Disney CEO Bob Iger could take home $60-million bonus

Walt Disney Co. Chairman and Chief Executive Robert Iger, who inked a two-year contract extension on Thursday, could depart the company in 2018 with a bonus of up to $60 million.

According to a filing with the Securities and Exchange Commission, the performance-based retention bonus is tied to Disney meeting certain operating income targets.

Iger's bonus would be triggered if the company were to generate cumulative operating income of more than $76.010 billion over the five-year period ending Sept. 29, 2018. The bonus escalates linearly.

The bonus maxes out at $60 million, which Iger would receive if the company generates cumulative operating income of more than $78.314 billion over the stretch.

The bonus is by no means guaranteed. For Iger to receive it, Disney's operating income would have to increase dramatically. For the five-year period from 2009 to 2013, the company generated cumulative operating income of $43.771 billion.

However, the company's annual operating income has increased considerably in recent years. In 2013, Disney's operating income was $10.724 billion, up 8 percent from a year earlier when it was $9.964 billion. It increased by 13 percent from 2011 to 2012.

Save for the prospective bonus, Iger will continue to receive the same annual compensation as under his previous contract. A large portion of his pay is tied to Disney's financial performance. For the fiscal year that ended Sept. 28, 2013, Iger's base salary was $2.5 million, but his total compensation was $34.3 million.

Iger has been chief executive of Burbank-based Disney, the world's largest entertainment company, since 2005. Iger's new contract runs through June 2018, and he is expected to leave Disney at that time.

Before signing the contract extension, he'd been set to vacate his post at the end of June 2016.

He told The Times on Thursday it has been a "privilege" to run Disney and said he relished "having more time to do that."

———

©2014 Los Angeles Times

Visit the Los Angeles Times

Distributed by MCT Information Services

22.26 | 0 komentar | Read More

British retail boss sorry for anti-French remarks

LONDON — It was a speech that got lost in translation.

The boss of British retail chain John Lewis apologized Friday for saying France is "in decline" and "finished."

The Times newspaper reported that managing director Andy Street had made the critical comments at an event for entrepreneurs in London this week.

It said he described France as "sclerotic, hopeless and downbeat," and said "nothing works and worse, nobody cares about it."

Street also described the Gare du Nord station in Paris — terminus for Eurostar trains from London — as "the squalor pit of Europe" and told his audience: "If you've got investments in French businesses, get them out quickly."

In a statement Friday, Street said his comments "were supposed to be lighthearted views, and tongue in cheek."

"On reflection I clearly went too far," he said. "I regret the comments, and apologize unreservedly."

The French embassy in London was unamused by the comments. It told the Times that France had the world's fifth-largest economy, with world-class public services, a first-rate health care system and higher workforce productivity than many other developed countries.

John Lewis operates upmarket department stores in Britain. It does not have any stores in France but is planning to launch a website for French customers.

22.26 | 0 komentar | Read More

Palestinian university expels Israeli visitor

RAMALLAH, West Bank — The expulsion of an Israeli journalist from an academic conference hosted by a top Palestinian university has unleashed a fierce debate about academic freedom in the West Bank.

It is also shining a spotlight on the apparent radicalization of some young Palestinians who are disillusioned by years of failed peace efforts and have grown up with little contact with Israelis.

While Bir Zeit University has apologized to journalist Amira Hass, some student activists say they support her expulsion and want the school to rescind its apology. In Israel, officials say such attitudes violate the spirit of academic freedom.

Hass, who writes for the liberal Israeli daily Haaretz, is a popular figure in Ramallah, one of a few dovish Israeli Jews who live in the Palestinian city. In Israel, she is well known — and reviled by some— for her scathing criticism of Israeli policies toward the Palestinians.

But when she attended a conference at Bir Zeit on Sept. 23, she ran into trouble when she listed Haaretz as her professional affiliation.

She said two professors asked her to leave. "They said, 'There is a law in the university that Israelis cannot enter the university,'" she said. One even told her that she should leave for her own safety. Hass, who said she has been to the university dozens of times previously, decided to leave.

"I was at that moment reminded of the image that Israelis commonly have of Palestinians: irrational hotheads," she wrote in Haaretz.

In an interview, Hass said she has received messages of support from many Palestinians. Hundreds signed a petition saying they were shocked by the expulsion, calling her a courageous defender of Palestinian human rights.

Ghassan Zaqatan, a prominent columnist, called the treatment of Hass "shameful."

Bir Zeit expressed regret and said it will work with students and faculty to help them understand university policies that "oppose discrimination based on identity."

The university "takes pride in observing the academic boycott of Israel," but this applies to institutions, not individuals like Hass who have "distinguished themselves by being on the side of justice and humanity," Bir Zeit said in a statement.

The affair has been hotly debated on campus. On Thursday, the student council demanded the university withdraw its apology. "We say that any Israeli Zionist is not welcome in Bir Zeit University," said Mustafa Mustafa, head of the student council.

He said that Israel should cease to exist, and "if Amira really supports the Palestinian struggle against the occupation, she needs to leave the country."

Baraa al-Qadi, another activist, said that while the general student body is apathetic, most student leaders reject the efforts by the Fatah-led Palestine Liberation Organization to pursue peace with Israel.

Ghassan Khatib, a senior university official, said the school has no official policy banning contact with Israelis, and plans to invite Hass back. He said that while he personally favors interaction with Israelis, the current attitude on campus is that "supporters of the occupation" should not be welcomed.

He said he could not remember the last time an Israeli official had spoken on campus and could not envision leaders of moderate Israeli parties being invited. Students are "willing to listen to views they are not happy with, but when it comes to the occupation, it's another category," he said.

Khatib, a former Palestinian government spokesman, blamed the downfall of Israel's "peace camp" for the hardening of Palestinian attitudes. "For the new generation in Palestine now, it is extremely difficult to notice the existence of any peace camp in Israel, which weakens the argument of the need for dialogue and interaction," he said.

Dovish Israeli political parties advocating broad withdrawals from lands occupied since 1967 have seen their fortunes tumble following a Palestinian uprising in the early 2000s, repeated failures in peace negotiations and three wars against Hamas militants in the Gaza Strip. Palestinians are disillusioned by two decades of failed negotiations, and the continued expansion of Israeli settlements in the West Bank and east Jerusalem, occupied lands they seek for their independent state.

The political impasse is accompanied by growing separation.

Since a second Palestinian uprising began in 2000, Israel has imposed a number of restrictions that prevent most Palestinians from entering Israel and bar Israelis from Palestinian areas in the West Bank.

That contrasts sharply with the situation 20 years ago when thousands of Palestinian workers came to Israel on a daily basis, and many Israelis visited the West Bank for shopping, eating and sightseeing.

In consequence few young people on either side have much contact with the other — unless it is during clashes between the Israeli army and Palestinian demonstrators.

Bir Zeit is considered the best university in the West Bank, and it has long been a center of political activism. Last year, protesters angry over British policies in the Middle East blocked the British consul general from entering the campus and forced him to cancel a speech.

Academic boycotts are nothing new to Israel. University associations in the U.S., Britain and elsewhere have attempted — and sometimes succeeded — to cut off ties with Israeli counterparts.

Israel's committee of university heads said it rejects any academic boycott.

Israel's Hebrew University, for instance, maintains a number of partnerships with the Palestinians, including a collaborative training program that trains dentists from the West Bank and a master's degree in public health that accepts Palestinian students.

Uri Savir, a former Israeli peace negotiator, said he believes the young Palestinians who reject contact with Israel arel a small but vocal minority.

But he warned that the continued failure by both sides to reach a peace agreement would only strengthen these voices. "The longer the time that there is no realistic horizon of the two-state solution, the secular minority of extremists will either go with Hamas or grow within the Fatah," he said.

___

Federman reported from Jerusalem.

