Job news boosts markets

A largely positive U.S. jobs report sent the stock market soaring as the Dow Jones industrial average traded above 15,000 for the first time before closing just below the mark and the broader Standard & Poor's 500 index closed at a record 1,614.

"The Dow was at 14,000 in March. It's more than doubled since early 2009," said Paul Edelstein of IHS Global Insight.

"Investors seem to have more confidence," Alan Clayton-Matthews, an associate professor of economics and public policy at Northeastern University, told the Herald. "And the Federal Reserve made interest rates so low that if you put your savings in the bank, it won't earn much. The only place to put (your savings) is in commodities like gold or equities like stock. It seems like a pretty safe bet because businesses are doing well and profits are high."

The nation added 165,000 jobs in April, with increases reported in professional and business services, food services and drinking establishments, retail trade and health care, according to the Bureau of Labor Statistics.

"It's an improvement from what many people were expecting," said Eric Rosengren, president of the Federal Reserve Bank of Boston. "I'd still like to see better improvement than what we've seen to date."

The number of unemployed Americans last month — 11.7 million, or
 7.5 percent of the work force — ticked down a tenth of a percent from March and has declined by 673,000, or 
0.4 percent, since January.

Another bright spot: Due to revisions of earlier estimates, employment gains in February and March combined were 114,000 higher than previously reported, federal data shows. Also, the number of people not looking for work because they believe no jobs are available for them decreased by 133,000 from a year earlier to 835,000 last month.

"Overall, April's job report was consistent with the stubbornly slow pace of economic growth the nation has been experiencing this year, but with a few silver linings," said Michael D. Goodman, associate professor and public policy department chairman at the University of Massachusetts Dartmouth. "These include strong upward revisions to the February and March data that suggest that the employment recovery is continuing, albeit not fast enough to be much consolation for the more than 4 million American workers who have been unemployed for over 26 weeks."

And the jobs people are getting may not be the ones they want. The number of involuntary part-time workers, for example, increased in April by 278,000 to 
7.9 million, largely offsetting a decrease in March.

Ira Kantor contributed to this report.

20.25 | 0 komentar | Read More

Luxury rises to top 
at penthouse condo

Plagued by slow sales upon its completion in 2009, 45 Province St. is benefiting from the hot real estate market and is now building out some spectacular penthouse condos with fantastic views of downtown, the harbor, Back Bay and Cambridge.

While it was a big risk to build a high-end 137-unit condo building in an untested midtown location just off Downtown Crossing, the quick sales at nearby Millennium Place and the resuscitation of the Millennium Tower project on the site of the former Filene's have really given 45 Province a boost. Last year, 41 of the condos in the building were sold, and in the past few months, several units priced from $3.5 million to $4 million have found buyers. There are only 25 units left for sale in the building, from a 1,300-square-foot loft for $975,000 to a 2,741-square-foot, three-bedroom-plus penthouse on the 31st floor that's under construction and will be listed for $4.5 million.

We took a look at a recently built-out duplex penthouse condo, Unit 2404, a three-bedroom-plus unit with its own 500-square-foot outdoor roof deck that arguably has the most spectacular residential views along the Back Bay and Cambridge sides of the Charles River. This 3,319-square-foot condo, with custom Italian kitchen cabinetry, bamboo floors throughout and high-end porcelain tile bathrooms, is on the market for $4.39 million.

A big selling point of 
45 Province, besides its downtown location, is that there are dozens of different floor plans because the building gets slimmer as it rises.

There's a large lobby tended by a 24/7 concierge.

Although the condo fees are high, they include two valet garage parking spaces, heating and central cooling and use of the building's 12th floor rooftop heated pool, a fitness and spa facility, a clubroom with a kitchen and a large movie theater room with a projection-screen TV.

Unit 2404 is on the 24th and 25th floors atop a setback that rises seven more slimmer stories. It sits at the end of a carpeted hallway with recessed doorways.

Off the foyer and adjacent to a half bathroom is the unit's signature space: a two-story open dining room with downtown views through a 20-foot high wall of glass plus a private balcony.

The adjacent custom kitchen features Italian-made walnut cabinets with frosted-glass cabinets above gray onyx counters. There's a separate onyx-topped island with a Miele five-burner gas stove, a built-in wine cooler and a fluted Zephyr hood above. There's also a stainless-steel Miele wall and convection oven and dishwasher and a large Sub- Zero refrigerator.

The living room has great city and harbor views from two walls of windows.

The condo's large master bedroom suite is at the rear of the 24th floor with spectacular views down the Charles River from a wall of windows. It features a large walk-in closet and an en-suite bathroom with porcelain tile floors with nickel insets. There's a crushed white glass double-sink vanity with Waterworks nickel fixtures. There's also a porcelain-tiled walk-in shower.

A glass-walled bamboo staircase leads up to a large open space on the 25th floor that can be used as a family room or home office and overlooks the dining area. It has glass doors leading out to a 500-square-foot private roof deck. The deck has jaw-dropping views down both sides of the Charles River.

There are also two smaller guest bedrooms, one with a private balcony, but both have en-suite porcelain tile bathrooms with Waterworks nickel fixtures. One bathroom has a porcelain walk-in shower, the other a whirlpool tub.

Broker: C. Wayne Lopez at 45 Province St. sales center at 617-742-0942.

20.25 | 0 komentar | Read More

States fear loss of health care aid

WASHINGTON — Thousands of people with serious medical problems are in danger of losing coverage under President Barack Obama's health care overhaul because of cost overruns, state officials say.

At risk is the Pre-Existing Condition Insurance Plan, a transition program that's become a lifeline for the so-called "uninsurables" — people with serious medical conditions who can't get coverage elsewhere. The program helps bridge the gap for those patients until next year, when under the new law insurance companies will be required to accept people regardless of their medical problems.

In a letter this week to Health and Human Services Secretary Kathleen Sebelius, state officials said they were "blindsided" and "very disappointed" by a federal proposal they contend would shift the risk for cost overruns to states in the waning days of the program. About 100,000 people are currently covered.

"We are concerned about what will become of our high risk members' access to this decent and affordable coverage," wrote Michael Keough, chairman of the National Association of State Comprehensive Health Insurance Plans. States and local nonprofits administer the program in 27 states, and the federal government runs the remaining plans.

"We fear...catastrophic disruption of coverage for these vulnerable individuals," added Keough, who runs North Carolina's program. He warned of "large-scale enrollee terminations at this critical transition time."

The crisis is surfacing at a politically awkward time for the Obama administration, which is trying to persuade states to embrace a major expansion of Medicaid under the health care law. One of the main arguments proponents of the expansion are making is that Washington is a reliable financial partner.

The root of the problem is that the federal health care law capped spending on the program at $5 billion, and the money is running out because the beneficiaries turned out to be costlier to care for than expected. Advanced heart disease and cancer are common diagnoses for the group.

Obama did not ask for any additional funding for the program in his latest budget, and a Republican bid to keep the program going by tapping other funds in the health care law failed to win support in the House last week.

Brian Cook, a spokesman for the HHS agency overseeing the health care law, took issue with idea that thousands of people could lose coverage, though he did not elaborate.

"These actions are part of our careful management of the program to ensure that there is a seamless transition ... for enrollees, and that funding is spent appropriately," he said in a written statement.

The administration has given the state-based plans until next Wednesday to respond to proposed contract terms for the program's remaining seven months.

Delivered last Friday, the new contract stipulated that states will be reimbursed "up to a ceiling."

"The 'ceiling' part is the issue for us," Keough said in an interview. "They are shifting the risk from the federal government, for a program that has experienced huge cost overruns on a per-member basis, to states. And that's a tall order."

State officials say one likely consequence of the money crunch will be a cost shift to people in the program, resulting in sudden increases in premiums and copayments. Many might just drop out, said Keough.

If a state and HHS can't come to an agreement, the federal government will take over that state's program for the rest of this year. Amie Goldman, director of the Wisconsin program, said that would be an unneeded and possibly risky disruption for patients who'll have to change insurance next year anyway, when the pre-existing conditions plan formally ends.

Goldman said in her state, for example, the University of Wisconsin hospital isn't part of the federal government's provider network. "My colleagues in other states have similar concerns about holes in the network," she said. "I think it puts people at medical risk."

At his news conference this week, Obama acknowledged the rollout of his health care law wouldn't be perfect. There will be "glitches and bumps" he said, and his team is committed to working through them. However, it's unclear how the pre-existing conditions plan could get more money without the cooperation of Republicans in Congress.

The program got off to a slow start, partly because insurance isn't cheap. It offers policies at market rates, and that can mean premiums of $500 a month for someone in their 50s. The first inkling of financial problems came in February, when HHS announced a freeze on new applications.

The plan was intended only as a stopgap until the law's main push to cover the uninsured starts next year. Subsidized private insurance will be available through new state-based markets, as well as an expanded version of Medicaid for low-income people. At the same time, virtually all Americans will be required to carry a policy, or pay a fine.

