Kia Sorento rebuild kicks it

Well, the Koreans just keep doing the unexpected and consumers are benefiting from it.

The 2014 Kia Sorento SX AWD SUV has had a mid-cycle rebuild and I think this may now be a better car than its popular brand mate the Hyundai Santa Fe for about the same money.

The Sorento had been taking a bit of a beating from consumers and critics for its poor handling and modest adornments. Hyundai/Kia listened and responded loudly. With a new engine, rebuilt suspension and more refinement in style and substance, you've got a contender for the your crossover dollar.

In the past few years, Hyundai/Kia's hallmark has been bang for your buck and the '14 Sorento fills the SUV side of the equation nicely. Starting at base MSRP of $24,900, the Sorento offers a high-quality and stylish interior with the easy-to-use and intuitive UVO infotainment system. It has sleek textured interior panels with some soft touches and wood accents along with comfortable and high-quality leather-trimmed seats. Our AWD SX is not quite top of the line, but is jam-packed with goodies.

The $36,700 SX package includes the panoramic sunroof, blind-spot monitoring, backup camera and sonar warning, power folding side-view mirrors, three driving modes, along with features you'd expect such as cruise control and power lift gate.

Under the sheet metal is where Kia has made significant changes.

Earlier Hyundai/Kia cars we've tested have had vague, underwhelming steering and suspensions.

This extensive re-engineering of the 2014 chassis includes stiffening of the front suspension, adding larger rear suspension components and constructing a more rigid frame. Add in the new electric steering and all lead to better handling than earlier models.

Combine the 3.3 liter, 290-horsepower, V-6 engine and six-speed automatic transmission and you've got a really powerful crossover on your hands. The V-6 and AWD can be a bit thirsty, but only give up a couple of miles per gallon fewer than the base model, testing to about 18 in the city and 24 on the highway. I averaged 21 mpg, right in the middle of the range.

The V-6 provides plenty of power, brisk acceleration and a quiet ride. Whether it's a supermarket or dump run or a cruise along the highway, the new handling characteristics make this a comfortable car to drive. Pick your favorite from one of the three Flexsteer modes — comfort, sport or normal — and feel the responsive, taut command of the car missing in other models.

The SUV includes third row seating — the Mitsubishi Outlander is the only other in class to do so — but it robs from the cargo area. Although the Sorento is larger in all dimensions than its class rivals, the Honda CRV and Ford Escape, the third-row seats are still a snug fit. I preferred to keep them stowed and make use of the full deck space.

The simple-to-use and high-tech UVO infotainment center combines all your wireless connectivity and audio needs without endless drill-down menus. It works smartly with voice command and the sound system is excellent. The 8-inch navigation screen was easy on the eyes and a snap to use, too. It's a marked improvement over earlier models.

If you're worn out with the legion of bullet-shaped competitors in this class, then this may be your vehicle. The body styling is more traditionally truck-like and Kia has some nice tweaks with wrap-around lights and body accents.

22.26 | 0 komentar | Read More

Boston TV stations pull out the stops

A tension-filled day gave way to a night of celebration, relief and even revelry on the streets of Watertown as a suspected Boston Marathon bomber was apprehended and the local TV stations — WBZ, WCVB, WFXT, WHDH and NECN — tracked every moment.

As breaking news banners flashed updates on suspect Dzhokhar Tsarnaev's location — a boat in a Franklin Street backyard — stations kept their cameras trained on the neighborhood as darkness fell. After it was confirmed that Tsarnaev was in custody and on the way to a local hospital, cheers and applause erupted from the crowd gathered near the site.

As the suspected terrorist remained on the loose for much of yesterday and with much of the Boston area under unprecedented lockdown, local TV stations responded with unparalleled wall-to-wall coverage.

Probably no one had a more harrowing day than WHDH's Adam Williams, who arrived with his cameraman in Watertown early yesterday morning and found himself pinned down as the two brothers, Boston Marathon bombing suspects Tamerlan and Dzhokhar Tsarnaev, exchanged about 200 rounds of gunfire with police.

"It was not a good position to be in," Williams stoically told viewers last night.

The most oft-repeated footage was supplied by a viewer: Against a backdrop of flashing blue lights, the Watertown shootout with rat-a-tat gunfire that left Tamerlan dead and an MBTA police officer critically injured seemed to last hours.

The stations scrambled to mute the raw audio, but the video was terrifying.

With long stretches of time to fill, the stations worked overtime to profile the alleged killers and convey a sense of the Boston area under what seemed like martial law.

"The entire city looked like a scene out of 'I Am Legend,' " commented David Gerzof Richard, professor of social media and marketing at Emerson College, referring to the 2007 post-apocalyptic film starring Will Smith. "Empty streets. It's the first time I can ever remember an entire city that was shut down."

T.J. Winick, former WBZ and ABC news reporter and now a media relations consultant in the Boston area, gave high marks to the stations' efforts.

"These are scenarios you can work 30 years in local news and never be put in," he said. "I think the reporters and the anchors did an incredible job keeping their composure and providing the very latest information" under trying circumstances.

Part of every local station's mission is public service, and that often gets overlooked, Winick said, but here the news desks kept the public updated on the search for a dangerous suspect in real time.

Because of their dogged efforts, "You'd have to be living in a cave not to know what's going on."

22.26 | 0 komentar | Read More

Iran seeks to export oil to North Korea

TEHRAN, Iran — Iran's oil ministry says the country is considering exporting oil to North Korea as a way to improve its battered economy.

The official IRNA news agency quoted on Saturday Oil Minister Rostam Ghasemi as saying talks are underway between Tehran and Pyongyang on oil exports.

An oil deal would bring the two nations deeply at odds with the U.S. and the West closer together. In September, they signed a scientific and technological cooperation agreement. A delegation from North Korea's oil ministry is currently visiting Iran.

Iranian and North Korean officials have said in the past that their nations are in "one trench" in the confrontation with Western powers.

But Iran has denied a U.N. report saying the two have exchanged ballistic missiles, components and technology in violation of U.N. sanctions.

22.26 | 0 komentar | Read More

Automakers target Chinese buyers at Shanghai show

SHANGHAI — Global and Chinese automakers showcased family-friendly sedans and SUVs targeting coveted urban buyers at China's biggest auto show Saturday as competition intensifies in this huge but crowded market.

China's vehicle sales rose 13 percent in March, blistering growth by Western standards but down from 45 percent in 2009. With sales weak elsewhere, global companies that see China as a key part of their future are pouring money and technology into fighting for market share, squeezing each other and new but ambitious local automakers.

"It is a very, very competitive market," said Bob Socia, president of General Motors Co.'s China arm.

