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Mass. women promote Cape Ann gourmet sea salt

Written By Unknown on Sabtu, 01 Februari 2014 | 22.27

GLOUCESTER, Mass. — The location of the harvest is a secret because ... well, because the Salt Ladies want to keep it that way. And it does not do to cross the Salt Ladies.

The unseasonably balmy 40-degree temperatures of Martin Luther King Jr. Day have drawn Alison Darnell and Heather Ahearn — along with their 28 large plastic buckets — to this small public beach that, for reasons of competitive advantage, shall remain nameless.

Even on holidays, the salt show must go on.

Waterproofed from their feet up and double-gloved, the two women spend the next hour lugging the empty buckets into the sea and returning to terra firma with 5 gallons of pristine Cape Ann seawater in each — the very nectar that begins the process to produce mounds of pure gourmet sea salt for discerning gourmands and seat-of-the-pants cooks alike.

Ahearn and Darnell are founders, senior executives, cooks and chief seawater Sherpas for Atlantic Saltworks, a fledgling North Shore-based company that produces gourmet sea salt for sale on the company's website and, up to this point, at a limited number of retail locations, such as The Cave in Gloucester.

They started the company in August. Basically, at least for now, it is run out of their respective homes — Salem for Ahearn and Wakefield for Darnell.

When it's time to cook the salt from the seawater, operations shift to the shared commercial kitchen the company leases in Amesbury, where the seawater is boiled to produce the briny flake finishing sea salt that is the rage in the cooking world. The yield is about 3 ounces per gallon of water.

"It just tastes better," Darnell said. "We don't use anti-caking agents like a big company might use, and we don't take anything from the salt, and we don't add anything to it."

Once collected, the seawater is allowed to settle. Then it is filtered to remove organic impurities and boiled to produce the salt.

The whole enterprise started with the boiling of 1 gallon of seawater out of Salem Harbor on Ahearn's kitchen stove, just to see if they could do it.

"We actually made salt, and we were hooked," Darnell said. "But it's one thing to boil down a gallon of water on your stove to produce salt and another to consistently produce the finest flake."

The women, both 39, hold MBAs from Babson College and day jobs in traditional businesses. But that 1 gallon of water turned their hearts to salt.

The idea in hand, they embarked on their research.

They investigated the history of salt and identified those companies — such as Maldon Salt Co., in Essex, England — regarded as the producers of the finest flake and finishing salt. They checked with local and state regulatory about the propriety of freely harvesting seawater from public areas and with health agencies for the applicable standards.

Then they hit the road, traveling the North Shore coastline from Newburyport to Salem, sampling and testing the seawater, searching for the right salinity and the highest purity. That search ultimately led them to Cape Ann, where they found what they considered the very best water for what they believe is the among the best sea salts anyone is making.

"We narrowed it down to a couple places we liked because of the taste of the salt and because they just felt like it was the right places to be," Ahearn said.

They even performed a blind taste-test of salts made from seawater from varying spots.

"It was very slight, but you could tell the difference ,and we knew that one was slightly better than the other," Darnell said. "It's amazing what we've learned in a short time. Salt is all we talk about. My husband is so bored with it."

Though they started the company in August, Darnell said they didn't even attempt their first sale until November. Much of the work now involves marketing the product and getting the word out to chefs and everyday cooks, making them aware of the daily uses for what often is regarded as a somewhat precious spice.

"We don't want folks to think of it as so super-special that you're only going to take it out and use it on special occasions," Darnell said.

They've also expanded their product line to include salt blends and are looking at the possibility of expanding into brines or spice rubs.

The marketing is a bit of a small-ball effort, involving word-of-mouth and local food shows. Joey Ciaramitaro gave them a shout-out on the highly popular "GoodMorningGloucester" blog. They also have been invited to showcase their salt at some of the region's most prestigious food shows, such as Eat Boutique magazine's Boston Holiday Market during the Christmas season, as well as the upcoming SoWash open market in Boston.

The goal for Atlantic Saltworks is to centralize cooking and packaging operations in one exclusive location, with Gloucester as the women's primary choice.

"I have to say we've felt extremely welcome in Gloucester," Ahearn said.

In crafting their own Gloucester connection, according to Justin Demetri — a Cape Ann historian with the Essex Shipbuilding Museum — the Salt Ladies will add to a long historical line of Gloucester's connection with salt.

"Gloucester, at the turn of the (19th) century, was the world's largest importer of salt," Demetri wrote in response to an email request. "It was the largest fishing fleet in the Western Hemisphere and one of the last great salt fish ports.

The death knell for the industry, however, came with the establishment of fresh fish markets in Boston and elsewhere around 1850.

"As people's tastes changed, salt fish's market share would slowly decrease," Demerit said. "By the arrival of flash freezing in the 1920s, Gloucester's salt fishing fleet was on its last legs."

Now, almost 100 years later, Gloucester's role in the salt business may be reawakening — thanks to the Salt Ladies.


22.27 | 0 komentar | Read More

Silverado redo earns its awards

Never one to shy from a full-sized pickup truck fight, Chevy redesigned the 2014 Silverado 1500 by trimming some weight, updating the interior and reworking the engine to improve gas mileage. And for this year it's captured Truck of the Year honors from the North American Truck and Car Awards and Motor Trend.

Going nose to nose with the Ford F150, Dodge Ram and Toyota Tundra, Chevy throws its elbows around by combining a refined ride and burly off-road capabilities. Underneath the good-looking body are upgraded shocks, underbody shields and a heavy-duty air cleaner.

Our spacious crew cab tester was fitted out with the Z71 package, upscaling the truck with a luxury finished leather cabin, Bose stereo, a full array of built-in electronics including a 110-volt outlet, five USB outlets, Bluetooth and MyLink. Along with hill and trailer descent controls the $850 Driver Alert package provides a seat vibrating alarm when you're too close or have strayed from your lane. The back-up camera is helpful even though the rear vision is excellent.

The V-8 5.3-liter ECOtec3 engine makes 355 horsepower providing 11,000 pounds of towing and you'll be hard-pressed to know when the fuel-saving cylinder deactivation feature kicks in turning the V-8 into a gas sipping V-4. It also has good acceleration and the 6-speed transmission is smooth. Rated mileage for this engine is 16 miles per gallon in the city and 22 on the highway. The quiet and compliant Silverado is a nice-riding truck owing to improved shocks and dampers. But don't let the smooth ride fake you out. You'll still get some bumping about on rough roads so keep the lid on your coffee.

During my test period I battled a couple of decent snowstorms and the all-wheel drive was flawless. I simply left the Auto setting on and never even had to give it a second thought, confidently plowing through piles of snow, slush and ice.

The exterior, at first glance, hasn't changed much. A huge, squared off, heavily chromed front end remains while some body sculpting creates better aerodynamics. The EZ Lift tailgate and bed include step-up slots in the bumper and hand grips on the rails. LED lighting is new for both the interior and exterior. The crew doors have been changed to front hinges squeaking out a couple of extra inches of interior space.

Even with all the creature comforts added on, the core of the Silverado is a workhorse. Fitted out with either a 5-foot 8-inch or 6-foot 6-inch bed, you're talking about maxing out the payload to nearly a ton. So while you're not going to want to hose out the interior of a leather-laden Z71, it still means business on the worksite, yet will clean up for an evening in the city. And hey, it's a truck, so there's plenty of personal storage space starting with a huge padded center console, two glove boxes and cup holders galore.

Despite recent accolades, Silverados aren't moving off the lots quickly so excellent deals can be had.

With a base of $43,650, our tester with the LTZ Plus Package upgrade priced out at $50,475 — it's a big ticket but competitively positioned. All that being said some model Silverados can be leased for as little as $170 per month.


22.27 | 0 komentar | Read More

Stock investors hit from all sides in January

NEW YORK — Stock investors were hit from all sides in January.

Concerns about the global economy and U.S. company earnings, as well as turmoil in emerging markets, led the Dow Jones industrial average to its worst start since 2009. However, many investors remain hopeful that the problems will not spill over into the rest of 2014.

They even see the downturn as healthy, given the U.S. market's rapid rise last year.

