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The Ticker

Written By Unknown on Sabtu, 27 Juli 2013 | 22.27

Hub to Istanbul flights

Boston will be more firmly connected to the global economy next May when Turkish Airlines begins offering the first nonstop service from Logan International Airport to Istanbul, Turkey, with connections to 236 global destinations, including cities in Asia, the Middle East, Europe and Africa.

Turkish Airlines will use a 289-seat Airbus A330-300 aircraft on the route and will begin flying out of Boston five days a week starting May 12, 2014. The service will increase to daily flights on June 9, 2014.

Citigroup 
says Summers
a consultant

Larry Summers, the former Treasury secretary and Harvard University president, who is in the running to replace Ben S. Bernanke as Federal Reserve chairman, is a paid consultant for Citigroup Inc. Summers, 58, has worked for Citigroup since at least 2012, according to Danielle Romero-Apsilos, a spokeswoman for the New York-based lender. She declined to say how much compensation he receives from the bank, the third-biggest in the U.S. The Fed is one of the primary regulators of the nation's lenders.

THE SHUFFLE

  • Rockland Trust announced Ian Brandon has joined the bank as first vice president in the commercial banking division serving the Boston and Metrowest areas. In his new position, he will develop and cultivate commercial relationships.

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Obama says choices now will govern future economy

WASHINGTON — President Barack Obama says Washington's top priority must be to reverse trends like economic inequality, weakened middle-class security and global competition. He says Washington has lost focus on the economy.

In his weekly Internet and radio address, Obama is pressing economic ideas he's been promoting in an ongoing series of speeches. He wants better access to education, home ownership, health care and secure retirement.

He says that he'll listen to good ideas from either party but that Republicans are threatening to take the nation in the wrong direction.

In the Republican address, House Majority Leader Eric Cantor of Virginia says Republicans will focus this week on government abuse, such as intrusive regulations and red tape that he says threaten Americans' paychecks and civil liberties.

___

Online:

Obama address: www.whitehouse.gov

GOP address: www.gop.gov


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Report: Germany rules out 2nd debt cut for Greece

BERLIN — Germany's finance minister has categorically rejected a second writedown of Greek debt.

Wolfgang Schaeuble told weekly Bild am Sonntag in an interview that Greece would continue to receive support beyond 2014 if needed and provided the country meets the demands of international creditors.

Schaeuble was quoted as saying "it's certain, however, that there will be no second debt writedown for Athens."

Extracts of the interview, to be published Sunday, were released by the paper Saturday and confirmed by the Finance Ministry.

With Germany's general election two months away, Chancellor Angela Merkel's conservative government has been at pains to appear firm on Greece's international bailout, which is unpopular with many Germans.

Last year Greece's debt was restructured with private-sector bondholders.


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BBC foreign correspondent Jon Leyne dies at 55

LONDON — BBC foreign correspondent Jon Leyne, who spent more than 25 years crossing continents and covering conflicts for the broadcaster, has died. He was 55.

The BBC said on its website Saturday that Leyne had been diagnosed with an incurable brain tumor earlier this year after returning to Britain from Cairo to seek treatment for severe headaches.

Acting news director Fran Unsworth called Leyne a "brave and courageous journalist."

After joining the BBC in 1985, Leyne worked as a United Nations correspondent and was the U.S. State Department correspondent during the Sept. 11 attacks.

His work also took him through Europe and the Middle East. He covered the 2006 conflict between Israel and Lebanon's Hezbollah, was expelled from Iran while covering 2009 elections and most recently covered the Arab Spring.


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Detroit bankruptcy another setback for unions

WASHINGTON — Detroit's historic bankruptcy filing is a major setback for public employee unions that have spent years trying to ward off cuts to the pensions of government workers around the country.

If the city's gambit succeeds, it could jeopardize the longtime union bargaining strategy of deferring higher wages in favor of more generous pensions and health benefits.

It also could embolden other financially troubled cities dealing with pension shortfalls to consider bankruptcy, or at least take a harder line negotiating with unions.

Detroit's bankruptcy filing comes on the heels of public employees losing most of their collective bargaining rights in Wisconsin. Unions also have shed thousands of members as state and local governments shrink public payrolls.

The crisis of underfunded public pensions could further erode union clout.


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Study: Consolidate state’s 105 pension systems

Written By Unknown on Jumat, 26 Juli 2013 | 22.27

Consolidating the administration of the state's 105 public employee retirement systems would save nearly $25 million annually in employment costs and stipends that could be used to pay off unfunded pension liability, according to a new study.

The Pioneer Institute, a Boston think tank, estimates that consolidation could save up to $22.5 million in annual labor costs and another $2.3 million in retirement board member stipends. Each local retirement system is overseen by a board, each of whose five members receives a $4,500 annual stipend, plus travel and other expenses.

"We have so many retirement systems it's very hard to know whether they're doing the right thing," said Iliya Atanasov, Pioneer's senior fellow on finance and one of the study's authors. "If we consolidated that system, we would be able to have substantial savings and have much more transparency about what is going on with pension assets because it would be clear where the responsibility lies and what's happening with those dollars."

Atanasov and co-
author Casey Miles found that the median local board had 524 beneficiaries for every board member, but one of the least staffed boards — Middlesex County — was almost four times as efficient. Only the state employees' system had a lower staffing level, with 2,597 beneficiaries per employee compared with Middlesex's 1,968.
 The largest local system, Boston, has 2 1⁄2 times as many beneficiaries as the Middlesex system but employs almost six times as many staff.

Daniel J. Greene, executive officer of the Boston Retirement Board, could not be reached for comment.

Jon Carlisle, a spokesman for state Treasurer Steven Grossman, who oversees the state retirement board, said the treasury strongly supports cost-saving initiatives but cannot compel independent retirement boards to merge into the state system.

"Instead, the Pension Reserves Investment Management Board, the investment arm of the state retirement system, has encouraged local boards to invest their holdings with it and has attracted those investments through strong performance and outstanding customer service," Carlisle said. 
"The management fees that an independent board can save through this arrangement are substantial."


