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Spacecraft for tourists breaks up on test flight

Written By Unknown on Sabtu, 01 November 2014 | 22.27

MOJAVE, Calif. — A winged spaceship designed to take tourists on excursions beyond Earth's atmosphere broke up during a test flight Friday over the Mojave Desert, killing a pilot in the second fiery setback for commercial space travel in less than a week.

Virgin Galactic's SpaceShipTwo blew apart after being released from a carrier aircraft at high altitude, said Ken Brown, a photographer who witnessed the accident.

One pilot was found dead inside the spacecraft and another parachuted out and was flown by helicopter to a hospital, Kern County Sheriff Donny Youngblood said.

The crash area was about 120 miles north of downtown Los Angeles and 20 miles from the Mojave Air and Space Port, where the mid-morning flight originated.

British billionaire Richard Branson, founder of Virgin Galactic, has been the front-runner in the fledgling race to give large numbers of paying civilians a suborbital ride that would let them experience weightlessness and see the Earth from the edge of space. Branson was expected to arrive in Mojave on Saturday, as were investigators with the National Transportation Safety Board.

Branson released a statement Friday night saying it was "among the most difficult trips I have ever had to make" but that he wants to be "with the dedicated and hardworking people who are now in shock at this devastating loss."

"Space is hard — but worth it," Branson wrote. "We will persevere and move forward together."

The accident occurred just as it seemed commercial space flights were near, after a period of development that lasted far longer than hundreds of prospective passengers had expected.

When Virgin Group licensed the technology from Microsoft co-founder Paul Allen, who put $26 million into SpaceShipOne, Branson envisioned operating flights by 2007. In interviews last month, he talked about the first flight being next spring with his son.

"It's a real setback to the idea that lots of people are going to be taking joyrides into the fringes of outer space any time soon," said John Logsdon, retired space policy director at George Washington University. "There were a lot of people who believed that the technology to carry people is safely at hand."

Friday's flight marked the 55th for SpaceShipTwo, which was intended to be the first of a fleet of craft. This was only the fourth flight to include a brief rocket firing. The rockets fire after the spacecraft is released from the underside of a larger carrying plane. During other flights, the craft either was not released from its mothership or functioned as a glider after release.

At 60 feet long, SpaceShipTwo featured two large windows for each of up to six passengers, one on the side and one overhead.

The accident's cause was not immediately known, nor was the altitude at which the break-up occurred. The first rocket-powered test flight peaked at about 10 miles above Earth. Commercial flights would go 62 miles or higher.

One difference on this flight was the type of fuel.

In May, Virgin Galactic announced that SpaceShipTwo would switch to a polymide-based fuel — a type of thermoplastic. It had been fueled with a type of rubber called HTPB.

Scaled Composites, the company building the spaceship for Virgin Galactic, had extensively tested the new fuel formulation on the ground, President Kevin Mickey said. He characterized the new fuel as "a small nuance to the design."

Officials said they had not noticed anything wrong before the flight. The problem happened about 50 minutes after takeoff and within minutes of the spaceship's release from its mothership, said Stuart Witt, CEO of the Mojave Air and Space Port.

Virgin Galactic — owned by Branson's Virgin Group and Aabar Investments PJS of Abu Dhabi — sells seats on each prospective journey for $250,000. The company says that "future astronauts," as it calls customers, include Stephen Hawking, Justin Bieber, Ashton Kutcher and Russell Brand. The company reports receiving $90 million from about 700 prospective passengers.

Former NASA top space scientist Alan Stern has seats to fly on Virgin Galactic and isn't rethinking his plans.

"Let's not be Chicken Littles here," said Stern. "I want to be part of the opening of this future frontier."

Friday's accident was the second this week involving private space flight. On Tuesday, an unmanned commercial supply rocket bound for the International Space Station exploded moments after liftoff in Virginia.

Virgin Galactic plans to launch space tourism flights from the quarter-billion-dollar Spaceport America in southern New Mexico once it finished developing its rocket ship.

Taxpayers footed the bill to build the state-of-the-art hangar and runway in a remote stretch of desert in southern New Mexico as part of a plan devised by Branson and former New Mexico Gov. Bill Richardson. Critics have long challenged the state's investment, questioning whether flights would ever get off the ground.

SpaceShipTwo is based on aerospace design maverick Burt Rutan's award-winning SpaceShipOne prototype, which became the first privately financed manned rocket to reach space in 2004.

"It's an enormously sad day for a company," Burt Rutan told The Associated Press in a phone interview from his home in Idaho, where he lives since retiring.

Friday's death was not the first associated with the program.

During testing for the development of a rocket motor for SpaceShipTwo in July 2007, an explosion at the Mojave spaceport killed three workers and critically injured three others. A California Division of Occupational Safety and Health report said the blast occurred three seconds after the start of a cold-flow test of nitrous oxide, which is used in the propulsion system of SpaceShipTwo. The engine was not firing during that test.

___

Pritchard reported from Los Angeles. Associated Press writers David Koenig in Dallas, Susan Montoya Bryan in Albuquerque, New Mexico, Seth Borenstein in Washington, and John Antczak, Christopher Weber, Tami Abdollah and Robert Jablon in Los Angeles also contributed to this report.


22.27 | 0 komentar | Read More

It's time to fall back an hour, get extra shut-eye

WASHINGTON — It's time to reclaim that hour of sleep you lost last spring.

Most of the United States is turning back the clock this weekend for the annual shift back to standard time.

For many, that means making the switch before hitting the sack Saturday night, even though the change doesn't become official until 2 a.m. Sunday local time.

Residents of Hawaii, most of Arizona and some U.S. territories don't have to change; daylight saving time is not observed in those places.

Public safety officials say this is also a good time to put a new battery in the smoke alarm, no matter where you live.

Daylight saving time returns at 2 a.m. local time the second Sunday in March — March 8, 2015.

___

Online:

Government site: http://www.nist.gov/pml/div688/localtime.cfm


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China manufacturing growth falls in October

BEIJING — China's manufacturing growth declined further in October amid a slowing economy and languishing global demand, according to surveys released Saturday.

The China Federation of Logistics and Purchasing said its purchasing managers' index dropped by 0.3 percent from September to 50.8 percent. The index is a 100 point scale on which any number above 50 indicates an expansion of manufacturing.

The same figure was reported by the government's National Bureau of Statistics, which surveys 3,000 businesses of all sizes across the country.

The deceleration reflects a slowing of China's economic growth to a five-year low of 7.3 percent in the third quarter of the year.

"The small decline in the October PMI figure shows that economic growth still faces a certain amount of downward pressure," federation analyst Zhang Liqun said in a report.

Zhang said new government growth stabilizing policies unveiled in the third quarter were starting to have an effect in the real economy and would soon start to impact on PMI figures.

"According to this forecast, PMI figures won't go be trending downward in the long-term, nor will economic growth be trending downward in the long term," Zhang said.

Chinese leaders have said full-year economic growth may fall short of their 7.5 percent target, but say that's acceptable as long as inflation stays low and the economy continues to produce jobs.

The World Bank has warned that growth could decline to close to 7 percent next year, saying Beijing needs to promote competition and efficiency by reforming its labor and real estate markets along with its state-run financial system.

That warning gave new urgency to calls from reform advocates for the government of President Xi Jinping to move ahead with ambitious plans to give entrepreneurs and market forces a bigger role in the world's second-largest economy.


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Investigators, Branson go to spacecraft crash site

MOJAVE, Calif. — Federal accident investigators are headed to a desert crash site where a winged spaceship designed to give wealthy tourists a high-altitude view of Earth broke up during a test flight, killing one pilot and badly injuring another.

Also going to the area about 120 miles north of downtown Los Angeles was British billionaire Richard Branson, founder of Virgin Galactic, whose SpaceShipTwo blew apart after being released from a carrier aircraft Friday. It was the second fiery setback for commercial space travel in less than a week.

Branson, said it was "among the most difficult trips I have ever had to make" but that he wants to be "with the dedicated and hardworking people who are now in shock at this devastating loss."

"Space is hard — but worth it," Branson wrote. "We will persevere and move forward together."

Branson has been the front-runner in the fledgling race to give large numbers of paying civilians a suborbital ride that would let them experience weightlessness at the edge of space.

The National Transportation Safety Board was sending a "go team" Saturday to the crash area about 20 miles from the Mojave Air and Space Port, where the flight originated.

