Crushing on my Candy addiction

The formula for consistent social media profits has been cracked, or perhaps more accurately, crushed. Unfortunately, the solution is eating my soul.

Let me back up. "Candy Crush Saga" is the most popular social media game ever, and the most addictive. A baffling 190 million people worldwide are using it. The Candy got me during a recent cold, when I was laid up and wondering, "What is this Candy Crush thing that I keep seeing on Facebook?"

It looked harmless enough at first. Rows of shiny little gumdrops and jelly beans, and all you have to do is arrange three in a row of the same color.

The first several rounds were a breeze, and I could see how my score stacked up against my Facebook friends — so many of them playing this game, and such a strange cross-section. The mommy/part-time engineer, the owner of a dance school, the do-nothing basement dweller, the high school math teacher — many ages and genders represented here.

Then my first Candy Crush hurdle: I had run out of lives. Oh well. Time to start over. But wait … I have to wait 20 minutes to earn another life, or I can pay 99-cents for a full set? Well, just this one time …

There's another way to get lives: You can beg friends for them. It forces you to connect and commiserate with friends.

And therein lies the genius formula. The route to instant gratification costs money, and they provide an instant circle of equally wayward friends to cheer you on.

Analysts believe this fad will live on far longer than previous runaway hits like "Farmville," "Texas Hold 'Em" and "Words with Friends." For starters, the rules are far simpler. There is no learning curve. And rather than pushing out sequels and add-ons, the makers of "Candy Crush Saga," a European company called King, have vowed to keep the game constantly evolving. And some of the levels are so difficult that winning feels like an accomplishment.

One of my friends was stuck on the same level for 30 days. "Sadly, I still played it several times a day," she reports. There's something about these colorful little candies.

I'm sure the fine folks at King consulted industrial psychologists in their quest to create an addiction. What better way than to tap into society's disgusting love/hate relationship with sugary treats?

22.27 | 0 komentar | Read More

Squantum home’s a day at the beach

If you want to feel like you're on vacation year round, this waterfront house for sale in the Squantum neighborhood of Quincy comes complete with deeded access to a private beach.

Built in 2008 by Realtor/owner Theresa Repoff, the three-bedroom single family at 173 Huckins Ave. in Squantum is about 100 feet from the ocean and has water views from most rooms. It's also one of nine neighboring houses that have deeded access to private Sunrise Beach.

The 3,100-square-foot home with Brazilian cherrywood floors throughout, a third-floor family room, three outdoor decks and a basement wine cellar is on the market for $1,195,000. The second-floor master bedroom and the entire top floor have unobstructed ocean views.

The house, which goes front to back from Huckins Avenue to Sunrise Road, has a three-vehicle garage underneath it, with doors opening out to both streets. It has bushes in front along with front, side and back lawns.

A granite paver walk leads to a covered porch and into a cherrywood foyer with a double-door closet.

To the left is a floor-through, recessed-lit living and dining area with crown molding and three large sets of triple windows with transoms above that bring in lots of light and have ocean views, although the house next door blocks sight lines. A gas fireplace with a granite surround separates the living and dining space. At the end of the dining area sit glass doors that lead out to a private rear deck that looks out to the beach.

The dining area segues into a recessed-lit kitchen with 25 white-painted beadboard-styled cabinets above and below greenish blue granite counters with a multicolored glass mosaic tile backsplash. There's a granite-topped central island with a four-burner Bosch stainless-steel gas cooktop. The refrigerator and dishwasher are also Bosch stainless-steel.

Also on this floor is a half bathroom with white marble floors and counters over an antique vanity.

The home's three cherrywood bedrooms are on the second floor, reached via a turning staircase.

The sunny master suite features a three-part window with unobstructed ocean views and glass doors out to a private deck. There's a large walk-in closet with built-in storage as well as a double-door closet. The en-suite ceramic-tiled master bathroom has a walk-in shower and double-sink vanity with creme marble countertops.

There are two other bedrooms on this floor — ideally sized for children — as well as another full ceramic-tiledx bathroom. Opposite the bath, behind a frosted glass door, is a laundry room with ocean views.

The entire third floor of the home is a cherrywood-floored family room, ideal for entertaining with its private outdoor deck with unobstructed ocean views. There's a vaulted ceiling here, lots of windows, a skylight and even a built-in electric fireplace.

The basement has a finished wine cellar and direct access to the garage. There's also a lot of extra storage space in the unfinished areas.

The home has two gas-fired heating and central air-conditioning systems.

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The Ticker

Demolition to make way for Millennium Tower

This weekend Suffolk Constructon will demolish the remainder of a 1905 building at the corner of Franklin and Hawley streets that housed part of Filene's. This will allow developer Millennium Partners to begin work on the 625-foot Millennium Tower, which will include 600 condominiums and apartments, about 218,000 square feet of office space and 231,000 square feet of retail.

SEC files charges against
 hedge fund founder Cohen

The Securities and Exchange Commission leveled its most direct shot against billionaire hedge-fund manager Steven A. Cohen yesterday by filing civil charges that accuse him of failing to prevent insider trading.

The SEC alleged that Cohen, who founded and runs SAC Capital Advisors, failed to prevent two of his portfolio managers from illegally reaping profits and avoiding losses of more than $275 million. Both managers provided information to Cohen that suggested they had access to inside information, the SEC said. But rather than raise any red flags, Cohen praised one of the managers and rewarded the other with a 
$9 million bonus, the SEC said.

Calif. judge finalizing deal
in Toyota acceleration cases

A California judge said yesterday that he's finalizing a settlement worth more than $1 billion in cases in which motorists say the value of their Toyota vehicles plunged after recalls over claims they unexpectedly accelerated.

U.S. District Judge James Selna said he was approving the deal that was announced in December and will affect 22 million consumers.

• Grossman Marketing Group, a print and promotional products company headquartered in Somerville, has announced the hiring of Al Maloney as an account executive who will work out of the company's Somerville office. Maloney's primary responsibility will be to generate new business opportunities throughout the Northeast, including Western Massachusetts and Upstate New York.
• Metabolix Inc. a bioscience company delivering sustainable solutions to the plastics, chemicals and energy industries, announced that Johan van Walsem has been promoted to the position of chief operating officer. In this newly created role, Van Walsem will be responsible for the management of the company's biopolymers, biobased chemicals and crops businesses, as well as the key functional areas that enable these businesses to perform.
• HomeStart has announced the addition of Kate Jordan as the new housing search director. In this role, Jordan will assist homeless individuals and families who are currently being housed in shelters with locating permanent and affordable housing. Jordan will work with HomeStart's management team to oversee the agency's long-term planning goals and assist with the development of programs.

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Value shoppers turn to used cars

With used-car prices falling and the quality of late-model cars improving, buyers are now getting a lot more bang for their buck.

Recent redesigns, especially in the midsize- and compact-sedan segments, have left the used-car market full of vehicles that were on the cutting edge several years ago, but at lower prices now.