22.26 | 0 komentar | Read More

Nearly century-old Lawrence business closes

LAWRENCE, Mass. — A nearly 100-year-old fish market in Lawrence is closing its doors for good later this month.

Siblings Tom Pappalardo and Mary Pappalardo-Raymond say they are getting old and want to step aside, and no one in their family wants to take over the business. The Boston Fish Market was founded in 1919 by their grandfather.

Tom Pappalardo is 68 and tells The Eagle-Tribune  he wants to retire. Mary Pappalardo-Raymond is 53 and has a career as a nurse.

They have sold the business but are not quite sure what the new owners have planned, but doubt it's a fish market.

The owners say the business has changed. All the seafood they sold 40 or 50 years ago used to be caught locally. Now most is imported.

___

Information from: Eagle Tribune (North Andover, Mass.), http://www.eagletribune.com

22.26 | 0 komentar | Read More

Push by workers for paid sick days gathers steam

BOSTON — For a majority of Americans, a sick day is just that — a day to stay home, rest up and get better before returning to work. But supporters of a Massachusetts ballot question say for many low-income workers, getting sick means losing pay and perhaps even their jobs.

If approved by voters, the proposal would allow workers to accrue up to 40 hours of paid sick time in a given year, earning one hour for every 30 hours they put in. Companies with ten or fewer employees would be exempted, as would those with equally or more generous sick leave policies in place.

While sponsors say it would be the nation's strongest sick time law, business groups view it as a short-sighted, one-size-fits-all approach that ignores economic realities facing many employers.

Workers could take time off to care for themselves or a sick family member, though employers could demand a doctor's note for absences longer than three days.

Gabrielle Monteiro, 23, of New Bedford, said she once felt pressured by a supervisor to go to her job at a Laundromat just hours after being treated for a lung infection in a hospital emergency room.

"It was obvious that I was sick," said Monteiro, now a student at University of Massachusetts-Dartmouth and a volunteer for Raise Up Massachusetts, a coalition of unions and community groups spearheading the November ballot drive.

"If this law were in place, I think people would be able to take the time they need for themselves or their loved one without running the risk of threats or being fired," she said.

According to the most recent estimates from the U.S. Bureau of Labor Statistics, 61 percent of private sector workers receive paid sick time. But the numbers vary dramatically based on type of employment and average earnings, with managerial and office workers twice as likely to have paid sick leave as those in the service industry.

Among the top 10 percent of wage earners, nearly 9 in 10 had paid sick time; among the lowest ten percent, only 1 in 5 could say the same.

California Gov. Jerry Brown recently signed a law that would require most employers to provide up to three sick days a year. Connecticut, the only other state with a paid sick leave law, exempts businesses with fewer than 50 employees. Several cities, including New York, also have laws in effect.

Advocates frame it as an "economic justice" issue, paired with recent efforts to boost the minimum wage nationally and in states. It takes barely three unpaid sick days to threaten the ability of a typical low-wage worker to afford groceries, rent and other necessities, said Vicki Shabo, vice president of the National Partnership for Women & Families.

Opponents in Massachusetts contend a paid sick time law would dump another expensive mandate on small businesses.

While employers in office settings can generally cover for sick workers without bringing in additional staff, the same is not true for many small businesses, including some who might be required by law to maintain certain staffing levels, according to Jon Hurst, president of the Retailers Association of Massachusetts.

Those companies would have to pay both the sick worker and a replacement, he said.

"Where the real concerns lie is with small businesses that don't have the ability and frankly don't have the flexibility and financial wherewithal to really absorb all of the costs that we are looking at here," said Hurst.

The measure could also have implications for taxpayers, opponents note, since the Massachusetts proposal — unlike the California law — would not exempt home health care aides who often work for state-funded contractors.

Deb Fastino, co-chair of Raise Up Massachusetts — which led a successful effort to boost the state's hourly minimum wage from $8 to $11 over the next three years — counters that a sick time requirement would benefit businesses by reducing employee turnover and contagion.

"We all know when people go in sick, they're not very productive," Fastino said.

22.26 | 0 komentar | Read More

JPMorgan breach heightens data security doubts

LOS ANGELES — New details on a cyberattack against JPMorgan Chase & Co.'s computer servers this summer add to increasing doubts over the security of consumer data kept by lenders, retailers and others.

The New York-based bank disclosed Thursday that the breach compromised customer information pertaining to roughly 76 million households and 7 million small businesses.

Among the customer data stolen were names, addresses, phone numbers and email addresses, though only customers who use the websites Chase.com and JPMorganOnline and the apps ChaseMobile and JPMorgan Mobile were affected, the bank said.

JPMorgan stressed that there's no evidence that the data breach included account numbers, passwords, Social Security numbers or dates of birth. It also noted that it has not seen any unusual customer fraud stemming from the data breach.

The server breach follows data thefts that have hit financial firms and major retailers this year, adding to consumer concerns over the risk of identity theft and fraud.

The Chase heist is even more disturbing than the recent retail breaches because banks are supposed to have fortress-like protection against intruders, said Gartner security analyst Avivah Litan.

"This is really a slap in the face of the American financial services system," Litan said. "Honestly, this is a crisis point."

JPMorgan Chase, the nation's biggest bank by assets, has been working with law enforcement officials to investigate the cyberattack.

The bank discovered the intrusion on its servers in mid-August and has since determined that the breach began as early as June, spokeswoman Patricia Wexler said.

"We have identified and closed the known access paths," she said, declining to elaborate.

She also declined to comment on whether JPMorgan has been able to determine who was behind the cyberattack on its servers.

In response to the data breach, the company has disabled compromised accounts and reset passwords of all its technology employees, Wexler said.

In a post on its Chase.com website, the bank told customers that it doesn't believe they need to change their password or account information. It also noted that customers are not liable for unauthorized transactions when they promptly alert the bank.

The breach is yet another in a series of data thefts that have hit financial firms and major retailers.

Last month, Home Depot said that malicious software lurking in its check-out terminals between April and September affected 56 million debit and credit cards. Michaels and Neiman Marcus also have been attacked by hackers in the past year.

A data breach at Target in December compromised 40 million credit and debit cards. TJX Cos.'s theft of 90 million records, disclosed in 2007, remains the largest data breach at a retailer.

Chase's assurances that it hasn't found any evidence of the personal data being misused shouldn't be misinterpreted as a reason to rest easy. The information still could be used in a variety of ways to rip off people in the months and years ahead.

That means consumers and business owners need to be more vigilant than ever, making sure to pore over their financial statements each month for any sign of suspicious activity. People also should be more leery than ever of unsolicited phone calls from purported bank representatives, emails fishing for their financial information and even uninvited guests knocking at their doors.

"You have to be paranoid now. You can't slack off," Litan said. "There is no such thing as data confidentiality anymore. Everything is out there."

Jamie Dimon, the bank's CEO, said in this year's annual report that despite spending millions on cybersecurity, JPMorgan remained worried about the threat of attacks. By the end of this year, the bank estimates that it will be spending about $250 million annually on cybersecurity and employing 1,000 people in the area.

In August, the FBI said that it was working with the Secret Service to determine the scope of recent cyber attacks against several American financial institutions.

Last month, JPMorgan began notifying customers that it would reissue credit or debit cards in the wake of the data breach at Home Depot. Wexler said the bank doesn't plan to reissue cards as a result of the breach of its servers, noting that customer account information was not stolen.

____

AP Technology Writer Michael Liedtke in San Francisco contributed to this report.

22.26 | 0 komentar | Read More

Baker Chocolate complex has sweet condos

If you're looking for an alternative to the Hub's astro­nomical condo prices, you may want to stop looking along the Charles River and set your sights on the Neponset.