The spacecraft broke up after being released from a carrier aircraft at high altitude, according to Ken Brown, a photographer who witnessed the plane breaking apart.

One pilot was found dead inside the spacecraft and another parachuted out and was flown by helicopter to a hospital, Kern County Sheriff Donny Youngblood said.

The accident occurred just as it seemed commercial space flights were near, after a period of development that lasted far longer than hundreds of prospective passengers had expected.

Branson once envisioned operating flights by 2007. Last month, he talked about the first flight being next spring with his son.

"It's a real setback to the idea that lots of people are going to be taking joyrides into the fringes of outer space any time soon," said John Logsdon, retired space policy director at George Washington University.

Friday's flight marked the 55th for SpaceShipTwo, which was intended to be the first of a fleet of craft. This was only the fourth flight to include a brief rocket firing. The rockets fire after the spacecraft is released from the underside of a larger carrying plane. During other flights, the craft either was not released from its mothership or functioned as a glider after release.

At 60 feet long, SpaceShipTwo featured two large windows for each of up to six passengers, one on the side and one overhead.

The accident's cause was not immediately known, nor was the altitude at which the blast occurred. The first rocket-powered test flight peaked at about 10 miles above Earth. Commercial flights would go 62 miles or higher.

The problem happened about 50 minutes after takeoff and within minutes of the spaceship's release from its mothership, said Stuart Witt, CEO of the Mojave Air and Space Port.

Virgin Galactic — owned by Branson's Virgin Group and Aabar Investments PJS of Abu Dhabi — sells seats on each prospective journey for $250,000. The company says that "future astronauts," as it calls customers, include Stephen Hawking, Justin Bieber, Ashton Kutcher and Russell Brand. The company reports receiving $90 million from about 700 prospective passengers.

Ken Baxter was one of those who had signed up to be among the first to make the flight.

Despite the disaster, Las Vegas resident Baxter said he was confident that the flight will happen one day.

"It's very sad for the test pilots, but I'm ready to go into space with Richard Branson," he said.

Friday's accident was the second this week involving private space flight. On Tuesday, an unmanned commercial supply rocket bound for the International Space Station exploded moments after liftoff in Virginia.

SpaceShipTwo is based on aerospace design maverick Burt Rutan's award-winning SpaceShipOne prototype, which became the first privately financed manned rocket to reach space in 2004.

"It's an enormously sad day for a company," Rutan told The Associated Press in a phone interview from his home in Idaho, where he has lived since retiring.

Friday's death was not the first associated with the program. Three people died during a blast at the Mojave Air and Space Port in 2007 during testing work on a rocket motor of SpaceShipTwo.

___

Pritchard reported from Los Angeles. Associated Press writers David Koenig in Dallas, Susan Montoya Bryan in Albuquerque, New Mexico, Seth Borenstein in Washington, and John Antczak, Christopher Weber, Tami Abdollah and Robert Jablon in Los Angeles also contributed to this report.


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Russia's top radio station slapped by government

MOSCOW — The Russian government's communications watchdog has issued a warning to a top independent radio station over a program about Ukraine.

Roskomnadzor's warning to Ekho Moskvy related to this week's program, in which two journalists exchanged first-hand accounts of fighting between pro-Russia rebels and government forces in eastern Ukraine.

The journalists, Sergei Loiko of the Los Angeles Times and Timur Olevskiy of Russia's independent Dozhd television station, talked, in particular, about fighting around the airport in the main rebel-held city of Donetsk, that has continued despite a truce signed in September.

The agency said Friday the program contained "information justifying war crimes," but didn't elaborate.

Ekho Moskvy's editor-in-chief, Alexei Venediktov, rejected the claim and said the station would appeal the warning.

Under Russian law, a media outlet could face closure if it receives two warnings in one year. The warning was the first for Ekho Moskvy.

While most Russian media toe the government's line, Ekho Moskvy has given a platform to Kremlin critics despite being majority-owned by a branch of Gazprom, Russia's state-controlled gas giant.

Media freedom in Russia has steadily shrunk under the rule of President Vladimir Putin. With all nationwide television stations under state control and most print media full of adulation for Putin, authorities have methodically moved to tame few remaining independent media outlets amid a strain with the West over Ukraine.

Early this year, several leading cable and satellite providers cut Dozhd, the top independent TV station, from their packages following an inquiry by prosecutors. Later, the owner of Lenta.ru, a leading online news outlet, fired its editor over coverage of Ukraine.

And last month, Russian lawmakers approved a bill that would limit foreign ownership in Russian media to 20 percent. The measure was widely seen as directed at critical print outlets with foreign ownership, such as the Vedomosti business daily and the Russian Forbes magazine.


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Wal-Mart tests matching prices with online rivals

Written By Unknown on Jumat, 31 Oktober 2014 | 22.27

NEW YORK — Wal-Mart Stores Inc. is considering matching online prices from competitors like Amazon.com, raising the stakes for the holiday shopping season.

The world's largest retailer, based in Bentonville, Arkansas, has matched prices of local store competitors but has not followed other retailers including Best Buy and Target in matching prices of online rivals. But last month, Wal-Mart started to test the strategy in five markets: Atlanta; Charlotte, North Carolina; Dallas; Phoenix; and northwest Arkansas.

The move was first reported by The Wall Street Journal on Thursday.

Wal-Mart is trying to rev up sluggish sales in the U.S. as it battles competition from online retailers, and dollar chains and drug stores. Wal-Mart's namesake business, which accounts for 60 percent of its total business, hasn't reported growth in a key sales measure in six straight quarters.

But matching prices from sellers who don't have the costs associated with running brick-and-mortar stores could also hurt profits.

Deisha Barnett, a Wal-Mart spokeswoman says many store managers have matched online prices for customers on a case-by-case basis.

"Taking care of the customers who shop our stores is what we always aim to do," she added.

Wal-Mart has been trying to reclaim its role as the low price leader. This year, it rolled out an online tool called Savings Catcher that compares prices on thousands of products with those of some of its store competitors. If the tool finds a lower price elsewhere, it refunds the difference to shoppers in the form of a store credit. That's different from traditional pricing matching because Savings Catcher does the work for the customer.

Wal-Mart has had a price-matching strategy with physical stores for several years. In 2011, it simplified the policy by making sure workers have the advertised prices of competitors on hand at the register, eliminating the need for shoppers to bring in an ad from a rival store.

______________________

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


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Apple CEO publicly acknowledges that he's gay

NEW YORK — Apple CEO Tim Cook's declaration that he's "proud to be gay" wasn't exactly news in Silicon Valley, where his sexual orientation was no secret. But advocates say that given Apple's immense reach and visibility, his coming-out could help change attitudes in workplaces across America.

The 53-year-old successor to Steve Jobs made the announcement in an essay published Thursday by Bloomberg Businessweek. He is the highest-profile U.S. business executive to publicly acknowledge that he's gay.

In a country where more major-league athletes have come out than top CEOs, business leaders said Cook's disclosure was an important step toward easing anti-gay stigma, particularly for employees in the many states where people can still be fired for their sexual orientation.

Cook, who led Out magazine's top 50 most powerful people for three years, said in the essay that while he never denied his sexuality, he never openly acknowledged it, either. He said he acted now in the hopes that his words could make a difference to others.

"I've come to realize that my desire for personal privacy has been holding me back from doing something more important," he wrote.

Cook said he considers being gay "among the greatest gifts God has given me" because it has given him both a better understanding of what it means to be in the minority and "the skin of a rhinoceros, which comes in handy when you're the CEO of Apple."

Besides Cook, there are no other openly gay CEOs in the Fortune 1,000, even though statistically, 3.4 percent of Americans identify as something other than straight, according to data from the Centers for Disease Control. Some executives of major U.S. corporations who are openly gay at their companies declined to comment to The Associated Press.

John Browne, who resigned as British Petroleum CEO in 2007 after being outed by a tabloid and who is the author of "The Glass Closet: Why Coming Out Is Good Business," said Cook has become a role model "and will speed up changes in the corporate world."

Megan Smith, a lesbian who was a top executive at Google before recently becoming the U.S. government's chief technology officer, predicted "people will look back at this time not only for the extraordinary technological innovations that keep coming, but also for great shifts in civil rights and inclusion of talent across our world. Tim is a big part of both of these important movements."

Fifty-three percent of workers in the U.S. who identify as lesbian, gay, bisexual or transgender hide that part of their identity at work, according to a study by Human Rights Campaign, the nation's largest gay-rights group.

