quoted Berezovsky as saying that during his years in London he had lost the meaning of life.

"I no longer want to be involved in politics," Zhegulev quoted Berezovsky as saying in a story published Saturday on the Forbes.ru website.

He said Berezovsky told him that he wanted nothing more than to return to Russia. The former oligarch said he had changed his views on Russia, saying he now understood that it should not look to Europe as a model.

"I had absolutely, idealistically imagined that it was possible to build a democratic Russia. And idealistically imagined what democracy was in the center of Europe. I underestimated the inertia of Russia and greatly overestimated the West. This took place gradually. I changed my understanding of Russia's path," he quoted Berezovsky as having said.

___

AP writer Lynn Berry in Moscow contributed to this report. Cassandra Vinograd can be reached at http://twitter.com/CassVinograd


22.27 | 0 komentar | Read More

Hard to see Ă¢€˜greenĂ¢€™ on MLS lists of resale homes

When it comes to energy efficiency and "green" features in homes, there's a chasmic disconnect in the marketplace among consumers, real estate appraisers and the nation's realty sales system.

On the one hand, prospective buyers routinely tell researchers that they place high priority on energy-saving and environmentally friendly components in houses. The presence of high-efficiency systems in a home makes shoppers more interested in buying because they'll save money in the long run.

On the other hand, the vast majority of multiple listing services (MLS) — the organizations that compile listings of local homes for sale — do not yet include so-called "green fields" in their data search forms to facilitate consumer shopping for homes with high-performance features. Plus most real estate appraisers do not yet have training in the valuation of green homes and often do not ­— or cannot — factor in the economic values of expensive but money-saving components such as solar photovoltaic panels.

Two new research studies document consumers' strong appetites for energy efficiency and green features. A survey of 3,682 actual and prospective purchasers by the National Association of Home Builders found that 94 percent of respondents rated Energy Star appliances as among their top several "most wanted" items out of 120 they could choose from. Ninety-one percent said the same for new houses that came with Energy Star certifications on the total structure.

Energy Star is a federally backed set of energy-saving performance standards for a wide range of products including appliances, lighting, windows, doors, electronics, heating and cooling systems all the way up to and including newly built homes. The study also found that buyers would be willing to pay an additional average of $7,095 in the upfront cost of a house if that investment saved them $1,000 a year in utility expenses.

And National Association of Realtors found that 87 percent of buyers and sellers rated energy efficiency in heating and cooling as "very" or "somewhat" important to their choice of a home. Seventy-one percent said the same for energy-efficient appliances.

Now here's the disconnect: While most new homes come with energy certifications and ratings, the overwhelming majority of resale homes do not. For shoppers and purchasers who prefer to save on energy outlays, there's often little information in the formal listings search data on MLS systems to highlight houses with extensive green components.

Of the 860 multiple listing services nationwide, according to industry estimates, only about 210 have gone green — that is, included distinct sections of their standard listing formats for high-performance and sustainable features. Though there is an industry effort under way to "green the MLS" by including green fields as standard sections in MLS listings, adoption has been slow.

The lack of green fields, in turn, not only hampers buyers: Appraisers who search for "comps" — recently sold comparable houses — often are unable to readily distinguish those with significant energy efficiency investments from ordinary energy-guzzling homes. Worse yet, say industry critics such as Sandra K. Adomatis of Punta Gorda, Fla., most appraisers have no specific training in valuing high-performance or green features and tend to ignore them or undervalue them in their appraisal reports to lenders. This hurts sellers and buyers alike.

To help bridge the information gap, the country's largest appraisal professional group, the Appraisal Institute, recently released an updated "green addendum" that realty agents and sellers can use to call attention to the energy saving features of homes, especially in areas where the local MLS provides no separate green fields.

Bottom line for sellers with significant energy conservation investments: Make sure your realty agent gets them highlighted in the MLS listing. And make sure that the appraiser who is sent to value your property uses the green addendum and has adequate training to do the job. Otherwise the money you spent may not get the fair treatment it deserves in the valuation.


22.27 | 0 komentar | Read More

Coolant loss may have you blowing a gasket

I have a 2001 Ford Taurus with the 3.0-liter V-6. It seems to be losing engine coolant but I never see any on the ground after I park it. I added one gallon of coolant on Nov. 10 and another gallon on Dec. 18. Now I need to add more. Any ideas?

Anytime an engine loses a significant amount of coolant without leaving any evidence of leakage on the pavement under the car, a failed intake manifold gasket or cylinder head gasket is suspect. Check the oil dipstick for signs of coolant getting into the engine oil — a higher-than-normal reading, a milky buildup on the dipstick or the smell of antifreeze can indicate a problem.

If the oil is clean, it's very possible the coolant is being drawn into the combustion chambers and vaporized. Sometimes, a trail of white smoke indicates coolant consumption, but at this time of year, normal condensation in the exhaust can mask the coolant smoke.

The simple do-it-yourself test is to check for excess bubbling in the coolant. With the engine dead cold, remove the radiator cap and start the engine. Exhaust gases forced into the coolant from a head gasket leak can create excessive bubbling in the coolant, potentially pushing coolant out of the cold radiator.

The two most common professional tests for head gasket failure are a cooling system pressure test to determine if the sealed and pressurized cooling system is holding proper pressure after shutdown, and a litmus-type test of the coolant to determine if hydrocarbon (combustion) molecules are present.

***

We have a 2012 Ford F-350 4x4 truck we bought new in October 2011. In February, the radiator had to be replaced due to leaks at the seams. Why would a truck with under 50,000 miles have a radiator that leaks at the seams? It cost us $1,200 to replace as the dealer said it was not covered under the factory warranty or the extended warranty we purchased when we bought the truck. We are disappointed truck owners.

I would be, too. The basic 2012 Ford new car warranty covers most everything but wear items for three years/36,000 miles. On top of that, the drivetrain is covered for five years/60,000 miles. If the radiator in your truck failed after 36,000 miles, it would not be covered by the new car warranty or the drivetrain warranty.

I don't know which extended service plan you purchased, but of the four extended-service plans offered by Ford, the top two plans — Premium Care and Extra Care — do cover the radiator. Ford's ESP Basic Care and Powertrain Care service contracts do not.

Assuming the radiator was not covered by warranty, I would not hesitate to ask the Ford dealer to ask Ford to help with this repair with a customer "goodwill" adjustment for all or part of the cost. In my opinion, a radiator should not develop seam leaks at this low age and mileage.

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Ever since I had my 2006 Jeep Liberty in for a diagnostic test, I've been unable to fill up my gas tank without having to trickle in the gas. The pump clicks off right away like the tank is full. There's a lot of pressure released when I first take the cap off. Any ideas?

My Alldata automotive database pulled up Chrysler TSB 14-001-09, dated September 2009, that outlines a series of tests to determine where the restriction causing slow refueling is located. Since you indicate that significant pressure is released when the fuel cap is removed, the charcoal canister or its control valve are suspect. Other components of the evaporative control (EVAP) system that could contribute to this problem are the vapor recirculation tube and the fuel filler tube.

Plugging a scan tool into the vehicle's diagnostic link should not affect any part of the EVAP system.

Paul Brand, author of "How to Repair Your Car," is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at: Star Tribune, 425 Portland Ave. S., Minneapolis, Minn., 55488 or via email at paulbrand@startribune.com. Please explain the problem in detail and include a daytime phone number.


22.27 | 0 komentar | Read More
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