Wayfair buys upscale N.Y. design store

Boston-based online home furnishing retailer Wayfair.com, on the heels of its best quarter to date, has bought an eclectic New York City-based lifestyle retailer as it seeks to create its own product lines and offer new brands.

The purchase of DwellStudio, a catalog and e-commerce retailer with a flagship store in Soho that is known for modern design in home furnishings, is Wayfair.com's first major acquisition.

"We think there's more of an opportunity to have more unique product," Wayfair.com CEO and founder Niraj Shah said. "We don't just have the same item as the next guy."

The addition of unique brands that will be sold on Wayfair.com is the logical next step for a company that is on track to hit $1 billion in sales this year, Shah said. Wayfair.com sales increased by 46 percent in the second quarter compared to the same period a year ago.

By offering specific brands targeted toward specific markets, Wayfair.com will be able to expand its reach and appeal to consumers, he said.

"We want to service all those different customers," Shah said. "It's impossible to do that with one brand that stands for one look."

DwellStudio products, which include furniture, bedding, home accessories and children's furnishings, will combine with Wayfair.com's retail prowess, Shah said.

"The sky's the limit," said Christiane Lemieux, CEO, founder and creative director of DwellStudio.

Wayfair.com was an attractive partner because of their extensive retail logistics system, she said.

"This whole retail landscape is changing daily because of online technology," she said.

Lemieux and her team will also play a large role in Wayfair.com.

"We view it as the best of both worlds," Shah said.

"The customers who have that aesthetic love that brand, and we really thought that the team would be a fantastic addition to Wayfair.com."

DwellStudio will remain a standalone brand, joining Joss & Main and AllModern.com as a Wayfair company.

Financial terms of the deal were not disclosed.

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New Zealand botulism scare triggers global recall

WELLINGTON, New Zealand — New Zealand authorities have triggered a global recall of up to 1,000 tons of dairy products across seven countries after dairy giant Fonterra announced tests had turned up a type of bacteria that could cause botulism.

New Zealand's Ministry of Primary Industries said Saturday that the tainted products include infant formula, sports drinks, protein drinks and other beverages. It said countries affected beside New Zealand include China, Australia, Thailand, Malaysia, Vietnam and Saudi Arabia.

Fonterra said its customers were urgently checking their supply chains.

One New Zealand company has locked down five batches of infant formula and China is asking importers to immediately recall products.

Fonterra is the world's fourth-largest dairy company, with annual revenues of about $16 billion.

The news comes as a blow to New Zealand's dairy industry, which powers the country's economy. New Zealand exports about 95 percent of its milk.

Consumers in China and elsewhere are willing to pay a big premium for New Zealand infant formula because the country has a clean and healthy reputation. Chinese consumers have a special interest after tainted local milk formula killed six babies in 2008.

The Centers for Disease Control describes botulism as a rare but sometimes fatal paralytic illness caused by a nerve toxin.

Fonterra said it has told eight of its customers of the problem, which dates back more than a year, and they were investigating whether any of the affected product is in their supply chains. Fonterra said those companies will initiate any consumer product recalls.

At a news conference Saturday, Fonterra repeatedly refused to divulge the companies, countries or specific products affected. Gary Romano, the managing director of Fonterra's New Zealand milk products, said his company supplies raw materials to the eight companies and it is up to them to inform their consumers of what products might be tainted.

The company did acknowledge its chief executive, Theo Spierings, planned to fly to China Saturday, in part to deal with the fallout from the botulism scare.

New Zealand's Ministry for Primary Industries said Saturday that New Zealand company Nutricia had used some of the tainted product in its Karicare line of formula for infants aged over 6 months. Nutricia had locked down all five batches of infant formula it believed contained the tainted product, the ministry said. But it advised that parents should buy different Nutricia products or alternative brands until it verified the location of all tainted Nutricia products.

China's product quality watchdog issued a statement urging importers of Fonterra dairy products to immediately start recalling the products.

The General Administration of Quality Supervision, Inspection and Quarantine also told quality agencies around China to step up inspections of milk products from New Zealand.

Romano said the problem was caused by unsterilized pipes at a Waikato factory. He said three batches of whey protein weighing about 42 tons were tainted in May 2012, adding that Fonterra has since cleaned the pipes.

The New Zealand ministry says the tainted product has been mixed with other ingredients to form about 1,000 tons of consumer products worldwide.

The company said in a release it identified a potential quality problem in March when a product tested positive for the bacteria Clostridium. Many strains of the bacteria are harmless, the company said, and product samples were put through intensive testing over the following months. It said that on July 31 it discovered the presence of a strain of the bacteria that can cause botulism.

Romano said Fonterra hasn't received reports of anybody getting sick and added that the problem hasn't affected any fresh milk, yoghurt, cheese or long-lasting heat-treated milk.

New Zealand's Ministry for Primary Industries said it was working with the company to investigate.

Spierings, the chief executive, said in the release that food safety was the company's top priority.

"We are acting quickly," he said. "Our focus is to get information out about potentially affected product as fast as possible so that it can be taken off supermarket shelves and, where it has already been purchased, can be returned."

Earlier this year, Fonterra announced it had discovered trace amounts of the agricultural chemical dicyandiamide in some of its products, prompting a ban on the chemical's use on New Zealand farms.

Rabobank's 2012 Global Dairy Top 20 report ranked Fonterra as the world's fourth-largest dairy company by revenue behind Nestlé, Danone and Lactalis. The company is a cooperative, partially owned by thousands of farmers.

In 2011 the company collected 15.4 billion liters (4.1 billion gallons) of milk in New Zealand, representing about 90 percent of the country's total.

In 2008, six babies in China died and another 300,000 were sickened by infant formula that was tainted with melamine, an industrial chemical added to watered-down milk to fool tests for protein levels. Fonterra at the time owned a minority stake in Sanlu, the now-bankrupt Chinese company at the center of the scandal.

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Red Sox owner enters $70M deal for Boston Globe

BOSTON — Businessman John Henry, the principal owner of the Boston Red Sox, has entered into an agreement to buy The Boston Globe for $70 million, a massive drop from its record $1.1 billion price two decades ago.

The impending purchase from The New York Times Co. marks Henry's "first foray into the financially unsettled world of the news media," the Globe said Saturday. The deal will give Henry the 141-year-old newspaper, its websites and affiliated companies, it said.

The Times announced in February it was putting the Globe and related assets up for sale four years after calling off a previous attempt to sell it. The company's CEO said at the time selling the Globe would help the company focus attention on The New York Times brand.

Times spokeswoman Eileen Murphy confirmed the planned sale of the Globe and other media properties to Henry. The Times said the all-cash sale, expected to close in 30 to 60 days, includes BostonGlobe.com, Boston.com, The Worcester Telegram & Gazette, Telegram.com, the direct mail marketing company Globe Direct and the company's 49 percent interest in Metro Boston, a free daily newspaper for commuters.

Henry, in a statement published by the Globe, cited the "essential role that its journalists and employees play in Boston, throughout New England, and beyond."

"The Boston Globe's award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well respected media companies in the country," Henry said.

Henry, who also owns the English Premier League soccer club Liverpool F.C., said he would reveal details about his plans for the Globe in the next few days.

