Republicans highlight jobs bills in weekly address

WASHINGTON — House Republicans say President Barack Obama and Senate Democrats should match their focus on bills designed to promote jobs.

In the weekly Republican radio and Internet address, House Republicans list more than a dozen bills that have passed the GOP-controlled House with the goal of improving the economy.

The bills they cite include those changing welfare regulations, offering more job training and education, curtailing patent litigation, scaling back regulations for small-business owners and building the Keystone XL pipeline.

The chairman of the House Education and Workforce Committee, congressman John Kline of Minnesota, says more legislation is in the works.

___

Online:

Republican address: http://www.speaker.gov/

22.26 | 0 komentar | Read More

Pregnant women gain new options under health law

WASHINGTON — The health care law has opened up a new opportunity for some mothers-to-be to save on medical bills for childbirth.

Lower-income women who signed up for a private policy in the new insurance exchanges will have access to additional coverage from their state's Medicaid program if they get pregnant.

Some women could save hundreds of dollars on their share of hospital and doctor bills.

Medicaid already pays for nearly half of U.S. births, but this adds another dimension to the safety-net program.

Officials and advocates say the enhanced coverage will be available across the country, whether or not a state expands Medicaid under the health law.

The main roadblock right now seems to be logistical: reprogramming state and federal computer systems to process the new benefit.

22.26 | 0 komentar | Read More

Pats’ goal: Get fans to use app while at Gillette

The New England Patriots are rolling out new digital features in a bid to entice fans who now sit on the couch at home to come sit in the stands at Gillette Stadium.

"It's incumbent on us who own teams and own stadiums to make sure we're keeping it a compelling experience," said Jonathan Kraft, president of the Patriots and the Kraft Group. "We have to innovate."

Speaking yesterday at the annual meeting of Associated Industries of Massachusetts, Kraft said those innovations will include being able to order and pay for food from a seat using the Gillette Stadium app and be notified when it is ready for pickup — all in the name of spending less time in line and more time watching the game.

He said the service will be rolled out stadium-wide in the next year or two.

"If you come to a Patriots game, you can sit in your seat, and do things you can't do at home," Kraft said.

Other convenience features in the app include being able to find the 
restroom with the shortest waiting time, and exclusive on-demand replays available only to fans in the stands.

Using technology to enhance the fan experience is growing in popularity, especially in Boston.
 At the beginning of the baseball season, Major League Baseball announced an update to its At The Ballpark app, which includes the ability to check in at the park, interactive maps and video highlights.

TD Garden, home of the Bruins and Celtics, is in the process of installing Wi-Fi throughout the arena.

22.26 | 0 komentar | Read More

Dynamic duo: The success of Jimmy Iovine, Dr. Dre

NEW YORK — They truly are marching to the beat of their own drum.

It's as though anything Jimmy Iovine and Dr. Dre touches turns to gold: The dynamic duo marked epic-level success when they introduced Eminem to the music world 15 years ago, and their lucrative Beats by Dre business reached blockbuster heights following reports that Apple plans to buy the headphones' parent company, Beats Electronics, for $3.2 billion.

But the music industry veterans have had a string of triumphs, and we take a look at why we never seem to never forget about Dre and Iovine.

___

STARTED FROM THE BOTTOM

Well, not necessarily the bottom, but Iovine kicked off his career behind the scenes. He was a recording engineer in the 1970s who mixed albums such as Bruce Springsteen's "Born to Run." He later upgraded to producer, working with revered icons from Tom Petty to U2 to Stevie Nicks. Springsteen says it best in the song "Ain't Good Enough for You," singing: "And babe I tried to make the latest scene, hitting cool just like Jimmy Iovine."

Dre, too, started as a producer, but it was for N.W.A., the hip-hop group he was a member of alongside Eazy-E and Ice Cube. The West Coast-based rappers made their stance in hip-hop culture and music history in the late '80s with controversial lyrics and edge, and Dre followed that with his own solo work that topped the charts. Dre is also responsible for bringing forth rap king Snoop Dogg, rap king Eminem, rap king 50 Cent and rising rap prince Kendrick Lamar. Outside of those acts, beats by Dre — literally — include tracks like Tupac's classic "California Love," Eve and Gwen Stefani's Grammy-winning "Let Me Blow Ya Mind" and Mary J. Blige's only song to hit No. 1, the party jam "Family Affair."

___

BEATING THE OTHERS WITH BEATS

Many celebrities and musicians have launched headphones lines, from 50 Cent to Quincy Jones to Jay Z, but no one has come close to Beats by Dre, even before Apple's billion-dollar acquisition. The brand, which debuted in 2008, brought new life to the headphone industry, reinvented the way people listen to music and revived how earphones could make a fashion statement. Dr. Dre is a doctor in the music industry, and Iovine is as needed as an IV.

___

HI, MY NAME IS...

It's hard to imagine the world of entertainment — or Emtertainment for that matter — without thinking of Eminem, one of the ultra-successful members of pop culture. And part of his victory comes from his team: Iovine and Dre have been behind the Detroit icon since he emerged with brash raps and an energy that was both dominating and enticing. From the Oscar-winning "8 Mile" to multiple multiplatinum albums to an influence on today's musicians and music lovers, Eminem is a musical virtuoso and praise should also go to his guardian angels.

___

STILL GOING STRONG

Iovine, who co-founded Interscope Records, is the chairman of Interscope Geffen A&M, where the roster includes U2, Madonna, Robin Thicke, the Black Eyed Peas, Maroon 5 and Lady Gaga, who released a line of headphones via Beats by Dre.

Dre, whose upcoming album "Detox" has been anticipated for a decade, has mentored Lamar, a fellow Compton rapper who had a breakthrough last year with his platinum-selling debut album, "good kid, m.A.A.d city," which was nominated for album of the year at the Grammy Awards this year.

___

Online:

http://www.beatsbydre.com/

___

Follow Mesfin Fekadu at twitter.com/MusicMesfin

22.26 | 0 komentar | Read More

Senate to unveil Massachusetts budget plan

BOSTON — State budget deliberations are set to resume on Beacon Hill as lawmakers wrestle over details of a proposed $36.2 billion spending plan for the July 1 fiscal year.

The Senate Ways and Means Committee is scheduled on Wednesday to release its version of the budget, which will then go to the full Senate for a vote later in the month.

The budget calls for an overall spending increase of about 5 percent, but with no new taxes. The House targeted increases for several programs and agencies including the embattled Department of Children and Families.

The House budget also offers a two-month tax amnesty program.

After the Senate acts on its version of the spending plan, negotiators for the two chambers will work on a final version to present to Gov. Deval Patrick for his signature.

22.26 | 0 komentar | Read More

Netflix raises prices by a $1 for new subscribers

SAN FRANCISCO — Netflix is raising its Internet video prices by $1 per month for new customers and giving its current U.S. subscribers a two-year break from the higher rates.

The changes mean anyone signing up for Netflix's video subscription service beginning Friday will pay $9 per month for in the U.S. The old price of $8 per month will continue until May 2016 for Netflix's existing 36 million U.S. subscribers.

The price increase, Netflix's first in nearly three years, isn't surprise. The Los Gatos, California-based company disclosed its plans to raise its rates last month without specifying the precise amount.

Netflix Inc. say its needs more money so it can afford to pay for more original programming along the lines of its Emmy award-winning political drama "House of Cards."

By delaying the price increase for current subscribers, Netflix hopes to avoid the backlash that it faced in 2011 when it raised its prices by as much as 60 percent.

The company lost about 800,000 customers within a few months in an exodus that alarmed investors, causing Netflix's stock to plunge by more than 80 percent in a year. Netflix eventually lured back subscribers and revived its customer growth, lifting its stock to record highs earlier this year.

New customers can avoid the higher price if they are willing to settle for a little less clarity and flexibility. Netflix is also introducing a new $8 per month plan that will only show standard-definition video and limit viewership to just one screen.

Netflix normally offers high-definition video and allows subscribers to watch on up to two different screens. That means two people sharing the same subscription can simultaneously watch Netflix videos on different devices with high-speed Internet connections. The company already charges $12 per month for a subscription plan that allows video to be simultaneously streamed on four different screens.

Subscription prices also will be increasing by the equivalent of about $1 month in Netflix's markets outside the U.S. The company ended March with nearly 13 million international customers in more than 40 countries.

Netflix shares edged up $2.21 to $323.87 in morning trading Friday. Its shares have fallen more than 12 percent so far this year.

22.26 | 0 komentar | Read More

Foreclosures soar in March

Massachusetts foreclosure petitions took a sharp year-over-year turn up in March, ending 16 consecutive months of decline in petition filings, according to The Warren Group.