"I think it depends on where they're located, and it depends on their position in a company," said Wendy Patrick, a business ethics lecturer at San Diego State University.

She points out that executives in the 29 U.S. states that do not protect employees from being fired based on sexual orientation may still feel hesitant to come out at work.

Cook's announcement "will save countless lives," said Chad Griffin, president of Human Rights Campaign. "Apple has consistently fought for the LGBT community, and we're incredibly grateful that today's announcement will bring even more to their work for equality."

Three days ago, Cook challenged his home state of Alabama to better ensure the rights of the lesbian, gay, bisexual and transgender community. Alabama is among the states that do not recognize same-sex marriage, and it offers no legal protections on the basis of sexual orientation or gender identity. Cook is a native of Robertsdale, Alabama and attended Auburn University.

In Silicon Valley, there's less of a stigma than in other industries and parts of the country.

"It's an engineering-based industry," said author Michael Malone, who has written several books about the evolution of Hewlett-Packard, Intel and other leading companies. "Either the person does the job or they don't. And if they don't, they're gone. And if they do the job, nobody really cares about their personal life."

It remains to be seen how the news will affect Cook's reception in conservative countries where Apple Inc. does business.

"The global reaction to this is going to be very interesting," said Todd Sears, who runs Out Leadership, a group that promotes gay rights. "Will Singapore arrest Tim Cook the next time he is there?"

In Russia, Vitaly Milonov, a city legislator in St. Petersburg notorious for his anti-gay statements, called Thursday for a lifetime ban that would bar Tim Cook from entering Russia.

But Cook's coming out is unlikely to affect Apple's sales in Russia, where most people don't mix ideology with consumption.

The appeal of Apple's products and the company's clout probably made it easier for Cook to take a stand, said Richard Zweigenhaft, a Guilford College psychology professor who co-wrote the book "Diversity in the Power Elite."

"This is not going to help Apple, and it's not going to hurt Apple. It's almost sort of immune because their products are so successful," he said.

Cook's revelation has the potential to make people worldwide rethink their attitudes toward gays because Apple's products are beloved around the globe.

Said Sears: "It is going to be hard being a homophobe while holding an iPhone now."

___

Associated Press writers Brandon Bailey and Michael Liedtke in San Francisco, Vladimir Isachenkov in Moscow and Michelle Chapman in New York contributed to this report.


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Arthur T. Demoulas rings up praise 
at store’s grand opening

Market Basket CEO Arthur T. Demoulas was greeted by selfie and autograph requests yesterday, as well as hugs, kisses and congratulations from adoring customers as he marked the formal opening of the grocery chain's new Revere store more than a year after its completion.

It's the 72nd location for the Tewksbury company, and the first since Demoulas' August reinstatement following his firing by a board controlled by his rival cousin, Arthur S. Demoulas. That corporate power struggle sparked a six-week shutdown of the chain by striking workers and protesting customers and resulted in millions of dollars in losses.

"The important thing is it's all smoothed out, and we're here to concentrate on a productive thing," Arthur T. Demoulas told Revere Mayor Daniel Rizzo. "We're sorry for the wait."

"Artie T." said he hopes to complete his $1.6 billion deal to assume full ownership of the family-owned chain by year's end. Meanwhile, Felicia Thornton and Jim Gooch, named in June to replace Demoulas as co-CEOs, continue to work in a "monitoring function," he said.

Asked if the massive debt attached to the purchase would affect Market Basket's generous employee profit-sharing program or low grocery prices, Demoulas said, "We're going to do our best to keep our model and prices intact."

"Operations are in full swing," he said. "Everything is right back to normal."

Demoulas said he hasn't talked to Arthur S. Demoulas since the deal's negotiation and declined comment on whether his cousin — who came to be known as the "bad Arthur" — got a bad rap during the contentious battle for the chain.

But Arthur T. Demoulas did say he expects no further lawsuits to be filed.

At more than 80,000 square feet, the Revere store is a bit larger than the average Market Basket.

"This store location, I think, will be an economic engine for the city," said Speaker of the House Robert A. DeLeo (D-Winthrop), who represents Revere.

Rizzo, who noted that the Market Basket "puts close to 500 people to work," said the store opening has already prompted inquiries from Starbucks and Panera Bread about nearby expansion.


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Business leaders also saw softer side of Tom Menino

Mayor Thomas M. Menino was known as a hard charger in the business community, a force of nature who, among many other things, transformed South Boston's waterfront into the thriving Innovation District. But Herb Chambers remembers the city's longest-serving mayor most for his soft spot for children.

The car dealership magnate recalls Menino visiting Chambers' native Dorchester, looking for toy donations to give to kids at Christmas.

"His office was like a toy factory around the holidays," he said. "Even when the auto business was going through some difficult years, he would call me and say, 'I know things are tough, but can you help me out?' And I was happy to because he was just a wonderful man."

Jack Connors, the founder of Boston ad firm Hill Holliday, said Menino called him about nine years ago, troubled that many of Boston's poorest kids never got to see the world beyond their own neighborhoods.

Connors suggested creating a camp, and the two set out to raise $10 million. As of this year, they had raised $52 million for Camp Harbor View on Long Island, where 900 kids spend a month each summer and where Menino would have lunch with them every Friday.

"The money comes from 
donors who don't know the kids, but knew him and his vision," Connors said.

But Menino could be tough when the occasion called for it.

Paul Guzzi, president and CEO of the Greater Boston Chamber of Commerce, remembers a meeting in which he, the mayor and U.S. Sen. Edward M. Kennedy urged Terry McAuliffe, then chairman of the Democratic National Committee, to choose Boston as host of the 2004 Democratic National Convention.

McAuliffe initially said no, prompting Menino and Kennedy "almost simultaneously" to slam their fists on the table and say, "We deserve this, and no is not an acceptable answer," Guzzi recalled. "No beating around the bush. He was an advocate for Boston."

His resoluteness finally won over McAuliffe, paving the way for the city to host the convention.

Menino addressed the chamber annually, and his speeches invariably turned to two of his top priorities: education and summer jobs for kids.

"One always went with the other," Guzzi said. "I can still remember him saying, 'These kids are my kids. These kids are our kids. And they deserve the best.' As it got closer to summer, there was the always-expected phone call: 'What are you going to do for our kids this summer? We want more money and more jobs.'"

James Rooney, executive director of the Massachusetts Convention Center Authority and Menino's chief of staff from 1999 to 2001, called the mayor's schedule "not human" and his attention to detail meticulous.

They would be driving to an event when Menino would spot a dead tree or a broken street light or a faded crosswalk in front of a school, and he'd quickly
call City Hall.

"The department heads would tell me, 'If you're driving with him, try not to let him find anything,'" Rooney recalled with a chuckle. "It got so that I once threatened to paint over the passenger-side window to show a bright, sunny day with green trees, freshly painted crosswalks and everything perfect."


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JP renovation adds modern onto classic

What do you do when you want to preserve a classic home's interior while dividing it into two large residences?

This was the design dilemma facing Dorchester-­based bou­tique developer WonderGroup, when it bought a classic 1898 Colonial Revival home at 23 Eliot St., on a corner lot in Jamaica Plain's Pondside neighborhood.

The ingenious solution was to preserve the traditional detailing and layout of the first two floors of the former single-family home and add a second unit in the rear with contemporary design.

"This is a stately home and I did not want to destroy its integrity," said WonderGroup owner Jacqueline Nunez. "It was exceptionally well built with incredible detailing and the last thing I wanted to do was to chop it up into two condos."

The just-completed project, with interiors designed by Boston-based Grassi ­Design Group, features two super high-end four-bedroom condos, each with more than 4,000 square feet of living space, and each listed for over $2 million.

"At around $500 a square foot, the prices are in line with high-end property in the neighborhood," said listing agent Janet Deegan of Coldwell Banker Residential Brokerage. "And while these are condos, they're designed to be like side-by-side single families, each with an entirely different feel."

The 4,393-square-foot three-level Unit 1, on the market for $2.2 million, retains the grandeur of the first two floors of the original house. There are double parlors with restored pocket­ doors on either side of the foyer, and these rooms have paneled wainscoting, dentil molding and ornate mantels for original wood-burning fireplaces.

The kitchen is completely new and features Shaker-style walnut cabinets, along with a marble island and counters and Gaggenau and Miele appliances. Off the kitchen is a side entrance that steps down to a private patio and side yard.