Globe editor Brian McGrory said the newspaper's Red Sox coverage and its editorial decisions won't be affected by the sale.

"We have no plans whatsoever to change our Red Sox coverage specifically, or our sports coverage in general, nor will we be asked," McGrory told the newspaper. "The Globe's sports reporting and commentary is the gold standard in the industry."

The Times bought the Globe from the family of former Globe executive Stephen Taylor in 1993 for what it said was the highest price paid for an American newspaper. The price Henry is paying is less than 7 percent of the 1993 price.

The Globe and other newspapers have faced difficulties in recent years as readers have fled to the Internet and advertisers have cut spending on newspapers and moved more ads online. Still, the Globe is a journalistic institution in New England and was lauded for its coverage of the deadly Boston Marathon bombings in April.

A 2009 round of cost-cutting, involving pay cuts, helped put the Globe on better financial footing and prompted the Times to call off a planned sale. In late 2011, the Globe started charging for access to its online version at BostonGlobe.com, which helped to boost circulation revenues.

The Times company doesn't separate Globe revenue from The New York Times revenue in its financial statements. But the Globe had an average weekday circulation of 230,351 in the six months through September, according to the Alliance for Audited Media. The newspaper's increase in digital subscriptions more than offset declines in print. But the total is still down significantly from the nearly 413,000 it boasted in September 2002.

The Globe isn't the only newspaper to see a huge drop in its price at sale time.

In April 2012, Philadelphia's two largest newspapers sold for $55 million, a fraction of the $515 million paid by a group of investors in 2006. The buyers of the Philadelphia Inquirer and Philadelphia Daily News included influential New Jersey Democrat George Norcross III, former New Jersey Nets owner Lewis Katz and cable TV mogul H.F. "Gerry" Lenfest.

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Red Sox owner John Henry to buy Boston Globe

Red Sox owner John Henry has entered into an agreement to buy The Boston Globe and the rest of the New England Media Group, the paper's parent company, The New York Times Company, announced early today.
The $70 million cash agreement is expected to close in 30 to 60 days, according to The Times, and pales in comparison to the $1.1 billion it bought the Globe for two decades ago.
"We are excited about the prospect of working with John Henry and committed to giving Boston and New England high-quality news, information, and entertainment for years to come," said Christopher M. Mayer, Globe publisher and president of New England Media Group, said in a statement released early today.
The news is likely to deliver shockwaves to Morrissey Boulevard, where staffers have toiled under tense and uncertain conditions since the Times announced it was putting the paper up for sale in February.
The sale includes not only the Globe broadsheet, but its web sites, bostonglobe.com and boston.com; the Worcester Telegram & Gazette  and its web site; GlobeDirect, the newspaper's direct mail marketing company; and the company's 49 percent share interest in Metro Boston.
Henry, in a statement, said the paper's "award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well respected media companies in the country."
"Until the transaction has officially closed and a change in ownership is completed, it would be inappropriate for me to comment specifically about the future of the New England Media Group," Henry said. "This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community's long-term future.  In coming days there will be announcements concerning those joining me in this community commitment and effort."
Mark Thompson, president and CEO of The New York Times Company, said the company was "very proud" of its ties to the Globe and Telegram & Gazette.
"We're delighted to have found a buyer in John Henry, who has strong local roots and a deep appreciation of the importance of these publications to the Greater Boston community," he said in a statement.
Henry's ownership of both a major sports franchise and a big-city daily newspaper that covers it is likely to raise both eyebrows and serious conflict of interest questions.
But it's not unprecedented.
When Henry first bought the Sox in February 2002, the New York Times owned both the Globe and a 17 percent stake in the team.
The Chicago Tribune also owned both the Chicago Cubs and Wrigley Field until 2007.
But it can often be an awkward arrangement. The Los Angeles Times faced criticism over a profit-sharing agreement in 1999 to publish a special magazine issue about the then-new Staples Center without disclosing it to readers and staff.
Henry emerged late in the Globe bidding process and had at one point been rumored to be partnering with Delaware North, which is run by Bruins owner Jeremy Jacobs.
Speculation of a Henry buy intensified on July 16 when several Globe staffers Tweeted that Henry and his wife, Linda Pizzuti Henry, had toured the newsroom.
"I just met #RedSox owner and Globe suitor John Henry, who is walking around @BostonGlobe checking us out," Tweeted Globe associate editor Shirley Leung.

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Old tobacco playbook gets new use by e-cigarettes

RICHMOND, Va. — Companies vying for a stake in the fast-growing electronic cigarette business are reviving marketing tactics used to hook generations of Americans on regular smokes.

They're using cab-top and bus stop displays, sponsoring race cars and events, and running slick TV commercials featuring celebrities.

The Food and Drug Administration plans to set marketing and product regulations for electronic cigarettes in the near future. But for now, almost anything goes.

The battery-powered devices heat a liquid nicotine solution, creating vapor that users inhale.

So far, there's not much scientific evidence showing e-cigarettes help smokers quit or smoke less, or how safe they are.

The marketing tactics are raising worries that the devices' makers could tempt young people to take them up. But the makers of e-cigarettes defend their strategy and their products.

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Netflix rolls out new tool to profile viewers

SAN FRANCISCO — Netflix is introducing a long-awaited feature that will make it easier for the Internet video service to track and analyze the viewing habits of people sharing the same $8-per-month account.

The tool coming out Thursday can splinter a single Netflix account into up to five different profiles at no additional charge. The Los Gatos, Calif., company is hoping its 37.6 million worldwide subscribers will use the profiles feature because it will help Netflix's recommendation system gain a better understanding of the different tastes of viewers using the same account.

The feature initially will only be available on Netflix's own website and several other viewing outlets, including the iPad, iPhone, Apple TV, PlayStation 3, Xbox 360, Apple TV and some smart TV models. It may take up to two weeks before the profiles choice pops up in these options. Profiles should be available on the Wii console before the end of August and on Android devices before the end of the year. Netflix subscribers who use Netflix on Roku's set-top box probably won't be able to use profiles on that device until early next year.

Until now, deciphering the preferences in large households could be tricky because Netflix's system couldn't distinguish between when a 50-year-old dad was watching its Internet video service and when his 10-year-old girl might be viewing under the same account.

"If the kids have been watching a lot of 'Shaun the Sheep,' that doesn't particularly help us help you find the next gritty drama to watch after they have gone to bed," said Neil Hunt, Netflix's chief product officer.

Profiles will now make it possible for several members of the same household to click on their screen name to get customized recommendations, based on what they have previously watched and seemed to enjoy in Netflix's library of movies, old TV shows and original programs. Netflix relies on viewers' own ratings of video, as well as computer-driven analyses of the genres previously watched.

Netflix Inc. considers its recommendation system to be one of its biggest advantages over rival Internet video services run by Amazon.com Inc., Hulu.com and Redbox. As long as Netflix keeps steering its subscribers to videos that they like, the company figures customers will be less likely to cancel the service.

Even though it's often analyzed a jumbled mix of viewers, Netflix's recommendation system apparently is hitting a sweet spot more often than not. The company says about three-fourths of the video watching on its service is driven by its recommendations.

The new profiles can also be used to link to each user's Facebook account. That connection allows Netflix members see what the other people in their online social network have been watching on Netflix, too.