The Shanghai auto show, held in alternate years, has grown into one of the global industry's most prominent events, especially after China passed the United States in 2009 as the biggest auto market by number of vehicles sold.

Organizers say exhibitors at this year's show, which opens to the public after Saturday's press preview, will display more than 800 vehicles, from mass-market compacts to minivans to hand-built sports cars with price tags of more than $1 million.

GM is displaying 53 models from its Buick, Cadillac and Chevrolet units as well as its local Baojun and Wuling brands. GM says it will launch 17 new and refreshed models in China this year and wants to expand Cadillac's share of the country's booming luxury market.

Ford Motor Co. unveiled a new version of its Mondeo sedan and the sport model of its smaller Focus ST aimed at prosperous, family-conscious Chinese buyers. Marin Burela, the president of Ford's main Chinese joint venture, said the Mondeo is aimed at luring Chinese buyers with "affordable luxury."

The Mondeo "rivals vehicles priced well beyond this segment," Burela said.

Italy's Fiat SpA, trying to catch up after launching its first China venture just three years ago, unveiled a version of its Viaggio sedan and a SUV, the Freemont, based on the Dodge Journey. Fiat said the Viaggio, with a smaller 1.4-liter engine than models sold elsewhere, was its first vehicle designed for the China market.

China's auto sales last year topped 19 million. Industry analysts and automakers say they expect rapid growth to continue, rising to annual sales of as much as 32 million vehicles by 2020 — the equivalent of the United States and Europe combined.

"China really is in the infancy of industry development," said David Schoch, Ford's president for Asia and the Pacific. Ford expects 60 to 70 percent of its sales growth to come from the Asia-Pacific region in coming years, he said, "and most of that is driven by the China engine."

Schoch said Ford plans to double the size of its China dealership network to more than 800 outlets.

Despite rapid sales growth that has left Beijing, Shanghai and other major cities choked on traffic and smog, competition has been brutal, forcing fledgling Chinese automakers to merge in hopes of competing with bigger global rivals.

Ford's local partner, Chang'an Automotive Group, swallowed rivals Changhe and Hafei and a series of smaller producers. Shanghai Automotive Industries Corp., which assembles vehicles for GM and VW, absorbed Nanjing Automotive.

Still, the market is fragmented among more than 100 brands and some domestic producers have sales of just 1,000 to 2,000 vehicles a year.

Germany's Volkswagen AG is China's biggest single auto brand with a 14 percent market share. GM is second with 7 percent for cars, plus its truck and minivan sales. Ford, Honda Motor Co. and leading Chinese brands such as Chery Inc. and Geely Holding Group, which owns Sweden's Volvo Cars, have shares of 2 to 4 percent.

The squeeze on independent Chinese brands has worsened as global automakers target their core low-cost market with new economy models.

Chinese automakers were stunned last year when GM unveiled a version of its Sail sedan priced at just 56,800 yuan ($9,100). GM says it also exported more than 60,000 Chinese-manufactured Sails last year to other developing markets.

Chery's sales plunged 10 percent last year. It responded last week by announcing an overhaul that will eliminate two of its three brands and slim down its product range from 20 models to 10 or 11.

"It's already survival of the fittest," said analyst Namrita Chow of IHS Automotive.

One Chinese brand that has bucked the trend is Great Wall Motors Co. Its profit jumped 65 percent last year, driven by sales of its popular SUVs, which are exported to 80 countries including Australia, Italy and Russia.

On Saturday, Great Wall unveiled two new SUVs, the H6 and the H7, as well as a sedan and a pickup.

On the strength of those new products, CEO Wang Fengying said this year's sales might rise 30 percent.

"We put a lot into research and development — really, a lot," said Wang, the only female chief executive of a major Chinese auto brand. "We hope we know just what customers want and trust."

Also Saturday, Japanese automakers that are struggling to come back from a sales slump displayed models they said were restyled to suit Chinese tastes.

Toyota Motor Co. showed a Yaris sedan and other models it said were modified for China after market research. Honda and Nissan Motor Co., which have hired Chinese designers, showed models they said were created to meet local demand.

Sales of Japanese brands plunged last year during a dispute between Beijing and Tokyo over a group of uninhabited islands in the East China Sea and continue to wane even though the tensions have abated.

Japanese automakers suffered a combined 17.8 percent sales decline in March, according to Alec Gutierrez, senior analyst at Kelley Blue Book.

Speaking at the show, Toyota vice chairman Takeshi Uchiyamada, stressed friendship with China. He noted that Toyota has produced its hybrid Prius in China since 2005, the first manufacturing site for the vehicle outside Japan.

"For me, China is a cherished neighbor," he said.

China's failure to follow its neighbors Japan and South Korea in creating at least one global auto brand has frustrated communist leaders.

They see auto manufacturing as an industry that will create higher-paid jobs in fields from electronics to chemicals. They have spent two decades giving producers subsidies and other help.

Despite that, industry analysts say China is years away from creating a globally competitive brand.

Already, a handful of foreign automakers including VW and GM are developing such a commanding market position that they will be hard to dislodge, according to Yale Zhang, managing director of Automotive Foresight, a research firm.

Five years ago, eight automakers had vehicles among China's 10 most popular, according to Zhang. Last year, the Top 10 group had shrunk to just three brands — VW, GM and the Korean duopoly of Hyundai and Kia.

"The next five years really will be the last window of opportunity for local car makers" to develop competitive brands, said Zhang.

"Only one or two probably will be successful," he said. "Most of them will really see serious trouble within five years."

___

AP Business Writer Yuri Kageyama and AP researcher Fu Ting contributed.

22.26 | 0 komentar | Read More

Charming Colonial in Braintree makes splash

This attractive single-family Colonial in Braintree Highlands has a classic elegance with a nicely landscaped yard and an in-ground heated pool with a cabana.

Built in 1998, the well-maintained three-bedroom house with a hip roof at 130 Catherine Drive has been updated several times by its current owners since 2007. Renovations include a central air-conditioning system, renovated master bathroom and all-new toilets, new high-efficiency burner and refinished oak floors. The 2,660-square-foot home, which was recently repainted outside and inside, is on the market for $639,900.

The house sits on a cul de sac at the end of a long driveway with an attached two-car garage and brick walkway. The exterior is blue clapboard with black shutters and white trim. The entrance has a widow's walk framed by a large Palladian window.

A grand two-story ceramic-tiled entry foyer has a large brass chandelier above and two closets, one for storage and the other for coats.

To the right of the foyer is a formal dining room with oak floors, crown molding, 8-over-8 windows and a built-in mantel.