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Greece's rescue creditors clear new batch of loans

BERLIN — Greece's international creditors have cleared a 2.5 billion-euro ($3.3 billion) installment of bailout loans following the approval of new austerity measures by authorities in Athens.

European Commission spokesman Simon O'Connor said the decision was made by deputy finance ministers of the 17-country eurozone on Friday, pending some national approval procedures to be concluded Monday.

He added that Greece will also get a 1.5 billion-euro payout stemming from profits on bonds bought by the European Central Bank under a now-defunct bond-buying program.

Greece has approved new debt reduction measures, including thousands of public-sector job cuts, to meet the conditions that are part of its 240 billion-euro rescue package from its EU partners and the International Monetary Fund.


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Japan's All Nippon finds damaged 787 beacons

TOKYO — Japan's All Nippon Airways has found damage to wiring on two Boeing 787 locator beacons, a device suspected as the cause of a fire on an Ethiopian Airlines 787.

ANA spokesman Ryosei Nomura said Friday that Boeing Co., the U.S. Federal Aviation Administration and Japanese regulators had ordered checks of the beacons.

ANA has 20 of the jets dubbed the Dreamliner.

The transmitters, made by Honeywell International Inc., guide rescuers to aircraft in emergencies. They may be behind the Ethiopian Airlines fire that occurred July 12 at London's Heathrow Airport.

Dreamliner jets were grounded worldwide in January because of a separate set of problems with lithium ion batteries that caused overheating and fires.

Flights resumed four months later after the battery system was revamped.


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Vivendi sells Activision stake for $8.2 billion

PARIS — Vivendi SA is selling most of its majority stake in video game maker Activision Blizzard Inc. for $8.2 billion as the French conglomerate tries to strengthen its balance sheet.

In a statement Friday, Vivendi said that 429 million of its shares will be sold to Activision itself, which makes such games as "World of Warcraft." Another 172 million shares will be sold to a consortium of key investors including Activision's CEO Bobby Kotick and Co-chairman Brian Kelly.

With the sale, at $13.60 per share, Vivendi will reduce its holdings from 61.1 percent of Activision's common shares to 12 percent. The French company will continue to hold 83 million Activision shares after the sale, expected to close in September.

Vivendi has held a majority stake in Santa Monica, California-based Activision since 2008.

Vivendi , whose shares were up 1.35 percent to 16.20 euros in trading in Paris after the announcement, said in the statement that the sale "provides the group with greater financial flexibility and creates value for our shareholders."

Part of the cash will be used to strengthen the balance sheet and maintain its credit rating. Vivendi has been trying to restructure and sell off some businesses in its diverse conglomerate, and announced earlier this week that it's in talks to sell its stake in Maroc Telecom.


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Apple's smartphone market share slips

Apple's share of the global smartphone market fell during the second quarter to its lowest level in four years, according to data released Friday.

Apple took 13.1 percent of the worldwide market, according to ABI Research, down from 16.6 percent a year ago. That's the lowest level since the third quarter of 2009, two years after the launch of the first iPhone.

Apple Inc., based in Cupertino, Calif., sold 31.2 million iPhones in the April-to-June period, up from 26 million in the same period a year ago, the report said. But the company's sales growth isn't keeping pace with the overall smartphone market, which grew 52 percent from last year.

The No. 3 and No. 4 smartphone makers, LG Electronics of Korea and Lenovo Corp. of China, doubled their sales in the quarter, according to ABI research.

Samsung, the world's largest maker of smartphones, also saw a drop in market share.


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Women venturing out in tech world face uphill battle

Written By Unknown on Kamis, 25 Juli 2013 | 22.27

Few women in Boston's high-tech startup community are getting venture capital funding, according to a new survey, something entrepreneurs and one of the state's top economic officials said is hurting the Bay State's economy.

In the survey, released yesterday by the New England Venture Capital Association, 70 percent of entrepreneurs said Boston's startup community is either sometimes or not at all inclusive to women.

"There are talented women who are not in the leadership ranks to the extent that they should be," said C.A. Webb, executive director of NEVCA. "It appears to be a liability rather than an asset to be a woman seeking funding."

Women "who are starting businesses that grow beyond $100,000 are substantially lower" in number, said Janet Kraus, a serial entrepreneur and Harvard Business lecturer who leads the Women's Founders Forum.

Still, women entrepreneurs are not laying the blame on anyone.

"It's up to us to change the rules," said Jules Pieri, founder and CEO of thegrommet.com. "I really don't believe they set out to only find people who look like them," she said of venture capitalists.

In a two-year economic plan through 2015, the Executive Office for Housing and Economic Development said the state's technology workforce needs to be expanded.

"We want it to be inclusive with women," Housing and Executive Development Secretary Greg Bialecki told the Herald.

"There's a huge segment of business opportunity that we're not even capable of addressing" because of the lack of women in the industry, Pieri said.

Added Kraus, "We should not be missing out on the opportunity that women could be bringing to the region."

NEVCA plans to track the number of women who receive venture capital funding as part of its plan to address the issue. Webb said fixing the disparity is crucial to bringing and keeping top female talent in the Boston area.

"Let's illuminate this issue and make sure New England is getting the best talent in the world," she said.


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Wall Street liking Facebook

Facebook Inc. shares soared in after-hours trading yesterday on late news that the social networking company's mobile advertising sales boosted it to a stronger-than-expected quarterly profit.

"We made some really good progress this quarter with the growth and engagement of our community, the release of new products like Instagram video, and advertising growth, especially on mobile," CEO Mark Zuckerberg said in a call with analysts. "We now have more daily actives on mobile than on desktop. Nearly half a billion people use Facebook on their phones every day, and soon we'll have more revenue on mobile than on desktop as well."

Facebook posted $333 million in net income for the second quarter ended June 30, compared to a $157 million loss in the same period a year ago. Revenue jumped 53 percent to $1.81 billion from $1.18 billion. Both beat analysts' estimates.

"They were a legitimate surprise," said Ben Rose, an analyst at Battle Road Research in Waltham. "People were setting fairly conservative expectations. Going into the quarter, we, like others, were projecting about $1.6 billion in revenue."