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US unemployment claims fall to 326K, 5 ½-year low

WASHINGTON — The number of Americans applying for unemployment benefits fell 19,000 last week to a seasonally adjusted 326,000, the fewest since January 2008. The decline shows the job market continues to strengthen.

The Labor Department said Thursday that the less volatile four-week average slid 4,500 to 345,750. The July figures are typically volatile as the government has a difficult time adjusting for seasonal layoffs in the auto industry.

Still, the trend in weekly unemployment claims has been positive and offered hope that a better job market could help lift a sluggish economy later this year.

Applications, which are a proxy for layoffs, have fallen more than 12 percent this year. That's coincided with average job gains of 202,000 a month since January, up from an average of 180,000 in the previous six months.

The government reports Friday on July job growth and unemployment. Analysts forecast 183,000 jobs were added last month, and the unemployment rate fell to 7.5 percent from 7.6 percent in June.

"The labor market continues to improve moderately," Sal Guatieri, senior economist with BMO Capital Markets, wrote in a note to clients.

The total number of Americans receiving unemployment benefits fell below 4.7 million the week that ended July 13, down from nearly 6 million a year earlier.

A private survey released Wednesday showed surprising strength in the job market. The payroll company ADP said that companies created 200,000 jobs in July, the most for that survey since December. And it revised up its estimate of the number of jobs the private sector created in June to 198,000 from 188,000.

The ADP report is derived from payroll data and tracks private employment. It does not report government hiring. ADP's survey has diverged at times from the U.S. Labor Department's more comprehensive monthly jobs report.

Hiring has remained solid despite a weak economy. The Commerce Department reported Wednesday that the economy grew at a 1.7 percent annual rate from April through June. That's better than the revised 1.1 percent growth rate from January through March. But it's still too sluggish to rapidly lower unemployment.

The Federal Reserve on Wednesday downgraded its assessment of the economy's strength, saying it is growing only modestly. The Fed expects growth will pick up in the second half of the year.

But the cautious message may signal that the central bank is not ready to slow its bond purchases, which have helped push long-term interest rates down and encourage more borrowing and spending.

Stronger job growth had fueled speculation that the Fed could start reducing its $85-billion-a-month in purchases as soon as September. Many economists now say the Fed could delay the start of the tapering until economic growth strengthens.

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US average rate on 30-year loan up to 4.39 pct.

WASHINGTON — Average rates on U.S. fixed mortgages ticked up this week but are still low by historical standards, a trend that has helped the housing market recover.

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan rose to 4.39 percent from 4.31 percent last week. Rates are a full percentage point higher than in early May.

The average on the 15-year fixed loan increased to 3.43 percent from 3.39 percent last week.

Rates spiked in June after the Federal Reserve indicated it could slow its bond purchases later this year, which have kept long-term interest rates low.

But on Wednesday the Fed hinted it might hold off because the economy remains sluggish. And it noted for the first time that mortgage rates, which have fueled home sales, "have risen somewhat" from record lows.

Mortgage rates tend to follow the yield on the 10-year Treasury note, which has also jumped on speculation that the Fed could slow its stimulus.

Despite the increases, mortgages are still a bargain for those who can qualify. And low rates are helping boost home sales in most markets and driving home prices up.

Home prices jumped 12.2 percent in May compared with a year earlier, according to the latest Standard & Poor's/Case-Shiller 20-city index released Tuesday. That's the biggest annual gain since March 2006.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was 0.7 point this week, down from 0.8 point last week. The fee for a 15-year loan also declined to 0.7 point from 0.8 point.

The average rate on a one-year adjustable-rate mortgage dipped to 2.64 percent from 2.65 percent. The fee was unchanged at 0.4 point.

The average rate on a five-year adjustable mortgage rose to 3.18 percent from 3.16 percent. The fee declined to 0.6 point from 0.7.

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Automakers report big July sales; trucks lead way

DETROIT — General Motors, Ford, Chrysler, Toyota and Nissan all reported double-digit sales gains last month, clear signs that U.S. auto sales will remain strong into the second half of the year.

Toyota led the way with nearly a 16.5 percent increase, followed closely by General Motors at 16 percent. Chrysler, Nissan and Ford all reported 11 percent gains. It was Chrysler's best July since 2006.

Pickup trucks led the way, a boon for the Detroit carmakers. But consumers also favored SUVs and smaller cars.

All major automakers report U.S. sales Thursday. Most industry analysts expect July sales to rise around 15 percent from a year ago. A performance that strong will signal that the industry's momentum can carry through December.

"We're almost at a pre-recession pace that looks like it may have the momentum that will carry it through the second half of the year and beyond," said Alec Gutierrez, senior market analyst for Kelley Blue Book.

The industry's numbers for July come a day after the U.S. government reported stronger than expected growth for the April-June quarter.

"Solid industry sales in July point to a stable market indicating a recovering economy," Bill Fay, Toyota's group vice president, said in a statement.

GM said its July U.S. sales rose to just over 234,000 vehicles last month, largely due to gains in full-size pickup trucks. Sales of the Chevrolet Silverado and GMC Sierra pickups combined rose 46 percent to almost 99,000. The trucks accounted for 42 percent of GM's sales. But passenger car sales also were up, 24 percent over a year ago.

Ford sold nearly 194,000 vehicles, led by the F-Series pickup, with sales up 23 percent. One in three vehicles sold by Ford last month was a pickup. But the company was helped by the other end of its model lineup, too. Sales of the Fiesta subcompact rose 89 percent.

At Chrysler, sales of the Ram full-size pickup rose 31 percent over a year ago, buoyed by an improving housing market that's helping to drive purchases by small business. Jeep Grand Cherokee sales rose 30 percent, the SUV's best July since 2005.

Chrysler saw strong retail sales to individual buyers during the month, particularly in pickups and SUVs, said Reid Bigland, the company's U.S. sales chief. It was Chrysler's 40th straight month of year-over-year sales growth.

Chrysler is predicting that industry sales in July will run at an annual rate of 15.8 million vehicles.

At Nissan, sales rose to just over 109,000, a July record for the company. Sales of the Altima midsize car rose 11 percent, and sales of the redesigned Pathfinder SUV more than tripled.

Toyota will release numbers for individual models or brands later in the day.

Of automakers reporting early Thursday, only Volkswagen had a down month. Its sales were off 3.3 percent as the top-selling Jetta compact faltered. Jetta sales dropped 1.8 percent.

The consulting firm LMC Automotive said the second-half tail wind could push this year's sales to around 16 million. Sales last topped 16 million in 2007, just ahead of the recession. They bottomed out at a 30-year low of 10.4 million in 2009, and have been recovering ever since.

A combination of low interest rates, an improving economy, rising consumer confidence and increasing home values in many areas is driving sales. In addition, automakers have been rolling out appealing new products in every segment from subcompact cars to big pickup trucks.

Incentives such as rebates and low-interest loans are helping sales. Incentives in July rose nearly 8 percent over a year ago to $2,684 per vehicle. That's the highest level of the year, said Jesse Toprak, senior analyst for the TrueCar.com auto pricing site.

Overall, though, the discounts haven't cut prices. The average sale price of a vehicle last month held steady at just over $31,000, Toprak said. That's because buyers are loading up on options, which boosts the price, he said. To get lower monthly payments while paying a higher price, buyers are stretching out their loans and leasing more vehicles, according to LMC.