States are free to accept or reject the Medicaid expansion, and the new problems with the stopgap insurance plan could well have a bearing on their decisions.

20.25 | 0 komentar | Read More

Obama wraps up Latin trip with an eye back home

SAN JOSE, Costa Rica — President Barack Obama, concluding a three-day visit to Mexico and Costa Rica, is cheering Mexican economic advances and pressing other Central American leaders to deal with poverty and security while reaching out to a politically powerful Latino audience back home.

Boosted by reassuring jobs numbers, Obama is calling for greater trade and economic cooperation with the U.S.'s southern neighbors, arguing that economic prosperity is the best antidote to drug and gang violence and, by extension, to the illegal immigration that the U.S. is seeking to control.

In his radio and Internet address Saturday, Obama also made the case that deepening economic ties with the Americas means more jobs in the United States.

"One of the best ways to grow our economy is to sell more goods and services made in America to the rest of the world," he said. "That includes our neighbors to the south."

During the trip Obama has tried to modulate the exercise of U.S. influence. He has refused to insert himself in Mexico's strategy for confronting narcotrafficking, even if it means more limited access by U.S. security officials to Mexican law enforcement. In Costa Rica, he urged Central American leaders to integrate their economies, reduce their high energy costs and confront the violence in the region.

"As governments, our job is to make sure that we're doing everything we can to provide security and opportunity and ladders for success and prosperity for our people," he told the regional leaders at the start of a dinner Friday. "Economic growth that creates jobs, security for people so that they can be safe in their own neighborhoods, and development that allows people to live in dignity."

On Saturday, Obama was scheduled to speak and takes questions at a meeting at a forum in San Jose on economic growth and development.

In addition to its economic aims, the trip served as a nod by Obama to the vast Hispanic population in the United States, which heavily supported him in the 2012 election and which retains strong family and cultural ties to Latin America.

"In fact," he said Friday in a speech aimed at young people in Mexico City, "without the strong support of Latinos, including so many Mexican Americans, I would not be standing today as president of the United States. That's the truth."

A theme during the trip was the U.S. effort to overhaul the nation's immigration laws, an issue of intense interest among Latinos in the United States and in Mexico and Central America.

The vast majority of the 11 million immigrants illegally in the U.S. are from Latin America, 6 million of them from Mexico alone. Obama supports legislation that would give those immigrants a path to U.S. citizenship and he told Univision in an interview aired Friday that he would not sign a bill that did not provide such a pathway. Republicans are demanding greater border security.

"The truth is, right now, our border with Mexico is more secure than it's been in years," he said in his radio address. "We've put more boots on that border than at any time in our history, and illegal crossings are down by nearly 80 percent from their peak in 2000."

The immigration legislation should be a compromise, he said, "which means that nobody got everything they wanted — including me."

As Congress debates immigration legislation, Obama's bullish — even overly rosy — depiction of Mexico's economic prospects were meant to convince the U.S. public and lawmakers that Mexico no longer poses the illegal immigration threat it once did.

"The long-term solution to the challenge of illegal immigration is a growing and prosperous Mexico that creates more jobs and opportunities for young people here," he said.

Mexico, Obama said, has lifted millions of people from poverty.

But while Mexico's economy has grown, it has yet to trickle down to average workers. Huge poverty rates held steady between late 2006 and 2010, the most recent year for which government statistics are available. Between 40 and 50 percent of the population of 112 million Mexicans live in poverty, earning less than $100 a month.

Even as he tried to keep the focus on the economy and immigration, Obama did not escape the issue of drugs and violence wracking the region. In the Costa Rican capital Friday, Obama said the U.S. and Latin America share "common effects and common responsibilities" for the troubles and argued to his dining companions Friday that his country has suffered from the drug epidemic as well.

"If you go to my hometown of Chicago, and you go to some neighborhoods, they're just as violent, if not more violent than some of the countries at this table — in part because of the pernicious influence of the drug trade," he said.

Drug-fueled violence remains an undeniable part of daily life in many parts of the region. Costa Rica has fared better than many of its neighbors, but it worries about spillover from nearby countries. Honduras, for example, now has the highest homicide rate in the world, with about 7,200 people murdered last year in the tiny nation of 8 million people, most in drug-related crime.

Obama acknowledged the role of U.S. demand for drugs and said his administration has spent $30 billion to reduce demand in recent years. But he acknowledged that the United States remains a "big market" and that "progress is sometimes slower than we'd like it to be."

Obama also could not avoid entanglements beyond the region. Questions about Syria dogged him and his aides during the trip. On Friday, he virtually ruled sending troops into the country torn by civil war, saying he did "not foresee a scenario" for sending U.S. soldiers into the country.

In the Republican address Saturday, North Carolina Gov. Pat McCrory argued that Washington should learn from Republican governors on how to make government work efficiently. He said governors need Washington to give states more flexibility, independence and accountability and called on Obama to show more leadership.

___

Online:

Obama address: www.whitehouse.gov

GOP address: www.youtube.com/gopweeklyaddress

___

Follow Jim Kuhnhenn on Twitter: http://twitter.com/jkuhnhenn

20.25 | 0 komentar | Read More

CNN: Media critic Kurtz to address his own issues

NEW YORK — CNN says Howard Kurtz will address his mistaken story on gay basketball player Jason Collins on "Reliable Sources," the weekly media criticism show he hosts on the news network.

Kurtz also worked for website The Daily Beast, which retracted one of his stories that suggested Collins had hid a previous engagement to a woman when the basketball player came out as gay. In fact, Collins had disclosed the engagement.

Kurtz and The Daily Beast parted ways Thursday after the retraction.

CNN had said Kurtz's status was under review. The network was also looking into Kurtz's ties to the media website Daily Download.

Spokeswoman Edie Emery would not say Friday whether Kurtz's scheduled appearance Sunday indicated the network's review was complete.

20.25 | 0 komentar | Read More

B&N to add Google Play app store to its Nook HD

NEW YORK — Barnes & Noble is teaming up with Google to vastly increase the number of apps available on its Nook HD tablets.

The bookstore chain says it will add Google's Play app store to its 7-inch Nook HD and 9-inch HD+ products in the U.S. and U.K. via a software update Friday. The move expands the number of apps available from the roughly 10,000 the Nook already offered in its own store — such as Angry Birds and Netflix — to 700,000-plus apps and games offered on Google Play. And it comes after a weak holiday sales season for the Nook, which is struggling to gain market share in the rapidly expanding tablet market.

CEO William Lynch said research and sales during the holidays show that consumer preference is shifting toward all-purpose tablets rather than simple e-readers.

"We saw coming off holiday the market moved to multifunction tablets," he said. "Consumer research showed us the breadth of applications available is really critical."

Lynch said the company had been in discussions with Google "on and off" for the past several years.

"This addresses the one perceived gap that we had with other tablets virtually overnight," he said. Terms of the deal were undisclosed.

The update is automatic and will occur over-the-air to all devices connected to Wi-Fi. It will also include other Google Inc. services like the Chrome browser, Gmail, YouTube and Google Maps. Google Play Music includes millions of songs as well.

The prices and styles of the Nooks that Barnes & Noble offers are not changing. The 7-inch Nook HD starts at $199 and the 9-inch Nook HD+ tablet starts at $269. Barnes & Noble also sells non-tablet e-book readers, the Nook Simple Touch and Nook Simple Touch with GlowLight, which will not offer Google Play.

Barnes & Noble Inc., based in New York, has invested heavily in its Nook e-book readers and a digital library as more readers shift to electronic books and competition has grown from discount stores and online rivals.

The retailer launched high-definition versions of its Nook HD and Nook HD+ tablets in September in an effort to better compete against Amazon.com's Kindle Fire as well as other tablets like the iPad, iPad Mini and Google's own Nexus 7.

The company's Nook unit has attracted investors — Microsoft Corp. owns 16.8 percent, while U.K. publisher and education company Pearson PLC has a 5 percent stake. But aside from investor funding, it has not been profitable. In its most recent quarter, which included the holiday season, Nook revenue fell 26 percent to $316 million. Barnes & Noble recorded $21 million in returns due to weak demand during the holiday season, and $15 million in allowances for promotions.

Meanwhile market share has slid. Barnes & Noble had a 1.9 percent share of the worldwide tablet market in the fourth quarter, making it the No. 5 Tablet player behind Apple, Samsung, Amazon and Asus, according to data from IDC. But by the first quarter it had slipped out of the top 5, replaced by Microsoft.

At the same time, competition is proliferating, with the global tablet market growing quickly. It more than doubled to 49.2 million units during the first quarter, according to IDC's estimate.

20.25 | 0 komentar | Read More

Casinos brace for impact of Internet gambling

ATLANTIC CITY, N.J. — With legal gambling now moving beyond the casinos and onto the Internet, the industry is bracing for the most far-reaching changes in its history.

