Summer rides great for escape

Summers in Boston are precious.

The winters can be long and tough. Spring lasts about 45 minutes. And fall is barely 100 days away.

So New Englanders know when summer finally gets here, it's time to own it. We work hard, we play hard. And it all begins in earnest on Memorial Day weekend.

Almost 90 percent of travelers this holiday weekend will go by car, and the 36.1 million Americans hitting the road for trips of more than 50 miles will be the highest in 10 years, according to AAA.

"It's an economic indicator," said Mary Maguire, director of public and government affairs for AAA Southern New England. "The great majority of people travel by car, especially if you have a large family. These numbers are very encouraging. We all endured 'Snowmaggedon' and now we're ready for summer."

New England's top summer travel destination is the beach. Cape Cod has more than 550 miles of shoreline, and the Cape Cod National Seashore alone draws more than 4.5 million people each year.

Ready to go? On the recommendations of Mark Takahashi, the automotive editor of Edmunds.com, here are three vehicles perfect for a Cape escape:

Audi A5 convertible

Admit it: Nothing's better than a convertible when you're thinking sea and sand. And if you're going al fresco, go in style — ditch the Geo Metro and get the luxury A5 droptop. The folding soft top doesn't impact trunk space, so you've got room for your beach chairs. Headroom is a little lacking in the rear seats, but with the top down, it won't matter. And really, the top should be down. (Starting MSRP: $44,500)

Mazda CX-5

If your beach trip skews more toward family fun than romantic getaway, this stylish choice has more room for passengers and stuff — as well as attractive fuel economy, averaging more than 30 mpg on the highway. "As one of our favorite compact crossover SUVs, the Mazda CX-5 delivers all the space and utility you'd expect, but also brings a more engaging driving experience," Takahashi said. "It also looks pretty sharp for an SUV. With available all-wheel drive, you can also venture out onto the sand." (MSRP: $22,945)

Jaguar F-Type

Probably more suitable to the one-percenters who summer on the Vineyard or Nantucket, the Jaguar F-Type is the pick if you can't make it to the Hamptons. A V8-powered roadster ($92,000) might be a waste, because there's no place to open it up on Route 6. But you can still be the first one to the yacht club. (MSRP: $69,000)

Some people prefer a different approach to summer. Rather than sun, sand and salt water, many Hub escapees head for the hills — to the Berkshires, the Adirondacks or the peaceful Green Mountains of Vermont. For those folks, a luxury sedan doesn't make sense, but these rides do:

Toyota Highlander

Takahashi's top recommendation for a mountain excursion combines roominess and affordability. "It's one of our highest-rated SUVs for good reason," he said. With a thoughtful, refined interior and strong V6 power, the Highlander is right at home for camp or cabin. Best of all: seating for eight, although the rear-most seats should be reserved for children. (MSRP: $29,215)

BMW X5

What's better for a westward march than a well-crafted, powerful, stylish SUV? As it's a BMW, expect and receive luxury and superior construction. "This one should make a long road trip seem shorter," said Takahashi, who recommends the diesel-powered xDrive35d for its authoritative acceleration and frugal fuel consumption. (MSRP: $52,800)

Range Rover Sport

There aren't a lot of vehicles that have the wide range of capabilities of the Land Rover Range Rover Sport. "The V8-powered version defies logic, and probably physics, with its sports car-like performance, yet it also can handle off-road terrain like a pickup," noted Takahashi. "It makes a strong statement." (MSRP: $62,600)

22.27 | 0 komentar | Read More

Iran billionaire executed over $2.6B bank fraud

TEHRAN, Iran — A billionaire businessman at the heart of a $2.6 billion state bank scam in Iran, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported.

Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the TV reported. The report said the execution came after Iran's Supreme Court upheld his death sentence.

Khosravi's lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that the death sentence was carried out without him being given any notice. Death sentences in Iran are usually carried out by hanging.

"I had not been informed about the execution of my client," Riahi said. "All the assets of my client are at the disposal of the prosecutor's office."

State officials did not immediately comment on Riahi's claim.

The fraud involved using forged documents to get credit at one of Iran's top financial institutions, Bank Saderat, to purchase assets including state-owned companies like major steel producer Khuzestan Steel Co.

Khosravi's business empire included more than 35 companies from mineral water production to a football club and meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.

A total of 39 defendants were convicted in the case. Four received death sentences, two got life sentences and the rest received sentences of up to 25 years in prison.

The trials raised questions about corruption at senior levels in Iran's tightly controlled economy during the administration of former President Mahmoud Ahmadinejad.

Mahmoud Reza Khavari, a former head of Bank Melli, another major Iranian bank, escaped to Canada in 2011 after he resigned over the case. He faces charges over the case in Iran and remains on the Islamic Republic's wanted list. Khavari previously admitted that his bank partially was involved in the fraud, but has maintained his innocence.

22.27 | 0 komentar | Read More

Levine, Hasbro exec who helped create GI Joe, dies

PROVIDENCE, R.I. — Donald Levine, the Hasbro executive credited as the father of G.I. Joe for developing the world's first action figure, has died. He was 86.

He died of cancer early Thursday at Home & Hospice Care of Rhode Island, said his wife, Nan. They were just about to celebrate their 60th wedding anniversary.

Levine shepherded the toy through design and development as Hasbro's head of research and development. He and his team came up with an 11½-inch articulated figure with 21 moving parts, and since the company's employees included many military veterans, it was decided to outfit the toy in the uniforms of the Army, Navy, Marines and Air Force, with such accessories as guns, helmets and vehicles.

Levine, who served in the Army in Korea, said he got the idea for the moveable figure as a way to honor veterans.

G.I. Joe hit the shelves in time for the 1964 Christmas shopping season and soon became a big seller at $4 apiece.

It remained popular until the late 1960s, as opposition to Vietnam intensified and parents shied away from military-related toys. Hasbro countered in 1970 by introducing "Adventure Team" G.I. Joes that played down the military connection. Into the '70s, G.I. Joes featured "lifelike hair" and "kung-fu grip" and were outfitted with scuba gear to save the oceans and explorer's clothing for discovering mummies.

Over the decades, G.I. Joe has spawned comic books, cartoons, two movies starring Channing Tatum, and a G.I. Joe Collector's Club and its annual convention — GIJoeCon — held in Dallas in April.

Levine's funeral will be held Sunday morning at Temple Beth-El in Providence. He is survived by his wife, three children and four grandchildren.

22.27 | 0 komentar | Read More

Massachusetts Gov. Patrick leading trip to Israel

BOSTON — Massachusetts Gov. Deval Patrick is heading out of the country on a trade mission to Israel and the United Arab Emirates.

Patrick has said the goal of the nine-day trip is to expand opportunities for economic development and job creation in the innovation economy. He leaves Sunday and arrives in Israel on Monday.

In 2013, Massachusetts was Israel's 12th largest import partner within the United States, with Israel importing $212 million in goods and services.

Newton Mayor Setti Warren, Boston Economic Development Chief John Barros and the heads of various state agencies will join Patrick on portions of the trip.

It's a return trip to Israel for Patrick, who led a trade mission to the nation in 2011.

Patrick recently returned from a weeklong trade mission to Panama City and Mexico City in March.

22.27 | 0 komentar | Read More

Gov. Deval Patrick reveals jobs pact with Japan

Gov. Deval Patrick yesterday let slip that his administration is working on a pact with a Japanese agency that promotes foreign investment in the country as he defended his globetrotting to entrepreneurs, saying the frequent travels are part of "a strategy" to grow education, innovation and infrastructure in the Bay State.

At a briefing on his Innovation Economy Mission last December to Japan, Hong Kong and Singapore emceed by Jim Paul, director of the Boston office of the U.S. Department of Commerce, Patrick said his administration is working on a memorandum of understanding with the Japan External Trade Organization, a government-related agency, but was stopped short of elaborating by someone in the audience.

"I guess I'm not supposed to announce that today," Patrick said. "Stay tuned."

There are currently 130 Japanese companies in Massachusetts supporting 10,000 jobs as part of the state's $3 billion trade relationship with the country.

Patrick said his trade missions aren't about "how many fistfuls of purchase orders" he can bring home, but rather, "How many relationships can we deepen, can we create, can we extend."

But with little more than seven months left to serve on Beacon Hill, Patrick, said it will be up to others to build on his team's groundwork by forging future partnerships with senior government leaders.

"You realize of course it's up to you, not me. It's about whether you're willing to walk through the door we open," Patrick said.

Yesterday's event was held at District Hall on Northern Avenue, the world's first dedicated open workspace for the innovation community.