The restored grand staircase leads up to three bedrooms, including a master suite with a gas fireplace and radiant-heated marble bathroom. Two of the unit's six original fireplaces were converted to gas.

The four-level Unit 2, available for $2.1 million, has its own frontage and driveway on Brewer Street as well as a private side yard.

You enter this 4,083-
square-foot unit into a contemporary media room with a wet bar, framed by a set of lighted white oak stairs leading to three levels above, and there's also an elevator. The second level has a bedroom with its own private rear deck and a full bathroom.

The third floor has 18-foot vaulted walnut beam ceilings with a skylight and a private deck off the back. This stylish space has custom paneled accent walls, a gas fireplace and a staircase up to an attic level loft bedroom.

The adjacent kitchen is also strikingly contemporary with a waterfall-style marble island, matte painted and zebrawood cabinetry, Gaggenau and Miele appliances and track lighting. This unit also has a master suite with a stunning marble bathroom.

Both condos also have finished basements, hydronic multi-zone HVAC systems, built-in audio systems and smart wiring, as well as laundry rooms with Electrolux washers and dryers.

Nunez says that restoring the Colonial Revival home has been her firm's most expensive undertaking.

"It's a calculated risk," Nunez said. "But what better place to do it than in Pondside where there are so many grand summer homes, and on Eliot Street, one of the choicest residential streets in JP."


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Tim Cook: 'I'm proud to be gay'

Written By Unknown on Kamis, 30 Oktober 2014 | 22.27

NEW YORK — Apple CEO Tim Cook says he's proud to be gay.

The public declaration, in an essay written for Bloomberg Businessweek, makes Cook the highest-profile business CEO to come out as gay.

Cook said that while he never denied his sexuality, he never publicly acknowledged it, either. The executive said that for years he's been open with many people about his sexual orientation and that plenty of his Apple colleagues know he is gay.

Cook wrote in the column, published Thursday, that it wasn't an easy choice to publicly disclose that he is gay, but that he felt the acknowledgement could help others.

"I've come to realize that my desire for personal privacy has been holding me back from doing something more important," he wrote.

Three days ago, Cook challenged his home state of Alabama to better ensure the rights of the lesbian, gay, bisexual and transgender community.

Alabama is among the states that do not recognize same-sex marriage, and it also doesn't offer legal protections on the basis of sexual orientation or gender identity. Cook is a native of Robertsdale, Alabama, and attended Auburn University.

The announcement is a "huge deal," said Richard Metheny of executive search firm Witt/Kieffer.

"This really sets the stage for 'It's OK,'" he said. "Anything CEOs do is very magnified, very complicated, and it affects a lot of people. ... There's no taking away that he has become a role model and will have a positive influence on lots of people that would like to be comfortable being out in the world of business."

"I consider being gay among the greatest gifts God has given me," Cook wrote in the essay Thursday.

The executive said that "being gay has given me a deeper understanding of what it means to be in the minority and provided a window into the challenges that people in other minority groups deal with every day."

Cook said he's been lucky to work for a company that "loves creativity and innovation and knows it can only flourish when you embrace people's differences."

Cook, 53, succeeded Apple founder Steve Jobs as CEO of Apple Inc. in 2011.

Apple Inc. has been an outspoken champion for diversity since Cook succeeded Jobs as CEO. The company has trumpeted the phrase, "Inclusion inspires innovation," as a rallying cry. Cook has reinforced that message on his Twitter account with periodic posts supporting gay rights in the workplace.

Cook's public declaration that he is gay comes a little more than two months after Robert Hanson — the former CEO of American Eagle Outfitters Inc. — wrote a piece for Time in which he talked about being an openly gay man for as long as he's been in business and running companies.

Hanson is currently the CEO of luxury jewelry brand John Hardy.

There are no other publicly gay CEOs of major companies. United Therapeutics Corp. CEO Martine Rothblatt, who was born male and is now female, has been open about her transgender status.

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AP Technology Writer Mae Anderson contributed to this report from New York.


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Boston contest to combat rising sea levels

Boston is launching an international design competition to come up with solutions to combat rising sea levels after narrowly averting catastrophic flooding from Hurricane Sandy two years ago and two more recent powerful storms.

Mayor Martin J. Walsh yesterday announced "Living with Water" — a program that will solicit ideas to address three threats posed by encroaching sea levels to the city:

• How to safeguard the 97-year-old Prince Building in the North End.

• The best way to redevelop Fort Point, an area undergoing significant construction.

• Devising a plan to address the recurring flooding on Morrissey Boulevard in Dorchester.

"There's no issue more urgent in a lot of ways than climate action," Walsh said. "We need to do everything possible."

A jury of architects, civic planners and city officials will award $20,000 to the best submission, which is due by the end of January.

"We need to take this challenge and these lessons and really turn it into something real," said Keiros Shen, director of planning for the Boston Redevelopment Authority and a jury member.

Walsh also announced a climate change summit next spring when state and regional leaders will come up with potential solutions to climate change.

Any of the Boston area's three near-misses with major storms in recent years would have caused "100-year floods" if they had hit hours earlier or later, according to Brian Swett, the Hub's chief of environment, energy and open space.

Cambridge City Manager Richard Rossi said, "If we don't act regionally, we're not going to solve these problems."


22.27 | 0 komentar | Read More

The Ticker

Federal Reserve ends bond-buying program

The Federal Reserve cited an improving economy yesterday as it ended its landmark bond-buying program and pointed to gains in the job market — a key condition for an eventual interest rate hike.

The Fed did reiterate its plan to maintain its benchmark short-term rate near zero "for a considerable time." Most economists predict it won't raise that rate, which affects many consumer and business loans, before mid-2015.

Planned Seaport 10-screen theater complex applies for liquor license

Chicago-based Kerasotes ShowPlace Theatres has applied for a liquor license for its upscale 10-screen ShowPlace ICON Theatre at the One Seaport Square development to be built in South Boston's Seaport District.

The movie theater is slated to include reserved seating and a lobby lounge serving alcoholic drinks.

A groundbreaking is scheduled for next month on the 1.1-million-square-foot One Seaport Square, which will include two 22-story apartment and retail towers. Kerasotes has a 20-year lease and will occupy about 41,375 square feet of third-floor space.

Boston Medical Center sells 3 buildings

Boston Medical Center announced yesterday it has reached an agreement to sell three buildings to Leggat McCall Properties: 660 Harrison Ave., 100 East Canton St. and 720 Harrison Ave. The agreement also includes an option for Leggat McCall to purchase 88 East Newton St. in three years. BMC will continue to occupy buildings included in the sale for varying amounts of time, consistent with clinical and administrative needs, while it completes its planned campus redesign.

Today

 Labor Department releases weekly jobless claims.

 Commerce Department releases third-quarter gross domestic product.

 Freddie Mac, the mortgage company, releases weekly mortgage rates.

TOMORROW

 Commerce Department releases personal income and spending for September.

 Labor Department releases the third-quarter employment cost index.

THE SHUFFLE

The Harpoon Brewery in Boston has announced the promotion of Charlie Storey to president. Since joining Harpoon in 1996, Storey has served as senior vice president of marketing. In his new role Storey will oversee the marketing function, Harpoon's retail and festival enterprises, and have general management responsibilities for the Harpoon Distributing Co.

 George Donnelly is stepping down as executive editor of the Boston Business Journal after 14 years in the role.


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Asia stocks meander after Fed ends stimulus

HONG KONG — Asian stock markets meandered Thursday while the dollar strengthened against other currencies after the Federal Reserve said it will end its stimulus program, as many had expected.

KEEPING SCORE: Japan's benchmark Nikkei 225 index rose 0.5 percent to 15,636.60 while South Korea's Kospi lost 0.5 percent to 1,950.26. Hong Kong's Hang Seng fell 0.3 percent to 23,738.79. In mainland China, the Shanghai Composite Index was little changed at 2,372.46. Australia's S&P/ASX 200 climbed 0.4 percent to 5,468.30.

STIMULUS OVER: The Federal Reserve confirmed the end of its $4 trillion bond-buying program, known as quantitative easing, noting that the U.S. economy no longer needs as much assistance. It reiterated that "considerable time" was needed before short-term borrowing rates are raised from near zero. But it also noted the improving job market in the world's biggest economy, signaling that an eventual interest rate hike is on the cards.

THE QUOTE: "While 'considerable time' was kept, the Fed also inserted an escape clause, citing that it might raise rates sooner than anticipated if progress is faster than expected, and vice-versa. Thus, markets began to bring back pricing of the first rate hike back to June, and the U.S. dollar also rallied across the board," Mizuho Bank's Chang Wei Liang said in a research note.

