Event to honor Massachusetts workers hurt, killed

BOSTON — Massachusetts workers who were killed, injured or made ill on their job in 2013 will be honored at a special workers memorial event at the Statehouse.

Monday's event will highlight some of the leading causes of death in the workplace, including falls, being crushed in machinery or being struck by equipment.

The memorial is also meant to spotlight what critics say is the relatively low fines assessed to employers hit with workplace safety violations from the Office of Occupational Safety and Health Administration.

Among those scheduled to participate in the event are state Labor Secretary Rachel Kaprielian and Ada Garcia, mother of Victor Gerena, who died at a fish processing plant.

The memorial and the release of a new report on workplace fatalities in Massachusetts will take place at noon at the Statehouse.

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Germany stops job program for unemployed EU youths

ROSTOCK, Germany — Alessandro Risiglione couldn't land a steady job in Italy for years. The 25-year-old occasionally found work as a mail man and pizza baker in Turin, but he could barely make ends meet.

So when he heard that the German government — desperate to attract labor for its shrinking workforce — had set up a program inviting young, unemployed EU citizens to three-year traineeships and even guaranteed to pay for language classes, travel costs and living expenses, Risiglione didn't think twice. He applied for the funds, signed up with a trade school in Germany and boarded the plane.

The money never came.

"I thought my future would be in Germany, but for the last few months I've had nothing but problems," Risiglione said during a break from his German class in Rostock, a city in the northeast.

Hundreds, perhaps thousands, of young people from struggling EU economies find themselves stranded in Germany since the government quietly stopped accepting applications for a program slated to run through 2018.

The German government confirmed that it is no longer considering new applicants for the widely advertised "The Job of my Life" program because it ran out of funds. The initiative was aimed at bringing in unemployed EU people between ages 18 to 35 to provide them with job training and future job options here. Besides picking up costs of language classes and travels, the government included payment of several hundred euros per month during the traineeship.

"We are victims of our own success," said Marion Rang, a spokeswoman for the International Placement Service of the German Federal Employment Agency, which is in charge of the program. She added that those who are already participating in the program would be supported until they have completed their three-year-training.

But several training centers in Germany have said that some youths accepted into the program have not received any money, and others who had already participated for weeks in the program after applying have been left in the lurch.

Rang said the agency was swamped by more than 9,000 applicants since it started the program in January 2013, far more than anticipated.

"At first the program wasn't so well known," she said. "But only in the first three months of 2014, we received so many applications that we already spent our entire 2014 annual budget of 48 million euros ($66 million)."

After German newspapers ran reports about the halt to funds, the government announced last week that it would add another 20 million Euros to help process some open applications. But it still won't accept any new applications for this year.

Youth unemployment has reached epic proportions in the southern European countries that have faced the brunt of the financial crisis. Spain's youth unemployment is at more than 53 percent; Italy's at 42.3 percent; and Greece's at more than 56 percent. Germany, on the other hand, has one of the lowest youth unemployment rates in Europe — 5.9 percent.

There are no precise numbers for students left stranded by the halt to the program. Risiglione's hotel management school in Rostock said 40 of its new arrivals had not received any of the funding they had expected, and the school is currently providing free food for some of the youths.

Rang said that while Germany would continue to support all participants already in the program, youths who had come to Germany before receiving a hard promise of acceptance would most likely not get any money. She could not say how many of the 9,000 applicants had been confirmed as participants.

"We definitely wanted to reach out to our target group and help those youths," she said. "But there was no guarantee for those who came to Germany on their own initiative."

Educational institutions across Germany say the agency's behavior shows that it does not understand the reality on the ground.

"The kids have always started language classes and traveled to Germany on their own account, because they expected to be reimbursed once the agency's confirmation came through after a few weeks," said Peter Pedersen, the manager of the HWBR school where Risiglione studies. "That's how it's worked in the past."

The program was designed in part to help heal Germany's image among southern EU nations resentful of their rich partner's insistence on harsh austerity. Instead, said Pedersen, it has further dented Germany's reputation.

"It's a big PR disaster for Germany," he said.

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Strike at Chinese shoe factory ends partially

BEIJING — Most of the tens of thousands of workers who were striking at a massive Chinese shoe factory complex have returned to the job, labor activists said Saturday, enabling Adidas to resume production there.

The Germany-based athletic wear giant said workers returned Friday to its factory run by Taiwanese-owned Yue Yuen Industrial Holdings Ltd., the world's largest manufacturer of athletic shoes.

More than 40,000 workers at Yue Yuen's sprawling, multi-factory complex in the southern Chinese city of Dongguan went on strike in early April to protest underpayments into their social security and housing funds.

It was one of the largest strikes ever in China's private sector, where low-cost manufacturers are facing increasing labor activism amid a shortage of migrant workers, pushing up labor costs.

Yue Yuen makes shoes for major brands including Adidas, Nike and New Balance, which are increasingly looking to other countries to source their production.

Labor activists confirmed Saturday that most Yue Yuen workers, including those assigned to the Adidas factory, had returned to work, though about 10,000 remained on strike.

The workers have not reached a deal with Yue Yuen, which has offered to pay full contributions starting May 1. The company rejected workers' demands for a 30 percent pay raise and back payments into their social security funds.

It was unclear why most of the workers had returned to the job. Some labor activists said Yue Yuen management — assisted by police — forced the workers to return.

It was not immediately known whether Nike or New Balance had resumed production at Yue Yuen.

On Wednesday, Adidas said it was moving some of its production from Yue Yuen to other suppliers. But as production at Yue Yuen resumed Friday, Adidas said in a statement that it remained committed to Yue Yuen and "to China as a sourcing country."

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White House: Discrimination potential in data use

WASHINGTON — White House counselor John Podesta says a review of how the government and private sector use large sets of data has found that such information could be used to discriminate against people on issues such as housing and employment.

The review is expected to be released within the next week, and Podesta discussed it with The Associated Press.

"Big data" is everywhere.

It allows mapping apps to ping cellphones anonymously and determine in real time what roads are the most congested. But it also can be used to target economically vulnerable people.

President Barack Obama asked for this review in January. That's when he called for changes to some of the National Security Agency's surveillance programs that amass large amounts of data belonging to Americans and foreigners.

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Workplace Diversity Job Fair Monday, April 28, 2014

Workplace Diversity Job Fair

Monday, April 28, 2014

10:00-4:00

Boston Marriott Copley Place

110 Huntington Ave., Boston

Job seekers, don't miss this exciting opportunity

The Boston Herald is hosting the 21st annual Workplace Diversity Job Fair on Monday, April 28. Companies from the Greater Boston area will be in attendance looking for candidates to fill positions in areas including sales, business, medical, technology and more!

Look for a special pull-out section on Thursday, April 24 for all the information you will need to make the job fair a success for you.

There is no cost or obligation for attending.

Proper attire is suggested.

The following companies are participating in the Monday, April 28 Workplace Diversity Job Fair:

• Arbour Health System
• Bay Cove Human Services
• Boston Marriott Copley Place
• BMC HealthNet Plan
• Commonwealth Worldwide
• Eliot Community Human Services
• G2 Secure Staff
• Harvard University
• Keolis Commuter Services
• Lincoln Technical Institute
• Massasoit Community College
• Mass Eye and Ear
• New England HERC
• New England Research Institute
• Northeastern University Bouve' College of Health Sciences School of Nursing
• Northeast Security
• Prudential
• Rockland Trust
• South Bay Mental Health
• U.S. Navy
• Verizon Wireless
• WGBH

The Workplace Diversity Job Fair is conducted in accordance with federal laws advocating employment for all individuals. The Workplace Diversity Job Fair is handicapped accessible. If special arrangements are required, please call 617-619-6168 no later than 2 days prior to the event.

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Auto review: New Cadillac ELR is more flash than dash

Sky-high fins clung to old Cadillacs with swaying, raucous grace.

Brash and a bit obnoxious, they gave the big, cushy cruisers the sort of strut and flash usually found in a French Quarter parade.

I remember.

As a sweaty gomer on a faded red Schwinn in the '60s, I would stop every time some sugar daddy's Caddy blew by, just hoping for a cooling whoosh from its fins.

You won't find any such excesses on the 2014 Cadillac ELR, a taut, radical new coupe full of the 21st century.

The ELR's edgy rear fenders, for instance, wear high, flat ridges on their tops, looking as if Cadillac's young skinny-tie designers just pruned the fins away.

And in effect, they did.

What we get with the ELR is a super-slinky coupe that's stylish in ways similar to the fabulously fashionable cruisers of the '50s.

But the ELR is also so self-consciously contemporary that you might one day find some pale space alien in sports coat and sunglasses behind its leather-covered wheel.

Welcome — again — to 2014.

As you probably know, the feds continue to squeeze all automakers for better fuel economy, with an astounding 54.5 mile-per-gallon requirement looming in 2025.

Consequently, Cadillac's most striking, traffic-stopping car is — hold on to your Stetson — an extended-range electric vehicle.

Does that get your heart racing or what?

As such, the ELR can run in all-electric mode for a modest 37 miles or so before needing a recharge back at the garage.

Or you can just keep driving.

When the electricity runs out, the ELR's computers seamlessly fire up a 1.4-liter gas engine that acts mostly as a generator, supplying electricity for another 300 miles or so.

Under hard acceleration, the gas engine also provides some power to the wheels, functioning then like a hybrid.

If that sounds familiar, General Motors pioneered the approach with the Chevrolet Volt, and much of the ELR's powertrain is Volt-derived — a fact likely to prove pretty controversial in the $81,000 ELR.

Few will criticize its looks, though.

Thin, vertical headlamps cut high into the front fenders of the dark red ELR I had recently, flanking a huge silver grille with a big Caddy emblem in the center.

Short overhangs front and rear emphasized the car's relatively long wheelbase, and seven-spoke 20-inch wheels wearing 245-40 tires filled the fender wells on mine.

Though the carved body looked a bit thick to my hick eyes, it was topped by a sloping, cut-down roof that gave the car good visual balance.

Best of all in back, tall, vertical tail lamps wrapped onto those flat-top fenders, vaguely evoking the fins and taillights of the past.

Although the ELR's powertrain is based on the one in the $34,000 Chevy Volt, Cadillac says the ELR gets some software tweaks that bring its total horsepower up to 217 with torque of 295 pound-feet.

Like all electric vehicles and many hybrids, the ELR starts in total silence — if it's operating in electric mode.

Mine was also fitted with an odd but effective automatic transmission that had fixed and variable-ratio modes.

With the instant torque of an electric motor, the ELR felt quicker than it was, accelerating smoothly and vigorously without any noticeable gear shifts.