Advertising revenue accounted for $1.6 billion or 88 percent of Facebook's total revenue, a 61 percent increase from a year ago. Mobile ad revenue, meanwhile, was about 41 percent of total ad revenue, compared to less than 10 percent in last year's second quarter.

Shares of the Menlo Park, Calif., company's stock climbed 20.6 percent to $31.98 after the bell and a $26.51 close.

"It does suggest that the sentiment is improving for the company," Rose said. "Their stock hasn't performed really well since their (initial public offering) more than a year ago."

Concern about its ability to capitalize on the shift to mobile devices from personal computers has weighed on Facebook shares since its $16 billion IPO in May 2012 — the largest technology IPO ever. Facebook's stock was priced at $38 when it went public and has yet to hit that level since.

"Finally, the blowout quarter that Facebook bulls have been waiting for," Bloomberg Industries analyst Paul Sweeney said.

Zuckerberg also rebutted concerns that teens are growing tired of Facebook in favor of newer services such as (Facebook-owned) Instagram. "… Based on our data, that just isn't true," he said.

Herald wire services contributed to this report.


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Speed headed back to X Games with new entry DRR-SH

CHARLOTTE, N.C. — NASCAR driver Scott Speed will be back in Global RallyCross next weekend when he competes in X Games Los Angeles with new team DRR-SH.

Speed won the opening race of the GRC season at X Games Brazil and is seventh in the series standings.

He'll be competing on Aug. 4 in Los Angeles for DRR-SH, a partnership of two IndyCar team principals who formed the team specifically to enter the X Games. James "Sulli" Sullivan is part-owner of KV Racing-SH, who fields the car for Indianapolis 500 winner Tony Kanaan, and Robbie Buhl is a partner in dormant Dreyer & Reinbold Racing.

Speed, the last American to race in Formula One, is entered in this weekend's event at Indianapolis Motor Speedway for Leavine Family Racing. He's been splitting his time this season between NASCAR and Global RallyCross this year.

"I couldn't be more excited for the X Games Los Angeles, running with DRR-SH will definitely give me a chance at another gold medal," Speed said Thursday. "GRC has been a lot of fun so far and I am looking forward to being able to run an X Games at home in the USA."

DRR-SH this week landed sponsorship for the X Games from Wix Filters and N.O.-XPLODE, a primary sponsor on Kanaan's car in the IndyCar Series. The X Games entry is a test for the organization to determine if it will pursue full-time participation in the 2014 GRC schedule.

Global RallyCross courses feature a mixture of dirt, asphalt, jumps, and other obstacles — a new challenge for a pair of IndyCar team owners.

"Where we come from, anytime our car is in the air, in the dirt, or sideways, none of us are smiling, so next weekend is a new ballgame," Sullivan said. "I'm pumped to have Speed leading our charge into the X Games."

Buhl believes Speed is the perfect competitor for the team's foray into Global RallyCross.

"Scott is absolutely the perfect fit for our entry — he is hungry for victories, which he proved by winning his first X Games event in Brazil," Buhl said. "Coming from Formula One and most recently NASCAR, he has a huge following and will be a great asset to our team."


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US unemployment aid applications rise 7K to 343K

WASHINGTON — The number of Americans applying for unemployment benefits rose by 7,000 last week to a seasonally adjusted 343,000.

The increase in the week ending July 20 follows a drop of 22,000 the previous week. But the broader trend is consistent with an improving job market.

The four-week average, which smooths out weekly fluctuations, fell 1,250 to 345,250, according to the Labor Department.

"Claims continue to signal no let-up in employment growth," Jim O'Sullivan, chief U.S. economist at High Frequency Economics, wrote in a research note.

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

Applications are a proxy for layoffs. They're down nearly 8 percent this year. Employers have added an average 202,000 new jobs a month this year, up from an average 183,000 in 2012.

In June, employers added 195,000 jobs. The unemployment rate stayed at 7.6 percent last month but is down from 8.2 percent a year earlier.

Job growth has been solid despite lackluster economic growth. Economists expect the economy grew at an annual rate of less than 1 percent in the April-June quarter, even worse than an unimpressive 1.8 percent the first three months of the year. Federal spending cuts that took effect in March have hobbled economic growth.

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

More than 4.8 million Americans were receiving unemployment benefits the week that ended July 6, the latest data available. That is down nearly 20 percent from 6 million a year earlier.

Some parts of the economy have proven resilient.

The U.S. housing recovery is strengthening, for example. Sales of newly built homes rose 8.3 percent last month to a seasonally adjusted annual rate of 497,000, the Commerce Department said Wednesday. That's the highest since May 2008 and up from an annual rate of 459,000 in May.

Sales are still below the 700,000 pace consistent with healthy markets. But they are up 38 percent in the past 12 months. That's the biggest annual gain since January 1992.

New-home sales make up only a small part of the market. But they have an outsize economic impact. Each home built creates an average of three new jobs and generates about $90,000 in tax revenue, according to data from the National Association of Home Builders


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4 Russians, 1 Ukrainian charged in massive hacking

NEWARK, N.J. — Four Russian nationals and a Ukrainian have been charged with running a sophisticated hacking organization that over seven years penetrated computer networks of more than a dozen major American and international corporations, stealing and selling at least 160 million credit and debit card numbers, resulting in losses of hundreds of millions of dollars.

Indictments were announced Thursday in Newark, where U.S. Attorney Paul Fishman called the case the largest hacking and data breach scheme ever prosecuted in the United States.

The victims in a scheme that allegedly ran from 2005 until last year included the electronic stock exchange Nasdaq; 7-Eleven Inc.; JCPenney Co.; the New England supermarket chain Hannaford Brothers Co.; JetBlue; Heartland Payment Systems Inc., one of the world's largest credit and debit processing companies, French retailer Carrefour S.A., and the Belgium bank Dexia Bank Belgium.

The indictment says the suspects sent each other instant messages as they took control of the corporate data, telling each other, for instance: "NASDAQ is owned." At least one man told others that he used Google news alerts to learn whether his hacks had been discovered, according to the court filing.