WALL STREET: U.S. benchmarks ended slightly lower, with the Dow Jones industrial average dipping 0.2 percent to 16,974.31 while the Standard & Poor's 500 slipped 0.1 percent to 1,982.30. The Nasdaq composite fell 0.3 percent to 4,549.23.

CURRENCIES: The dollar rose to 109.05 yen from 108.77 in late trading Thursday. The euro slipped to $1.2624 from $1.2639.

ENERGY: Benchmark crude oil slipped 28 cents to $81.92 in electronic trading on the New York Mercantile Exchange. The contract rose 78 cents to settle at $82.20 on Wednesday. Brent crude, used to price oil in international markets, slipped 10 cents to $87.02 in London.


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Wal-Mart tests matching prices with online rivals

NEW YORK — Wal-Mart Stores Inc. is considering matching online prices from competitors like Amazon.com, raising the stakes for the holiday shopping season.

The world's largest retailer, based in Bentonville, Arkansas, has matched prices of local store competitors but has not followed other retailers including Best Buy and Target in matching prices of online rivals. But last month, Wal-Mart started to test the strategy in five markets: Atlanta; Charlotte, North Carolina; Dallas; Phoenix; and northwest Arkansas.

The move was first reported by The Wall Street Journal on Thursday.

Wal-Mart is trying to rev up sluggish sales in the U.S. as it battles competition from online retailers, and dollar chains and drug stores. Wal-Mart's namesake business, which accounts for 60 percent of its total business, hasn't reported growth in a key sales measure in six straight quarters.

But matching prices from sellers who don't have the costs associated with running brick-and-mortar stores could also hurt profits.

Deisha Barnett, a Wal-Mart spokeswoman says many store managers have matched online prices for customers on a case-by-case basis.

"Taking care of the customers who shop our stores is what we always aim to do," she added.

Wal-Mart has been trying to reclaim its role as the low price leader. This year, it rolled out an online tool called Savings Catcher that compares prices on thousands of products with those of some of its store competitors. If the tool finds a lower price elsewhere, it refunds the difference to shoppers in the form of a store credit. That's different from traditional pricing matching because Savings Catcher does the work for the customer.

Wal-Mart has had a price-matching strategy with physical stores for several years. In 2011, it simplified the policy by making sure workers have the advertised prices of competitors on hand at the register, eliminating the need for shoppers to bring in an ad from a rival store.

______________________

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


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Orbital Sciences' stock plummets after explosion

Written By Unknown on Rabu, 29 Oktober 2014 | 22.27

NEW YORK — Shares of Orbital Sciences tumbled in Wednesday morning trading after the aerospace company's unmanned rocket bound for the International Space Station exploded moments after liftoff on Tuesday evening.

No injuries were reported.

The Orbital Sciences' Antares commercial supply rocket blew up over the beachside launch complex at Wallops Island in Virginia. The company said everyone at the site had been accounted for, and the damage appeared to be limited to the facilities.

NASA is paying billions of dollars to Orbital Sciences and the SpaceX company to make deliveries to the Space Station, and it's counting on SpaceX and Boeing to start flying U.S. astronauts to the orbiting lab as early as 2017. This was to be the fourth flight by Orbital Sciences to the Space Station.

Until Tuesday, all of the supply missions by Orbital Sciences, based in Dulles, Virginia, and Elon Musk's SpaceX, had gone off with no major problems.

Orbital Sciences carried insurance on the failed Tuesday mission, and Executive Vice President Frank Culbertson said that it would not fly until it understands the root cause of the incident.

Howard Rubel of Jefferies said in a client note that the rocket's failure "may hamper, but not prevent, Orbital from signing contracts with additional customers for Antares."

For some context, Rubel said that the last time Orbital had a major rocket failure was in 2011 during a Taurus XL launch. The day of that failure, Rubel said, Orbital's stock fell as much as 8 percent but wound up making back some ground, closing down about 1.6 percent.

In the 2011 failure, a climate satellite fell into the Pacific shortly after lifting off.

Shares of Orbital Sciences Corp. dropped $4.35, or 14.3 percent, to $26.02 in early trading on the New York Stock Exchange on Wednesday.


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Fiat Chrysler to spin off luxury brand Ferrari

MILAN — Fiat Chrysler Automobiles plans to spin off sports car maker Ferrari into a separate company, a way to unlock value in the luxury brand and distinguish it from its mass-market parent.

The company said Wednesday that spinning off Ferrari was part of a plan to raise capital to support the new merged carmakers' expansion plans. Fiat Chrysler's five-year plan calls for increasing net income by five times by 2018.

Fiat Chrysler CEO Sergio Marchionne said in a statement that it was "proper that we pursue separate paths for FCA and Ferrari" following the completion of the merger of Chrysler and Fiat with a listing on the New York Stock Exchange earlier this month.

Fiat Chrysler will sell 10 percent of Ferrari's shares in a public offering, with the remaining 90 percent distributed to its own shareholders. The board intends to complete the move during 2015, and said shares would be listed in the United States and with a possible double listing in Europe.

A Ferrari spinoff had long been speculated by industry experts as Marchionne seeks to maximize values from the group's various brands. However, Fiat Chrysler's other luxury brands, including Alfa Romeo and Maserati, will remain part of the parent company.

The decision to break off Ferrari comes about two months after an awkward management transition at Ferrari that saw the longtime chairman Luca di Montezemolo resign after a public spat over strategy with Marchionne, who has taken over as chairman of Ferrari.

Marchionne has been vocal in his displeasure over Ferrari's long absence from the Formula One car racing winner's circle, and has pledged to get the team back to the top. The last time it won the driver's championship was in 2007.

Also Wednesday, Fiat Chrysler Automobiles N.V. announced it returned to a profit in the third quarter thanks to a good performance by its luxury brands and gains in North America and Asia.

It reported a net profit of 174 million euros ($221 million) for the three months ending Sept. 30. That compares with a loss of 15 million euros in the same period last year.

Revenues rose 14 percent to 23.5 billion euros. Luxury brand sales increased 35 percent, North America saw a 20 percent gain and Asia was up 30 percent. Latin American revenues dropped 12 percent in a weak market.

Deliveries rose 9.7 percent to 1.1 million vehicles.


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SodaStream to move its West Bank factory in 2015

JERUSALEM — A representative for Israeli drink maker SodaStream International Ltd. says its factory in an Israeli settlement in the West Bank will be relocated next year to southern Israel.

Nirit Hurwitz said Wednesday that the facility will move in 2015 to Lehavim, in Israel's southern Negev region. She said the decision to move is for "purely commercial" reasons.

Palestinian activists had launched a campaign boycotting the company because of the factory in an Israeli settlement in the West Bank, a territory captured by Israel in 1967 from Jordan and claimed by the Palestinians.

SodaStream has said it employs hundreds of Palestinians and gives them equal benefits as Israeli workers.

SodaStream CEO Daniel Birnbaum said: "We are working with the Israeli government to secure work permits for our Palestinian employees."


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Ford recalls 205,000 SUVs for fuel tank leaks

DEARBORN, Mich. — Ford is recalling about 205,000 SUVs in cold-weather states and parts of Canada to fix gas tanks that can rust, leak and cause a fire.

The recall affects Ford Edge and Lincoln MKX vehicles from the 2007 and 2008 model years.

The company said Wednesday that it traced the problem to rust under some mounting brackets in areas where salt is used to clear snow from the roads.

Ford said that it knows of one fire due to the problem, but no crashes or injuries.

The SUVs are being recalled in Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, West Virginia, Wisconsin and Washington, D.C. Also covered are the Canadian provinces of New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island and Quebec.

Dealers will inspect the fuel tanks and repair or replace them at no cost to owners.


22.26 | 0 komentar | Read More

Casino servers settle lawsuit over skimpy uniforms

ATLANTIC CITY, N.J. — Forty women employed at an Atlantic City casino have resolved their discrimination lawsuit over skimpy uniforms.

The lawsuit was filed in 2011 after Resorts Casino Hotel adopted a roaring '20s theme after the popularity of the HBO series "Boardwalk Empire," which was based on Prohibition-era Atlantic City's reputation as the vice capital of the East Coast.

The uniforms were short, skin-revealing black dresses with deep open backs. Waitresses also wore fishnet stockings and ornate Jazz Age hats.