22.26 | 0 komentar | Read More

Hot Beacon Hill homes offer luxury for less

If you're looking to buy a historic single family in toney Beacon Hill, prepare to pay for the privilege, but less than the original asking prices.

While low inventory in some Boston neighborhoods is leading to multiple offers, bidding wars and sales above asking price on some properties, two of the Hill's top-of-the-market single-family homes are seeing their prices chopped.

This week, Beth Dicker­son of Gibson Sotheby's relaunched her recently 
acquired listing at 23 W. Ced­ar St., a five-bedroom townhouse that was handsomely redone last year, by dropping the price by $400,000 May 15, after having already dropped it $150,000 May 2. It is now on the market for $5,350,000.

"I did a re-analysis, something you generally do when a property hasn't sold within 60 days in this market," said Dickerson, consistently ranked as the second-highest-volume real estate broker in Boston who has sold dozens of super-high-end properties. "With the end of the spring market coming, reducing the price gives the property some buzz before the summer comes in and buying slows down."

The 5,341-square-foot property certainly pops, from its stately 1836 Greek Revival brick and wrought-iron exterior to an elegantly restored living/dining area, a chef's kitchen with honed Carrara marble countertops and a private two-tiered garden and roof deck. Original floors and woodwork were redone, but there's also a contemporary feel in its four levels of living space.

"The owner's an interior decorator who's done a great job mixing in the old with the new," Dickerson said.

It was originally listed by another broker at $6,250,000 in July 2013, so the property has actually been reduced $900,000 since its makeover.

Another top-tier single family, a spectacular 8,684-square-foot Beacon Hill townhouse overlooking Boston Common at 56 Beacon St., has had its price cut by $600,000, to $11,900,000.

Jeannemarie Conley of Otis & Ahearn has had the listing — along with colleague John Corcoran — since January 2011.

"Cutting the price brings in new potential buyers, and encourages others who've looked at it to look at it again," said Conley, who sold 15 Commonwealth Ave. for $12.5 million in 2012, the highest sales price in Boston that year. "The price cut is already working because it's increasing activity on the property.

In addition to its beautiful restored woodwork, the townhouse, built in 1819, features a huge dining room with a marble fireplace, a master bedroom suite taking up an entire floor and an elevator to all floors. It also has something unheard of in the city — a private 
attached four-car garage.

"The market for single-family properties like these are families looking to make a long-term commitment to city living," Conley said. "It's a major decision."

Both of these properties have had a number of 
offers, their brokers say, but for various reasons have not sold.

"Selling these kinds of properties is a combination of the right timing and price coming together," Conley said.

22.26 | 0 komentar | Read More

Most frequently Googled phrases across N.E.

Search queries performed in each of the New England states more than any other, according to real estate website Estately:

 Massachusetts: Canadian men, eyebrow waxing, George Costanza, hangover cure, Muppets, PCP, tinder, yoga

 Maine: Cat pics, how to roll a joint, growing marijuana, Michael Flatley's "Lord of the Dance"

 New Hampshire: Cats, Ellen Degeneres, fireworks, free kittens, Live Free or Die, Ron Paul

 Rhode 
Island: Andre the Giant, beer pong, how to roll a blunt, MSNBC

 Vermont: Kale recipe, "The Daily Show", poetry, Phish, LSD, Stephen Colbert

22.26 | 0 komentar | Read More

Website logs state of search topics

What do Canadian men, eyebrow waxing, George Costanza, hangover cure, Muppets, PCP, Tinder and yoga have in common? When they're the subjects of online searches, Massachusetts residents are behind the greatest number of queries about them.

Real estate search site Estately opted for a silly approach to highlighting the differences between states. It ran random search terms through Google Trends — from glam rock to conjugal visits to infected piercing — to see which states performed the most searches on the topics.

"We try to find interesting differences between places for people trying to buy homes," said Ryan Nickum, the Seattle site's lead blogger. "It's superfluous information, but it's kind of a fun way to think about where you want to live."

After starting with basic topics such as religious and political names and terms, Nickum expanded to pop culture, and music and food preferences, before deciding that the stranger the search, the more interesting the results.

"I'm sure people in Massachusetts are searching for the best places to eat, the best places to travel — all the sort of normal searches — but that wouldn't have been as interesting," he said.

But now, Nickum finds himself policing a rather uncomfortable discussion on the blog's comment section. "One of the top results for Washington state was circumcision, and that's led to a little bit too detailed debate … on the merits," he said.

22.26 | 0 komentar | Read More

The Ticker

State Senate votes to expand bottle bill law

Advocates for an expanded bottle bill in Massachusetts are praising a Senate vote to expand the nickel deposit law to include bottled water and other non-carbonated beverages.

The measure was approved as an amendment to the state budget for the fiscal year starting July 1. Supporters of the effort to update the three-decade-old law are gathering signatures to put it before voters in November if the Legislature doesn't act first.

The Senate has voted in the past to expand the law to cover bottled water and sports drinks, but the measure has not advanced in the House.

HP to cut more

Hewlett Packard is bracing to slash an additional 11,000 to 16,000 jobs after it announced a dip in revenue for its second quarter.

The computing giant, which is in the midst of a long restructuring program by CEO Meg Whitman, said revenue was down 1 percent, to $27.3 billion, from the same quarter a year ago.

HP had previously announced plans to cut 34,000 jobs.

TODAY

 Commerce Department releases new home sales for April.

THE SHUFFLE

Disruptor Beam, the company that developed the popular "Game of Thrones Ascent," announced the appointment of Boston PR veteran Elicia Basoli as the company's new director of communications.

22.26 | 0 komentar | Read More

The Ticker

MIT buys former Pfizer building

The Massachusetts Institute of Technology has purchased 620 Memorial Drive from Pfizer Inc. for $30.5 million, according to Registry of Deeds documents.

Pfizer vacated the lab and office building in early April. The pharmaceutical company, which bought the property for $46.5 million in 2003, is consolidating its area employees in a new Kendall Square research and development facility set to open June 6.

MIT will lease the Memorial Drive building to other entities for commercial lab purposes, according to a spokeswoman.

Casino boat in bankruptcy

The Nahant-based owner of the short-lived Aquasino Boston, a casino gambling boat that operated out of Lynn last year, has filed for Chapter 7 bankruptcy protection with estimated debt of $1.08 million.

Walsh's Excursions lists its leased 220-foot boat, valued at $5 million, as its sole asset in court documents, which also indicate the vessel and its equipment were surrendered to the company's lender in April.

TODAY

 Labor Department releases weekly jobless claims.

 National Association of Realtors releases existing home sales for April.

THE SHUFFLE

Pamela J. O'Leary, executive vice president and chief information officer at South Shore Bank, has been named to the South Shore Chamber of Commerce's board of directors. O'Leary will help oversee general strategy and direction for the chamber.
 

22.26 | 0 komentar | Read More

Cabbies to rally against unregulated Uber

Boston taxi drivers are calling for city agencies to pull ride-hailing app Uber's cars from city streets until they are regulated, and are planning to rally outside Uber's Hub office today.

"It's about leveling the playing field," said Donna Blythe-Shaw, a Boston Taxi Drivers Association representative. "We have an industry in chaos."

Uber drivers, who are not regulated by the Boston Police Hackney Unit and do not require taxi medallions, are undercutting taxi drivers with lower prices, said Blythe-Shaw.

"The city of Boston is committed to hearing all sides of the issue, and will work to find a solution that balances the needs of all those involved," said Kate Norton, a spokeswoman for Mayor Martin J. Walsh.

Police Commissioner William B. Evans and Walsh have been working to find a solution to "strike a balance," said Boston police spokesman Sgt. Michael McCarthy.

Uber, which connects riders to contracted drivers through a smartphone app, did not respond to requests for comment. The San Francisco startup has fought regulatory battles in cities across the country and in Europe.

22.26 | 0 komentar | Read More

John Henry sells Worcester paper

Boston Globe owner John Henry announced yesterday he'll sell the Worcester Telegram & Gazette — not to a local owner as he had originally hoped, but to Florida-based Halifax Media Group, which one analyst predicted will soon take a butcher's knife to the newsroom.

"I'd expect layoffs," said Ken Doctor of Newsonomics. "In general, they take a pretty lean approach to management and staffing. ... For readers, they shouldn't expect much of an investment in the news product."

Henry acquired the T&G when he bought The Boston Globe from the New York Times Co. last year. At the time, he told T&G staffers "it's important" for the paper to be under local ownership and he was looking for someone with "tremendous energy and a passion" for the paper, according to a Telegram article.

But Doctor told the Herald that Halifax is a lot more concerned about the bottom line, compared to Henry, who has alluded to turning the Globe into a "laboratory for journalism."