On the other side of the foyer is an open living

dining area with oak floors, 8-over-8 windows and a ceramic-tiled wood-burning fireplace. There are glass doors from the dining area out to a rear deck and down to a granite patio with a heated in-ground pool enclosed by a wrought-iron fence. The pool's heater and propane tanks were recently replaced and there's a cabana at one end.

Back inside, the stylish kitchen features 26 white bargeboard-faced cabinets and built-in racks. There's a center island with grayish granite counters and a built-in electric range. All-white appliances include a cabinet-front Amana side-by-side refrigerator, built-in General Electric wall oven and new microwave and a Bosch dishwasher.

Off the kitchen is a half bathroom with gray ceramic tile floors, a linen closet and a cabinet that holds a washer

dryer hookup with shelving above. Adjacent is direct access to the home's two-car attached garage.

The stairway and second-floor landing that overlooks the foyer have paneled wainscoting.

There are three bedrooms on the second floor, including a master suite. The carpeted master bedroom has four 8-over-8 windows and a fan

light overhead. There's a deep walk-in closet with a built-in shelving system. The en-suite master bathroom, renovated last year, has beige ceramic tile floors and tile that surrounds a raised whirlpool bathtub. There's a separate glass-doored Fiberglas shower, a granite-topped double-sink vanity and a linen closet.

There are two other carpeted bedrooms ideal for children. There's also a second full bathroom with a ceramic tile floor, a linen closet, a Corian-topped vanity and a one-piece Fiberglas tub and shower.

The finished basement has a carpeted media

family room with a big storage closet for games and toys. There's also a carpeted home office with a built-in added by the current owner with desk space for two and cabinets above. And there's even a full bathroom in the basement, with access to the outdoor pool through a door.

Pros:

 Stylish kitchen with bargeboard-faced white cabinets and gray granite counters

 Open living

dining area with wood fireplace and glass doors out to in-ground pool with granite patio

 Master bedroom suite has large walk-in closet and newly renovated bathroom

Cons:

Fiberglas showers in bathrooms

 Some appliances and tile finishes are average grade

22.26 | 0 komentar | Read More

Experts: Mass. economy won’t sprout in spring

The Bay State could soon hit a "spring stall" when it comes to recovery and growth as federal budget cuts and European economic weakness threaten to choke off job opportunities, experts said yesterday.

"I don't see a whole lot of oomph out there to get job growth in Massachusetts," said Robert Nakosteen, an economics professor at the University of Massachusetts Amherst's Isenberg School of Management.

Massachusetts lost an estimated 5,500 jobs last month even as the state's unemployment rate dipped a tenth of a point to 6.4 percent, according to the Executive Office of Labor and Workforce Development.

"There's nothing inherent about spring except this one has the sequester and the payroll tax increase and continuing uncertainty about the debt limit and budget deals," Nakosteen said. "All of those extract a price."

Nakosteen added the state could expect to see "fairly flat" job growth for the duration of the year as residents start to feel the pinch of automatic federal budget cuts, which will also cut unemployment insurance assistance by nearly 13 percent for close to 45,000 residents collecting benefits for more than 26 weeks.

Before March's jobs plunge, Massachusetts had only added 500 jobs in February.

While the state's education and health services, and leisure and hospitality sectors added 2,200 and 300 jobs, respectively, last month, Massachusetts' professional, scientific and business services sector took a big hit — losing 3,400 jobs in March.

"That sector has been growing quite strongly in recent years, fueled by the innovation economy here," said Michael Goodman, a public policy professor at the University of Massachusetts Dartmouth, who called March's jobs figures "clearly disappointing."

"The decline in professional and business services is consistent with what one would expect from the kinds of cuts that have been taking place at the federal level," he said.

Northeastern University economist Alan Clayton-Matthews added that unrest in Europe has continued to be "a drag" on the state's economy.

"I expect to see slower job growth over the next several months, but I do not expect to see continued job losses of this magnitude," he said.

22.27 | 0 komentar | Read More

UMass cites Harvard flaw

News that a UMass Amherst graduate student had uncovered significant flaws in an influential paper by two eminent Harvard University economists roiled the profession this week, raising questions about the policies it influences at home and abroad.

Thomas Herndon, a 28-year-old doctoral student in economics, discovered what he saw as glaring omissions in the spreadsheets used for Carmen Reinhart and Kenneth Rogoff's 2010 study, which had asserted that economic growth slows sharply when government debt exceeds 90 percent of annual economic output.

The study was widely cited by policymakers worldwide, including former Republican vice presidential candidate Paul Ryan, to justify cutting spending. So when a working paper by Herndon and two of his professors, Michael Ash and Robert Pollin, pointing out the errors was posted on the UMass Political Economy Research Institute website this week, it quickly went viral.

"It really indicates the profession needs to question its own methods and standards," said Barbara Alexander, an economist and visiting lecturer at Babson College. "Published research needs to be audited and cross-checked, and the data needs to be freely available. ... It's really disturbing because the results in this case have been used to support policies that have been extremely painful for many people in this country and around the world."

In a joint statement, Reinhart and Rogoff said they were "grateful" to Herndon, Ash and Pollin for pointing out a "coding error," but they maintained there is a correlation between high government debt and slow economic growth.

"It is sobering that such an error slipped into one of our papers despite our best efforts to be consistently careful. We will redouble our efforts to avoid such errors in the future," they said. "We do not, however, believe this regrettable slip affects in any significant way the central message of the paper or that in our subsequent work."

Herndon and his professors disagree with that conclusion.

"People argue that spending cuts are a bitter medicine you have to take to get out of a recession," he said, "but we provide strong evidence that disputes that."

Ash, a professor of economics and public policy, said it is "quite likely" that high public debt is not a cause of poor economic performance, but an effect.

22.27 | 0 komentar | Read More

The Ticker

Merrill Lynch fined $250G

Merrill Lynch has been fined $250,000 in connection with improperly selling more than $39 million in unregistered securities, including auction-rate securities to two Massachusetts cooperative banks in violation of federal law, Secretary of the Commonwealth William F. Galvin said.

According to Galvin's complaint, the securities were sold by a Boston branch of Merrill Lynch that did not follow procedures for determining if the banks were qualified and failed to train its personnel on its own policies and procedures

Winthrop Square garage to close

The Boston Redevelopment Authority will close the Winthrop Square Parking Garage indefinitely at midnight after identifying infrastructure issues with the 240 Devonshire St. facility. No vehicles will be allowed to enter the garage after 3 p.m.

THE SHUFFLE

L Acella Construction Corp. of Norwell has promoted Ryan Klebes, left, to the position of senior project manager. Klebes first joined the company in 2003 as a project manager, and was previously an assistant project manager at Lee Kennedy Construction in Boston.