A Las Vegas firm, Ultimate Gaming, on Tuesday became the first in the U.S. to offer online poker, restricting it, for now, to players in Nevada. New Jersey and Delaware also have legalized gambling over the Internet and expect to begin offering such bets by the end of this year.

And many inside and outside the industry say the recent position taken by the federal government that states are free to offer Internet gambling — as long as it doesn't involve sports betting — will lead many cash-hungry state governments to turn to the Web as a new source of tax revenue.

Ten other states have considered some form of Internet gambling so far this year, but none has legalized it yet. Efforts to pass a national law legalizing online poker have sputtered, leaving states free to pass laws as they see fit.

"It's no longer a question of if Internet gaming is coming; it's a question of when," said Frank Fahrenkopf, president of the American Gaming Association, the trade organization for the nation's commercial brick-and -mortar casinos. "Unless there is a federal bill passed, we are going to have the greatest expansion of legalized gambling in the United States. I don't think that's what anyone intended, but it is what we're seeing."

The brave new world for gambling brings with it a host of questions and concerns. Will letting people bet online result in fewer visits to casinos, and therefore fewer dealers, beverage servers and hotel and restaurant workers at the casinos? Will Internet bets create a new revenue stream from new players, or will it simply redirect money from gamblers who otherwise would have visited a casino, and might have eaten dinner and seen a show, as well? And will it create even more problem gamblers?

Michael Frawley is chief operating officer of The Atlantic Club Casino Hotel, perhaps the most endangered of Atlantic City's 12 casinos. A deal for it to be sold to the parent company of PokerStars, the world's largest online poker website, is up in the air. The Atlantic Club's owners said Wednesday the deal was dead, but PokerStars said the next day it still wants to salvage the purchase. It was not immediately clear whether the deal will ultimately get done.

Frawley said the Internet's vast reach could help double business at his casino, provided the right balance is struck between the online and physical gambling experiences for customers.

"If you go to the movies, you can watch one at home, or you can watch one in the theater," he said. "Both of them can be a great experience."

Regardless of whether PokerStars buys The Atlantic Club, Internet gambling is expected to take off in New Jersey before long. The Borgata Hotel Casino & Spa has said it is preparing to offer online gambling later this year, and Gary Loveman, CEO of Caesars Entertainment, has also said he expects his company's four Atlantic City casinos to grab a large share of New Jersey's online market.

Geoffrey Stewart is general manager of Caesars Online Poker. Parent company Caesars Entertainment's World Series of Poker brands, as well as its 37 casinos across the U.S., make it an early favorite to be a leader in online gambling. He said brick-and-mortar casinos such as Caesars Palace can use Internet play to complement their physical casinos.

"Someone comes to play with us online, we will be able to offer them seats to the real World Series of Poker, or offer them hotel rooms at Caesars Palace," he said. "Like any other business, you're always looking for what is the next distribution channel."

Not everyone in the industry is all-in, however.

The American Gaming Association conducted a study a few years ago on whether poker-only Internet gambling — which it supports — would cannibalize the existing brick-and-mortar casinos. The study determined that it would not. But when Internet gambling allows for casino games, such as in the bill recently adopted by New Jersey, the traditional casinos could suffer, Fahrenkopf said.

The most popular form of Internet gambling is online poker.

When the Justice Department charged executives of three online poker sites in April 2011 with conducting illegal transactions, it was a $6 billion a year industry. After the crackdown, it was largely on hiatus, because at the time, taking online bets from U.S. customers was illegal. But not long afterward, the U.S. Justice Department revised its stance, allowing states to take online bets so long as they didn't involve sporting events.

Eric Baldwin is a professional poker player who's eager to get back online again now that poker is once again available over the Net.

"The money's good when things are good," he said. On the other hand, he acknowledges, "Most people don't go to work for 12 hours, do their best and come home down a couple thousand dollars."

He plans to at least try out legalized Internet poker to see if the player pools are big enough to make it worthwhile.

Lawrence Vaughan, chief operating officer of South Point Poker, one of the first Nevada online licensees, said legalizing Internet poker removes the stigma some people had associated with it.

"You had to move money in shady ways around the world to even play online," he said. "Now it's the sort of thing your mom could sign up for."

Ultimate Gaming CEO Tobin Prior, whose firm started taking poker bets Tuesday in Nevada, added, "Players won't have to worry if their money is safe. They are going to be able to play with people they can trust and know the highest regulatory standards have been applied."

PokerStars, one of the parties charged in the 2011 crackdown that came to be known in the industry as "Black Friday," later bought Full Tilt Poker, another defendant, and reached a settlement with the federal government, paying $547 million to the Justice Department and $184 million to poker players overseas to settle a case alleging money laundering, bank fraud and illegal gambling. It admitted no wrongdoing and says it is in good standing with governments around the world.

Its parent company, The Rational Group, based on the Isle of Man in the U.K., would not say whether it plans to try to buy another casino or partner with one to gain entry into the U.S. online gambling market.

Introducing new players to poker over the Internet makes it less scary and potentially more popular, said David Schwartz, director of the Center for Gaming Research at the University of Nevada Las Vegas.

"It was mostly old guys with cigars," he said. "It was very intimidating to walk into a poker room and see a guy who's a thousand years old, smoking 10 packs of cigarettes a day, giving you dirty looks because you're taking the wrong card," he said. "What online poker did was let people get familiar with the game, feel a little bit of confidence and then they said, 'I want to go to Vegas and do the real thing.'"

Every week, it seems, a new study comes out touting the promise of Internet gambling for cash-strapped casinos and even more cash-strapped state governments.

Gambling Compliance, which tracks the online gambling industry, predicts Internet gambling in New Jersey will bring in nearly $262 million in its first year and nearly $463 million after four years. The group said that figure could go as high as $575 million after four years if online gambling takes off in New Jersey.

H2 Gambling Capital, a U.K. consultancy for the Internet gambling industry, predicts 17 states will have approved Internet gambling by 2017, led by New York, California, Florida, Illinois and New Jersey.

And Morgan Stanley predicts that by 2020, online gambling in the U.S. will produce the same amount of revenue as Las Vegas and Atlantic City markets combined bring in today: $9.3 billion.

Indian tribes are also moving to get into the online gold rush.

Two groups of tribes have already formed alliances to explore offering Internet gambling, and in April, the Cheyenne-Arapaho Tribe reached a deal with Oklahoma allowing the tribe to offer Internet gambling to customers outside the U.S. through its pokertribes.com web site. The Shoshone tribe in Nevada has a deal with an online company to offer similar Internet gambling to foreign customers in a venture that could go live in May.

States across the country are also turning to the Internet to boost sales of their lottery tickets. Twelve states have either approved or are considering selling lottery tickets online, and Georgia and Illinois are already doing it.

What types of games can be played for money online varies by state.

New Jersey will offer people within the state all the games patrons can play in physical casinos. Delaware will do the same, along with bingo. Nevada only offers poker. A proposed Internet betting law in Massachusetts would prohibit online slot machine games.

But in most cases, the games can be accessed through computers, portable tablet devices and smartphones — putting a casino or a card game within reach at 3 a.m. in the kitchen, in the middle of the day at the beach, or on a crowded commuter train.

With the Internet putting legal gambling directly into so many more hands, some are concerned about an increase in problem gambling, particularly when social media sites offer real-money gambling in the U.S., as some do already in other countries. Zynga, for instance, began taking real-money bets earlier this year in England, and its stock price jumped 15 percent in a day.

"Compulsive gambling is an impulse disease: you get an urge, you jump in your car and drive to Atlantic City or you call your bookie and then wait to see the result of the game you bet on," said Arnie Wexler, the former chairman of New Jersey's Council On Compulsive Gambling and himself a recovered problem gambler. "Now you have Internet gambling and you wake up in the middle of the night and in your birthday suit, you can blow a lot of money. I know one guy who lost $30,000 in one night of Internet gambling."

___

Associated Press writer Haven Daley in Las Vegas contributed to this report. Wayne Parry can be reached at http://twitter.com/WayneParryAC

20.25 | 0 komentar | Read More

Outgoing Alibaba CEO Ma says he's 'old' for Web

SANTA MONICA, Calif. — Alibaba founder Jack Ma, the billionaire who has run the Chinese e-commerce giant since 1999, says he's getting "a bit old" for the Internet.

That's what the outgoing chief executive told a charitable event in Santa Monica Thursday as he pledged $5 million toward a China-based fund that supports environmental conservation projects outside China.

"I'm young for new things but I'm a bit old for the Internet," the 48-year-old said.

Ma's gift doubles the amount raised for the China Global Conservation Fund, an offshoot of the Arlington, Va.-based organization, The Nature Conservancy.

Ma steps down as CEO from Alibaba Group on May 10, ahead of a widely expected initial public offering of stock that could create a windfall for Yahoo Inc., which owns nearly a quarter of the company.