Older servers claimed they were told they had to audition for their jobs in the new skimpy flapper costumes. They said they were given costumes too small for them and were photographed in awkward poses that emphasized body fat.

A panel put together by an outside modeling agency recommended who should stay and who should go based on photographs of the auditions, according to court documents.

The workers' lawyer, Kevin Costello, tells The Press of Atlantic City  the case is resolved, but he can't comment on the terms.

Resorts vice president and general counsel also confirmed the case was settled but wouldn't comment.

A Resorts statement in 2011 said the auditions were done "in a fair and objective manner."

"Boardwalk Empire" ended its run Sunday.

___

Information from: The Press of Atlantic City (N.J.), http://www.pressofatlanticcity.com


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American, US Airways merging mile programs in '15

Written By Unknown on Selasa, 28 Oktober 2014 | 22.27

DALLAS — American Airlines and US Airways will combine their frequent flier programs early next year and, for now, will continue to base free flights on how many miles customers fly.

Delta and United, on the other hand, plan to base awards on how much customers spend. That helps travelers who buy expensive first-class and business-class tickets.

Executives of American Airlines Group Inc. said Tuesday that they want to deal with the mechanics of combining two big programs before addressing such a major change.

The combined program will have about 100 million members. There will be three levels of elite customers, like in American's AAdvantage plan, and not four levels, as in US Airways' Dividend Miles.

American and US Airways merged last December to form American Airlines Group Inc.


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HBO to lay off over 150 employees this week

Layoff fever is spreading at Time Warner.

Weeks after the conglom went public with job cuts at its Warner Bros. and Turner Broadcasting divisions, the HBO unit is expected to trim its own staff as well, according to sources. Approximately 7% of its 2,400 employees face pink slips as early as this week.

A rep for HBO declined comment.

An internal email from HBO CEO Richard Plepler that was leaked to Variety made clear his division would not emerge unscathed. The message, which was circulated last week to HBO employees the day of the Time Warner presentation, discloses that a small layoff was in the offing before the start of November.

"We reviewed 2015 budgets and staffing plans with this in mind and reduced cost and redundancy wherever possible to preserve our ability to invest in our future," Plepler wrote (full memo below). "This will unfortunately include the elimination of some positions."

While Time Warner made clear at a presentation to investors last week that its studio and basic cable units would lose as much as 10% of their ranks this year as a cost-cutting measure, no mention was made of HBO staff on the chopping block.

It's unclear what areas of operation within HBO will be impacted by the layoff but the reductions will be contained entirely to the company's domestic personnel.

HBO made headlines that day by announcing a long-anticipated standalone streaming service would launch sometime next year. Plepler also laid out plans to glean more in affiliate fees from subscribers who weren't yielding revenue for the company.

Time Warner had indicated that "cost reduction programs" were going to affect every part of the company. But what's unclear is whether conglom management deferred to the CEOs at each division as to whether they could decide how to achieve their respective cost cuts. Sources dispute whether HBO, for instance, could have conceivably opted to reduce its programming expenses in lieu of losing jobs, or whether Time Warner specifically ordered layoffs that HBO chiefs didn't want to make.

The premium cabler has long been regarded the crown jewel of Time Warner, bringing in nearly $5 billion in revenue last year, as well as $1.7 billion in operating profit. With 127 million subscribers around the world, HBO was said to be a big part of why Rupert Murdoch made a bold play earlier this year to acquire Time Warner for 21st Century Fox. The bid was ultimately rejected, which in turn has put the company's CEO, Jeff Bewkes, under pressure to boost earnings.

HBO in particular has come under scrutiny as being undervalued, which has kicked up speculation that Time Warner could move to spin off the division or convert it to a tracking stock. While the domestic footprint of the primary channel has plateaued at under 30 million for several years, an over-the-top digital extension was greeted with excitement by investors because of the prospect the company could open a new revenue stream.

Given the success of HBO over the lifetime of the organization, job cuts have been a rarity in its 42-year history. Last recorded reductions came just over a decade ago in its affiliate sales division, which shed about 20 employees in a restructuring of its operations.

Warner Bros. already indicated its intent to make $200 million worth of cuts to its annual overhead, which could amount to as many as 1,000 jobs, as Variety first reported.

Turner is expected to make even steeper cuts, removing 1,475 of the 14,000 positions across its organization worldwide.

Here's Plepler's memo in its entirety:

Given the recent press coverage regarding cost containment efforts across Time Warner, I wanted to let you know how this affects HBO.

We have a long history of tightly managing our overhead so that we're able to maximize investment in the creation, distribution and marketing of content. We also shift resources when necessary toward areas with the greatest potential to drive revenue growth and to enhance our brand. We reviewed 2015 budgets and staffing plans with this in mind and reduced cost and redundancy wherever possible to preserve our ability to invest in our future. This will unfortunately include the elimination of some positions. Where relevant, your department head will share details with you in the weeks ahead.

I understand that the news of staff reductions is unsettling. Rest assured that we will manage this difficult process with the fairness and respect you would expect from our company.

A hallmark of our long-sustained success has been the commitment to making very difficult decisions even during times of growth and optimism. As I said at today's event, this is the most exciting inflection point, domestically and internationally, in the modern history of HBO. It's fair to say that by any metric: subscriber growth, content deals, the ever-extending reach of our brand or industry buzz; we are at the top of our game - and as I also made clear, we are just getting started. All of this is possible for one simple reason, the talented people that make up this company.

All best,

Richard

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


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Macy's to head overseas with branch in Abu Dhabi

DUBAI, United Arab Emirates — The Middle East is getting the world's first Macy's department store outside the United States, and just for good measure, its second Bloomingdale's too.

Property developer Gulf Related and Dubai-based retail conglomerate Al Tayer Group said on Tuesday that they plan to open both stores in a new shopping center being built in the United Arab Emirates capital, Abu Dhabi.

The mall, known as Al Maryah Central, is expected to cost about $1 billion to build and should open in spring 2018. It will be located next to an existing shopping mall known as The Galleria on al-Maryah island, a rapidly developing area just across the water from Abu Dhabi's central business district.

Abu Dhabi is the largest and richest of the seven sheikdoms that make up the Emirates. It controls the bulk of the OPEC country's oil wealth and is home to one of the world's largest sovereign wealth funds.

The nearby Emirati city of Dubai already boasts the first overseas branch of Bloomingdale's. That outpost opened in 2010 in the vast Dubai Mall, one of the biggest shopping centers anywhere. It sits at the base of the world's tallest tower, the Burj Khalifa.

Both cities are home to a minority of often wealthy locals, and large numbers of professional expatriates and migrant workers. Abu Dhabi has been working to expand its tourism industry, helped by the growth of national carrier Etihad Airways and larger Dubai-based airline Emirates.

Kevin Ryan, managing director of development for Gulf Related, said those airline connections, an affluent local population and the rapid growth of the shopping scene in the country are a draw for retailers.

"The more and more retail you have, the more attractive it becomes.... It's become a major destination," he said of the Emirates. "It's a strong local market that's supplemented by tourism."

Malls in the Emirates boast a dizzying array of Western brands, including many such as Armani, Banana Republic, Gucci, and Gap that Al Tayer operates locally. They also host some eye-popping attractions. One Dubai mall features an indoor ski slope complete with penguins, while another wows shoppers with a massive aquarium, ice-skating rink and a dinosaur skeleton.

Cincinnati-based Macy's Inc. operates both Macy's and Bloomingdale's.

Ryan said he expects the different offerings of the two stores — Bloomingdale's appeals to higher end shoppers — will complement each other as they anchor two ends of the 2.9 million square foot waterfront mall. Each will be spread over four stories and take up more than 200,000 feet.

Gulf Related is a joint venture of Abu Dhabi-based asset management firm Gulf Capital, which is backed by regional investors, and New York-based real estate firm Related Companies.

___

Follow Adam Schreck on Twitter at www.twitter.com/adamschreck.


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US consumer confidence hits 7-year high in October

WASHINGTON — U.S. consumer confidence rebounded strongly in October, hitting a seven-year high as solid job gains raised expectations for economic growth.

The Conference Board said Tuesday that its confidence index climbed to 94.5, the strongest reading since October 2007 and the start of the Great Recession a few months later. This month's gains reversed a revised decline to 89 in September from 93.4 in August.

Job gains and falling gasoline prices have helped to improve sentiment, despite muted economic growth in Europe and China that has fueled volatility in financial markets.