In fact, though, it would struggle to out-accelerate a four-cylinder Honda Accord, getting to 60 mph in an unremarkable 8.1 seconds, according to Car and Driver. (In all-electric mode it's even slower, requiring 9 seconds to hit 60.)

Around town, in "sport" mode, the ELR felt adequate — and looked great.

The ride tended toward stiff, but it was controlled and well-damped.

But like Cadillacs of old, the 4,000-pound ELR, bulked up by its lithium-ion battery pack, preferred straight lines to curves.

Though equipped with a better suspension than the one under the Volt, the ELR was still essentially an overweight front-wheel-drive coupe.

If pushed hard, it would start to understeer, feeling twitchy in fast, sweeping curves as its front wheels threatened to let go.

Also, the regenerative brakes could be abrupt, particularly in traffic. They seemed slow to respond to initial presses on the brake pedal, but then grabbed hard.

That was unfortunate because, like most modern Caddies, the ELR had decent steering — light and quick with fairly good road feel.

Just drive it slowly. Electric cars typically have no vibration or noise and whisper down the road like the regal land yachts of the past.

Or you could pause to admire its fine interior.

The rich tan interior in mine was not marred by a single piece of black plastic.

Beginning with the padded, stitched geometric-shaped dash, the inside of the ELR was a sea of tans and browns.

Stuck in the middle of that dash was a large center stack with an eight-inch touch screen and Cadillac's controversial CUE climate and audio controls.

CUE uses various horizontal bars to "control" items such as fan speed and stereo volume.

You're supposed to gently slide your finger across them to change a setting. But they are so overly sensitive that you often get full-blast or nothing.

Give me buttons and knobs any day.

Still, the smooth light tan seats looked sumptuous with sectioned centers and decent bolsters.

Likewise, the door panels were stitched in tan velour on top with wood trim beneath that and a padded, light tan center panel and armrest.

A fairly broad console ran all the way back into the rear seats, splitting them into two finely stitched buckets.

Just ignore them. Positioned at a slight incline to compensate for the sloping rear window, the seats are difficult to squeeze into and offer tight leg- and headroom once you finally get in.

Actually, all of that seemed appropriate. Let's be honest here: The ELR looks like a million bucks and functions at something less than $80,000.

If you prefer to run on strictly electric and live in the suburbs, plan on recharging the ELR every night or two, a process that will take at least 12 hours using a standard 120-volt household outlet.

And if you're OK with allowing the on-board engine-generator to supply the electric motor, you will get about 33 miles per gallon, which these days is middling at best.

But you can be sure of this: Almost nothing on the road, regardless of cost, will look better.

And what is that worth in style-conscious Dallas?

———

2014 CADILLAC ELR:

—Type of vehicle: Four-passenger, front-wheel-drive extended-range electric coupe

—Fuel economy: Equivalent of 82 miles per gallon in electric range; 33 mpg with the gas generator running

—Weight: 4,054 pounds

—Engine/motor: AC permanent-magnet synchronous electric-drive motor working with a 1.4-liter four-cylinder gas engine for a combined 217 horsepower and 295 pound-feet of torque

—Transmission: Automatic with fixed- and variable-ratio modes

—Performance: 0 to 60 mph in 8.1 seconds in combined electric/gas mode; 9 seconds in electric only

—Base price, excluding destination charge: $75,000

—Price as tested: $80,680

SOURCES: Cadillac division of General Motors; Car and Driver

———

ABOUT THE WRITER

Terry Box writes for the Dallas Morning News. He may be reached at tbox@dallasnews.com.

———

©2014 The Dallas Morning News. Distributed by MCT Information Services

Visit The Dallas Morning News at www.dallasnews.com

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Ford's profit falls 39 percent in first quarter

DEARBORN, Mich. — Ford Motor Co.'s worldwide sales rose in the first quarter, propelled by growing strength in Asia and Europe. But weakness in North America dragged down the company's profit.

Its earnings missed Wall Street's expectations, while revenue beat. Ford shares fell 3 percent in premarket trading.

Ford's first-quarter net income fell 39 percent to $989 million, or 24 cents per share, down from $1.64 billion, or 41 cents per share, in the January-March period a year ago.

Excluding a one-time charge of $122 million for plant closings in Europe, Ford earned 25 cents. That was far short of Wall Street's expectations. Analysts polled by FactSet forecast earnings of 31 cents per share.

Revenue rose slightly to $35.9 billion, beating analysts' expectations for $34.2 billion. Worldwide sales were up 6 percent to nearly 1.6 million.

Ford's U.S. sales fell 3 percent to 580,260 in the January-March period, the victim of bad weather and low buyer interest in smaller, fuel efficient cars like the Focus and C-Max hybrid. While the F-Series pickup continued to see gains, sales of other key vehicles like the Fusion sedan and Escape SUV were down.

Ford's Chief Financial Officer Bob Shanks said Ford had forecast lower sales in North America this year as it launches 16 new vehicles in the region.

But Ford made up for those losses elsewhere. In China, first-quarter sales soared 45 percent to 271,321 vehicles. And European sales, long a sore point for Ford as Europe went through a recession, rose 11 percent to 326,000.

Ford's Asia Pacific operations continued to thrive under the company's ambitious expansion plans, but Ford sputtered in North America and lost money in South America and Europe. A newly created Middle East and Africa region was profitable.

North American pretax profit fell 37 percent to $1.5 billion. Ford said its North American operations were hit with $100 million in weather-related charges during the brutal winter, including increased costs for parts shipments.

The company also took a $400 million charge for warranty reserves and repair costs. Shanks said Ford regularly forecasts what its future warranty and recall costs will be and sets aside money for them. The company said those costs have been rising, so it decided to add $340 million to its reserves this quarter for vehicles from the 2008 through 2013 model years. Ford said the decision wasn't related to the spate of first-quarter recalls at rival General Motors Co.

Ford also spent $60 million on two recalls this quarter. The company had to repair 370,000 Ford Crown Victoria sedans for potential corrosion in the steering shaft and 161,000 Escape SUVs for oil leaks.

Revenue in the company's most profitable region fell 5 percent to $20.4 billion.

Ford's Asia Pacific region posted a record $291 million pretax profit, reversing a $28 million loss from a year ago. Revenue jumped 18 percent to $2.6 billion. The new Middle East and Africa region reported a $54 million profit.

The company cut its European losses by more than half, but it continued to struggle in South America. Ford lost $194 million in Europe as costs fell and overall sales improved. In South America, the loss more than doubled to $510 million as industry sales dropped and Ford accounted for the effects of unfavorable currency exchange rates.

Dearborn, Mich.-based Ford enjoyed one of the best years in its history in 2013, with a pretax profit of $8.56 billion. But it had warned that this year would be leaner as it launches a record 23 vehicles worldwide and seven plants, including four in China. It anticipates 13 weeks of expensive down time — up from five in 2013 — at its two U.S. pickup truck plants to prepare for the launch of a new aluminum-clad F-150. The truck goes on sale later this year.

Ford says it still expects a full-year pretax profit between $7 billion and $8 billion.

Its shares fell 51 cents, or 3.1 percent, to $15.81 in premarket trading about 90 minutes before the market open.

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Redesigned Camry, Sonata debut as competition heats up

The battle for buyers of family sedans — already the most competitive U.S. auto segment — will heat up this fall when Toyota and Hyundai launch dramatically restyled versions of their respective offerings, the Camry and the Sonata.

A decade ago, the default choices in this biggest slice of the auto market were the Camry and Honda's Accord, but the competition has grown fierce in the past five years. Automakers can't afford a misstep with a new model, and they can't fall behind with a dated model.

That's why Toyota and Hyundai debuted redesigns of their flagship sedans at the New York International Auto Show last week — even though the current version of the Camry is just 2 years old and the current Sonata launched as a 2011 model. Car companies typically wait five years between redesigns.

"The market is evolving faster, and consumer patience for vehicles that have not changed is dropping," said Karl Brauer, an analyst with auto information company Kelley Blue Book.

The Camry has been the nation's bestselling passenger car for a dozen years, but its lead over competitors is narrowing. Through the first three months of this year, Toyota sold about 94,000 Camrys. That leads the Nissan Altima by about 5,000 sales and the Honda Accord by about 15,000 sales.

But the Accord's market share is growing. When commercial sales to rental car companies and other fleet customers are subtracted, the Honda actually beat the Toyota last year, Brauer said.

That has prompted Toyota to ratchet up the discounts. Through the first three months of this year, Camry sales incentives averaged just over $3,200, almost $500 more than the industry average for the midsize sedan segment, according to ALG, a consulting firm that estimates used-car values for the leasing business. The Camry's average transaction price was $24,039, about $800 less than the segment average, ALG said.

Although Toyota sold more than 400,000 Camrys last year — about 16 percent of the midsize sedan market — consumers have requested improvements, said Bill Fay, general manager of Toyota's U.S. sales division.

"They wanted a more emotional styling and a better interior," Fay said.

Buyers also are looking for Toyota to continue to make improvements in ride, handling, technology and safety, he said. Often criticized for producing boring cars, Toyota challenged that notion with the Camry's new design.

The automaker's designers and engineers re-imagined nearly every exterior surface of the car, Fay said.

"Only the roof remains unchanged," he said.

With its new look, Toyota's designers worked to make the previously pedestrian Camry far more muscular.

The hood has four sculpted lines that trace back to the windshield and provide a sense that the car is in motion. Lines on each side of the Camry convey the same effect. The aggressive front bumper features a wider and more prominent trapezoidal grille shape, making the car look more securely planted on the road.

"You expect to have some sort of minor freshening at the three-year mark, where the Camry is now, but I was surprised to see such a substantial change. That has not been in the playbook for Toyota," said Jake Fisher, automotive director of Consumer Reports. "They are feeling the competition."

He likes the new styling and believes it will resonate with consumers.

To improve driving dynamics, Toyota bolstered the chassis and body structure with additional spot welds to improve rigidity and ride quality. It also retuned the suspension to give the Camry's handling a sportier feel.

Toyota engineers improved the window and door seals to reduce wind and road noise. The Camry's interior is upgraded with more soft-touch materials.

Because Toyota has led this segment for so long, other automakers "know they have to beat Camry at its own game" if they want to make inroads, said Tom Libby, an IHS Automotive analyst. "That drives incredible product redesigns and is great for the consumer."

That's exactly what Hyundai is doing with the redesign of its Sonata sedan.

"It feels more substantial and more luxurious," said Brauer of Kelley Blue Book. "The look of the interior components is great. The car is really well done."