"The increase in percentage terms seems enormous, almost as though the flood gates have been thrown wide open," Timothy M. Warren, CEO of the market tracker, said in a podcast. "However, I see a number of reasons to be cautious about turning up the volume on the alarm quite yet."

In March 2013, only 283 foreclosure petitions were filed, which was 83 percent below the prior March, and much lower than February 2013, Warren said.

"So I'm going to suggest that perhaps March of last year was the real outlier in the data trends, more so than March of 2014," he said. "Nevertheless, 660 petitions filed in March of this year do represent a big increase in the current trend. For example, it is 50 percent higher than February."

Lenders are getting more aggressive with delinquent borrowers, Warren said.

22.26 | 0 komentar | Read More

Hot Property: Boston’s priciest home hits ceiling

The most expensive listing in Boston, the $13.95 million six-level townhouse at 74 Beacon St., was renovated to reflect the look of a Victorian-era Back Bay townhouse, but one tradition, the basement kitchen, didn't make the cut.

The mansion has just been put back on the market after the kitchen was moved from the basement to the first floor.

"It was a major reason why this property wasn't selling," said Tracy Campion, Boston's top broker in sales volume ($272 million last year), who has been brought on as a co-exclusive listing agent along with Brad Sprogis and John Neale, who originally brought the building to developer Peter Georgantas of Peg Properties & Design.

"Buyers want an open feel with the kitchen, living and dining areas on one floor," said Sprogis. "You're really seeing a move to a less formal style of living even at this level."

The new first-floor kitchen, with white macoubas quartzite counters and island, a La Cornue stove and custom Scandia cabinets, overlooks a private patio.

Transforming the 1828 gray granite townhouse overlooking the Public Garden into a single-family has been a lengthy process. Georgantas bought the property in 2007 when it was four apartments and it took three years to renovate it.

"We wanted it to feel like a historic single-family in Back Bay," said Georgantas, whose wife and business partner, Elizabeth, co-designed the interiors. "But it had to be crisp, clean and bright rather than overbearing, stuffy and Victorian."

A large, bright open living/dining area has quarter-sewn oak floors and custom white woodwork. The grand staircase, modeled after The Breakers in Newport, R.I., connects all 8,450 square feet of living space, plus there's a wood-lined elevator.

The fourth floor is made for entertaining, with a large media room/ballroom that opens onto a rear roof deck with views of Beacon Hill. And there's an oak-lined library, complete with a custom rolling ladder for the bookcases.

The sixth-floor rooftop deck overlooks the Public Garden, with an infinity edge lap pool.

The sumptuous master suite has silk wall coverings, custom dressing rooms and closets and a master bathroom with a clawfoot tub and an enormous glass steam shower.

There are five other bedroom suites and an additional five full and three half bathrooms, plus a private gym and a family room in the basement that opens to a private patio.

The home comes with a deeded garage space at the toney Brimmer Street Garage, along with a parking space behind the house.

After completion in 2010, the home didn't sell, so it was rented for $40,000 to $60,000 a month. But given the superheated luxury market, Georgantas said he now feels optimistic.

"Someone can buy this property that offers a sense of history as well as privacy," he said. "Or they can spend the money on a top-tier condo unit without much character that feels like a hotel."

22.26 | 0 komentar | Read More

Report: Apple on verge of buying Beats for $3.2B

SAN FRANCISCO — Apple is orchestrating a $3.2 billion acquisition of Beats Electronics, the headphone maker and music streaming distributor founded by hip-hop star Dr. Dre and record producer Jimmy Iovine, according to a published report.

Citing people familiar with the negotiations, The Financial Times says Apple could announce the deal as early as next week. In its report posted online late Thursday, the newspaper warned the talks could still collapse if the two sides can't agree on some final details.

Both Apple Inc. and Beats Electronics declined to comment to The Associated Press.

The potential acquisition would add Beats Electronics' popular line of headphones and music streaming service to an Apple line-up that already includes digital music players and the iTunes store, the world's top music retailer.

If the deal is completed, it would be by far the largest purchase in Apple Inc.'s 38-year history.

The Cupertino company has traditionally seen little need to buy technology from other companies, reflecting Apple's confidence in its ability to turn its own ideas into revolutionary products such as the Mac computer, the iPod, the iPhone and the iPad.

But Apple hasn't released a breakthrough product since its former CEO and chief visionary, Steve Jobs, died in October 2011. The innovative void has increased the pressure on Jobs' hand-picked successor, Tim Cook, to prove he is capable of sustaining the success and growth that turned Apple into the world's most valuable company and a beloved brand.

Cook has shown a willingness to spend more of Apple's money than Job ever did. Among other things, Cook began paying Apple stockholders a quarterly dividend and has progressively committed more money to buying back the company's shares.

Apple's pursuit of Beats Electronics is the latest indication that the company is having trouble generating growth on its own. Apple already sells Beats Electronics gear in its stores, giving the company insights into how much the trendy headphones and other audio equipment appeal to its customers.

The negotiations also are taking place as the music market increasingly tilts toward streaming and away from the downloads that once drove the success of Apple's digital music store, iTunes.

U.S. revenue from downloads — which iTunes dominates — dropped 1 percent to $2.8 billion in 2013, while streaming music revenue from the likes of Pandora and Spotify soared 39 percent to $1.4 billion, according to the Recording Industry Association of America.

While downloads still command 40 percent of the market, streaming revenue now accounts for 20 percent of total revenue, up from just 3 percent in 2007.

Beats Electronics LLC was founded in Santa Monica, California in 2008 by Dr. Dre and Jimmy Iovine. Its headphones were manufactured by Monster Cable until the two companies parted ways in 2012. The headphones have become a bit of status symbol worn by celebrities as well as audiophiles.

In 2012, Beats bought streaming music service MOG, which it transformed and relaunched as Beats Music earlier this year. The launch was fueled by a landmark partnership with AT&T that allowed up to five family members to pay $15 a month for the service as long as they were AT&T wireless customers. The deal broke the industry mold of charging each person $10 per month.

___

AP Business Writer Ryan Nakashima in Los Angeles contributed to this story.

22.26 | 0 komentar | Read More

Ukraine referendum tensions weigh on markets

LONDON — Renewed jitters about Ukraine as pro-Russian militants pressed ahead with plans for an independence referendum weighed on markets Friday.

Ukraine continued to loom large for investors. Insurgents in the country's east are preparing for a weekend referendum on independence, a vote similar to the plebiscite that paved the way for Moscow's annexation of Crimea in March. Preparations have continued despite a call by Russian President Vladimir Putin to put off the vote amid negotiations with the West over Ukraine's future.

In Europe, the FTSE 100 index of leading British shares was down 0.5 percent at 6,807 while Germany's DAX fell 0.4 percent to 9,569. The CAC-40 in France was 0.8 percent lower at 4,470.

The main point of interest was the euro, after its sharp turnaround Thursday in the wake of a hint from European Central Bank President Mario Draghi that the bank could ease monetary policy further next month to boost inflationary pressures across the 18-country eurozone. Standing at an annual rate of 0.7 percent, inflation in the eurozone is below the ECB's target of just below 2 percent.

The ECB could, for example, cut interest rates which would make the euro less attractive. That's largely why the euro is down a further 0.6 percent Friday at $1.3760. Before Draghi made his remarks, the euro nearly hit $1.40 for the first time in two-and-a-half years.

"Draghi's interjection has no doubt provided euro bulls with the perfect opportunity to consolidate gains and reflect upon a decent run, though whether it has deprived the euro of a major pillar of support to dissuade them from regrouping, is another matter," said Neil Mellor, senior currency strategist at Bank of New York Mellon.

In the U.S., the Dow Jones industrial average was down 0.2 percent at 16,513 while the broader S&P 500 index, which nearly struck another all-time high on Thursday, fell 0.2 percent to 16,5155.

Earlier in Asia, the mood was mixed after lower than anticipated Chinese inflation figures. Though the drop in the annual rate to 1.8 percent may give Beijing more leeway to stimulate the slowing Chinese economy if needed, it also underlined the extent to which domestic demand has weakened.

Hong Kong's Hang Seng closed up 0.1 percent at 21,862.99 while Japan's Nikkei 225 stock average gained 0.3 percent to 14,199.59. South Korea's Kospi edged up 0.3 percent.

22.26 | 0 komentar | Read More

Stocks higher in early trade; Fox up on earnings

NEW YORK — Stocks are edging higher in early trading after investors were mostly pleased by the latest U.S. corporate earnings news.