Consumer confidence has been trending higher from lows during the worst downturn since the 1930s. However, confidence still lags pre-recession highs more than five years into the recovery.

"At 94.5, the Conference Board index is up significantly from 73.2, on average, in 2013 and 67.1 in 2012," noted Jim O'Sullivan, chief U.S. economist at High Frequency economics.

Steady hiring and fewer layoffs over the past 12 months have pushed unemployment lower. Employers added 248,000 jobs in September, helping to push the unemployment rate down to 5.9 percent from as high as 7.2 percent at the beginning of the year. The new jobs mean more paychecks, which should lead to more spending and overall economic growth.

Economists project that the gains should continue into October with the addition of 235,000 more jobs, according to the data firm FactSet.

The recent hiring has left more people optimistic about getting a raise. The Conference Board found in the survey for its confidence index that 17.7 percent of consumers expect their incomes to improve, compared to 16.9 percent in September. Meanwhile, the share of Americans expecting their income to drop fell to 11.6 percent from 13.4 percent.

Also, Americans are likely feeling less depleted after a trip to the gas pump. Average gas prices have fallen 31 cents in the past month to $3.03 a gallon, according to the AAA's Daily Fuel Gauge Report, freeing up cash to spend elsewhere.

Still, shopping has yet to accelerate, according to the Conference Board results.

"Plunging gas prices, strong job growth, and rising confidence should provide support for consumer spending in coming months, but for now the buying plans portion of the survey showed high levels of cautiousness continuing," said Morgan Stanley analyst Ted Wieseman in a client note.

Purchases of clothing dropped 1.2 percent last month and spending on building materials fell 1.1 percent, while auto-buying dipped after surging in August, the Commerce Department reported.


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Single-family home sales decline in Massachusetts

WALTHAM, Mass. — A slight drop in the number of single-family homes sold in Massachusetts last month compared to the year-ago month and a stabilization of median prices are positives for the housing market , the Massachusetts Association of Realtors said Tuesday.

The Waltham-based group reported a 3.3 percent drop in sales in September, the eighth consecutive month of year-over-year sales decreases.

The Boston-based Warren Group reported a drop in sales of less than 1 percent.

The Realtors reported that median prices remained unchanged in September at $325,000, the first time in almost two years that median prices did not increase. The Warren Group reported a 1.5 percent decrease in median prices, to $320,000.

The organizations use slightly different figures in their calculations.

"Massachusetts is a high-cost housing market and the trend throughout the year has been increasing prices, so seeing prices stabilize is good for the market and good for buyers," Realtors' President Peter Ruffini said.

Low interest rates and increasing inventory is expected to spur the market, he said.

Year-to-date, the median selling price is up, The Warren Group reported.

"When we look at the increase in the selling price of single-family homes year-to-date, it is clear that the housing market is still dealing with low inventory and pent-up demand," said Cassidy Murphy, the organization's editorial director said.

Condominium sales were down 5 percent and median prices dropped slightly in September, the Realtors said.

The Warren Group reported a steeper drop in condo sales of more than 9 percent year over year, and a median price increase of about 3 percent.


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Robots may battle Ebola

Written By Unknown on Minggu, 26 Oktober 2014 | 22.27

An international effort is underway to stop the spread of the deadly Ebola virus with logistics and training, and health care companies are scrambling to produce promising treatments and vaccines, but a number of high tech solutions also have emerged as potential keys to addressing the outbreak.

In about two weeks, an elite group of robotics researchers from academia and the private sector will meet at Worcester Polytechnic Institute and two other universities around the country for a U.S. government-sanctioned event to try to develop ways robots can be used to help combat the disease that has killed nearly 5,000 people.

"I do believe that technology interventions at the right place, at the right time, robotics technologies or other technologies can be impactful," said Taskin Padir, a robotics professor at WPI.

One of the most useful jobs for robots could be decontamination, said Velin Dimitrov, a doctoral candidate at WPI. He said a robot called Aero could easily be modified to disinfect areas that have been contaminated with the Ebola virus.

Robots also could be used to bury those who have died from Ebola, as well as removing personal protective gear worn by health workers.

"If we can minimize the contact, we can minimize the risk," Padir said.

In the unlikely event that there is an outbreak in Massachusetts, state officials say they are well prepared thanks to an existing tool called MAVEN. Officially called the Massachusetts Virtual Epidemiologic Network, MAVEN is an early detection tool that allows state epidemiologists to track and get real-time alerts for suspected and confirmed cases.

"MAVEN has been set up to respond automatically to different pieces of information," said Gillian Haney, director of surveillance and informatics at the state Department of Public Health's bureau of infectious disease. "What it allows us to do is to have real time information sharing on reportable disease events."

One of these pieces of information is a confirmed test, notification of which is automatically pushed to state health officials thanks to the electronic testing procedures put in place by many health-care facilities.

Alerts for some diseases — including Ebola — are automatically sent to the state when there is a suspected case. Local health departments and other necessary personnel are then notified.

Haney said Massachusetts is better positioned than many other states to deal with an epidemic of any kind, in part because more than 90 percent of the state's lab tests are part of the state health information exchange, which feeds into MAVEN.

Technology giants also are getting involved in the Ebola fight. Microsoft last week said that it would give academics researching Ebola access to its Azure cloud computing platform to boost their storage and computing power.


22.27 | 0 komentar | Read More

Minivan loses fluid and dashboard lights up

We have 184,000 miles on our 2005 Chrysler Town & Country van with 3.8-liter engine. The other day my wife drove it down the block and didn't notice the red path of oil on the road. She came back immediately when she noticed the van would only "rev up and not go." The check engine light came on and she barely made it back. I found that one of the hoses from the transmission control solenoid to the radiator had burst. This was an easy fix and I added 2.5 quarts of transmission fluid. The van runs and shifts normally. However, the check engine light remained on and my scan tool showed four codes — PO732, PO700, PO734 and PO700. I understand the 732 and 734 codes are for gear ratio misalignment and the 700 code is merely an informational code. My scan tool wouldn't let me clear these codes, but later that day the check engine light went off after about 30 miles of driving. Can the check engine light reset itself? Is there anything else I should be concerned about?

No, the computer cannot erase those codes from its memory. But it can turn off the check engine light after a certain number of key on/off cycles if it does not see the problem again. This allows the system to illuminate the check engine light again if the same or some other failure occurs.

The total fluid capacity of the 41TE-AE transmission is 9.7 quarts, so the vehicle lost less than one-third of its fluid. Adding the fact that it has survived 184,000 miles, I wouldn't be particularly worried — I don't think any significant damage was done.

I have an annoying whine in my 2010 Chevy Impala steering wheel. I understand it is the clock spring and would be rather expensive to fix. Can you explain what the function of the clock spring is and are there any inexpensive fixes? Are there any potential problems just living with it?

Actually, the total cost to replace the clock spring, according to my ALLDATA labor guide, is roughly $300. The clock spring assembly provides electrical continuity to the driver air bag through the entire range of steering wheel movement. If there is an electrical issue with the clock spring, the restraint system warning light would be illuminated.

But I question whether the whine you're hearing is actually coming from the steering column/wheel. If it is originating from the front of the vehicle as you turn the wheel, the issue is more likely related to the power steering pump or fluid. A complete flush and refill with correct power steering is inexpensive and a good preventive maintenance procedure.

I hope you can answer questions concerning timing belts and timing chains. I own a 2004 2.4-liter four-cylinder Toyota Camry with 82,000 miles. My mechanic says it has a timing chain, but the maintenance schedule says to replace the timing belt at 90,000 miles, but only for those models with the six-cylinder engine. Toyota dealers advise replacing the timing belt at 60,000 miles. Does my vehicle have a timing belt or a timing chain and when should a belt or a chain be replaced? I get a bit apprehensive when I am on the highway going 65 mph.

Your mechanic is correct, as is the owner's manual. The camshafts in this engine are driven by a steel-link roller timing chain, not a rubber cogged belt. There is no routine replacement called for with timing chains, which is an advantage over timing belts. Coupled with the fact that this is a non-interference engine, meaning there would be no valve-to-piston contact should the chain fail, no worries. As you noted, the 3- and 3.3-liter V6 engines available in this vehicle featured timing belts that require replacement at 90,000 mile intervals.

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


22.27 | 0 komentar | Read More

13 Europe banks flunk test, must find 10B euros

FRANKFURT, Germany — The European Central Bank says 13 of Europe's 130 biggest banks have flunked an in-depth review of their finances and need an extra 10 billion euros ($12.5 billion) to cushion themselves against any future crises.