"What they are is a company that looks at this as financial people who say, 'We can make money in the next three to five years if we run them this way'," said Doctor. "Their understanding of the business is as business people ... That's a different take on it than John Henry."

Halifax owns 35 newspapers, with the Telegram being its first venture in the Northeast. It first bought The Daytona Beach News-Journal four years ago and scooped up the New York Times' Regional Media Group a year later.

For a young company, it's been buying and selling quickly. Halifax sold the Santa Rosa Press Democrat of California within a year, and the Sebring News-Sun of Florida within seven months.

The company is backed by Stephens Capital Partners, run by Arkansas billionaire Warren Stephens.

The T&G reported yesterday its interim publisher, James W. Hopson, told staffers three groups — none local — submitted bids. He also said some staffers will lose their jobs by June, the T&G reported.

"The T&G is an excellent local newspaper with a dedicated and talented staff," said Halifax CEO Michael Redding in a statement.

"They understand the Worcester market and bring the passion and commitment needed to preserve the T&G's traditions and build for the future," Globe CEO Mike Sheehan said in a statement.

The companies did not disclose a sales price, and Redding and Sheehan did not return messages seeking comment.

22.26 | 0 komentar | Read More

128 startups ready for MassChallenge

MassChallenge yesterday announced its newest crop of finalists — 128 startup companies that will go through a four-month accelerator program.

"We look forward to working with the MassChallenge community and this incredible group of entrepreneurs as they strive to achieve their goals of growth and innovation," MassChallenge founder and president Akhil Nigam said in a statement.

Finalists include Liberty Teller, a bitcoin ATM startup, and Kinems, a game company for children with learning disabilities.

The complete list of startups can be found at masschallenge.org/startups/2014/finalists.

22.26 | 0 komentar | Read More

Investors sought for 3rd Cape bridge

The state Department of Transportation is pinning its plans for Cape Cod traffic jam relief on private investors it hopes can be convinced to build a third bridge over the canal in a first-of-its-kind public-private partnership.

"We currently don't have the financial resources to do all the other projects we want to do and (the bridge)," said Frank DePaola, administrator of MassDOT's highway division. "We have so many bridges that are in bad condition that need to be replaced, I couldn't justify taking the money from that program to build a new bridge to relieve traffic 
congestion."

The project would be the first privately built bridge in the state, and investors would get the toll revenue until the bridge is turned back over to the state after a still-to-be-determined number of years.

Yesterday, a consultant laid out a road map for reaching a deal with a private company to build a four-lane bridge next to the Sagamore Bridge. That process includes a traffic and revenue study, reaching out to potential investors and getting feedback from the industry.

"In an ideal world, we can get it done in as little as five months," Mark Morehouse, managing director of financial services firm William Blair, said of pulling together the information needed to solicit proposals.

DOT's plan calls for the new bridge to be used by cars going to the Cape, while the Sagamore would be used by vehicles leaving.

Still, the bridge is far from a done deal. DePaola said construction is at least three years away, but only as long as investors can be convinced to join the project. If they don't, the new bridge won't happen, DePaola said.

22.26 | 0 komentar | Read More

Opinionated Don Lemon breaking out at CNN

NEW YORK — CNN's Don Lemon braced himself after being recognized by a viewer on a Harlem street.

"I don't always agree with you," the person began, ominously. "But keep it up. I'm not always supposed to agree with you."

Lemon could think of no sweeter compliment. The 48-year-old news anchor has attracted attention by adding his opinion to stories he's telling. His bosses are rewarding him with more airtime, and his visibility has increased this spring through coverage of the missing Malaysia Airlines plane and other stories. He frequently hosts the 10 p.m. EDT news hour.

His decision to speak out traces directly to coming out publicly as gay in a memoir published three years ago.

Last week while moderating a discussion with four women on the firing of New York Times executive editor Jill Abramson, Lemon said he didn't believe in equal pay for equal work in all circumstances — the verbal equivalent of sticking his head in a lion's mouth. He denounced Florida's "stand your ground" law in coverage of a trial involving it. He offered troubled pop star Chris Brown advice "from one black man to another" in a segment on Tom Joyner's radio show.

No incident attracted more attention than when Lemon said he agreed with some criticism of blacks by Fox News' Bill O'Reilly. Young black men should think about pulling up their pants, staying in school, not using the n-word, not having children out of wedlock and taking interest in their communities, Lemon said.

That provoked a response from entrepreneur Russell Simmons, who wrote an open letter saying, "I can't accept that you would single out black teenagers as the cause of their own demise because they don't speak the King's English or wear belts around their waistbands."

Lemon said he knew that he would get a reaction, and that it was important to start a conversation.

"What surprised me was how many people would be taking it out of context and trying to turn it into something that it was not, that it was a criticism of African-Americans to tell them how to act, that it had something to do with racism," he said. "That had nothing to do with racism. That was self-empowerment."

Too often, he said, people think all blacks should feel the same way about issues and criticize any deviation, "which to me is the dumbest thing I've ever heard."

There's some concern Lemon is reacting to symptoms rather than the causes of problems in the black community, said Eric Deggans, author of "Race Baiter: How the Media Wields Dangerous Words to Divide a Nation."

"I've always felt that Don was an underappreciated anchor, and was afraid that he'd be another one of those black anchors at CNN who hasn't seemed to stick around," Deggans said. "I'm really glad that CNN values him enough to put him in prime time because I think it's important."

CNN has no problem with Lemon's opinions, so long as he's not predictably partisan. Janelle Rodriguez, vice president of programming at CNN U.S., said Lemon talks to viewers instead of talking down to them.

"Having a personality is a positive attribute," Rodriguez said.

Lemon had contracted to write a self-help book a few years ago and the subject even bored him. He turned it into a memoir, including the revelation he is gay. He wasn't sure he would include that fact before sending his manuscript to CNN's standards and practices department for review. His company didn't try to stop him, only warned him to be prepared for the attention.

He worried openly at the time whether it would hurt his career. It hasn't been much of an issue, although when Lemon criticized Rush Limbaugh for being a "stunt king" for comments the radio commentator made about Donald Sterling, Limbaugh made sure his rebuttal included the fact that Lemon "sleeps with men, proudly."

Talking openly about his sexuality and being abused as a child has made him free to put more of himself into his work, Lemon said.

"For me, personally, it's been empowering," he said, "and I can't go back."

____

David Bauder can be reached at dbauder@ap.org or on Twitter@dbauder. His work can be found at http://bigstory.ap.org/content/david-bauder .

___

Online:

http://www.cnn.com/

22.26 | 0 komentar | Read More

Evergage raises $4 mil

Internet personalization start-up Evergage has raised $4 million, the company said.

The company also said it has seen consecutive 200 percent quarter-over-quarter revenue growth and has 110 new clients.

The investment was led by G20 Ventures. Existing investors also participated.

"We are excited to be working with the G20 and are already benefiting from Bob Hower's deep digital marketing and e-commerce software expertise," CEO Karl Wirth said in a statement. "Our platform helps digital businesses reduce the time, cost and complexity of gaining an understanding of website visitors and responding to them right in the context of their interaction."

Evergage's clients now includes Wayfair, Publisher's Clearing House, Palms Casino Resort and Stonyfield Farm.

The company allows businesses to personalize their websites for users, based on past behavior of the user. In 2012, Evergage raised $2 million.

22.26 | 0 komentar | Read More

EBay asks users to change password after breach

NEW YORK — E-commerce site eBay is asking users to change their password after a cyberattack compromised a database containing encrypted passwords.

The company says there is no evidence of any unauthorized activity and no evidence any financial or credit card information was stolen.

EBay says its investigation is active and it can't comment on the specific number of accounts affected, but says the number could be large, so it is asking all users to change their passwords. EBay had 145 million active users at the end of the first quarter.

Cyberattackers stole a small number of employee log-in credentials that gave access to eBay's corporate network, the company said. The San Jose, California-based company is working with law enforcement to investigate the attack.

The database was hacked sometime between late February and early March, but compromised employee log-in credentials were first detected two weeks ago.

EBay owns electronic payment service PayPal, but eBay says there is no evidence PayPal information was hacked, since that information is stored separately on a secure network.

The attack follows several other high-profile hacking incidents, including a massive data breach at Target stores and the spread of the computer security flaw nicknamed "Heartbleed." Heartbleed took advantage of a flaw in a key piece of security technology used by more than 500,000 websites that had been exposing online passwords and other sensitive data to potential theft for more than two years.

And during the Target credit data breach last year, hackers stole about 40 million debit and credit card numbers and personal information for 70 million people.