The Standard & Poor's 500 index rose 3 points, or 0.2 percent, to 1,881 in the first few minutes of trading. The index is about nine points below the all-time high it set April 2.

The Dow Jones industrial average increased 37 points, or 0.2 percent, to 16,557. The Nasdaq composite rose seven points, or 0.1 percent, to 4,072.

Twenty-First Century Fox jumped 7 percent after the company reported earnings and revenue that were higher than investors were anticipating.

Tesla Motors fell 9 percent after the electric car maker reported a $49.8 million first-quarter loss.

Bond prices fell. The yield on the 10-year Treasury note climbed to 2.61 percent.

22.26 | 0 komentar | Read More

Government says no need to park recalled GM cars

DETROIT — There's no need to tell owners of recalled General Motors small cars to stop driving them, according to U.S. Transportation Secretary Anthony Foxx.

In a written response to two senators who asked for such an order, Foxx said engineers with the National Highway Traffic Safety Administration have determined it's not necessary.

GM is recalling 2.6 million small cars worldwide to replace ignition switches that suddenly can slip out of the run position and shut off the engine. That can knock out power-assisted steering and cause drivers to lose control and crash. It also disables the air bags. GM says at least 13 people have died in crashes linked to the problem. The company has admitted knowing about the problem for at least a decade, yet failing to recall the cars until this year.

The company has told owners to remove everything from their key chains, and the reduced weight will stop the switches from slipping into the "accessory" or "off" positions.

Foxx, responding to a letter from Democratic Sens. Edward Markey of Massachusetts and Richard Blumenthal of Connecticut, said NHTSA engineers have examined the geometry and physics of the key, ignition switch and steering column of the GM vehicles, and they have reviewed GM's testing data.

"NHTSA is satisfied that for now, until the permanent remedy is applied, the safety risk posed by the defect in affected vehicles is sufficiently mitigated by GM's recommended action," the letter says.

The safety agency, which is part of Foxx's department, has taken measures above and beyond normal procedures in the GM case, Foxx wrote.

The recalled cars include mainly Chevrolet Cobalts and Saturn Ions that are no longer being made. GM is in the process of shipping parts to dealers but has said it won't be done with that until October. The company is offering loaner cars to any owners with safety concerns and so far has provided about 45,000.

But Blumenthal and Markey disagree and say all the cars should be parked until the switches are replaced.

"We remain extremely concerned that GM and NHTSA are not doing enough to convey the seriousness of this defect to owners of the affected cars, unnecessarily putting more lives at risk," the senators said in a statement Wednesday.

They also questioned why GM's initial recall notice to car owners said the ignition switches could malfunction while driving over rough terrain "regardless of additional weight on the key ring."

Both senators are members of a subcommittee that is looking into GM's actions involving the switches. NHTSA and the Justice Department are also investigating, and criminal charges are possible.

GM has said it has done 80 different tests at high speeds and on rough roads, and that with just the key in the ignition, the switches don't move out of the run position.

22.26 | 0 komentar | Read More

State to detail plan to overhaul health website

BOSTON — Massachusetts health officials are set to offer more details on a plan to overhaul the state's hobbled health insurance website.

On Monday, officials said they'll adopt a "dual-track" approach that calls for purchasing software powering health exchanges in other states while at the same time laying the groundwork for a temporary switchover to the federal government's health care exchange if needed.

The plan follows the disastrous rollout of a state website that dramatically slowed the transition from Massachusetts' first-in-the-nation universal health care program to the requirements of the federal Affordable Care Act.

Gov. Deval Patrick on Wednesday said the state doesn't have the time or money to start over and build another website from scratch.

The state's plan will be detailed at a meeting of the state's health connector board Thursday.

22.26 | 0 komentar | Read More

Euro slips as Draghi hints ECB may act in June

LONDON — The euro slid below $1.39 Thursday after the European Central Bank's president, Mario Draghi, gave a strong hint that the bank may ease its monetary policy next month.

Though the ECB kept interest rates unchanged, Draghi said the bank's governing council was ready to do more, possibly in June, to shore up the recovery and prevent prices from falling. Inflation in the 18-country eurozone stands at an annual rate of 0.7 percent, way below the ECB's target of just below 2 percent.

He said the 24-member council was "dissatisfied about the projected path of inflation" and "is not resigned to have too low inflation for too long a time." And to reiterate his dovish tone, he said the council "would be comfortable with acting next time" when it will be armed with new staff inflation forecasts.

"The key was that just as it appeared that the euro might hit $1.40, Draghi said the magic words regarding acting in June and the currency weakened," said Gary Jenkins, an analyst at ING Capital.

Following his comments, the euro was down 0.4 percent on the day at $1.3857.

The recent high value of the euro — it nearly breached the $1.40 mark for the first time since November 2011 earlier during Draghi's remarks — is one of the reasons why inflation is low.

A high currency can rein in economic activity by making exports more expensive and making imports, such as energy, cheaper. Though the ECB does not target an exchange rate, cutting interest rates or some other type of stimulus measure could reduce the value of the euro.

Very low inflation, or a period of falling prices, also known as deflation, can derail a recovery by prompting consumers to delay purchases in the hope of bargains down the line.

Stocks in Europe weren't affected too much by Draghi as the focus remained on a vow from Federal Reserve Chair Janet Yellen to maintain low interest rates until the U.S. job market is healthy.

Germany's DAX was up 0.9 percent at 9,601 while the CAC-40 in France rose 1.2 percent to 4,501. Britain's FTSE 100 was up 0.5 percent at 6,832.

In the U.S., the Dow Jones industrial average was up 0.3 percent at 16,569 while the broader S&P 500 index rose 0.4 percent to 1,885.

U.S. stock markets turned positive Wednesday after Yellen told lawmakers that the U.S. job market is "far from satisfactory." She said the Fed will begin increasing interest rates only when there is enough progress in restoring full employment and when inflation is back up to its target of 2 percent. Yellen's comments appeared to ease concerns that the Fed might move too quickly to raise interest rates.

Adding to the upbeat sentiment was China's April trade data that showed an improvement in exports. Exports rose 0.9 percent from the previous year, compared with a 6.6 percent decline in March. Imports also grew after a contraction in March but at a subdued level.

Earlier in Asia, Tokyo's Nikkei 225 stock index, the region's heavyweight, closed up 0.9 percent at 14,163.78 and South Korea's Kospi added 0.6 percent to 1,950.60. Hong Kong's Hang Seng added 0.4 percent to 21,837.12 and China's Shanghai Composite gained 0.3 percent to 2,015.27.

22.26 | 0 komentar | Read More

Applications for US unemployment aid fall to 319K

WASHINGTON — The number of Americans seeking unemployment benefits fell 26,000 last week to 319,000, the latest sign that the job market is slowly improving.

The drop follows two weeks of increases that reflected mostly temporary layoffs around the Easter holiday. The holiday can cause an uptick in layoffs of bus drivers, cafeteria workers and other school workers during spring break. Those earlier increases caused the four-week average of applications, a less volatile number, to rise 4,500 to a seasonally adjusted 324,750.

With the impact of the holiday fading, applications are returning to pre-recession levels. The average fell in early April to 312,000, the fewest since October 2007. The recession officially began in December 2007.

"Through the volatility, the data remain encouraging," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

The four-week average of applications is down from an average of 343,000 for all of last year, O'Sullivan noted. That is "consistent with the pick-up in employment growth" that's taken place this year, he added. Monthly job gains have averaged 214,000 from January through April, up from 194,000 in 2013.

Applications are a proxy for layoffs, and so the decline suggests that companies are cutting fewer jobs. That trend is typically followed by more hiring, though the relationship is not always exact.

About 2.69 million people are receiving benefits, 76,000 fewer than in the previous week. That figure has fallen nearly 11 percent in the past year. An additional 1.3 million people lost benefits when an emergency program that had provided up to 47 extra weeks of aid expired at the end of 2013.

Employers have stepped up hiring in recent months. The economy gained 288,000 jobs in April, the most in 2½ years, the government said last week.

In addition, the unemployment rate plunged to 6.3 percent from 6.7 percent. But that drop occurred because fewer people looked for work. The government doesn't count people as unemployed unless they are actively searching.

The improved hiring should help boost economic growth for the rest of this year.

The economy barely expanded in the first three months of the year, growing at an annual rate of just 0.1 percent. That was largely because a brutal winter kept consumers away from shopping malls, shut down factories and discouraged home and car sales.

But many signs suggest that the economy has rebounded since then as the weather has warmed. Most analysts estimate that the economy is growing at a healthy annual pace of about 3.5 percent in the current April-June quarter.