Those cars have helped to create "some of the best product we've seen in the industry in years" said Alec Gutierrez, an analyst for Kelley Blue Book. "These vehicles are significantly improved over the models they are replacing."

"If the new-car prices are out of your budget and you're looking to buy used to save a few dollars, used cars the past few years are really good products," said Richard Arca, used car analyst at Edmunds.com. "If you take a look now, the manufacturers made huge strides in improving their product" in the past few years.

To make the deal even sweeter, used-car prices are down 6 percent from their peak in May 2011. The average price for a used car at auction was $11,031 in June, according to Manheim, an auction company, and experts don't expect prices to rise soon.

"Prices will continue to soften at a faster rate," Arca said.

"Now is definitely as good a time as any" to buy a used car, Gutierrez said.

Analysts said the quality of used cars has been instrumental in keeping the entire auto sales business afloat.

"Nearly every vehicle in the industry has so significantly improved that it's helped to shore up the industry," Gutierrez said.

Here are some of the top used cars that have been dramatically redesigned over the past few years:

2011 Hyundai 
Sonata

Replacing the fifth-
generation Sonata introduced in 2005, the '11 was introduced to rave reviews. Kelley Blue Book called the stylish mid-sized sedan a "towering home run" in its review. The redesign brought an entirely new look to the car, along with value, quality and a world-class powertrain.

2011 Kia Optima

The previous iteration of the Optima, a bland, boring car with few attractive features, was replaced by this heavy-hitter. Packed with amenities, this mid-sized sedan comes with improved styling over older models and new (at the time) tech features, including Bluetooth connectivity, an iPhone audio input and a glove box that will keep drinks cool.

2012 Ford Focus

This compact got a new look in 2012, but also packs more quality, features and options. Also available as a 5-door hatchback for the first time, the Focus boasts a stronger unit-body structure and a completely retuned suspension. Premium comfort features include MyFord Touch infotainment and standard dual-zone climate control.

2011 Chevrolet Cruze

The Cruze marked the beginning of Chevy's turnaround, and for good reason. While not technically a redesign, the Cruze replaced the Cobalt in Chevy's lineup. The compact has an impressive 36 mpg, and the price to back it up. Superficially, the car is attractive inside and out.

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Obama commends work of consumer protection agency

WASHINGTON — President Barack Obama is commending the work of a consumer protection agency created after the economic crisis.

The Consumer Financial Protection Bureau got its first permanent director this week after the Senate voted to install Richard Cordray after years of delay.

In his weekly radio and Internet address, Obama says consumers can go to the agency to "get some measure of justice" when financial institutions disregard the rules.

He says the bureau has addressed more than 175,000 complaints and has helped recover more than $400 million in refunds for consumers.

In the Republican message, Reps. Todd Young of Indiana and Tim Griffin of Arkansas are calling on the Democratic-controlled Senate to vote on bills passed by the House to delay requirements on individuals and businesses by Obama's health care law.

___

Online:

Obama address: www.whitehouse.gov

GOP address: http://www.gop.gov/

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The Ticker

Detroit files for bankruptcy

Detroit yesterday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.

A number of factors — most notably steep population and tax base declines — have been blamed on Detroit's tumble toward insolvency. Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle class and scores of businesses also have fled the city, taking their tax dollars with them.

Mass. jobless rate climbs to 7 percent

The state's unemployment rate rose yesterday, further narrowing the employment gap between the state and the rest of the country.

Massachusetts added 2,800 jobs in June, but the unemployment rate rose to 7 percent, the Executive Office of Labor and Workforce Development said yesterday.

While the state unemployment rate remains below the national rate, the state's unemployment is only .6 percent less than the national rate, compared to 1.2 percent lower in January.

Senators make deal on student loans

Student borrowers will see interest rates reduced to levels near those that expired last month under a deal announced by Senate lawmakers yesterday, potentially ending a battle over college costs that had divided Democrats and threatened to leave students with sharply higher costs.

South Station to get new bar

Commuters in South Station hoping to do something other than eat in the food court and stare at the train schedule will finally get their chance.

Bar and restaurant chain Tavern in the Square will be opening an "airport style" bar in the center of South Station, according to restaurant management.

The 750-square-foot location will have televisions, roughly 40 seats ­— bar and table — and will offer 50 draft beers and a limited menu of Tavern's most popular items.

TODAY

 General Electric Co. reports quarterly financial results.

 Christine Ward, left, has been named director of operations for Raising A Reader Massachusetts, an early literacy nonprofit organization. Ward joined the organization in 2010 and continues to work in Operations and Human Resources, helping the organization expand across the state and double the size of the team.

 Intarcia Therapeutics announced the hiring of Dr. Eddie Li to the newly created position of vice president and global head of regulatory affairs. Li brings more than 20 years of experience in regulatory affairs to Intarcia.

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Boston Globe bidder files suit vs. ex-partner

Two media bigs who teamed up to try to buy The Boston Globe in 2011 are now engulfed in a long and pricey breach of contract dispute, as former Time Inc. CEO Jack Griffin is suing Orange County Register publisher Aaron Kushner for up to $10 million in New York Civil Supreme Court, according to court filings.

Griffin — now part of a local group comprised of cousins and former Globe owners Stephen and Benjamin Taylor hoping to buy the broadsheet — is accusing Kushner of stiffing him on payouts after his company, 2100 LLC, acquired the Orange County Register and six other newspapers last year.

Kushner, a former greeting-card merchant from Wellesley, first hired Griffin as a senior adviser at a rate of $600 an hour to consult on the group's possible acquisition of the Globe in June 2011, according to court documents.

The Globe deal never happened, but one year later Kushner's group bought Freedom Communications, which included the West Coast papers.

Griffin alleges the two agreed that he'd be appointed a director and officer, get a one-year consulting contract for $250,000 and a 3.449 percent stake in the company, which, based on the company's then-$5.8 million value, would be worth $200,000.

But six days later, 2100 revalued itself at $89 million and Griffin's share in the company was diluted to 0.225 percent, the lawsuit claims.

Griffin insists in the suit that Kushner relied on Griffin's "name, reputation and contacts" to execute the Freedom deal.

But Kushner's lawyer, Seth L. Levine, vowed to "vigorously" fight the claims.

"Mr. Griffin's lawsuit is frivolous and entirely without merit," said Levine. "His efforts to extract from 2100 Trust and Mr. Kushner an exorbitant sum which he never earned and to which he was never entitled is totally inappropriate."

A spokesman for Griffin said he was a "visible" member of the 2100 leadership team.

"Despite using Mr. Griffin's name, credentials and significant insights gained from working three decades at the highest levels in the publishing industry, 2100 Trust did not compensate Mr. Griffin nor did it grant him equity in the company or name him as a Director, according to its obligations and representations," said Al Minahan.

Judge Barbara Kapnick refused Kushner's motion to dismiss on all four counts earlier this year.