The Dow slid 5.3 percent in January while the Standard & Poor's 500 index fell 3.6 percent and the Nasdaq composite declined 1.7 percent.

Investors entered the year with some degree of skepticism and nervousness. The stock market went basically straight up in 2013. The S&P 500 index ended 2013 with a gain of nearly 30 percent, its best year since 1997.

"No amount of negative news could derail the market last year," said Jonathan Corpina, a floor trader at the New York Stock Exchange with Meridian Equity Partners.

But no stock market can go straight up forever.

Many investors expected 2014 to be a more muddled and volatile year for the market. Market strategists late last year were looking for the S&P 500 index to notch a modest gain of 4 percent to 6 percent, ending in the range of 1,850 to 1,900.

Investors were also looking for more pullbacks this year and possibly a correction, the technical term for when a stock market index like the S&P 500 falls 10 percent or more. Three months ago, analysts at Goldman Sachs said there was roughly a 60 percent chance that a correction would happen this year.

"People did look at these stock market valuations at the beginning of the year with a degree of nervousness," said David Kelly, chief market strategist with J.P. Morgan Funds. "A correction would probably be healthy for the market."

But many investors were surprised by January's turbulence. With one exception, the Dow had triple-digit moves every trading day in January.

Still, with the broader S&P 500 index down just 3.6 percent from its January 15 peak, the downturn is hardly severe.

"There's been some negative news out there — the economic data, corporate earnings and what's now going on in emerging markets — but I'm not convinced the headlines are bad enough to be a catalyst to push us into a correction," Corpina said.

Investors point to the December jobs report, released on Jan. 10, as the event that started the troubles. The U.S. government said employers created only 74,000 jobs in December, the worst month for job creation in since 2011 and far below expectations.

Up until then, weeks of data showed the U.S. economic recovery was accelerating. U.S. companies were selling record levels of goods overseas; layoffs had dwindled; and the Federal Reserve was pulling back on its economic stimulus program, citing an improving economy.

Many investors called the December jobs report as a statistical fluke. But the report has weighed on stocks all month, investors say.

"It set a negative tone for the market," Kelly said.

Other economic reports also painted a picture of U.S. economic growth possibly flattening out instead of accelerating.

Investors combined these economic worries with mixed signals from U.S. companies.

Wall Street is in the middle of earnings season, when the country's major corporations report results for the final three months of the year. Half of the members of the S&P 500 have reported, and the results have been mixed. While fourth-quarter corporate earnings are up a respectable 7.9 percent from a year earlier, companies have been cutting their full-year outlooks and reporting weaker sales, according to data provider FactSet.

Wal-Mart, the nation's largest retailer, said Friday that earnings may come in at the low end or below its prior forecasts. It also expects sales at stores open at least a year to be flat. The company previously forecast that sales would be modestly higher.

Wal-Mart's forecast echo the comments from Macy's, Target, Best Buy and other retailers.

Of the companies who have reported so far, 44 companies have cut their full-year profit outlooks while 10 have increased their outlooks, according to data from FactSet.

Adding to concerns about the U.S. economy and earnings were problems in overseas markets.

The bad news started with China. A recent report showed manufacturing activity in the world's second-largest economy unexpectedly contracted in January. The report added to other recent signs that the Chinese economy was slowing down after years of massive growth.

Then came currency troubles in smaller emerging markets, particularly Turkey, South Africa and Argentina.

All three saw their currencies fall sharply against the dollar, as investors began to pull out of emerging markets and return their money to less-risky parts of the globe.

"These governments were financing themselves with (foreign investor money), and now that these investors are looking to go home, there's no source of money to replace them," said Krishna Memani, chief investment officer at Oppenheimer Funds.

On Friday, the U.S. stock market closed out January on another down note. The Dow fell 149.76 points, or 0.9 percent, to 15,698.85. The S&P 500 dropped 11.60 points, or 0.7 percent, to 1,782.59 and the Nasdaq lost 19.25 points, or 0.5 percent, to 4,103.88.

Investors shouldn't panic yet, money managers say.

They will get the January jobs report next week. Also, another 93 members of the S&P 500 are scheduled to report earnings.

"A 5 percent decline in equities is not an earthshattering event by any measure, particularly after last year," Memani said. "It's still way too early to give up on equities."

___

AP Business Writer Alex Veiga contributed to this report from Los Angeles.


22.27 | 0 komentar | Read More

Obama running out of reasons to reject Keystone XL

WASHINGTON — President Barack Obama is running out of reasons to say no to Keystone XL, the proposed oil pipeline that's long been looming over his environmental legacy.

Five years after the pipeline's backers first asked the Obama administration for approval, the project remains in limbo, stuck in a complex regulatory process that has enabled Obama to put off what will inevitably be a politically explosive decision. But the release Friday of a long-awaited government report removes a major excuse for delay, ramping up pressure on the president to make a call.

The State Department's report raised no significant environmental objections to the pipeline, marking a victory for proponents, who argue the project will create jobs and strengthen America's energy security.

Environmentalists disagree and insist approval would fly in the face of Obama's vaunted promise to fight climate change, even as the report gives him political cover to approve it. They argue the report, which provides a detailed assessment of tar sands emissions, offers Obama more than enough justification to oppose the pipeline.

Obama is not tipping his hand. But the White House pushed back on the notion that the pipeline is now headed for speedy approval. Only after various U.S. agencies and the public have a chance to weigh the report and other data will a decision be made, said White House spokesman Matt Lehrich.

"The president has clearly stated that the project will be in the national interest only if it does not significantly exacerbate the problem of carbon pollution," Lehrich said, echoing a declaration Obama made in a speech laying out his climate change plan.

A final decision isn't expected until this summer, at the earliest, meaning the verdict could potentially come in the run-up to November's midterm elections, in which energy issues are likely to be a factor in some key races. The decision might also coincide with the Obama administration's release of new emissions rules for existing power plants that are also politically contentious.

Because Keystone has become a proxy for the broader battle over energy vs. environment, Obama's decision will have an outsized impact on his environmental legacy. The issue has taken on a life of its own, trailing Obama seemingly wherever he goes.

Protesters, one who dresses as a polar bear, show up regularly outside the White House and at Obama events across the country to demonstrate against it. Both sides have run television ads urging Obama to take their side on the pipeline, which would carry oil from tar sands in western Canada 1,179 miles to a hub in Nebraska, where it would connect with existing pipelines to carry more than 800,000 barrels of crude oil a day to refineries on the Texas Gulf Coast.

"Sometimes you don't get to choose the symbol of an issue — they get chosen for you, and there's no better example of that than Keystone," said Daniel J. Weiss, director of climate strategy at the Center for American Progress and a Keystone opponent. "His decision on this issue will symbolize his record on climate and energy for people on both sides of the debate."

If Obama gives Keystone the green light, environmental groups that are already upset with him for promoting domestic oil and gas drilling are sure to pile on. Moreover, it's unlikely to win him any accolades from Republicans. Whit Ayres, a Republican pollster, said rather than give Obama credit for finally making the decision they wanted, Republicans will criticize him for taking so long.

Ironically for Obama, who has been seeking out opportunities to act unilaterally in the face of congressional gridlock, this is one decision the president may wish weren't up to him. Republicans seized on Obama's vow to use his "pen and phone" to take executive action this year as they urged him Friday to sign the pipeline's permit.

"Please pick up that pen you've been talking so much about and make this happen," said Senate Majority Leader Mitch McConnell, R-Ky.

The White House has sought to dodge questions publicly about the pipeline by arguing the review process is housed at the State Department, which has jurisdiction because the pipeline would cross a U.S. border. But privately, administration officials concede that Obama will decide an issue of this magnitude.

Obama doesn't just face domestic pressure on the issue — Canada has been angered at the long delays of the project it needs to export its growing oil sands production. Obama meets with Canadian Prime Minister Stephen Harper at a trilateral summit in Mexico in a few weeks.

Obama blocked the Keystone XL pipeline in January 2012, saying he did not have enough time for a fair review before a looming deadline forced on him by congressional Republicans. That delayed the choice for him until after his re-election.