Ma said that he prepared for his retirement for the last nine years and is looking forward to working on philanthropic causes such as environmental conservation.

He said he was inspired to act after visiting his home in China six years ago. A lake he nearly drowned in as a boy had mostly dried up. He also spoke to a farmer who used chemicals on produce that he wouldn't feed his family. "I know something is wrong," Ma said.

Ma will chair the Chinese board overseeing the fund once he steps down as CEO.

20.25 | 0 komentar | Read More

Nation adds 165,000 jobs in April; unemployment rate 7.5 percent

Total nonfarm payroll employment rose by 165,000 in April, and the unemployment rate was little changed at 7.5 percent, the U.S. Bureau of Labor Statistics reported today.Over the prior year, employment growth has averaged 169,000 per month.

Employment increased in professional and business services, food services and drinking places, retail trade, and health care.

Previous estimates for the number of jobs created in February were revised upward from 268,000 to 332,000, and the change for March was revised from a very disappointing 88,000 to 138,000. With these revisions, employment gains in February and March combined were 114,000 higher than previously reported.

The unemployment rate, at 7.5 percent, changed little in April but has declined by 0.4 percentage point since January. The number of unemployed Americans, at 11.7 million, was also little changed over the month; however, unemployment has decreased by 673,000 since January.

The unemployment rate for adult women (6.7 percent) declined in April, while the rates for adult men (7.1

percent), teenagers (24.1 percent), whites (6.7 percent), blacks (13.2 percent), and Hispanics (9 percent) showed little or no change. The jobless rate for Asians was 5.1 percent, little changed from a year earlier.

In April, the number of long-term unemployed (those jobless for 27 weeks or more) declined by 258,000 to 4.4 million; their share of the unemployed declined by 2.2 percentage points to 37.4 percent. Over the

past 12 months, the number of long-term unemployed has decreased by 687,000, and their share has declined by 3.1 percentage points.

The civilian labor force participation rate was 63.3 percent in April, unchanged over the month but down from 63.6 percent in January.

In April, the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 278,000 to 7.9 million, largely offsetting a decrease in

March. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

In April, 2.3 million persons were marginally attached to the labor force, essentially unchanged from a year earlier. These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.

Among the marginally attached, there were 835,000 discouraged workers in April, down by 133,000 from a year earlier. Discouraged workers are not currently looking for work because they believe no jobs are available for them. The remaining 1.5 million persons marginally attached to the labor force in April had not searched for work in the four weeks preceding the survey for reasons such as school attendance or family responsibilities.

Professional and business services added 73,000 jobs in April. Within leisure and hospitality, employment in food services and drinking places rose by 38,000. Retail trade employment increased by 29,000 in April.

Health care added 19,000 jobs.

Employment in other major industries, including mining and logging, wholesale trade, transportation and warehousing, financial activities, and government, showed little change over the month.

The average workweek for all employees on private nonfarm payrolls decreased by 0.2 hour in April to 34.4 hours. Within manufacturing, the workweek decreased by 0.1 hour to 40.7 hours, and overtime declined by 0.1 hour to 3.3 hours.

In April, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $23.87. Over the year, average hourly earnings have risen by 45 cents, or 1.9 percent.

20.25 | 0 komentar | Read More

Warren Buffett says economy still improving slowly

OMAHA, Neb. — Investor Warren Buffett says the economy and U.S. job market continue to improve, but slowly.

In an interview that aired Friday, Buffett said that business has been picking up at his Berkshire Hathaway conglomerate, but it hasn't been strengthening rapidly.

Buffett doesn't believe that the monthly employment report Friday morning will impress.

Buffett says he thinks it would be extraordinary if the Federal Reserve were to expand its bond-buying program beyond the current $85 billion a month level. The Fed said Wednesday that it would consider buying more if the economy needs help.

Buffett will face questions from more than 30,000 people at Berkshire's annual meeting on Saturday.

20.25 | 0 komentar | Read More

Hospital system sues over failed bid for Landmark

PROVIDENCE, R.I. — A Massachusetts hospital chain has filed an anti-trust lawsuit alleging that insurer Blue Cross & Blue Shield of Rhode Island improperly blocked its bid to acquire the Landmark Medical Center in Woonsocket.

Steward Health Care System filed its suit Wednesday in state Superior Court. It says Blue Cross & Blue Shield interfered with the sale in an attempt to maintain its position as the main buyer of hospital services.

The sale fell through after Steward and Blue Cross failed to reach an agreement on how much Blue Cross would pay for services at the hospital.

Representatives of Blue Cross & Blue Shield say the insurer will defend itself in court and is confident it will prevail.

Landmark has since entered a deal to be purchased by a California-based hospital chain.

20.25 | 0 komentar | Read More

Conde Nast launches Vogue, Wired video programming

NEW YORK — Conde Nast is launching a slate of Web series inspired by its the fashion magazine Vogue and the technology monthly Wired.

The media company announced the new digital programming in a presentation to advertisers on Wednesday. The Vogue- and Wired-inspired shows follow similar digital video initiatives for Conde Nast's Glamour and GQ.

Amid dwindling print profits, the venerable publisher has been seeking to capitalize on its popular stable of magazines. It recently formed the Conde Nast Entertainment division to develop digital video, TV shows and films that trade on the brands of its magazines.

Conde Nast said Wednesday it's adding a total of 30 new lifestyle series based on Vogue, Wired, Glamour and GQ.

20.25 | 0 komentar | Read More

Pickups spur increase in April auto sales

DETROIT — Detroit was king in April, with demand for its big pickups helping to boost U.S. auto sales and offset a soft month for Toyota.

Ford, GM and Chrysler sold a total of 144,042 full-size pickups, up 29 percent from last April, driven by strength in the U.S. housing industry.

Overall sales grew 8.5 percent to nearly 1.3 million. While that's the industry's best April total since 2007, the pace slowed from the first three months of this year. On an annualized basis, April sales were 14.9 million, the first month below 15 million since October.

One reason for the slowdown: Toyota. The Japanese automaker's U.S. sales dropped by 1 percent, or around 2,000 vehicles, from last April. Alec Gutierrez, a senior market analyst with Kelley Blue Book, said he and other analysts underestimated the impact that increasing competition is having on Toyota.

Popular Toyota vehicles like the Corolla and Camry sedans lost sales to fresher models like the Hyundai Elantra and the Ford Fusion. Gas prices — which are 30 cents cheaper than at this time last year — hurt sales of the Prius hybrid, down 21 percent. Toyota's share of the market fell to 13.7 percent from 15 percent a year earlier, putting it behind GM and Ford.

Analysts still expect the industry to sell more than 15 million cars and trucks this year. Gutierrez is keeping his forecast at 15.3 million. That's up from sales of 14.5 million last year. The most recent high was 17 million in 2005, while the trough was 10.4 million during the recession in 2009.

"We're not reading too much" into the April number, Gutierrez said.

Ford, General Motors and Chrysler reported double-digit sales increases last month. Nissan led Japanese automakers with a gain of 23 percent, while Honda's sales rose 7 percent. Volkswagen sales dropped 10 percent, according to figures released Wednesday.

Detroit dominates the pickup segment, as U.S. buyers remain loyal to domestic brands despite efforts by foreign brands to win them over. Sales of Ford's F-Series, the best-selling vehicle in the U.S., rose 24 percent, while Chevrolet Silverado sales rose 28 percent. Chrysler's recently redesigned Ram pickup saw a 49-percent increase.

The gains bode well for second-quarter earnings, since pickups are among automakers' most profitable vehicles.

Truck sales have been strong all year because of customers like Adrien McFrederick, who recently put down a deposit on a 2013 Ram 3500.

McFrederick, 35, owns a marble and tile business, and needed to replace the 2007 Silverado he kept while work was slow. He started looking at Rams late last year after he and his wife bought a Chrysler Town and Country minivan.

Businesses like McFrederick's are getting a boost from a rise in home building, which increased 7 percent from February to March. A revived housing sector means higher sales of big pickups as companies and laborers return to the market. GM said its sales to small businesses rose 32 percent to 57,000 in April.

A different kind of business — natural gas drilling — is propelling sales at Chuck Eddy Jr.'s Chrysler-Dodge-Jeep-Ram dealership near Youngstown, Ohio. Eddy said energy industry workers from all over the country were coming in to buy trucks last month, keeping him in tight competition with a nearby Ford store.

"I'm selling heavy-duty trucks. We had people coming in from all over the country buying. We had a guy come in from Montana," Eddy said.

Jesse Toprak, a senior analyst for the TrueCar.com auto pricing site, said full-size trucks made up around 11.5 percent of sales in April, up from around 10 percent last year. He expects them to top 12 percent of total sales — or nearly 2 million vehicles — by the fall of this year, when truck sales are usually strongest. Full-size truck sales peaked at 15 percent of the U.S. market in 2004.