Shares of eBay Inc. fell 31 cents to $51.65 in morning trading.

22.26 | 0 komentar | Read More

Gov.'s opiate task force weighs recommendations

BOSTON — A state panel charged with recommending ways Gov. Deval Patrick can address the state's drug abuse epidemic will discuss and possibly vote on recommendations.

Patrick formed the 36-member Opiate Task Force, which includes mayors, state officials and health care providers, when he declared drug abuse a public health emergency in Massachusetts in March.

The panel, chaired by Public Health Commissioner Cheryl Bartlett, is specifically charged with recommending how to spend $20 million the governor has designated to improve substance abuse treatment programs across the state.

State officials say the number of unintentional opiate overdoses nearly doubled, from 338 in 2000 to 668 in 2012, the most recent annual data available. Officials say an increase in pain medication prescriptions and greater availability of cheap heroin are among the causes.

22.26 | 0 komentar | Read More

Netflix coming to Germany, France, 4 other markets

SAN FRANCISCO — Netflix will expand into Germany, France and four other European countries later this year as the Internet video service tries to build an international following that might eventually surpass its U.S. audience.

The additional markets announced Wednesday will extend Netflix's reach into nearly 50 countries, including 13 in Europe. Besides Germany and France, the latest countries on Netflix's list are Switzerland, Austria, Belgium and Luxembourg. The Los Gatos, California, company entered Europe in 2012 when its Internet video service debuted in the U.K. and Ireland.

Earlier this year, Netflix Inc. disclosed its plans to sell its service in more European countries without identifying where they would be.

The company still isn't saying which month its service will be available in the new markets or how much it will cost. Netflix recently raised its Internet streaming prices for new customers by about $1 per month around the world. With the increase, Netflix charges $9 per month for unlimited video streaming in the U.S. The company froze rates at $8 per month for two years for subscribers before the May 9 increase.

Netflix ended March with 35.7 million U.S. subscribers and an additional 12.7 million customers in the rest of the world. The company has set a long-term goal of 60 million to 90 million U.S. subscribers and more than 100 million internationally.

The overseas push has been costly so far for Netflix, which has amassed international losses exceeding $800 million since it ventured outside the U.S. for the first time in 2010. The company's U.S. operations, including a steadily shrinking DVD-by-mail service, have continued to churn out profits that so far have more than offset the international losses.

Last year, for instance, Netflix earned $112 million despite sustaining $274 million in international losses.

Netflix expects to start eking out a profit in its existing overseas markets by the end of this year.

Its shares rose $9.72, or 2.6 percent, to $381.39 in midday trading Wednesday. Its shares have risen about 1 percent so far this year.

22.26 | 0 komentar | Read More

Home Depot 1Q results miss expectations

ATLANTA — Home Depot's fiscal first-quarter net income climbed 12 percent, helped by better sales, but results fell short of expectations as a cold and rainy spring hurt results.

The company said May sales were "robust" and the No. 1 home improvement retailer raised its full-year earnings forecast. Shares rose almost 2 percent in morning trading.

Spring is the biggest season for home improvement retailers as homeowners and others work on their yards and gardens.

Meanwhile, the U.S. housing market has emerged from a deep slump, aided by rising home prices, steady job growth and fewer troubled loans dating back to the housing-bubble days. While the housing market has recently struggled to maintain that momentum, many home owners are spending more to renovate their homes.

"The first quarter was impacted by a slow start to the spring selling season. But we had solid results in non-weather impacted markets and expect our sales for the year to grow in line with the guidance we previously provided," said CEO Frank Blake.

The Atlanta-based retailer earned $1.38 billion, or $1 per share, for the three months ended May 4. That compares with $1.23 billion, or 83 cents per share, a year earlier.

The latest quarter's results included a benefit of 4 cents per share related to the sale of part of its equity ownership in HD Supply Holdings Inc.

Stripping out the benefit, earnings amounted to 96 cents per share. Analysts, on average, expected earnings of 99 cents per share, according to a FactSet survey.

Revenue for the Atlanta company rose 3 percent to $19.69 billion, but missed Wall Street's estimate of $19.97 billion.

Sales at U.S. stores open at least a year increased 3.3 percent. For the entire company, the metric rose 2.6 percent.

These figures are a key indicator of a retailer's health. They exclude results from locations recently opened or closed.

Home Depot now foresees fiscal 2014 earnings of $4.42 per share. Its prior guidance was for earnings of $4.38 per share. Analysts expect full-year earnings of $4.41 per share.

The chain reaffirmed its outlook for 2014 revenue to rise by about 4.8 percent. Based on 2013's revenue of $78.81 billion, this implies approximately $82.6 billion. Wall Street expects revenue of $82.62 billion.

Home Depot's smaller rival Lowe's Cos. reports results on Wednesday.

Home Depot had 2,263 stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico at the end of the first quarter.

Shares rose $1.34, or 1.8 percent, to $77.84 in morning trading. The stock has dipped 6 percent since the beginning of the year.

22.26 | 0 komentar | Read More

Target fires president of its Canadian operations

NEW YORK — Target has fired the president of its troubled Canadian operations, Tony Fisher, and is replacing him with a 15-year U.S. company veteran.

The executive shakeup in Canada comes two weeks after the abrupt resignation of Target's CEO and Chairman Gregg Steinhafel.

The third-largest U.S. retailer announced Tuesday that Mark Schindele, 45, who was senior vice president of merchandising operations, will now run the Canadian operation. Target's expansion into Canada last year marked its first foray outside the U.S. but it has struggled with weak sales and losses. The changes are effective immediately.

Schindele has played a key role in launching new store format including an expanded grocery area, as well as Target Express and CityTarget in the U.S. He has also led a global team and provided senior-level oversight to Target's merchandising operations, including systems, global sourcing and product development.

Schindele will report to Kathee Tesija, chief merchandising and supply chain officer, whose responsibilities include Target Canada.

Target, based in Minneapolis, also said that it will be naming a nonexecutive chair in Canada. In its newly created advisory role, the chair will provide counsel and support to the president of Target Canada to ensure all strategies and tactics align with the Canadian marketplace.

The company also announced the promotions of three senior merchandising executives in its U.S. division as it tries to be more nimble in bringing in trendy products into stores more quickly.

Target is trying to fix its flailing operations in Canada, its first foray outside the U.S., while revitalizing business in the U.S. It's also trying to recover from a massive data breach in the U.S. that has cost it customer trust.

The botched Canadian expansion and the data breach were the two main factors behind Steinhafel's departure. Target's Chief Financial Officer John Mulligan is serving as interim CEO as Target searches for a new leader. Steinhafel agreed to serve as an adviser during the transition.

Under the leadership of Fisher, 38, the company opened more than 100 stores north of the border. But shoppers have complained that prices are too high, and the Canadian stores have been wrestling with inventory problems. Fisher had been a company veteran for 15 years.

As a result, sales have been weak, and the company's Canadian operations recorded a loss of $941 million in its first year, shaving off $1.13 per share from the company's results.

While both Fisher and Schindele are from the U.S., 90 percent of the team working in the Canadian operations are Canadian, Target said.

"We are grateful to Tony for leading Target's first international launch," Mulligan said in a statement. "One of our key priorities is improving performance in Canada more rapidly, and we believe it is important to be aggressive.

"Mark's broad understanding of the retail industry and his record of leading global operations will help accelerate efforts to drive improvements across our Canadian business."

Dustee Jenkins, a Target spokeswoman, said Schindele will move to Toronto and will focus on inventory, operations and improving the guest experience.

In the U.S., Target said, Trish Adams has been promoted to executive vice president, apparel and home, while Jose Barra has been promoted to executive vice president, essentials and hardlines. Keri Jones has been promoted to executive vice president, merchandising planning and operations. All three had been senior vice presidents.

"Moving more quickly to bring bold, innovative ideas to the marketplace will help us connect with our guests in more meaningful ways," Tesija said in a statement.

Target's net income fell 34.3 percent to $1.97 billion in the year ended Feb. 1. Revenue slipped 1 percent to $72.6 billion.

Target is expected to report first-quarter financial results Wednesday. The company said the timing of the changes were unrelated to the company's first -quarter results.

__________

Follow Anne D'Innocenzio at http://www.Twitter.com/adinnocenzio

22.26 | 0 komentar | Read More

Weak results at retailers drag US stocks lower

NEW YORK — Stocks are opening lower after several major retailers reported dismal results.

Staples dropped 10 percent after the office supply chain said its earnings plunged in the latest quarter. The company closed down more store locations in a shift toward online sales.

Discount retailer TJX fell 5 percent after reporting weak sales.

