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Fed plan would allow Cape fishing, but thereĆ¢€™s a hook

Written By Unknown on Sabtu, 13 Juli 2013 | 20.25

Federal authorities are proposing opening three areas off Cape Cod to fishing, but fishermen say the hook in the plan — $600 a day to pay for an onboard observer — makes it untenable for an industry already fighting for its survival.

The National Oceanic and Atmospheric Administration is considering opening parts of Georges Bank and the Nantucket Lightship Area that have been closed to groundfishing for nearly 20 years.

But fishing vessels would be required to have special gear to allow cod and porpoises to escape, and would have to pay upwards of $600 to have a NOAA observer to gather data on fish caught and any interactions with marine mammals.

"(NOAA is) trying to show the public they're not bad people" for cutting catch quotas of Gulf of Maine cod by 77 percent, said Jason Polisson, who gave up fishing after 40 years and re-mortgaged his house and his 42-foot boat. "But they know we can't get out there with our boats, and they know we can't pay $600 a day for an observer."

NOAA spokeswoman Maggie Mooney-Seus said "presumably" there is a large haddock stock in those waters that would offset the cost of observers.

"We'd love to say, 'Just go in and fish,'" she said, "but we have to make sure there's no detrimental impact on marine mammals and other groundfish that are in bad shape."

But Vito Giacalone, a 53-year-old Gloucester fisherman who owns a 77-foot troller, said, "If you don't find fish in abundance, and the prices you get for them at the dock aren't good, it makes no sense."

NOAA's proposal is open to public comment until July 26.


20.25 | 0 komentar | Read More

Natick home can be your true Sanctuary

This brick contemporary in South Natick has been turned into a showpiece home with more than $220,000 in upgrades to all areas of the property.

Located in the Sanctuary Estates, a 57-home subdivision development of high-end single-family homes abutting conservation land, the five-bedroom house on an acre of land at 15 Harvest Moon Lane is on the market for $1,149,000. Since buying the home in 2007, the current owners have done a high-end build-out of the basement that includes a home theater, billiards room, sauna and large built-in bar.

The red brick and beige clapboard house, built in 1999, has 5,390 square feet of living space, an attached three-car garage and a nicely landscaped front yard with a curving brick walk.

There's a double-height entry foyer off of which all the oak-floored first-floor living spaces flow. To the left is a recessed-lit living room with lots of windows, whose focal point is an updated gas fireplace surrounded by stone. There's also new custom moulding and a sound system. Pocket doors lead to a formal dining room with chair-rail wainscoting and dentil crown moulding.

The adjacent kitchen has a new oak floor, cherrywood cabinets, black granite counters, an island with pendant lighting and a built-in bar with glass cabinets. High-end appliances include a DCS gas stove, a cabinet-enclosed Sub Zero refrigerator and Kitchen Aid dishwasher. There's a dining area with glass doors leading out to a large rear deck.

The owners widened the entrance to an adjacent family room, installed wood columns, updated a fireplace to gas and added an integrated sound system.

Off a hallway from this room is a laundry room, a renovated half bath with beadboard wainscoting, and a direct entrance to a three-car garage with newly built-in storage space.

A turning staircase leads to the second floor, with a half landing opening into a sunny home office/study area.

There are four bedrooms on the second floor, off an oak hallway overlooking the foyer. At one end, the oak-floored master bedroom suite features high ceilings, a large walk-in closet with built-in shelving, a private deck and a beige ceramic tile master bathroom with a raised whirlpool tub and glass-enclosed steam shower.

A bedroom on the opposite side of the house also has a large walk-in closet and an en-suite ceramic tile bathroom with a one-piece Fiberglas shower. In between are two other good-sized bedrooms with built-in closet shelving, and there's a third full ceramic-tile bathroom across the hall.

The current owners have completely built out the home's basement, with cherrywood floors in front of a large built-in bar with Blue Pearl granite countertops. There's a cherry-floored billiards room and a carpeted playroom with custom built-in cabinets. There's a full ceramic-tile bathroom and a wood-lined sauna.

A home theater with raised leather seats and projector TV is negotiable with the owners.

The home has gas-fired heating and central air-conditioning systems, and the owners have added an instant-on tankless water-heating system.


20.25 | 0 komentar | Read More

Mayoral hopefuls open to Don Chiofaro's waterfront project

A long-stalled $1 billion high-rise development project on Boston Harbor proposed by a bitter enemy of Mayor Thomas M. Menino could get new life under a new mayor — and some candidates say they're open to revisiting the dormant deal.