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Board backs off firing Market Basket’s CEO

A victorious Arthur T. Demoulas emerged from a marathon 13-hour Market Basket board meeting late last night, where no vote was taken to remove him, to be greeted by throngs of cheering employees.

"Artie T.! Artie T.!" employees chanted, as one hoisted the embattled supermarket CEO on his shoulders.

"You're the best!" Arthur T. Demoulas told them. "I never want to leave you!"

Directors with a new majority that were seen as aligned against the CEO had met behind closed doors all day and into the night at an Andover hotel as employees, customers and other Demoulas loyalists lined the half-mile road to the property.

Company shareholders led by cousin Arthur S. Demoulas — both Arthurs are sons of the company's two co-founders — last month won a court order that forced yesterday's meeting after directors supporting the CEO failed to attend two prior ones at which his proposed removal was on the agendas.

The detractors had alleged fiscal recklessness and lack of accountability by Arthur T. Demoulas, according to court documents that describe his management as dictatorial. Demoulas' supporters, meanwhile, say opposing shareholders have supported borrowing 
$1.5 billion for a shareholder payout at the expense of Market Basket's 22,000 workers, employee profit-sharing plan and low prices that undercut its competitors. But the meeting ended with no motion to remove Arthur T. Demoulas.

The CEO said in a statement: "I am pleased with today's result. I hope to work constructively with the Board going forward. It is my desire to continue to look out for the best interests of our customers and employees. Together we have built a fine organization and I am extremely proud of you. Thanks to everybody for their tremendous outpouring of support."

The company operates 71 Market Baskets in Massachusetts and New Hampshire, with revenue of 
$4 billion last year, up from $2.48 billion in 2007.

Employees at the rally were steadfast in their loyalty to Demoulas, who's been CEO since 2008. An estimated 2,000 people sporting signs and shirts in his support greeted Demoulas as he drove up to yesterday's 9:30 a.m. meeting.

"If it's not broken, don't fix it," said John Conway, 56, a 35-year employee who manages the Portsmouth, N.H., store and was among the throng of Arthur T. supporters yesterday.

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Arts festivals drawing lots of business to Hub

Officials plan to build on this summer's string of business-boosting arts festivals by bringing even more outdoor summer fun to downtown Boston and city neighborhoods next year.

"We absolutely want to keep what we have, but there's always room for expansion," said Chris Cook, director of arts, tourism and special events. "We're already looking at opportunities to layer in different arts experiences next year."

Cook pointed to the free, nine-day Outside the Box inaugural festival, which ends Sunday, as a model. The event features 200 performances and has attracted thousands of people daily to Boston Common and City Hall Plaza, despite this week's sweltering weather.

"The city needed it," said Ted Cutler, the festival's founder, adding with a reference to the April 15 bombing, "Since the marathon, there's been a cloud over the city. This helped lift it."

In addition to raising people's spirits with art, music and dance, Outside the Box has boosted sales at some local businesses.

Steve Heeley, CEO of Earl of Sandwich, Boston Common's only year-round restaurant, and Lindo DeFarias, manager of Sal's Pizza on Tremont Street, both estimated that sales have been up 50 percent since the festival began.

Rosemarie Sansone, president of the Downtown Crossing Business Improvement District, said she only hopes that future events will be more spread out across the city. And with next weekend's FIGMENT Boston, she'll get her wish. The event returns to the Rose Kennedy Greenway for the third year, bringing more than 100 interactive art projects, dance performances and music.

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US tech earnings weigh on markets

LONDON — Disappointing earnings from two U.S. technology giants weighed on global markets Friday after a stellar run that has seen Wall Street's main indexes post a series of all-time highs.

Stocks around the world have had a solid week, especially after U.S. Federal Reserve Chairman Ben Bernanke indicated that the central bank's monetary stimulus may remain in place for longer than many in the markets had been predicting.

As a result, investors were looking for a reason to book some profits ahead of the weekend and the earnings figures from Google and Microsoft gave them that opportunity, despite a solid report from General Electric.

Google's quarterly report showed its average ad rate fell from the previous year for the seventh consecutive quarter. In an unexpected turn, the decline deepened for the first time in a year.

Microsoft booked a large write-off to its Surface RT business after it slashed prices on the tablets to stimulate demand this week. Its quarterly earnings results also showed that Windows 8, an operating system designed to bridge the divide between PCs and tablets, has been so poorly received that it contributed to a revenue drop in the operating system software unit.

"Results from technology companies have generally been poor with eBay and Intel also missing expectations," said Fawad Razaqzada, technical analyst at GFT Markets. "Overall, however, most of the S&P 500 companies who have reported their results have beaten earnings expectations; though, one has to be wary of jumping to conclusions because it is merely early days still."

In Europe, the FTSE 100 index of British shares was 0.4 percent lower at 6,608, while Germany's DAX fell 0.4 percent to 8,307. The CAC-40 in France was down 0.4 percent at 3,910.

Wall Street was poised for a disappointing open with both Dow futures and the broader S&P 500 futures down 0.2 percent. Modestly better than expected earnings from GE did little to alter the cautious mood expected at the open.

Stock markets, particularly in the U.S., have had a bumper month following a bout of jitters prompted by uncertainty over when the Fed will start reducing its monetary stimulus.

The Fed has been buying $85 billion of financial assets a month in the hope of reducing long-term borrowing rates and shore up the U.S. economy. Bernanke has said that the so-called tapering will begin when a number of economic indicators point to a clear recovery path. The prospect that it may remain for longer has been greeted positively by investors who have grown used to the stimulus money floating around markets.

"Despite the weakness in stocks this morning, global equities are still on track to post a fourth week of gains, helping to underpin the generally bullish feeling in the market of late," said David White, a trader at Spreadex.

Earlier in Asia, markets closed mostly lower following the tech reports in the U.S. and amid worries over the Chinese and Japanese economies, the world's number 2 and 3.

Japan's Nikkei 225 shed 1.5 percent to 14,589.91 while Hong Kong's Hang Seng added just 0.1 percent to 21,362.42. Seoul's Kospi wavered between gains and losses, finishing 0.2 percent down at 1,871.41. China's Shanghai Composite index fell 1.5 percent to 1,992.65.

In currency markets, trading was steady with the euro flat at $1.3111 while the dollar was down 0.2 percent at 100.32 yen.

Meanwhile in the oil markets, the price of benchmark New York crude was 84 cents higher at $108.65 a barrel.

____

Cerojano contributed from Manila, Philippines.

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Security experts to test phone anti-theft locks

SAN FRANCISCO — The top prosecutors in San Francisco and New York say they are bringing in state and federal security experts to test the newest anti-theft features designed to thwart the surge of stolen smartphones.

San Francisco District Attorney George Gascon and New York Attorney General Eric Schneiderman announced Thursday the security experts will be in San Francisco to test Apple's iPhone 5 with its activation lock and Samsung's Galaxy s4 with Lojack for Android.