Now that the review is complete, other government agencies have 90 days to comment. Then Secretary of State John Kerry makes a recommendation to Obama on whether the project is in the national interest, taking into account Obama's pledge that the effect on greenhouse gas emissions will be part of that equation.

The State Department report Friday said Keystone is unlikely to significantly impact oil sands extraction or the demand for heavy crude oil at U.S. refineries. Keystone opponents called the report flawed and argued it ignored evidence.

___

Associated Press writer Matthew Daly contributed to this report.

___

Follow Nedra Pickler on Twitter at https://twitter.com/nedrapickler

Follow Josh Lederman at https://twitter.com/joshledermanAP


22.27 | 0 komentar | Read More

Music a big focus in Super Bowl ads

NEW YORK — Music is taking center stage at the Super Bowl — and not just during the halftime show.

Bank of America will have rock band U2 sing a new song during a commercial break. Pop band OneRepublic jams in a Bud Light ad. And the legendary Bob Dylan's 1966 hit "I Want You" will appear in a Chobani yogurt spot.

The focus on music comes as many advertisers look for ways to engage the 108 million viewers who are expected to tune in during the Super Bowl. With each 30-second spot costing an estimated $4 million, many companies are turning away from controversial or "gross" spots that might offend. By focusing on music, experts say advertisers will be able to reach a wide swath of people.

"Advertisers are following the lead of what really spreads culturally," said David Berkowitz, chief marketing officer of Publicis' digital ad agency MRY. "The conversation around the Grammys and the VMAs keeps getting bigger. If you look at the most followed celebrities on places like Twitter its people like Katy Perry, Justin Bieber and Lady Gaga."

— U2 SINGING: The biggest music stunt of the night includes U2 singing a new single, "Invisible," during the break between the first and second quarters for Bank of America. The bank is promoting its partnership with AIDS nonprofit (RED). The song will be a free download on iTunes during the game and for the following 24 hours and Bank of America will donate $1 each time it is downloaded to the Global Fund to Fight AIDS.

— BOB DYLAN: Folk singer Bob Dylan lends a track to a Chobani ad running in the third-quarter that shows a bear ransacking a small-town store until he finds the yogurt. There are reports that Dylan also will be making an appearance in a Chrysler ad.

— ONEREPUBLIC: Bud Light also will lean heavily on music. One ad will debut a new song by DJ and producer Afrojack, "Ten Feet Tall," that will be available for a free download after the commercial. Another ad shows a man being led on a spontaneous adventure after he accepts a Bud Light from a stranger and ends with the man on stage during a concert with the pop band OneRepublic.

— ELLEN DEGENERES: Beats Music makes its Super Bowl debut with an ad starring comedian Ellen Degeneres doing her take on the fairy tale Goldilocks and the Three Bears: she dances to different people's playlists until she finds one just right for her party.

Whether the focus on music will help brands stand out remains to be seen, but Tim Calkins, marketing professor at the Kellogg School of Business in Northwestern, said the key will be connecting music back to the brand.

"The risk with music is you don't want the song to overshadow the brand," he says. "As advertisers embrace music, you've got to make sure the brand doesn't get lost."


22.27 | 0 komentar | Read More

Panel: We’d refund $85M casino fees

Written By Unknown on Jumat, 31 Januari 2014 | 22.27

The state Gaming Commission is advancing an idea to refund casinos their hefty $85 million licensing fee if a well-funded push to overturn the Bay State's gaming law is successful, which would put a serious crimp in the state budget that relies on those fees to fund transportation and other projects.

A commission rep has been asked to testify about the issue at an upcoming hearing of the Joint Committee on Economic Development, which is studying the ramifications of the effort to put a casino repeal question on the November ballot. License applicants are concerned they will pay the license fee — $85 million for a resort casino, $25 million for a slots parlor — and have nothing to show for it if gaming is outlawed.

"That's not fair," Gaming Commission Chairman Stephen Crosby said. "We hear that, and one reasonable fix would be for the Legislature to do whatever it would have to do to make that money refundable in the unlikely event that that all happened."

Crosby said any legislative fix should be in place before Feb. 28, when the commission will award the state's first and only slots parlor license. The chairmen of the joint economic development committee, Sen. Gale Candaras of Wilbraham and Rep. Joseph Wagner of Chicopee, did not return calls for comment.

This year's state budget originally counted on $195 million in licensing revenue from two casinos and one slots parlor, but that was recently adjusted to $110 million out of concern one of the casinos would be licensed too close to the end of the fiscal year.

"The budget is built on a number of assumptions that we closely monitor throughout the year, and this is one," said Alex Zaroulis, spokeswoman for the Executive Office of Administration and Finance.

Gov. Deval Patrick's budget for next year anticipates $53 million in gaming license revenue and $20 million in taxes on revenue a new gaming facility will generate. Patrick's office declined to comment on whether he'd support refunding the money if the casino law is overturned.

The group working to strike down the casino law, Repeal the Casino Deal, raised $175,476 last year, and is petitioning the Supreme Judicial Court to get on the November ballot over the objection of Attorney General Martha Coakley, who argues the question would violate the implied contractual rights of license applicants. A coalition of casino and slots proponents have hired a lawyer, Carl Valvo, and filed a motion to intervene in the case. The court will hear arguments in May.


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John Henry makes himself Globe publisher, Sheehan to be CEO

Red Sox owner John Henry named himself publisher of The Boston Globe yesterday and former Hill Holliday head Mike Sheehan as chief executive officer — a move that demonstrates Henry's day-to-day focus on the broadsheet, Sheehan told the Herald.

"He's going to be very active in the strategic direction overall at the Globe, which he's eminently capable of doing," said Sheehan. "It's a reflection that he is going to be active. ... This is not a hobby."

Henry will focus on strategy, while Sheehan will handle business growth and a still-to-be-hired chief operating officer will oversee the day-to-day business operations, said Sheehan.

Asked if former Hill Holliday executive Jack Connors — who once tried to buy the paper — would be involved with Henry's venture, Sheehan said, "That's a question for John, but I've not heard that."

Sheehan officially resigned as Hill Holliday chairman about 10 days ago and had been serving as an ad consultant to Henry before the two discussed the leadership structure this week, he said.

"I've spent 30 years with CFOs and CEOs of companies helping to build their business," said Sheehan. "Now I get to apply that specifically to the Globe."

Henry takes over for former publisher Christopher Mayer, who announced his abrupt resignation a few hours after Henry addressed the Greater Boston Chamber of Commerce earlier this month.

Sheehan, like Henry, stressed the importance of the Hub remaining a two-newspaper town.

"I believe the stronger the Herald is, the stronger the Globe is," said Sheehan, "and the stronger Boston is."

Sheehan is also the treasurer of The One Fund Boston, the charity that raises money for Boston Marathon victims.

Henry declined comment to the Herald yesterday through a spokeswoman, but said in a statement: "My main role as publisher is to ensure that the Globe has the right management and that management has the resources to accomplish its mission."


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Porter Sq. Galleria goes to L.A. firm

The Porter Square Galleria has a new owner under a $35.55 million deal that closed yesterday.

Los Angeles real estate investment management firm CBRE Global Investors bought the 57,265-square-foot retail center from KS Partners.

Built in 1989, the property is 100 percent leased, with a two-level Walgreens, Anna's Taqueria, Potbelly Sandwich Shop and Rock'N Fitness as tenants.

"This is part of our urban retail plan for a fund that is sponsored by CBRE Global Investors," senior managing director Kim Hourihan said. "We loved the location, being right at a T stop and ... sort of the crossroads there in Cambridge."

The galleria is an "urban retail trophy" in a highly developed area, which is very popular now with investors, said a source close to the deal, who also cited the square's "great" demographics.

KS Partners, a real estate investment and development company with offices in Woburn and New York, could not be reached.

The sale was brokered by Holliday Fenoglio Fowler, which declined comment.


22.27 | 0 komentar | Read More

They’re sold on Magoun Square

If you want to gauge the energy in Somerville's Magoun Square, take a look at the retail storefronts and the empty lots and old garage sites filling up with new housing.