22.26 | 0 komentar | Read More

Turkey fans are 'Turketarian' in Butterball's ads

NEW YORK — Are you a "Turketarian"?

Trying to get the word out that Butterball makes more than just the big bird on Thanksgiving Day, Butterball is launching two TV ads that showcase its range of products from turkey sausage to turkey burgers and focus on people who love the lean protein.

Butterball combined with Carolina Turkeys in 2006 and since then the company has been expanding its line of turkey products from Thanksgiving turkeys to everyday products like smoked sausage and turkey burgers.

For its first TV effort in six years, Bill Klump, senior vice president for corporate marketing at Butterball, said the company interviewed 1,000 consumers about how they feel about turkey. Turkey lovers fell into two camps: those that prefer turkey as their main protein of choice and those who are more driven by health benefits.

The TV ads show people happily eating turkey products.

"If you can't imagine quitting turkey cold turkey. If 'protein shake' means dancing around with a turkey burger. If you think it's time we consider a new national bird.

Then you are what butterball calls a 'Turketarian," a voiceover states.

Butterball's ad agency, Y&R, considered other words, like "ambassador." But that seemed too formal, so they went with "Turketarian."

"It's one of those words that if you step back and think about it for a second the connotation very obvious," Klump said.

The campaign began last year with print and radio ads and social media. Now, Butterball is adding the TV spots, along with the other components. The ads run May 12 and run through July 4, as well as November, on network and cable stations.

The company did not disclose spending on the effort.

22.26 | 0 komentar | Read More

US stocks turn lower, erasing an early gain

NEW YORK — The stock market is turning lower in morning trading, erasing an early gain. Whole Foods plunged after cutting its profit forecast.

KEEPING SCORE: The Standard & Poor's 500 index fell four points, or 0.2 percent, to 1,864 an hour after the opening bell. The Dow Jones industrial average fell three points to 16,397 and while the Nasdaq composite index fell 46 points, or 1.1 percent, to 4,035.

FRESH SQUEEZE: Whole Foods plunged $9.62, or 20 percent, to $38.32 after the company cut its profit outlook late Tuesday. The company said its facing increased competition as supermarkets, big-box stores and even online retailers step up their offerings of organic foods. It's the third time the grocery chain has trimmed its profit forecast in the last six months.

PERCOLATING BUSINESS: Mondelez surged following news that it will combine its coffee business with D.E. Master Blenders to form a new company, Jacobs Douwe Egberts. The new company will sell Gevalia, Tassimo and Jacobs, among other coffee brands. Mondelez rose $2.78, or 8 percent, to $37.95.

IT'S ELECTRIC: Electronic Arts jumped $4.71, or 17 percent, to $32.73 after the video-game maker turned in stronger results late Tuesday. The maker of "The Sims" and "Madden NFL" reported higher profits and revenue than Wall Street expected and forecast stronger earnings over the next year. Electronic Arts has soared 43 percent so far this year.

YELLEN: Federal Reserve Chair Janet Yellen told Congress' Joint Economic Committee that she expects low borrowing rates will continue to be needed for a "considerable time." She also said stress in emerging markets and a faltering housing recovery are potential threats.

OTHER MARKETS: The yield on the 10-year Treasury note edged up to 2.61 percent from 2.59 percent late Tuesday. Crude oil rose 83 cents to $100.35 a barrel.

22.26 | 0 komentar | Read More

Raids target synthetic drugs, sellers across US

WASHINGTON — The Drug Enforcement Administration on Wednesday broadened its national crackdown on synthetic drug manufacturers, wholesalers and retailers as federal agents served hundreds of search and arrest warrants in at least 25 states.

Agents served warrants at homes, warehouses and smoke shops beginning early morning, DEA spokesman Rusty Payne said. The largest single operation was a statewide effort in Alabama. Agents also were active in Florida and New Mexico, among other states.

The DEA has been cracking down on synthetic drugs, including so-called bath salts, spice and Molly, since the drugs first gained widespread popularity years ago.

In late 2010, the agency responsible for enforcing federal drug laws moved to ban five chemicals used to make synthetic marijuana blends, including K2, Spice and Blaze. Since then, drug manufacturers have continued to modify their formulas and develop new chemical mixtures.

Ferdinand Large, staff coordinator for DEA's Special Operations Division, said the agency is now broadly focused on Chinese chemical manufacturers and the distributors, wholesalers and retailers in the United States. There is also growing concern about where the money is going.

Investigators have tracked hundreds of millions of dollars in drug proceeds being sent to Yemen, Syria, Lebanon and Jordan, Large said.

"The money is going there, where it stops we don't know," Large said. Large said it's also unclear which criminal organizations may be profiting from the drug proceeds.

U.S. authorities long have worried about criminal and terrorist groups in the Middle East using drug trafficking to fund illicit activities.

In a November 2013 report on transnational organized crime, DEA Administrator Michele Leonhart said "drug trafficking organizations and terror networks are joined at the hip in many parts of the world.

"DEA must relentlessly purse these dangerous individuals and criminal groups that attempt to use drug trafficking profits to fuel and fund terror networks, such as Hezbollah," Leonhart said.

Payne said Wednesday's crackdown was focused strictly on U.S. targets and involved 66 DEA cases, seven investigations led by Immigration and Customs Enforcement special agents and several others led by Customs and Border Protection that focused on express consignment shipments.

Last year, the DEA and Customs and Border Protection wrapped up a 7-month investigation that ended in 150 arrests and the seizure of about a ton of drugs.

___

Follow Alicia A. Caldwell on Twitter at www.twitter.com/acaldwellap

22.26 | 0 komentar | Read More

Yellen foresees continued low borrowing rates

WASHINGTON — Federal Reserve Chair Janet Yellen said Wednesday that the U.S. economy is improving but noted that the job market remains "far from satisfactory" and inflation still below the Fed's target rate.

Speaking to Congress' Joint Economic Committee, Yellen said that as a result, she expects low borrowing rates will continue to be needed for a "considerable time."

Yellen's comments echo her earlier signals that the Fed has no intention of acting soon to raise its key target for short-term interest rates even though the job market has strengthened and economic growth is poised to rebound this year. The Fed has kept short-term rates at a record low near zero since December 2008.

At the same time, Yellen cautioned that geopolitical tensions, a renewal of financial stress in emerging markets and a faltering housing recovery pose potential threats.

"While conditions in the labor market have improved appreciably, they are still far from satisfactory," Yellen said. "Even with recent declines in the unemployment rate, it continues to be elevated."

Yellen's testimony marked her first chance to discuss the economy since the Fed met last week and the government said Friday that the economy added 288,000 jobs in April, the biggest hiring surge in two years. The unemployment rate dropped to 6.3 percent, its lowest point since 2008, from 6.7 percent in March.

But the unemployment rate fell that far because many fewer people began looking for work in April, thereby reducing the number of unemployed. The proportion of Americans who either have a job or are looking for one has reached a three-decade low.

Still, at last week's Fed meeting, the central bank indicated that it saw signs of a strengthening economy. It approved a fourth $10 billion reduction in its monthly bond purchases to $45 billion, down from an original $85 billion. The Fed has been buying bonds to try to keep long-term rates low.

The Fed is expected to end its bond purchases by year's end. But even when it does, the Fed will maintain its holdings at a record level above $4 trillion, thereby providing continued downward pressure on long-term rates.

In its statement last week, the Fed reiterated its expectation that short-term rates would remain near zero for a "considerable time" after the bond buying program ends. Yellen repeated that language Wednesday.

"Many Americans who want a job are still unemployed, inflation continues to run below (the central bank's) longer-run objectives and work remains to further strengthen our financial system," she said.

Most economists expect the Fed to start raising its target for short-term rates in the second half of 2015.

In a speech last month in New York, Yellen had stressed the need for the Fed to remain flexible in deciding how to manage interest rates. She said that it was important to be able to respond to "significant unexpected twists and turns the economy may make."

Yellen said that as the Fed decides when to start raising rates it would focus on the health of the job market and whether inflation, now well below the Fed's 2 percent target, is on track to return to that level.

Yellen will likely face questions Wednesday from Republicans over the Fed's strategy for eventually withdrawing the extraordinary support it's provided the economy.

Many Republicans have expressed concerns that the Fed's low-rate programs are raising the risks of financial market instability and high inflation in the future.

22.26 | 0 komentar | Read More

US stocks are mostly higher in early trading

NEW YORK — Stocks are mostly higher in early trading as more U.S. companies report positive earnings surprises.