Gascon says the experts will treat the phones as if they were stolen and try circumventing its anti-theft features to draw their own conclusions on its effectiveness.

Gascon and Schneiderman met in New York City last month with representatives from Apple, Samsung, Google and Microsoft, urging them to create a "kill switch" to render stolen smartphones inoperable. Almost 1 in 3 robberies nationwide involves the theft of a mobile phone, according to the Federal Communications Commission, which is coordinating the formation this fall of a national database system to track cellphones reported stolen.

"Together, we are working to ensure that the industry imbed persistent technology that is effective, ubiquitous and free to consumers in every smartphone introduced to the market by next year," Gascon and Schneiderman said in a statement.

Nearly 175 million cellphones — mostly smartphones — have been sold in the U.S. in the past year and account for $69 billion in sales, according to IDC, a Massachusetts-based research firm.

Lost and stolen cellphones cost consumers more than $30 billion last year, according to a study cited by Schneiderman in June. In New York, police have coined the term "Apple-picking" to describe thefts of the popular iPhone and other mobile products like iPads. Phone thefts comprise 40 percent of all robberies in New York City, authorities say.

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US unemployment aid applications drop to 334K

WASHINGTON — The number of Americans applying for unemployment benefits fell 24,000 last week to a seasonally adjusted 334,000, a sign that steady job gains should continue.

The drop left unemployment benefit applications at the lowest level in 10 weeks, the Labor Department said Thursday. Some of the decline may have been caused by seasonal factors.

Still, the broader trend has been favorable. The four-week average, which smooths out fluctuations, fell 5,250 to 351,000.

"We believe labor market conditions remain on a gradually improving trajectory," said Laura Rosner, an economist at BNP Paribas.

Weekly applications data can be volatile in July. Automakers typically shut their factories in the first two weeks of the month to prepare for new models, which leads to a temporary spike in layoffs. But this year much of the industry has skipped or shortened the shutdowns to keep up with stronger demand.

Applications are a proxy for layoffs. They have declined 5 percent since January. The drop has coincided with stronger job growth.

Employers added an average of 202,000 jobs a month through the first six months of the year, up from an average of 180,000 in the previous six months.

In June, they added 195,000 jobs and revisions showed 70,000 more jobs were added in April and May. The unemployment rate stayed at 7.6 percent last month but is down from 8.2 percent a year earlier.

Despite the gains in hiring, economic growth has been weak. Most economists expect growth slowed in the April-June quarter to an annual rate of 1 percent or less, down from a tepid 1.8 percent rate at the start of the year. That would mark the third straight quarter of growth below 2 percent.

Many economists are hopeful that steady hiring will help spur faster growth in the second half of the year.

More than 4.5 million people received unemployment aid in the week ending June 29, the latest data available. That's down just 1,900 from the previous week. The number of recipients has fallen 21 percent in the past year.

Recent reports have painted a mixed picture of the economy. Americans bought more cars, clothes and furniture in June, but cut back retail spending almost everywhere else. Excluding purchases in the volatile categories of autos, gas and building materials, retail sales rose at the slowest pace since January.

Meanwhile, factory output grew in June for the second straight month, a separate Fed report said, a sign manufacturers are recovering from a slow start to the year.

More hiring could help the economy grow faster later this year by increasing the number of Americans earning paychecks. That could fuel more consumer spending and overall growth.

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Bernanke comments keep markets firm

LONDON — Stocks continued to rise Thursday on the Federal Reserve's promise to extend its stimulus policies if necessary and upbeat U.S. economic and corporate earnings reports.

In prepared remarks to lawmakers in Congress, Fed Chairman Ben Bernanke said Wednesday that the Fed's timetable for reducing its bond purchases was not decided and that the central bank could even boost them if the economy fails to meet expectations.

The Fed wants to see substantial progress in the job market before scaling back its $85 billion a month in purchase of government bonds and other financial assets, he said.

Expectations the Fed might start tapering off its stimulus in September caused market jitters last month. So his clarification this week that he was not pre-committed to a schedule encouraged investors.

In Europe, the FTSE 100 index of British shares was up 0.9 percent to 6,632.39 while Germany's DAX rose 0.5 percent to 8,295.44. The CAC-40 in France gained 0.9 percent to 3,904.89.

Wall Street opened higher, with the S&P 500 up 0.3 percent at 1,686.56 and the Dow 0.5 percent higher at 15,544.42.

Also supporting markets was news that U.S. jobless claims fell 24,000 last week to 334,000, a sign of steady job gains.

Corporate earnings were mixed. Morgan Stanley shares rose 3.7 percent, boosting financial stocks, after its second-quarter profits beat expectations. But Nokia shares slid 4 percent as its sales continued to drop sharply.

Google and Microsoft are due to announce results later. The focus will also return to Bernanke, who will continue his testimony to the Senate.

In Asia, Japan's Nikkei 225 rose 1.3 percent to 14,808.50, its highest close in two months, but gains elsewhere in the region were much more modest. Australia's S&P/ASX 200 added 0.2 percent to 4,993.40. Shares in Indonesia, Malaysia, Thailand, India and Singapore were also higher.

China-related shares were mostly lower, reflecting gloom over news earlier in the week that the world's second-largest economy posted its second straight quarter of slower economic growth in April-June.

Hong Kong's Hang Seng shed early gains to fall into negative territory, losing 0.1 percent to 21,345.22. Benchmarks in mainland China and Taiwan also were lower. The Shanghai Composite dropped 1.1 percent to 2,023.40.

"The slowdown of growth in China is still the main concern," said Linus Yip, a strategist at First Shanghai Securities in Hong Kong.

In other markets, the benchmark crude contract for August delivery was up 64 cents at $107.12 in electronic trading on the New York Mercantile Exchange. The contract rose 48 cents on Wednesday.

The euro fell to $1.3076 from $1.3117 late Wednesday. The dollar rose to 100.46 yen from 99.62 yen.

___

Elaine Kurtenbach in Tokyo contributed to this report.

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Men's Wearhouse buying Abboud brand for $97.5M

FREMONT, Calif. — Men's Wearhouse is buying the Joseph Abboud brand for about $97.5 million in cash in a deal that will broaden the company's roster of exclusive brands.

The news follows the retailer's decision to fire its founder George Zimmer as executive chairman last month. Zimmer is well-known for his guarantee in commercials that "You're going to like the way you look" in Men's Wearhouse fashions.

Men's Wearhouse already has a relationship with Joseph Abboud, who created the brand that bears his name in 1987. Abboud has served as chief creative director at Men's Wearhouse Inc. since December.

The deal is with JA Holding Inc., parent company of the Joseph Abboud brand. Other brands in the transaction include Joseph Abboud Boys, Joseph Abboud Home and Joe Joseph Abboud. It also includes JA's U.S. tailored clothing factory, which has 450 workers.

Abboud-branded products are sold in department stores and specialty stores in the U.S. and more than 50 countries globally. Men's Wearhouse, a seller of men's clothing and accessories, has 1,141 stores.