22.26 | 0 komentar | Read More

Poll: Public pessimism on economy is increasing

WASHINGTON — For the third year in a row, the nation's economic recovery has hit a springtime soft spot. Reflecting that weakness, only 1 in 4 Americans now expects his or her own financial situation to improve over the next year, a new Associated Press-GfK poll shows.

The sour mood is undermining support for President Barack Obama's economic stewardship and for government in general.

The poll shows that just 46 percent of Americans approve of Obama's handling of the economy while 52 percent disapprove. That's a negative turn from an even split last September — ahead of Obama's November re-election victory — when 49 percent approved and 48 percent disapproved.

Just 7 percent of Americans said they trust the government in Washington to do what is right "just about always," the AP-GfK poll found. Fourteen percent trust it "most" of the time and two-thirds trust the federal government just "some of the time"; 11 percent say they never do.

The downbeat public attitudes registered in the survey coincide with several dour economic reports showing recent slowdowns in gains in hiring, consumer retail spending, manufacturing activity and economic growth. Automatic government spending cuts, which are starting to kick in, also may be contributing to the current sluggishness and increased wariness on the part of both shoppers and employers.

Overall, 25 percent of those in the poll describe the nation's economy as good, 59 percent as poor — similar to a January AP-GfK poll.

Respondents split on whether this was a "good time" to make major purchases such as furniture and electronic devices, with 31 percent agreeing it was, 38 percent calling it a "bad time" and 25 percent remaining neutral.

The economy's recovery from the severe 2007-2009 recession has been slow and uneven. Even so, most economic forecasts see continued economic growth ahead, even if it is sluggish and accompanied by only slowly improving levels of joblessness. Another recession in the near future is not being forecast.

In the new poll, few say they saw much improvement in the economy in the last month. Just 21 percent say things have gotten better, 17 percent say they've gotten worse and 60 percent thought the economy "stayed about the same." And the public is split on whether things will get better anytime soon, with 31 percent saying the national economy will improve in the next year, 33 percent saying it will hold steady and 33 percent saying it will get worse. Further, about 4 in 10 expect the nation's unemployment rate to climb in the next year.

And the public's outlook for its own financial future is at its worst point in three years. Just 26 percent think their household economic well-being will improve over the next year, 50 percent think it will stay the same and 22 percent expect it to worsen.

About 27 percent of those with incomes under $50,000 are the most likely to expect things for them personally to get worse in the next year compared with fewer than 2 in 10 among those with higher incomes.

Democrats, who typically rate the economy better under the present Democratic president than do Republicans, have become less optimistic about their financial prospects since January. Then, 41 percent of Democrats thought their finances would improve in the next year while only 30 percent feel that way now.

Jeremy Hammond, 33, of Queensbury, N.Y., a Web programmer, says Congress should focus on "the incredible debt and lack of spending control." For instance, he said, it's absurd for Congress to try to force the Postal Service to continue Saturday mail delivery — an effort that has so far failed — when the agency says, "We can't afford it.' Hammond, who considers himself a political independent, said he voted for Obama in 2008 but not in 2012.

Obama's overall job approval in the poll is at its lowest point since his re-election, at 50 percent, with 47 percent disapproving. His approval among Republicans is just 10 percent; among independents, 49 percent disapprove.

But, if it's any solace to the president and his supporters, Congress fared even worse. Thirty-seven percent approve of the performance of congressional Democrats, while 57 percent disapprove. For congressional Republicans, 27 percent approved of their performance and 67 percent disapproved.

The Associated Press-GfK Poll was conducted April 11-15 by GfK Roper Public Affairs & Corporate Communications. It involved landline and cellphone interviews with 1,004 adults nationwide. Results for the full sample have a margin of error of plus or minus 3.9 percentage points. It is larger for subgroups.

___

AP News Survey Specialist Dennis Junius and writer Charles Babington contributed to this report.

___

Follow Tom Raum on Twitter: http://www.twitter.com/tomraum

___

Online:

http://www.ap-gfkpoll.com

22.26 | 0 komentar | Read More

Reports: Boeing Dreamliner could fly next month

WASHINGTON — Published reports say Boeing's grounded 787 jetliners could soon be flying again.

The Wall Street Journal reports that the Federal Aviation Administration is set to approve Boeing's fix for the ion-lithium batteries. The 787 Dreamliner has been grounded since mid-January because of smoldering batteries that in one case caused a serious fire.

The Journal says the FAA is expected to announce Friday that Boeing's redesigned batteries are safe. The fix includes more heat insulation and a battery box designed to vent any hot gases from the batteries outside the planes.

There was no immediate comment from the FAA and a Boeing spokesman declined to comment on the report.

The New York Times, which also reported the development, says the aircraft could be back in service next month.

22.26 | 0 komentar | Read More

US economy fears weigh on markets

LONDON — More disappointing U.S. economic news hit markets Thursday, adding to the sense that the world's largest economy is waning.

A number of financial assets have been under pressure over the past few days amid growing evidence that the U.S. and Chinese economies, the world's two biggest, may not be as robust as some investors had thought at a time when many countries in Europe are in recession.

A manufacturing survey from the Philadelphia Federal Reserve reinforced the negativity surrounding the U.S. economy. Its main index fell to 1.3 points in April from 2.0 the previous month, in contrast to expectations for a doubling in the level.

"April is shaping up to be a rather soft month," said Jennifer Lee, an analyst at BMO Capital Markets.

Though the survey is not usually at the forefront of investor attention, it was enough to turn the tide in the markets — a sign of how fragile sentiment is at the moment. In Europe, most indexes gave up earlier gains while Wall Street was markedly lower.

In Europe, the FTSE 100 index of leading British shares was down 0.1 percent at 6,239 while Germany's DAX fell 0.6 percent to 7,456. The CAC-40 in France was 0.1 percent lower at 3,593.

In the U.S., the Dow Jones industrial average was down 0.5 percent at 14,552 while the broader S&P 500 index fell 0.6 percent to 1,543 despite solid earnings updates earlier from PepsiCo. and Verizon. After the market close, Microsoft, Google and IBM are due to report. So far, the first-quarter reporting season has done little to lift the gloom.

The euro recovered slightly, trading 0.1 percent higher at $1.3040. A day earlier, it took a battering when Jens Weidmann, the head of Germany's central bank, the Bundesbank, said the European Central Bank may consider interest rate cuts. In an interview with the Wall Street Journal, Weidmann said the ECB may "adjust rates" if the data merits it.

"The market reaction was more pronounced than usual due to the fact that while other ECB board members have gone on record as suggesting rates might need to be lower, at no time has Weidmann ever suggested he might also lean in that direction," said Michael Hewson, senior market analyst at CMC Markets.