The Dow Jones industrial average fell 46 points, or 0.3 percent, to 16,465 in the first few minutes of trading Tuesday.

The Standard & Poor's 500 index lost five points, or 0.2 percent, to 1,880. The Nasdaq composite fell 13 points, or 0.3 percent, to 4,112.

Thailand's stock market slumped and its currency wobbled after the country's military declared martial law.

Bond prices rose. The yield on the 10-year Treasury note edged down to 2.53 percent.

22.26 | 0 komentar | Read More

N. Korea building collapse study in media control

SEOUL, South Korea — When a South Korean ferry sank with hundreds trapped inside last month, the whole world knew about it. But in North Korea, there was utter silence about the collapse of a 23-story apartment building for five days, until state media issued a rare apology.

The North is not a black hole for information. More than 2 million people have cellphones. Hundreds of foreigners live in Pyongyang, the showcase capital where the collapse occurred a week ago Tuesday. A handful of international news bureaus, including The Associated Press, operate there, and the city sees a steady procession of visiting tourists, academics and diplomats.

But with no Internet for most citizens, a local press that operates as the government's propaganda wing and a security apparatus that severely curbs foreigners and citizens alike, if North Koreans get news about something, it is almost always because the nation's young leader, Kim Jong Un, wants them to get it.

Kim may not have meant for his people to know anything about the collapse at first. Three days after it happened, a North Korean state-run newspaper carried a photo of the beaming leader watching a soccer match. The date shown on a screen display of a telephone beside Kim was a day after the collapse, according to a South Korean official who spoke on condition of anonymity because the official was not authorized to speak to media about the matter.

Chang Yong Seok, an analyst at Seoul National University, said North Korea may have finally publicized the building collapse because news was likely spreading among citizens in Pyongyang via the domestic cellphone service.

In any case, the delay in reporting gave North Korea's propaganda mavens more time to spin the narrative in a way that glorified the ruling Kim family.

The North Korean story highlighted a grieving Kim Jong Un, who one official told state media "sat up all night, feeling painful after being told about the accident."

The state-run Korean Central News Agency said there were casualties but released no specifics on deaths or injuries. Most of the few details to emerge — things that people in democracies would likely consider newsworthy — have come from South Korean officials, who said they believe many people died because nearly 100 families had likely moved into the building, even while it was under construction.

The North Korean report includes apologies from five officials who accepted responsibility for the collapse. It is in keeping with a consistent propaganda message framed to show Kim as a man of the people with no patience for his officials' failures. Kim's late father and predecessor, Kim Jong Il, was seen as more aloof than his son.

"As with everything in North Korea, this is all about establishing Kim Jong Un's legitimacy," said John Delury, a specialist on North Korea and China at Yonsei University in Seoul. "Even when a building collapses, they're thinking about how to use it to consolidate his power."

Authoritarian governments that choose isolation often have the opportunity to spin the news to their liking while effectively preventing scrutiny. In the aftermath of Cyclone Nargis in 2008, the Southeast Asian nation of Myanmar, then ruled by a military junta, was accused by aid groups and others of underreporting the loss of life by simply not counting anymore once the death toll topped 130,000. And in South Korea, the country's former military leaders were accused of minimizing deaths from a 1980 massacre and misrepresenting the motives of the pro-democracy protesters who were killed by soldiers.

North Korea routinely and vigorously denies outsiders' negative reports about the country, particularly about human-rights abuses and its extensive system of prison camps. But its recent apology is not unprecedented; it has released potentially embarrassing news before.

In 2004, it reported on a train explosion near the Chinese border that killed more than 100 people. And in 2012, after several cases in which it claimed failed launches to be successes, it acknowledged that a long-range rocket broke apart shortly after liftoff.

Acknowledging the collapse may have been an attempt to contrast Kim with South Korean President Park Geun-hye, whose government has faced massive criticism over allegations that incompetence, bad leadership and corruption led to the April 16 ferry disaster, which left more than 300 people dead or missing. The North has issued scathing attacks on Park's handling of the sinking.

Though the reporting on the building collapse was slow by international standards, it gave North Koreans the message that "Kim Jong Un really cares and holds officials responsible," said Ralph Cossa, president of the Pacific Forum CSIS think tank in Hawaii.

Had the North decided not to release the news, it would likely have eventually made its way out through a murky underground network that brings information, sometimes distorted, across the porous border with China and eventually to websites in the South.

But Andrei Lankov, a North Korea expert at Kookmin University in South Korea, said the North continues to exert an iron grip on information. Citizens have few contacts with foreigners; local media would never report something the government didn't want seen; and foreign reporters are often limited in where they can go.

"If news starts spreading, it usually does so very slowly," Lankov said. "It's the world's most controlled media. End of story."

___

AP correspondent Hyung-jin Kim contributed to this report from Seoul.

___

Follow AP's Seoul bureau chief at twitter.com/APklug

22.26 | 0 komentar | Read More

Weak results at retailers drag US stocks lower

Dismal earnings from major retailers helped drag U.S. stocks lower in early trading Tuesday. Staples, Dick's Sporting Goods and Urban Outfitters were among the biggest decliners, while Home Depot bucked the trend.

KEEPING SCORE: The Standard & Poor's 500 index fell five points, or 0.3 percent, to 1,879 in the first 45 minutes of trading. The Dow Jones industrial average shed 55 points, or 0.3 percent, to 16,456. The Nasdaq composite slid 17 points, or 0.4 percent, to 4,108.

RETAIL SWOON: Staples' profit plunged 43 percent; Dick's Sporting goods fell short and pared its outlook; Discount retailer TJX had weak sales; Urban Outfitters reported lower-than-expected earnings as sales at its namesake chain declined.

FIRE SALE: Staples plunged $1.48, or 11 percent, to $11.92 in early trading. Dick's Sporting Goods fell $8.63, or 16 percent, to $44.64. Urban Outfitters slid $2.65, or 7.2 percent, to $33.57. TJX shed $3.45, or 5.9 percent, to $54.94.

HOUSING BET: Home Depot's adjusted earnings and revenue came in short of Wall Street's expectations. Still, a key sales metric improved despite a slow start to the spring home-selling season due to bad weather. The home improvement retailer also raised its full-year earnings forecast. Home Depot's stock rose $1.51, or 2 percent, to $78.

MORE RETAIL TURMOIL: Target fired the president of its troubled Canadian operations and replaced him with insider Mark Schindele, who has been senior vice president of merchandising operations in the U.S. Target fell 99 cents, or 1.7 percent, to $57.30.

OVER THERE: European markets mostly fell. France's CAC 40 fell 0.4 percent and Germany's DAX gave up 0.3 percent. Britain's FTSE 100 lost 0.7 percent. Thailand's stock market slumped and its currency wobbled after the military declared martial law in what it called an attempt to stabilize the country's precarious political situation.

OTHER MARKETS: Bond prices rose. The yield on the 10-year Treasury note edged down to 2.53 percent from 2.54 percent late Monday. Gold rose $1.20 to $1,295 an ounce. Crude oil fell to $101.81 a barrel.

22.26 | 0 komentar | Read More

US government cites China in cyber-spying case

WASHINGTON — The United States has brought first-of-its kind cyber-espionage charges against five Chinese military officials accused of hacking into U.S. companies to gain trade secrets.

According to the indictment, hackers targeted the U.S. nuclear power, metals and solar products industries and are accused of stealing trade secrets and economic espionage. The alleged victims are Alcoa World Alumina, Westinghouse Electric Co., Allegheny Technologies, U.S. Steel Corp., United Steelworkers Union, and SolarWorld, Attorney General Eric Holder said Monday.

The charges have been described as unprecedented and dramatize a long-time Obama administration goal to prosecute state-sponsored cyber threats.

"In sum, the alleged hacking appears to have been conducted for no other reason than to advantage state-owned companies and other interests in China at the expense of businesses here in the United States," Holder told a news conference at the Justice Department. "This is a tactic that the United States government categorically denounces."

Said Bob Anderson Jr., executive assistant director of the FBI's criminal, cyber response and services division: "This is the new normal. This is what you're going to see on a recurring basis."

U.S. officials have previously asserted that China's army and China-based hackers had launched attacks on American industrial and military targets, often to steal secrets or intellectual property. China has said that it faces a major threat from hackers, and the country's military is believed to be among the biggest targets of the NSA and U.S. Cyber Command.

"It is our hope that the Chinese government will respect our criminal justice system," Holder said.

The indictment will put a greater strain on the U.S.-China relationship.