Men's Wearhouse President and CEO Doug Ewert said in a statement that the Abboud brand offers customers products from an American designer that are made in the U.S.

JA Holding is majority owned by funds affiliated with J.W. Childs Associates LP.

Men's Wearhouse anticipates financing the buyout and its existing $200 million repurchase program with available cash and proceeds from an existing credit facility.

The company has had a busy two months. In June Men's Wearhouse made headlines when it announced Zimmer's firing. While tight lipped on the reasons behind the firing initially, the clothier later disclosed that its board cut ties with Zimmer because he had difficulty "accepting the fact that Men's Wearhouse is a public company with an independent board of directors and that he has not been the chief executive officer for two years."

The Joseph Abboud brand acquisition is expected to close in the third quarter and start adding to Men's Wearhouse earnings in fiscal 2014.

Shares of Men's Wearhouse added 57 cents, or 1.5 percent, to $39.52 in morning trading Thursday, nearing its 52-week high of $39.99 set this past Monday.

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Bernanke: Fed stimulus tied to economy's health

WASHINGTON — Ben Bernanke says the Federal Reserve's efforts to boost the U.S. economy remain tied to the job market's health and inflation, delivering what could be his final semiannual economic report to Congress.

The Fed chairman is appearing before the Senate Banking Committee, repeating the message he gave Wednesday to the House Financial Services Committee.

Bernanke says in prepared remarks that there is no "preset course" for the Fed's $85 billion-a-month bond-buying program: Any change will depend on the economy's performance. He also says the Fed could hold its benchmark short-term interest rate near zero even after unemployment falls below 6.5 percent, particularly if the decline is caused by people leaving the workforce.

The Fed's low interest rate policies have spurred a stock market rally and encouraged more borrowing and spending.

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Driving somewhere? There's a gov't record of that

WASHINGTON — The American Civil Liberties Union says in a new report that local police departments are amassing millions of digital records on the location and movement of Americans using automated license plate scanners.

The report, released Wednesday, found that there are tens of thousands of license plate scanners scattered across the United States. The scanners are affixed to police cars, bridges or buildings and capture images of passing or parked vehicles. The police dump that information into databases that can be reviewed weeks, or even years later.

Law enforcement officials say the practice is legal and helps to automate work the police were already doing. The ACLU says stricter rules are needed, such as immediately deleting records not tied to an investigation.

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Bernanke: Timetable for bond purchases not preset

WASHINGTON — Chairman Ben Bernanke said Wednesday that the Federal Reserve's timetable for reducing its bond purchases is not on a "preset course" and the Fed could increase or decrease the amount based on how the economy performs.

Bernanke told lawmakers that the job market has made some progress since the Fed began buying $85 billion a month in bonds in September, as part of his mid-year economic report to Congress. And he repeated his belief that the Fed could slow that pace later this year if the economy strengthens.

But Bernanke cautioned that the Fed wants to see substantial progress in the job market before scaling back the bond purchases. If conditions worsen, the Fed could maintain its current pace or even increase it. The bond purchases are intended to keep long-term interest rates low and encourage borrowing and spending.

"Because our asset purchases depend on economic and financial developments, they are by no means on a preset course," he told the House Financial Services Committee. It's the first of two days of testimony this week on the Fed's semi-annual report.

Bernanke said that a number of factors could influence the Fed's thinking. U.S. economic growth could be restrained further by a weaker global economy or federal spending cuts and tax increases. Inflation could remain well below the Fed's 2 percent target. And the unemployment rate could drop because people are leaving the workforce — not because they are getting jobs.

Investors reacted positively to Bernanke's remarks. The Dow Jones industrial average was up 30 points in the first hour of trading. And the yield on the benchmark 10-year Treasury note fell from 2.55 percent to 2.50 percent minutes after the text of his comments were released as investors bought government bonds.

Paul Dales, senior U.S. economist for Capital Economics, said Bernanke's comments did not alter his view that the Fed would likely start reducing its bond purchases in September and end them completely by the middle of next year. But Dales said this would be contingent on how the economy performs.

"We don't think this forward guidance could be much clearer," Dales said.

Bernanke's remarks expanded on the views he and other Fed officials have made in recent weeks to try and calm turbulent markets.

The Dow Jones industrial average plunged by 560 points in the two days after Bernanke's initial comments at a news conference following the Fed's June meeting. Since then, various Fed officials have tried to assure investors that the Fed's timetable is based on economic performance — and not a calendar date. That's helped to restore investor confidence and the Dow and other market indicators have climbed to new highs.

Hiring has improved since the Fed's bond buying began. Employers have created an average of 202,000 jobs a month this year, up from 180,000 in the previous six months.

Still, unemployment remains elevated at 7.6 percent, and economic growth has been modest the past three quarters.

In his testimony, Bernanke again said "a highly accommodative monetary policy will remain appropriate for the foreseeable future" because unemployment remains high and inflation is below the Fed's target of 2 percent.

Bernanke also repeated that the Fed plans to keep its benchmark short-term interest rate near zero as long as unemployment is above 6.5 percent. But Bernanke said the Fed could hold the rate lower even after it falls below 6.5 percent, particularly if unemployment falls because more people are leaving the workforce. The government counts people as unemployed only if they are actively looking for a job.

Bernanke said the economy is growing at "moderate pace" despite the adverse effects of tax increases and federal spending cuts. He noted that the housing market is rebounding and the job market has gradually improved.

"Despite these gains, the job situation is far from satisfactory," he said.

The economy grew at a subpar 1.8 percent annual rate in the January-March quarter. Many economists think growth in the April-June quarter weakened to an annual rate of 1 percent or less. That would make the third straight quarter of a growth rate below 2 percent.

Many expect growth will rebound in the second half of this year.

The Fed forecasts that the economy will grow between 2.3 percent and 2.6 percent this year, which is more optimistic than many economists predict. The pickup in economic growth that Fed officials expect is based in part on an assumption that the adverse effects of the tax increases and government spending cuts will diminish over time. And it assumes that the overall risks to the economy are lower now than they were when the central bank began the latest bond-buying program.

But he said threats remained. The federal budget policies could restrain growth for longer than expected. Or a congressional battle later this year over raising the government's borrowing limit could once again rattle investor and consumer confidence.

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CSX says railroads should learn from Canada crash

OMAHA, Neb. — CSX railroad's CEO says the industry will learn from the terrible oil train derailment in Canada that is presumed to have killed 50 people, but he's not sure if the accident will inspire new regulations.

Michael Ward offered his condolences Wednesday to everyone affected by the July 6 crash of an oil-laden train into the Quebec town of Lac-Megantic.

Ward says emergency workers did a great job responding to the accident.

But Ward says that until investigators determine what caused the crash, it won't be clear whether new regulations are needed.