The new version continues Hyundai's value strategy of packing the vehicle with features and pricing it below major competitors such as the Camry and Accord, he said.

Although Hyundai studied the ride and steering of Volkswagen's Passat sedan, its benchmark for this segment is the Accord.

The Honda "has set the segment ablaze and is leading in retail sales," said John Shon, manager of product planning for the Sonata.

Designers wanted to give the car a premium ride quality with improved steering response and reduced cabin noise, he said.

The Hyundai sedan follows the same "Fluidic Sculpture" design language that the South Korean automaker introduced with the outgoing Sonata five years ago. But the new version has a more refined, gentler look that gives the Sonata a statelier stance. Hyundai is clearly leaning toward luxury over sport with the new look.

For shoppers looking for expressive over conservative, the automaker will offer a Sonata Sport version with a more aggressive front grille and bumper, side rocker extensions and side chrome molding.

Hyundai is packing the frame of the new model with advanced high-strength steel — a move the automaker said improves ride quality and crash test performance.

Like the previous generation, the Sonata will come equipped only with four-cylinder engines. The main power plant is a 2.4-liter four-cylinder with 185 horsepower and 178 pound-feet of torque. There's also a 2.0-liter turbocharged engine option that produces 245 horsepower and 260 pound-feet of torque.

The automaker has redesigned the inside of the cabin to give the Sonata more room than most of its competitors. The car will qualify as a "large" vehicle rather than a midsize sedan under the Environmental Protection Agency classification.

On the technology front, Hyundai is putting Apple's CarPlay system into the Sonata. The system will give iPhone users access to car-safe apps on the 8-inch touch screen in the dashboard. Users of the iPhone 5 and above will be able to make calls, use maps, listen to music and access messages through their device.

Toyota and Hyundai expect their sedans will be their bestselling vehicles this year. Fay said the new version of the Camry will enable it to repeat as the nation's top-selling passenger car for a 13th consecutive year.

"Toyota will remain under pressure to keep that car at the top of the sales chart," Brauer said. "They will have to utilize sales incentives and fleet sales, but that is going to hurt the resale value of the Camry, which has been one of Toyota's traditional strengths."

Other automakers won't sit still, said Shon, the Sonata product planner. "Everyone brings their A game into this segment."

———

©2014 Los Angeles Times. Distributed by MCT Information Services

Visit the Los Angeles Times at www.latimes.com

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Auto review: Jaguar F-Type a worthy heir to fabled E

Fifty-three years ago, in the afterglow of its 1961 debut, Enzo Ferrari described the Jaguar E-Type as "the most beautiful car ever made." That's right, Mr. Ferrari.

Today, 50 years after I lusted after this sleek and unique Jag, 50 years after Jan and Dean sang of the duel between the XKE and a Corvette Stingray on Sunset Boulevard's "Dead Man's Curve," comes the 2014 Jaguar F-Type.

Amazingly, it is the legendary British company's first new two-seat sports car since the famous E-Type. One can only imagine the smile on Enzo's face somewhere along that racetrack in the heavens.

It is wonderfully sculpted with headlamps that sweep up and over the fenders and a sleek profile with wheel wells that tightly surround the 20-inch wheels.

And while Jaguar folks say the F-Type isn't meant to be a celebration of the E, there are some hints of the old DNA in the rear. Check out the uplifted quad tailpipes, the rounded body panels and the accents on the circular taillights. Eh, Enzo?

Make no mistake, though, the E-Type and F-Type are from different eons. As one might expect with the benefit of today's technology, the F-Type would embarrass the old E with its raw speed and handling.

It is fast and fun — with a reminder from its growling exhaust — and yet it is well behaved on the road for commutes, too.

Even the base F has a supercharged V-6 that puts out 340 horses with 332 pound-feet of torque. The F-Type S bumps up the power to 380 horsepower and gets you to 60 mph under 5 seconds.

But the big bruiser is the F-Type V-8: a 5.0-liter supercharged machine that cranks out 495 ponies and 460 pound-feet of torque. That's sufficient to fly you to 60 mph in 4.2 seconds, Jaguar says.

To let everyone know how many horses you are riding, the engine snorts and belches like a dragon — and that's on the regular setting. Push a little button on the console (the icon looks like a pair of eyeglasses but they're exhausts) and it really gets crazy. The wife doesn't like the racket, so for her, it was a turnoff. But for most, it will elicit a grin and a nod.

An 8-speed automatic is standard on all F-Types, sending the power smoothly and efficiently to the rear wheels. While a manual is not available, the automatic does come with manual levers to take more control, but it's hardly worth it. The automatic is right-on in its decisions.

Out on the road the F-Type is a rewarding experience. Acceleration is brisk, as the numbers indicate, but it also feels tight and true. Shifts are lightning-quick, especially when you turn the dial to the "dynamic" mode. There's also a racing mode for track-like sprints, and the more practical rain/snow mode.

Steering is nicely weighted and offers decent feedback, and the F-Type's cornering is reasonably flat and balanced — perhaps not by Porsche standards, but the Porsche is smaller and notoriously nimble. The Jag, even with its aluminum body, weighs nearly two tons.

This Jag feels tight, too, especially for a roadster, which can be prone to creaks and rattles. The soft top comes down in just 12 seconds and can be accomplished while on the move — up to 30 mph. That's handy for those who live in rainy-season regions, where a shower can come on quick and unexpected.

Inside, adjustable bolsters on the sport seats tuck you in as snugly for the twisty roads. Leather seats are soft and supple, too. Black seats are complemented by bold, red stitching.

Headroom is good; legroom is OK. At 6-foot-1, I was comfortable. Anyone taller might require a fitting before closing the deal.

Ambient lighting, neatly concealed under the door and center console, adds a classy touch. And materials are clearly upscale and rich-feeling.

Unusual — and cool — features include the start button that pulsates red, seemingly showing the cat's impatience to hit the road, and the AC vents that rise from the dash when the engine starts.

A handle flanks the center console so the passenger can hang on with both hands while gasping through the countryside en route to the bed and breakfast.

Oh, better pack light for those weekenders: 6.9 cubic feet of trunk space doesn't go far. Small suitcases maybe, or duffle bags even better due to the odd, angular shape.

Protecting occupants are side air bags and rollover bars — although stability and traction control systems are in place to avoid the need for those rollover bars.

Options include parking sensors with rear cross-traffic warning, blind-spot monitor and adaptive headlights.

The F-Type comes in three trims, and the base is well equipped with bi-xenon headlights, leather and suede upholstery, full power accessories and a manually-deployable rear spoiler.

F-Type S adds a more powerful six-cylinder engine, 19-inch wheels instead of 18-inch, adaptive suspension and selectable driving modes that control throttle, steering and tranny responses.

The top-of-the-line F-Type S gets the V-8 engine, 20-inch wheels, high-performance brakes and 12-way adjustable seats.

Add to all that several premium option packages plus an available performance package that includes the active exhaust control button, top-line brakes and a 14-speaker Meridian audio system.

How well this sports car compares to the likes of Mercedes SL63 or the Porsche 911 is one for the testing teams at the major magazines and websites. But I can tell you can't have more fun than in the F-Sport.

It will draw grins and compliments and thumbs-up. And, yes, I expect Enzo Ferrari would be giving his nod of approval from above.

———

2014 JAGUAR F-TYPE V-8 S:

—Base price, excluding destination charge: $69,000

—Price as tested: $92,895

———

©2014 The Miami Herald. Distributed by MCT Information Services

Visit The Miami Herald at www.miamiherald.com

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Auto review: Nissan adds economy to practicality in Pathfinder Hybrid

Take one of the best family-size crossover utility vehicles on the market, and add a gasoline-electric hybrid drive system to it, and you'll have the best of both worlds: versatility and efficiency.

That's the theory behind the all-new 2014 Nissan Pathfinder Hybrid, a great people hauler that also offers decent fuel economy: up to 26 mpg combined city/highway. That's for a vehicle that can carry up to seven adults in comfort, with no compromises.

Prices begin at $35,300 for the entry-level SV front-wheel-drive version.

It's the first in a line of new hybrid models on the way from Nissan. Also planned are hybrid versions of the redesigned Rogue compact crossover, as well as the redesigned 2015 Murano midsize crossover and the Altima sedan, which plays in the same class as the Accord, Camry, Fusion, Sonata and Optima hybrids.

Nissan's crossover product planner, Scott Pak, confirmed that the new Murano, unveiled at the New York auto show, will get a hybrid version, although when it will arrive has not yet been determined.

Likewise for the Rogue and Altima, although the Rogue model probably is closer to launch. Nissan introduced the second generation of the Rogue last fall, and began production of it in the Nissan plant in Tennessee, which also makes the Pathfinder (including the hybrid) on the same assembly line. That plant also makes the Leaf electric car, and the lithium-ion batteries for it.

The Pathfinder got a complete redesign last year that turned it into a roomy, full-size crossover. It took another big leap this year with the addition of the hybrid version.

Under the hood of the hybrid is a supercharged 2.5-liter gasoline engine coupled with a 15-kilowatt electric motor, which gets its power from a compact lithium-ion battery.

Together, they provide nearly the same power as the gasoline-only Pathfinder's 3.5-liter V-6. The hybrid has a total of 250 horsepower and 243 pound-feet of torque, compared with 260 horsepower and 240 pound-feet of torque for the 3.5-liter.

I've tested both vehicles, and the power of the hybrid feels quite similar to that of the gasoline model, although there seemed to be more pep on take-off with the hybrid. That's because the electric motor kicks in with all of its torque right away.

At highway speeds, the hybrid has plenty of power left in reserve for passing, also thanks to the boost provided by the electric motor.

EPA ratings for the front-drive hybrid are 25 mpg city/28 highway/26 combined, compared with 20 city/26 highway/22 combined for the two-wheel drive gas model. With four-wheel drive, the hybrid gets 25/27/26, compared with 19/25/21 for the four-wheel drive gas model.

Nissan targeted the Toyota Highlander Hybrid with the design of the Pathfinder Hybrid, Nissan said. The hybrid is priced just $3,000 more than a similarly equipped gasoline-only Pathfinder, while Toyota charges a $7,000 premium for the Highlander hybrid.

Regular Pathfinder prices for 2014 begin at $28,850 for the base S version with two-wheel drive, and run as high as $41,350 for the top Platinum model with four-wheel drive.

Pathfinder hybrids have the same interior space as the gasoline versions, including ample legroom, and cargo capacity. We packed six adults into our test vehicle — including two in the third row — and everyone acknowledged having decent leg and knee room.