Thirty percent of car loans now are six years or longer, up from 29 percent in the first half of last year. Leasing, which generally lowers monthly payments, accounts for 24 percent of auto sales, up from 21 percent a year ago, LMC said.

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Obama orders review of chemical plant rules

WASHINGTON — President Barack Obama is ordering federal agencies to review safety rules at chemical facilities in response to the deadly April explosion at a Texas fertilizer plant.

In an executive order announced Thursday, Obama tasks agencies with identifying new ways to safely store and secure ammonium nitrate, the explosive chemical investigators say caused the blast. Agencies are also being told to determine whether additional chemicals should be covered by federal regulatory programs.

The massive explosion at the plant in the community of West, Texas, killed 15 people, leveled hundreds of structures and damaged three of the town's four schools. It also prompted new scrutiny of regulations at chemical plants and the risks posed by deadly chemicals to people living in surrounding areas.

While the explosion is still being investigated, preliminary findings have been presented to Congress. A report sent to the Senate Environment and Public Works Committee in June showed that the decades-old standards used to regulate fertilizer chemicals are far weaker than those used in other countries.

The report concluded that the safety of ammonium nitrate fertilizer storage "falls under a patchwork of U.S. regulatory standards and guidance — a patchwork that has many large holes."

The Environmental Protection Agency, for example, does not regulate the chemical. The Occupational Safety and Health Administration requires that ammonium nitrate be stored separately from other combustibles in a room that has a partition that can withstand fire for up to an hour. But the agency had not inspected the West plant since 1985.

Some agencies do have rules on ammonium nitrate, but none apparently applied to the facility in West.

With the investigation continuing, the White House said it wanted to move forward where it could to address chemical safety concerns. Obama's executive order also calls for improved coordination among state and local agencies that deal with chemical plants. And it tasks the federal government with modernizing its information sharing about the plants.

___

Follow Julie Pace on Twitter at http://twitter.com/jpaceDC

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Annual Utah outdoor show features lighter gear

SALT LAKE CITY — It's a showcase of technology for everything from socks that can take a beating to water bottles equipped with battery-powered ultraviolet purifiers.

At the world's largest trade show for outdoor gear, one trend this year is lighter or more powerful equipment. The makers of a pint-sized hydrogen battery say it can give a cellphone five complete charges before it needs a recharge itself.

Others are showcasing solar cells that roll up for easy packing. Also on display are featherweight canoes, kayaks and standup paddleboards.

The Outdoor Retailer Summer Market opens for a four-day run Wednesday. More than 1,300 manufacturers and suppliers are packing the floor of a Salt Lake City convention hall, plus three outdoor canopy tents. The summer and winter trade shows have been a mainstay in Utah since 1996, drawing consistently larger crowds, although attendance leveled off this year.

More than 25,000 people are expected at the trade show this week, many of them retailers, who are placing bulk orders for specialty outdoor shops around the world. Exhibitors were unpacking crates Tuesday, displaying a merchandise bazaar that would make a consumer drool — except the public isn't allowed inside.

"This show has morphed into a mecca for the outdoor action-sports world," says Peter Kray, publisher of the Gear Institute of Santa Fe, N.M., a network of outdoor gear testers and experts who try out and promote the best gear.

A number of magazines and websites, including gearjunkie.com, also rate the gear and fashions to come out of the Salt Lake show before the new products hit the mainstream. Kray's picks include Smith Chroma Pop lenses — "awesome color" — and an improvement on Easton tent poles that nearly doubles their strength and flexibility in heavy winds.

Kray also is celebrating a hydration bladder not for water, but whisky or tequila — "perfect," he says.

Even socks have come a long way, with more than 100 companies in a foot race to stich the finest wool blends. A pair can cost $25, but makers say they last practically a lifetime. Cabot Hosiery Mills Inc. says its Darn Tough Vermont socks can withstand 30,000 machine rubs before wearing thin.

The jam-packed expo underscores a thriving corner of the economy. Outdoor-gear sales have grown at 5 percent or more annually through recent years of recession, analysts said.

"The industry is doing well. Patagonia has weathered the storm," said Tania Bjornlie, a trade-show manager for the Ventura, Calif.-based industry giant long known for its sleek outdoor clothing.

Patagonia is showing off a new line of day packs. "Everything at the show is getting more technical, lighter, faster," Bjornlie said.

Utah has become a cottage industry for innovators and established brands including Petzl, best known for its headlamps and climbing gear. Petzl says business is growing steadily: It's opening a new factory in a Salt Lake City suburb.

Outdoor sports "is a passion for a lot of people," said John Evans, a Petzl marketing director. "Even if the economy is not running at full steam, people still pursue their passions."

A hydrogen battery pack the size of a deck of cards can be found at an exhibit for Brunton, a subsidiary of Stockholm-based Fenix Outdoor AB., which specializes in navigation, optics and now, "portable power."

At $150, Brunton's hydrogen battery pack can be recharged at retail shops for $8 a pop. Brunton says the battery takes hydrogen out of water and mixes ambient oxygen when it's time to charge a cellphone or other electronic device.

"It's the lightest, toughest, most portable hydrogen reactor," said Walter Kaihatu, vice president for sales and marketing at Boulder, Colo.-based Brunton. "It has really high capacity. It can charge a cellphone five times from dead, and works in a range of temperatures."

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Boston Harbor lighthouse up for grabs

BOSTON — It's prime oceanfront property — but with a twist.

The U.S. government is accepting bids for ownership of Graves Island Light Station, a working lighthouse on a tiny Boston Harbor island about nine miles off the coast.

The 113-foot structure is more than a century old and has space for two bedrooms and a kitchen, but no bath. It also has a private dock.

The buyer will get the entire 10-acre island — a rocky ledge near the entrance to a major shipping channel.

The Boston Globe (http://b.globe.com/17Sv1Zl ) reports the General Services Administration began an auction on the property in June and the current high bid is $101,000.

After the sale, the U.S. Coast Guard would continue to maintain the automated lighthouse, including its foghorn, with access to the property as needed.

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Microsoft Office comes to Android, but not tablets

NEW YORK — Microsoft is bringing a pared-down version of its Office software to Android phones, but it won't work on Android tablets just as it doesn't on iPads.

The software will be available starting Wednesday. It requires a $100-a-year subscription to Office and won't be sold separately.

The new offering follows the release of an iPhone version in June and brings an Office app to phones running the most widely used operating system on new smartphones.

Microsoft Corp. is trying to make its Office 365 subscription more compelling, without removing an advantage that tablet computers running Microsoft's Windows system now have — the ability to run popular Office programs such as Word, Excel and PowerPoint.

"The release of this app shows that we're committed to keep providing additional value for Office 365 subscribers," the company wrote in a blog post. "Office 365 subscribers will now be able to access, view, and edit Word, Excel and PowerPoint documents with Windows Phone, iPhone and Android phones."

Microsoft is pushing subscriptions as a way to get customers to keep paying for a product that was historically sold in a single purchase. The company touts such benefits as the ability to run the package on multiple computers and get updates for free on a regular basis. However, a subscription can be more expensive than buying the package outright for just one or two computers.