International Place developer Don Chiofaro, who has famously clashed with Menino over the proposed Harbor Garage project, has been reportedly polling residents on their support and is considering reviving plans for the twin towers that would house a 200-room hotel, condos and retail along the waterfront, next to the New England Aquarium.

Chiofaro, who did not return messages, conducted a similar poll in 2010, only to see the deal blocked by the Boston Redevelopment Authority.

"If I'm mayor, I want to bring a new era of transparency to the BRA," said mayoral candidate and City Councilor John Connolly. "Everyone has the right to submit a project for a transparent review."

News of Chiofaro's renewed efforts comes amid hefty criticism of the BRA, the city's development arm which was designed to be independent but has become a de facto rubber stamp for the mayor over Menino's 20-year career.

Councilor Michael P. Ross, who's also running for mayor, said he's open to working with Chiofaro — or any other developer — who has an idea on how to spruce up the harbor front.

"We can do better than a garage," Ross said. "But it has to fit in with the plan for the area. We need to switch to a plan first, build a mindset second."

Another candidate, state Rep. Martin J. Walsh, echoed that sentiment, saying: "I would be willing to listen to anyone about any project, if it's a good economic development project for the city. But I'm also going to balance the concerns of the community as well."

Menino, who hosted his final summer open house at his Hyde Park home last night, dismissed the clash with Chiofaro.

"Let the next mayor deal with it," Menino said. "You have to work by the procedures in place. You can't make your own rules for your own gain. We have procedures in place in the city and you have to follow those procedures."

Richard Weir contributed to this report.


20.25 | 0 komentar | Read More

Yankee Quill honors for 5 New England journalists

BOSTON — Five New England journalists, including a 19th century poet, will receive Yankee Quill awards this fall for their professional contributions.

The annual awards are given by the Academy of New England Journalists through the New England Society of Newspaper Editors Foundation. They are considered the highest individual honors from fellow journalists in the region.

The honorees are Christine Chinlund, managing editor of The Boston Globe; the late Peter Lord, long-time environmental reporter and editor at the Providence Journal; James Rousmaniere, recently retired editor and president of the Keene (N.H.) Sentinel, and Eliot White, publisher and owner of the Record-Journal in Meriden, Conn.

Also being honored is Massachusetts poet John Greenleaf Whittier, who helped lead the 19th century movement to abolish slavery while working as a newspaper reporter and editor.

The awards will be presented at NESNE's October conference.


20.25 | 0 komentar | Read More

Pittsfield man starts baseball bat company

PITTSFIELD  — Casey O'Donnell believes there's no sweeter sound than the crack a wooden bat makes when it connects with the leather hide and stitches of a baseball.

Perhaps that's why the 27-year-old entrepreneur began making custom baseball bats for players in the basement of his parent's Pittsfield home. But as O'Donnell tells it, the true reason for his avocation is far closer to the "American Dream," with his bats, hand-crafted in the city that includes the earliest known reference to "America's Pastime" in North America, emblazoned with the red, white and blue, and in the hands of high-level ball players.

At 9 years old, O'Donnell had just been cut from his Little League team, a moment that "devastated" the would-be ball player and bury his love of the game for nearly two decades.

O'Donnell studied music, playing bass and other instruments in several bands and eventually enrolled at the University of Massachusetts Boston where he earned a bachelor of arts degree in political science.

But something felt off, unfinished, empty. Then it hit him. About three years ago he was watching his dad, Kevin O'Donnell, working in his shop making wooden fishing plugs.

Casey turned to his father and said, "hey Dad, think we can make a baseball bat?"

Wanting to support his son's passion, Kevin worked with his son, showing him everything he had learned about working with wood.

"More than anything I want to see him do what he loves," Kevin said of Casey. "Half of the battle of every day is getting up. It's a lot easier if you have a job to go to that you're passionate about."

The first bat he made turned out more like a club that the Flintstones cartoon character Bam Bam would wield, O'Donnell said. But it was a bat, and each one after the first one looked more polished as he honed his skills with his father as teacher, supporter and counselor.

His first customer was an easy sell. O'Donnell's best friend, Paul Procopio, was playing for the North Adams Steeplecats at the time and as soon as he heard Casey was making bats, he just had to have one. So O'Donnell went to work and created the first P22, which is named after his friend.