ECB officials said Sunday the test had been tougher than similar reviews in 2011 and 2010, which gave a pass to banks that later needed bailouts.

They argued the review ensures banks, some of which have been reluctant to offer credit because they were nursing bad investments, will be ready to lend when the European economy finally picks up, removing an obstacle to recovery.

Yet after months of talk about banks that were "zombies" — walking dead, too weak to lend — it appeared unlikely that any would be put out of business by the test.

Most of those that flunked either have only small shortfalls to make up, or can point to ongoing restructuring plans as sufficient to bring them across the finish line.

The ECB said 25 banks in all were found to need stronger buffers. Of those, 12 had already made up their shortfall during the months in which the ECB was carrying out its review. They found money by issuing new shares, or by shedding risky investments or loan businesses. The remaining 13 now have two weeks to tell the ECB how they plan to increase their capital buffers up to nine months to actually carry out the plan.

The ECB checked the worth of banks' holdings and subjected the banks to a stress test that simulates how their finances would fare in an economic downturn.

The exercise is aimed at strengthening the banking system so lenders can provide more credit to companies, boosting business activity and, hopefully, jobs. The economy has been plagued both by banks' unwillingness to lend at affordable rates and by weak demand from companies that see no reason to risk borrowing.

ECB Vice President Vitor Constancio said the stress test and review were "quite strict" and that "the results guarantee that going forward the economic recovery will not be hampered by credit supply restrictions."

The 13 banks that fell short were:

— Greece's Eurobank and National Bank of Greece

— Cyprus' Hellenic Bank Public Company

— Italy's Monte dei Paschi di Siena, Banca Carige, Banca Popolare di Milano and Banco Popolare di Vicenza.

— Franco-Belgian Dexia

— Austria's Oesterreichischer Volksbank Verbund

— Ireland's Permanent TSB

— Portugal's Banco Comercial Portugues

— Slovenia's Nova Ljubljanska Banka and Nova Kreditna Bank Maribor

The bank with the biggest shortfall was Italy's Monte dei Paschi di Siena, which was found to need another 2.11 billion euros.

Five of the banks — Eurobank, National Bank of Greece, Nova Ljubljanska Banka, Nova Kreditna Banka, and Dexia — will be able to make up for their capital shortfall by sticking to their current restructuring plans.

Most of the other banks that failed were short amounts less than 1 billion euros and in several cases less than 200 million euros. They can find the money by issuing shares, selling holdings, or holding back any profits instead of paying them out as dividends.

The bank review and stress tests pave the way for the ECB to take over on Nov. 4 as the Europe's central banking supervisor. The test is supposed to make sure hidden troubles in the system are fixed before landing in the ECB's lap.

The ECB's new role is aimed at strengthening the euro currency union in the wake of its crisis over government debt. It would do that by toughening oversight of banks and keeping their troubles from turning into huge losses for national governments through bailouts. The ECB is taking over as supervisor for the biggest banks from national supervisors, who were considered to take it too easy on their home banks and not step in to ward off problems. National supervisors will still look after smaller banks.

Banks are key to the functioning of the European economy because they are where most firms — especially small and medium-sized ones — go for the credit they need to operate and expand. In the United States, companies turn more often to financial markets by selling bonds to raise money.

The 18 countries that use the euro currency showed no growth at all in the second quarter, after four quarters of weak recovery from a crisis over too much government debt.


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Fauci: Quarantine can have unintended consequences

WASHINGTON — Mandatory 21-day quarantines on health care workers returning from Ebola-ravaged West Africa, like those put in place by three states, can have the unintended consequence of discouraging them from volunteering, a top federal health official said Sunday.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that as a physician and scientist, he would have recommended against a quarantine.

"The best way to protect us is to stop the epidemic in Africa, and we need those health care workers so we do not want to put them in a position where it makes it very, very uncomfortable for them to even volunteer to go." he said.

He said active and direct monitoring can accomplish the same thing as a quarantine because people infected with Ebola do not become contagious until they start showing symptoms. Ebola is transmitted through direct contact with the bodily fluids of an infected person.

New York, New Jersey and Illinois imposed mandatory quarantines after Dr. Craig Spencer, a Doctors Without Borders physician who treated patients in Guinea, was diagnosed with Ebola last Thursday. The doctor, who is now in isolation at New York's Bellevue Hospital, had been on the subway, went bowling and to a park and restaurant before showing symptoms

Gov. Chris Christie, R-N.J., said he concluded the quarantine was necessary to protect public health in his state and that he thinks the Centers for Disease Control and Prevention "eventually will come around to our point of view on this."

Christie said Fauci was counting on "a voluntary system with folks who may or may not comply."

The governor pointed to an NBC News crew that had returned from West Africa was supposed to self-quarantine because its cameraman was hospitalized with Ebola. "Two days later they were out picking up takeout food in Princeton and walking around the streets of Princeton," he said. The cameraman has recovered and has been released from the hospital.

Fauci said Spencer did exactly what he should have done by putting himself in isolation as soon as he developed a fever. "No one came into contact with his body fluids," Fauci said. "The risk is essentially zero, vanishingly small."

Fauci said the health care workers returning from treating Ebola patients are responsible and know that if they have symptoms there's the possibility of transmitting the disease. "They don't want to get anyone else infected," he said.

As for the unintended consequences, he said, "If we don't have our people volunteering to go over there, then you're going to have other countries that are not going to do it and then the epidemic will continue to roar," he said.

Samantha Power, the U.S. ambassador to the United Nations who is on a trip to West Africa to highlight the need for increased international support to combat Ebola, spoke of a need to ensure that returning U.S. health care workers "are treated like conquering heroes and not stigmatized for the tremendous work that they have done."

Fauci appeared on "Fox News Sunday," ABC's "This Week" and NBC's "Meet the Press." Christie was interviewed on Fox and Power spoke to NBC.


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Netflix deals, Windows collapse loom large at Produced by Conference

Netflix's move into the feature film world loomed large at the Produced By Conference in New York City Saturday as producers and actors struggled to determine if the streaming service represents an opportunity or a threat.

The company is upending old business models by releasing four Adam Sandler movies exclusively to subscribers without releasing them in theaters. It is also partnering with the Weinstein Company and Imax on a sequel to "Crouching Tiger, Hidden Dragon" that will debut simultaneously on Netflix and in theaters.

Most major theatrical releases adhere to a 90-day delay between when they hit multiplexes and their home entertainment debuts, but that window is eroding. Netflix isn't the only player tinkering with tradition. Movies such as "Margin Call" and "Arbitrage" have opted to be released concurrently on demand and in theaters.

"I still think there's a premium in comedy and in horror in having a kind of collective experience of a film," said "Talented Mr. Ripley" producer William Horberg. "There's a platform agnosticism as well."

"I don't think everything needs to be theatrical," he added, noting that more producers are asking themselves today whether or not a project warrants theatrical distribution.

Sometimes going day-and-date on a particular project is an economic necessity, Jake Gyllenhaal noted during a talk at the conference. His twisty thriller "Enemy" might not have been made were it not for the additional revenue it received by premiering on iTunes and other platforms at the same time that it was screening in theaters.

"It's specific based on the material and based on the release strategy," he said.

However, Gyllenhaal stressed that higher profile films such as "Gone Girl" benefit from spacing out their theatrical release from their debut in homes.

"We live in a culture of convenience ... patience is an amazing thing," he said.

Horberg's remarks came as he was moderating a panel with "Brokeback Mountain" producer and former Focus Features chief James Schamus. The indie film veteran argued that change is coming more slowly than it might appear.

"I don't believe the windowing strategies are going to change any time soon in any major way," he said.

Any time new technologies emerge or new ways of consuming entertainment grow more popular, people predict the end of movies, Schamus said. He noted that studios were initially hostile to the growth of videotapes and television was viewed as an existential threat to moviegoing. Today they produce important revenue for films that make more money selling DVDs and television rights than they do filling theater seats.

"The best way to make sure cinema doesn't matter is when you think about movies, the first thing you think of is do movies matter?" said Schamus.

Netflix, Google and other new media and technology players are shaking up the business in another way, he said. The data they collect on consumer behavior is increasingly prized by the people who write the checks that finance films.

"The river of money is flowing to the people with the algorithms...you're not creating movies, you're creating the occasion for increased surveillance and data points," Schamus said.

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


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