The Standard & Poor's 500 index rose four points, or 0.2 percent, to 1,872 in the first few minutes of trading Wednesday.

The Dow Jones industrial average rose 48 points, or 0.3 percent, to 16,445. The Nasdaq composite slipped five points, or 0.1 percent, to 4,075.

Mondelez International, which makes Triscuits and Oreos, soared 9 percent after saying it would combine its coffee business with D.E. Master Blenders.

Activision Blizzard and Molson Coors rose after their earnings beat analysts' estimates.

Whole Foods plunged 20 percent after cutting its profit outlook.

Bond prices were little changed. The yield on the 10-year Treasury note edged up to 2.60 percent.

22.26 | 0 komentar | Read More

Office Depot plans to close at least 400 US stores

BOCA RATON, Fla. — Office Depot is planning to close at least 400 U.S. stores, as its merger with OfficeMax resulted in an overlap of retail locations that can be consolidated.

The combined company's financial results beat Wall Street estimates for the January-March quarter and it raised its full year forecast for operating income on Tuesday.

Its shares jumped 17 percent in morning trading.

The office supply retailer had 1,900 stores in the U.S. at the end of the first quarter, so the plans call for closing about 21 percent of them. Office Depot and OfficeMax Inc. completed their $1.2 billion deal last November.

Office Depot said it has not quantified the number of jobs that will be affected by the store closures but that it will look to place its best talent impacted by the store closings into new roles, wherever possible.

Chairman and CEO Roland Smith said in a statement that one of the company's goals this year was to improve how its stores are positioned in North America to meet customer demand better and ensure that it's well positioned in the markets it serves.

"The overlapping retail footprint resulting from the merger provides us with a unique opportunity to consolidate and optimize our store portfolio, while maintaining the retail presence necessary to serve our customer," Smith said.

Office Depot said Tuesday that it expects to close 150 U.S. stores this year, mostly in the fourth quarter. It closed 14 stores in the first quarter, a company spokeswoman said.

All of the store closures are anticipated to occur by the end of 2016.

The store closings are expected to result in at least $75 million in annual savings by 2016's end and add to earnings starting next year.

Office Depot, which is based in Boca Raton, Florida, said that it's still trying to determine expected working capital savings and costs related to the store closings.

The company also reported its first-quarter financial results on Tuesday, which include results from OfficeMax. The year-ago results do not include OfficeMax.

For the period ended March 29, Office Depot lost $109 million, or 21 cents per share. In the prior-year period it lost $17 million, or 6 cents per share. Removing merger-related expenses and other items, earnings were 7 cents per share. Analysts surveyed by FactSet expected earnings of 3 cents per share.

Revenue climbed to $4.35 billion from $2.72 billion. Pro forma revenue for the year-ago period was $4.48 billion. Analysts expected revenue of $4.27 billion.

The company raised its 2014 outlook for adjusted operating income to be at least $160 million from a prior view of at least $140 million.

Shares of Office Depot rose 70 cents, or 17 percent, to $4.87 in morning trading.

22.26 | 0 komentar | Read More

Stocks open lower ahead of Yellen testimony

NEW YORK — Stocks are opening lower as corporate earnings wind down and as investors hold back ahead of testimony from Federal Reserve Chair Janet Yellen.

American International Group slumped 2 percent after the company reported revenue that was below what investors were expecting.

Office Depot surged 15 percent after reporting quarterly income that was twice as high as investors were expecting. The company also said it would close at least 400 U.S. stores, as its merger with OfficeMax resulted in overlap of retail locations.

The Standard & Poor's 500 index slipped six points, or 0.3 percent, to 1,878 early Tuesday. Bank stocks fell the most in early trading.

The Dow Jones industrial average lost 62 points, or 0.4 percent, to 16,467. The Nasdaq composite fell 12 points, or 0.3 percent, to 4,125.

22.26 | 0 komentar | Read More

Stocks fall in early trading before Yellen talk

NEW YORK — U.S. stocks are falling in early trading on Tuesday as corporate earnings wind down and investors wait for testimony from Federal Reserve Chair Janet Yellen on the economy. A new report showed that housing prices rose in March, but at a slower pace than a month earlier.

KEEPING SCORE: The Dow Jones industrial average fell 56 points, or 0.3 percent, to 16,474 as of 10:35 a.m. Eastern time. The Standard & Poor's 500 index dropped three points, or 0.2 percent, to 1,881. The Nasdaq composite fell six points, or 0.2 percent, to 4,131.

OFFICE DEPOT UP: The office supply chain soared 81 cents, or 19 percent, to $4.97 after reporting adjusted profits for the first quarter twice as high as analysts had expected. The company also said it would close at least 400 U.S. stores, as its merger with OfficeMax resulted in overlap of retail locations.

INSURER WOES: American International Group fell $1.24, or 2 percent, to $51.50. The company reported revenue that was below what investors were expecting.

HOME PRICES: U.S. home prices rose at a slightly slower pace in the 12 months that ended in March, according to data provider CoreLogic. It's another sign that weak sales, caused in part by rising mortgage rates, have begun to restrain the housing market's sharp price gains.

ANOTHER BIG PHARMA DEAL: Merck fell $1.14, or 2 percent, to $57.48 after the drug company agreed to sell its non-prescription medicine and consumer-care business to Germany's Bayer for $14.2 billion. Products in that business include Claritin allergy pills, Coppertone sunscreen and Dr. Scholl's footcare products.

MORE EXPORTS: The U.S. trade deficit narrowed in March as exports rose to the second highest level on record, led by gains in sales of aircraft, autos and farm goods. The deficit declined to $40.4 billion, down 3.6 percent from a revised February imbalance of $41.9 billion, the Commerce Department reported. The February deficit had been the biggest trade gap in five months.

EUROPE: In Europe, Germany's DAX fell 0.8 percent while the CAC-40 in France fell 0.8 percent. Britain's FTSE-100 lost 0.5 percent.

BONDS AND OIL: U.S. government bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.60 percent from 2.61 percent Monday. The yield is close to its lowest of the year and has fallen from 3 percent at the start of January. The price of oil rose 25 cents, or 0.3 percent, to $99.73 a barrel.

22.26 | 0 komentar | Read More

10 EU nations set to tax financial transactions

BRUSSELS — A group of ten European Union countries has agreed to introduce a financial transaction tax from 2016 onward, in an effort to curb speculation and claw back revenues after governments had to bail out banks.

The nations — including economic heavyweights Germany, France, Italy and Spain — will initially tax only the trading of shares and some derivatives, according to a joint statement published Tuesday on the sidelines of a meeting of the 28-nation bloc's finance ministers.

The levy's scope won't be as broad as supporters initially hoped, but the countries said they hope to reach agreement on a tax that would include trading in most financial products later on.

The EU estimates a broad levy could yield some 30 billion euros ($42 billion) in additional annual tax revenues.

Austrian Finance Minister Michael Spindelegger, who played a leading role in the tax negotiations, said the group will now work to overcome remaining practical hurdles to finalize the legislation by the end of this year.

European officials started pushing for the tax following the 2008-09 financial crisis when governments had to spend hundreds of billions of taxpayer money for bailouts to avoid a complete meltdown of the financial system. Still, they failed to muster the required unanimity for an EU-wide solution.

Britain, which is home to the bloc's biggest financial hub, the City of London, is strongly opposed to the plan, saying it's a populist measure that will harm the economy and undermine banks' global competitiveness.

"It's not a tax on bankers, it's a tax on job on investment, on people's pensions. That's why the United Kingdom does not want to be a part of it," U.K. treasury chief George Osborne said.

But German Finance Minister Wolfgang Schaeuble voiced optimism that a successful introduction of the tax will create pressure for the 17 EU countries currently not participating to join in later.

Slovenia previously pledged to introduce the tax as well, making it the 11th member of the group, but its finance minister didn't sign Tuesday's statement because his government resigned Monday.

Campaigners in favor of what is sometimes referred to as "Robin Hood Tax" said the EU nations' proposal wasn't ambitious enough. Charity Oxfam insisted the "compromise does not yet ... ensure that the financial sector is finally made to pay its fair share of tax."

Germany's Schaeuble acknowledged the scope of the current proposal wasn't as broad as hoped, but said it was better than an elusive pursuit of a perfect deal everybody would sign up to in a distant future.

"The least ideal solution is that we're all in favor (of a tax) but we don't get it done," he said.

Britain's Osborne, meanwhile, denounced the lack of detail of the current tax proposal and threatened Britain would challenge any financial transaction tax if it were to affect also EU economies not participating.