The defendants were identified as Russians Vladimir Drinkman, Aleksander Kalinin, Roman Kotov and Dmitriy Smilianets, and Ukrainian Mikhail Rytikov. Authorities say one suspect is in the Netherlands and another is due to appear in U.S. District Court in New Jersey next week. The whereabouts of the three others were not immediately clear.

The prosecution builds on a case that resulted in a 20-year prison sentence in 2010 for Albert Gonzalez of Miami, who often used the screen name "soupnazi" and is identified in the new complaint as an unindicted co-conspirator. Other unindicted co-conspirators were also named.

Prosecutors identified Drinkman and Kalinin as "sophisticated" hackers who specialized in penetrating the computer networks of multinational corporations, financial institutions and payment processors.

Kotov's specialty was harvesting data from the networks after they had been penetrated, and Rytikov provided anonymous web-hosting services that were used to hack into computer networks and covertly remove data, the indictment said.

Smilianets was the information salesman, the government said.

All five are charged with taking part in a computer hacking conspiracy and conspiracy to commit wire fraud. The four Russian nationals are also charged with multiple counts of unauthorized computer access and wire fraud.

The individuals who purchased the credit and debit card numbers and associated data from the hacking organization resold them through online forums or directly to others known as "cashers," the indictment said. According to the indictment, U.S. credit card numbers sold for about $10 each; Canadian numbers were $15 and European ones $50.

The data was stored on computer servers all over the world, including in New Jersey, Pennsylvania, California, Illinois, Latvia, the Netherlands, Bahamas, Ukraine, Panama and Germany.

The cashers would encode the information onto the magnetic strips of blank plastic cards and cash out the value, by either withdrawing money from ATMs in the case of debit cards, or running up charges and purchasing goods in the case of credit cards.


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The Ticker

Written By Unknown on Selasa, 23 Juli 2013 | 22.27

Hasbro misses mark 
on quarterly earnings

Hasbro's second-quarter net income fell 16 percent, hurt by cautious consumer spending and a steep drop in sales of boys' toys. Toy industry sales have been in a slight decline all year, stung by a video game industry slump, shoppers' curtailed spending and increased demand for electronic gadgets such as smartphones and tablets.

Separately, the nation's second-biggest toy maker announced that it is expanding its merchandising relationship with The Walt Disney Co. for properties including Marvel and Star Wars.

Netflix growth up, but shares drop

Despite a growth in revenue and subscribers, streaming-video giant Netflix saw its stock price dip after reporting its financials for the second quarter.

For the quarter that ended June 30, Netflix revenue was $1.069 billion, up 20 percent from $889 million for the first quarter of 2012, but fell short of Wall Street's expectations of $1.072 billion. Quarterly net income rose to $29 million from $6 million.

Netflix shares were down $14.36, or 5.48%, to $247.60 in after-hours trading.

Meanwhile, Netflix subscriptions grew to about 
30 million U.S. streaming customers, up from 
29.2 million, for a total of 36.3 million worldwide, the company reported.

Analysts had hoped for a larger increase in U.S. streaming subscribers than the reported addition of 630,000.

TODAY

 The Allston Board of Trade, the Brighton Board of Trade and the Brighton Allston Improvement Association are co-sponsoring a forum on the candidates for mayor of Boston.

 Altria Group, Apple, AT&T Dupont, Radio Shack and UPS report quarterly financial results.

TOMORROW

 Commerce Department releases new home sales for June.

 Boeing, Caterpillar, Delta Air Lines, Facebook, Ford, Pepsico and Visa report quarterly financial results.

 Grossman Marketing Group, a print and promotional products company headquartered in Somerville, has announced the hiring of Heidi Quigley. She joins the Somerville office as a special projects associate. In this role, Quigley will be responsible for marketing collateral development, online marketing, social media management and other related duties.

 Foley & Lardner LLP announced that Stuart Fross has joined the firm as partner in the private equity and venture capital practice in the Boston office. Focused on investment management and pooled investment vehicles, Fross brings experience with a wide variety of investment funds including registered open-end, closed-end and exchange-traded funds.


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Former GM exec sees Toyota role as sign of change

NAGOYA, Japan — Mark Hogan, a former General Motors Co. executive tapped to join the Toyota board, sees his appointment as a sign of change at the Japanese automaker and hopes he'll play a role in the company becoming less insular and quicker in decision making.

Hogan's appointment, announced in March and approved by shareholders last month, is the first time in Toyota's 76-year history that it has appointed a director from outside the company.

His arrival underlines efforts at Toyota Motor Corp. under President Akio Toyoda to become more international, transparent and nimble in regional markets, as it recovers from recent difficult years including a massive recall fiasco in the U.S.

"I give Akio a lot of credit for having the leadership to do that," he told reporters Tuesday at Toyota's Nagoya office.

"I see my role as listening to global voices outside of Japan and sharing insights that will help Toyota respond more quickly to changes in society," Hogan said.

When asked if he would have advised Toyota do anything differently during the massive recall crisis in the U.S. five years ago, Hogan stressed recall woes were not unique to Toyota but spanned the entire auto industry in recent decades. He said the lesson learned for Toyota was that a crisis needs a speedy response.

Hogan, an American, joined GM in 1973, and became group vice president in 2002. He worked with Toyoda more than a decade ago at NUMMI, or New United Motor Manufacturing, a California auto plant jointly run by Toyota and GM. During his nearly one hour news conference, his first as board member, 62-year-old Hogan stressed his friendship with Toyoda, often referring to him as Akio. He said they meet every month these days to share ideas.

Issei Takahashi, auto analyst with Credit Suisse in Tokyo, said having someone close to GM on Toyota's board may help it lobby against any protectionist efforts by U.S. automakers.

Japan is planning to join the "Trans-Pacific Partnership," an Asia-Pacific trade pact, a move that is likely to help Toyota and other Japanese exporters in the U.S.

Some officials in the U.S. auto industry are already crying foul, noting American cars make up only a tiny portion of the Japanese market.

"Having someone on the team with an 'in' with the American auto industry could work as a plus for Toyota," Takahashi said.