Two years ago there were about a dozen empty storefronts in the retail district at the intersection of Broadway and Medford Street, but now there's a new sign and new venues such as Daddy Jones Bar, Modelo Butcher Market, K-2 Beer & Wine shop and Pennypacker's, a food truck gone brick and mortar, joining the popular Olde Magoun's Saloon.

Winchester natives Greg Huber, 29, and Leah Gallagher, 27, bought a top floor condo in an old Victorian here less than a year ago and already two new single-family houses have sprouted up across the street. Side-by-side auto body and glass shops will soon be sites for about 25 units, the Sons of Italy wants to add housing to its property, and there's talk of other deals recently signed or about to be.

"We're thrilled that we bought in Magoun Square," said Gallagher, who commutes to her financial services job in downtown Boston. "We have friends our age who are also looking to buy here because housing is still reasonably priced and it's a great neighborhood to raise a family."

The Magoun neighborhood got a big boost with the 2012 opening of Maxwell's Green, a successful 199-unit high-end apartment and townhouse complex built on a brownfields former factory site — a project that drew the attention of Huber and Gallagher to the area. And then there's the long-delayed Green Line extension from Lechmere, which will stop along Lowell Street when it opens in 2018. And the Somerville bike path is coming up to the area from Davis Square this spring.

Longtime residents such as Courtney O'Keefe, a former alderman and advocate for the neighborhood, knows that the area her parents moved to 30 years ago to open a sub shop is about to change.

"You'd like to keep it as a little secret, a hidden gem, but the word is getting out," said O'Keefe, 33, who moved back. "But there is some room for growth here that fits in with the neighborhood and maintains what's now a nice balance between longtimers and newcomers."

O'Keefe adds that the rebirth of the retail district has been more important than the promise of the Green Line. "I've been saying all along not to put all our eggs in the Green basket," she said.

Other Somerville locals such as Dimitra Tsourianis Murphy also see the potential. After working for the Lyons Group opening and managing hip Hub venues, she returned to her roots and bought a building in Magoun Square and just over a year ago opened Daddy Jones Bar, a cocktail bar with Greek food and a neighborhood feel that draws natives and newcomers.

"Magoun Square used to be a drive-through area and now there's a reason to pause here," said the 33-year-old Murphy, who says the square could use some clothing shops as well as a local business association. "I'm seeing a lot of young families moving in, which is really great for the neighborhood."

You can still buy a single-family here in the mid-$400,000s, unlike Davis Square a mile away where housing prices are astronomical. Few want to see that happen in Magoun, but condo conversions are picking up.

"There's still old-timers here with two-family houses who live in one unit and rent the other to one of their kids," said Ted Tobin of KSS Realty, which co-developed Maxwell's Green. "But there's more young buyers looking to get in on the ground floor of something special. Being able to wake up and have places to go in your own square adds to the appeal. This area has a bright future."

Huber and Gallagher are already thinking of buying an investment property in the neighborhood.

"I'm a real believer in Magoun Square," said Huber, who commutes to his medical sales job in Burlington. "It's a nice, homey place, and the retail area has just taken off. There's no doubt it's up and coming."


22.27 | 0 komentar | Read More

New Seaport rentals launch

Transportation and retail needs of the South Boston waterfront are being pushed to the forefront as the building boom continues with the latest luxury apartment building officially opening yesterday.

"It's going to propel the conversation, the public policy, to address these issues," said John Drew, developer of Waterside Place on Congress Street.

Drew said a Silver Line extension and basic services such as a pharmacy and a grocery store are needed as more residential units are built in the area.

Waterside Place includes 236 rental units, and recently opened apartment building 315 on A has 202 units. Another 684 units are being developed.

"We have great opportunity, we also have great challenges," said state Rep. Nick Collins who represents South Boston. "Transportation infrastructure and operation needs are dramatically changed."

The Boston Redevelopment Authority launched a South Boston retail survey in December, asking residents and people who work in the Seaport District if they are satisfied with the number of stores. Those results are being reviewed, but the BRA said there were more than 1,700 responses.

Mayor Martin J. Walsh said fixes to transportation and retail issues will be coming.

"You're going to start to see the amenities come now," Walsh said. "You're talking of an area that's never been developed and all of a sudden we're developing it."

Melina Shuler, a spokeswoman for the BRA, said "we're working on a multi-agency transportation plan to ease traffic, working to bring a greater mix of housing affordability to the area, and we're encouraging more retail."

Waterside Place includes 10,000 square feet of planned retail space.


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Billerica co. bought to keep jobs, technology in Mass.

Written By Unknown on Kamis, 30 Januari 2014 | 22.27

Billerica company MSRI has been bought from its parent company in a bid to keep the jobs and technology in Massachusetts.

Bought by a group of top MSRI management and bankers for $6 million, MSRI develops and manufactures "turnkey chip placement and dispensing systems."

Parent company Newport Corporation was considering divesting in MSRI, president Michael Chalsen said.

"We felt the best option for guaranteeing that jobs stay local was to pursue the management buyout. It would have been unfortunate to lose these jobs -- not only for the employees and their families, but also for the local economy," he said. "As a stand-alone company, we'll be in a much better position to project ourselves in our core markets," Chalsen continued. "It will be great to continue to see tractor-trailers driving away with systems heading to all parts of the world, manufactured right here in Massachusetts."

The leveraged buyout will keep operations running smoothly, and the company said it anticipates increased growth over the coming years.


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Men's Wearhouse makes new pitch to Jos. A. Bank

FREMONT, Calif. — Men's Wearhouse says it could boost its offer to Jos. A. Bank if the rival men's clothing retailer forms a committee to reconsider merging the two companies.

The companies have been dancing around a combination. Earlier this month, Jos. A. Bank Clothier rejected a $1.61 billion takeover offer from Men's Wearhouse.

On Thursday, Men's Wearhouse, based in Fremont, Calif., asked Jos. A. Bank Clothiers to reconsider. It also says that Men's Wearhouse could raise the offer if Jos. A. Bank can show it is worth more.

The saga began in October when Jos. A. bank made a $2.3 billion offer for Men's Wearhouse. It was rejected, but later Men's Wearhouse made an offer for its rival.

Jos. A. Bank, based in Hampstead, Md., declined to comment.


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Johansson stepping down as Oxfam ambassador

LOS ANGELES — Scarlett Johansson is ending her relationship with a humanitarian group after being criticized over her support for an Israeli company that operates in the West Bank.

A statement released by Johansson's spokesman Wednesday said the 29-year-old actress has "a fundamental difference of opinion" with Oxfam International because the humanitarian group opposes all trade from Israeli settlements, saying they are illegal and deny Palestinian rights.

"Scarlett Johansson has respectfully decided to end her ambassador role with Oxfam after eight years," the statement said. "She and Oxfam have a fundamental difference of opinion in regards to the boycott, divestment and sanctions movement. She is very proud of her accomplishments and fundraising efforts during her tenure with Oxfam."

Earlier this month, "The Avengers" and "Her" actress signed on as the first global brand ambassador of SodaStream International Ltd., and she's set to appear in an ad for the at-home soda maker during the Super Bowl on Feb. 2.

SodaStream has come under fire from pro-Palestinian activists for maintaining a large factory in an Israeli settlement in the West Bank, a territory captured by Israel in 1967 and claimed by the Palestinians.

In response to the criticism, Johansson said last week she was a "supporter of economic cooperation and social interaction between a democratic Israel and Palestine."

Oxfam took issue with Johansson, noting it was "considering the implications of her new statement and what it means for Ms. Johansson's role as an Oxfam global ambassador."

Johansson had served as a global ambassador for Oxfam since 2007, raising funds and promoting awareness about global poverty. In her role as an Oxfam ambassador, she traveled to India, Sri Lanka and Kenya to highlight the impact of traumatic disasters and chronic poverty.

Oxfam representatives did not immediately return messages seeking comment.

___

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


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Applications for jobless benefits rise to 348,000

WASHINGTON — Weekly applications for U.S. unemployment benefits rose 19,000 last week to 348,000, the highest in about a month. But the broader trend in applications remains low.