"For that reason alone, this is an important development and could well signal a rate reduction in the next couple of months, and a possible softening of position on the part of Germany and the Bundesbank," he added.

Commodities have also suffered in the more cautious market environment, with the prices of gold and oil experiencing a rocky few days. Along with the euro, they steadied too, with the benchmark New York crude rate up 47 cents at $87.16 a barrel and an ounce of gold 0.4 percent higher at $1,389.

Earlier, Asian stocks dropped, with investors in Hong Kong still feeling cautious due to a bird flu outbreak in eastern China and the rapid rise of Chinese government debt. The Hang Seng shed 0.3 percent to 21,512.52. Elsewhere, Japan's Nikkei 225 index tumbled 1.2 percent to close at 13,220.07, while South Korea's Kospi dropped 1.2 percent to 1,900.06.

22.26 | 0 komentar | Read More

Tuning in: Twitter launches music feature

NEW YORK — Twitter has launched a service for people to find music they like and tweet songs from iTunes, Spotify and Rdio.

Twitter said in a blog post that an app will be available for download from Apple's online store Thursday. A Web version is also expected Thursday. Twitter said the service will eventually be available on Android devices as well.

The service uses information from Twitter chatter to find popular tracks as well as new artists. Users who follow musicians can see what artists those musicians follow and listen to songs by them.

Thursday's announcement about a music service had been expected. "American Idol" host Ryan Seacrest tweeted about it last week. It's called (hash)music, following Twitter's practice of using hashtags to organize tweets around topics.

The music service's debut comes less than three months after the release of a Twitter video app called Vine that distributes six-second clips that can be played in a continuous loop.

The expansion into other forms of media besides text and photos is part of Twitter's effort to make its messaging service even more appealing to its more than 200 million monthly users. More frequent usage of the service creates more opportunities to show ads — the main way that Twitter makes money.

The foray into music could open up a new channel of revenue as well. Apple Inc.'s iTunes pays partners a few cents for every song sale that is a direct result of an online referral. If Twitter's recommendations persuade enough people to buy songs after hearing excerpts, these bounties could add up.

As with many of the other tools that it has added since its inception seven years ago, Twitter bought the technology powering its music app from a startup. In this case, the music app is based on a concept and tools honed by We Are Hunted, which shut down its site for tracking popular music last week.

Twitter, which is based in San Francisco, is winning over advertisers, who typically must package their marketing messages in 140-character characters so that they fit seamlessly into the rest of the rapid-fire chatter flowing through users' feeds.

The company's worldwide ad revenue this year is expected to more than double to $583 million, up from $283 million last year. As a private company, Twitter doesn't disclose details about its financial performance.

That could change soon, though. There is mounting speculation that Twitter is expanding its services and selling ads more aggressively in preparation for an initial public offering of stock that could come late this year or early next year. If that were to happen, it would be the hottest technology IPO since Facebook went public nearly a year ago.

Twitter CEO Dick Costolo has repeatedly said that the company isn't under any pressure to go public because it has raised ample financing from investors, including a $400 million injection from venture capitalists in July 2011.

__

Online:

http://blog.twitter.com/2013/04/now-playing-twitter-music.html

22.26 | 0 komentar | Read More

Mass. loses 5,500 jobs in March; jobless rate 6.4%

Massachusetts job growth took a hit last month as payroll tax increases and federal budget cuts have begun to grip the local economy tighter, particularly in sectors like construction, manufacturing and professional, scientific, and business services, experts said today.

"Those have offset the positive impacts we were seeing at the beginning of the year for pent-up demand," said Northeastern University economist Alan Clayton-Matthews. "The economy is in the best shape it's been in for many years. That led to what looked like a resurgence in economic growth, which is now being overtaken by the downside impacts of increased tax rates and lower federal spending through sequestration."

"Europe hasn't fixed itself," Clayton-Matthews added. "It's continued to be a drag on the Massachusetts economy."

The state, which added a mere 500 jobs in February, lost an estimated 5,500 jobs in March, while the unemployment rate edged down a tenth of a percentage point to 6.4 percent.

While the education and health services and leisure and hospitality sectors saw job gains last month, professional, scientific and business services lost 3,400 jobs over the month.

"That sector has been growing quite strongly in recent years, fueled by the innovation economy here," said Michael Goodman, a public policy professor at the University of Massachusetts Dartmouth. "The decline in professional and business services is consistent with what one would expect from the kinds of cuts that have been taking place at the federal level."

Construction lost 1,100 jobs and manufacturing lost 100 jobs in a month's time, according to federal data.

While Clayton-Matthews said he didn't anticipate job losses this large, the trend would not last in the ensuing months.

"Just because we had such extremely fast job growth at the beginning of the year means that employers didn't have to hire as many employees over the next couple of months," he said. "I expect to see slower job growth over the next several months but I do not expect to see continued job losses of this magnitude."

22.26 | 0 komentar | Read More

Twitter releases music app

Twitter today announced a new app that uses tweets and other Twitter activity to detect the most popular tracks and emerging artists.

Twitter #music allows people to go to artists' profiles to see which music they follow, listen to songs by those artists and tweet songs right from the app.

The songs on Twitter #music come from three sources: iTunes, Spotify or Rdio. By default, users will hear previews from iTunes when exploring music in the app. Subscribers to Rdio and Spotify can log into their accounts to enjoy full tracks that are available in those respective catalogs. Twitter said it will continue to explore and add other music service providers.

Users can navigate to #NowPlaying to listen to songs that have been tweeted by people and artists they follow on Twitter. Or, if they're scrolling through a chart and want to learn more about a band, they can tap their avatar to see their top song, follow them right from the chart or tap their Twitter username to go to their profile.

People can download Twitter #music from the App Store today, or use the web version, which will be rolling out over the next few hours at music.twitter.com.

22.26 | 0 komentar | Read More

Radio stations to go silent to mark Boston blasts

BOSTON — Boston radio stations are planning to go silent for one minute next Monday to honor the victims and heroes of the Boston Marathon bombing.

The National Association of Broadcasters says stations owned by CBS Radio, Clear Channel Media and Entertainment, Entercom and Greater Media will participate in the tribute. It is planned for 2:50 p.m., exactly one week from when the two bombs exploded near the finish line of the marathon, killing three people and wounding more than 170.

Association President Gordon Smith says the stations served as first informers after the blast and want to salute the first responders and others who "do so much during emergency situations."

22.26 | 0 komentar | Read More

Mattel 1Q profit rises, Monster High sales climb

NEW YORK — Move over Barbie. Mattel said Wednesday its first-quarter net income more than quadrupled helped by strong sales of dolls like Monster High, Disney Princess and American Girl.

Results beat expectations and shares rose more than 4 percent in morning trading after briefly hitting its highest level in 15 years.