Hogan did not directly address the issue of American protectionism. But he repeatedly stressed he knew both Toyota and GM well.

"Toyota has always admired and learned valuable insights from Detroit automakers and their partners. And I've worked in those circles for many years," he said.

Hogan said about half of Toyota's sales were now in emerging markets, and so it needed "a global perspective."

Toyoda has been trying to empower regions within the global company, the world's biggest in vehicle sales, setting up divisions to each oversee North American, European, Japanese and emerging markets.

Besides getting Hogan on board, Toyota promoted four non-Japanese managers to oversee regional businesses, including James Lentz, an American who already leads Toyota Motor Sales in the U.S. He will head the North American region.

Like other conservative Japanese companies, Toyota had been more of a closed shop than its Western counterparts, and had not been open in the past to the idea of board members from outside company ranks.

It learned its lesson the hard way with the massive global recalls over sticky gas pedals, faulty floor mats, problematic brakes and other defects that spanned several years from 2009 and affected more than 14 million vehicles. The recalls tarnished Toyota's reputation for quality, especially in the U.S.

Hogan was upbeat about Toyota's prospects in South America, including Brazil and Argentina, a region where Hogan has experience, and has always wondered why Toyota was lagging.

"I used to kid Akio about that," he said.

Toyota has had a foreigner on its board just once in the past, in 2007, with Jim Press, an American who had headed Toyota's North American operations. Press left shortly afterward for a job with Chrysler.

Besides quality lapses, Toyota has had its share of other disasters in recent years, including the 2011 earthquake and tsunami in northeastern Japan and flooding in Thailand that followed. Both disasters destroyed key suppliers and hobbled Toyota's production. But Toyota has bounced back quickly and is back on a growth track.

___

Follow Yuri Kageyama on Twitter at www.twitter.com/yurikageyama


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Bank of Maine sells 6 northern Maine branches

PORTLAND, Maine — The Bank of Maine has reached an agreement to sell six of its branches in the northern part of the state to Machias Savings Bank.

The transaction affects branches in Caribou, Fort Kent, Houlton, Lincoln, Mars Hill and Presque Isle, with a total of $75 million in deposits as of the end of June.

Machias Savings Bank says it will close the branches in Fort Kent, Houlton and Mars Hill.

The sale is subject to the approval of state banking regulators.

Bank of Maine's chief executive says the sale will allow the bank to focus on its remaining branches in mid and southern Maine.

Machias Savings Bank's CEO says the sale is a natural expansion of the company's existing footprint.


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Mass. home median prices on the rise

BOSTON — The median price of a single-family home in Massachusetts rose last month to its highest level in almost six years, two organizations that track the state's real estate market announced Tuesday.

The rise in median prices in June went hand in hand with a slight increase in sales when compared with the same month last year, according to The Warren Group and the Massachusetts Association of Realtors.

Median prices jumped last month to $350,000, a 9 percent increase from June 2012, according to the Boston-based Warren Group, a publisher of real estate data.

The Waltham-based Realtors association reported a nearly 7 percent year-over-year jump to $350,500. It was the ninth consecutive month of year-over-year price rises and the highest they have been since August 2007, both groups said.

"Rising median prices and the high number of closed sales in June are a good reflection of how active the Massachusetts real estate market was this past spring," Realtors President Kimberly Allard-Moccia said. "The growing concern that our historically low interest rates would move higher and the continued lack of inventory prompted buyers to make offers that boosted up both prices and sales in June."

Warren Group Chief Executive Timothy Warren Jr. said "aggressive bidding is driving up prices," but also issued a few words of caution.

"We don't want to see prices rise to the point where homeownership becomes unaffordable," he said.

The Realtors reported a 1.6 percent increase in sales of single-family homes last month, while The Warren Group reported a 1 percent jump.

The organizations use slightly different methods in their calculations.

The news wasn't quite so good in the condominium market.

While median prices were up around 3 percent in June compared with the year-ago month, sales numbers were more modest. The Warren Group reported a 3 percent decrease, while the Realtors reported an increase of less than 1 percent.


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Stocks hold steady as eurozone confidence improves

MILAN — Improved European consumer confidence, China's pledge to maintain economic growth and mixed U.S. corporate results kept markets in a holding pattern on Tuesday.

Consumer confidence in the 17-country eurozone, as measured by the European Commission, hit a 23-month high in July. Analysts said it was likely driven by growing optimism about the economic outlook, though the level is still far from the historic average, however.

In Europe, the FTSE 100 index of leading British shares was up 0.2 percent at 6,634 while Germany's DAX was nearly unchanged at 8,330. The CAC-40 in France was 0.1 percent lower at 3,936.

Despite improvements, IHS Global Insight economist Howard Archer warned, European consumer confidence "is still limited compared to long-term norms while eurozone consumers continue to largely face high and rising unemployment, generally muted wage growth and tight fiscal policy."

On Wall Street, traders reacted to a mix of good and bad earnings reports from big companies, with UPS posting a 4 percent profit decline and fast-foot outlet Wendy's beating Wall Street expectations. The Dow Jones industrial average was up 51 points at 15,593, an increase of 0.3 percent. The Standard & Poor's 500 index climbed more than two points to 1,697. The Nasdaq was up five points to 3,605.

Earlier, Asian and European markets had risen after Chinese Premier Li Keqiang vowed that the government would not let economic growth slip below 7 percent.

China's Shanghai Composite jumped 2 percent to 2,043.88 and Hong Kong's Hang Seng surged 2.3 percent to 21,915.42.

Analysts said the previous day's downbeat news on the U.S. economy was double-edged for financial markets.

On one hand, the surprising drop in sales of existing homes in June to a seasonally adjusted annual rate of 5.08 million dampened optimism about the U.S. economic recovery. But investors could also interpret the weak data as ensuring continued bond-buying by the Federal Reserve. The bond-buying has been keeping market interest rates low in recent years, helping investors raise cheap money to invest in assets like stocks.