Microsoft said it designed Office Mobile for Android phones specifically for small-screen devices, even though many people will prefer editing documents on a tablet's larger screen. The company has a version for iPads and Android tablets, called Office Web Apps, but that runs on a Web browser and requires a constant online connection. The new Android software is an app that gets installed on the phone and can work offline.

With a subscription, customers typically get to use Office on up to 10 devices. Five of them can be Windows or Mac computers or Windows tablets. The other five can be iPhones or Android phones. Windows phones come with Office installed and do not count toward the limit.

In keeping the software off the iPad, the top-selling tablet computer, Forrester Research analyst J.P. Gownder has estimated that Microsoft is potentially ceding $1.4 billion a year in revenue, based on 10 percent of the 140 million iPad owners paying for a $100 subscription. Gownder said failure to provide it on the iPad or Android tablets gives incentives for users to explore competing offerings such as QuickOffice from Google and iWork from Apple.

Like the other mobile versions, the new Android software is designed for lightweight use. For example, you can use it to view and edit an attachment sent by email. But it's not meant to create a complex spreadsheet from scratch.

The new software requires Android 4.0 or later — the Ice Cream Sandwich or Jelly Bean flavors of Google's operating system. It's available through Google's online Play store. At first, it's available only in the U.S., though Microsoft plans to expand to 117 markets with versions in more than 30 languages.

Microsoft did not announce any plans for BlackBerry phones.

___

Online:

Office: http://office.microsoft.com

Play: http://play.google.com

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Global stock markets buoyed ahead of Fed statement

MILAN — Strong eurozone unemployment data combined with better-than-expected U.S. jobs and economy figures to give a modest boost to stock markets on Wednesday.

Eurostat figures showed the number of unemployed across the 17 European Union nations fell for the first time since April 2011, providing further hope that the region's economy could soon start showing signs of recovery.

Meanwhile, the U.S. economy grew at an annual rate of 1.7 percent in the second quarter, the Commerce Department said Wednesday. Economists had expected growth of 1 percent for the period. Also Wednesday, a private survey from payroll company ADP showed that U.S. businesses created 200,000 jobs this month.

As welcome as the figures were, markets were also focused on news from the Fed's Open Market Committee meeting. The U.S. central bank will release an updated policy statement after concluding the two-day meeting.

The Fed is not expected to announce any big changes, but investors expect that an improving U.S. economy will prompt the Fed Reserve to ease back on its huge bond-buying program in coming months.

The Fed is buying $85 billion in Treasury and mortgage bonds every month to spur growth and lending. Recent hints that the Fed might start scaling back its stimulus program have sent stocks reeling.

Analysts from Capital Economics said in a note Wednesday that the latest round of U.S. economic figures suggest "that the recovery is gaining momentum and probably strengthening the Fed's resolve to taper its asset purchases in September."

Britain's FTSE 100 rose 1.2 percent to 6,649. Germany's DAX was up 0.2 percent at 8,285. France's CAC-40 was up 0.4 percent to 4,003.

Wall Street welcomed the upbeat economic news, with the Dow Jones industrial index up 0.6 percent to 15,616 and the broader S&P 500 rising the same amount to 1,696.

Investors are also focusing on U.S. employment figures for July, due out Friday. Fed Chairman Ben Bernanke has said that the central bank could begin to scale back its bond purchases later this year if the economy strengthens, but Fed officials typically put greater weight on employment and inflation data than the GDP figures.

Japan's Nikkei 225 index tumbled 1.5 percent to close at 13,668.32. The Tokyo benchmark closed down 3.3 percent on Monday and then recovered about halfway Tuesday.

Hong Kong's Hang Seng fell 0.3 percent to 21,883.66. South Korea's Kospi dropped 0.2 percent to 1,914.03.

Benchmarks in mainland China rose while Singapore, the Philippines, Thailand and Taiwan fell.

Benchmark crude for August delivery was up 11 cents to $103.23 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.47 to close at $103.08 on the Nymex on Tuesday.

In currencies, the euro 0.08 percent to $1.3269 from $1.3259 late Tuesday. The dollar rose to 98.34 yen from 98.06 yen.

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Pamela Sampson in Bangkok contributed.

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New US Treasury securities on sale in January

WASHINGTON — The Treasury Department said Wednesday that it expects to start offering investors a new Treasury security with variable interest rates in January. It will be the first new Treasury security in 15 years.

Treasury officials said they hope to be able to tell investors the size of the initial offering in November, providing time for bond traders to adjust their computer systems for the new product.

Offering a variable interest rate carries some risk to the government, which would have to pay more if, as economists expect, rates begin to rise in coming years from the current super low levels. But the government is counting on attracting more investors who will be drawn by the prospect of potentially higher yields.

A final rule describing the new floating rate notes was published Wednesday in the Federal Register. The floating rate notes are the first new product Treasury has offered investors since TIPS, Treasury inflation protected securities, were put on the market more than 15 years ago.

Matthew Rutherford, Treasury's assistant secretary for financial markets, said that Treasury is not currently contemplating any other new products such as a 50-year bond or a 100-year bond. Rutherford said he thinks Treasury's 30-year bond adequately served the needs of investors looking for a longer-term security.

Rutherford told reporters at a news conference that Treasury still believed it would be able to meet its borrowing needs and keep the government operating until sometime after Labor Day when Congress will return from its August recess.

He refused to be more specific about when Treasury will run out of bookkeeping maneuvers to avoid hitting the current $16.7 trillion debt limit but private economists have said Treasury may be able to avoid hitting the limit until late October or early November. Treasury has been using various bookkeeping maneuvers to avoid hitting the borrowing limit since May 17.

Treasury Secretary Jacob Lew is urging Congress to move quickly in September to take away the "cloud of uncertainty" about the nation's ability to pay its bills by increasing the borrowing limit and avoid a repeat of 2011 when a prolonged standoff over the issue between Republicans and the administration rattled financial markets.

Treasury announced Wednesday that as part of its regular quarterly refunding auctions next week it would sell $32 billion in 3-year notes, $24 billion in 10-year notes and $16 billion in 30-year bonds.

The money raised would be part of the $209 billion in borrowing it is projecting will be done in the July-September quarter. It has projected $235 billion in borrowing needs for the October-December quarter but that amount will depend on Congress increasing the debt limit.

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Investors look to Fed for further clues on rates

WASHINGTON — When the Federal Reserve offers its latest word on interest rates this week, few think it will telegraph the one thing investors have been most eager to know: When it will slow its bond purchases, which have kept long-term borrowing rates low.

The Fed might choose to clarify a separate issue: When it may raise its key short-term rate. The Fed has kept that rate near zero since 2008. It's said it plans to keep it there at least as long as unemployment remains above 6.5 percent and the inflation outlook below 2.5 percent.

Unemployment is now 7.6 percent; the inflation rate is roughly 1 percent.

Chairman Ben Bernanke has stressed that the Fed could decide to keep its short-term rate ultra-low even after unemployment reaches 6.5 percent. Testifying to Congress this month, Bernanke noted that a key reason unemployment has declined is that many Americans have stopped looking for jobs. When people stop looking for work, they're no longer counted as unemployed.

If that trend continues, Bernanke said that lower unemployment could mask a still-weak job market and that the Fed might feel short-term rates should stay at record lows.