The growth in truck sales shows underlying strength in the economy, Toprak said, since small businesses won't buy them unless they're confident in the future.

The U.S. economic recovery is far from smooth. Unemployment stands at a stubbornly high 7.6 percent and factory activity expanded at a slower pace in April, held back by weaker hiring and less company stockpiling.

But many factors favor car and truck sales. Interest rates are low — the average four-year loan on a new car is 2.4 percent, according to Bankrate.com. Credit is widely available, even to those with low scores. Buyers can currently get good trade-in value for their old cars. Lease deals are good. Gas prices have fallen since February, and ended April at $3.51 per gallon. And cars and trucks have reached a record average of 11 years old.

All that, plus record-setting stock markets and a recovery in home prices, is boosting sales in many segments of the auto market.

GM sales rose 11 percent in April, and not just because of pickups. Even though gas is cheaper than last year, small cars like the Chevrolet Cruze and Sonic saw 20-percent gains. Cadillac sales increased 34 percent thanks to the new ATS and XTS sedans.

Chrysler's sales also rose 11 percent. Sales of the Jeep Grand Cherokee SUV increased 27 percent. The Dodge Dart compact car posted its best month ever with sales of nearly 8,100. But sales of the Chrysler brand fell 13 percent.

Ford sales jumped 18 percent thanks to a 52 percent gain for the retooled Escape SUV and a 25 percent jump for the Fusion sedan, which both went on sale last fall. The new MKZ midsize sedan pushed Ford's struggling Lincoln brand to its first sales increase since August. Sales of the hybrid version have been so strong — particularly in Los Angeles, where they make up 60 percent of all sales — that Ford plans to increase the percentage of hybrid MKZs it builds from 20 percent to 30 percent.

Other automakers reporting Wednesday:

— Nissan's sales rose 23 percent on demand for the recently redesigned Altima midsize car and Sentra compact. The company also took a step toward boosting future numbers. It announced price cuts on seven models that make up 65 percent of its U.S. sales. The cuts, effective Friday, run from $580 on the top-selling Altima to $4,400, on the Armada big SUV.

— Honda's sales rose 7.4 percent thanks to growing sales of its newly redesigned Civic and Accord and a big increase for the subcompact Fit.

— Hyundai's sales were up 2 percent, hurt by tight supply of the Sonata midsize sedan. Sales of the Elantra small car jumped 45 percent.

20.25 | 0 komentar | Read More

Electric car maker CODA files for Chapter 11

LOS ANGELES — Electric car maker CODA Holdings Inc. filed for bankruptcy protection Wednesday after selling just 100 cars and said it plans to quit the auto business altogether.

The Los Angeles-based parent of CODA Automotive filed for Chapter 11 bankruptcy protection in federal court in Delaware. A consortium of debtors plans to acquire CODA for $25 million, according to a company statement.

The company's statement said it plans to concentrate on CODA Energy, an energy storage business founded two years ago, and exit the automotive business.

"CODA Energy's products are based on the same core battery management technology found in its vehicles adapted for stationary applications," the statement said. "One of the company's installations in San Francisco, for example, helps a large hotel integrate solar power efficiently and avoid peak electricity charges."

The 4-year-old company now has 40 workers. It furloughed around 50 but expects to call them back when the sale is completed.

CODA is the latest casualty in an electric vehicle market that has struggled to lure consumers who are skeptical of the short battery life, high price, and a lack of infrastructure that can require recharging stops of several hours on long trips.

Last month, Anaheim-based Fisker Automotive Inc. confirmed it had laid off about three-fourths of its headquarters workers as it struggles with financial and production problems. Fisker, which makes the $100,000 Karma plug-in hybrid sports car, missed a crucial production target for a half-billion-dollar public loan.

It has sold fewer than 2,000 Karmas, despite early projections of 11,000 sales per year, and it hasn't produced any cars since its battery supplier filed for bankruptcy protection last year.

Tesla Motors Inc., based in Palo Alto, sells an electric car that starts at $62,400 after a federal tax credit and can go up to 230 miles on a full charge, with pricier versions that can go 300 miles. Tesla has sales or service locations in 19 states but has yet to turn a profit and owes the government for a $465 million federal loan.

CODA's business plan of marketing to private consumers was unrealistic because it pitted the startup against established players, said Phil Gott, senior director of IHS Automotive, an auto forecasting and advisory firm.

"They're not alone," he said. "I just think they're the latest victim of very big dreams and very shallow pockets."

"It speaks to people with, let's say, an unrealistic view of what it takes to enter ... the car business," Gott said. "People don't buy technologies. They buy utility, they buy style, they buy convenience, they buy service, they buy warranty support.

"People who say 'I have a great new technology,' the best thing to do ... is to sell it to someone who's already got all of the other things you don't have," he said.

Buoyed by hundreds of millions of dollars in backing, CODA moved from Santa Monica and opened its 100,000-square-foot global headquarters in Los Angeles in the fall of 2011.

Last year, its plant in the Northern California town of Benicia began rolling out its five-passenger sedan. It had a single-charge range of up to 125 miles. The car's battery, body and most other components were made in China and assembled in California.

The company had big plans, estimating it would sell 10,000 to 14,000 vehicles in its first 12 months. Instead, it sold around 100.

Its sticker price of $37,250 — reduced to $27,250 with federal credits and state rebates for electric vehicles — coupled with a lengthy recharge time of six hours and humdrum styling failed to attract buyers.

Investors also became wary, and a proposed $150 million securities offering resulted in less than $22.5 million, according to a Securities and Exchange Commission filing last year.

The company also withdrew a request for more than $300 million in federal loans.

However, CODA's troubles are simply growing pains for an embryonic technology, Gott said.

"In about a decade or so it'll be really ready for the consumer," he said.

Smart producers would concentrate on selling all-electric vehicles to fleet users, like governments or companies, Gott said. Fleet vehicles generally travel established routes and return to garages where they can be recharged overnight.

They don't need to worry about "interrupting the charge in the middle of the night to take the kid to the hospital," Gott said.

China is one of the hopefuls for fleet sales. BYD Co. Ltd., one of the largest manufacturers of rechargeable batteries, announced plans Wednesday to build electric buses and batteries at plants in California's Mojave Desert. BYD, which opened its North American headquarters in Los Angeles in 2010, says the plant will initially turn out 10 electric buses under contract for the city of Long Beach.

20.25 | 0 komentar | Read More

US jobless claims fall to 5-year low of 324K

WASHINGTON — The number of Americans seeking unemployment aid fell last week to seasonally adjusted 324,000, the lowest since January 2008. The drop points to fewer layoffs and possibly more hiring.

The Labor Department said Thursday that weekly applications fell 18,000, the second straight sharp drop. The four-week average, a less volatile measure, plummeted 16,000 to 342,250, close to a five-year low.

Applications are a proxy for layoffs. When they fall below 350,000, it is generally consistent with moderate hiring.

But layoffs are only half the equation: Companies also need to be confident enough to add workers for job growth to pick up and lower the unemployment rate. Many have held off adding new workers in recent months, possibly because of concerns about the impact of federal spending cuts and tax increases.

Economists forecast that the economy added 160,000 jobs last month. That's much better than the 88,000 added in March, but below last year's pace of nearly 185,000 per month. The unemployment rate is expected to remain unchanged at 7.6 percent.

But many have lowered their estimates this week, some as low as 120,000, after several reports suggested that slower growth is dragging down hiring. The government will release the April employment report Friday.

The spending cuts, known as sequestration, and higher Social Security taxes may be making businesses more cautious about hiring. And the tax increase could slow consumer spending. The Federal Reserve said Wednesday that those policies are "restraining economic growth."

"We think hiring will be more subdued in the second quarter as the economy weathers a consumer spending slowdown and sequestration job cuts," said Julia Coronado, an economist at BNP Paribas. Unemployment benefit applications "will not capture either of these developments." One reason layoffs may not rise is that federal agencies are cutting hours, rather than jobs.

The data ahead of Friday's jobs report have been discouraging. On Wednesday, payroll provider ADP said companies added just 119,000 jobs in April. And a survey of manufacturers by the Institute for Supply Management found that a measure of employment fell sharply last month.

Many companies have been advertising more jobs but have been slow to fill them. Job openings jumped 11 percent during the 12 months that ended in February, but the number of people hired declined, according to a Labor Department report last month.

Nearly 5 million people received unemployment aid during the week ended April 13, the latest data available. That's down from nearly 5.1 million in the previous week.

Still, consumers are more optimistic that the job market is healing and will deliver higher pay later this year, according to a survey of April consumer confidence released this week. And lower gas prices could offset some of the pinch from the tax increase.

The economy grew at an annual rate of 2.5 percent from January through March, the government said last week. That was an improvement from the anemic growth of 0.4 percent in the final three months of last year. Most economists expect growth will slow in the current quarter to 2 percent or lower.