Japan's Nikkei 225 rose 0.8 percent to 14,778.51, its second day of gains since Prime Minister's Shinzo Abe's ruling coalition gained control of the upper house in weekend elections. That could make it easier for Abe's administration to implement reforms aimed at lifting the world's No. 3 economy out of its long slump.

In currency markets, the dollar rose to 99.78 yen from 99.32 yen. The euro rose to $1.3209 from $1.3186.

Benchmark crude for September delivery was down 16 cents to $106.78 a barrel in electronic trading on the New York Mercantile Exchange.

----

Youkyung Lee in Seoul, South Korea, contributed to this report.


22.27 | 0 komentar | Read More

Yahoo to buy 40M shares from Loeb, he exits board

Written By Unknown on Senin, 22 Juli 2013 | 22.27

SUNNYVALE, Calif. — Activist investor Dan Loeb and two other directors nominated by his hedge fund are leaving Yahoo's board after big gains in the Internet company's stock price over the past year.

Yahoo is also buying back 40 million shares of its common stock from Third Point LLC, Loeb's hedge fund. That cuts Loeb's stake in Yahoo from 5.8 percent to less than 2 percent.

Loeb instigated the departure of former Yahoo CEO Scott Thompson in 2012 by revealing that Thompson did not have a computer science degree, as Yahoo had previously stated. He left that May as Loeb and his two allies were named to Yahoo's board. Longtime Google executive Marissa Mayer became CEO two months later.

The stock had risen about 83 percent since then on stock repurchases and earnings growth stemming from its stake in Chinese Internet company Alibaba. Shares slid more than 4 percent Monday morning.

Yahoo is spending $1.16 billion to buy Third Point's stock. It's paying $29.11 per share, Friday's closing price. It will pay cash.

Yahoo said it will have about $700 million remaining under an existing $5 billion buyback announced last year. The Sunnyvale, Calif., company said it plans to continue making repurchases under that plan.

Loeb's allies, turnaround specialist Harry Wilson and former MTV executive Michael Wolf, will also be leaving Yahoo's board, which will then have seven directors. PayPal co-founder Max Levchin, who was named a board member upon mutual agreement between the board and Third Point, will continue in his post. Yahoo said that the remaining directors will take a look at the board's size and composition. It did not say when, or if, any other board changes would be made.

Shares of Yahoo fell $1.22 to $27.89 in Monday morning trading. Shares hit a 5-year high of $29.83 on Thursday. The company on Tuesday reported that its second-quarter profit rose 46 percent to $331 million, while net revenue declined 1 percent to $1.07 billion. Yahoo is losing ground to rivals Google Inc. and Facebook Inc. in the online advertising market that generates most of their revenue.


22.27 | 0 komentar | Read More

TV-over-Internet service Aereo will expand to Utah

NEW YORK — Aereo, which provides broadcast television over the Internet for $8 a month, says it will expand to Utah next month.

The service started in New York last year and expanded to Boston and Atlanta this spring. It already has announced plans to expand to Chicago in September.

Service in Utah will begin Aug. 19 and will be available statewide. It will come with several over-the-air stations, plus the financial channel Bloomberg TV.

Aereo is positioning itself as a cheaper alternative to cable or satellite TV subscriptions. It converts television signals into computer data and sends them over the Internet to subscribers' computers and mobile devices. Subscribers can watch channels live or record them with an Internet-based digital video recorder.

Aereo has won key court rulings in broadcasters' copyright-infringement lawsuit.


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Cold caps tested to prevent hair loss during chemo

WASHINGTON — The first time Miriam Lipton had breast cancer, her thick locks fell out two weeks after starting chemotherapy. The second time breast cancer struck, Lipton gave her scalp a deep chill and kept much of her hair — making her fight for survival seem a bit easier.

Hair loss is one of chemotherapy's most despised side effects, not because of vanity but because it fuels stigma, revealing to the world an illness that many would rather keep private.

"I didn't necessarily want to walk around the grocery store answering questions about my cancer," recalled Lipton, 45, of San Francisco. "If you look OK on the outside, it can help you feel, 'OK, this is manageable, I can get through this.'"

Now U.S. researchers are about to put an experimental hair-preserving treatment to a rigorous test: To see if strapping on a cap so cold it numbs the scalp during chemo, like Lipton did, really works well enough to be used widely in this country, as it is in Europe and Canada.

Near-freezing temperatures are supposed to reduce blood flow in the scalp, making it harder for cancer-fighting drugs to reach and harm hair follicles. But while several types of cold caps are sold around the world, the Food and Drug Administration hasn't approved their use in the U.S.

Scalp cooling is an idea that's been around for decades, but it never caught on here in part because of a concern: Could the cold prevent chemotherapy from reaching any stray cancer cells lurking in the scalp?

"Do they work and are they safe? Those are the two big holes. We just don't know," said American Cancer Society spokeswoman Kimberly Stump-Sutliff, an oncology nurse who said studies abroad haven't settled those questions. "We need to know."

To Dr. Hope Rugo of the University of California, San Francisco, the impact of hair loss has been overlooked, even belittled, by health providers. She's had patients delay crucial treatment to avoid it, and others whose businesses suffered when clients saw they were sick and shied away.

With more people surviving cancer, "we need to make this experience as tolerable as possible, so there's the least baggage at the end," Rugo said.

"Quite frankly, it's the first or second question out of most patients' mouths when I tell them I recommend chemotherapy. It's not, 'Is this going to cure me? It's, 'Am I going to lose my hair?'" adds Dr. Susan Melin of North Carolina's Wake Forest Baptist Medical Center.

Later this summer, Rugo and Melin, along with researchers at a few other hospitals in New York and California, will begin enrolling 110 early stage breast cancer patients in a study of the DigniCap brand of scalp cooling. The tight-fitting, insulated cap is attached to a cooling machine to stay around a shivery 41 degrees as patients undergo chemo. Participants' hair will be photographed for experts to assess, and they'll be compared with a small group of similarly ill patients who get chemo alone.

Lipton was among 20 U.S. patients who pilot-tested the DigniCap in 2011, most of whom kept more than half of their hair. Lipton's thinned quite a bit at the crown, where the cap didn't fit snugly. But because her bangs and surrounding hair remained, the mother of two covered the thinning with a headband, not a wig. The side effect: Pain and a headache as the cold set in.