New for 2014 is a technology package that adds a 13-speaker Bose premium audio system with navigation, voice recognition, XM NavTraffic and NavWeather capability, Zagat Survey restaurant guide, Bluetooth streaming audio and an 8-inch color touch screen.

Our tester was the Platinum four-wheel-drive hybrid with a Platinum Package that brought a rear entertainment system. It also had roof cargo cross bars, carpeted floor mats and illuminated kick plates.

The newest Pathfinder has a unibody-style design, rather than the traditional body-on-frame arrangement of the model it replaced. It's now a top competitor in its class, which includes such stalwarts as the Highlander and Honda Pilot, thanks to its best-in-class passenger space, fuel economy and standard towing capacity.

Other competitors include the big crossovers from General Motors: the Chevrolet Traverse, Buick Enclave and GMC Acadia; and both the Ford Explorer and Ford Flex.

Riding on the same architecture as the new Infiniti QX60 (formerly JX) crossover, the Pathfinder has the same passenger capacity and a similar drivetrain as the Infiniti. The main differences between the two are the styling and the levels of standard equipment. The QX60 also got a hybrid version for 2014.

There are now five crossovers in the Nissan lineup: the subcompact Cube and Juke, compact Rogue, midsize Murano and full-size Pathfinder. All but the Pathfinder and new Rogue have five-passenger capacity. Nissan also is continuing to sell the previous generation of the Rogue for 2014, renamed the Rogue Select, starting at just over $20,000.

Our Pathfinder's optional dual panoramic moon roof extended all the way to the third row, and would have been great for viewing the recent lunar eclipse — if it hadn't been raining at the time.

Standard on our Platinum version were leather upholstery; heated and cooled front seats and heated second-row seats; heated steering wheel; power tilt-and-telescopic steering column; and keyless entry with pushbutton start.

All seating positions are suitable for adults, unlike many crossovers whose third row is intended for children or very small adults. Getting into and out of the rear and middle seats was made easier by the large rear door openings and the EZ Flex seating system, which allows the second-row seat to slide forward up to 5.5 inches, and to tilt, as well, for access to the third row.

The middle seat had a 60/40 split feature that allows a child-safety seat to remain in place on the curb side while the other side is moved forward to let the rear passengers in or out. With the third seat in place, there is 16 cubic feet of cargo space behind it. It has a 50/50 split-folding design, so either side, or both sides, can be folded down to increase cargo capacity.

Second- and third-row seats can be folded to create a completely flat load floor from the tailgate to the back of the front seats, giving the vehicle nearly 80 cubic feet of cargo space.

The tailgate flips up in one piece, and on the Platinum model, it's power-operated. A small storage area under the rear cargo floor provides a good place to hide valuables when the vehicle is parked.

Also included on our tester was the Nissan AroundView monitor, which shows up on the nav screen next to the rearview-camera display. Around View gives the driver a 360-degree bird's-eye view around the vehicle, using front, rear and side mini-cameras.

Pathfinders also come with a tire-pressure monitoring system with Nissan's Easy Fill Tire Alert, which beeps the horn when a tire being filled with air reaches its proper inflation level.

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2014 NISSAN PATHFINDER HYBRID:

—Type of vehicle: Large, five-door, seven-passenger, four-cylinder gasoline-electric hybrid, front- or all-wheel-drive crossover utility vehicle.

—Rating: 9.3 (of a possible 10).

—Highlights: Completely redesigned for 2013, the Pathfinder adds a hybrid version for 2014. With last year's makeover, the vehicle evolved into a crossover, with three rows of seats. It has plenty of power — hybrid or gasoline only — and lots of standard and optional features.

—Negatives: Can get pricey when options packages are added.

—Engine: 2.5-liter turbocharged inline four-cylinder with electric motor

—Transmission: Continuously variable automatic

—Power/torque: 250 horsepower/243 pound-feet (hybrid, total)

—Length: 196.9 inches

—Curb weight range: 4,417-4,714 pounds

—Brakes, front/rear: Disc/disc, antilock

—Cargo volume: 16 cubic feet (behind third seat); 79.8 cubic feet (second and third row seats folded down)

—Towing capacity: 3,500 pounds

—Side air bags: Front seat-mounted; roof-mounted side-curtain for all rows

—Electronic stability control: Standard

—Fuel capacity/type: 19.5 gallons, unleaded regular

—EPA fuel economy, city/highway/combined: 25/28/26 (front drive); 25/27/26 (AWD)

—Base price: $35,300

—Price as tested, including destination charge: $48,285

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ABOUT THE WRITER

G. Chambers Williams III has been an automotive columnist for the Fort Worth Star-Telegram since 1994. He can be reached at chambers@star-telegram.com.

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©2014 Fort Worth Star-Telegram

Visit Fort Worth Star-Telegram at www.star-telegram.com

Distributed by MCT Information Services

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PHOTOS (from MCT Photo Service, 202-383-6099): AUTO-NISSANPATHFINDERH-REVIEW

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Topics: t000047405,t000047103,t000002537,t000002676,t000018190,t000018196,t000003086

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Mixed earnings leave US stocks without direction

NEW YORK — Mixed earnings from a large number of U.S. companies left the stock market without direction early Thursday, despite positive results from a handful of names including Apple and Caterpillar. 3M was among those whose results disappointed investors.

KEEPING SCORE: The Standard & Poor's 500 index rose less than a point to 1,876 as of 10:24 a.m. Eastern. The Dow Jones industrial average fell 13 points to 16,462 and the Nasdaq composite edged up four points to 4,131. All three indexes were moving between small gains and losses in early trading.

APPLE SOARS: Apple rose $36.78, or 7 percent, to $561.89. The company reported a profit late Wednesday of $10.2 billion, or $11.62 a share, beating forecasts. Apple also announced it would increase its share buyback program from $60 billion to $90 billion, raise its quarterly dividend, and split its stock seven-for-one.

BIG TRUCKS, BIG PROFITS: Dow member Caterpillar rose $2.69, or 2.6 percent, to $106.03. The construction equipment manufacturer said its quarterly earnings rose 5 percent from a year ago. Caterpillar also raised is 2014 profit forecast. The company earned an adjusted profit of $1.61 a share, well ahead of the $1.21 per share expected by analysts.

NEED MORE POST-ITS: Another Dow member, 3M, wasn't as fortunate. The maker of industrial coatings and Post-it notes fell $1.88, or 1.4 percent, to $136.11 after the company's results missed analysts' expectations. The Minnesota-based conglomerate earned $1.79 a share, a penny shy of forecasts. Revenue also came in short of expectations.

ANOTHER HEALTH INDUSTRY DEAL: Zimmer Holdings soared $14.03, or 15 percent, to $105.48 after announcing it would buy the privately held orthopedic device company Biomet for $13.35 billion in cash and stock. Biomet was taken private in 2007 by a group of private equity companies, and was looking to go public later this year.

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Aetna's 1Q profit jumps 36 pct, forecast climbs

Aetna's first-quarter net income soared 36 percent, fueled by gains from a multi-billion-dollar acquisition, and the health insurer hiked its 2014 earnings forecast above Wall Street estimates.

Its results breezed past analysts' expectations, and Aetna shares jumped more than 5 percent Thursday after it detailed its quarterly performance.

The Hartford, Conn., insurer closed a $6.9 billion acquisition of fellow insurer Coventry Health Care last May, and it said Thursday that deal was the main factor behind its growth in this year's first quarter.

Aetna Inc. is the nation's third-largest health insurer, and its medical enrollment swelled 24 percent in the quarter to 22.7 million people versus last year.

Coventry serves customers in two markets primed for growth. It administers Medicaid, the state and federally funded program that covers the needy and disabled people, and it offers Medicare Advantage plans. Those are subsidized versions of the federal government's Medicare program for the elderly and also disabled people.

Aetna Chairman and CEO Mark Bertolini told analysts on Thursday that the insurer added about 130,000 Medicare Advantage customers during the quarter.

It also added another 230,000 paying customers through public insurance exchanges that debuted this year, courtesy of the health care overhaul. The federal law set up state-based exchanges on which customers can shop for coverage with help from income-based tax credits.

Bertolini said Aetna expects to add about 450,000 paying customers this year through the exchanges, and the risk of that business appears to be manageable so far, although he cautioned that they still don't have a good sense for what types of claims these customers will generate.

Insurers and analysts have been worried that sick people who have been unable to find decent coverage would overload these exchanges at first, which could strain insurer balance sheets and lead to future price hikes.

Overall, Aetna earned $665.5 million, or $1.82 per share, in the quarter that ended March 31. That's up from $490.1 million, or $1.48 per share, a year earlier.

Adjusted earnings totaled $1.98 per share, not counting one-time items like a $92 million loss from the early retirement of some long-term debt and costs tied to the Coventry deal.

Analysts forecast earnings of $1.53 per share, according to FactSet.

Operating revenue excluding capital gains totaled $13.97 billion. Analysts expected about $13.6 billion in revenue.

Aetna said its revenue also grew because it raised prices or premiums on its coverage to recover fees and taxes imposed by the overhaul, starting this year.

The insurer's bottom line also was helped by a moderate flu season and harsh winter weather, which kept people home and away from doctor's offices, where they use their health insurance.

Aetna now expects 2014 adjusted earnings to range between $6.35 and $6.55 per share. It had previously forecast at least $6.25 per share.

Analysts expect $6.31 per share.

Aetna shares climbed $3.87, or 5.6 percent, to $72.78 in morning trading, while the Standard & Poor's 500 index fell slightly.

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Apple’s stock jumps after earnings top Wall Street expectations

Strong iPhone sales helped Apple Inc. blow through Wall Street expectations for its fiscal second quarter, sending its stock sharply up in after-hours trading.

The Cupertino, Calif., company announced Monday it earned $10.2 billion, or $11.62 a share, in the period ended March 29. That was up from a $9.5 billion profit, or $10.09 a share, the company posted in the same quarter a year earlier.

Apple's sales rose 4.6 percent from its second quarter of 2013 to $45.6 billion. The company sold 43.7 million iPhones in the period, up 17 percent from the same quarter last year.

On average, Wall Street analysts were expecting the company to earn $10.18 a share on sales of $43.5 billion. The earnings guidance Apple gave investors in January implied earnings of between $8.4 billion and $9.3 billion, or about $9.29 to $10.34 a share if its share count remained stable, on sales ranging from $42 billion to $44 billion.

Investors cheered the news. In after-hours trading, the company's stock jumped more than 7 percent.

The company offered guidance for its fiscal third quarter that was toward the lower end of analyst's estimates. Apple's forecast implies earnings of between $6.7 billion and $7.5 billion, or around $7.66 to $8.52 a share if its share count remains the same, on sales of between $36 and $38 billion.