In recent months, Washington has been increasingly critical of what it describes as provocative Chinese actions in pursuit of territorial claims in disputed seas in East Asia. For its part, Beijing complains that the Obama administration's attempt to redirect its foreign policy toward Asia after a decade of war in the Middle East is emboldening China's neighbors and causing tension.

Last September, President Barack Obama discussed cybersecurity issues on the sidelines of a summit in St. Petersburg, Russia, with Chinese President Xi Jinping.

White House spokesman Ben Rhodes said at the time that Obama had addressed concerns about cyber threats emanating from China. He said Obama told Xi the U.S. sees it not through the prism of security but out of concern over theft of trade secrets.

In late March, Defense Secretary Chuck Hagel revealed that the Pentagon planned to more than triple its cybersecurity staff in the next few years to defend against Internet attacks that threaten national security.

___

Associated Press reporter Matthew Pennington in Washington contributed to this story.

22.26 | 0 komentar | Read More

Former NY Times editor: Leading newsroom was honor

WINSTON-SALEM, N.C. — In her first public appearance since her dismissal from The New York Times, former executive editor Jill Abramson compared herself to a new college graduate: "scared but also a little excited."

"What's next for me? I don't know. So I'm in exactly the same boat as many of you," Abramson told the Class of 2014 at Wake Forest University's graduation ceremony on Monday, to laughs and applause.

The Times announced last week that Abramson was being replaced by managing editor Dean Baquet. Publisher Arthur Sulzberger Jr. has denied reports that Abramson's dismissal had to do with complaints over unequal pay or the company's treatment of women. Instead, he cited Abramson's newsroom management style.

In her speech, Abramson focused on a theme of resilience, talking briefly about her time at the helm of The New York Times but not directly addressing her dismissal. She said that she didn't want the "media circus" following her to take attention away from the graduates.

"It was the honor of my life to lead the newsroom," she said, describing the risks Times journalists take to report the news.

"Sure, losing a job you love hurts, but the work I revere — journalism that holds powerful institutions and people accountable — is what makes our democracy so resilient. This is the work I will remain very much a part of."

Abramson said students had asked her whether she would remove her tattoo of The Times' 'T.'

"Not a chance!" she said.

Among her journalism heroes, Abramson listed former New York Times reporter Nan Robertson, who wrote a book describing the fight for workplace parity by the newspaper's female employees, and former Washington Post publisher Katherine Graham.

"They faced discrimination in a much tougher, more male-dominated newspaper industry. And they went on to win Pulitzer Prizes," Abramson said.

Abramson also invoked the memory of her father, who said it meant more to him that she and her siblings dealt with their setbacks than their success.

"It meant more to our father to see us deal with a setback and try to bounce back than to watch how we handled our successes," Abramson said. "'Show what you are made of,' he would say. Graduating from Wake Forest means all of you have experienced success already. And some of you — and now I'm talking to anyone who's been dumped, not gotten the job you really wanted, or received those horrible rejection letters from grad school — you know the sting of losing or not getting something you badly want. When that happens, show what you are made of."

22.26 | 0 komentar | Read More

CEO of China drug maker jumps to death amid probe

BEIJING — The chief executive of a Chinese drug company has jumped to his death, the company said Monday. State media said he was under investigation on suspicion of taking bribes.

Sanjing Pharmaceutical Co. Ltd. said Liu Zhanbin jumped Sunday from a third-floor bathroom window in a hospital where he was receiving medical treatment under the supervision of court guards.

Sanjing said the company has appointed an interim CEO and that Liu's death would have no impact on its operations.

The government's China News Service and the Communist Party newspaper People's Daily said Liu was under investigation on suspicion of taking bribes. They gave no details of the investigation.

The Chinese government has launched a sweeping investigation of drug companies as part of efforts to improve health care and rein in drug prices.

Doctors and hospitals in China's state-run, poorly funded health system routinely accept informal payments from patients and suppliers of drugs and medical goods.

Hospitals also raise money by adding surcharges to drug prices and assigning employees sales quotas. That encourages the overuse of expensive drugs or procedures.

Last Wednesday, the public security ministry announced that a British executive of GlaxoSmithKline has been accused of leading a sprawling scheme to bribe doctors and hospitals to use its drugs. It said the case has been turned over to prosecutors.

22.26 | 0 komentar | Read More

Oil up near $103 amid Libya, Ukraine conflicts

The price of oil approached $103 a barrel Monday as violence in Libya threatened to once again delay a potential increase in the country's exports of crude.

By early afternoon in Europe, benchmark U.S. crude for June delivery was up 78 cents to $102.80 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract added 52 cents to close at $102.02, gaining about 2 percent for the week.

Brent crude for July delivery, a benchmark for international oil, was up 35 cents to $110.10 on the ICE Futures exchange in London.

In Libya, which has Africa's largest proven reserves of crude, political instability deepened Sunday after militiamen loyal to a renegade general stormed the parliament building in the capital city of Tripoli. On Monday, the country's army chief ordered the deployment of Islamist-led militias in Tripoli, which could lead to a showdown between the two sides.

Libya, earlier a key crude supplier to European refineries, has been struggling to stabilize its oil output and exports since the 2011 ouster of dictator Moammar Gadhafi. Production is down to around 200,000 barrels a day from some 1.4 million barrels a day a year ago.

"In light of the latest reports, any significant and lasting rise in the production level appears illusory," said analysts at Commerzbank in Frankfurt in a note to clients.

The developments in Libya also pointed to tighter supplies in the second half of the year, as predicted last week by the International Energy Agency, unless other OPEC countries like Saudi Arabia and Iraq increase their output.

Oil prices were also supported by a surge in U.S. housing construction and continued fighting between government troops and pro-Russian rebels in eastern Ukraine even as Russian President Vladimir Putin ordered troops near Ukraine to return to their home bases.

In other energy futures trading in New York:

— Wholesale gasoline rose 1.69 cents to $2.9724 a gallon.

— Natural gas added 4.7 cents to $4.46 per 1,000 cubic feet.

— Heating oil gained 1.56 cents to $2.9642 a gallon.

22.26 | 0 komentar | Read More

AstraZeneca rejects $119 billion offer from Pfizer

LONDON — The board of AstraZeneca on Monday rejected the improved $119 billion takeover offer from U.S. drugmaker Pfizer, a decision that caused a sharp slide in the U.K. company's share price as many investors think it effectively brings an end to the protracted and increasingly bitter takeover saga.

The board said in a statement that it "reiterates its confidence in AstraZeneca's ability to deliver on its prospects as an independent, science led business."

Pfizer Inc., which is the world's second-biggest drugmaker by revenue, has been courting No. 8 AstraZeneca PLC since January, arguing their businesses are complementary. On Sunday, it raised its stock-and-cash offer by 15 percent to $118.8 billion, or 70.73 billion pounds. That would be the richest acquisition ever among drugmakers and the third-biggest in any industry, according to figures from research firm Dealogic.

AstraZeneca didn't take long to reject the new offer, its board arguing Pfizer is making "an opportunistic attempt to acquire a transformed AstraZeneca, without reflecting the value of its exciting pipeline" of experimental drugs.

Because Pfizer said it won't raise its offer again or launch a hostile takeover bid over the heads of AstraZeneca's board, the prospect of a deal looks increasingly remote unless AstraZeneca shareholders urge a change of mind. Pfizer has said it hopes AstraZeneca's shareholders will push for a deal.

"This has been going on for quite some time and we have been in very deep engagement over the whole of the weekend," AstraZeneca Chairman Leif Johansson told the BBC. "If Pfizer now says this is the final offer I have to believe what they say."

Shareholders in AstraZeneca seemed to think a deal is now unlikely, with the company's share price slumping 11 percent to 43.15 pounds.

Johansson said his management team had told Pfizer over the weekend that it would need to see a 10 percent improvement over the 53.50 pounds-per-share offer that was on the table at that time. He said Pfizer's latest offer represented only a "minor improvement" that fell short of the 10 percent needed.

Though it has said its indicative offer is final, Pfizer has, under U.K. takeover rules, until 5 p.m. local time on May 26 to make a formal bid. If it doesn't, it cannot make another offer for six months.

Pfizer's offer comes amid a surge of other deals as drugmakers look to either grow or eliminate noncore assets to focus on their strengths. Those deals include Switzerland's Novartis AG agreeing to buy GlaxoSmithKline's cancer-drug business for up to $16 billion, to sell most of its vaccines business to GSK for $7.1 billion, plus royalties, and to sell its animal health division to Eli Lilly and Co. of Indianapolis for about $5.4 billion. Canada's Valeant Pharmaceuticals has also made an unsolicited offer of nearly $46 billion for Botox maker Allergan, which has turned it down, so far.