"It wasn't perfect, but it was easier," said Lipton, who's healthy today. "I felt normal much more quickly."

If the larger study is successful, Sweden's Dignitana AB plans to seek FDA approval to market the medical device in the U.S. The move could open the way for other brands and insurance coverage.

Clearly there's demand: Despite the lack of FDA approval, a growing number of U.S. patients are renting a similar product, called Penguin Cold Caps, from a British company for $455 a month. Patients haul a collection of caps to chemo sessions on dry ice, or store them in special freezers provided by about 50 hospitals. It's deliberately separate from doctors' and nurses' care — typically, patients bring a friend to help them switch caps every 20 to 30 minutes when one loses its chill.

"I know I'm sick, but I don't want to look it," said Vanessa Thomas, 57, of Baltimore, who is using the Penguin caps at the recommendation of her doctor at MedStar Harbor Hospital. Halfway through her breast cancer treatment, Thomas says her hair feels only a little thinner.

The FDA declined comment on the Penguin caps.

Beyond breast cancer, advocates say the caps may be useful with other solid tumors as well.

What's the evidence behind scalp cooling? A recent review by oncologists in the Netherlands found numerous overseas studies conclude scalp cooling can work — but it's far from clear which patients are most likely to benefit, even how cold the scalp should be. That's because most of the research so far has been from observational studies that can't provide proof. But it seems harder to save hair with higher doses and certain types of chemo.

Researchers at New York's Weill Cornell Breast Center reported at a recent meeting of the American Society for Clinical Oncology that among just over a dozen Penguin cap users tracked so far, one lost enough hair to use a wig.

As for safety, UCSF's Rugo said a recurring tumor in the scalp is incredibly rare.

Hair-preserving approaches need good testing, adds Dr. Laura Esserman, a UCSF breast cancer specialist.

"If it matters to our patients, it should matter to us," she said. "It's really not more complicated than that."


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UK says it will ask providers to block online porn

LONDON — British Prime Minister David Cameron says he wants Internet service providers to automatically block access to pornography sites unless customers opt in.

Cameron is proposing the move as part of measures to stop extreme sexual images he says are "corroding childhood."

He said Monday "family-friendly" filters would become the default setting for new customers by the end of the year, and only account-holders would be able to change them.

He also announced a proposal to make it a crime to possess violent pornography containing simulated rape scenes, and said Google and other search engines would be asked to block searches based on certain phrases.

Anti-pornography activists welcomed the announcement, but Padraig Reidy of free-speech group Index on Censorship said it amounted to "a kind of default censorship."


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Spanish PM to speak on corruption case

MADRID — Spain's prime minister will address Parliament on a slush-fund scandal that is rocking his ruling Popular Party after opposition parties threatened to present a no-confidence motion.

Mariano Rajoy said Monday he expected to make the address at the end of July or beginning of August.

Rajoy has become mired in a controversy concerning former Popular Party treasurer Luis Barcenas, who has been jailed while under investigation for running a slush fund and having huge secret Swiss bank accounts.

Rajoy's name is among top party members alleged to have received under-the-table payments from Barcenas, something he vigorously denies.

After it was found Rajoy had been exchanging friendly text messages with Barcenas as recently as a few months ago, the opposition threatened a no-confidence motion unless he explained himself to Parliament.


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Boston Entrepreneur Olympics goes for gold

Written By Unknown on Minggu, 21 Juli 2013 | 22.27

Don't necessarily expect any new world records to be set at Boston's inaugural Entrepreneurs Olympics on Aug. 1. But do expect fun — and for a good cause.

There will be basketball, volleyball, a 5K race and high jump.

But for $20, you can also watch the less athletically inclined vie for first place at typing, tug-of-war, remote-control helicopter races, blind-folded baby-food tasting and bowling with human inflatable orbs.

"It's not about athletic ability," said Erica Rife, program director for the start-up accelerator MassChallenge, one of the event's partners. "It's about coming together as a team to do something for the greater good."

Sasha Hoffman, head of strategy and partnerships at the online payment company Plastiq, got the idea at a charity wine party last January.

"I thought there's really no event that brings together people's different talents," said Hoffman, who also is on the board of Build Boston, a nonprofit that uses entrepreneurship to propel disengaged, low-income students through high school to college. "I thought it would make sense to do a benefit for (Build)."

Plastiq teamed up with MassChallenge, TUGG, the New England Venture Capital Association and T3 Advisors to organize the event, setting $50,000 as their goal, said David Brown, executive director of TUGG, which raises funds for early-stage nonprofits.

By Friday, they had raised $43,000 and had signed up 300 participants, charging $40 for individuals, $500 for teams of 10 and $1,000 for teams of 20, Hoffman said.

But Build also hopes to recruit mentors at the event for the 200 young entrepreneurs it will have in September in Boston schools, said regional executive director Ayele Shakur.

The Entrepreneurs Olympics will be held from 5:30 to 8:30 p.m. at the Reggie Lewis Track and Athletic Center at 1350 Tremont St. in Roxbury Crossing.

But if you miss out, all is not lost.

"We're absolutely planning to have one next year," Hoffman said, "and to make it even bigger."


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Mastectomy aid eases recovery

Before she woke up in the hospital after her mastectomy 12 years ago, Cathy McGrath knew her breast would be gone. What she didn't plan for was multiple post-surgical drains — little plastic bulbs with a long tube — to collect fluid.

"I was really taken aback by it," the North Andover woman said. "I thought, how am I going to manage all of these?"

A nurse told her some women pin the drains to their clothes or go to Home Depot and get a tool belt to put them in.

So McGrath asked herself: What would Princess Di or Jackie O do?

"I thought there's no way they'd be going to Home Depot," she said. "They'd want something incognito, discreet, but with a lot of functionality to it, something that would make them look more like a person than a patient."

So McGrath designed the Jacki, a post-surgical jacket for breast cancer patients, and started A Little Easier Recovery, a nonprofit to give the garments away to patients.