Before the reports, analysts had predicted Apple would earn $8.46 a share on sales of $37.9 billion in the current quarter. In the same period last year, Apple posted a profit of $6.9 billion, or $7.47 a share, on sales of $35.3 billion.

As part of its earnings announcement, Apple said it would raise its share repurchase program to $90 billion from $60 billion. To help fund that and other programs to return cash to shareholders, the company plans to raise additional debt.

The company also announced a seven-for-one stock split. The split, which will take effect June 9, is the first for the company since February 2005.

Apple's stock closed regular trading down $6.95 a share, or 1.3 percent, to $524.75.

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©2014 San Jose Mercury News (San Jose, Calif.) Distributed by MCT Information Services

Visit the San Jose Mercury News (San Jose, Calif.) at www.mercurynews.com

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Dunkin' says bad weather hurt profit

NEW YORK — Dunkin' Brands on Thursday reported a lower profit for its first quarter, citing severe weather for dampening its U.S. sales.

Its net income and sales missed Wall Street expectations and shares fell 3 percent to $47.59 in premarket trading.

The company, which also owns ice cream chain Baskin-Robbins, nevertheless stood by its outlook for the year.

At Dunkin' Donuts stores in the U.S., which account for nearly three-quarters of the company's sales, sales edged up 1.2 percent at established locations. The company said people spent more on average per visit, in part because they traded up to pricier options. But it noted that sales growth was hampered by bad weather.

McDonald's Corp. earlier this week also cited bad weather for a 1.7 percent decline in sales in the U.S. By contrast, Chipotle reported a 13.4 percent increase at locations open least a year during the period.

Sales fell 2.4 percent at established Dunkin' Donuts stores overseas. Sales at Baskin-Robbins stores in the U.S. edged up 0.5 percent, while international locations saw a 1.4 percent increase.

For the three months ended March 29, Dunkin' earned $22.96 million, or 21 cents per share. Not including one-time items, it said earned 33 cents per share, which was still below the 36 cents per share Wall Street expected.

A year ago, it earned $23.8 million, or 22 cents per share.

Revenue rose to $171.9 million, also short of the $172.4 million analysts expected, according to FactSet.

Dunkin' Brands Group Inc. said it still expect U.S. sales at established locations to increase 3 percent to 4 percent for the year. Adjusted earnings are expected to be $1.79 to $1.83 per share.

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Markets muted despite Apple, Facebook

LONDON — Solid earnings from Apple helped shore up global markets on Thursday despite other disappointing earnings and an earlier hefty retreat in Tokyo.

As well as delivering forecast-busting numbers, Apple impressed investors in its after-hours statement Wednesday with news that it is earmarking an additional $30 billion for buying back its stock through next year. The move, which is designed to give its stock price a lift following a period of relative underperformance, takes the total for that timeframe up to $90 billion.

Despite a 7 percent rise in Apple's stock Thursday, U.S. stock indexes drifted as some of the shine faded after results from the likes of Raytheon and 3M came up short of forecasts. The Dow Jones industrial average was down 0.1 percent at 16,492 while the broader S&P 500 index rose 0.1 percent to 1,877.

In Europe, the FTSE 100 index of leading British shares was up 0.2 percent at 6,686 while Germany's DAX fell 0.6 percent to 9,490. The CAC-40 in France was 0.2 percent higher at 4,459.

U.S. economic data failed to have much of an impact on trading as solid orders for longer-lasting U.S. goods was offset by a surprisingly big 25,000 increase in weekly jobless claims.

Earlier, in Asia, Japan's Nikkei 225 stock average underperformed badly, closing down 1 percent at 14,404.99 as talks over trade between President Barack Obama and Japanese Prime Minister Shinzo Abe failed to yield much. Obama's state visit to Japan is the first by an American president in nearly 20 years. He also is to visit South Korea, Malaysia and the Philippines.

Hideyuki Suzuki, general manager of the investment market research department at SBI Securities Co. in Tokyo, said no one expected an immediate deal, but players still had some hope for progress in the meeting between the leaders.

"If there had been great anticipation of a deal, then the drop would have been even bigger," Suzuki said.

Elsewhere in Asia, South Korea's Kospi inched down 0.1 percent to close at 1,998.34 while Hong Kong's Hang Seng index rose 0.2 percent to 22,562.80

Trading elsewhere was steady, with the euro down 0.1 percent at $1.3815 and the dollar 0.3 percent weaker at 102.19 yen. A barrel of benchmark New York crude was 43 cents higher at $101.87.

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Yuri Kageyama contributed from Tokyo.

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Sales of new US homes plunge 14.5 percent in March

WASHINGTON — The number of Americans buying new homes plummeted in March to the slowest pace in eight months, a sign that real estate's spring buying season is off to a weak start.

The Commerce Department said Wednesday that sales of new homes declined 14.5 percent last month to a seasonally adjusted annual rate of 384,000. That was the second straight monthly decline and the lowest rate since July 2013.

Sales plunged in the Midwest, South and West in March. But they rebounded in the Northeast, where snowstorms in previous months curtailed purchases.

New-home sales have declined 13.3 percent over the past 12 months.

"Our core view is that the housing market has stalled and won't contribute" to overall economic growth this year, said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Rising home prices have caused some buyers to back off at the lower end of the market, while new-home buyers at the top continue to buy. As a result, median sales prices jumped 12.6 percent during the past month to $290,000.

Home sales usually improve with the start of the spring. More would-be buyers venture to open houses. Families with children often begin to look for homes so that they can move once the school year ends.

Builders anticipated a snap back with the warmer weather. There were 193,000 new homes for sale at the end of the month, about 39,000 more than the same period last month.

Several other indicators also show that housing activity was muted last month.

The National Association of Realtors said Tuesday that sales of existing homes edged down 0.2 percent to a seasonally adjusted annual rate of 4.59 million. It was the seventh drop in the past eight months.

Sales have fallen, in part, because few homes are for sale. There is a 5.2-month supply of existing homes on the market, much less than the 6-month level seen in healthier markets. More construction is needed to boost the supply, the Realtors' group argues.

But the improvement in building has been slight.

Builders started work on 946,000 homes at a seasonally adjusted annual rate in March, up 2.8 percent from 920,000 in February, the Commerce Department said last week. Those figures include both single-family homes and rental properties. Applications for permits, a gauge of future activity, fell 2.4 percent last month to a seasonally adjusted annual rate of 990,000.

The National Association of Home Builders/Wells Fargo builder sentiment index was 47 in April. Readings below 50 indicate that more builders view sales conditions as poor rather than good.

Sales have also been modest because of affordability issues.

Rising prices over the past year and higher mortgage rates have made it harder for many Americans to afford a home. Real estate data provider CoreLogic says home prices rose 12.2 percent in the past year. Wage growth last year failed to keep pace with the higher buying costs.

The average rate on a 30-year mortgage was 4.27 percent last week. Rates surged about 1.25 percentage points from May through September, peaking at 4.6 percent. Those increases began after the Federal Reserve signaled that it would begin to pull back from its bond-buying program.

Those Fed bond purchases were designed to keep long-term interest rates low to spur more borrowing and boost economic growth. Since December, the Fed has reduced the size of its monthly purchases to $55 billion from $85 billion.

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A stock rally falters as US earnings disappoint

NEW YORK — A six-day rally on the stock market is petering out as some U.S. companies report earnings that disappoint investors.

Norfolk Southern, Procter & Gamble and Avery Dennison all fell after reporting their latest quarterly financial results.

Railroad operator Norfolk Southern's profit slumped as severe winter weather slowed shipments, and Procter & Gamble's revenue fell short of what investors were looking for.

The Standard & Poor's 500 index fell three points, or 0.2 percent, to 1,876 in the first few minutes of trading Wednesday.

The Dow Jones industrial average lost 17 points, or 0.1 percent, to 16,496. The Nasdaq composite fell 18 points, or 0.4 percent, to 4,143.

Not all the earnings news was bad. Delta Air Lines rose 5 percent after its first-quarter earnings climbed.

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Ex-CEO admits stealing from prominent NYC charity

NEW YORK — The politically connected former CEO of a prominent New York City charity has admitted he helped steal $5 million in an insurance scheme that authorities linked to campaign contributions.

William Rapfogel pleaded guilty Wednesday to grand larceny, money laundering and other charges.

He admitted he stole more than $1 million from the Metropolitan Council on Jewish Poverty, which he led from 1992 until his August firing.

Authorities say Rapfogel and several conspirators inflated the price of the organization's insurance so they could pocket the overcharge. Authorities say they split more than $5 million over 20 years.

Rapfogel has already turned over nearly $1.5 million. If he pays more than $3 million in restitution, he'll be sentenced to 3 1/3 years to 10 years in state prison.

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Horse track warns 2014 racing season could be last

BOSTON — Suffolk Downs, New England's only thoroughbred facility, warned on Wednesday that the 2014 racing season would likely be the last one at the 79-year-old track unless Mohegan Sun is awarded the sole eastern Massachusetts resort casino license.

Suffolk Downs has promised to continue racing for at least the next 15 years if the Massachusetts Gaming Commission gives the license to Connecticut-based Mohegan Sun, which has proposed a $1.3 billion casino on land Suffolk Downs owns in Revere. But track officials have cited the difficulty of sustaining racing without income and crossover business generated by a gambling resort.

Wynn Resorts has a competing $1.6 billion casino proposal for a site along the Mystic River in Everett.

The racing season will begin on May 3, the same day as the running of the Kentucky Derby, allowing customers to wager on a simulcast of the famed race, Suffolk Downs announced.

"The start of the live race meet here always brings with it a sense of optimism and renewal, although this year that is tempered with concern for our workforce and the future here," said Chip Tuttle, the track's chief operating officer, in a statement.

The track said it has an agreement with a group representing New England horsemen to maintain racing at least through Sept. 1, but additional racing days this year or in the future would likely hinge on the licensing decision expected to be made later this year by the gambling commission.

The licensing process is clouded by Boston Mayor Martin Walsh's bid to have his city designated as a host community for the proposed casinos in Revere and Everett, a request that, if granted, would allow voters in the neighboring East Boston and Charlestown neighborhoods to vote on the proposals.

East Boston voters rejected an earlier plan from Suffolk Downs for a resort casino that would straddle the Boston-Revere line. That prompted Mohegan Sun — defeated in an earlier bid for a casino in western Massachusetts — to enter the picture and offer a plan that would situate the facility entirely in Revere.

Walsh has argued the casino would remain intertwined with the racetrack, which sits mostly on the Boston side of the border, and that the casino would lean heavily on Boston's transportation network, hotels and tourist attractions.