"His attention to detail is unbelievable. It was amazing to use something my best friend made and such an incredible product," Procopio said. "It's totally custom to what you like — smaller knob, bigger knob, smaller barrel, bigger barrel — it didn't matter, he can do it."

Word spread quickly of O'Donnell's bat making prowess and orders trickled in through word-of-mouth, but he didn't have a name for his company yet. He decided to name it "Odo," after the only nickname he's ever been given. The Odo Bat Co. was created.

O'Donnell's weekends during college were spent driving back to Pittsfield to make a bat or two, before driving back to Boston for class. His life has been full of maple, birch, ash and sawdust ever since.

"Nothing is more gratifying than seeing a guy at the plate, holding one of my bats in his hand ready to unload on a pitch," O'Donnell said. "Every time one of them breaks though, it feels like one of my limbs just broke."

A broken bat, however, might be just what O'Donnell needed to thrust his small business into a lifelong career.

Ryan Deitrich of the Pittsfield Suns was using one of O'Donnell's bats during a game recently when he swung at a fastball low and away and snapped it at the handle. He still managed to get a base hit.

Deitrich, who left the Suns after the team's game on July 4 to join his new teammates at Duke University, said he liked the broken bat so much that he knew he had to have more. So he ordered five bats from O'Donnell to take with him to North Carolina.

"I used a lot of big name bats but they're not always a high quality wood they use," he said. "Casey is able to give me custom spec bats. He's able to cut them down to the exact length, weight, barrel size and handle size I like."

O'Donnell also specializes in "bone rubbing" — using a cow's bone to give the bat a smoother finish and compressing the wood — to each of the bats. Deitrich said that method gives the batter a higher percentage for making a hit.

"It feels better coming off the barrel," he said. "If you don't square one up, it gives you a little more room for error to still make good contact and get a hit."

It takes O'Donnell about three days to make a bat from start to finish, he said. He also staggers the process, turning out four or five bats in each cycle.

O'Donnell plans to keep the production of bats in his parent's basement for the next year or so while he saves up enough money to rent a workspace in Pittsfield, his hometown, and the city where his business will remain no matter how big it gets.

"This is the American Dream," O'Donnell said. "Players want to support something local and it's very important for me to do it here in Pittsfield."


20.25 | 0 komentar | Read More

Nigerian president finalizes loan deals in China

Written By Unknown on Rabu, 10 Juli 2013 | 20.25

BEIJING — Nigerian President Goodluck Jonathan and Chinese President Xi Jinping presided Wednesday over the signing of accords between their governments to facilitate $1.1 billion in low-interest loans for much-needed infrastructure in Nigeria.

China, which is increasingly looking to Africa for oil and other natural resources, is offering Nigeria loans to help fund airport terminals in four cities, roads, a light-rail line for its capital, a hydropower plant and oil and gas infrastructure.

Xi said both countries had been brought together by a common task of pursuing national development. "As a proverb of Nigeria reads, 'A man cannot sit down alone to plan for prosperity,'" he said.

Jonathan, on a four-day trip to China, has brought along about a dozen of his Cabinet ministers including those for petroleum resources, trade and transport, as well as several state governors, senior government officials and businesspeople.

Following a meeting between Xi and Jonathan, representatives from both countries signed five deals, including a lending agreement between China's Import-Export Bank and the Nigerian finance ministry for the expansion of the airport terminals and an economic and technical cooperation pact. Details of the agreements were not immediately available.

Nigerian Finance Minister Ngozi Okonjo-Iweala says the loans being finalized during this trip are part of $3 billion approved by China at interest rates of less than 3 percent.

Chinese companies are already building roads across Nigeria in contracts worth $1.7 billion.

China's demand for crude oil produced in Nigeria is expected to rise tenfold to 200,000 barrels a day by 2015, according to information provided by a team accompanying the Nigerian president.

Zhang Chun, an expert on Africa at the Shanghai Institute of Foreign Studies, said Nigeria is important to China because it has the largest economy in west Africa and because it has oil. "There is great potential for developing cooperation in this field," he said.

On Thursday, Jonathan will meet Chinese Premier Li Keqiang and representatives of companies including state oil company Sinopec and telecom equipment makers Huawei and ZTE.


20.25 | 0 komentar | Read More

Tribune plans to split into 2 companies

CHICAGO — Tribune Co. says it wants to split its broadcasting and publishing businesses into two companies.

Tribune says the move will let one company take advantage of growth in broadcasting while the other focuses on newspapers, where revenue has been falling.