Pfizer's latest offer increased the ratio of cash AstraZeneca shareholders would receive, from 33 percent to 45 percent. The latest offer would give them the equivalent of 55 pounds for each AstraZeneca share, split between 1.747 shares of the new company and 2.476 pence in cash. It said the offer represents a 45 percent premium to AstraZeneca's share price of 37.82 pounds on April 17, before rumors of the deal began circulating.

Pfizer CEO Ian Read said the proposed combination would yield "great benefits to patients and science in the UK and across the globe."

AstraZeneca has insisted Pfizer's offers significantly undervalue the company and its portfolio of experimental drugs. The company and British government officials also have raised concerns about the prospect of job cuts, facility closures and losing some of the science leadership in the U.K., where London-based AstraZeneca is the second-biggest drugmaker, behind GlaxoSmithKline PLC.

Pfizer has assured such cuts would be limited. It's promised to complete AstraZeneca's research and development hub in Cambridge. And it pledged to establish the new company's tax residence, but not headquarters, in England, which would significantly reduce its future tax rate.

But layoffs would be inevitable in such a big merger, analysts say, and Pfizer has a track record of eliminating tens of thousands of jobs as a result of megadeals.

While Pfizer is best known to the public for Viagra, cholesterol fighter Lipitor and other widely used medicines, in the pharmaceutical industry it's known for two other things: marketing muscle and mega mergers, which together have repeatedly propelled it to the top.

Since 2000, it has made three acquisitions that have vaulted the company to No. 1 in revenue. It paid $111.8 billion for Warner-Lambert Co. in 2000 to get the rights to Lipitor, then $59.8 billion for Pharmacia Corp. in 2003 and $68 billion for Wyeth in 2009, according to Dealogic. With this deal, Pfizer would then be the buyer in four of the 10 richest deals ever in the pharmaceutical industry.

Each of those deals resulted in massive layoffs and closures of some medicine factories, research facilities and office buildings, with the cost-cutting boosting Pfizer's bottom line for a few years.

Pfizer now wants to add to its medicine portfolio to boost revenue. The company slipped from No. 1 to No. 2 last year, behind Novartis AG, mainly because Lipitor got generic competition at the end of 2011, wiping out several billion dollars in annual sales. Pfizer also has sold off some units and reorganized as part of preparations to possibly break off another part of the company, something analysts have been urging it to do.

___

Johnson contributed from New York.

22.26 | 0 komentar | Read More

Diminutive driver’s hubby worries about her safety

My wife is 5 feet 2 and has a driving posture that places her about 12 inches from the steering wheel of her 2010 Subaru Forester, even with the pedal extenders I have installed. Years ago I was convinced that this is pretty dangerous given the geometry and violence of airbag deployments. Should I be concerned about the risk of injury from a deploying airbag?

The basic rule of thumb is a minimum of 12 inches between the driver's chest and the steering wheel/airbag. The crash management system in modern automobiles is engineered to make sure the sea belt/restraint system prevents the driver's upper body from entering the "zone of deployment" prior to the airbag inflating.

So in this case the seatbelt is the critical factor. The good news is that her Subaru, like many modern vehicles and unlike many early-generation airbag-equipped vehicles, is equipped with front seatbelt pretensioners that will rapidly retract and lock the seatbelt in any frontal collision that triggers the airbag. The mechanism for this is an "explosively expanding gas" driving a piston that retracts the belt. This helps prevent "submarining" — sliding downward and forward in the seat — and helps prevent the upper body from reaching the airbag's zone of deployment.

It would appear that you've done everything possible to allow the Subaru's crash management system to work properly for your wife in the event of a serious frontal impact.

• • •

Some new cars do not have much space around the tire in the wheel well, which results in snow collecting and freezing in the small space. Could this affect how the brakes work?

Very unlikely. As long as the wheel can roll, the hydraulic pressure applying the brake pads against the rotors will force out moisture and debris as well as generating more than enough heat to melt any ice/snow in proximity. With that said, it's always a good idea to knock off the large "icebergs" that collect at the rear of the wheel wells before driving. These can initially limit steering until worn or knocked clear.

• • •

I have a 2002 Buick Century with about 180,000 miles on it. The transmission shifts smoothly when it first starts, but after driving for a while it starts to "clunk" when shifting to the next gear. The transmission was rebuilt in 2010. Transmission "conditioner" was added a couple of weeks ago and it's a little better, but not much. Any suggestions for eliminating the clunk except a $2,000 rebuild? Our son will be driving the car over the summer and we'd like it to last a while longer.

Does the "Service engine soon" light ever come on when the harsh shifting occurs? Hard upshifts or downshifts can be indicative of "limp" mode operation — a self-protective, high hydraulic pressure mode to prevent slippage/damage to the transmission. If so, a diagnostic scan tool may pinpoint the problem.

If no service light comes on, the problem may be mechanical. Even though the transmission apparently has been rebuilt, sediment or worn/binding valves or accumulator pistons may be causing the symptom. This might explain the temporary improvement from adding the conditioner. If the additive wasn't SeaFoam Trans-Tune, give this a try.

Recognize that harsh shifts aren't necessarily damaging to the transmission or drivetrain. Short of major work, I'd suggest continuing to drive the car until the symptoms worsen significantly. More gentle acceleration and/or manually upshifting/downshifting the transmission may improve shift quality.

• • •

Motoring Note: A hearty "thank you" to the armchair quarterbacks who commented on my response to the faulty fuel pump on the 2000 Ford Explorer that wouldn't start in cold weather unless the owner tapped on the bottom of the fuel tank. In describing the additional amperage drawn by a worn/tired fuel pump, I should have said higher mechanical rather than electrical resistance. The additional mechanical resistance in the pump is what causes the increased draw of current I described.

22.26 | 0 komentar | Read More

Later business hours fit to a T

The MBTA's late night weekend service pilot program is spurring Cambridge to join the Hub in taking a look at extending the hours businesses can remain open.

"We want to look at the potential benefits, not just for our employees and our residents, but also for our local businesses," said Lisa Hemmerle, director of economic development for Cambridge. "We have a task force formed."

Government officials make up the task force and they are laying the groundwork before its membership is opened up to the public, Hemmerle said.

The city, said Hemmerle, already has granted requests from two businesses — the Kendall Square Cinema and Veggie Galaxy — to stay open later. And Hemmerle said Cambridge plans to begin an outreach program soon to encourage businesses to stay open later.

"We're hoping to have more, as people realize now their staff can get home," said Elizabeth Lint, executive director of the Cambridge License Commission. "It's something the city has an interest in."

The MBTA's yearlong late night service pilot program, which extended the hours trains and some buses run on Friday and Saturday nights until 2:30 a.m., kicked off in late March.

Meanwhile, Boston's late night task force has met twice since Mayor Martin J. Walsh announced his proposal to let bars and restaurants stay open until 3:30 a.m.

Still, the city hasn't opened up the floodgates yet. The Boston Licensing Board last week denied a request from Amelia's Taqueria in Allston to stay open until 3 a.m. on the weekends. Melina Schuler, a spokeswoman with the mayor's office, said those kinds of requests could be viewed more favorably in the future.

"Moving down the road we'll work better in terms of managing later operating hours," she said.

The task force, trying to get a pilot program rolling by the summer, is looking at how to best implement later hours.

"What's driving this is the two main things we want to look at is the quality of life and the demand for this service," said John Fitzgerald, senior project manager at the Boston Redevelopment Authority and co-chairman of the task force.

The task force, with the help of students from the Harvard Kennedy School, so far is collecting information, including crime statistics, streetlight concentrations and is even combing through Twitter to see the age of those most likely to be tweeting between 2 and 4 a.m.

22.26 | 0 komentar | Read More

NYT publisher again defends removal of Abramson

NEW YORK — New York Times publisher Arthur Sulzberger Jr. provided a fresh defense Saturday of his removal of executive editor Jill Abramson, saying it had nothing to do with his company's treatment of women but with Abramson's management style.

"During her tenure, I heard repeatedly from her newsroom colleagues, women and men, about a series of issues, including arbitrary decision-making, a failure to consult and bring colleagues with her, inadequate communication and the public mistreatment of colleagues," Sulzberger, who also chairs the Times parent company, said in a statement.

"The saddest outcome" of the decision, he said, is that many have cast it as an example of unequal treatment of women. He denied that Abramson's compensation package was less than her predecessor's. Abramson was named executive editor in September 2011, replacing Bill Keller. She was the paper's first female executive editor.

"Jill's pay package was comparable with Bill Keller's; in fact, by her last full year as executive editor, it was more than 10 percent higher than his," he wrote.