The sport of horse racing has been in steep decline in Massachusetts in recent years.

According to figures from the state racing commission and a report prepared for Suffolk Downs by Christiansen Capital Advisors, the track's operating losses ranged from $11.8 million to $26.4 million over a recent five-year period while the track's handle — the amount wagered on live races — plummeted from $27.6 million in 2000 to $6.5 million in 2012.

Suffolk Downs says the continuation of racing would not only preserve about 800 jobs at the track itself, but also hundreds of other jobs linked to the thoroughbred industry, including at breeding farms.

In February, the commission voted 3-2 to award its single slots parlor license to the Plainridge harness race track in Plainville, the only other Massachusetts horse racing facility. The three commissioners who backed Plainville cited the continuation of racing as a key factor in their decision.

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US stocks edge lower after a six-day rally

NEW YORK — The stock market slipped Wednesday after rallying for six straight days as investors worked through another round of quarterly earnings reports from U.S. companies. Intuitive Surgical was among those reporting disappointed results. A worse-than-expected report on the housing market also weighed on the broader market.

KEEPING SCORE: The Standard & Poor's 500 index fell two points, or 0.1 percent, to 1,878 as of 11:10 a.m. Eastern. The Dow Jones industrial average fell 10 points, or 0.1 percent, to 16,504 and the Nasdaq composite lost 19 points, or 0.5 percent, to 4,142.

ROBOT REPAIR: Surgical robot make Intuitive Surgical dropped $39.90, or 10 percent, to $382.37. The company reported a 77 percent drop in first-quarter earnings. Intuitive Surgical sold only half has many robots in the last quarter as it did in the same period a year ago. The company warned two weeks ago that earnings would come in far below expectations, causing its stock to fall sharply from a recent high of $540.63 reached April 3.

FLYING HIGHER: Airline stocks were among the biggest advancers. Delta Air Lines rose $1.80, or 5 percent, to $36.68. Delta's first-quarter earnings climbed after the company filled more seats on its planes and paid less for fuel. Boeing rose $3.25, or 2.5 percent, to $130.80. The company's quarterly earnings beat expectations as it boosted airplane production.

THE $84,000 PILL: Gilead Sciences rose $2.16, or 3 percent, to $75.12 after the company reported a surge in first-quarter earnings. Gilead's drug Sovaldi, a new treatment for Hepatitis C, had $2.3 billion in sales in the first quarter alone, which beat the record for any drug in its first whole year on the market. While Sovaldi has a 90 percent success rate in curing Hepatitis C, the drug has a price of $1,000 per pill, or around $84,000 for a typical course of treatment.

HOUSING STALL: The Commerce Department said that new home sales fell 15 percent in March, their worst level in nearly a year. The number of home sold slowed to an annual rate of 384,000, well below economists' forecasts of 450,000. The news hit homebuilder stocks hard. KB Home fell 51 cents, or 3 percent, to $16.02 and Ryland Group fell 89 cents, or 2.3 percent, to $37.30.

GAME OF SHOWS: Netflix fell $13.60, or 3.5 percent, to $359.99. Time Warner and Amazon.com announced that HBO's award-winning shows such as "The Sopranos" and "Six Feet Under" would be available exclusively for Amazon Prime subscribers, a big loss for Netflix. HBO had been one of the biggest holdouts in bringing its content to streaming video services. Time Warner rose $1.17, or 2 percent, to $66.12.

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McDonald's profit slips amid weak sales

NEW YORK — McDonald's is fighting to hold onto customers in the U.S.

The world's biggest hamburger chain said sales at established U.S. locations fell 1.7 percent in the first quarter as guest counts fell. The company also saw customer counts decline last year as it struggled to manage an array of new menu items and fend off intensifying competition.

CEO Don Thompson had conceded earlier this year that McDonald's lost some of its "customer relevance" and that it needs to do a better job of underscoring value and service. On Tuesday, the company attributed its U.S. sales performance in the latest quarter to "challenging industry dynamics and severe winter."

The decline was offset by stronger results in Europe, which pushed up global sales at established locations by 0.5 percent. Profit for the first three months of the year fell and missed Wall Street expectations.

The Oak Brook, Ill.-based company said global sales for April are expected to be modestly positive. April would reflect the first full month that Taco Bell has offered its national breakfast menu, which it has pitched a challenge to McDonald's dominance in the morning hours.

The declines in sales and customers in the U.S. reflect the struggles McDonald's faces as people flock to chains that position themselves as higher-quality alternatives to traditional fast food. Chipotle, for instance, said last week that sales rose 13.4 percent at established locations.

Thompson has noted a split in the fast-food industry, with people who have more spending money heading off the chains that charge more. He said McDonald's will focus on underscoring value for its more cash-strapped customers, but the chain is also offering more premium items such as its new Bacon Clubhouse Burger.

To adapt to shifting trends, McDonald's has also been rolling out new prep tables in its U.S. kitchens that can hold more sauces and toppings.

The idea is to eventually offer greater customization on its menu while keeping orders easy to assemble for workers. Speed and accuracy have been an issue for McDonald's as it stepped up the pace of new menu items in the past year.

In Europe, McDonald's said sales rose 1.4 percent at established locations in the latest quarter. The figure rose 0.8 percent in the unit that encompasses Asia, the Middle East and Africa, despite a decline in traffic.

For the quarter ended March 31, net income fell to $1.2 billion, or $1.21 per share. Analysts expected $1.24 per share.

A year ago, the company earned $1.27 billion, or $1.26 per share. McDonald's Corp. noted that the year-ago results were boosted by income tax benefits.

Revenue edged up to $6.7 billion, but was shy of the $6.71 billion Wall Street expected.

Shares of McDonald's edged up 83 cents to $100.50 in premarket trading.

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Follow Candice Choi at www.twitter.com/candicechoi

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Grieving borrowers told to repay student loan

WASHINGTON — Some student loan borrowers who had a parent or grandparent co-sign the note are finding that they must immediately pay the loan in full if the relative dies.

The Consumer Financial Protection Bureau says lenders have clauses in their contract that explain this could happen, but many borrowers are not aware of them.

The agency's ombudsman, Rohit Chopra, said complaints related to this issue are growing more common because the practice is catching so many consumers by surprise. Some borrowers told to pay back the loan in full have been making timely payments, Chopra said.

While it's unclear how prevalent it is, Chopra said it appears to be the practice among many private student loan lenders. It has affected borrowers not just when the co-signer has died, but when the co-signer has declared bankruptcy.

"We do have some concerns that with an aging population and with very long terms on certain private student loans, that this could actually increase over time," Chopra said.

The issue doesn't affect federal student loans, which are more commonly issued than private student loans. In the private loan industry, 90 percent of loans were co-signed in 2011, and having a co-signer can often lead to a lower interest rate, a report released Tuesday by the bureau said. Before the financial meltdown of 2009, private loans were more commonly issued, but many borrowers still owe money on them. They generally have higher interest rates than federal loans.

In response, Richard Hunt, president and CEO of the Consumer Bankers Association said in a statement that its members work with their customers "carefully and compassionately" and it is common practice for the lenders to release co-signers from loan obligations.

"We are not aware of lenders accelerating the payment of a loan in good standing upon the death or permanent disability of a co-signer as a typical practice and believe it to be a rare occurrence," Hunt said.

Chopra, however, said even as many financial companies advertise the ability to release a co-signer from a loan, they make it complicated to do so. He didn't specify the number of complaints the agency received.

The report said the practice might occur because some lenders rely on third parties that automatically trigger a default "regardless of individual circumstances."

"While these acceleration options may have a legitimate business purposes, it seems that private student lenders and servicers may not always be acting in their own self-interest by accelerating balances and placing loans in default," the report said.

The co-signing issues impacting private student loans are generally different than those associated with loans such as a mortgage because collateral like a house is not put down to obtain the loan.

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Online: Consumer Financial Protection Bureau: http://www.consumerfinance.gov/

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Follow Kimberly Hefling on Twitter at http://twitter.com/khefling

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Novartis reshapes business with GSK, Lilly deals

GENEVA — Swiss pharmaceutical firm Novartis AG launched a major overhaul of its business Tuesday, unveiling a series of multibillion-dollar deals with Britain's GlaxoSmithKline PLC and the U.S.'s Eli Lilly & Co. that heralds more restructuring in the fast-changing industry.

Joseph Jimenez, the CEO of Basel, Switzerland-based Novartis, said the deals with GSK and Eli Lilly reflect "a very dynamic health care environment" and would reduce overall sales at Novartis but boost its profit margins. He told reporters some 15,000 of its employees globally will be affected by the changes but that no one will be fired by Novartis— all employees whose units are being sold off will be transferred to the new owners.

"The transactions mark a transformational moment for Novartis," Jimenez said. "They also improve our financial strength, and are expected to add to our growth rates and margins immediately."

The deals unveiled Tuesday are the latest in a string of mergers and acquisitions that have engulfed the industry of late and which, analysts said, could trigger some further activity in the months ahead.

All the deals with GSK were timed to close simultaneously. Novartis has agreed to buy GSK's cancer-drug business for $14.5 billion, plus up to $1.5 billion more if certain milestones are met. And the Swiss company has agreed to sell most of its vaccines business to GSK for $7.1 billion, plus royalties, giving GSK better market position with Bexsero, a meningitis B vaccine.

Two GSK cancer drugs, Tafinlar and Mekinist, would give Novartis a strong position for melanoma treatments. Tykerb, for metastatic breast cancer, and Arzerra, for chronic lymphocytic leukemia for thrombocytopenia, are two other drugs included in the deal.

The two firms are also creating a new consumer health care business through a joint venture that combines Novartis' over-the-counter drug business with GSK's consumer business. Novartis would own 36.5 percent of the venture, which is expected to generate revenue of $10 billion a year emphasizing wellness, oral health, nutrition and skin health.

Separately, Novartis said it will sell off its animal health division to Eli Lilly for about $5.4 billion. Indianapolis-based Lilly has been hit hard by the expiration of patents protecting key products in the past few years and has staked its recovery in part on new drugs it develops and its animal health business.

Investors welcomed the deals, with Novartis shares in Zurich up more than 2 percent to 76.40 Swiss francs. GSK's share price in London was up 5 percent at 16.40, partly because the company said it would return 4 billion pounds to shareholders following the closure of the deals. Eli Lilly shares had not started trading yet Tuesday.

Ishaq Siddiqi, a market strategist with ETX Capital in London, said traders are "generally feeling upbeat on the back of some high profile deal activity in the pharma sector."

In many ways, the deals reflect the industry push for ways to make money and cut costs as their blockbuster drugs face competition from generics.