Chicago-based Tribune owns 23 TV stations and cable network WGN America, along with the Chicago Tribune, Los Angeles Times and other newspapers. Earlier this month, it announced plans to buy Local TV Holdings and its 19 television stations for $2.73 billion.

The newspapers would be spun off into an independent company to be called Tribune Publishing Co.

The remaining company would include Tribune's local television stations; WGN radio and cable networks; its television production, digital and media services ventures; and its interests in other companies and real estate.


20.25 | 0 komentar | Read More

Panera to retool latest pay-what-you-can idea

ST. LOUIS — Panera Bread's latest pay-what-you-can experiment will be retooled and brought back next winter as a seasonal offering rather than a permanent one, the chain's founder says.

The Meal of Shared Responsibility was pulled Wednesday. Since late March, Panera had offered a single menu item, Turkey Chili in a Bread Bowl, at its 48 St. Louis-area restaurants. Customers set their own price for the purchase, though the suggested retail price (tax included) was $5.89.

The idea was that the needy could get a nutritious 850-calorie meal for whatever they could afford to pay, while those who pay above the company's cost make up the difference.

The suburban St. Louis-based company served 15,000 of the meals, Panera's founder and chairman, Ron Shaich, said in an interview with The Associated Press. But the experiment found flaws: Few needy people were participating, in part because most Panera locations in the region are in middle-class and affluent areas; and after an initial surge of publicity and marketing, awareness about the meal dropped off.

"We were very capable of raising the level of awareness about food security in short spurts," Shaich said. But as in-store marketing about the meal was replaced and employees stopped explaining the concept to customers, "it seemed to fall into the background."

"We decided the best thing to do is pull it and retool it," Shaich said.

Fresh off media coverage on the launch, and with heavy in-store signage and employees explaining how the meal worked, the idea had a rousing start. Customers for the first three weeks were, on average, paying above the retail value, said Kate Antonacci, director of societal impact initiatives for Panera.

The payments dropped off, though, as marketing was scaled back, with the overall average being around 75 percent of retail value.

Panera hasn't decided specifically when the meal will be brought back next winter. Shaich said it will be rolled out in a select market or markets that have not been determined. This time, it will be a special offering, probably for four to six weeks.

"We'll be very upfront where we can pay it forward and help each other," he said.

Panera has other charitable endeavors. Its Operation Dough-Nation program has donated tens of millions of dollars in unsold baked goods.

In 2010, it opened an entire cafe in the St. Louis suburb of Clayton, Mo., that operated under the pay-what-you-can format. Others followed in Dearborn, Mich., Portland, Ore., Chicago and Boston. At those nonprofit cafes, every menu item is paid for by donations. Antonacci said roughly 60 percent of customers pay the suggested retail price. The rest are about evenly split between those who pay more and those who pay less.

Panera Cares cafes generally bring in 70 to 80 percent of what the traditional format stores do, Antonacci said. That still provides enough profit for Panera to offer a job training program run through the cafes.


20.25 | 0 komentar | Read More

Quebec oil train derailment sparks criminal probe

LAC-MEGANTIC, Quebec — Quebec police are pursuing a painstaking, wide-ranging criminal investigation of the inferno ignited by the derailment of a runaway oil train that killed at least 15 people and left dozens missing in the burned-out ruins of a downtown district.

Quebec police inspector Michel Forget ruled out terrorism as a cause, but said that an array of other possibilities remain under investigation, including criminal negligence. Other officials have raised the possibility that the train was tampered with before the crash early Saturday.

"This is an enormous task ahead of us," Forget said. "We're not at the stage of arrests."

Edward Burkhardt, president and CEO of the railway's parent company, Rail World Inc., was headed to Lac-Megantic Wednesday, his first visit to disaster site since the accident. In earlier media interviews, the Illinois-based Burkhardt had said he figured he'd have to wear a bullet-proof vest to the town.

The heart of the town's central business district is being treated as a crime scene and remained cordoned off by police tape — not only the 30 buildings razed by the fire but also many adjacent blocks.

Investigators continued searching for the missing, fearing three dozen more bodies are buried in the downtown area closest to the tracks. The death toll rose to 15 with the discovery of two more bodies Tuesday. The bodies that have been recovered were burned so badly they have yet to be identified.

On downtown's main street — Rue de Laval — police positioned a truck near the perimeter of the no-go zone, which prevented news crews from getting direct photo and video views of the search operations being conducted by some 200 officers.