20.25 | 0 komentar | Read More

Circulation numbers for the 10 largest newspapers

The top 10 U.S. newspapers by average weekday circulation October through March. The figures include digital editions such as those on tablet computers or restricted websites as well as branded editions, which include regional editions or those tailored for commuters.

1. The Wall Street Journal — 2,378,827 (includes 898,102 digital editions)

2. The New York Times — 1,865,318 (includes 1,133,923 digital editions)

3. USA Today — 1,674,306 (includes 249,900 digital editions)

4. Los Angeles Times — 653,868 (includes 177,720 digital editions and 43,275 branded editions)

5. Daily News of New York — 516,165 (includes 155,706 digital editions)

6. New York Post — 500,521 (includes 200,571 digital editions)

7. The Washington Post — 474,767 (includes 42,313 digital editions and 1,305 branded editions)

8. Chicago Sun-Times — 470,548 (includes 77,660 digital editions and 208,087 branded editions)

9. The Denver Post — 416,676 (includes 192,805 digital editions and 10,041 branded editions)

10. Chicago Tribune — 414,930 (includes 46,785 digital editions)

Source: Alliance for Audited Media

20.25 | 0 komentar | Read More

Digital fees pay off for 2 top-selling newspapers

NEW YORK — The Wall Street Journal remains the top-selling U.S. daily newspaper, but The New York Times has surpassed USA Today for second, thanks to an expansion into digital subscriptions, according to a report released Tuesday by an industry group.

The Journal's weekday circulation averaged 2.38 million from October through March, the period covered by the report from the Alliance for Audited Media. That was a 12 percent increase from the same period a year ago, the AAM said. Most of the growth came in digital subscriptions, which accounted for nearly 900,000, or 40 percent, of the total circulation at the newspaper, which is owned by News Corp.

The New York Times began charging for unlimited access to its heavily trafficked website two years ago. The move has helped boost its paid circulation by reeling in more subscribers who are willing to pay for unlimited digital access the newspaper's content. The Times' weekday circulation averaged 1.87 million during the latest period, an 18 percent increase from last year. The figure included digital circulation of 1.13 million, a 32 percent increase from last year.

AAM's rules allow publications to count as multiple subscriptions the same person's paid usage on multiple outlets, such as a paper newspaper, a website and a tablet computer.

AAM's methods for tracking circulation have changed in the past few years as newspaper publishers attempt to counter a decline in paid readership of their print editions and an even sharper drop in the advertising sales that bring in most of the industry's revenue. One of the biggest changes has occurred on the Web and on mobile devices, where newspapers are increasingly requiring readers to pay a fee to gain unlimited access to digital content that was once free. The AAM includes paid digital subscriptions and so-called branded editions —regional versions of newspapers or those tailored for commuters— in its circulation tally.

Digital subscriptions now account for 19 percent of average U.S. daily newspaper circulation, up from 14 percent last year, the AAM said.

Overall, the average daily circulation at the 593 U.S. newspapers that submitted figures to AAM declined by 0.7 percent from March 2012. The AAM cautioned against comparing the industry's overall numbers with the previous year because of the different ways newspapers have been delivering and selling editions. Some newspapers, for instance, have reduced the number of weekdays that they deliver print editions. Other newspapers are listing branded editions that weren't counted in past years, according to the AAM.

In what was then a break from the industry's practice, The Wall Street Journal began charging for online access to its business-oriented newspaper during the 1990s. That move helped The Journal leapfrog USA Today as the largest U.S. newspaper in 2009.

The New York Times remained the largest Sunday newspaper with an average circulation of 2.32 million, a 16 percent increase from last year. Neither The Journal nor USA Today publishes a print edition on Sunday.

USA Today's weekday circulation fell 8 percent from last year to 1.67 million. The newspaper, owned by Gannett Co., still offers free access to its website. Even so, USA Today delivers a digital version that had nearly 250,000 paying subscribers during the latest period, according to AAM.

After The Journal first emerged with the largest total weekday circulation, USA Today could still claim the largest paid audience in print.

That is no long true though. The Journal's print circulation totaled 1.48 million in the latest period versus 1.42 million at USA Today.

In a statement, USA Today spokeswoman Heidi Zimmerman said the circulation figures don't capture the full scope of the newspaper's audience because the numbers omit digital readers who aren't paying to consume content. For instance, USA Today says it has more than 32 million readers on its website. The newspaper believes it will be able to make more money from that traffic by selling more digital ads.

20.25 | 0 komentar | Read More

Boston business leaders praise Menino

Outgoing longtime Mayor Thomas M. Menino is scheduled to take a curtain call before city business leaders today when he addresses the Chief Executives Club of Boston.

Menino's decison not to run for another term has sparked a rush of candidates to take his mantle. But business leaders yesterday said the urban mechanic, who has held developers' feet to the fire but also launched many initiatives to turn Boston into an innovation hub, will never be replaced.

"If (today) is his last talk (before the club), it'll be a sad day for Boston because he will go down in history as the city's greatest mayor," said Bob Reynolds, president and CEO of Putnam Investments. "He has represented everyone in Boston, from business leaders to children. He's just a terrific mayor."

Reynolds recalled being among the business leaders Menino invited to meals at the Parkman House to discuss the issues of the day.

"He was always willing to reach out to different constituencies to get things done," he said. "I've never been around someone who seemed to enjoy his job as much as he did. That's what endeared him to so many people."

Menino was a friend to businesses, he was pro-growth, and he always sought to encourage the creation of more jobs in the city, Reynolds said.

"It was his vision and push that got things done" when he dubbed a part of the South Boston waterfront the Innovation District, he said.

R. Robert Popeo, chairman of law firm Mintz Levin, said Boston is a "vibrant city in no small measure because of Mayor Menino."

"He served all the people of Boston, and his outreach has been totally inclusive," Popeo said. "This is what made him popular. Everyone was welcome."

Menino's vision for the Innovation District, "which takes advantage of the enormous intellectual capital provided by our universities and hospitals, is what's moved us to becoming a first-class, international city."

David H. Long, Liberty Mutual Insurance's president and CEO, had similar praise for both the mayor and his wife.

"Tom and Angela are truly Boston's first family," Long said in a statement. "Their personal touch on so many aspects of city life may never be matched and will certainly be missed."

20.25 | 0 komentar | Read More

T-Mobile USA completes MetroPCS acquisition

NEW YORK — T-Mobile USA, the country's fourth-largest cellphone carrier, has completed its acquisition of smaller rival MetroPCS.

T-Mobile is adding 9 million MetroPCS customers to its own 34 million. The combined company will still lag No. 3 Sprint Nextel Corp. in size.

No immediate changes are expected for customers of either company. However, T-Mobile plans to shut down MetroPCS's network over two years, which means MetroPCS phones will eventually stop working. T-Mobile will use the space freed up on the airwaves to boost its own coverage and data speeds.

T-Mobile, a subsidiary of Germany's Deutsche Telekom AG, will gain its own U.S. stock listing by merging with Dallas-based MetroPCS Communications Inc.

The combined company will be called T-Mobile US Inc. and will start trading on the New York Stock Exchange Wednesday under the ticker symbol "TMUS."

Under terms of the deal, MetroPCS shareholders are getting $4.08 per share in cash, or $1.5 billion. They're also getting half a share of the new company for each MetroPCS share, resulting in a 26 percent ownership stake.

The rest will be owned by Deutsche Telekom.

MetroPCS's board agreed to sell to T-Mobile in October, but shareholders and shareholder advisory firms called the offer inadequate. T-Mobile improved its bid three weeks ago by reducing the amount of debt it would transfer to the new company and reducing the interest rate on the debt. The improved offer won shareholder approval last week.

The combined company's President and CEO is John Legere. Former MetroPCS Vice Chairman and Chief Financial Officer J. Braxton Carter will serve as CFO.

It will have 11 board members, including two of MetroPCS' existing directors. Deutsche Telekom Deputy CEO and Chief Financial Officer Tim Höttges will serve as chairman. The combined company will be based in Bellevue, Wash., and keep a significant presence in Richardson, Texas.

20.25 | 0 komentar | Read More

Chrysler US sales up 11 percent in April

DETROIT — Strong demand for the Ram pickup truck helped drive Chrysler's sales up 11 percent last month as the company posted its best April in six years.

The increase is another sign that Americans continue to buy cars and trucks despite high unemployment and mixed economic signals. All automakers report monthly sales Wednesday, and industry analysts expect an overall increase of around 10 percent over April of last year. That would make it the best April since 2007.

Chrysler said it sold 156,698 cars and trucks last month, led by the Ram pickup with sales of 31,409. The Jeep Grand Cherokee SUV also posted strong numbers with sales up 27 percent to just over 15,000. Dodge brand sales rose 18 percent, with the Dart compact car posting its best month ever with sales of nearly 8,100. But the Chrysler brand struggled in April with sales falling 13 percent.