"If they seek to damage jobs and investment across the rest of Europe, then we are entitled to challenge that," he insisted.

The EU's top court last week dismissed a British challenge to the introduction of the tax as premature since the tax has yet to be established. Britain argued it is illegal under EU law since it would affect even countries who don't sign up to it.

___

Follow Juergen Baetz on Twitter at http://www.twitter.com/jbaetz

22.26 | 0 komentar | Read More

Chrysler to drop Dodge minivan in wider revamp

AUBURN HILLS, Mich. — Chrysler Group wants to expand its sales with new vehicles — including a plug-in hybrid minivan and a new small Jeep SUV — and a more aggressive effort to differentiate its brands.

Chrysler is dropping the Dodge Grand Caravan minivan and Dodge Avenger sedan, which it says compete too closely with the Chrysler Town and Country minivan and Chrysler 200 sedan.

From now on, the company said, Chrysler will be the mainstream brand that competes with Toyota, Chevrolet and Ford, while Dodge will be a sporty, performance-oriented brand designed to appeal to younger buyers. Chrysler's SRT performance brand — which includes the Viper sports car — will be consolidated with Dodge and considered the "halo" of the Dodge brand.

"Dodge is the American performance brand," Dodge chief Tim Kuniskis said. "This is not a new strategy. This is a purification of the brand."

The company revealed its future product plans Tuesday at an all-day event at Chrysler's Auburn Hills, Michigan, headquarters. Chrysler is in the process of combining with Italian automaker Fiat SpA. Outside, a new sign was unveiled, reading "Fiat Chrysler Automobiles."

Fiat completed its purchase of Chrysler in January. Shares of the combined company are expected to begin trading jointly on the New York Stock Exchange and in Milan, Italy, by Oct. 1.

Chrysler brand chief Al Gardner said Chrysler and Dodge had long suffered from an internal rivalry, with their minivans and sedans competing for the same customers. The company hopes to change that.

Chrysler will keep the Town and Country minivan, and will update it and add a plug-in hybrid version in 2016. Chrysler will also get a new compact car, the 100, which will compete with the Toyota Corolla, in 2016, and a full-size crossover to take on the Ford Edge and Nissan Murano in 2017. The crossover will also come in a plug-in hybrid version.

Dodge, which is releasing the sporty new Charger and Challenger sedans this year, will revamp the Dart small car and Journey crossover in 2016 to make them sportier. It's also planning a subcompact hatchback.

Dodge's U.S. sales will drop without the minivan. The company sold more than 124,000 Dodge Caravans last year. But it expects to make that up with its new vehicles. Chrysler's global sales are projected to more than double to 800,000 by 2018. That would bring the brand back to sales levels it enjoyed a decade ago, before the recession hit and it suffered from a dearth of new vehicles.

Chrysler Group says Jeep sales, which are expected to top 1 million this year, can grow to 1.9 million by 2018 with aggressive global expansion, particularly in Latin America and Asia. Jeep will also introduce new vehicles, including a compact SUV in 2016 — which will replace the Compass and Patriot — and the seven-passenger Grand Wagoneer in 2017.

Jeep currently makes vehicles at three plants in the U.S. By 2018, it expects nearly half of its total Jeep production will come from plants in Latin America, Europe and China.

22.26 | 0 komentar | Read More

Sotheby's reaches deal with activist investor Loeb

NEW YORK — Auction house Sotheby's says it agreed to expand its board to add directors from activist investor Daniel Loeb's slate.

Sotheby's will add Loeb, CEO of hedge fund Third Point, as well as former investment banker Olivier Reza and restructuring expert Harry J. Wilson to its slate of directors up for election at its annual shareholder meeting later this month.

Third Point is Sotheby's largest shareholder with a 9.6 percent stake.

The board will expand to 15 members, including 13 independent directors.

New York-based Sotheby's will also end its one-year shareholder rights plan that caps Sotheby's share ownership at 15 percent. Third Point had sued Sotheby's over this plan.

Shares fell 62 cents to $42.77 in morning trading. The stock is down 18 percent this year.

22.26 | 0 komentar | Read More

Stocks slide after weak Chinese data

NEW YORK — Stocks were flat on Monday as investors weighed an improving outlook for the U.S. economy against a report that showed Chinese manufacturing contracted for the fourth straight month in April.

KEEPING SCORE: The Standard & Poor's 500 index was flat at 1,881 as of 11 a.m. Eastern time. The Dow Jones industrial fell three points, or less than 0.1 percent, to 16,509. The Nasdaq composite rose five points, or less than 0.1 percent, to 4,128.

SERVICE GROWTH: U.S. service firms grew more quickly last month as sales and new orders rose, adding to other evidence that the economy is picking up after a slow start to the year. The Institute for Supply Management says its service-sector index rose to 55.2 in April from 53.1 in March. Any reading above 50 indicates expansion.

DRUG STORE SALES: Walgreen rose $1.04, or 1.5 percent, to $69.92 after the company reported revenue from established drugstores jumped 7.6 percent last month, topping analysts' expectations. Sales were helped by a later Easter holiday.

CHINA SLOWDOWN: China's manufacturing contracted in April, but the pace of decline was less severe, suggesting the downturn in the world's No. 2 economy is bottoming out. HSBC's purchasing managers' index released Monday ticked up to 48.1 from 48.0 in March on a 100-point scale. Numbers above 50 indicate expansion.

BOND HIT: JPMorgan slumped $1.08, or 1.9 percent, to $54.48 after the bank said late Friday in a quarterly filing that it expects revenue from its bond and stock market unit to be down about 20 percent in the second quarter in a "continued challenging environment." The bank's first-quarter earnings were crimped by lower revenues at its bond trading business.

WEAK DRUGS: Pfizer fell 66 cents, or 2.1 percent, to $30.10 after the drug company said Monday that its first-quarter profit dropped 15 percent despite sharp cost-cutting. The earnings decline reflected competition from cheaper generic drugs. Pfizer has been trying since January to get British rival AstraZeneca to discuss its bid to buy the company, but AstraZeneca continues to rebuff Pfizer.

BONDS AND COMMODITIES: Bond prices fell. The yield on the 10-year Treasury note edged up to 2.61 percent from 2.59 percent on Friday. The yield is close to its lowest of the year and has fallen from 3 percent at the start of January. The price of oil fell 19 cents, or 0.2 percent, to $99.53 a barrel.

22.26 | 0 komentar | Read More

US service firms grow at fastest pace since August

WASHINGTON — U.S. service firms grew at the fastest pace since August as new orders and sales grew, adding to other evidence that the economy is picking up after a slow start to the year.

The Institute for Supply Management said Monday that its service-sector index rose to 55.2 in April from 53.1 in March. Any reading above 50 indicates expansion. That's the highest level since last August. The ISM is a trade group of purchasing executives.

The figures come after a healthy jobs report on Friday also fueled hopes for an improving economy. The government said employers added 288,000 jobs in April, the most in 2 ½ years, and the unemployment rate fell to 6.3 percent.

The better data represents a turnaround after the government said last week that the economy barely expanded in the first three months of the year.

A measure of sales and production surged 7.5 points to 60.9 and a gauge of new orders jumped 4.8 points to 58.2. Both are the highest since August.

The survey covers businesses that employ 90 percent of the workforce, including retail, construction, health care and financial services firms.

A gauge of employment declined, though remained above 50. That indicates that services firms are adding jobs, but more slowly.

Anthony Nieves, chairman of the ISM's services survey committee, said the healthier picture mostly reflects solid increases in consumer demand. But the better spring weather also helped. One survey respondent in the hotel and restaurant industry said that business picked up because of a "break in the weather."

The report is "more evidence of growth reaccelerating after exaggerated weakness a couple of months ago," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

Solid job creation has made Americans a bit more confident and more willing to spend. Consumer spending jumped in March by the most in 4 ½ years, as Americans bought more cars, clothes and furniture.

A separate report by the ISM last week showed that manufacturing also grew at a faster pace in April. A measure of hiring jumped to its highest level since December.

22.26 | 0 komentar | Read More

UN: Spread of polio now a world health emergency

LONDON — Raising a worldwide alarm, the World Health Organization announced Monday that spread of polio is an international public health emergency that could grow in the next few months and unravel the nearly three-decade effort to eradicate the crippling disease.

The agency described current polio outbreaks in Asia, Africa and the Middle East as an "extraordinary event" that required a coordinated international response. It was the first-ever international alert on polio.

"Until it is eradicated, polio will continue to spread internationally, find and paralyze susceptible kids," Dr. Bruce Aylward, who leads WHO's polio efforts, said during a press briefing.