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KFC drops bones, Colonel in upmarket restaurant

NEW YORK — KFC is tossing out the bones and the quaint image of founder Col. Harland Sanders as it gets ready to test a slightly more upmarket restaurant.

The fried chicken chain says it's opening a location called "KFC eleven" early next month near its headquarters in Louisville, Ky., that will serve flatbread sandwiches, rice bowls, salads and only boneless pieces of its Original Recipe chicken.

The restaurant's exterior won't feature Sanders, whose bespectacled, white-bearded likeness has long been front-and-center at traditional KFC locations. But the name of the test restaurant is a reference to the 11 herbs and spices Sanders used in the Original Recipe.

KFC eleven's opening is a reflection of the challenges facing traditional fast-food chains such as McDonald's, Burger King and Wendy's. The problem is that people in their 20s and 30s are increasingly heading to chains such as Chipotle Mexican Grill and Panera Bread, where they feel they get better food for slightly higher prices.

In a note to investors about KFC's test, Janney analyst Mark Kalinowski said that such "fast-casual" chains remain the fastest-growing segment in the restaurant industry. He noted that other chains, included Applebee's and Red Lobster, have recently started testing similar formats as well.

John Cywinski, president of KFC, said in an interview that people often equate KFC with "buckets of fried chicken on the bone," primarily as a dinner or weekend option. He said the company hoped to use the new test location to learn how it can update its offerings and draw in a broader customer base, particularly women.

KFC eleven will serve updated side dishes such as coleslaw and mashed potatoes, along with Original Recipe chicken. But the chicken will be the boneless variety the chain rolled out in April as an easier-to-eat alternative to its traditional breast, thigh and drumstick pieces.

At the time, the chain said the rollout was intended to address people in their 20s and 30s who grew up on chicken nuggets and tenders, and generally tend to prefer chicken without bones even as adults.

Although the decision to serve only boneless chicken at KFC eleven was driven by primarily by that trend, Cywinski said another factor was logistics: cooking boneless and on-the-bone chicken in the new space would be too complicated, given all the other menu items.

As KFC continues testing the restaurant format with additional locations and redesigns, Cywinski said it will likely try offering chicken with bones as well at some point.

The first KFC eleven that opens Aug. 5 will be a stand-alone restaurant, with second location opening in a strip mall in coming months.

Within the next year, Cywinski said the chain plans to open another iteration of the restaurant.

KFC is owned by Yum Brands Inc., which also owns Taco Bell and Pizza Hut.

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Follow Candice Choi at www.twitter.com/candicechoi

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Driving somewhere? There's a gov't record of that

WASHINGTON — Chances are, your local or state police departments have photographs of your car in their files, noting where you were driving on a particular day, even if you never did anything wrong.

Using automated scanners, law enforcement agencies across the country have amassed millions of digital records on the location and movement of every vehicle with a license plate, according to a study published Wednesday by the American Civil Liberties Union. Affixed to police cars, bridges or buildings, the scanners capture images of passing or parked vehicles and note their location, uploading that information into police databases. Departments keep the records for weeks or years, sometimes indefinitely.

As the technology becomes cheaper and more ubiquitous, and federal grants focus on aiding local terrorist detection, even small police agencies are able to deploy more sophisticated surveillance systems. While the Supreme Court ruled in 2012 that a judge's approval is needed to track a car with GPS, networks of plate scanners allow police effectively to track a driver's location, sometimes several times every day, with few legal restrictions. The ACLU says the scanners assemble what it calls a "single, high-resolution image of our lives."

"There's just a fundamental question of whether we're going to live in a society where these dragnet surveillance systems become routine," said Catherine Crump, a staff attorney with the ACLU. The civil rights group is proposing that police departments immediately delete any records of cars not linked to a crime.

Law enforcement officials said the scanners can be crucial to tracking suspicious cars, aiding drug busts and finding abducted children. License plate scanners also can be efficient. The state of Maryland told the ACLU that troopers could "maintain a normal patrol stance" while capturing up to 7,000 license plate images in a single eight hour shift.

"At a time of fiscal and budget constraints, we need better assistance for law enforcement," said Harvey Eisenberg, chief of the national security section and assistant U.S. attorney in Maryland.

Law enforcement officials also point out that the technology is legal in most cases, automating a practice that's been done for years. The ACLU found that only five states have laws governing license plate readers. New Hampshire, for example, bans the technology except in narrow circumstances, while Maine and Arkansas limit how long plate information can be stored.

"There's no expectation of privacy" for a vehicle driving on a public road or parked in a public place, said Lt. Bill Hedgpeth, a spokesman for the Mesquite Police Department in Texas, which has records stretching back to 2008, although the city plans next month to begin deleting files older than two years. "It's just a vehicle. It's just a license plate."

In Yonkers, N.Y., just north of the Bronx, police said retaining the information indefinitely helps detectives solve future crimes. In a statement, the department said it uses license plate readers as a "reactive investigative tool" that is only accessed if detectives are looking for a particular vehicle in connection to a crime.

"These plate readers are not intended nor used to follow the movements of members of the public," the department's statement said.

But even if law enforcement officials say they don't want a public location tracking system, the records add up quickly. In Jersey City, N.J., for example, the population is only 250,000 but the city collected more than 2 million plate images on file. Because the city keeps records for five years, the ACLU estimates that it has some 10 million on file, making it possible for police to plot the movements of most residents depending upon the number and location of the scanners, according to the ACLU.

The ACLU study, based on 26,000 pages of responses from 293 police departments and state agencies across the country, also found that license plate scanners produced a small fraction of "hits," or alerts to police that a suspicious vehicle has been found. In Maryland, for example, the state reported reading about 29 million plates between January and May of last year. Of that amount, about 60,000 — or roughly 1 in every 500 license plates — were suspicious. The No. 1 crime? A suspended or revoked registration, or a violation of the state's emissions inspection program accounted for 97 percent of all alerts.

Eisenberg, the assistant U.S. attorney, said the numbers "fail to show the real qualitative assistance to public safety and law enforcement." He points to the 132 wanted suspects the program helped track. They were a small fraction of the 29 million plates read, but he said tracking those suspects can be critical to keeping an area safe.

Also, he said, Maryland has rules in place restricting access for criminal investigations only. Most records are retained for one year in Maryland, and the state's privacy policies are reviewed by an independent board, Eisenberg noted.

At least in Maryland, "there are checks, and there are balances," he said.

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Follow Anne Flaherty on Twitter at https://twitter.com/AnneKFlaherty

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Johns Hopkins regains top ranking from US News

BALTIMORE — Johns Hopkins Hospital in Baltimore has regained its place atop U.S. News & World Report's annual rankings of the nation's best hospitals.

Last year, Massachusetts General Hospital in Boston was in the top spot, displacing Johns Hopkins, which had been ranked No. 1 for 21 consecutive years. Massachusetts General is ranked second for 2013.

Eighteen hospitals made the magazine's Honor Roll of the best hospitals in the country. To make the list, hospitals had to achieve a high ranking in at least six of 16 medical specialties.