The fashion doll category has been one of the toy industry's strongest, helped by new entrants such as Monster High — a doll line based on the offspring of famous monsters — which has grown to the No. 2 doll category in just three years of existence, according to Mattel.

Barbie is still the No. 1 doll in the sector, but Mattel's results show that other doll brands are gaining steam.

Barbie sales slipped 2 percent, hurt by the stronger dollar. It's the third straight quarter of domestic revenue decline for the famous 54-year-old fashion doll. Mattel declined to give specific sales figures, but said Monster High results drove its total girls brand category up 56 percent worldwide. American Girl sales rose 32 percent.

"As we look at Barbie it's a very competitive category," said CEO Bryan Stockton. "The total fashion doll category is growing and Barbie is holding her own."

The first-quarter is the seasonally smallest for toy makers — accounting for just 17 percent of annual sales, with ad spending at a minimum — coming after the busy holiday quarter. The latest earnings increase was helped by comparison with a period that included a big charge a year ago.

"We continue to see the first quarter as our pre-season and we remain focused on a strong 2013 and delivering in the all-important holiday season," Stockton said.

BMO Capital Markets analyst Gerrick Johnson noted that "hotter" toy brands, like Monster High drove results rather than basics like Barbie, Hot Wheels or Fisher-Price, which all had slightly lower sales.

"That doesn't bode well for Hasbro, which has few 'hot' products," he said. Mattel's smaller rival Hasbro Inc. reports results on Monday.

El Segundo, Calif.-based Mattel said net income for the January-to-March quarter totaled $38.5 million, or 11 cents per share. That's up from $7.8 million, or 2 cents per share, a year ago.

Analysts polled by FactSet expected earnings of 8 cents per share.

The prior-year period's results were weighed down by costs tied to its $680 million acquisition of HIT Entertainment, the company behind Thomas the Tank Engine and Bob the Builder.

Revenue climbed 7 percent to $995.6 million from $928.4 million. Wall Street expected $984.2 million.

The company saw solid sales across North America and overseas. American Girl gross sales increased 32 percent, while worldwide gross sales of other girls' brands — which includes Monster High — surged 56 percent.

Barbie's worldwide gross sales dipped 2 percent, marking the fourth time sales have fallen in the past five quarters. Sales for the Wheels category, which includes the Hot Wheels, Matchbox and Tyco R/C brands, also fell 2 percent. For the Fisher Price brands, sales declined 7 percent.

Mattel also said Wednesday that it declared a second-quarter dividend of 36 cents per share. The dividend will be paid on June 14 to shareholders of record on May 23. The company anticipates an annualized dividend of $1.44 per share, which would be a 16 percent increase over last year's annualized dividend.

Mattel shares rose $1.93, or 4.5 percent, to $44.91 in morning trading Wednesday after rising as high as $45.37 earlier in the session. FactSet said that was its highest price since March 1998.

___

AP Writer Michelle Chapman contributed to this report

22.27 | 0 komentar | Read More

Google mail and other services 'disrupted'

NEW YORK — Google's mail and application services are unavailable to some users. The company says it's investigating the problems, but doesn't know their cause.

Google's apps status dashboard shows that its Mail, Drive file storage service and office-application services are "disrupted." Its administrator control panel, which lets companies manage their Google applications, is completely down.

The disruptions started affecting people worldwide around 8 a.m. Eastern time.

Google Inc. says it's "working hard to restore normal operation."

22.27 | 0 komentar | Read More

Samsung Galaxy S 4 sales start next week in US

NEW YORK — U.S. carriers have started nailing down prices for Samsung's new flagship phone, the Galaxy S 4, which goes on sale starting next week.

AT&T Inc. has started taking pre-orders, and says phones will be shipped starting April 30. It's charging $200 for the base model, with 16 gigabytes of memory, under a two-year contract. Staples says it will start selling the AT&T model on April 26.

Sprint Nextel Corp. starts taking pre-orders Thursday, and says in-store sales start April 27. It charges $250 for the base model, or $150 if the buyer is coming over from another carrier

T-Mobile USA starts taking pre-orders next Wednesday and in-store sales start May 1. It's charging $150 down and $20 per month for two years under its new installment plans.

Verizon Wireless has said it will sell the phone, but hasn't announced a release date or price. Smaller carriers U.S. Cellular, Leap Wireless' Cricket and C Spire will also sell the phone.

The S 4 is the successor to the Galaxy S III, which has been the biggest competitor to Apple Inc.'s iPhone.

The Galaxy S 4 has a slightly bigger screen, a larger battery and a faster processor than its predecessor.

22.26 | 0 komentar | Read More

Canada central bank leaves interest rate unchanged

TORONTO — The head of Canada's central bank is leaving Canada's key interest rate unchanged at 1 percent.

Bank of Canada Governor Mark Carney reiterated in a statement on Wednesday that the rate will need to remain low for some time before a rate hike is considered. It is one of Carney's final announcements before leaving to become the governor of the Bank of England.

The bank lowered its 2013 economic growth forecast for Canada to 1.5 percent from 2 percent.

CIBC World Markets economist Avery Shenfeld says the bank might not raise the rate until early 2015.

Carney, a Canadian, will become the head of the Bank of England on July 1. He is the first foreigner to be tapped for the position since it was founded in 1694.

22.26 | 0 komentar | Read More

American expects flights to return to normal

DALLAS — American Airlines is promising to run a near-normal operation on Wednesday, and that would be just fine for the tens of thousands of passengers who were stranded by a mammoth technology meltdown at the nation's third-biggest airline.

On Tuesday, American and sister airline American Eagle canceled about 1,000 flights and delayed at least 1,100 more, according to flight-tracking services.

That means American and Eagle canceled or delayed nearly two-thirds of their scheduled flights after they lost access to a computer system that's used for everything from issuing boarding passes to determining how much fuel to pump into the plane.

It was a public-relations nightmare for American, which is preparing to merge with US Airways and become the world's biggest carrier. Passengers took to social media sites to criticize the airline, which for hours could only apologize and say that it was trying to fix the problem.

American posted a video apology from CEO Tom Horton that provided the airline's most detailed explanation of the outage.

"As you'd imagine, we do have redundancies in our system," Horton said, standing in front of employees and banks of computer monitors in the airline's control center in Texas, "but unfortunately in this case we had a software issue that impacted both our primary and backup systems."

The man who will lead American in a few months, US Airways CEO Doug Parker, has said he would prefer to convert his planes and employees to American's computer system rather than the other way around.

US Airways declined to comment on whether Tuesday's breakdown would cause Parker to rethink his plans.

The computer outage began snarling operations around midmorning. Eventually the Federal Aviation Administration issued a so-called ground stop for American Airlines jets around the country.