Polio usually strikes children under five and is most often spread via infected water. There is no specific cure, but several vaccines exist.

Experts are particularly concerned that the virus continues to pop up in countries that were previously free of the disease, such as Syria, Somalia and Iraq — where civil war or unrest complicates efforts to contain the virus. That spread has happened during the traditionally low season for polio spreading, leaving experts worried that cases could spike in the coming months.

Last week, WHO convened an emergency committee to decide whether the current polio outbreaks — in at least 10 countries in Asia, the Middle East and Africa — merit the declaration of an international health emergency.

Monday's decision means numerous measures will be adopted, including requiring people from countries exporting polio cases to have a certificate of polio vaccination before being able to travel internationally. Those measures will be reviewed in three months, WHO said.

At the end of April, there were 68 confirmed polio cases, compared with just 24 at the same time last year. In 2013, polio reappeared in Syria, sparking fears the civil unrest there could ignite a wider outbreak across the region. The virus has also been identified in the sewage system in Israel, the West Bank and Gaza, although no cases have been spotted.

In February, WHO found that polio had also returned to Iraq. It is already circulating in eight other countries: Pakistan, Nigeria, Ethiopia, Afghanistan, Equatorial Guinea, Cameroon, Somalia and Kenya.

An independent monitoring board set up by WHO to assess progress in eradicating polio has described the problems as "unprecedented" and called the situation in Pakistan "a powder keg." Dozens of Pakistani polio workers have been killed in the last two years and the vast majority of new cases are in Pakistan. There is some distrust of polio vaccinations in Pakistan since American forces located Osama bin Laden there using information gained in part under the guise of polio vaccinations.

Officials also worry countries torn by conflict, such as Ukraine, Sudan and the Central African Republic, are rife for polio reinfection.

Some critics say it may even be time to accept that polio may not be eradicated, since the deadline to wipe out the disease has already been missed several times. The ongoing effort costs about $1 billion a year.

"For the past two years, problems have steadily, and now rapidly mounted," said Dr. Donald A. Henderson, in an email. Henderson led WHO's initiative to get rid of smallpox, the only disease ever to have been eradicated. "It is becoming apparent that there are too many problems (for the polio eradication effort) to overcome, however many resources are assigned."

But Aylward said WHO and its partners aren't yet considering pushing back their latest deadline — by 2018 — to eradicate polio.

Still, the independent board monitoring the progress being made on polio is not so convinced and has called for the program to be completely overhauled.

"Few involved in (polio eradication) can give a clear account of how decisions are made," concluded a recent report by the group. "If a billion-dollar global business missed its major goal several times, it would be inconceivable that it would not revisit and revise its organizational and decision-making structure."

22.26 | 0 komentar | Read More

Target's Chairman and CEO out in wake of breach

NEW YORK — Target's massive data breach has now cost the company's CEO his job.

Target announced Monday that Chairman, President and CEO Gregg Steinhafel is out nearly five months after the retailer disclosed the breach, which has hurt its reputation among customers and has derailed its business.

The nation's third-largest retailer said Steinhafel, a 35-year veteran of the company and CEO since 2008, has agreed to step down, effective immediately. He also resigned from the board of directors.

The departure suggests the company is trying to start with a clean slate as it wrestles with the fallout from hackers' theft of credit and debit card information on tens of millions of customers. The company's sales, profit and stock price have all suffered since the breach was disclosed.

"Ultimately, too much rained down on Gregg Steinhafel," said Brian Sozzi, CEO and chief equities strategist at Belus Capital Advisors. "There was no way he could escape the black vortex of news."

A company spokeswoman declined to give specifics on when the decision was reached. But in a statement issued Monday, the board said that that after extensive discussions with Steinhafel, they both "have decided it is the right time for new leadership at Target."

The company's stock fell more than 3 percent Monday morning.

Target, based in Minneapolis, said Chief Financial Officer John Mulligan has been appointed interim president and CEO. Roxanne S. Austin, a member of Target's board, has been named as interim nonexecutive chair of the board. Both will serve in those roles until permanent replacements are named.

Steinhafel will serve in an advisory capacity during the transition. Jim Johnson remains lead independent director on the board.

Steinhafel's tenure has been tested with many challenges, from a weak economy to a proxy fight. The company, known for its cheap chic clothing and home decor, has seen uneven sales since the recession ended and has battled a perception that its prices aren't as low as its rivals.

Under Steinhafel's leadership, the company has won kudos for expanding into fresh groceries and offered a 5 percent discount to customers who use its branded debit and credit cards. In 2009, he successfully defended the company against a proxy fight against activist hedge fund manager William Ackman, who was pushing his own slate of candidates to the board.

But the company recently has been faced with fiercer competition from Amazon.com and Wal-Mart Stores Inc. Recently, difficulties with expansion in Canada, Target's first foray outside the U.S., has hurt profits. But the breach was the biggest black eye on Steinhafel's tenure.

In March, Target said in an annual report that the breach has spawned dozens of legal actions and said it can't estimate how big the financial tab will be. It also acknowledged separately that security software picked up on suspicious activity after the cyber attack was launched, but the company decided not to take immediate action because it believed it did not warrant immediate follow-up.

Target's response since disclosing the breach has included free credit monitoring for affected customers and and overhaul of security systems.

"The last several months have tested Target in unprecedented ways," Steinhafel wrote in a letter to the board that was made available to The Associated Press. "From the beginning, I have been committed to ensuring Target emerges from the data breach a better company, more focused than ever on delivering for our guests."

The board said it has hired consultant Korn/Ferry International to search for a new CEO.

Steinhafel's departure comes two months after the company announced that Chief Information Officer Beth Jacob resigned. Last week, Target named Bob DeRodes, who has 40 years of experience in information technology, as its new chief information officer.

Target said it is continuing its search for a chief information security officer and a chief compliance officer.

Target also said last week that MasterCard Inc. will provide its branded credit and debit cards with a more secure chip-and-PIN technology next year. That will make Target the first major U.S. retailer to have store cards with this technology.

Steinhafel has faced increasing pressure since it was revealed on Dec. 19 that a data breach compromised 40 million credit and debit card accounts between Nov. 27 and Dec. 15. Then on Jan. 10, the company said hackers also stole personal information — including names, phone numbers as well as email and mailing addresses — from as many as 70 million customers.

The company's board has been meeting with Steinhafel monthly instead of quarterly to oversee Target's response to the breach.

When the final tally is in, Target's breach may eclipse the biggest known data breach at a retailer, one disclosed in 2007 at the parent company of TJ Maxx that affected 90 million records.

Target reported in February that its fourth-quarter profit fell 46 percent on a revenue decline of 5.3 percent as the breach scared off customers.

Target's sales have been recovering as more time passes, but it expects business to be muted for some time. It issued a profit outlook for the current quarter and full year that missed Wall Street estimates because it faces hefty costs related to the breach.

Target's shares have been volatile and are down 2.5 percent since the breach was disclosed. Shares fell $1.87 to $60.15 in late morning trading.

22.26 | 0 komentar | Read More

Debate over 38 Studios bond default to heat up

PROVIDENCE, R.I. — Rhode Island has shelled out the first appropriated funds for its failed investment in Curt Schilling's 38 Studios company, but the debate over whether to honor the rest of the debt is expected to ramp up in the General Assembly.

The state sent the bond trustee $2.4 million for an interest-only payment due to bondholders on Thursday. Lawmakers reluctantly approved the funds last session.

But they will soon have to take up whether to appropriate $12.5 million for the next installment. Gov. Lincoln Chafee has included the amount in his spending plan and maintains that a default would seriously harm Rhode Island's financial reputation and significantly increase future borrowing costs.

The state remains on the hook for some $87 million. Earlier payments came from funds set aside as part of the deal under which Schilling's startup video game company got a $75 million loan.

The Economic Development Corp. agreed in 2010 to back the loan to help lure the company from Massachusetts to Providence. 38 Studios later went bankrupt.

The EDC, now called the Commerce Corp., is suing the former Red Sox pitcher and 13 others, including some of its own former officials, claiming the board was misled into approving the loan guarantee. The defendants deny the charges.

House Speaker Nicholas Mattiello says he is waiting for the findings of an outside report on the impact of defaulting on the "moral obligation" bonds. Faye Zuckerman, a spokeswoman for Chafee, said the report by S.J. Advisors should be out soon.

One vocal critic of repayment is Rep. Karen MacBeth. The Cumberland Democrat, who is chairwoman of the House Oversight Committee, has introduced legislation for the second year that would prohibit the state from making the payments.