Truck and SUV sales helped Chrysler post its big increase. The company's truck sales rose 14 percent, while car sales rose only 5 percent.

Chrysler predicted that total U.S. sales will hit an annual rate of 15.4 million in April. That's a little higher than most analysts' predictions. It's likely to be the sixth straight month of sales above a 15 million yearly pace.

Barring an unexpected event that causes a real estate price collapse or rapidly rising job losses, there's little to stop sales from growing further in the next few years, industry analysts say.

"I don't see any significant hurdles on the horizon," said Alec Gutierrez, a senior market analyst at Kelley Blue Book. "I don't see us taking a step back, provided the unemployment rate at least holds steady."

U.S. unemployment stands at a stubbornly high 7.6 percent, but that hasn't slowed auto sales much.

Aside from unemployment, almost every factor that affects car and truck sales is positive. Interest rates are low — the average four-year loan on a new car is 2.4 percent, according to Bankrate.com. Also, credit is widely available, even to those with low scores. Used-car values are high, so car buyers can get good money when they trade in their old cars. Lease deals are good. Gas prices have fallen since February.

In addition, home-building is on the rise, up 7 percent from February to March. That usually means better sales of big pickup trucks as companies and laborers return to the market. Kelley Blue Book expects big pickup sales to rise more than 26 percent in April over a year ago.

Many businesses and consumers need to replace older trucks and cars. The average age of a U.S. vehicle is 11.2 years. Plus, automakers have rolled out dozens of exciting new models in the past year, drawing buyers into showrooms.

"Relatively lower gas prices coupled with small business demand improving for trucks resulted in a strong showing for small and large pickups in April," said Jesse Toprak, senior analyst for the TrueCar.com auto pricing site.

One category that's soaring is small crossover SUVs. Sales are expected to rise 22.5 percent, according to Kelley Blue Book. Fuel-efficient models such as the Ford Escape, Honda CR-V and Mazda CX-5 are driving sales up, Gutierrez said.

Among individual automakers, Nissan Motor Co. is expected to post the largest sales gain. Several analysts expect an increase of more than 20 percent. Gutierrez said the midsize Altima is driving sales. Nissan normally boosts sales in March to finish out its fiscal year, then sees a drop in April, he said. Last year the company had a big April decline, Gutierrez said.

Nissan took a step to boost futures numbers as well. It announced price cuts on seven models that make up 65 percent of its U.S. sales. The cuts run from $580 on the top-selling Altima midsize car to $4,400, on the Armada big SUV.

GM, Ford, Chrysler and Volkswagen also are expected to post double-digit gains for the month.

Kelley Blue Book estimates that auto prices fell slightly in April compared with a year ago, to an average of $31,326.

Although the year is turning out to be strong for auto sales, Gutierrez said not to expect the double-digit growth rates of the past two years. He expects U.S. auto sales to end the year around 15.3 million cars and trucks, up 5.5 percent from last year's 14.5 million.

20.25 | 0 komentar | Read More

Dozens of air shows cancel without military jets

MILWAUKEE — Dozens of air shows that draw tens of thousands of people and generate millions of dollars for local economies have been cancelled this year after the military grounded its jet and demonstration teams because of automatic federal budget cuts.

For years, the biggest draws at air shows have been the military's two elite jet teams, the U.S. Navy's Blue Angels and the U.S. Air Force's Thunderbirds, and their intricate stunts. The armed services also have provided F-16, F-18 and F-22 fighter jets and the U.S. Army Parachute Team, known as the Golden Knights. All the teams were grounded as of April 1 to save money, and the military also dramatically curtailed its help with ground displays of various aircraft.

Those cutbacks have affected more than 200 of the approximately 300 air shows held in the United States each year, said John Cudahy, president of the International Council of Air Shows. About 60 shows have been cancelled, and he expects more cancellations as the season progresses and hope for restoration of the budget cuts fades. He predicted 15 percent to 20 percent of the shows won't return next year, even if the military begins participating again.

"The worst case is that they either cancel and go out of business, or they don't cancel and they have such poor attendance and they go out of business," he said.

Local economies also will feel the sting of the cancellations without the air shows bringing in crucial tourism dollars.

Representatives for some of the nation's biggest air shows, such as the air and water shows in Chicago and Milwaukee and the Experimental Aircraft Association's AirVenture in Oshkosh, Wis., said they didn't expect a lack of active military jets to affect their events. The Chicago and Milwaukee shows are held along the shore of Lake Michigan, where large crowds are expected to gather for a free spectacle; the Oshkosh event is primarily a convention of pilots and aviation enthusiasts, with an air show attached.

But organizers of other events said they expected such a dramatic drop in attendance that they felt they had to cancel.

Thunder over the Blue Ridge in Martinsburg, W.V., an easy day trip from Baltimore and Washington, won't happen. The two-day show drew 88,000 people when the Thunderbirds performed in 2010, said Bill Walkup, one of the board members and manager of the Martinsburg airport.

"Having the Thunderbirds or the Blue Angels is like having the Super Bowl, it's a household name," Walkup said. Without a jet team, the show typically draws 15,000 or fewer.

Organizers also faced a challenge because the show had been hosted for the past few years by the West Virginia Air National Guard. After the Guard said it couldn't do that because of budget cuts, organizers considered hosting the show at the civilian side of the airport — until the Thunderbirds cancelled.

"When this happened, it just put us out of business," Walkup said.

Maj. Darrick Lee, spokesman for the Thunderbirds, said a typical season averages about $9.75 million and the Air Force needs to focus its resources now on its mission in Afghanistan. Team members are still doing local public appearances that have little or no cost, he said.

"Would we prefer to be flying? Of course," he said. But, he added, "We encourage folks to go and have a good time with or without us."

Organizers cancelled the Indianapolis Air Show in February because of concerns the Blue Angels wouldn't participate, said Robert Duncan, chairman of the show's executive committee. The jet team makes a 25 percent to 30 percent difference in the gate admissions, and sponsors weren't signing up as quickly because of uncertainty about the Blue Angels. The committee is trying to reinvent the show for next year, perhaps by adding a 5k run, carnival games or more civilian aircraft, Duncan said.

Many air shows, including those in Martinsburg and Indianapolis, benefit charities. They also generate millions of dollars in tourism, benefiting hotels, rental car companies and restaurants. Economic impact studies indicate the shows are worth $1 billion to $2 billion nationwide, Cudahy said.

Bob Anderson, of Tallahassee, Fla., is among those whose businesses have been hurt. For more than a decade, he and his wife, Sandy, have sold Blue Angels and Thunderbirds T-shirts and other apparel at shows. In a typical year, they go to more than 20 of them and sales surpass $250,000.

This year, they went to two shows before the teams ended their seasons on April 1. Anderson, who is back to doing carpentry and home repair, said the loss of business also affects others— he spends about $90,000 a year on shirts, printing, embroidery and other supplies.

"The trickle-down effect is tremendous," he said.

Air show organizers in many communities have been scrambling to avoid additional losses.

Curt Drumm, producer and co-founder of Thunder on the Lakeshore, in Manitowoc, Wis., said he has been talking to private owners of former military aircraft and to aerobatic performers to help fill gaps left by three smaller military teams. The event usually draws 70,000 people over three days and is an important source of income for local businesses and civic groups that run food and beverage stands.

"We still have an incredible lineup of civilian performers," Drumm said. But, he acknowledged, "Without those big, noisy jets, it's not quite the same event."

20.25 | 0 komentar | Read More

Owner is at nexus of Bangladesh politics, business

SAVAR, Bangladesh — When the cracks in the building appeared early Tuesday afternoon, a stocky man in his early 30s, a feared political operative who a neighbor says dropped out of school in seventh grade, quickly arrived at the scene in this crowded industrial suburb of Bangladesh's capital.

By then, fear had spread through the 3,200 people who worked in the five clothing factories that jammed the upper floors of Rana Plaza, and the handful of shops on the lower ones. Most of the workers had gathered in the street out front. Few wanted to go back in. Inspectors said the eight-story building should be closed until it could be inspected.

But Mohammed Sohel Rana scoffed.

"The building has minor damages," Rana, the building's owner, told gathering reporters. "There is nothing serious."

The next morning, many of the building's shops and a first-floor bank were closed. But the factories' 8 a.m. shift began as usual. About 45 minutes into the shift, the building suddenly collapsed, killing at least 377 people in a fury of falling concrete. It was the worst industrial accident in the history of Bangladesh. Rescuers are still crawling through the rubble, hoping to find anyone who has managed to survive so long, but nearly all the people being carried out now are dead.

During the long search, Rana was missing. Local media reported he left his basement office in Rana Plaza just before the collapse, drove away and dropped from sight. He was arrested Sunday as he tried to cross the border into India.