The Baker Chocolate complex, a 14-acre village of brick factory buildings along the Neponset River in Dorchester's Lower Mills, has some new high-end condos that start at just $450,000. Owners have access to an indoor lap pool with a hot tub, a fitness facility, a conference room and a dog park. Units come with deeded parking out back and condo fees include heat.

The Lofts at Lower Mills were transformed into one- and two-bedroom market-­rate apartments with historic preservation tax credits five years ago, and now Hub owner Winn­ Develop­ment has been converting them to condos as the credits expire.

Three buildings are being transitioned into 77 condos, with 58 of them in a six-story Romanesque Revival building built in 1891 and known as the Baker Mill. The developer is adding hardwood floors, some updated appliances, and even opening up some unused loft spaces on the top floor.

The condos have 13-to- 18A-foot-high wood-beam ceilings, tall windows, exposed brick walls and lots of original detailing.

We took a look at model Unit B-601, a 2,000-square-foot one-bedroom-plus duplex that's on the market for $660,000. The sixth-floor unit's living room has soaring 18A-foot ceilings and a large multipart arched window that overlooks the river. Its one bedroom, reachable by a newly added steel and wood staircase, is a remarkably large 750 square feet. The unit has two full bathrooms with glass-enclosed showers and a soaking tub, an in-unit washer/dryer, a dining room/den space and an open kitchen with quartz countertops, wood cabinets and stainless-steel appliances.

The Baker complex is within a short walking distance of Dorchester's Lower Mills retail area and Milton Village just across the Neponset, but it feels self-contained. Out back there's the picturesque Baker Dam and you can connect with Neponset River Walk that leads down to the Pope John XXIII park. There's a Red Line trolley stop to Ashmont just across the street, making for an easy city commute.

"It's got a neighborhood feel, and it's affordable," said Jonathan Keith of Keith Brokerage in Canton, who is exclusively marketing the units. The building was rehabbed into apartments by his family's construction company.

Condo fees range from $600-$900 a month, and include gas heat from a central system. Owners also get access to the complex's renovated lap pool and fitness facility.

"We're attracting a lot more empty nester buyers than we thought we would," said Keith, who said 32 units have closed. "We're getting people from suburbs like Hingham and Cohasset who want to be close to the South Shore but are looking for a city feel. The complex has really developed into a friendly neighborhood with a great mix of people."

22.26 | 0 komentar | Read More

Company proposes a safer Zohydro to FDA

The maker of the controversial painkiller Zohydro is seeking federal approval of a harder-to-abuse version, but its lawsuit against the state is "ongoing," even though a judge struck down Massachusetts' ban of the drug and some of the subsequent restrictions the state put on it.

San Diego-based Zogenix said it has submitted a supplemental application to the Food and Drug Administration for a new form of Zohydro extended-release capsules that is more difficult to snort or inject. If it is approved, as the company expects, in the first quarter of 2015, the drugmaker would replace the current version of Zohydro in the second quarter.

The company still, however, is challenging U.S. District Judge Rya W. Zobel's July 8 decision upholding a state Board of Registration in Pharmacy regulation requiring that only pharmacists handle Zohydro in a drug store.

"That legal action is ongoing in federal court, and the company will provide additional updates as it moves through the process," Zogenix said yesterday in a statement.

A hearing on the company's complaint is expected in December.

"Our office has urged the FDA as well as manufacturers to make abuse-resistant and tamper-resistant formulations of their drugs, especially potent opioids," Christopher Loh, a spokesman for Attorney General Martha Coakley, said in a statement yesterday. "That continues to be an important tool in the fight against abuse and a minimum safeguard that should be employed by manufacturers of painkillers."

The FDA approved Zohydro last October. But in late March, Gov. Deval Patrick declared a public health emergency because of a growing number of opiate overdoses and banned the prescription and sale of hydrocone-only drugs, of which Zohydro is the only one.

The company sued, arguing that it was being singled out unfairly, and in April, Zobel lifted the ban. Within days, the boards of registration in medicine and pharmacy and the Board of Registration of Physicians Assistants passed regulations placing restrictions on how the drug could be prescribed and sold.

In July, Zobel struck down a requirement that doctors or physicians assistants certify in a "letter of medical necessity" that "other pain management treatments have failed" for a patient who has been prescribed Zohydro.

22.26 | 0 komentar | Read More

Correction: Wrong Sperm-Lawsuit story

CLEVELAND — In a story Oct. 1 about a woman being inseminated with the wrong sperm, The Associated Press reported erroneously the number of women who sued. Only one sued, not two.

A correct version of the story was sent Oct. 2. A corrected version is also below:

White Ohio woman sues over sperm from black donor

Ohio woman sues after receiving sperm from a black donor instead of a white donor

By MARK GILLISPIE

Associated Press

CLEVELAND (AP) — An Ohio woman has sued a Chicago-area sperm bank after she became pregnant with sperm donated by a black man instead of a white man as she'd intended.

Jennifer Cramblett was five months pregnant and happy with her life in April 2012. She and her partner had married months earlier in New York, and within days of their nuptials she had become pregnant with donor sperm at a fertility clinic in Canton.

Cramblett, 36, and her partner, Amanda Zinkon, 29, were so elated that they called Midwest Sperm Bank LLC outside Chicago to reserve sperm from the same donor in the hope that Zinkon would someday also have a child.

But that's when Cramblett received some disturbing news, says a lawsuit filed Monday against Midwest Sperm Bank in Cook County, Illinois. She learned from an employee at the sperm bank that she had been inseminated with sperm from No. 330, a black donor, and not No. 380, a white donor she and Zinkon, who are white, had chosen.

"How could they make a mistake that was so personal?" Cramblett said during a telephone interview on Wednesday.

According to the lawsuit, her excitement about the pending birth was replaced with "anger, disappointment and fear."

"They took a personal choice, a personal decision and took it on themselves to make that choice for us out of pure negligence," Cramblett said.

Telephone calls to Midwest Sperm Bank were not returned on Wednesday. It's unclear who the sperm bank's attorney is.

Cramblett said she and Zinkon love their 2-year-old daughter, Payton, very much and wouldn't change anything about her. But they are concerned about raising her in the predominantly white community where they live.

The lawsuit said they had moved from Akron to Uniontown for better schools and to be closer to Cramblett's family. She said that as a lesbian she has felt the sting of prejudice but doesn't know what it's like to be mistreated because of her skin color.

The lawsuit says Cramblett also is worried about how Payton will be treated in her "all-white, and often unconsciously insensitive family."

Therapists have recommended that Cramblett, Zinkon and Payton move to a more a racially diverse community with good schools, the lawsuit said.

Cramblett said she decided to sue to prevent the sperm bank from making the same mistake again. The lawsuit says the sperm bank has no electronic record-keeping and no quality controls that would have prevented it from sending the wrong sperm to fertility clinics.

The lawsuit seeks a minimum of $50,000 in damages. Cramblett's attorney, Tim Misny, said some of the compensation would pay for ongoing counseling.

22.26 | 0 komentar | Read More

GM issues 2 more recalls for SUVs, mini cars

DETROIT — General Motors announced two more recalls Friday, pushing its total for the year to 71, affecting almost 30 million vehicles in North America.

The biggest of the new recalls covers just over 430,000 Cadillac SRX and Saab 9-4X SUVs, mainly in North America. The company says some rear suspension nuts may not have been tightened properly. That could cause the toe link adjuster to separate from the suspension, possibly causing a crash.

The recall affects SRXs from the 2011 through 2015 model years and Saabs from the 2011 and 2012 model years. GM says the problem has caused three crashes and two injuries.

Dealers will inspect the SUVs and install a new assembly if needed. Unsold SRXs are being checked to make sure the nuts are tightened properly.