The pharmaceutical industry is in state of flux as firms look to continue the growth investors have got used to at a time when many blockbuster drugs that routinely generated billions of dollars in annual revenue have gone off-patent, said Steve Brozak, who follows health care industries as president of WBB Securities.

"This is buying time until they can figure out what is next," he said.

Patent expirations have exposed those blockbusters to cheaper generic competition, and drugmakers, who have also been helped by growth in Medicare prescription drug coverage in the United States, haven't been able to churn out more billion-dollar drugs. Mergers and acquisitions give them additional sources of revenue and new ways to cut costs and become more efficient.

"There are no blockbusters," Brozak said. "We're seeing the logical extension of behavior that has taken place not over just the last few years, but in the past decade."

On Monday, Canadian drugmaker Valeant Pharmaceuticals International Inc. said it teamed up with activist investor Bill Ackman in a bid for Botox maker Allergan that could be worth about $40 billion. And over the weekend, media reports indicated that Pfizer had made a tentative $100 billion approach last year to buy British pharmaceutical firm AstraZeneca PLC.

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Tom Murphy in Indiana contributed to this report.

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Google challenges nonprofits on ideas to use Glass

WASHINGTON — Google has a challenge for U.S. nonprofits.

On Tuesday, the tech giant is asking nonprofit groups to propose ideas for how to use the Web-connected eyewear Google Glass in their work. Five charities that propose the best ideas by May 20 will get a free pair of the glasses, a trip to Google for training and a $25,000 grant to help make their project a reality.

Already, Google has been testing Glass with nonprofits in their field work.

Conservationists at the Washington-based World Wildlife Fund have been using Google Glass for hands-free field research. In Nepal, a research officer has been using Google Glass to track, photograph and monitor rhinos to help protect them from poaching in areas that are inaccessible by vehicles.

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Giving Through Glass: http://g.co/givingthroughglass

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Stocks gains continue amid earnings and deals

NEW YORK — Stocks edged higher as more companies reported first-quarter earnings. The market also got a lift from deal news. Netflix rose after reporting a big jump in its earnings and Botox maker Allergan rose sharply on a takeover bid.

KEEPING SCORE: The Standard & Poor's 500 index rose eight points, or 0.4 percent, to 1,880 as of 11:10 a.m. Eastern time. The Dow Jones industrial average gained 75 points, or 0.5 percent, to 16,528. The Nasdaq composite rose 32 points, or 0.8 percent, to 4,154.

BOTOX ACQUISITION: Allergan shares jumped $23, or 16 percent, to $165 after Valeant Pharmaceuticals said that it had teamed up with activist investor Bill Ackman to make a bid for the Botox maker.

STREAK OF GAINS: The S&P 500 closed higher on Monday for a fifth straight day, its longest streak of gains since October. The index has staged a comeback after slumping at the start of the month as investors sold high-flying tech and biotechnology stocks. If the index ends higher Tuesday it will be the longest streak of gains since September.

THE QUOTE: The market's gains over the past week have been driven by a combination of factors, said Phil Orlando, chief equity strategist at Federated Investors. "We were definitely oversold, there's no question about that," Orlando said. "Earnings, by and large, haven't been worse than we thought and the economic news has actually been a little better."

UNDERWOOD EFFECT: Netflix rose $20.41, or 5.9 percent, to $369.25 trading after the online video streaming service said its first-quarter earnings soared. Another season of the popular political drama "House of Cards" helped attract an additional 2.25 million subscribers.

HOG HEAVEN: Harley-Davidson jumped $5.18, or 7.7 percent, to $72.75 after the company reported that its first-quarter earnings rose almost 19 percent from the same period a year ago. The Milwaukee company said motorcycle sales grew 5.8 percent worldwide and efficiency efforts took hold during the quarter. Its earnings topped Wall Street estimates.

EARNINGS WRAP: Overall, first-quarter earnings at S&P 500 companies are expected to decline 1.1 percent in the first quarter compared to the same period a year ago, according to S&P Capital IQ data. That would be the first decline in earnings since the third quarter of 2009.

HOME SALES: Sales of existing U.S. homes slipped in March to their lowest level since July 2012 as rising prices and a tight supply of available homes discouraged many would-be buyers. The National Association of Realtors says sales edged down 0.2 percent to a seasonally adjusted annual rate of 4.59 million. It was the seventh drop in the past eight months, but the decline was less than economists had forecast.

TREASURIES AND COMMODITIES: Bond prices fell. The yield on the 10-year note climbed to 2.74 percent from 2.72 percent on Monday. The price of oil fell $1.79, or 1.7 percent, to $101.88 a barrel.

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Stocks edge higher as major earnings week starts

NEW YORK — Stocks are edging higher as another big week for company earnings begins.

Halliburton rose after the oil exploration company said it was profitable in the first-quarter after reporting a loss in the same period a year ago. Athenahealth, a provider of online services to the health care industry, slumped after its earnings fell short of Wall Street's expectations.

The Standard & Poor's 500 index rose three points, or less 0.2 percent, to 1,868 in the first few minutes of trading Monday. Last week the index logged its best performance since July after the first major week of earnings.

The Dow Jones industrial average rose 35 points, or 0.2 percent, to 16,443.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.70 percent from 2.73 percent on Thursday.

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Homing in on survivors’ needs

A group of architects are donating their services to make the homes of marathon bombing survivors more accessible.

Nearly 100 architects and 10 consultants have signed up to help through an effort called Renovate for Recovery, working with engineers, carpenters, designers and dozens of other volunteers to complete one project in New Hampshire, with more than a half dozen others in the works.

"After the bombings, survivors were overwhelmed, physically and emotionally, so their homes were on the back burner," said Dawn Guarriello of the Design Partnership of Cambridge. "But people don't have to be an amputee to take advantage of this. No injury is too small."

Survivors apply for modifications to their homes or businesses through a Department of Public Safety initiative called the Boston Survivors Accessibility Alliance, which assesses requests on a case-by-case basis, said Terrel Harris, a spokesman for the Executive Office of Public Safety and Security.

"Those getting help don't need to worry about anything," Harris said. "It's all done free."

Although most of the projects so far have called for redesigning kitchens and bathrooms or installing lifts or elevators, volunteers can modify homes in a variety of other ways, including replacing door knobs with handles for people who sustained neurological problems such as gripping, or installing smoke detectors with strobe lights for those who lost some or all of their hearing, Guarriello said.

"Our biggest need right now is donated materials like garage doors, sinks and tiles, hopefully through local suppliers," she said. "We want to open people's eyes to different ways of thinking about accessibility."

Michael McHugh, a member of the Boston Society of Architects and chairman of Architecture for Humanity Boston, began working with Karen Rand, who lost her leg from the knee down.

Rand lives in a third-floor apartment in Somerville. So McHugh and the firm he works for, Davis Square Architects, designed a new handrail and sturdier steps, which were built by "Ask This Old House" for a segment of the TV show.

To allow Rand to sit outside in nice weather, McHugh and his firm also designed a new roof deck, which was built by S+H Construction in Cambridge.

"As a runner myself, I feel a strong connection to the running community, and it's been really great to reach out in some way," McHugh said.

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High court to hear dispute about TV over Internet

WASHINGTON — Thirty years after failing to convince the Supreme Court of the threat posed by home video recordings, big media companies are back and now trying to rein in another technological innovation they say threatens their financial well-being.

The battle has moved out of viewers' living rooms, where Americans once marveled at their ability to pop a cassette into a recorder and capture their favorite programs or the sporting event they wouldn't be home to see.

Now the entertainment conglomerates that own U.S. television networks are waging a legal fight, culminating in Tuesday's Supreme Court argument against a startup business that uses Internet-based technology to give subscribers the ability to watch programs anywhere they can take portable devices.

The source of the companies' worry is Aereo Inc., which takes free television signals from the airwaves and sends them over the Internet to paying subscribers in 11 cities. Aereo, backed by billionaire Barry Diller, has plans to more than double that total.

Broadcasters including ABC, CBS, Fox, NBC and PBS have sued Aereo for copyright infringement, saying Aereo should pay for redistributing the programming the same way cable and satellite systems do.

The U.S. networks increasingly are reliant on these retransmission fees, estimated at $3.3 billion last year and going up to more than $7 billion by 2018, according to research by SNL Kagan, which analyzes media and communications trends. They fear that they will lose some of that money if the Supreme Court rules for Aereo.

Aereo's service starts at $8 a month and is available in New York, Boston, Houston and Atlanta, among others. Subscribers get about two dozen local over-the-air stations, plus the Bloomberg TV financial channel.

In the New York market, Aereo has a data center in Brooklyn with thousands of dime-size antennas. When a subscriber wants to watch a show live or record it, the company temporarily assigns him an antenna and transmits the program over the Internet to the subscriber's laptop, tablet, smartphone or other device.

The antenna is only used by one subscriber at a time, and Aereo says that's much like the situation at home, where a viewer uses a personal antenna to watch over-the-air broadcasts for free.

"Aereo is in some ways novel, but it is also among a host of technologies that uses the Internet to offer consumers the ability to do what they always have more cheaply and conveniently," the Dish Network and Echostar Technologies said in a supporting legal brief filed in the Supreme Court.

But the broadcasters and their backers argue that Aereo's competitive advantage lies not in its product, but in avoiding paying for it.

"Aereo is simply a blatant free rider trying to make a quick buck without paying anything toward the true costs of what it misappropriates," Time Warner Inc. said in a court filing.

The broadcasters told the court that Aereo's "competitors pay for the rights to retransmit 'live TV' to the public — as they must to avoid liability for copyright infringement — while Aereo does not."

The federal appeals court in New York ruled that Aereo did not violate the copyrights of broadcasters with its service, but a similar service has been blocked by judges in Los Angeles and Washington, D.C.

The 2nd U.S. Circuit Court of Appeals said its ruling stemmed from a 2008 decision in which it held that Cablevision Systems Corp. could offer a remote digital video recording service without paying additional licensing fees to broadcasters because each playback transmission was made to a single subscriber using a single unique copy produced by that subscriber. The Supreme Court declined to hear the appeal from movie studios, TV networks and cable TV channels.

In the Aereo case, a dissenting judge said his court's decision would eviscerate copyright law.

Judge Denny Chin called Aereo's setup a sham and said the individual antennas are a "Rube Goldberg-like contrivance" — an overly complicated device that accomplishes a simple task in a confusing way — that exists for the sole purpose of evading copyright law.