The Labor Department says that the four-week average, a less volatile measure, increased just 750 to 333,000. The increase follows three weeks of declines.

The average is close to pre-recession levels and suggests that, despite last week's rise, layoffs remain low. Last week's figure may also have been pushed up by cold weather, which can cause construction firms to stop work.

"We expect claims to head back below the 330,000 mark over the next few weeks," said Ian Shepherdson, an economist at Pantheon Macroeconomics, a forecasting firm.

Hiring will need to pick up to reduce the unemployment rate, which is still high at 6.7 percent. Employers added just 74,000 jobs in December, the fewest in three years and far below the average of 214,000 added in the previous four months. Most economists forecast that hiring will rebound in January to roughly the 185,000 average monthly gains of the past two years.

The unemployment rate fell in December to 6.7 percent from 7 percent. Much of the decline was due to the fact that 347,000 unemployed people stopped looking for work. Once people without jobs stop trying to find one, they're no longer counted as unemployed.

About 3.6 million people received benefits in the week ended Jan. 11, the latest data available. That's about 123,000 fewer than the previous week. That total has fallen 39 percent in the past year.

A key reason for that drop: About 1.4 million people lost extended unemployment benefits after a 5-year old emergency federal program expired Dec. 28. The program provided up to 47 extra weeks of unemployment aid paid for by the federal government.

In Tuesday's State of the Union address, President Barack Obama urged Congress to extend the program. But congressional Democrats haven't been able to reach agreement with Republicans on how to offset the estimated $6 billion cost for a three-month extension.

There are some signs the economic growth is picking up. The economy expanded at a healthy 3.2 percent annual rate in the October-December quarter. That followed even better 4.1 percent growth in the July-September period. Consumers boosted their spending at the fastest pace in three years in the fourth quarter.

Consumer confidence rose in January, a sign that Americans may continue to spend more this year. Factory output rose for a fifth straight month in December.

Not all recent signs have been positive. The savings rate fell in the fourth quarter compared with the third, which means Americans are saving less in order to spend more. And businesses placed fewer orders with U.S. factories in December for machinery and other capital goods.


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Greenfield hospital nurses announce strike

GREENFIELD, Mass. — Nurses at Baystate Franklin Medical Center in Greenfield have announced that they plan a one-day strike for next month.

The strike announcement Wednesday comes days after hospital management declared an impasse in the 28-month contract negotiations and said it would begin immediately implementing changes.

The 24-hour strike is scheduled to start at 7 a.m. Feb. 10.

Union leader Donna Stern says hospital officials left the nurses with "little recourse."

Hospital president Chuck Gijanto said the strike announcement was disappointing but not surprising. He says the hospital will continue to implement changes, including calculating overtime on a weekly basis rather than a daily basis. That change has been a key sticking point in contract negotiations.

He says the hospital has a plan in place for the strike.


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US stocks slide as emerging market worries return

Written By Unknown on Rabu, 29 Januari 2014 | 22.27

NEW YORK — Stocks are lower in early trading as weak earnings from several U.S. companies dented investors' confidence.

Worries about emerging markets were also coming back after relief faded over an effort by Turkey to shore up its struggling currency.

The Dow Jones industrial average fell 129 points, or 0.8 percent, to 15,798 points in the first few minutes of trading Wednesday.

The Standard & Poor's 500 index declined 11 points, or 0.6 percent, to 1,781. The Nasdaq composite fell 26 points, or 0.6 percent, to 4,071.

Yahoo fell 8 percent, the most the in S&P 500, after reporting a drop in revenue late Tuesday that disappointed investors.

Boeing and AT&T also fell after reporting their results.

Later Wednesday the Fed will conclude a two-day policy meeting.


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World markets slide anew on emerging markets

AMSTERDAM — After a strong Asian session and positive European open, world markets shifted course and fell Wednesday as jitters over the prospects for emerging economies resurfaced.

Turkey's central bank hiked its lending rates overnight by more than expected to stabilize the Turkish lira and keep inflation under control. That gave an initial boost to its currency and to world markets.

But the effect gradually faded, and a surprise move by South Africa's central bank to raise rates in the early afternoon only strengthened its currency for a half-hour.

The shook confidence in markets more broadly, pushing stocks lower.

"I guess the biggest reason for this volatility is that we've seen the impact of a major intervention by Turkey fade so quickly," said IG market analyst Alastair McCaig. "Now South Africa has done the same thing and it only boosted the rand for about a half hour."

In the background, investors are anticipating a decision by the U.S. Federal Reserve to further "taper," or reduce, its mortgage and long-term bond purchases later Wednesday.

Although the Fed insists tapering is not equivalent to monetary tightening, if markets interpret it as even a prelude to tightening, it has the potential to again weaken emerging currencies as investors prefer to hold dollars.

"It's not so much that people think there will be instant ramifications if the taper proceeds as expected, it's just part of a more general worry about what it may mean for global stability," McCaig said.

Stocks began a sell-off last week, initially on fears about the Chinese economy. The slide continued as currencies in emerging economies including Argentina and Turkey slumped.

After Turkey's action Wednesday night, Asian stocks gained strongly.

Japan's Nikkei 225 jumped 2.1 percent to 15,294.54 and Hong Kong's Hang Seng rose 1.1 percent to 22,191.20. China's Shanghai Composite was up 0.3 percent at 2,044.93. South Korea's Kospi added 1.2 percent. Indonesia's benchmark climbed 1.7 percent.

In Europe, indexes initially gained sharply and then slid, turning negative before the open of U.S. trading.

Germany's DAX was 0.2 percent lower at 9,388.22. Britain's FTSE was down 0.3 percent to 6,551.21, while France's CAC 40 was off 0.6 percent at 4,160.34

Dow Jones Industrial Average index futures, which had initially indicated gains, plunged 126 points to 15,750. S&P 500 index futures were off 13.75 points to 1774.5.

Benchmark oil for March delivery was down 24 cents to $97.17 per barrel in electronic trading on the New York Mercantile Exchange.

In currencies, which were highly volatile, the euro fell 0.4 percent to $1.3618. The dollar erased early gains and fell sharply against the yen, down 0.6 percent to 102.34 yen

_____

AP reporter Teresa Cerojano contributed to this story from Manila, Philippines


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Insurer WellPoint's 4Q profit drops 68 percent

INDIANAPOLIS — WellPoint's fourth-quarter earnings tumbled 68 percent, as customers of the nation's second largest health insurer raced to use their coverage last fall before it lapsed due to the health care overhaul.

The Indianapolis company said Wednesday that its medical expenses spiked 18 percent to $14.58 billion due in part to higher use of individual policies in advance of the overhaul's coverage expansions, which unfolded this year.

Insurers typically see a rise in use at the end of each year as patients pay up their deductible, or the out of pocket cost before most coverage starts, and then use their coverage before that deductible renews in the new year. But WellPoint said it also saw a jump in use from patients who wanted to take advantage of their policies while they still had them.

At least 4.7 million customers nationwide received notices from their insurers last fall that their plans were being canceled because they didn't meet coverage requirements established under the overhaul, the federal law that aims to cover millions of uninsured people. The actual number is likely much higher because officials in nearly 20 states said they were unable to provide information on cancellation notices or were not tracking it.

The overhaul also provided help to many with canceled coverage by offering income-based tax credits that customers can use to buy a new plan on state-based insurance exchanges that started last fall.

But complaints over the cancellation notices eventually led President Obama to announce that people could keep their individual policies if state regulators approved.

WellPoint spokeswoman Kristin Binns said health care use started climbing after customers received their notices and before the president's November announcement. The insurer runs Blue Cross Blue Shield plans in 14 states, and its biggest market, California, did not allow plans to be continued.

WellPoint provides individual insurance coverage for about 1.8 million people, or 5 percent of its total medical enrollment of 35.7 million. It did not say how many of its customers received cancellation notices.

In its financial report for the last three months of 2013, WellPoint said it earned $148.2 million, or 49 cents per share, down from $464.2 million, or $1.51 per share, a year earlier.