The other recall covers nearly 94,000 Chevrolet Spark mini-cars from 2013 through 2015 in the U.S. and Canada. Rust can cause a secondary hood latch to stick, and the hood can open unexpectedly, blocking the driver's vision and causing a crash. GM says it knows of no crashes or injuries from the problem.

Dealers will replace the latch when parts are available. GM has told dealers not to sell about 13,000 cars on their lots until the repairs are made.

The company found out about the problem in March when it got reports of three latches corroding prematurely in the United Kingdom. In all three cases, the hood opened while the cars were being driven, according to documents GM filed with U.S. safety regulators. The company also received 10 warranty complaints in the U.S. for rusted latches.

GM traced the problem to an anti-corrosion coating on the latch that didn't meet company specifications. The coating was changed at the factory on July 31.

General Motors Co. shares edged up 31 cents to $33.49 in morning trading Friday. Its shares had fallen almost 19 percent so far this year through Thursday's close.

22.26 | 0 komentar | Read More

Google threatened with $100 million lawsuit over hacked celeb photos

Google is being accused by a Hollywood lawyer representing several women whose photos were stolen from their Apple iCloud accounts of failing to remove images from its services -- with an explicit threat of a lawsuit demanding more than $100 million.

In the letter, lawyer Marty Singer of L.A.-based law firm Lively & Singer said that Google not only has failed to expeditiously remove the images from sites including YouTube and Blogspot but also knowingly facilitated the hosting of the hacked photos.

"Google is making millions and profiting from the victimization of women," Singer wrote in the Oct. 1 letter, sent to top Google execs including CEO Larry Page and executive chairman Eric Schmidt. "As a result of your blatantly unethical behavior, Google is exposed to significant liability and both compensatory and punitive damages that could well exceed One Hundred Million Dollars ($100,000,000)."

Singer says the firm is representing "over a dozen female celebrities, actresses, models and athletes" whose private photos were accessed after their Apple iCloud accounts were hacked. The letter does not identify the women.

Google reps did not immediately respond to a request for comment.

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

22.26 | 0 komentar | Read More

Wayfair raises IPO price

Boston home furnishings online retailer Wayfair Inc. was set to start trading today at a higher than ex­pected share price on the New York Stock Exchange — the 20th Massachusetts company to undergo an initial public offering this year.

Wayfair last night said it would offer 11 million shares at $29 a share — higher than the $25 to $28 range it had set in regulatory filings — in a deal that will raise $319 million.

As a high-growth com­pany with no profits to show, Wayfair comes with pluses and minuses for investors. On the positive side, it has lots of room for growth. Its 6 percent market share makes it the leading company in the under-penetrated online home goods market, which accounts for just 7 percent of total home goods sales, said Kathleen Smith, principal of Renaissance Capital, an IPO exchange-traded fund manager.

And Wayfair has been growing fast, with a nearly 50 percent revenue increase in the first half of the year to $574.1 million, and 52.4 percent year-over-year growth to $915.8 million in 2013.

"And they're pricing at a fairly reasonable (price) relative to other similar companies," Smith said.

Wayfair is not making money, however. It lost $51.4 million in the first half of the year, after a 2013 loss of $15.5 million, primarily due to increased adver­tising spending. And those losses are expected to persist for a couple of years.

"This is the dark side," said Rett Wallace, co-founder of Triton Research, a financial data and intelligence firm. "It's not clear that they can ever be profitable."

But losses aside, Wayfair is a "valid business," according to Smith. "Investors are looking for these high-growth companies, figuring that they can figure out their model," she said. "Even Amazon doesn't earn money, and investors have been tolerating their negligible earnings."

Wayfair formerly operated through hundreds of niche websites before consoli­dating under Wayfair.com in late 2011 and changing its name from CSN Stores. The company holds little inventory, shipping to customers directly from its suppliers.

The company, which was in a quiet period yesterday, was unable to comment.

Wayfair's IPO is the 20th by a Massachusetts-based company this year and the largest since Samsonite International raised $1.3 billion in its June 2011 IPO on the Hong Kong stock exchange, according to Dealogic,­ a New York financial software company that tracks IPOs.

22.26 | 0 komentar | Read More

Ebola, manufacturing woes shake Wall St.

The first case of Ebola to be diagnosed in the U.S. sent ripples through Wall Street yesterday, as airline stocks slid while shares of drugmakers with potential treatments soared.

The Dow Jones industrial average ended the day down more than 200 points as it was hit with disappointing economic news in addition to Ebola worries.

At first stocks were driven lower by word that German manufacturing had slowed last month. The selling accelerated after a separate survey indicated U.S. manufacturing slowed as well.

News that a Liberian man visiting family in Dallas had been diagnosed with Ebola caused investors to dump airline stocks out of fear that people would be reluctant to travel.­ JetBlue, Delta, American and Southwest Airlines all fell by more than 3 percent.

"The worse the news headlines get about this, the more risk there is to airlines," Joe Denardi, a Stifel financial Corp. analyst, told Bloomberg.

But shares of drug­makers with potential vaccines or treatments for Ebola rose. Shares of Tekmira Pharmaceuticals, whose TKM-Ebola drug was given to Holden physician Richard Sacra after he contracted the disease in West Africa, soared more than 18 percent. Meanwhile, shares of Cambridge-based Sarepta Therapeutics, whose experimental drug AVI-7537 showed promise before federal funding dried up, rose 3.70 percent.

Other companies that fared well due to the Ebola news included Lakeland Industries, which makes hazmat suits, and Alpha Pro Tech, which makes face masks and eye shields. Lakeland shares soared 29.64 percent, while Alpha Pro Tech rose 10.46 percent.

22.26 | 0 komentar | Read More

Asian stocks down on recovery, Ebola worries

SEOUL, South Korea — Asian stocks fell Thursday amid worries about the strength of U.S. and European recoveries and the first American case of Ebola.

KEEPING SCORE: Japan's Nikkei 225 index lost 1.7 percent to 15,815.45 points and South Korea's Kospi fell 0.9 percent to 1,973.31. Australia's S&P/ASX 200 declined 0.7 percent to 5,295.7. Stocks in Southeast Asia also lost ground. Markets in Hong Kong and China were closed for a public holiday.

SLOW GERMAN DATA: A survey showed German manufacturing unexpectedly contracted in September for the first time in 15 months, the latest sign Europe is being hurt by sanctions imposed on Russia over its role in Ukraine.

US MANUFACTURING: A closely watched monthly survey by the Institute for Supply Management came in below expectations, helping to drive a selloff on Wall Street.

EBOLA: U.S. airlines were among the hardest hit as investors fretted people would be discouraged from traveling after reports of the country's first case of Ebola.

ANALYST TAKE: "Confirmation of a case of Ebola in the U.S. has joined a growing list of bad news stories with geo-political tensions in Ukraine and Hong Kong, and growth concerns around China and Europe sapping risk appetite," said Niall King of CMC Markets in a commentary.

WALL STREET: The Dow Jones industrial average index lost 1.4 percent to 16,804.71. The broader Standard & Poor's 500 declined 1.3 percent to 1,946.16 and the Nasdaq composite fell 1.6 percent to 4,422.09.

EUROPEAN CENTRAL BANK FOCUS: Caution prevailed among investors ahead of a meeting of European Central Bank policymakers. Though no change in interest rates is anticipated, there will be great interest in what ECB President Mario Draghi says about possible monetary stimulus following recent weak economic news in Europe.

US DATA: The U.S. Labor Department is due to report the number of people who applied for unemployment benefits last week. Economists forecast that weekly applications rose a slight 5,000 to a seasonally adjusted 298,000. The Commerce Department will report August factory orders. Orders in July rose 10.5 percent in their biggest one-month gain since 1992.

ENERGY: Benchmark U.S. oil added 17 cents to $90.90 per barrel in electronic trading in New York. The contract fell 43 cents to settle at $90.73 on Wednesday. The price of oil was pushed down by plentiful supplies and a rise in the U.S. dollar — in which oil sales are priced — against other currencies.