On the outside, the Jacki looks like a classic suit jacket in black or plum. But on the inside, it has pockets all the way around the bottom.

The initial version was made of Polartec fleece. But when McGrath told her story to Polartec, the company gave her a deal on a soft, wicking material that is now used in many of the jackets. The rest are made of interlocking cotton.

In the beginning, her aunt sewed the garments, and McGrath gave them to Brigham and Women's Hospital and Tufts Medical Center. When the hospitals told her that patients loved them, she realized she was on to something and applied for nonprofit status, giving her organization a name that she thought was "humble" but fitting.

"There's absolutely nothing easy about cancer treatment," McGrath said. "The most I could give patients was a little easier recovery."

Since then, her nonprofit has given away more than 10,000 of the garments nationwide and been named a finalist in this year's MassChallenge startup accelerator and competition.

McGrath never meets the patients who wear her jackets, but she has received letters from them, like the woman who delivered her father's eulogy wearing the Jacki, or the one who wore it to her son's wedding, or the woman who was just content to wear it while she played Thomas the Train with her toddler.

"It gives patients some sense of dignity as they recover from a surgery that's affected their body image," said Cate Mullen, the nurse coordinator at Tufts Breast Center, which receives about 150 of the jackets each year. "There's a lot of pain, so it's a big relief that it's easier to get into and out of. It's a wonderful thing we can offer them."


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If you’re smelling burning oil, look out for a leak

I have a 2005 Mazda 6 with the 3-liter V6 engine and 70,000 miles. I do my own oil changes and for the past several changes have noticed a strong smell of burning oil when stopped at lights or in traffic, lasting three weeks after I have done the oil change. I am very careful not to spill any oil onto the exhaust when removing the filter, and to eliminate this possibility I left the filter in place after the last change. This failed to eliminate the problem. The engine burns no oil between changes and no smoke is visible from the exhaust. Any help would be greatly appreciated.

In most cases, smelling hot oil at idle indicates some type of external leak or spillage that drips onto the hot exhaust. In addition to the exhaust components near or under the oil filter, check to make sure no oil is dripping from the valve cover gaskets onto the exhaust manifolds, particularly from the front valve cover with the oil filler cap. Perhaps enough oil collects against the gasket when you refill the engine with fresh oil that it slowly migrates past the gasket and drips on the manifold.

The other system to focus on is the positive crankcase ventilation (PCV) system. Your engine features a PCV valve plumbed into the induction system downstream of the throttle plate, meaning engine vacuum pulls crankcase vapors into the combustion chambers where they are burned. If the PCV valve is stuck or clogged and doesn't open under engine vacuum, the crankcase may become somewhat pressurized and force oil and vapors past the piston rings and into the combustion chambers.

I have an '83 Jeep CJ-7 with the 258 six-cylinder engine. The oil pressure gauge was showing about 50 pounds per square inch when it suddenly went to zero. I connected a mechanical gauge to the engine block and it showed 60 psi. Is this an easy fix? How does the electrical gauge work?

Could you mount the mechanical gauge in or under the dash? If so, you've "fixed" your problem. I've always preferred mechanical gauges anyway for two reasons — they are instant and accurate, and not subject to electrical gremlins.

To determine whether the problem is the gauge or the electrical sending unit on the engine, disconnect the wire from the sending unit and connect a 12-volt test light from this wire to ground. Turn on the ignition. If the lamp flashes, the instrument voltage regulator is good. If the lamp stays lit, the regulator is bad. If the lamp doesn't light, check the regulator's connections and ground. And check for an open circuit in the connection from the regulator to the gauge.

And finally, if the lamp flashes as it should but the gauge isn't accurate, the gauge is the likely culprit.

My 2005 Grand Marquis is scaring me. I put on the brakes to stop but the car suddenly accelerated. I pushed on my brakes with all my might but the car kept going. I had to shift into neutral. By that time I was out in traffic against the light. This has happened three times. My shop could not find anything wrong. Please help!

I am so pleased to hear that you remember the simplest way to stop/prevent any type of unintended acceleration — shift into neutral! The other quick answer is to turn off the key.

What could have caused this? I can only speculate but I would suggest having the cruise control cable disconnected to eliminate this possibility. I would also inspect very carefully the power brake vacuum system, booster and check valve. A sudden, large vacuum leak could bleed off power assist to the brakes while at the same time possibly cause the engine idle speed to suddenly increase.

Did you feel any rapid pulsing in the brake pedal when this occurred, indicating ABS activation? Check for diagnostic trouble codes (DTCs) from the ABS system. Ford also suggests checking the ABS module connector for water intrusion.

Paul Brand, author of "How to Repair Your Car," is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at: Star Tribune, 425 Portland Ave. S., Minneapolis, Minn., 55488 or via email at paul brand@startribune.com. Please explain the problem in detail and include a daytime phone number. Because of the volume of mail, we cannot provide personal replies.


22.26 | 0 komentar | Read More

US Treasury Secretary Lew in Greece for talks

ATHENS, Greece — U.S. Treasury Secretary Jack Lew has arrived in Athens to discuss Greece's efforts to overcome a deep debt crisis.

Greek officials say Lew is meeting with Finance Minister Yannis Stournaras and will later on Sunday meet Prime Minister Antonis Samaras at the Acropolis Museum.

Samaras is due to visit the United States in early August, where he will meet President Barack Obama.


22.26 | 0 komentar | Read More

House GOP on health care: For repeal, not replace

WASHINGTON — Three years after campaigning on a vow to "repeal and replace" President Barack Obama's health care law, House Republicans have yet to advance an alternative for the system they have voted more than three dozen times to abolish in whole or in part.

Officially, the effort is "in progress" — and has been since Jan. 19, 2011. That's according to GOP.gov, a leadership-run website.

But internal divisions, disagreement about political tactics and Obama's 2012 re-election add up to uncertainty over whether Republicans will vote on a plan of their own before the 2014 elections.

Or, if not by then, perhaps before the president leaves office, more than six years after the original promise.

Sixteen months before the midterm elections, some Republicans cite no need to offer an alternative.


22.26 | 0 komentar | Read More
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