In the statement the Fed will issue when its two-day meeting ends Wednesday, it could specify an unemployment rate below 6.5 percent that would be needed before it might raise its benchmark short-term rate. It might also say that it won't raise that rate if inflation remains below a specific level.

Investors would react to any such shift in the Fed's guidance. Financial markets have been pivoting for months on speculation that the Fed will or won't soon slow its $85-billion-a-month in Treasury and mortgage bond purchases. Those purchases have led more consumers and businesses to borrow, fueled a stock rally and supported an economy slowed by tax increases and federal spending cuts.

The Fed has signaled that it might slow its bond buying as soon as September — if the economy has strengthened as much as the Fed has forecast. If not, the Fed would likely maintain its stimulus.

On Wednesday, the government will report how fast the economy grew in the April-June quarter. Most economists predict an annual rate of barely 1 percent — far too weak to quickly reduce unemployment. Most think the growth is picking up in the second half of the year on the strength of a resurgent housing market, stronger auto sales, steady job gains and higher pay.

Many economists think the key goal of the Fed's policy discussions Tuesday and Wednesday will be to stress that the Fed's actions in coming months will hinge on how the economy fares, not on any timetable.

Some economists think the Fed will be mindful that the Dow Jones industrial average sank more than 500 points in two days after it met in June and Bernanke said the Fed would likely slow its bond-buying this year and end it next year because the economy was improving.

"The Fed is going to try to calm things down," said Brian Bethune, an economics professor at Gordon College, in Wenham, Mass.

Last month, in what was likely his last economic report to Congress, Bernanke said that even after the Fed has begun slowing its bond purchases, its policymaking will keep lending costs down. Besides keeping its short-term rate low, Bernanke stressed that the Fed will maintain its vast investment portfolio — which exceeds $3.4 trillion —to help keep long-term borrowing costs down.

Some economists still think the Fed will start trimming its bond purchases at its Sept. 17-18 meeting. Unlike this week's meeting, the September meeting will be followed by a news conference in which Bernanke could explain the actions.

Diane Swonk, chief economist at Mesirow Financial, said she believes September is a likely time for the Fed to scale back its bond buying. Yet she doubted it will do anything this week to signal that possibility.

"The less said right now, the better" for financial markets, Swonk said.

David Jones, chief economist at DMJ Advisors, said he still thinks the Fed will start trimming its bond purchases gradually starting in September. But he thinks that date could slip if the economy doesn't strengthen over the next two months. Other economists think the Fed may prefer to wait until after September to trim its purchases to make sure the economy is sustaining its gains.

The Fed's moves to reduce its bond purchases will likely occur just as it will be managing a transition to a new leader. Bernanke is widely expected to step down when his second four-year term as chairman ends Jan. 31.

Vice Chair Janet Yellen is viewed as a leading candidate to replace Bernanke, though former Treasury Secretary Lawrence Summers and others have also been mentioned.

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Cuba criticizes US embargo fine for AmEx, bank

HAVANA — Cuba is objecting to the U.S. government's recent sanctions against companies for violating the 51-year-old economic and financial embargo against the island.

A Foreign Ministry statement notes last week's settlement in which American Express Co. agreed to pay $5.2 million because of more than 14,000 tickets it issued for travel between Cuba and other countries.

It also says Intesa SanPaolo paid a fine of nearly $3 million on June 28 after the U.S. Treasury Department determined that the Italian bank had processed 53 financial transfers involving Cuba between 2004 and 2008.

The Foreign Ministry accuses Washington of repeatedly "making absurd concessions" to the Cuban exile lobby.

The statement was published Tuesday in Communist Party newspaper Granma.

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Arson eyed at planned NM horse slaughterhouse

ROSWELL, N.M. — A New Mexico company seeking to convert its cattle plant to a horse slaughterhouse might have been the target of arson.

The Roswell Daily Record reports (http://bit.ly/17e7iRe) a fire Saturday that burned part of the exterior of Valley Meat Co.'s building and damaged a refrigeration unit appeared to have been deliberately set.

Chaves County Sheriff's Department Lt. Britt Snyder says fire officials were investigating the Roswell blaze and have not yet determined the cause. But he called the fire "very suspicious."

The Humane Society of the United States and other groups are seeking to block the planned Aug. 5 opening of Valley Meat and another recently approved horse slaughterhouse in Iowa.

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Information from: Roswell Daily Record, http://www.roswell-record.com

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Morgan Stanley settles securities case in NJ

NEWARK, N.J. — Morgan Stanley has agreed to pay $100,000 to settle claims the company violated New Jersey law in its sale of nontraditional exchange-traded funds.

The state Bureau of Securities claimed Morgan Stanley failed to adequately train and supervise its financial advisers.

The state also says the advisers recommended nontraditional ETFs to elderly investors who were seeking income. The state says such transactions were unsuitable and resulted in losses.

Exchange-traded funds typically involve shares representing an interest in a portfolio or securities that track an underlying benchmark or index. The nontraditional versions reset daily and are intended to achieve objectives only on a daily basis.

The state says Morgan Stanley failed to fully inform investors.

Morgan Stanley did not admit or deny any wrongdoing.

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Sprint feels pain of Nextel close, widens 2Q loss

OVERLAND PARK, Kan. — Sprint Corp., the ailing No. 3 of the U.S. wireless business, has had the surgery. Now it's in for a trying recovery period.

In the last few months, Sprint has sold a majority stake to Softbank Corp. of Japan, bought the failing Clearwire network and shut down its own Nextel service, which had dogged its results for years.

Sprint is now racing to make up for lost time. With the help of Softbank's cash, it's quadrupling its capital spending to make up for years of underinvestment in its network, which lags those of competitors in terms of data speed and coverage. That's good for subscribers but not necessarily good for investors who are exasperated with the company's 23 consecutive quarters of losses.

CEO Dan Hesse said Tuesday that he expects Sprint to have a hard time gaining subscribers on its contract-based plans, which generate the most revenue, until next year, when the company fires up new antennas on its cell towers and has phones that can take advantage of them.

Sprint's second-quarter results, reported Tuesday, were hampered by the shutdown of the Nextel network, which it bought in 2005. It was popular for its push-to-talk feature, which let phones work like walkie-talkies. The service, however, wasn't compatible with Sprint phones and didn't support wireless broadband, which is necessary for smartphones. The cost of running two incompatible networks was a big part of the reason Sprint hemorrhaged money for years.

The quarter was "ugly, but no worse than expected," said Kevin Smithen at Macquarie Capital.

Sprint lost more than 2 million wireless customers in the quarter, most of which were on Nextel. Sprint managed to convince only 34 percent of the 1.3 million departing Nextel subscribers to sign up for Sprint service, a lower figure than some analysts expected, given Sprint's past success with conversions.

Sprint gained 412,000 subscribers by buying U.S. Cellular coverage areas in Chicago and parts on the Midwest in May. Separately, it bought out the minority shareholders of Clearwire Corp., a wireless network operator of which Sprint already owned a majority. That acquisition closed after the end of the quarter.

Sprint's net loss grew to $1.6 billion, or 53 cents per share. It lost $1.4 billion, or 46 cents per share, a year ago.

Excluding unexpected charges related to the Nextel shutdown, the adjusted loss came to 31 cents per share. Analysts polled by FactSet expected a loss of 30 cents per share.