Flights already in the air were allowed to continue to their destinations, but planes on the ground from coast to coast could not take off. And travelers could do little to get back in the air until the computer system was restored.

By late afternoon, American resumed international flights and those from its major hub airports. It scrambled during the evening to put planes and crews in position to get off to a good start on Wednesday morning.

"Despite the magnitude of today's disruption, we are pleased to report that we expect our operation to run normally with only a small number of flight cancellations" on Wednesday, said Andrea Huguely, a spokeswoman for American. She said American would add flights to accommodate stranded passengers.

American blamed the outage on a loss of access to computer networks that are used for flight reservations and many other functions. Airlines commonly rely on such systems to track passengers and bags, monitor who boards planes, and update flight schedules and gate assignments. The computers are also used to file flight plans and tell employees which seats should be filled to ensure that the plane is properly balanced.

American's system is hosted by Sabre Holdings, a one-time division of American that was spun off into a separate travel-reservations technology company. American said the outage wasn't Sabre's fault, and other airlines that use Sabre didn't experience problems.

At airports, customers whose flights were canceled couldn't rebook on a later flight. Passengers already at the airport were stuck in long lines or killed time in gate areas.

"Tensions are high. A lot of people are getting mad. I've seen several yelling at the American agents," said Julie Burch, a business-meeting speaker who was stuck at Dallas-Fort Worth International Airport waiting for a flight to Denver. "Nobody can tell us anything."

Terry Anzur, a TV news consultant from Los Angeles who was also stranded in Dallas, said American Airlines gate employees were doing everything the old-fashioned, manual way because their computers were useless.

"No one at the counter can do anything. They can't check people in," Anzur said. "The airline is at a dead halt."

Theoretically, an airline could do the same work as the reservation system manually for any one flight. But doing it for hundreds of flights isn't practical. American and Eagle operate about 3,300 flights a day.

Now, if the reservations systems go down, "most airlines would be pretty much without the ability to fly more than a very limited number of flights," said Scott Nason, American's former technology chief and now a consultant.

Nason said airlines find and fix the problem, but the next time something else causes an outage. One time, a possum chewed through a cable in Tulsa, Okla., bringing down the whole system. Another time, a worker in the airline's data center used a metal tool instead of an insulated, rubber-coated one — a short-circuit crashed much of the system, he said.

Brent Bowen, a professor of aviation technology at Purdue University, said massive system failures are inevitable as airlines grow increasingly reliant on technology.

"As those systems get bigger and more complex, at some point you're going to have a systemic failure," Bowen said. He added that financially strapped airlines may have underinvested in technology during the past decade, making the computer systems more vulnerable. AMR has lost more than $10 billion since 2001 and filed for bankruptcy protection in late 2011.

American's problems on Tuesday were reminiscent of what United Airlines passengers endured for several days last year. After merging with Continental, United experienced computer glitches in the combined reservation system. On one day in August, 580 United flights were delayed, and its website was shut down for two hours. Another outage in November delayed 636 flights.

The problems prompted an apology from United Continental Holdings Inc. CEO Jeff Smisek, who acknowledged that his airline had frustrated customers and would need to work to win them back.

American began making amends by offering to book people who needed to travel Tuesday on other airlines and pay for the fare difference. For those who wanted to delay their trips, American offered refunds or waivers from the usual fee for changing a reservation.

But for several hours, the airline wasn't able to process those changes and refunds — because the computers were down.

___

Associated Press Airlines Writers Scott Mayerowitz in New York and Joshua Freed in Minneapolis contributed to this report.

___

David Koenig can be reached at http://www.twitter.com/airlinewriter

22.26 | 0 komentar | Read More

Dish Network offering to buy Sprint in $25.5B deal

NEW YORK — Dish Network Corp. is trying to snag U.S. wireless carrier Sprint Nextel Corp. away from its Japanese suitor in a recognition that satellite dishes are losing their relevance in the age of cellphones that play YouTube videos.

Dish offered $25.5 billion in cash and stock on Monday for Sprint, which Dish says beats the offer from Japan's Softbank Corp. Softbank is offering $20 billion in cash, and shareholders get to keep 30 percent of Sprint. Dish is offering $17.3 billion in cash, and Sprint shareholders get 32 percent of the combined Dish-Sprint.

Sprint Nextel Corp.'s stock jumped on the news, as investors started looking forward to a bidding war between Dish and Softbank. Sprint had accepted the Softbank offer and was expecting to close on it this summer. Sprint, the country's third-largest cellphone carrier, said it would evaluate Dish's offer.

Charlie Ergen, Dish's executive chairman, has been looking for a way into the wireless world for years. Dish has been buying space on the airwaves for cellphone service or wireless broadband. The Englewood, Colo., company has tried to partner with cellphone companies to put its spectrum rights to use, but has been repeatedly rebuffed.

"People have generally blown him off and not taken him seriously," technology consultant Tim Farrar said. "This is really saying 'We are serious.'"

On a conference call Monday, Ergen said that Dish is a better fit for Sprint because combine its spectrum rights with Sprint's. Dish can also use its army of satellite dish technicians to install antennas for wireless broadband on customer's roofs, creating a competitor to cable and phone-line broadband. It could also save money by combining its call centers and back-end functions with those of Sprint.

"You want to be in your home with video, broadband, and data, and voice, and you want to be outside your home with those same things," Ergen said. "And while the cable industry does a really good job in your home, and the current wireless industry does a really good job outside your home, there's really no one company on a national scale that puts it all together. The new Dish-Sprint will do that."

Dish said that its proposed transaction includes $17.3 billion in cash and $8.2 billion in stock. Sprint shareholders would keep 32 percent of the combined company, compared with 30 percent under the Softbank deal. Sprint stockholders would receive $7 per share, which is a 13 percent premium to its Friday closing price of $6.22. This includes $4.76 per share in cash and 0.05953 Dish shares per Sprint share.

Shares of Sprint rose 84 cents, or 14 percent, to $7.06 — above the offered price — in morning trading. Dish shares fell $2.63, or 7 percent, to $35.

Dish said that the cash portion of its bid is an 18 percent premium over the $4.03 per share implied by the Softbank offer.

Ergen said during the conference call that Dish believed that Softbank undervalued Sprint. Although he would not say whether Dish would raise its bid for Sprint if Softbank came back with a higher offer, he said that Dish would be more than will to pay the $600 million breakup fee for Sprint and Softbank to terminate their proposed transaction.

Another component of the Sprint purchase is wireless network operator Clearwire. In December, Sprint agreed to buy the portion of Clearwire it didn't own for $2.2 billion.