CURRENCIES: The dollar fell to 108.65 yen from 109.07 yen. The euro rose to $1.266 from $1.262.

22.26 | 0 komentar | Read More

Activists demand WGBH dump David Koch

Nearly 100 environmental activists protested outside WGBH's Brighton studios yesterday calling for conservative billionaire David Koch's ouster from the public broadcaster's board of trustees.

"I am here today because David Koch is a climate denier and 'GBH has scientific programs and he should have absolutely no influence on PBS and public broadcasting," said Nate Goldshlag of Arlington.

Some protesters dressed as Sesame Street characters Elmo, Big Bird and the Count joined the crowd. Dozens then packed the board of trustees meeting.

A Herald videographer was not allowed to record the meeting, but Emily Southard of Forecast the Facts said that though they weren't allowed to address the board, some protesters interrupted the meeting to complain about Koch's involvement.

Koch has contrib­uted millions of dollars to WGBH — and specifically to its science-based "NOVA" program — over the past 30 years.

WGBH officials have insisted that trustees don't influence the content of programming and that Koch will remain on the board.

22.26 | 0 komentar | Read More

Dan Gilbert testifies in Detroit bankruptcy trial

DETROIT — Businessman Dan Gilbert has testified during Detroit's bankruptcy trial that the city's high crime rate, poor school system, unemployment and blighted neighborhoods are its major challenges.

The founder of mortgage lender Quicken Loans also said Wednesday that $850 million is needed to wipe out Detroit's blight, which includes tens of thousands of abandoned houses and trash-filled lots.

Gilbert was one of the leaders on a blight removal task force that looked at all city properties.

State-appointed emergency manager Kevyn Orr also is expected to testify Wednesday in the trial overseen by federal Judge Steven Rhodes. Rhodes is to decide if Detroit's plan to remove $7 billion in debt is fair to creditors.

Orr's debt restructuring plan sets aside more than $1 billion for improving city services, including blight eradication.

22.27 | 0 komentar | Read More

Stocks sink on US, European economic worries

NEW YORK — U.S. stocks sank in morning trading Wednesday as disappointing economic data in the U.S. and Europe weighed on investors' minds. Traders set aside one good piece of economic data, a private survey that showed that U.S. businesses hired more workers than expected last month.

KEEPING SCORE: The Dow Jones industrial average lost 167 points, or 1 percent, to 16,874 as of 10:40 a.m. Eastern. The Standard & Poor's 500 index lost 16 points, or 0.8 percent, to 1,956 and the Nasdaq composite lost 50 points, or 1.1 percent, to 4,442.

US DATA IN FOCUS: A closely watched index measuring U.S. manufacturing fell in September. The Institute for Supply Management's survey came in at 56.6, below the 58.5 economists had been looking for. That more than enough offset positive news from the payroll processing company ADP, which showed private employers hired 213,000 workers last month. That was slightly better than the 207,000 workers economists expected, according to FactSet.

EBOLA: News that the first case of Ebola was diagnosed in the U.S. reverberated through several industries. Airlines were among the hardest hit, as investors feared people might be discouraged from traveling. American Airlines, United Continental and Delta each fell 4 percent while Southwest Airlines fell 3 percent.

Drugmakers developing potential vaccines or treatments for Ebola rose. Tekmira Pharmaceuticals jumped 18 percent after the company said it may start clinical trials for an Ebola drug this year. NewLink Genetics, another company looking into Ebola treatments, rose 10 percent.

GERMANY WEIGHS ON EUROPE: A purchasing managers survey by Markit showed that German manufacturing unexpectedly contracted in September, the latest sign that Europe is being affected by the sanctions on Russia. It was the first time German manufacturing contracted in 15 months.

In European markets, Germany's DAX fell 1 percent, France's CAC 40 lost 1.3 percent and the U.K.'s FTSE 100 fell 0.4 percent.

ECB LOOMING: Traders are gearing up for Thursday's European Central Bank policy meeting in Naples, Italy. Though no change in policy is anticipated, there will be great interest in what ECB President Mario Draghi says about possible monetary stimulus from the central bank following further weak inflation data.

HONG KONG IN THE SPOTLIGHT: The latest geopolitical issue investors are facing is in Asia, where pro-democracy protests are happening in Hong Kong. Streets in the business district have closed in the biggest threat to Beijing's authority since China took control of the former British colony in 1997. Some banks, schools and stores have closed.

ENERGY: Benchmark U.S. oil rose $1.01 to $92.15 a barrel in New York. The contract dropped $3.41 on Tuesday to $91.16, pushed down by plentiful supplies and a rise in the U.S. dollar against other currencies. Brent crude, used to price international oils, fell 10 cents to $96.90.

BONDS: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.43 percent from 2.49 percent late Tuesday.

22.27 | 0 komentar | Read More

New restriction on New England cod fishing debated

PORTLAND, Maine — Federal regulators are debating emergency restrictions to the Gulf of Maine's cod fishery.

The New England Fishery Management Council is considering the restrictions at its meeting in Hyannis, Massachusetts, on Thursday. The three-day meeting began on Tuesday and concludes Thursday.

The council's Groundfish Oversight Committee last month recommended a number of changes to the fishery. One restriction would limit fishing by private recreational and charter boats. The committee also recommends new prohibitions on some commercial groundfishing vessels and requests a review of the extent of cod bycatch in the lobster fishery.

Regulators say the amount of cod spawning in the Gulf is estimated at only 3 to 4 percent of its target level.

22.27 | 0 komentar | Read More

US construction spending down 0.8 percent

WASHINGTON — U.S. construction spending fell in August, the second decline in the past three months, with housing, non-residential and government projects all showing weakness.

Construction spending dropped a seasonally adjusted 0.8 percent after a 1.2 percent increase in July, the Commerce Department reported Wednesday. The July increase followed a 1.6 percent June decline.

The weakness was apparent in all sectors. Housing construction declined 0.1 percent, reflecting a big drop in spending on remodeling. Non-residential construction fell 1.4 percent while spending on government projects dropped 0.9 percent.

In addition to the August decline, the government revised lower its estimates for activity in the previous two months. This could call into question expectations that building activity will support economic growth in the second half of the year.

Overall construction spending totaled $960.96 billion at a seasonally adjusted annual rate in August, 5 percent higher than a year ago.

Spending on housing totaled $351.7 billion at an annual rate in August, 3.7 percent higher than a year ago. The August decline versus July reflected a 14 percent drop in home remodeling work. Spending to construct new single-family homes rose 0.7 percent and apartment construction was up 1.4 percent.

Spending on non-residential projects totaled $333.3 billion, 9.2 percent higher than a year ago. In August, spending on office buildings, shopping centers and hospital construction all declined from July.

Government building projects totaled $253.4 billion, just 1.9 percent higher than a year ago. Construction activity at all levels of government has been held back by tight budgets. For August, state and local construction spending was down 0.9 percent versus July while federal projects dropped 1.9 percent.

The overall economy went into reverse in the first three months of the year, shrinking at an annual rate of 2.1 percent, in part because of weakness in construction. Housing construction was contracting at a 5.3 percent rate in the first quarter, one of a number of sectors that were hurt by the unusually severe winter.

The economy rebounded in the April-June quarter, growing at an annual rate of 4.6 percent, the best showing in more than two years. Part of the rebound reflected a recovery in residential construction, which grew at an annual rate of 8.8 percent in the spring, the first positive growth after two quarters of declines.

Economists are hoping that construction will continue to grow in the July-September quarter and that will provide support for the overall economy. Economists are forecasting growth of around 3 percent in the gross domestic product for the third quarter but the recent weakness in construction spending could cause revisions in those estimates.