For years, though, Rana had sat at the nexus of party politics and the powerful $20 billion garment industry that drives the economy of this deeply impoverished nation. This intersection of politics and business, combined with a minimum wage of $9.50 a week that has made Bangladesh the go-to nation for many of the world's largest clothing brands, has made dangerous factory conditions almost normal, experts say.

Government officials, labor activists, manufacturers and retailers all called for improved safety standards after a November garment factory fire in the same suburb, when locked emergency exits trapped hundreds of workers inside and 112 people died. But almost nothing has changed.

"Successive Bangladeshi governments have paid lip service to worker safety but in reality it is only the factory owners who have the ear of policymakers," Brad Adams, the Asia director for Human Rights Watch, said in a statement. "How many factory tragedies will it take before the Bangladeshi government ends its cozy relationship with powerful company owners and prioritizes worker safety?"

Before the collapse, Rana was little known outside of the few blocks of his tiny empire, a grid of poorly paved streets in the crowded industrial suburb of Savar, built up over the past decade or so around hundreds of garment factories.

The son of a local businessman with political connections, Rana became a neighborhood force by working as an organizer for the two political parties that have competed for power for decades in Bangladesh, according to local politicians, as well as someone who grew up near Rana and still lives in the area.

While Rana is currently a leader of the youth group of the ruling Awami League, he has also worked for that party's archrival, the Bangladesh National Party.

"He doesn't belong to any particular political party," said Ashrafuddin Khan Imu, an Awami League leader and longtime Rana rival. "Whatever party is in power, he is there."

In essence, these people say, Rana is a neighborhood political enforcer, regularly ordering thousands of people into the streets for rallies. Most recently, Imu said, he has been working for Awami League lawmaker Talukder Touhid Jang Murad. When Murad was asked about Rana after the collapse, Murad denied any connections. The next day, Dhaka newspapers printed photographs of Murad kissing Rana on the forehead after a successful rally earlier this year.

"He used to intimidate people whenever he needed them, like bringing people out for street marches in support of the lawmaker," said the neighbor, who spoke on condition he not be named, fearing Rana would send his men to beat him up after having been threatened once before. "Neighbors would avoid him ... No one wanted to upset him."

Money came with his political connections, with wealth built upon a string of government-owned properties he acquired at reduced prices, according to local media reports. He built a small apartment building and a small commercial building, where a Bata shoe store is now on the ground floor. In 2010 he built Rana Plaza on land that had once been a swamp. He had a permit to erect a five-story building, but built three additional stories illegally.

Until Wednesday, he lived just a few blocks from Rana Plaza, in a five-story red-brick building he owns at the end of a narrow alley. The ground floor has a hand-painted medieval scene, with an aristocratic woman, or perhaps a bride, being carried by scowling bearers in a covered palanquin. The neighbor says he is married, and has two children. The buildings indicate he is a man of considerable stature locally, but is almost certainly not a member of the country's tiny elite.

After the cracks appeared in the building, witnesses say Rana quickly went to work. On Wednesday morning, he and a number of factory managers ordered nervous workers into the building shortly before the collapse, according to the neighbor, who was present at the scene, and local press reports.

"I was too afraid to go inside the building. But the factory officials assured us they would also be in the factory, so there should not be any problem," said Kohinoor Begum, a factory worker who survived but whose hands were injured.

Cheers went up at the scene of the collapsed building when his arrest was announced over loudspeakers. After Rana disappeared, authorities detained his wife, apparently to convince him to surrender.

What will happen to him? At first glance, the situation doesn't look good: His political allies have abandoned him, Bangladesh's most powerful garment industry association says he ignored their warnings to shut the building and the prime minister called for his arrest.

But in the streets of Savar, many note that while three managers have been arrested in connection with the Tazreen fire, the factory owner remains free.

___

Sullivan reported from New Delhi, India. Associated Press writer Julhas Alam in Dhaka contributed to the report.

20.25 | 0 komentar | Read More

Samsung Galaxy’s mostly a star

Remember when there were rumors swirling that Samsung's next Galaxy smartphone would include eye tracking? And then Samsung held a big event and announced the new Galaxy S4 would identify facial expressions and scroll down automatically — and pause videos when users look away?

All this super-exciting stuff? Does. Not. Work.

Samsung made a big deal out of features that no one asked for and then botched them in the end.

It's a shame because the Samsung Galaxy S4 is an otherwise nice Android offering.

The unit I tested is from AT&T, which is selling the S4 at $199 with a two-year contract.

The 5-inch 1080p resolution screen is gorgeous.

The quad-core processor exudes power, and AT&T's LTE was a joy to use.

But compared to the HTC One and the iPhone 5, the Galaxy S4 can feel insubstantial.

The body is made of plastic, which doesn't inspire a ton of confidence.

The 13-megapixel camera gets the job done, but it still falls short of the picture quality and color saturation delivered by the iPhone 5.

Yet in every other way that counts, this and other new Android smartphones are increasingly making the iPhone look static and antiquated.

Still, anyone interested in this phone should disable those gimmicky features that don't work, which is easily done. Smart rotation is supposed to adjust to your angle of sight. But it only worked about half the time for me. The screen would either adjust in a way I didn't want or do nothing at all.

A smart pause feature is supposed to detect when you are facing away from the screen. That also worked about half the time. Videos you're watching will end up pausing randomly unless you disable this feature.

Smart scrolling was the worst of the gimmicks because for me, it just plain never worked. A few times a page I was reading would scroll downward before I was ready, but that was the closest I came to this function.

It boggles the mind that Samsung would enable features that are clearly in beta without labeling them as such.

As Apple has shown, it's not as important to be first with a feature as it is to have it work better than anyone else.

20.25 | 0 komentar | Read More

The Ticker

Smartphone sales over 50% of market

With worldwide shipments of 216.2 million units during the first quarter, smartphones grabbed 
51.6 percent of the total mobile phone market, according to InformationWeek.

This is the first time that hardware makers have shipped more smartphones than feature phones on a global basis.

Phone makers shipped 418.6 million devices during the quarter, which was up 4 percent compared to the year-ago quarter (402.4 million), but down compared to the previous quarter (483.2 million). The first quarter typically sees a downturn in sales following the holiday quarter, so these numbers are following the seasonal trends.

TODAY

 Alnylam Pharmaceuticals and Cognex Corp. release quarterly financial earnings.

TOMORROW

 Aegerion Pharmaceuticals, Momenta Pharmaceuticals, Pfizer, and Vertex Pharmaceuticals report their quarterly financial results.

 Boston-based public relations firm Schneider Associates has hired John Jowers, left, as account supervisor to the firm's corporate, education and nonprofit practice. Prior to joining Schneider, Jowers worked at Cone Communications in the corporate social responsibility practice.

 MassHousing has announced the appointments of five individuals to senior management positions.

Timothy Sullivan, of Brookline, was named deputy director for finance and rental programs.

Monte Stanford, of Saugus, has assumed the position of director of rental lending.

Peter Milewski, of Duxbury, was appointed director of homeownership lending.

Kevin Mello, of Norton, was named director of 
homeownership servicing and operations.

Karen Kelleher, of Arlington, was named general counsel.

 Lesley University has hired Alison Harris, former director of communications at the Executive Office of Labor and Workforce Development, as the college's new director of communications. Harris will be joined in the Office of Communications by Amanda McGregor who was promoted to communications manager.

 Burlington-based Zappix has hired two key executives for its U.S. management team. Shay Artzi will serve as chief technical officer for the company, while Gal Steinberg has been appointed vice president of marketing.

 Cambridge-based Celtra Inc. has hired Deborah Szajngarten as vice president of marketing communications. Szajngarten previously served as global communications director for Vimeo.

20.25 | 0 komentar | Read More

IT startup Acorio beefing up work force

A Hub-based IT startup said it will use a recent seven-figure investment to increase its sales and delivery teams while also creating tools designed to "augment" the capabilities of ServiceNow's software-as-a-service platform.

Acorio, which launched six months ago, plans to expand its employee headcount to 100 people nationally over the next 18 months, President and CEO Jim Lampert told the Herald.

ServiceNow, an enterprise IT cloud company based in San Diego, was the first technology company taken public by Morgan Stanley after Facebook.

"We're very honored to have the partnership we have with ServiceNow," said Lampert, 48, an EMC veteran. "We want to be able to apply services and, in some cases, unique technologies to make that platform even better."

Lampert added Acorio's proprietary POWERBooster tools are designed to help Fortune 2000 clients implement and integrate ServiceNow's platform faster and more efficiently into their own enterprises or connect the same platform with a human resources SaaS platform like Workday.

"One of the big challenges right now organizations have is they have a lot of disparate cloud platforms within enterprises," Lampert said. "If we can help our clients connect (ServiceNow's) platform to some of their other cloud platforms to help the overall enterprise become more efficient, more agile and more automated, there's a significant value there."

The company secured its first round of funding from Momentum Equity Partners, whose chairman, Frank Selldorff, founded the startup.

20.25 | 0 komentar | Read More