Police officials left no doubt that the hunt for the missing people was taxing — they said two officers were withdrawn from the sector because of worries about their physical condition.

"This is a very risky environment," said Quebec Provincial Police Sgt. Benoit Richard. "We have to secure the safety of those working there. We have some hotspots on the scene. There is some gas."

The Montreal, Maine & Atlantic Railway train broke loose early Saturday and hurtled downhill through the darkness nearly seven miles (11 kilometers) before jumping the tracks at 63 mph (101 kph) in Lac-Megantic, in eastern Quebec near the Maine border, investigators said. All but one of the 73 cars were carrying oil. At least five exploded.

Rail dispatchers had no chance to warn anyone during the runaway train's 18-minute journey because they didn't know it was happening themselves, Transportation Safety Board officials said. Such warning systems are in place on busier lines but not on secondary lines, said TSB manager Ed Belkaloul.

The blasts destroyed about 30 buildings, including the Musi-Cafe, a popular bar that was filled at the time, and forced about 2,000 of the town's 6,000 residents from their homes. By Tuesday, only about 800 were still barred from returning to their homes, though residents were cautioned to boil tap water before drinking it.

Efforts continued Tuesday to stop waves of crude oil spilled in the disaster from reaching the St. Lawrence River, the backbone of the province's water supply.

A few hours before the crash, the same train caught fire in a nearby town, and the engine was shut down — standard operating procedure dictated by the train's owners, Nantes Fire Chief Patrick Lambert said.

Train company chief Burkhardt suggested that shutting off the locomotive to put out the fire might have disabled the brakes.

"An hour or so after the locomotive was shut down, the train rolled away," he told the Canadian Broadcasting Corp.

Lambert defended the fire department, saying that the blaze was extinguished within about 45 minutes and that's when firefighters' involvement ended.

"The people from MMA told us, 'That's great — the train is secure, there's no more fire, there's nothing anymore, there's no more danger,'" Lambert said. "We were given our leave, and we left."

Transportation Safety Board investigator Donald Ross said the locomotive's black box has been recovered, and the fire and the chain of events that followed were a "focal point" of the investigation.

The accident has thrown a spotlight on MMA's safety record. Before the Lac-Megantic accident, the company had 34 derailments since 2003, according to the U.S. Federal Railroad Administration. Over that period, the company was involved in five accidents that had reportable damage of more than $100,000.

Burkhardt said the figures were misleading.

"This is the only significant mainline derailment this company has had in the last 10 years. We've had, like most railroads, a number of smallish incidents, usually involving accidents in yard trackage and industry trackage," he told the CBC.

Nonetheless, Burkhardt predicted the accident would lead to changes in the way railways operate, and indicated that MMA would no longer leave loaded trains unattended, a practice he said was standard in the industry.

"We want to cooperate with the town and help the residents in getting them back on their feet," Burkhardt said. "We're accepting claims that they have for their loss and ensuring nothing like this would ever happen again."

The tanker cars involved in the crash were the DOT-111 type — a staple of the American freight rail fleet whose flaws have been noted as far back as a 1991 safety study. Experts say the DOT-111's steel shell is so thin that it is prone to puncture in an accident, potentially spilling cargo that can catch fire, explode or contaminate the environment.

The derailment also raised questions about the safety of Canada's growing practice of transporting oil by train, and is sure to bolster the case for a proposed oil pipeline running from Canada across the U.S. — a project that Canadian officials badly want.

The oil on the runaway train was being transported from North Dakota's Bakken oil region to a refinery in New Brunswick on Canada's East Coast. Because of limited pipeline capacity in the Bakken region and in Canada, oil producers are increasingly using railroads to transport oil to refineries.

In Washington, White House spokesman Jay Carney said President Barack Obama's administration was closely monitoring the aftermath of the accident, and has offered assistance to Canadian officials. He said firefighters and firefighting vehicles were deployed from Maine to assist with the response, and got help from U.S. customs and border agents in making the trip.

___

Associated Press writers Sean Farrell in Lac-Megantic, Charmaine Noronha in Toronto and Jason Keyser in Chicago contributed to this story.


20.25 | 0 komentar | Read More

Italy high court defends Berlusconi appeal date

ROME — Italy's highest criminal court on Wednesday defended its decision to move up former Premier Silvio Berlusconi's tax fraud appeal to the front of the line, saying it had to move quickly to schedule the case before the statute of limitations expired.