22.27 | 0 komentar | Read More

Pace of US factory activity slipped in September

WASHINGTON — The pace of U.S. manufacturing growth slowed in September, as expectations for hiring and new orders slipped from their August levels.

The Institute for Supply Management, a trade group of purchasing managers, said Wednesday that its manufacturing index fell to 56.6 from 59 in August. Anything above 50 signals that manufacturing is growing.

The decline reverses slightly solid gains in the previous two months, putting the index at a level consistent with annual economic growth of "just above 3 percent," said Paul Dales, senior U.S. economist at Capital Economics. Growth that strong would outpace the 2.3 percent average of the now five-year recovery from the Great Recession.

Other economists said that the drop may reflect a broader slowdown among U.S. trading partners. Europe's ISM manufacturing index shows growth at its slowest pace in 14 months, with Germany actually contracting. Chinese factories are barely registering any growth in their ISM index, while Brazil and Australia are also experiencing contractions, noted Jennifer Lee, senior economist at BMO Capital Markets.

The comments reported by manufacturers surveyed for the index were relatively optimistic.

"We are seeing shipments up, year-over-year, in the 8 to 10 percent range for last couple of months," said a respondent from an apparel and leather firm.

Similarly, a paper products company described their outlook as "very good." Manufacturers have reported growth for the past 16 months, as the sector has helped drive the recovery.

The index's measure of new orders fell to 60 from a reading of 66.7, while the employment component fell to 54.6 from 58.1. The one upside is that customer inventories continue to remain low, suggesting that there will be continued demand from factories.

Despite the pullback in employment in the index, the ISM report listed workers as being in "short supply," along with stainless steel.

This matches separate economic reports showing an increase in job openings but sluggish hiring to fill those positions. In theory, a shortage of workers should help lift wages, which have yet to meaningfully increase.

"But so far, at least, we haven't seen indications that they're boosting wages to try to fill positions," said Ted Wieseman, an analyst at Morgan Stanley.

22.27 | 0 komentar | Read More

Dreamworks Animation's stock soars on sale talk

Softbank's $3.4 billion play for DreamWorks Animation has sent the entertainment company's stock soaring.

Shares of the film and television studio were up more than 20% in pre-market trading and were up 17.44% to $26.26 T 10:20.

Softbank is a Japanese telecommunications and Internet giant with investments in such companies as Sprint, Yahoo Japan and Alibaba. DreamWorks boasts a film library that includes "Kung Fu Panda," "How to Train Your Dragon" and "Shrek," as well as investments in the television and digital space through its acquisition of AwesomenessTV and pact with Netflix. It also has made inroads into China through its Oriental DreamWorks joint venture, which is engaged in everything from Internet content to theme parks.

Most analysts think a deal makes strategic sense.

"Unlike other consumer technology platform/distribution companies (Google, Yahoo!, Netflix), which have deliberately chosen to remain open platforms with no ties to any particular content companies, SoftBank's past bid for Universal Music signals a desire to own content," wrote Stifel analyst Ben Mogil in a note. "More importantly the bid for Universal Music indicates a stomach for content companies in the midst of large-scale changes in consumption patterns."

That strong stomach could come in handy. DreamWorks Animation's stock has undergone ups and downs as it has been battered by a series of costly film flops such as "Rise of the Guardians," "Turbo" and "Mr. Peabody and Sherman." Being part of a larger company might help it better withstand the cyclical nature of the film business, analysts said.

"We believe DreamWorks has attempted to find buyers in the past, and a sale would solve the existential question of what to do given a very uneven track record at the box office and a lack of meaningful profitability over the past three years," wrote Cowen & Co. analyst Doug Creutz in a note to investors.

It's not clear if DreamWorks Animation will continue to see its share price rise, particularly in light of a report that Softbank may be cooling on a possible purchase. That pushed the Japanese company's stock down by more than 1%.

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

22.27 | 0 komentar | Read More

Massachusetts gas prices fall by a penny

BOSTON — The price of a gallon of gasoline in Massachusetts has dipped another penny to an average of $3.38.

AAA Southern New England reports Monday that self-serve, regular is now 6 cents per gallon lower than a month ago and 9 cents lower than a year ago.

The in-state price, however, remains 4 cents higher than the national per-gallon average.

AAA found self-serve, regular for as low as $3.21 and as high as $3.69 per gallon.

22.27 | 0 komentar | Read More

Pediatricians urge IUDs or implants for teen girls

CHICAGO — Teen girls who have sex should use IUDs or hormonal implants — long-acting birth control methods that are effective, safe and easy to use, the nation's most influential pediatricians' group recommends.

In an updated policy, the American Academy of Pediatrics says condoms also should be used every time teens have sex, to provide protection against sexually transmitted diseases that other forms of birth control don't provide, and to boost chances of preventing pregnancy.

Condoms alone are the most common birth control choice among teens, but with typical use they're among the least effective methods at preventing pregnancy. Both long-acting methods are nearly 100 percent effective, with lower failure rates than birth control pills, patches and injections, the academy says.

IUDs and hormonal implants cost more, usually hundreds of dollars, because inserting them involves a medical procedure typically done in doctors' offices. But they're less expensive in the long run than over-the-counter condoms or prescription birth control pills, said Dr. Mary Ott, an adolescent medicine specialist and associate pediatrics professor at Indiana University. She is the policy statement's lead author,

Teens have to remember to use pills and condoms consistently. By contrast, IUDs typically work for three to 10 years after insertion, while implants typically last three years.

The new guidance was published Monday in Pediatrics. It echoes 2012 recommendations from the American College of Obstetricians and Gynecologists.

The policy emphasizes that abstinence is 100 percent effective at preventing pregnancy and sexually transmitted diseases and says pediatricians should encourage teens to delay sexual activity "until they are ready." But since many teens don't heed that advice, the policy also says pediatricians need to provide birth control guidance.

IUDs — intrauterine devices — are small, T-shaped devices containing hormones or copper that are inserted into the womb to prevent pregnancy. Hormone-containing birth control implants are matchstick-size plastic rods placed under the skin of the upper arm.

"All methods of hormonal birth control are safer than pregnancy," Ott said.

These include pills, patches and injections.

The academy's new advice updates a 2007 birth control policy that didn't recommend specific methods other than condom use.

For the first time, the new policy addresses obese teens because pediatricians are seeing increasing numbers of patients whose excess weight may affect birth control effectiveness, Ott said. For example, hormonal patches may be less effective in girls weighing more than 198 pounds, the policy says. Also, obese girls are more likely to gain weight with hormonal injections than with birth control pills.

___

Online:

American Academy of Pediatrics: http://www.aap.org

American College of Obstetricians and Gynecologists: http://www.acog.org

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

22.27 | 0 komentar | Read More

Contracts to buy US homes slide in August

WASHINGTON — Fewer Americans signed contracts to buy homes in August, suggesting that real estate sales will remain sluggish over the next few months.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index fell 1 percent over the past month to 104.7. Higher prices and weak wage growth has limited buying, as the index is 2.2 percent below its level from a year ago.

The five-year recovery from the Great Recession has been uneven, such that historically low mortgage rates have failed to propel buying back to usual levels. Price increases going back to 2013 have led to fewer homebuyers, while many families have lacked the income to save for down payments. Investors making all-cash offers on homes have also begun to retreat, reducing the total number of sales.

Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale.

The Realtors project that 4.94 million existing homes will be sold this year, down 3 percent from 5.09 million in 2013. Analysts generally associate sales of roughly 5.5 million existing homes with a healthy market.

August contracts fell in all four geographical regions — Northeast, Midwest, South and West — compared to the prior month. The index had registered overall gains in four of the previous five months.

Combined with homebuilders catering to higher-income buyers instead of the mass market, the contracts index points to trivial improvements in home sales in September.