Earnings excluding one-time items totaled 87 cents per share for the latest quarter. Analysts expected 86 cents per share, according to FactSet.

Operating revenue jumped 16 percent to $17.65 billion, helped by the insurer's acquisition of Medicaid coverage provider Amerigroup. That excludes investment gains or losses. Analysts expected $17.8 billion.

WellPoint said results also were affected by a charge it booked for unloading its 1-800-Contacts business and by an income tax expense that soared to $161 million from $16.8 million in the 2012 quarter, when the insurer recorded a favorable tax settlement.

For 2014, WellPoint expects earnings of more than $8 per share, which is what Chief Financial Officer Wayne DeVeydt said in October that they hoped to forecast. Analysts expect, on average, earnings of $8.35 per share.

The insurer also said Wednesday that its board voted to raise WellPoint's quarterly dividend to 43.75 cents per share from 37.5 cents.

WellPoint's stock fell 74 cents to $83.56 in morning trading Wednesday. Its stock price soared about 52 percent last year and set several new, all-time high marks before closing 2013 at $92.39.


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Pistorius murder trial to have own TV channel

CAPE TOWN, South Africa — Oscar Pistorius' murder trial will have a dedicated 24-hour television channel in South Africa, the country's top cable provider said Wednesday, promising "round-the-clock" coverage of one of the blockbuster stories of the year.

MultiChoice said in a statement the temporary "pop-up" channel will launch on March 2, the day before the double-amputee Olympian goes on trial in a high court in the capital, Pretoria, for killing his girlfriend in his home on Valentine's Day last year.

It is the first time it has launched a channel of this kind to cover "a major news event," MultiChoice said. The provider has only had temporary channels on its DSTV network for versions of reality entertainment shows like "Idols" and "Big Brother." DSTV is also available in other African countries.

The female judge who will preside over Pistorius' trial hasn't yet ruled if television cameras will be allowed to record images of court proceedings or if the trial at North Gauteng High Court can be carried live.

Even so, MultiChoice will still tap into South Africa's and the world's fascination with Pistorius' remarkable story, which has taken a dramatic turn after he was celebrated as a sporting hero in 2012 as the first double amputee to compete on the track at the Olympics.

MultiChoice said the channel would give "inside information on the most talked-about and controversial subject in recent South African history." Its head of content, Aletta Alberts, said there would also be "a rich variety of content and social media integration" around the trial.

Pistorius killed 29-year-old girlfriend Reeva Steenkamp by shooting the model — herself a reality TV star — through a toilet cubicle door in the pre-dawn hours of Feb. 14, unleashing a frenzy of media interest around the 27-year-old athlete as he was charged with murder. Pistorius said he mistook Steenkamp for a dangerous intruder and fired four shots in self-defense, but prosecutors allege the couple argued and Pistorius killed her intentionally and in a rage.

The world-famous runner faces life imprisonment with a minimum of 25 years before parole if convicted on the main charge of premeditated murder. South Africa does not have the death penalty. Pistorius also faces additional charges of possession of illegal ammunition and will likely be indicted on the first day of his trial on two more charges for allegedly recklessly shooting guns in public.

Television coverage was restricted in Pistorius' previous court appearances, when cameras were allowed to record in court only before proceedings began and after they ended, and had to be switched off when the court was in session. With television cameras off, Pistorius often broke down in tears during his bail hearing. Courtrooms during that weeklong hearing and subsequent appearances were packed out by reporters, photographers and television camera operators.

Permission to film or take photographs in court in South Africa can be given only by the presiding judge. Judge Thokozile Masipa will preside over Pistorius' trial and ultimately pronounce him innocent or guilty of murder. The country doesn't have trial by jury.

The TV channel, branded "The Oscar Pistorius Trial: A Carte Blanche Channel," will be put together by the producers of a weekly investigative journalism show in South Africa called "Carte Blanche," which also airs on MultiChoice's DSTV.

___

Gerald Imray is on Twitter at www.twitter.com/GeraldImrayAP


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Stocks drop as earnings disappoint; Fed upcoming

NEW YORK — Stocks were lower in early trading Wednesday as investors assessed the latest company earnings reports and awaited news from the Federal Reserve, which wraps up its two-day policy meeting later in the day.

KEEPING SCORE: The Dow Jones industrial average fell 111 points, or 0.7 percent, to 15,817 in the first half-hour of trading. The Standard & Poor's 500 index lost 11 points, or 0.6 percent, to 1,781. The Nasdaq composite fell 26 points, or 0.7 percent, to 4,070.

FED DAY: The Federal Reserve wraps up a two-day policy meeting and is expected to announce that it will continue to reduce, or "taper," its bond purchases to $65 billion a month from $75 billion a month. The policy is intended to hold down long-term interest rates and stimulate the economy by encouraging borrowing and hiring.

"The common thought is that the Fed is to continue its tapering at $10 billion," said Joe Bell, a senior equity analyst at Schaeffer's Investment Research.

NOT GOOGLE: Yahoo fell $2.48, or 7 percent, to $35.75 after the company reported a drop in fourth-quarter revenue late Tuesday, highlighting the company's trouble in bringing in online advertising dollars. The internet company reported a 6 percent decline in revenue, the same rate of decline for all of 2013.

PLANE DISAPPOINTEMENT: Boeing fell $6.09, or 4.4 percent, to $131 after the plane maker said that 2014 revenue and profit would be lower than analysts have been expecting as the pace of orders slows.

PHONING IT IN: AT&T, the nation's biggest telecommunications company, fell $1.52, or 4.5 percent, to $32.14 after its outlook for the year disappointed investors. The phone company said its forecast "assumes no lift from the economy," and predicted earnings to be in the mid-single digit range.

TREASURYS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note fell to 2.72 percent from 2.75 percent. The price of oil fell 44 cents to $96.99 a barrel. Gold rose $16.40, or 1.3 percent, to $1,267 an ounce.


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Pfizer's 4Q net plunges on charges, sales decline

Written By Unknown on Selasa, 28 Januari 2014 | 22.27

Drugmaker Pfizer's fourth-quarter profit plunged 59 percent because of discontinued operations, restructuring and other charges, and generic competition continuing to bleed sales of former blockbuster medicines.

Despite those pressures and unfavorable currency exchange rates reducing revenue by 3 percent, Pfizer easily topped Wall Street's expectations.

Pfizer's stock rose 69 cents, or 2.3 percent, to $30.35 in morning trading.

The world's second-biggest drugmaker said Tuesday that net income was $2.57 billion, or 39 cents per share, down from $6.32 billion, or 85 cents per share, a year earlier.

Excluding one-time items, the maker of Viagra, arthritis drug Xeljanz and pneumonia vaccine Prevnar said net income would have been $3.69 billion, or 56 cents per share. Analysts expected 52 cents.

Net income was reduced by the animal health business spinoff last year and the sale of Pfizer's nutrition business in late 2012.

Revenue totaled $13.56 billion, down 2 percent. Analysts expected $13.36 billion.

Sales of primary care drugs fell 10 percent to $3.44 billion, mainly on generic competition for Viagra in Europe and for cholesterol fighter Lipitor.

Lipitor, the world's top-selling drug until U.S. generic competition hit two years ago, now faces cheaper copycats in Europe and Australia, too. Those smaller revenues were shifted to the established products unit, where sales edged up 2 percent to $2.42 billion.

Specialty drug sales dropped 7 percent to $3.4 billion, on generic competition overseas for two other drugs. Meanwhile, royalties from immune disorder drug Enbrel fell as Pfizer's co-promotion deal winds down.

The bright spot was Pfizer's fledgling cancer drug business, up 26 percent to $468 million.

New York-based Pfizer forecast 2014 adjusted profit of $2.20 to $2.30.

"We enter 2014 with confidence in the competitive positioning of our commercial businesses, the prospects for our recently launched products and the strength of our research pipeline," CEO Ian Read said in a statement.

He noted Pfizer will report midstage test results this year for palbociclib for advanced breast cancer, plus some other drugs and vaccines.