The Obama administration, artists, actors, Major League Baseball and the National Football League all support the broadcasters. But the administration and computer software and telecommunications groups are urging the court to avoid a broad ruling in favor of copyright protection that could call into question the rapidly evolving world of cloud computing, which gives users access to a vast online computer network that stores and processes information.

Smaller cable companies, independent broadcasters and consumer groups are backing Aereo.

FM radio and cable TV were initially derided as unnecessary, inefficient or just bizarre, said the digital civil liberties watchdog Electronic Frontier Foundation. In a legal filing joined by other public interest groups and the consumer electronics trade association, the group said the justices should not become regulators of technology and "the court should not attempt to predict the future of television."

The entertainment industry has changed dramatically since the high court ruled in favor of home video recording in 1984 in a 5-4 decision. Then, Sony was the maker of the Betamax recorder and Universal City Studios and Walt Disney Productions were arguing for protection under copyright law.

Now, Disney owns ABC and cable giant Comcast owns NBC and Universal.

The case is ABC v. Aereo, 13-461.

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Asian stocks mixed after holiday weekend

BEIJING — Global stocks were mixed Monday in light trading after Japan reported a record annual trade deficit and investors looked ahead to economic data this week from China and South Korea.

Oil declined but stayed above $104 per barrel amid concern over simmering tensions in Ukraine.

The regional heavyweight, Tokyo's Nikkei 225 index, edged down 0.03 percent to 14,512.38 after Japan's trade deficit widened by nearly 70 percent in the year ending March 31. It was Japan's third straight year of deficit.

China's benchmark Shanghai Composite Index shed 1.5 percent to 2,065.83. Investors are waiting for the preliminary version of HSBC Corp.'s survey of Chinese manufacturing due out Wednesday for signs of whether an economic slowdown has bottomed out.

The flash purchasing managers' index "will be closely watched after a raft of mixed (but mostly soft) data," Mizuho Bank said in a report. "Potential for upside resides more in stimulus prospects rather than activity pick-up."

Markets in Germany and France were closed for Easter.

Taiwan's Taiex shed 0.2 percent to 8,951.19 and Seoul's Kospi lost 0.2 percent to 1,999.22. South Korea is to report data on Thursday that are expected to show economic growth slowed in the first quarter.

Singapore was flat while Manila and Jakarta rose. Markets in Australia, New Zealand and Hong Kong were closed for the Easter holiday.

Oil shed 23 cents to $104.07 in electronic trading on the New York Mercantile Exchange amid concern about tensions in Ukraine following an Easter morning shootout at a checkpoint manned by pro-Russian insurgents. The contract added 44 cents in the previous session to $104.30 on concern Russian supplies might be disrupted if Europe or the United States imposes sanctions.

In currency markets, the U.S. dollar gained 0.1 percent to 102.56 yen and the euro was up marginally at $1.382.

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Stocks are mixed at start of a busy earnings week

NEW YORK — Stocks were mixed Monday at the start of another major week for company earnings. The Standard & Poor's 500 index is coming off its best week since July as first-quarter corporate earnings begin to come in.

KEEPING SCORE: The Standard & Poor's 500 index was little changed from Thursday at 1,865. The stock market was closed Friday for the Good Friday holiday. The Dow Jones industrial average gained 13 points, or 0.1 percent, to 16,422. The Nasdaq composite fell three points, or 0.1 percent, to 4,092.

BIG MINING: Newmont Mining surged $1.45, or 6.1 percent, to $24.98 following reports that the mining company was considering a merger with Barrick Gold. The two companies are seeking to cut costs after a slump in metals prices.

OIL TURNAROUND: Halliburton rose $2.34, or 3.4 percent, to $63.25 after the company said it was profitable in the first quarter after reporting a loss in the same period a year ago. Last year the company set aside money for litigation over the 2010 Gulf of Mexico oil spill.

THE EARNINGS TRAIN: More companies are scheduled to report first-quarter earnings this week. Netflix will release its earnings after the closing bell. Companies including McDonald's, Delta Air Lines and Ford are also among those scheduled to release their results this week. S&P 500 companies are forecast to report a 1.1 percent decline in earnings for the period, according to data from S&P Capital IQ.

RECOVERY WEEK: The S&P 500 climbed 2.7 percent last week, recovering from a big-sell off that was triggered by a slump in high-flying technology and biotechnology names. The index is up 0.9 percent for the year and is trading close to its record close of 1,890, set April 2.

TREASURIES AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note fell to 2.69 percent. The price of oil rose 15 cents, or 0.1 percent, to $104.45 a barrel.

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Dart adapter flashes power

Laptops keep getting smaller and lighter, but chargers never seem to change — until now.

A California-based company founded by a group of MIT graduate students has invented what it calls the world's smallest laptop-charger.

Measuring 2.5 cubic inches and weighing just over 2 ounces, FINsix's Dart is barely bigger than a lipstick case — making it four times smaller and six times lighter than the average laptop adapter — but it charges just as quickly.

"Everyone who has a laptop knows the big brick they have to carry around," said CEO Vanessa Green, who co-founded the company as an MBA student at MIT's Sloan School of Management. "We looked at the market and said, 'Hey, we can do something different here.'"

FINsix launched the Dart in January to rave reviews for its practicality at the International Consumer Electronics Show in Las Vegas. Last Monday, the company began a monthlong Kickstarter campaign and met its goal of $200,000 on the crowdfunding site within 12 hours. By 7 p.m. Friday, the Dart had 3,104 backers who had pledged $336,706, with 25 days still to go in the campaign.

The money will be used to complete the development and production of the 65-watt charger, which sells on Kickstarter for $79, but which FINsix expects to retail in stores for about $119.

In addition to its small size and light weight, the Dart is designed for use anywhere in the world, and its laptop plus USB port allows people to charge multiple gadgets from a single outlet.

The Dart works well with all major PC brands, as well as with MacBooks 65 watts and under. To make chargers for the latter, though, FINsix has to buy off-the-shelf Apple adapters to get the connectors. So the Dart for MacBook costs $79 more than a standard Dart.

The charger is not compatible with 15- and 17-inch MacBook Pros and the 15-inch MacBook Pro with retina display because they require more than 65 watts. It also is not compatible with the Microsoft Surface tablet and the Google Chromebook Pixel.

The good news for gadget buffs: The Dart is just the first of a full line of the smallest, lightest and highest-performing power electronics FINsix intends to make.

To accomplish that, the company has raised more than $6 million in venture capital and angel investments and assembled a team of 18 employees — five in Boston and the remainder in Menlo Park, Calif.

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Coachella's young audience a marketers paradise

INDIO, Calif. — When it first started in 1999, Coachella was a couple of stages and a dance tent. Tickets were $65. A few dusty stands sold hot dogs and Cokes. It was the end of grunge and the start of a new millennium, and it was all about the music. All for one weekend.

Now, tickets start at $375. Gourmet menus and VIP packages abound. And dozens of companies have hopped on the Coachella bandwagon, turning the music festival — now two back-to-back weekends — into a marketing hotspot. Adidas, Details magazine, Harper's Bazaar and Lacoste are just some of the brands that host offsite festival events for stylish celebrity guests.

Rolling Stone executive editor Nathan Brackett said the Coachella Valley Music and Arts Festival has become a destination for fans and brands because organizers consistently deliver compelling lineups of diverse and unconventional musical acts. A reunited OutKast headlines this year's festival, and other acts include Arcade Fire, Lorde, Haim, Lana Del Rey and Muse.

"They made great, cool choices and now they're enjoying the fruits of that," he said.

The Coachella crowd may be there to listen to music under the hot desert sun, but the retailers are there for the celebs and the crowd, which is young, hip and with money to spend.

"Music is a marketing platform for many lifestyle brands," said marketing expert Tom Julian, a director of merchandising and retail consulting firm The Doneger Group. "The festival circuit becomes as important as an ad campaign or social-media campaign. ... It just gets back to: This is where the millennial is, and this is a way to connect."

The idea is to transfer Coachella's cool factor to the brand itself, and translate that into sales: Festival fashion becomes synonymous with spring style for young consumers, right at the start of vacation season. Coachella's casual, summery look provides a sweet spot for fashion brands, said Megan Reynolds, senior shopping editor for Harper's Bazaar, which held its second annual event at this year's festival.

"It's so important not only because it's the only (event) of its kind — fashion is usually so focused on being dressed up all the time," she said. "It's kicking off this whole season."

For women, the look is super-short denim cutoffs, ankle boots, bikini top and/or sheer, macrame blouse, and floral headband. For guys, it's board shorts and an Abercrombie-and-Fitch body.

Celebrities embrace the dress code. De-facto Coachella mascot Vanessa Hudgens rocked the uniform perfectly in a shot on Instagram on Coachella's opening weekend. Katy Perry paired jean shorts with a mesh crop top at Bazaar's off-site pool party. Selena Gomez threw a crochet white dress over her bikini-and-shorts combo. Julianne Hough and Sarah Hyland also followed the rules.

Kellan Lutz and Joe Jonas sported buff biceps in drapey tank tops. Steven Tyler wore a sheer shirt at the Lacoste party, where Emma Roberts paired an alligator-logo top with the requisite denim shorts.

Brands set up shop at the posh Palm Springs hotels nearby where the beautiful people stay, then offer parties, merchandise and festival access to celebrities in exchange for publicity and the attention of a coveted Twitter audience. Social media gives the festival a reach far beyond music fans and readers of celebrity magazines.

"People have Instagram accounts just for Coachella fashion," Reynolds said.

The brands have followed the stars, Reynolds said.

"It really started as a place (stars) just wanted to go. It was like a more digestible version of Burning Man: You could be at a festival that wasn't totally marketed and had underground appeal," she said. "Now it's not like that, but people still really like it. ... It's evolved into just a fun place to be. We like the audience there, and a lot of the fashion industry is coming on board. It's taken on its own ambiance for the weekend."

Other festival sponsors, including Heineken and Fruttare, host "houses" on the concert grounds where all 100,000 attendees are invited to cool off, hear tunes and sample products (Representatives for festival promoter Goldenvoice declined to be interviewed for this story).

H&M, a festival sponsor for the last five years, also held its second annual Coachella after-party last weekend, drawing such stars as Jared Leto, Robert Pattinson, Kate Bosworth and Fergie. Company spokeswoman Marybeth Schmitt described the festival as "the ideal venue" to launch new H&M lines — it announced its collaboration with designer Alexander Wang last weekend.

"It is extremely exciting for us to be able to reach a significant number of our target consumers," she said in a statement. "The music culture has always been a source of inspiration for our collections — music is the perfect complement to fashion."

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Online:

http://www.coachella.com

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Follow AP Entertainment Writer Sandy Cohen at www.twitter.com/APSandy .

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