Revenue rose to $8.88 billion from $8.84 billion thanks to the U.S. Cellular acquisition.

Sprint's stock rose 23 cents, or 4 percent, to $5.97 in morning trading. The day's high of $6.02 was the highest level since SoftBank Corp.'s deal to acquire 78 percent of Sprint closed on July 10.

SoftBank paid $21.6 billion for the Sprint stake. Shareholders got $7.65 per share.

Sprint had 53.6 million subscribers by June's end, down from 55.2 million at the end of March.

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AP Business Writer Ryan Nakashima contributed to this report.

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Indian panel approves Etihad purchase of Jet stake

NEW DELHI — India's foreign investment regulator conditionally approved on Monday a $379 million deal by Abu Dhabi-based Etihad Airways to buy a 24 percent stake in Jet Airways, the first foreign investment in an Indian airline since restrictions were eased on aviation deals last year.

The Foreign Investment Promotion Board ruled that Jet Airways must obtain government approval for any changes in the shareholders' agreement with Etihad. It said any arbitration between the two carriers must be conducted under Indian law, the Press Trust of India news agency said.

The deal still needs to be approved by India's capital markets regulator and the Cabinet.

Etihad has reduced the number of directors it will have on the airline's board to two from three proposed earlier, leaving effective control in the hands of Jet Airways.

Mumbai-based Jet, founded in 1993, is one of India's largest domestic airlines and its second-largest international carrier behind state-owned Air India.

It has been aggressively expanding its routes and fleet and now flies to 42 domestic and 21 international destinations but has struggled for years to make a profit.

Jet will likely use Etihad's cash infusion to expand its fleet of 100 aircraft.

India has 1.2 billion people but airline passengers, both domestic and international, number only 160 million a year. The Sydney-based Center for Aviation predicts that number will nearly triple to 450 million by 2020.

It said in a recent report that Jet plans to increase its number of operational wide-body jets from 18 to about 30 over the next 12 to 18 months.

Last year, the Indian government decided to allow up to 49 percent foreign ownership of airlines as part of reforms to help revive a slowing economy.

Fast-growing Etihad was set up in the United Arab Emirates in 2003 and recently has been building partnerships and other alliances around the world as part of its fierce competition with Gulf rivals Qatar Airways and Dubai-based Emirates.

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Pending sales of US homes slip from 6-year high

WASHINGTON — The number of Americans who signed contracts to buy homes dipped in June from a six-year high in May, a sign that sales could stabilize over the next few months.

The National Association of Realtors said Monday that its seasonally adjusted index for pending home sales ticked down 0.4 percent to 110.9 in June. The May reading was revised lower by a percentage point to 111.3, but it was still the highest since December 2006.

The slight decline suggests higher mortgage rates may be starting to slow sales. Still, signed contracts are 10.9 percent higher than they were a year ago. There is generally a one- to two-month lag between a signed contract and a completed sale.

Economists were relieved after seeing only a modest decline. They said that shows higher mortgage rates are having only a small impact on the home sales market.

"All told ... pending home sales held up fantastically well," Dan Greenhaus, chief global strategist at BTIG, an institutional brokerage, said in a note to clients.

The average rate on a 30-year fixed mortgage has jumped a full percentage point since early May and reached a two-year high of 4.51 percent in late June.

Rates surged after Chairman Ben Bernanke said the Federal Reserve could slow its bond-buying program later this year if the economy continues to improve. The Fed's bond purchases have kept long-term interest rates low, encouraging more borrowing and spending.

In recent weeks, Bernanke and other Fed members have stressed that any change in the bond-buying program will depend on the economy's health, not a set calendar date.

Since those comments, interest rates have declined. The average on the 30-year mortgage was 4.31 percent last week.

Even with higher mortgage rates, signed contracts increased in the West last month. They were unchanged in the Northeast and fell in the South and Midwest.

Home sales and prices have climbed since early last year, buoyed by solid hiring and historically low mortgage rates. Housing has been an important driver of economic growth this year as other parts of the economy have languished, such as manufacturing and business investment.

Sales of previously occupied homes slipped last month, after a big rise in May to the highest level in 3 ½ years.

But new-home sales jumped in June to the fastest pace in five years, boosting confidence that the housing recovery is strengthening.

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Fog delaying some flights at Denver Int'l Airport

DENVER — Fog is delaying flights by about an hour in Denver, and some smaller planes are being diverted to other airports because of the low visibility.

The fog is expected to lift by 9 a.m. Monday.

About 15 commuter flights headed to Denver International Airport have had to instead land in Colorado Springs, Durango and Eagle, as well as to Albuquerque, N.M., and Rapid City, S.D.

Fog is unusual in Denver, which boasts of having more than 300 sunny days a year.

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Justin Smith to serve as Bloomberg Media CEO

NEW YORK — Bloomberg LP says that Justin B. Smith will serve as CEO of its media group, which includes its TV, radio, magazine and digital businesses around the world.

The financial news and information company said Monday that Andrew Lack, who had served as CEO of Bloomberg Media Group since 2008, will become the group's chairman.

Smith will join Bloomberg on Sept. 16.

He most recently served as president of Atlantic Media. Bloomberg says Smith helped transform The Atlantic from a "largely print-centric magazine" to a multi-platform media franchise. Before joining Atlantic Media, he launched the U.S. edition of The Week magazine and was head of corporate strategy at The Economist Group.

Bloomberg is a private company founded by New York Mayor Michael Bloomberg, who isn't involved in day-to-day decision-making.

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Foreign airlines urged to use GPS at San Francisco

SAN FRANCISCO — The Federal Aviation Administration is advising all foreign airlines to use a GPS system instead of visual approaches when landing at San Francisco International Airport in the wake of the deadly Asiana Airlines crash.

The San Francisco Chronicle reports (http://bit.ly/17anAKZ ) the FAA issued a recommendation Sunday that the airlines use the GPS system when landing on main runways instead of relying on just their eyes and cockpit instruments.

Pilots on Asiana Airlines Flight 214 had been cleared to make a visual approach when the plane crash-landed on a runway at the San Francisco airport July 6. Three girls died, and 180 people were injured.

The FAA says that since then, pilots for Asiana and other foreign carriers have had more aborted landings than usual while trying to make visual approaches. The agency didn't provide exact numbers.

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Information from: San Francisco Chronicle, http://www.sfgate.com

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Student entrepreneurs venture into business

Fresh-roasted coffee, artisan mango liqueur and glow-in-the-dark ultimate frisbee gear — those are some of the products ready to launch out of a Babson College summer crash course for young entrepreneurs.

The 10-week summer venture program featured 14 proposals from undergraduate and MBA students, hand-picked from more than 100 applications. The students presented their products last week to an auditorium packed with potential investors and mentors at the Wellesley school.

"It's a 10-week summer camp for our best and brightest young entrepreneurs," program director Steve Gold said.

Many of the companies were the result of years of planning and experience, but were jump-started by the program.

Hans Homberger, an MBA student from Costa Rica, unveiled a plan to sell the coffee beans his family has grown for four generations directly to consumers under the family name for the first time.

"I grew up looking at my grandpa and my dad going every week to the farms. It's not just the business, it's something I feel passionate about," Homberger said.