Johns Hopkins was ranked No. 1 in ear, nose and throat; geriatrics; neurology and neurosurgery; rheumatology; and urology.

The Mayo Clinic in Rochester, Minn., was ranked third, followed by the Cleveland Clinic and UCLA Medical Center in Los Angeles.

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US homebuilder confidence, sales outlook soar

U.S. homebuilders are feeling more optimistic about their home sales prospects than they have in more than seven years, a trend that suggests home construction will accelerate in coming months.

The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday jumped to 57 this month from 51 in June. It was the third consecutive monthly gain.

A reading above 50 indicates more builders view sales conditions as good, rather than poor. The index hasn't been that high since January 2006, well before the housing market crashed.

Measures of customer traffic, current sales conditions and builders' outlook for single-family home sales over the next six months vaulted to their highest levels in at least seven years.

"Builders are seeing more motivated buyers coming through their doors as the inventory of existing homes for sale continues to tighten," said David Crowe, the NAHB's chief economist.

The latest confidence index, based on responses from 281 builders, points to continued improvement for new home construction, which remains a key source of growth for the economy.

Last month, Federal Reserve Chairman Ben Bernanke cited housing gains as a major reason the Fed's economic outlook has brightened.

Steady hiring and low mortgage rates have encouraged more people to buy homes over the past year. But the inventory of previously occupied homes on the market has declined sharply in many markets. On a national level, it was down 10 percent in May from prior-year levels as sales rose to an annual rate of 5.18 million.

With demand up, prices rising and few homes on the market, builders have grown more optimistic about their prospects, stepping up construction. In May, builders applied for permits to build single-family homes at the fastest pace in five years.

Meanwhile, sales of new homes climbed in May to a seasonally adjusted annual rate of 476,000, the fastest pace in five years. That's still below the 700,000 annual rate that's considered healthy by most economists, but the pace has increased 29 percent from a year ago.

Though new homes represent only a fraction of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to NAHB statistics.

In the latest builder survey, a gauge of current sales conditions for single-family homes jumped five points to 60, the highest level since February 2006, while a measure of traffic by prospective buyers improved five points to 45. It hasn't been that high since November 2005.

Builders' outlook for single-family home sales over the next six months increased seven points to 67, the highest reading since October 2005.

On a regional basis, confidence grew across the board, but posted the strongest among builders in the Midwest.

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Greece hit by general strike over state job cuts

ATHENS, Greece — Unions opposing austerity measures in Greece staged their fourth general strike this year on Tuesday, as the government prepared to start axing public sector jobs.

Several thousand protesters, most wearing caps to shield themselves from the midsummer heat, joined a march to parliament, as the 24-hour walkout disrupted flights, public transport, state hospitals and other services.

More demonstrations are planned later in the day, while local government offices remain closed for a second day.

Although the march ended peacefully, protest organizers directed angry rhetoric at the government and the "troika" of debt inspectors from the European Union, European Central Bank and International Monetary Fund.

"You politicians, kowtowing to the troika, have raped our souls, destroyed our lives," Nikolaos Kioutsoukis, general secretary of Greece's largest union, the GSEE, told gathered protesters.

"Do not test our patience any longer ... We are hungry, jobless and poor. We have nothing to fear and nothing to lose."

The public sector has so far been spared from the job cuts that have hit the rest of the Greek economy — and pushed unemployment up to 27 percent — since the country got its first international bailout in 2010.

However, the government has been forced to launch the cuts — 15,000 firings by the end of 2014 and 12,500 transfers this year — so it can continue receiving rescue loans from the IMF and the other countries using the euro.

Parliament began a debate on the new measures before a vote expected late Wednesday.

"It's a disgrace for the government to say that things are getting better with unemployment at such a high level ... It is clear that with the economy still shrinking that we need a change of course," Efklidis Tsakalotos, a lawmaker from the left-wing main opposition party Syriza told parliament.

"The people running this country live in a different environment. They go to different hospitals. Their kids go to different schools. And they don't understand what people are going through."

Syriza lawmakers later stood on the steps of parliament and unfurled a banner that read "Fire the government, not workers in the public and private sector."

Formed after elections last summer, the conservative-led government lost a junior coalition partner last month following a sudden decision to shut down state broadcaster ERT.

"The general strike is unlikely to succeed in its aim of forcing the government to withdraw its latest reform bill or convincing enough MPs to vote against it," said Martin Koehring, an analyst at the Economist Intelligence Unit.

"(But it) once again demonstrates the strong anti-austerity sentiment among the population."

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Antarctic sanctuary talks fail

BREMERHAVEN, Germany — The countries regulating Antarctic fishing have failed to agree on proposals to create giant marine sanctuaries in the continent's oceans after Russia raised objections.

The chair of the group deliberating the results, Terje Lobach, said talks in the German city of Bremerhaven ended with no result on Tuesday — the second time in less than a year that negotiations have stalled.

Two plans were on the table: a proposal to protect the Ross Sea and a plan for a sanctuary covering several areas of the Southern Ocean in the eastern hemisphere.

Activists blamed Russia for the failure, saying it questioned whether there is a legal basis for the 24-nation Commission for the Conservation of Antarctic Marine Living Resources to create the reserves.

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AT&T introduces option for faster phone upgrades

NEW YORK — AT&T is making it easier for customers to upgrade their cellphones more frequently, as long as they're willing to pay more.

The new plan follows in the footsteps of T-Mobile US Inc.'s Jump, which provides device insurance and more frequent upgrades for $10 a month.

AT&T Inc., the country's second-largest cellphone carrier, says it's introducing an option called AT&T Next on July 26. Instead of paying, for example, $200 up front to buy a smartphone, customers would pay monthly installments of $15 to $50 on top of their service plan, depending on the device.

After a year, customers can trade in their phone and get a new one, paying no upgrade or activation fees. AT&T says a Samsung Galaxy S4 phone would require monthly installments of $32.

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China identifies suspects in drug bribery probe

BEIJING — Chinese police have identified four managers of drug manufacturer GlaxoSmithKline who they accuse of paying millions of dollars in bribes to doctors and others, a state news agency reported Monday.

The police ministry announced last week GSK employees were under investigation for paying bribes that were passed through travel agencies. It said the bribes were aimed at increasing sales.

Four employees being questioned include a vice president and human resources director of Glaxo's Chinese unit, the Xinhua News Agency said.

The report said at least 50 million yuan ($8.2 million) passed through a travel agency as part of a scheme to hide the bribes. It said one suspect had authority to approve a budget of hundreds of millions of yuan (tens of millions of dollars) but did not say how much of that might have been used for bribery.

The scheme helped the employees circumvent GSK's rules that limited gift-giving to 300 yuan ($50) per recipient, Xinhua said.

GlaxoSmithKline PLC said Monday that it was cooperating with the authorities.