The deal would give Sprint control of an affiliate it depends upon to provide high-speed "Sprint 4G" data services on some of its phones. The Clearwire deal is contingent on the Softbank deal going through, Sprint lacks the money to complete it on its own.

Dish made its own bid of about $5.15 billion for Clearwire in January. Ergen said that Dish has not formally withdrawn its Clearwire offer and that its Sprint buyout bid is not contingent on Clearwire going through with the Sprint offer.

Dish has 14.1 million TV subscribers, making it the No. 2 satellite-TV company after DirecTV. Sprint, which is based in Overland Park, Kan., has 55.6 million wireless devices on its network.

___

AP Business Writer Michelle Chapman contributed to this report.

22.26 | 0 komentar | Read More

Global Partners subsidiary to build Bangor CNG station

Global Partners LP said today its subsidiary, Global CNG LLC, has received approval from the Bangor Planning Board to develop and operate a compressed natural gas loading station in Bangor, Maine.

When construction of the station at Maine Avenue and Godfrey Boulevard is complete, Global CNG, through an alliance with Bangor Gas Co., will provide large commercial, industrial and municipal customers with natural gas on a year-round basis, officials said.

The CNG station is scheduled to be open by the end of August, officials said. The station will also use proprietary compression technology developed by OsComp Systems Inc. designed to reduce the energy required to compress and transport natural gas.

22.26 | 0 komentar | Read More

Thermo Fisher to acquire Life Tech for $13.6B

Thermo Fisher Scientific said today it will acquire Life Technologies Corp. for nearly $13.6 billion, or $76 in cash per fully diluted common share.

The Waltham-based health-care equipment company will also assume Life Technologies' net debt, which was $2.2 billion as of the end of last year.

The transaction, which was approved by both companies' boards of directors, will "create an unrivaled leader in serving research, specialty diagnostics and applied markets," the companies said.

"The acquisition of Life Technologies enhances all three elements of our growth strategy -- technological innovation, a unique customer value proposition and expansion in emerging markets," said Thermo Fisher Scientific President and CEO Marc N. Casper in a statement. "Our customers in research and applied markets will now be able to achieve even higher levels of innovation and productivity by working with the combined company. We're especially excited about the new opportunities we will have to leverage our complementary offerings, fueled by a shared commitment to continuous innovation. For our shareholders, we expect the transaction to generate attractive financial returns, as well as significant and immediate accretion to our adjusted EPS."

Life Technologies, which is based in Carlsbad, Calif., provides products and services to customers conducting scientific research and genetic analysis, as well as those in applied markets, such as forensics and food safety testing, officials said. The company, which has more than 10,000 employees, reported 2012 revenues of $3.8 billion.

Life Technologies' President and Chief Operating Officer Mark P. Stevenson is expected to have a "significant leadership role" in the combined company, officials said. In addition, Thermo Fisher plans to elect a member of the Life Technologies board of directors to the Thermo Fisher board.

The transaction is expected to close early next year. The sale marks Thermo Fisher's largest acquisition since the $12.8 billion merger in 2006 of Thermo Electron and Fisher Scientific International.

In July of last year, Thermo Fisher acquired transplant diagnostics company One Lambda for $925 million in cash.

22.26 | 0 komentar | Read More

AP sees slight revenue decline in 2012

NEW YORK — The Associated Press said Monday that its revenue declined slightly in 2012 because U.S. elections and the Olympics drew less interest than expected, but it was largely successful in replacing lost revenue with increased sales of video and photos.

Revenue dropped 0.8 percent to $622.2 million last year from $627.6 million in 2011, the not-for-profit news cooperative said at its annual meeting on Monday.

The AP had a net loss of $25.6 million for 2012, down from a loss of $193.3 million the year before. The 2011 loss was mostly due to a non-cash charge of $168 million that was taken as a reserve against future tax benefits.

The AP is owned by 1,400 U.S. newspapers and is largely a wholesaler of news. It sells the content it gathers and produces to newspapers, commercial websites and radio and TV stations.

The AP expected revenue to rise as much as 2 percent in 2012 with help from the elections and the Summer Olympics in London, but Chief Financial Officer Ken Dale said the demand for news from these events was lower than in 2008. Barack Obama's second presidential campaign was not as dramatic as his first, and the London Olympics were easier for news outlets to cover than the 2008 games in Beijing, which meant many AP customers relied less on its services.

It was the fourth straight year of declining revenue for the AP, but the rate of decline has slowed sharply the last two years. The U.S. newspaper industry, which accounts for about 20 percent of AP revenue, has suffered from a loss of advertising dollars to online media. AP has cut the fees it charges newspapers for its content, but it hasn't been enough for some. A number of newspapers have ended their contracts with the AP, including the Chicago Tribune and six other newspapers owned by Tribune Co.

The big news events of 2012 saddled AP with extra costs at the same time it was upgrading its video equipment to high definition, forcing it to borrow. Paying off $19 million in debt is AP's highest priority, Dale said.

Still, cost controls helped keep the operating loss to $25.7 million in 2012, compared with $34.2 million in 2011.

Most of the expense decline was due to payroll savings through attrition and a freeze of defined benefit pension plans. The AP ended the year with 3,259 employees, down 6 percent from 3,473 a year earlier.

Dale said he expects revenue to decline again in 2013 because of the absence of elections and Olympics. He also said he expects costs to keep declining, leading to a big reduction in the 2013 operating loss.

The AP is offsetting the drop-off in newspaper revenue with new online customers and strong demand for images and video.

"We're pretty much backfilling any erosion we're seeing in newspapers," Dale said.

Also at the meeting on Tuesday, the AP board added three members, re-elected five and saw two leave. It now has 19 board members.

The new board members are Robert Brown, president of Swift Communications Inc.; Gracia C. Martore, president and CEO of Gannett Co.; and Terry J. Kroeger, president and CEO of BH Media Group, a subsidiary of Berkshire Hathaway Inc.

Last year also saw a change in AP's executive leadership. Tom Curley left the post of CEO in July after nine years and was replaced by Gary Pruitt, who had been CEO of The McClatchy Co.

_______

http://www.ap.org/company/annual-meeting/2013/annual-report/

22.26 | 0 komentar | Read More

Gas prices fall 9 cents per gallon in Massachusetts

BOSTON — The price of a gallon of gas in Massachusetts has plummeted 9 cents in the past week.

AAA Southern New England reports Monday that self-serve, regular is now down to an average of $3.47 per gallon, a nickel below the national average.

The price in Massachusetts is 18 cents lower than a month ago and 42 cents lower than at the same time last year.

AAA found a gallon of self-serve, regular selling as low as $3.29 per gallon and as high as $3.73.

22.26 | 0 komentar | Read More