Homberger presented Fourth Wheel Coffee, his business that will ship Central American coffee directly to customers' front doors within 15 days of roasting instead of the months that commercial coffee can spend in a warehouse, 
he said.

"I've been working on this concept for over a year. In these past 10 weeks, I feel like I was really pushed to question everything I had learned already," said MBA student Emily Lagasse. "Because of that, I have a final product that I am 100 percent confident in and ready to move forward with."

Her gourmet dog food business, Fedwell, was inspired by the near-death experience of her dog. Lagasse said her high-end dog food is made without chemicals or preservatives and is more nutritious than conventional dog food.

Because of the presentations, many of the students made connections with key investors and industry insiders, Gold said.

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Radio, TV personality David 'Kidd' Kraddick dies

David "Kidd" Kraddick, the high-octane radio and TV host of the "Kidd Kraddick in the Morning" show heard on dozens of U.S. radio stations, has died at a charity golf event near New Orleans, a publicist said. Kraddick was 53.

The Texas-based radio and television personality, whose program is syndicated by YEA Networks, died at his Kidd's Kids charity function in the New Orleans suburb of Gretna on Saturday, said publicist Ladd Biro in releasing a network statement.

"He died doing what he loved," said Biro, of the public relations firm Champion Management, speaking with AP by phone early Sunday. He said he had no further details on the death.

The "Kidd Kraddick in the Morning" show is heard on more than 75 Top 40 and Hot AC radio stations and is a leader among most-listened-to contemporary morning programs, Biro said. The radio program also is transmitted globally on American Forces Radio Network while the show's cast is also seen weeknights on the nationally syndicated TV show "Dish Nation," he added.

"All of us with YEA Networks and the "Kidd Kraddick in the Morning" crew are heartbroken over the loss of our dear friend and leader," the network statement said. "Kidd devoted his life to making people smile every morning, and for 21 years his foundation has been dedicated to bringing joy to thousands of chronically and terminally ill children."

"He died doing what he loved, and his final day was spent selflessly focused on those special children that meant the world to him," it added.

The Dallas Morning News reported Kraddick had been a staple in the Dallas market since 1984, starting in a late-night debut. The newspaper said he moved into morning show work by the early 1990s in that market and his show began to gain wider acclaim and entered into syndication by 2001 as he gained a following in cities nationwide.

Kraddick would have turned 54 on Aug. 22, according to Biro.

The network statement said the cause of death would be released "at the appropriate time."

Many fans, celebrities included, tweeted condolences and talked about the death on social media sites. One Texas radio station where he was a mainstay ran photographs on its website of Kraddick at the microphone.

Word of Kraddick's passing spread quickly via social media.

"RIP Kidd Kraddick. You were an amazing man and a friend. You are already missed," Dallas Mavericks owner Mark Cuban tweeted.

"Oh Man, I just heard Kidd Kraddick died! He's my childhood dj. What a sad day. His poor family. He was always nice 2 me from the beginning," singer Kelly Clarkson tweeted.

Joe Jonas of the Jonas Brothers, only recently announced as the headline act of a planned first-ever Kidd's Kids charity concert in Dallas next month, wrote: "The sad sad news about Kidd Kraddick is shocking. He will be missed greatly."

Richie Tomblin, described as the head golf professional at the Timberlane Country Club in Gretna on its website, told AP that Kraddick wasn't looking well when he saw him getting ready for Saturday's charity event.

"He came out and he borrowed my golf clubs and went out to the driving range," Tomblin told AP when contacted by phone. "It's kind of a freaky situation. He came out. He practiced a little bit. He hit the ball at the first tee and wasn't feeling good and after that I didn't see him."

Tomblin said the hundreds of amateur golfers taking part went ahead with the event Saturday. He added he only found out afterward that Kraddick had died and he was still shaken about it.

"I'm still trying to figure it out. I really don't know what happened. Everyone keeps texting me asking, 'What's going on?' I really don't know," said Tomblin.

He added he was reluctant to even touch the set of clubs Kraddick had borrowed Saturday for his practice swings.

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Co-founder of Russia's biggest search engine dies

MOSCOW — Ilya Segalovich, the co-founder of Russia's largest search engine, Yandex, has died, the company said Sunday. He was 48.

Segalovich died Saturday at a London hospital, Yandex director general and fellow founder Arkady Volozh said.

Volozh said in the company's blog that Segalovich was diagnosed with stomach cancer last year. He responded positively to chemical therapy, but then developed a brain cancer that caused his death.

On Thursday, Yandex announced Segalovich had died but then corrected itself within hours, saying he was on life support with no brain function. Volozh said doctors removed the life support after it became clear Segalovich couldn't be saved.

"The only hope we had was a diagnosis error," Volozh said. "We couldn't make a miracle. We only could offer a chance for it to happen."

Segalovich's body will be brought home Wednesday, Volozh said. Funeral plans have yet to be announced.

Segalovich founded Yandex in 1997 with Volozh, his school friend. The company has been a Russian success story, with a share of 62 percent of the search engine market in Russia compared with Google's 25.6 percent.

Segalovich invented the engine's name, derived from Yet Another Index, and served as its chief technological officer.

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Russian cargo ship docks with space station

MOSCOW — Russia's space agency says that its cargo ship has docked successfully with the International Space Station.

Roscosmos says the unmanned Progress M-20M spacecraft moored at the station Sunday about six hours after its launch from the Baikonur Cosmodrome in Kazakhstan. The docking was performed in automatic mode.

The agency says the ship has delivered about 2.4 metric tons of supplies to the space outpost, including fuel, food, water and scientific equipment.

The 2011 retirement of the U.S. shuttle fleet has left Russia's Soyuz spacecraft as the sole means to ferry crews to and from the space outpost. The unmanned cargo version of the Soyuz, the Progress, delivers the bulk of station supplies.

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Treasury's Lew: Congress needs to pass debt limit

WASHINGTON — Congress needs to raise the debt limit and take away the "cloud of uncertainty" about the nation's ability to pay its bills, Treasury Secretary Jack Lew said in an interview broadcast Sunday.

"The fight over the debt limit in 2011 hurt the economy, even though, in the end, we saw an extension of the debt limit. We saw confidence fall, and it hurt the economy. Congress needs to do its job. It needs to finish its work on appropriation bills. It needs to pass a debt limit," Lew said on NBC's Meet The Press.

Senior lawmakers on Capitol Hill are trying to come up with must-do legislation to keep federal agencies running after Sept. 30 and prevent the possibility of a government shutdown. At issue is what is normally routine: a plug-the-gap measure to fund the government for a few weeks or months until a deal can be worked out on appropriations bills giving agencies their operating budgets for the full 2014 fiscal year, which begins Oct. 1.

However, some Democratic liberals don't want to vote to continue to fund the government at new, lower levels mandated by the automatic, across-the-board spending cuts known as sequestration. And some conservatives are making a last stand against President Barack Obama's new health care law. In addition, Senate Democrats are resistant to a $20 billion spending cut wanted by many Republicans.

Lew maintained that the president won't negotiate over the debt limit but stopped short, however, of saying that Obama would shut down the government.

"Drawing this to brinksmanship is a mistake. It's bad for the economy for it to be brinksmanship," Lew said.

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