BernsteinResearch analyst Dr. Timothy Anderson called it a "decent" quarter, noting slightly higher revenue and lower taxes than expected and lower interest, legal and asset-impairment charges, which boosted the "other income" line. But Pfizer faces more patent expirations on older drugs.

For all of 2013, Pfizer posted net income of $22 billion, up 51 percent, on revenue of $51.58 billion, down 6 percent. Pfizer repurchased 1 billion, or 13 percent, of its shares last year.

___

Follow Linda A. Johnson at http://twitter.com/LindaJ_onPharma


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Denver-bound United flight diverted to Wichita

WICHITA, Kan. — A United Airlines commuter flight bound for Denver has been diverted to an airport in Wichita because of a mechanical problem with one of the wings on the aircraft.

Airport officials say the Embraer 145 jet landed safely Monday night at Mid-Continent Airport after the pilot reported problems with a part that controls the plane's ability to turn.

The flight, with 39 passengers aboard, took off from Shreveport, La. The pilot first reported problems about 50 miles from the airport.

Police, fire and rescue personnel were on hand but the plane landed without problems and no injuries were reported.


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DuPont posts higher 4Q profit, plans share buyback

DOVER, Del. — The DuPont Co. on Tuesday reported a sharp increase in its fourth-quarter profit and announced a new $5 billion share repurchase program.

Its adjusted results beat Wall Street expectations, and its shares rose in premarket trading.

"Our strong fourth quarter results reflect successful execution across the company against the backdrop of gradually improving global economy," said DuPont chairwoman and CEO Ellen Kullman.

The company pointed to volume growth and increased margins in reporting earnings of $185 million, or 20 cents per share, for the three months ending Dec. 31, up from $92 million, or 9 cents per share, for the fourth quarter of 2012.

DuPont's adjusted earnings of 59 cents per share beat the 55 cents per share consensus of Wall Street analysts surveyed by FactSet.

One-time items in the fourth quarter included a pretax charge of $197 million for settlement of damage claims related to DuPont's discontinued Imprelis weedkiller, bringing the total recorded charges for Imprelis claims to about $1.2 billion. The company also reported a pretax charge of $129 million for employee separation and asset-related charges involving its electronics and communications segment and strategic decisions related to the thin film photovoltaic market.

Sales rose 6 percent to $7.7 billion from $7.3 billion last year.

For the full year, DuPont earned $4.8 billion, or $5.19 per share, on sales of about $35.7 billion. The Wilmington, Del.-based chemical and biosciences company last year reported net income of about $2.8 billion, or $2.91 per share, on sales of about $34.8 billion.

DuPont said its board of directors authorized a $5 billion share repurchase program that will replace an existing repurchase program. The company expects to repurchase $2 billion in shares this year.

For the quarter, DuPont reported volume gains in all regions, including double-digit gains in the Asia-Pacific and Latin American regions. The volume gains offset lower local selling prices and negative currency effects.

DuPont's agriculture unit led performance with a 14 percent increase in volume and sales growth of 18 percent. The unit reported operating earnings of $88 million versus an operating loss of $77 million a year ago. The company cited strong insecticide sales in Latin America and earlier seed shipments but noted that, because of the timing of seed shipments, significant operating earnings were realized in the fourth quarter of last year instead of the first quarter of this year.

DuPont said it expects full-year 2014 operating earnings of $4.20 to $4.45 per share, up 8 to 15 percent compared to 2013. Analysts expect $4.33 per share.

Its shares rose $1.06, or 1.8 percent, to $61.31 in premarket trading.


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Abercrombie & Fitch separates CEO, chairman roles

NEW ALBANY, Ohio — Abercrombie & Fitch is separating its chairman and CEO roles and expanding its board's size. The teen retailer is also terminating its shareholder rights plan.

Such a plan, also known as a "poison pill," is typically used by a company when it is trying to ward off a hostile takeover attempt.

Arthur Martinez, the former head of Sears, was named non-executive chairman. Michael Jefferies, who'd served as chairman since 1996, will remain a director and the CEO.

Abercrombie & Fitch Co. named Martinez plus Terry Burman and Charles Perrin as directors, expanding its board to 12 members. The appointments are effective immediately.

Burman is the former CEO of Signet Jewelers Ltd. and before that was president and CEO of Barry's Jewelers Inc. Perrin is the former chairman and CEO of Avon Products Inc. and previously held the same posts at Duracell International Inc.

Abercrombie shares added 6 percent, or $2.09, to $36.70 in morning trading. The stock is down 26 percent in the past year.

Last month Abercrombie & Fitch announced that it was reworking Jefferies' contract, tying his compensation more closely with company performance.

Jeffries helped establish the company's reputation after arriving in the 1980s, but Abercrombie has struggled recently and Jeffries came under withering fire for comments relating to the type of customer he wants in his store and the fact that the store does not offer plus sizes.

In the nine weeks through Jan. 4, a period that includes the crucial holiday shopping season, sales at stores open at least a year fell 6 percent. This metric is a considered a key indicator of a retailer's health.

Prior to Abercrombie's announcement that it was retooling Jefferies' contract, Engaged Capital — which owns 400,000 shares of the retailer — sent a letter to the company demanding that Jeffries be replaced. Engaged said at the time that it believed the retailer's "perennial underperformance is a result of a failure of leadership" and urged the board to put new leadership in place.

Abercrombie & Fitch also announced Tuesday that Craig Stapleton will no longer serve as lead independent director, a post he'd held since 2010. Stapleton will continue to serve as a board member and as chair of the nominating and board governance committee.

Stapleton said in a statement that the changes the company was making was partly in response to shareholder concerns and said the chain would continue to review other potential "corporate governance enhancements."

Abercrombie & Fitch, whose brands include Hollister, Gilly Hicks and its namesake, is based in New Albany, Ohio. It currently runs 890 stores in the U.S. and 166 stores in Canada, Europe, Asia and Australia.


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JC Penney lowers threshold for 'poison pill'

NEW YORK — J.C. Penney is bolstering its shareholder rights plan, or "poison pill" — typically an effort to thwart takeover attempts.

The shareholder rights plan can now be put into effect if an individual or group acquires 4.9 percent or more of its outstanding stock. That's down from a 10 percent threshold.

The corporate defense strategy allows existing shareholders to buy more shares at a very low price if that occurs.

J.C. Penney Co. said Tuesday that the purpose of lowering the threshold is to protect its ability to use certain funds that can be used for tax benefits.

The Plano, Texas-based department store chain is cutting jobs and closing stores in an effort to return to profitability.

Shares rose 6 cents to $6.57 in premarket trading Tuesday. The stock has lost two-thirds of its value over the past 12 months as J.C. Penney tries to recover from the losses and sales declines that resulted from former CEO Ron Johnson's makeover efforts.


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Smoking out the rough idle and stalling of Expedition

Written By Unknown on Minggu, 26 Januari 2014 | 22.26

I have a 2001 Ford Expedition with the 5.4-liter V8 and 103,000 miles. At 98,000 miles it developed a rough idle and began stalling at stop signs.

My local mechanic noticed low fuel pressure and replaced the fuel filter and fuel pump. It ran good but then the "Check engine" light came on and the rough idle and stalling returned. The mechanic could not find anything wrong but a scan found codes P0171 and P0174. Another mechanic came up with the same codes and checked for vacuum leaks but could not find any. I have continued to drive the vehicle and the "Check engine" light is still on. Any suggestions?

My Alldata automotive database confirmed that the P0171 and P0174 codes indicate a lean fuel/air condition from both cylinder banks. Since technicians have checked for but not found the problem, I'd suggest a "smoke" test to help identify any vacuum leaks. This simple test involves introducing a non-toxic smoke into the crankcase under low pressure and then watching for any smoke escaping from the engine, induction system or vacuum lines.

Also, a ruptured diaphragm in the fuel pressure regulator, located on the fuel rail downstream of the fuel injectors, could cause low fuel pressure as well as fuel leakage directly into the intake manifold. If there's
liquid fuel in the vacuum line at the regulator, the diaphragm is ruptured. Rough idle and stalling at stops are often symptoms of a failed fuel pressure regulator.