She said the committee will hear testimony on the issue Thursday and is reviewing how the 38 Studios deal came about and whether it was properly vetted.

22.26 | 0 komentar | Read More

Westfield State U. agog over new Google technology

WESTFIELD, Mass. — It was a futuristic sight, as about a dozen students, faculty, and community members gathered around a cluster of screens on the second floor of the Ely Library at Westfield State University late last month to behold a wonder of modern technology.

The wonder that lay before them, projected onto seven screens standing seven feet tall, is Liquid Galaxy, a revolutionary product developed by Google which utilizes the company's Google Earth component to take users almost anywhere in seconds, on Earth or elsewhere.

"It sends Mars data, too," said Tom Raffensperger, the dean of Academic Information Services at Westfield State. "There's a rover up there taking pictures and mapping."

Capable of showing off the red planet just as adeptly as taking users to Fenway Park, Liquid Galaxy's potential is seemingly limitless, and Raffensperger says it will be available to the greater Westfield community during open lab times, after being made available to professors and students first.

As the jaws of students and faculty alike dropped to the floor at the startling realism and accuracy of Google Earth's mapping, professors in the school's geography department took the opportunity to speak about the project, it's humble beginnings, and what it means for the institution.

"It all started when Tim (LeDoux) and I were invited to attend the geospatial technology and higher education workshop at Google in California last summer," said Dr. Carsten Braun, a professor of Geography and Regional Planning at the University. "When we saw the Liquid Galaxy we said 'wow, this is cool, but not just cool — a great teaching tool.' So when we came back, we launched an idea to (Dr.) Liz Preston and Tom Raffensperger saying 'Hey, is this something we could get?'"

Various university departments collectively paid $25,000 to use the program.

"It was really a collaborative effort," said Raffensperger. "It was a lot of departments getting together. The library, we worked hard to make this space available, and the people at IT, academic information services, academic affairs, just a lot of different departments seeing how this would benefit the university as a whole."

Raffensperger added that professors such as LeDoux will be using the program for introductory and advanced global imaging systems (GIS) courses to take students to distant cities.

"As a geographer and planner, I talk a lot about different cities and the issues they're facing, such as Detroit with its bankruptcy," LeDoux said. "I can talk a lot about the legacy — the racism, the disinvestment issues — and that helps students paint a picture, but to take them on the ground and walk through the neighborhoods of Detroit using this, they see it, the abandoned buildings, and it brings home the visual element to them."

"I will be using this in my physical geography class, which is about landforms — glaciers, rivers, mountains, beaches — all kinds of stuff that. With this immersive program, you can experience beach erosion, experience sea level rise, much better than a static picture," Braun said. "We can do labs and say 'let's go to the Grand Canyon, let's look at what goes on at the intersection of land and ocean.'"

"(We'll be) working with the folks from the Art Department, or any other interested people to create content experiences that they can use in their classes," he added. "That's what we're going to be working on in the next few months. 'You teach English Literature, you teach Art, let's see how we can create activities that let students experience this in a special sense.'"

"This can be applied to all the different disciplines at the University," LeDoux added. "Whether you're trying to ground literature for students, poetry that a poet is writing about a landscape, it's a very vivid image, but actually seeing what they're writing about is very powerful."

When asked about the prevalence of this technology, Braun was proud to admit that Liquid Galaxy is so far only available in museums and large research-based institutions, none of which are the size of Westfield State.

"I'd be super happy to talk to anybody about how to make this useful," Braun said. "In a perfect world, we want to help everybody get this. But first, let's take this off the campus and bring it into the community, working in the local schools and make this a tool or experience that we share with the entire community."

"We are very excited to be able to provide this," said Westfield State University President Dr. Elizabeth Preston during the demo. "Part of the reason we decided to invest in the technology is because it's very clear that it has applications for all kinds of disciplines beyond the obvious. So we're very excited to have the technology on campus."

22.26 | 0 komentar | Read More

'Orange Is the New Black' wins GLAAD Media Award

NEW YORK — GLAAD celebrates "Orange Is the New Black."

The Netflix show set in a women's prison was named outstanding comedy series at the 25th annual GLAAD Media Awards' New York ceremony.

Cast members — including Laverne Cox, who won her own GLAAD honor at the organization's Los Angeles awards ceremony last month — accepted the award Saturday at the Waldorf Astoria hotel.

George Takei received the Vito Russo award, presented to an openly gay media professional for promoting equality for the gay, lesbian, bisexual and transgender community.

Other winners Saturday included the films "Concussion" and "Philomena" and Oprah Winfrey's interview with openly gay professional basketball player Jason Collins.

The GLAAD Media Awards recognize fair, accurate and inclusive representation in media of the LGBT community and the issues that affect their lives.

22.26 | 0 komentar | Read More

Buffett says US firms prosper as economy improves

OMAHA, Neb. — Investor Warren Buffett says the U.S. economy continues to improve gradually, and he doesn't think any price "bubbles" are developing.

Buffett told Berkshire Hathaway shareholders at the company's annual meeting Saturday that American businesses are thriving as is evident in their profit reports.

The fact that interest rates have remained near zero for several years has some investors worried about bubbles forming in prices.

Buffett doesn't see signs that a bubble is forming in bonds or any other assets. But he says it's unusual that rates have remained low this long.

22.26 | 0 komentar | Read More

New Jersey sports gambling suit tab: $2.8M, rising

NEWARK, N.J. — New Jersey's bid to legalize sports gambling has endured defeat after defeat in the courts, but one big winner has emerged, at taxpayer expense — the law firm hired to help Gov. Chris Christie defend a lawsuit filed by the four major pro sports leagues and the NCAA.

The firm — Gibson, Dunn & Crutcher — is the same one Christie hired, also with public money, to investigate the George Washington Bridge lane-closing scandal that is plaguing his administration.

According to figures obtained by The Associated Press through a public records request, Gibson Dunn billed the state for $2.8 million in fees between August 2012, when the leagues sued to stop Christie from going ahead with his plan to sports gambling licenses, and the end of 2013.

The total amount to be borne by taxpayers will be higher when other attorneys' fees are added; for example, former Assembly Speaker Sheila Oliver and former Senate President Steve Sweeney became part of the case in November 2012, but information on their fees was not available from the attorney general's office.

"We have an $800 million budget deficit," said state Sen. Shirley Turner, one of the few lawmakers to vote against amending the New Jersey Constitution in 2012 to allow sports gambling. "We don't have the money to spend on something on which the odds were long. It could have been better spent for so many other things, to help people in the state who need the help."

The firm's fees come atop hundreds of thousands of dollars it is anticipated to bill the state for the traffic-jam investigation, according to media reports. The legislature has also spent hundreds of thousands of dollars investigating.

Neither a spokesman for Christie nor the law firm responded to requests for comment from The Associated Press.

The state's last chance for the gambling case is for the U.S. Supreme Court to take it up, a decision that could come this month.

Over the past two years, Christie and other lawmakers have boldly predicted that New Jersey's efforts would result in a landmark ruling that would legalize sports gambling in New Jersey and help revive the state's struggling casino industry. But some legal experts considered the case a long shot from the start, given that it would require overturning the federal Professional and Amateur Sports Protection Act, a 1992 law that restricted sports gambling to Nevada and three other states that already offered betting pools.

"This is not an issue for the courts; it's for the Congress to sort out, and Congress probably needs to sort it out," said Jeremy Frey, a Philadelphia-based lawyer who is an expert in gambling law. "It's not to say that it's not worth doing — but it's a loser."

Frey's words echo those of U.S. District Judge Michael Shipp, who wrote in an opinion last year rejecting New Jersey's arguments that "to the extent the people of New Jersey disagree with PASPA, their remedy is not through passage of a state law or through the judiciary, but through the repeal or amendment of PASPA in Congress."

That route has proved difficult. Separate sports gambling bills introduced in 2012 by New Jersey Reps. Frank Pallone and Rep. Frank LoBiondo have stalled in committee, though both men have said they remain committed to the cause.

Shipp's ruling was upheld on appeal by the 3rd U.S. Circuit in Philadelphia in a 2-1 decision last fall. The court later denied a request to have the matter reheard by the full 3rd Circuit. That has left the Supreme Court as the last resort.

Some legal experts feel New Jersey's chances to have the case heard improved when the Supreme Court last year struck down a part of the Voting Rights Act that required states with a history of voter discrimination to get Washington's approval before changing election processes.

In her dissent, Justice Ruth Bader Ginsburg mentioned the 1992 sports gambling law and appeared to question whether it and other laws that treat some states differently from others might be in jeopardy.

22.26 | 0 komentar | Read More