"We are deeply concerned and disappointed by these serious allegations of fraudulent behavior and ethical misconduct by certain individuals at the company and third-party agencies," it said in a statement. "Such behavior would be a clear breach of GSK's systems, governance procedures, values and standards. GSK has zero tolerance for any behavior of this nature."

It said GSK was reviewing all-third party agency relationships, and had "put an immediate stop on the use of travel agencies that have been identified so far in this investigation and we are conducting a thorough review of all historic transactions related to travel agency use."

GSK said it respects China's laws and expects its staff to abide by them.

The police ministry said last week that GSK employees were suspected of paying bribes to doctors, hospitals, medical associations and government officials.

Citing investigators, Xinhua identified the employees as Liang Hong, vice president and operation manager; Zhang Guowei, vice president and human resources; Zhao Hongyan, legal affairs director, and Huang Hong, business development manager.

Investigators also have questioned the corporate representative of the Shanghai Linjiang International Travel Agency, Xinhua said. It cited an unnamed investigator who said most of the agency's business came from laundering money for the bribery scheme.

Xinhua said the corporate representative of the travel agency, Weng Jianyong, said he had an agreement with Liang to give his agency business and in exchange he would kick back some of the money.

GlaxoSmithKline said in June that it had investigated an accusation that its salespeople in China bribed doctors and found no evidence of wrongdoing. The company has said the police investigation might be based on information from the same anonymous source.

GSK is headquartered in Britain but has a presence in the United States, which could make it liable to penalties under U.S. anti-bribery laws.

Last week, state media reported the government was investigating production costs for 60 foreign and domestic drug companies in a possible first step toward changing state-set maximum prices. The announcement gave no indication any companies were suspected of wrongdoing.

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Citi reports higher profit, revenue; stock rises

NEW YORK — Citigroup is reporting earnings that beat Wall Street's expectations for the second quarter as investment banking profits rose sharply.

Profit for the March-to-June period was $3.9 billion after excluding an accounting gain, the bank reported Monday. That's up 26 percent from a year ago.

The profit amounted to $1.25 per share, beating the $1.18 per share predicted by analysts polled by FactSet.

Revenue was $20 billion after excluding the accounting gain, up 8 percent from the same period a year ago. That beat the $19.8 billion predicted by analysts.

Citi's earnings from investment banking soared 63 percent, boosted by strong stock and bond markets. Citi also did well in private banking, which caters to wealthy clients, and the bank set aside less money to cover bad loans.

Profits from consumer banking slipped 1 percent. Citi funded and serviced fewer mortgages in the U.S. and said it expects mortgage results will continue to be crimped. Interest rates have been rising as the Federal Reserve contemplates pulling some of its support from the economy. Mortgage rates have risen as a result, though they still remain near historic lows.

The loss at Citi Holdings, where the bank keeps troubled assets from the financial crisis, shrank again. The bank released some of the reserves it has set aside to cover bad home loans stored in Citi Holdings, only the second time Citi has done so.

Like most of its big-bank peers, Citigroup continued to cut jobs. Head count fell to 253,000 from 261,000 a year ago.

Citi's stock rose 86 cents, or 1.7 percent, to $51.65 in early trading.

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Sheila MacVicar latest hire for Al Jazeera

NEW YORK — Sheila MacVicar, a longtime London-based correspondent for American television networks, is the latest hire at Al Jazeera America.

The news network that plans to launch next month and has been hiring personnel for offices in New York and Washington, and on Monday announced MacVicar's job. Other contributors include former CNN anchors Soledad O'Brien and Ali Velshi.

MacVicar started her career in Canada and worked for ABC, CNN and CBS News. She left CBS in 2010 for some consultancy work, following her husband to a job in Paris. Her husband transferred a year ago to Washington, giving MacVicar the opportunity to report on a country she has largely watched from a distance during her career.

Her reports will appear on "America Tonight," a five-day-a-week newsmagazine that is being modeled after "Nightline" during Ted Koppel's era.

The opportunity to work for a news organization she respects at a time of expansion proved intriguing, MacVicar said.

"The one thing we will not be reporting very much on is what the Kardashians are doing and that, I think, is very refreshing," MacVicar said. "I think there is a real market for this."

She said she was surprised moving to the United States at the extent of opinion instead of journalism on TV news. She said that "I like to get my hands dirty" digging up facts, so the new network seemed a good place for her.

MacVicar said she had read about, but had no firsthand knowledge of, problems involving Al Jazeera coverage of Egypt. Several Al Jazeera journalists there resigned last week, claiming the network had been biased in its coverage toward the Muslim Brotherhood.

"I wouldn't have signed my contract if I did not believe I would have editorial independence," she said. "If at any point somebody suggests that I should be reporting a certain story in a particular way because it would serve someone's interests, then I would be out the door. And not quietly."

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Follow David Bauder on Twitter http://twitter.com/dbauder.

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US business stockpiles up modest 0.1 percent

WASHINGTON — U.S. businesses increased their stockpiles only slightly in May, despite a solid sales increase. The figures suggest economic growth has slowed but could pick up in the second half of the year.

The Commerce Department said Monday that business stockpiles rose just 0.1 percent in May from April, half the previous month's increase.

Sales increased 1.1 percent in May after being flat in April. That's the best gain since February.

Slower restocking could weigh on economic growth in the April-June quarter because it means companies ordered fewer factory goods. But the strong sales gain suggests companies may have to order more goods in the coming months to keep up with demand. That could drive more economic growth in the second half of the year.

Many analysts think economic growth has slowed to an annual rate of around 1 percent or even less in the April-June quarter. That would lower than the subpar 1.8 percent annual rate from January through March.

Economists expect growth should rebound in the second half of the year to a roughly 2.5 percent annual rate as the effects of federal tax hikes and government spending cuts fade.

The May increase brought total stockpiles to a seasonally adjusted $1.66 trillion. That's up just 3.8 percent from May 2012.

Wholesalers cut their stockpiles 0.5 percent, while manufacturers' inventories were unchanged in May. Retail stockpiles rose 0.6 percent.

Sales at the wholesale level rose 1.6 percent to lead all categories. Sales at manufacturers and retailers increased slightly below that level.

A separate report Monday showed that retail sales slowed to a modest 0.4 percent increase in June.

The brighter second half outlook is bolstered by steady job growth, which has kept consumers spending. Employers have added 202,000 jobs a month through the first six months of this year. That's up from 180,000 in the previous six months.

The increase in hiring has helped overall income grow, offsetting some of the drag from higher taxes.

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Mass. gas prices soar 14 cents per gallon

BOSTON — Political tensions in Egypt and increased demand during the summer driving season have driven up the cost of gas in Massachusetts by 14 cents per gallon.

AAA Southern New England reports Monday that self-serve, regular has jumped to $3.62 per gallon in the past week and prices are likely to go even higher.

The in-state price is a penny more than the national average and 15 cents higher than at the same time last year.

AAA found self-serve, regular selling as low as $3.48 per gallon and as high as $3.85.

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