I own a 2008 2.4-liter four-cylinder Toyota Camry with 98,000 miles that I service every 5,000 miles. For the past 15,000, miles I have had to add 2 to 2 12 quarts of engine oil between changes. The service writer at the Toyota dealership tells me that 1 to 1  12 quarts every 5,000 miles is normal for these aluminum engines. I have not noticed a decrease in engine power or any smoke from the tailpipe. I bought this car new expecting to get 200,000 miles out of it. I think this is a lot of oil for a car to burn.

One quart per 2,000 miles is completely within Toyota's "normal" oil consumption guidelines of one quart per 1,200 miles. Your concern is due to the change in oil consumption. Has oil use continued to increase? Or is it stable at this rate? Unless or until the consumption rate increases to excess, I would not be particularly concerned.

Unless oil use is being caused by a clogged PCV system or "sticky" piston rings, there's no easy "fix." You could try de-carbonizing the rings/grooves to free any sticking rings that could increase the amount of oil reaching the combustion chambers. Remove the spark plugs after shutting down the hot engine and pour an ounce or so of SeaFoam directly into each cylinder. After an hour or overnight, temporarily disable the ignition and fuel injection and crank the engine to expel any liquid in the cylinders. Reinstall the plugs, re-enable the ignition and injection, then start and drive the vehicle for at least 20 minutes.

I use "high-mileage" oil and change it every 3,000 miles on my two high-mileage cars. What kind of oil should I use when topping up the oil between changes during this very cold weather? Would 0W-20 full synthetic be the best bet? What is your opinion on using 0W-20 full synthetic for the regular oil changes during the cold months?

When adding oil between oil changes, use the same brand/viscosity already in the crankcase. Adding a different oil isn't harmful but the additive package and viscosity are likely not the same. I don't think 0W-20 would be a good choice in high-mileage vehicles unless the carmaker suggests it in the service recommendations. For most modern engines a full synthetic 5W-30 would be a good choice in cold temperatures.

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


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Grocer powers on with idea

State permitting will pave the way for food waste from 213 Stop & Shop supermarkets to be converted into energy to power the grocery chain's Freetown distribution center.

Quincy-based Stop & Shop Supermarket Co. plans to build a multimillion-dollar, 12,000-square-foot, clean-energy processing center — known as a product recovery operation (PRO) — that will use anaerobic digestion to convert food products not suitable for consumption into electricity and heat for the warehouse and produce a fertilizer byproduct.

The company hopes to bring the facility online early next year. It's the first of its kind in Massachusetts, and a first for the chain, which now sends food waste from its stores to composting and animal feed facilities.

"The PRO will convert these spoiled food products into a clean, odorless gas to fuel a generator that will produce electricity (and heat) to help operate the Freetown distribution center," spokesman Greg O'Brien said.

The 1.1-million-square-foot distribution center operates around the clock. The PRO will process an average of 95 tons of food waste per day and will be able to produce 1.137 megawatts of power for up to 40 percent of the center's electrical needs and backup power in case of an outage.

The state Department of Environmental Protection issued permits for the project Thursday.

"This is really an innovative approach," DEP spokesman Joseph Ferson said. "It dovetails with the Patrick administration's goal of diverting organic waste out of landfills and incinerators to anaerobic digesters to really turn trash into a valuable resource for renewable energy."

Food and other organics account for 25 percent of the state's solid waste stream, and the DEP has a goal to reduce organics disposal by 450,000 tons per year by 2020. It's now finalizing regulations that will require institutions that generate one ton or more of food waste per week to donate or repurpose what's usable and ship what's remaining to an anaerobic, composting or animal-feed operation.

Stop & Shop, which will apply for a 10 percent federal investment tax credit for the project, does not yet have a firm handle on total costs, according to O'Brien.

He stressed that Stop & Shop will continue to donate to food banks. "This is spoiled food that cannot be consumed," he said. It will include unsold food including produce, bakery and deli items, products past expiration dates, and rejected food products from the distribution center.


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Perks entice top engineers

As Boston's tech scene explodes and successful companies continue to grow at a breakneck pace, firms are stepping up to make sure top engineers end up at their desks and not at the business next door.

"If you want access to the best talent, you have to compete," said Andy Palmer, CEO and co-founder of Data-Tamer. Data-Tamer offers $5,000 referral bonuses, 16 weeks of parental leave, and lunch daily, part of an effort to sell the Cambridge company as an attractive place to work.

"These are the kinds of things that people sort of expect," Palmer said. "The best people have options, always have options."

"Everyone is trying to pitch the angle that makes them sexier than the guy next door," said Steve Conine, co-founder, chairman and CTO of e-commerce company Wayfair. "It's an employee's market."

Eliot Knudsen, a field engineer at Data-Tamer, said he is routinely approached about possible job opportunities. "I'm sent messages by recruiters maybe every couple days, several times a week," Knudsen said.

Knudsen said many of the messages are from recruiting companies, but some are internal recruiters at major companies, who reach out directly to gauge interest in a job.

Companies that are on the cusp of rapid growth are making sure they have the talent they need for the next step.

"People we're trying to hire are all actively recruited by other people," said John Nagro, director of engineering for HubSpot.

HubSpot gives $10,000 referral bonuses for successful hires, and offered a $30,000 referral bonus — paid twice — for hired candidates last summer. As companies such as Wayfair, HubSpot and newly public Care.com grow in market share and value, they are hiring engineers to keep pace.

"It's always competitive to hire engineers in Boston. That will only continue to be a challenge," said Sarah Hodges, vice president of marketing for Smarterer, which helps companies make smarter hires, and co-founder of Intelligent.ly, a professional development firm for start-ups.

Still, it is not all about the money.

"Money's not enough to attract great talent," Hodges said. "It's more important than ever to think about cultivating talent from within and building a really great culture."

Knudsen said he chose 
Data-Tamer not for the benefits or daily lunch, but because he saw an opportunity to grow as an engineer.

"The best people have the opportunity to work for companies that are not only interesting to work for and have competitive compensation, but are companies that have an inspiring mission," Palmer said.

Nagro cites the culture and opportunity to ship code daily as some reasons why engineers choose HubSpot.

"It's a very competitive market," Nagro said.


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German TV: Snowden says NSA also spies on industry

BERLIN — Former NSA contractor Edward Snowden claims in a new interview that the U.S. agency is involved in industrial espionage.

German public television broadcaster ARD released a written statement before an interview airing Sunday night in which it quotes Snowden as saying that if German engineering company Siemens had information that would benefit the United States — but had nothing to do with national security needs — the National Security Agency would still use it.

ARD did not give any further context and it was not clear what exactly Snowden accused the NSA of doing with such information.

Snowden faces felony charges in the U.S. after revealing the NSA's mass surveillance program. He has temporary asylum in Russia.


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Police arrest man in Japan tainted food scandal

TOKYO — Japanese police arrested a factory worker at a plant that churned out food laced with pesticide, which led to massive poisoning and a recall of more than 6 million packages of frozen food.

Police on Sunday identified the suspect as Toshiki Abe, 49, a worker at the subsidiary of Maruha Nichiro Holdings Inc., where the tainted food was found. Abe was arrested Saturday and has denied the charges, police said.

As many as 2,800 people across Japan may have been sickened by the tainted food, including pizzas, croquettes and pancakes manufactured at the plant in Gunma prefecture, north of Tokyo.

Abe is suspected of lacing the food with poison four times in October, and malathion, the pesticide used, was found in his possessions, according to Kyodo News service. Other details were not immediately available.

Maruha Nichiro has announced executive pay cuts and said that President Toshio Kushiro and the president of the subsidiary were resigning in March to take responsibility for the food poisoning.

The Tokyo-based manufacturer has repeatedly apologized and bought full-page ads in major newspapers to apologize and warn people not to eat any of the possibly tainted food.

Malathion, used in farming and gardening, can cause death in high concentrations, according to the U.S. Centers for Disease Control.

No life-threatening illnesses from Maruha's products have been reported, but public trust in food safety has been badly shaken.

Late last year, a slew of top-notch hotels and department stores acknowledged the food they were serving or selling weren't what they were billed to be, but cheaper substitutes.


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