"We hope this lost ground will be recovered gradually, but with investors disappearing from the market and homebuilders gaining market share from private sellers, it will take time," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

The housing rebound started to struggle in the middle of 2013. Mortgage rates started to rise from historic lows, even though they remain below their historic averages. Fierce winter storms delayed construction and slowed foot traffic at open houses at the beginning of 2014. Sales, however, never quite showed much strength during the summer buying season because wage growth has been so modest coming out of the downturn.

Purchases of existing homes fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August, the Realtors said last week. Sales fell from a July rate of 5.14 million, a figure that was revised slightly downward.

New-home sales did show greater strength in August, but they continue to be below the 1990s pace of more than 700,000 sales a year.

Sales of new homes climbed 18 percent last month to a seasonally adjusted annual rate of 504,000, although much of the gains were concentrated in the West. More importantly, 28 percent of the new homes sold in August cost more than $400,000, compared to just 18 percent a year earlier.

22.27 | 0 komentar | Read More

US stocks head lower, following drops overseas

NEW YORK — The U.S. stock market slid to start the week, following European markets down. Indexes recovered some of their losses by late morning.

KEEPING SCORE: The Dow Jones industrial average fell 81 points, or 0.5 percent, to 17,033 as of 10:58 a.m. Eastern time on Monday. It was down as much as 178 points in early trading. The Standard & Poor's 500 index lost eight points, or 0.4 percent, to 1,975. The Nasdaq composite fell nine points, or 0.2 percent, to 4,503.

The losses were slight but broad. All 10 industry groups in the S&P 500 traded lower, but not much. Energy stocks lost the most, 1 percent.

WHAT'S UP: The market has turned choppy in recent weeks, flipping between solid gains and steep losses. Since hitting a record on Sept. 18, the S&P 500 has slipped 1.4 percent.

"It seems like the last couple of weeks we've seen such a lack of direction," said John Canally, chief economic strategist at LPL Financial. "We're also way overdue for a pullback. I can't tell you how many calls we're getting now asking, 'Is this it? Is this the big one?'"

THE ECONOMY: Traders have pushed the stock market lower despite a string of encouraging economic news. On Monday the Commerce Department reported that consumer spending in August rose 0.5 percent from the previous month after no gain in July. Auto sales made up about half of the increase. It was the best result since spending expanded at the same rate in June and further evidence that the economy is on solid footing heading into the end of the year.

DEAL CHATTER: DreamWorks Animation, the studio behind "Shrek" and "Madagascar," soared 18 percent following reports that Japan's SoftBank Corp. is in talks to buy the company. DreamWorks gained $3.82 to $26.22.

SPIN OFF: NiSource surged 3 percent, the biggest gain in the S&P 500. The utility said Sunday that it plans to split off its natural-gas pipeline business into a stand-alone company. NiSource expects that new company, Columbia Pipeline Group, to be listed on the New York Stock Exchange by the middle of next year. NiSource gained $1.07 to $39.65.

OVER THERE: Major markets in Europe sank. France's CAC-40 fell 1.3 percent, while Germany's DAX fell 1.1 percent. The FTSE 100 of leading British companies lost 0.5 percent.

HONG KONG TENSIONS: Pro-democracy protests escalated Monday, raising concerns that business in Hong Kong might be disrupted. In a rare scene of disorder, thousands of people took to the streets over the weekend in a challenge against Beijing's decision to limit political reforms. Police fired tear gas and detained 78 protesters.

ASIA'S DAY: Concerns over the situation in Hong Kong weighed on its main stock index, the Hang Seng, which closed with a loss of 1.9 percent. Japan's Nikkei 225 index rose 0.5 percent, and China's Shanghai Composite added 0.4 percent.

ANALYST'S TAKE: "Sentiment is downbeat for a variety of reasons, not least due to the growing unrest in Hong Kong," said Fawad Razaqzada, technical analyst at Forex.com.

BONDS: Prices for U.S. government bonds rose, sending yields lower. The yield on the 10-year Treasury note fell to 2.48 percent from 2.53 percent late Friday.

CURRENCIES: The euro rose 0.2 percent to $1.2706 while the dollar was flat at 109.29 yen. The dollar has been rising over the past few months as the U.S. economy has strengthened and as traders price in the prospect of interest rate increases from the Fed.

ENERGY: Benchmark U.S. crude oil fell three cents to $93.49 a barrel on the New York Mercantile Exchange.

22.27 | 0 komentar | Read More

Pilots end strike at Air France after 14 days

PARIS — Air France's leading pilots union on Sunday announced an end to a 14-day strike that grounded roughly half of the airline's flights, stranded passengers worldwide and led to stern shows of frustration by the French prime minister.

After a late-night negotiating session with management, leaders of the SNPL pilot union walked away with no deal, but the realization that the strike "is not an end in itself," said union spokesman Antoine Amar. The union was "taking up its responsibilities" and ending the walkout so that service can now resume and negotiations can continue peaceably, he said.

Air France, in a statement, said that service would "progressively" start returning to normal on Tuesday — meaning that flights already canceled between now and then won't be reinstated. The company hailed the end of the strike, saying it "will have been costly and damaging. It has only lasted too long."

Alexandre de Juniac, chairman and CEO of parent company Air France-KLM, said management team members "are aware of the trauma that our customers, employees and partners just lived through," according to the statement.

At the center of the standoff are Air France's ambitions to develop a low-cost affiliate, Transavia, to tap into new markets in both France and elsewhere in Europe and better compete at a time when budget airlines have cut into the market share once dominated by giant European carriers like Air France.

The pilots union said it didn't oppose those plans to build the new business, but rejected the labor conditions that management had planned. They started the strike two weeks ago out of concerns that management was looking for a way to outsource their jobs to countries with lower taxes and labor costs.

In a tactical retreat, the carrier offered Wednesday to scrap a central part of the plan to shift most of its European operations to Transavia. But the pilots remained unsatisfied, saying the contracts sought for the low-cost carrier's operations in France alone were insufficient.

Air France, in its statement, "confirmed its decision to continue its accelerated development of Transavia in France, without delay" — which suggested that issues remain unresolved. The carrier said it is sticking to plans to create 1,000 jobs in France through the carrier, including 250 pilot positions.

Several would-be passengers interviewed by The Associated Press expressed frustration and anger during the strike; some grumbled about the tendency of many French workers to strike — and snarl services in the process. Socialist Prime Minister Manuel Valls chimed in during the walkout, saying the strike was unfounded, incomprehensible to the French people, endangered the flag carrier and gave France a "bad image."

Air France-KLM said previously that the walkout was costing up to 20 million euros ($25 million) a day.

22.26 | 0 komentar | Read More

Emilio Alcalde, Krishna Mahon, A&E Olé Networks Brazil, on Brazil's pay TV market

A&E Olé Networks - a joint venture between AETN and Ole Communications - operates channels such as A&E, History and Bio across Latin America, playing an important role in circulation of US and domestic programming throughout the region.

The company established a new office in Brazil in 2012 in order to increase production of original Brazilian content and currently has a 6% share of the Brazilian pay TV market.

In the opening session of the RioMarket TV Seminars on Wednesday, A&E Olé Networks' Original Content Director for Brazil, Krishna Mahon took part in the panel dedicated to "How to meet the programming profile and production costs of a TV channel".

Variety interviewed Krishna Mahon, together with Emilio Alcalde - A&E Ole Networks' General Manager for Brazil - posing 10 questions about how they view the Brazilian pay TV market and the overall growth potential of A&E Olé Networks Brazil.

Emilio, what share does A&E Olé networks have in Brazil's pay-TV market?

Our share of audience January to June 2014 is 6%, (YTD) including A&E, History and the launch of the new brands, Lifetime and H2, adding the potential for significant growth in audience for the near future.

What are the main bases for your success in the Brazilian market?