The Times replaced Abramson, 60, on Wednesday and promoted managing editor Dean Baquet, 57, to executive editor.

Abramson has yet to comment publicly. No one answered her home phone Saturday, and she did not immediately respond to a LinkedIn message.

In a blog post Wednesday, New Yorker staff writer Ken Auletta quoted an anonymous "close associate" who said Abramson confronted the Times' "top brass" about her pay after discovering that both her pay and her pension benefits were less than that of Keller.

The New York Times reported in its initial story about Abramson's departure that as part of a settlement agreement between her and the newspaper, neither side would go into detail about her firing.

Sulzberger then said in a memo to the newspaper's staff Thursday that it is "simply not true that Jill's compensation was significantly less than her predecessor's." He elaborated in the Saturday statement.

"Equal pay for women is an important issue in our country — one that The New York Times often covers. But it doesn't help to advance the goal of pay equality to cite the case of a female executive whose compensation was not in fact unequal," he wrote.

The Times' chief executive, Mark Thomson, also sent a memo to the paper's top editor on Friday defending the reasons for Abramson's dismissal.

"Despite all you may have read or heard, Jill's compensation was in fact greater than Bill Keller's," Thomson wrote, according to a New York Times story.

Abramson joined the newspaper in 1997 after working for nearly a decade at The Wall Street Journal. She was the Times' Washington editor and bureau chief before being named managing editor in 2003.

Abramson decided not to attend Brandeis University's graduation Sunday, where she was supposed to receive an honorary degree. She is scheduled to speak Monday at Wake Forest University.

22.26 | 0 komentar | Read More

Boston HQ’s score skyline spots

The city's skyline has long been largely off limits to companies looking to advertise their names atop high-rises, but lately several companies planting roots in Boston have been allowed to emblazon their corporate logos on their rooftops and rooflines.

Boston-bound motorists heading over the Zakim Bridge are now greeted by giant letters that spell out Converse on the roof of the sneaker makers' soon-to-be opened world headquarters. Meanwhile, travelers to the Seaport District — particularly at night — can't help but notice the illuminated Vertex sign atop the pharmaceutical company's new waterfront home.

The tenants of the two buildings join only a handful of companies — State Street's headquarters in the Financial District being the most notable — granted permission by the Boston Redevelopment Authority to vertically advertise their names.

Boston's downtown skyscrapers are mostly devoid of rooftop advertising due to a 1979 BRA rule prohibiting signs atop high-rise buildings.

Lara Merida, the BRA's deputy director for community planning, said exemptions are granted to companies that locate their corporate headquarters in Boston and occupy the entire building. Hotels such as the Westin and Renaissance can erect signs on their rooflines as "wayfinders" for visitors, she said.

"Generally, signage on top of large projects is discouraged. However, corporate signs have been approved as an economic development incentive for companies building their headquarters in, or transferring their headquarters to Boston," the BRA said in a statement.

Other companies that got BRA approval to erect logos above their corporate headquarters include John Hancock Financial on Congress Street and New Balance in Brighton Landing.

Vertex recently moved its headquarters from Cambridge to Fan Pier, bringing with it 1,300 employees.

"As part of our move to Boston, we followed the BRA's policy related to placing a Vertex sign on our building. This was based on the building serving as our global headquarters and the fact that we occupy 100 percent of the space," said Vertex spokesman Zach Barber.

Converse is moving its world headquarters, now in North Andover, to 187,000 square feet of new office space being created by the $230 million refurbishment of a nine-story building across from the TD Garden. The rehabbed building will house some 400 Converse employees when it opens in the spring of 2015.

"The decision for signage was made by the city. Ultimately, the sign is a reflection that Converse is here to stay," Converse said in a statement.

Melina Schuler, a spokeswoman for Mayor Martin J. Walsh, said that while the Converse building will contain 45,000 square feet of ground floor retail, the sneaker company is occupying "100 percent of the office space."

22.26 | 0 komentar | Read More

US-Russia tension could affect space station, satellites

The escalating tensions between the U.S. and Russia over Ukraine have reached a new altitude: space.

In the aftermath of the Cold War, the two super powers set aside their mistrust and agreed to build a massive orbiting outpost as a symbol of a new era of cooperation in space exploration. But now that partnership is under serious strain.

After Russian Deputy Prime Minister Dmitry Rogozin this week said his nation might no longer allow U.S. astronauts access to its launch vehicles and may use the International Space Station without American participation, the House Science, Space and Technology Committee on Thursday pressed NASA for answers about the how the U.S. could respond.

Since the retirement of the space shuttle, Russia has provided launches for U.S. astronauts, for $71 million each.

"Dropping out of ISS is a high-profile move on Russia's part," said Marco A. Caceres, space analyst for the aerospace research firm Teal Group Corp. of Fairfax, Va. "They're pulling the rug out from under the Americans. It's a move of national pride that plays well in Russia."

Indeed, after railing against U.S. sanctions in response to Russia's annexation of Crimea, Rogozin, chief of the Russian space and defense sectors, suggested that "the U.S.A. ... bring their astronauts to the International Space Station using a trampoline."

Rogozin's threat is too significant for the U.S. to ignore, said Loren B. Thompson, an aerospace and defense expert at the Lexington Institute, a Washington-based think tank.

"The central assumptions of the Obama administration space policy are no longer valid," he said.

The space station is just one example of how the mess in Ukraine is undermining aerospace trade between the two leaders in space travel. Russia has threatened to suspend exports of rocket engines, which are used to help launch U.S. Air Force satellites. And it has threatened to suspend cooperation on navigational systems that depend on outposts in Russia.

The U.S. helped fund the Russian program in the aftermath of the collapse of the Soviet Union. And when the shuttle Columbia burned up on re-entry in 2003, killing seven, the Russians agreed to help ferry U.S. astronauts back and forth to space.

The $100-billion orbital outpost, often cited as the most expensive machine ever built, has a series of modules and power systems, some Russian, some American and others from a range of international partners. The U.S. hardware produces most of the station's electricity, but the Russian propulsion system helps keep the station in orbit.

Now, that combination of hardware could cause a major headache. Under legal agreements, the U.S. has an upper hand in controlling the space station, but Rogozin said his nation could operate its modules independently of the U.S.

In a House hearing at the end of March, NASA Administrator Charles Bolden said the agency's partner is not Russia itself, but rather the Russian space agency, a distinction that many analysts dismissed.

The House science committee sent a letter to Bolden on Thursday seeking an assessment of a Russian withdrawal from the space station program after 2020. While the partnership is not yet broken, the committee wants to know what options the U.S. has if Rogozin's threats become reality.

The issue involves broad engineering and legal issues that may be new: Could the space station be separated into two parts? Who owns key systems? What would happen to life science research and how would such a breakdown in cooperation affect political support for human space flight?

When the U.S. and Russia agreed to build the station in 1993, neither country had the political will to build such an ambitious project by itself. For years the space station has been considered a symbol of how cooperation among nations may yield bigger results than any single effort.

But that was then.

"This is a step back toward the Cold War days," Caceres said of the current climate. "It's the beginning of a freeze on a great relationship that's been forged over the last two decades."

NASA ultimately wants private companies to take astronauts to the station by 2017, but that hardware is still in development.

Officials with NASA said they did not yet have a response to the committee's letter but issued a statement, which said in part:

"NASA has not received any official notification from the government of Russia on any cessation or changes in our space cooperation at this point. Operations on the ISS continue on a normal basis with the safe return of the Expedition 39 crew May 13 and the expected launch of another crew in two weeks."

Separately, Rogozin has said Russia intends to stop supplying the U.S. with rocket engines that are used in launching military satellites into orbit.

United Launch Alliance, a joint rocket venture of aerospace giants Boeing Co. and Lockheed Martin Corp., uses a Russian-made engine on its Atlas V rocket.

(EDITORS: STORY CAN END HERE)

The RD-180 engine provides the main thrust for the rocket, which launches the government's pricey, school-bus-sized national security satellites for spying, weather forecasting, communications and other, experimental purposes.

In the wake of Russia's seizure of Crimea, the Pentagon asked the Air Force to review United Launch Alliance's use of the engine.

United Launch Alliance said it was not aware of any restrictions. But even if an embargo on selling the engines takes effect, the company says it has stockpiled a two-year supply. It also has another family of rockets, called Delta IV, which uses all U.S.-made rocket engines.

"We are hopeful that our two nations will engage in productive conversations over the coming months that will resolve the matter quickly," Jessica Rye, a company spokeswoman, said.

———

©2014 Los Angeles Times

Visit the Los Angeles Times at www.latimes.com

Distributed by MCT Information Services

22.26 | 0 komentar | Read More