I believe the main bases for the success in the Brazilian market are the great programming coming from A&E International, strong adaptation of content, localization and digital/marketing presence.

Without any doubt all of our great brands, especially History, which is one of the pay TV leaders, have a strong presence in the market. Earlier this year we welcomed Rick Dale, from American Restoration, in a consumer event at São Paulo where we had over 20,000 fans come to meet them in a local mall. There is also a great potential for A&E's new tagline 'Be Original' as well the launch of Lifetime and H2 channels this year.

We have a great team of professionals who are engaged with the brands, and programming strategies which are tailor made by Brazilians for Brazilian audience, based on the A&E's recognized brand series, local productions and local acquisitions. And of course, we have the esteemed commitment of the A+E Network's top management to support development of the market.

How do you position your activities in Brazil in comparison with the rest of A+E in Latin America?

There are not a lot of big differences in the activities that we develop in Brazil with the rest of Latin America, besides the language. We focus our energies on positioning our group as leaders in the market as we do in other countries, developing strategies to grow our business in distribution, brand positioning, ad sales, original productions, digital and social media platforms.

What have been your principal experiences in screening shows from Brazilian independent producers?

There are not a lot of options for acquisitions currently in the market, and that's a real challenge for all the networks. Having said that, we had good numbers with "Investigação Criminal" and "Polícia 24h", both acquisitions aired on A&E. Same happens with our original productions for A&E and History.

Krishna, have these shows benefited from support from the Fundo Sectorial?

No.

How has the 2012 pay TV law changed your business?

Our group understood the importance of localization long before the pay tv law, we knew Brazilian content gives us audience, so we had enough hours on History and A&E to comply with the quota, therefore we believed the law was positive at first.

Unfortunately, other networks that didn't co-produce and were not prepared, had to run to the market and acquire whatever was available. Now there's a lack of options for acquisitions of ready to air series, costs to produce have gone up and ultimately audience suffers the biggest negative impact.

What are the strongest potential areas of growth in Brazilian independent TV production - for example, animation, documentary series, fiction?

We have a great challenge/opportunity with factual programming, especially reality series, as Brazilian producers are still learning how to make them and ensure they don't look or feel fake.

The field that has most business opportunity in terms of licensing products and long shelf life is animation, but unfortunately this is not our area.

Do you have any fixed partnerships or outlook deals with Brazilian independent producers.

We identify best producers depending on the area, and we have several different partners, but nothing fixed, quite the opposite. We don't do two productions at the same time with any partner. Also our doors are open to fresh new ideas and we understand there's a great potential with the new upcoming producers.

Through your partnerships in Latin America do productions from Brazilian independent producers circulate abroad?

Yes, sometimes they do. We try to produce for the entire region, but we understand it depends a lot on the theme. Productions from Mexico or Argentina sometimes do well; sometimes they don't perform as well as in that specific market. With Brazilian content, besides these normal variations, there's a language issue as well as cultural differences, but we do have successful cases.

Do you have further expansion plans in Brazil or other territories that can be disclosed at present?

Our expectations are to continue growing within the Brazilian market.

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

22.26 | 0 komentar | Read More

Bitcoin makes an itty-bitty splash in MA politics

With barely more than a month to go before Election Day, there has been one thing practically nonexistent this cycle: bitcoin.

The virtual currency, which made waves when the Office of Campaign and Political Finance said in January it was A-OK for campaigns to accept, is currently invisible.

That is, with one exception.

State Rep. Josh Cutler (D-Duxbury) has raised an itty-bitty $25 in bitcoin, because why not?

He said one of his constituents, who is all about the currency which is worth as much as people say it is, wanted to try it out.

"I had to turn to my college intern to get the lowdown on bitcoin," Cutler said. "I had heard of bitcoin but I didn't know anything about it."

The controversial currency almost had a brush with the gubernatorial race. In December, an attorney for the Charlie Baker campaign asked campaign finance officials if it would be kosher to hold a fundraiser and ask for bitcoins.

"In a regulated industry it is important for campaigns to remain constantly informed of the impact of new technologies," Baker spokesman Tim Buckley said.

The fundraiser never happened.

Campaign representatives for Baker, Maura Healey, Evan Falchuk and Seth Moulton all said they have not received any contributions in bitcoin. Attorney General Martha Coakley's campaign did not respond.

After OCPF issued its opinion in response to an inquiry from the Massachusetts Pirate Party, the office said campaigns could add the bitcoin booty to its treasure chests, as long as it is converted to USD within five days and is within the contribution limits.

Still, the finance watchdogs closely monitored bitcoin in the following months, including when the founder of one of the largest bitcoin exchanges was found dead, according to a Herald public records request.

The same day the advisory opinion was issued, the Sacramento Kings became the first professional sports team to accept bitcoin.

"The day will go down in bitcoin infamy," OCPF legal counsel Maura Cronin wrote in an email to OCPF spokesman Jason Tait.

If the last nine months are any indication, that is just a bit off-track.

22.26 | 0 komentar | Read More

ESPN films is a triple winner at second La Costa Film Festival

ESPN Films was the big winner at the second La Costa Film Festival, with the jury picking "Brothers in Exile" as top feature documentary and "Tommy and Frank" (from the "30 for 30" series) as best short docu. "Brothers" was also given the audience award in the docu category.

Writer-director Ron Shelton received the Ambassador of Sports Award, for work on pics including "Bull Durham," "Tin Cup" and "White Men Can't Jump." Ed Harris was given the Legacy Award.

Seven audience awards were handed out. Aside from "Brothers," the winners were "Una Vida" (directed by Richie Adams), narrative feature; "White Lies" (Dana Rotberg), foreign narrative feature; "Bella Vita" (Jason Baffa), foreign docu feature; "Tandem" (Matthew Douglas Helfgot and Jared Hillman), short film; and "Bis Gleich" (Benjamin Wolff), foreign short film. Full-length surf docu "H2MexicO" (Brent Deal) received honorable mention.

The four-day fest screened 43 films from 13 countries. The event was held at the Omni La Costa Resort & Spa in Carlsbad, CA. Mandalay Sports Media helped curate the festival's sports themed narrative, documentary and shorts programs.

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

22.26 | 0 komentar | Read More

Dreamworks Animation in talks to sell to Japan's Softbank

DreamWorks Animation could soon have a new owner in Japan's SoftBank.

Jeffrey Katzenberg is in talks to sell his toon studio to the conglomerate. The deal would value DWA at around $3.4 billion, according to The Hollywood Reporter, which first reported the news.

Katzenberg would remain the head of DWA should the deal occur, with the exec signing a five-year contract to remain its CEO.

SoftBank is said to be offering $32 a share to purchase DWA, higher than its current stock price of $22, as of Friday.

DreamWorks Animation, which has released its films through 20th Century Fox, starting with "The Croods," last year, has a mixed record at the box office of late. While "How To Train Your Dragon 2" is a hit, earning $611 million this summmer, it missed with "Mr. Peabody & Sherman," taking in just $273 million. "Turbo" also didn't live up to expectations, although the film has since spun off an animated series on Netflix.

However, DWA has scored considerably with its acquisition of AwesomenessTV, a digital network targeting a young online audience -- something that likely helped attract the attention of SoftBank, which has a number of major investments in digital platforms.

The company owns significant shares in Alibaba, Sprint, Yahoo and GungHo Online Entertainment, a mobile gamemaker.

DreamWorks Animation has operated as a publicly traded company since 2004.

The potential takeover by SoftBank comes as DWA hired Fazal Merchant last month to replace Lew Coleman as its new chief financial officer. Merchant is a former DirecTV and Barclays Capital executive.

DreamWorks Animation declined to comment on the news, saying it doesn't "comment on rumors and speculation."

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

22.26 | 0 komentar | Read More