Berlusconi's allies have denounced the decision by the Court of Cassation to schedule the appeal hearing July 30, and have threatened to paralyze parliament in protest. The July 30 hearing represents a remarkably tight turnaround given Berlusconi's lawyers only deposited the appeal paperwork June 19. Usually it takes months to schedule such a hearing in Italy's notoriously slow justice system.

The case involves Berlusconi's Mediaset empire, and represents a major threat to the billionaire media mogul's political life: Berlusconi risks being barred from holding public office for five years if the conviction is upheld. The stakes for Italy's fragile government are equally high: Berlusconi's allies have threatened to paralyze parliament for three days to protest what they consider an attempt by Italy's judiciary to eliminate Berlusconi from political life.

Premier Enrico Letta has said he doesn't believe the court's accelerated calendar will affect his government. But Berlusconi's support is crucial to the government's survival. His center-right forces are allied with Letta's Democratic Party in a grand coalition, and although Berlusconi holds no governmental posts, he remains influential.

In May, an appeals court in Milan upheld Berlusconi's tax fraud conviction, four-year prison sentence and bar on holding public office for five years. He was convicted in a scheme that involved inflating the price his Mediaset media empire paid for TV rights to U.S. movies and pocketing the difference. Berlusconi has said he did nothing wrong and has accused Milan magistrates of pursuing politically motivated cases against him.

Berlusconi has faced dozens of legal cases in his two decades in politics, but has usually been acquitted or seen the charges dismissed because of the statute of limitations had expired.

The Cassation judges said Wednesday they were only following the "absolutely normal practice" in scheduling the final appeals hearing before the statute of limitations expires Aug. 1 on one of the charges involving alleged tax evasion dating from 2002. Another charge involving alleged evasion in 2003 expires in the summer of 2014.

The Mediaset case isn't the only one hanging over the ex-premier. Last month, Berlusconi was sentenced to seven years and banned from politics for life for paying an underage prostitute for sex during infamous "bunga bunga" parties and forcing public officials to cover it up. He denies wrongdoing and is appealing that verdict as well.

Given Berlusconi's age and other circumstances, it's unlikely that he would serve any prison time if his sentences are upheld by the high court. In Italy, sentences are only considered final after two levels of appeals are exhausted.

___

Follow Nicole Winfield at www.twitter.com/nwinfield


20.25 | 0 komentar | Read More

Latvia gets formal go-ahead to use euro

Written By Unknown on Selasa, 09 Juli 2013 | 20.25

BRUSSELS — The euro may stand for precarious economic rescues for some, but Latvia said Tuesday that it hoped joining the single currency would bring investment and development.

At a meeting in Brussels, European Union finance ministers officially agreed to make the Baltic state the 18th member of the eurozone currency union, at a time when many of its partners are struggling with low growth and high unemployment. Latvia will start using the new currency on Jan. 1, 2014.

"It's very symbolic," said Latvian Finance Minister, Andris Vilks. "We are completing our integration into core Europe."

Once it has joined the eurozone, Latvia's economy would be the third-smallest of the group, larger only than those of Cyprus and Malta. With annual output of about 22.3 billion euros ($29 billion), it would account for just 0.2 percent of the overall eurozone economy.

Latvia's prime minister, Valdis Dombrovskis, added that the moment wasn't just about symbolism: He said the euro would reduce currency conversion costs for the tiny country, attract foreign investment and bring more development. He noted that 70 percent of Latvia's foreign trade is already done in euros.

European finance ministers and officials brushed aside concerns that it might be difficult to enlarge the eurozone while the region struggles to support cash-strapped members.

"Those countries that take care of their sustainable economic development by avoiding excessive macroeconomic imbalances or unsustainable public finances, they do succeed and benefit from euro membership," said Olli Rehn, the EU's economic and monetary affairs commissioner.

Irish Finance Minister Michael Noonan called Latvia's adoption of the euro — along with Croatia's recent joining of the EU — "absolutely amazing when you pull back from the day-to-day workings of the crisis."

But not many Latvians see it that way; polls suggest that less than half the population supports the move — not unsurprising after several years of crisis that has seen Greece, Ireland, Portugal and Cyprus all receive bailouts and raised questions about the very survival of the currency.

Dombrovskis said he was confident that a majority of Latvians would be behind the euro by the time it enters into circulation, saying that the government was currently conducting a massive information campaign to explain both the reasons behind the move and the practicalities of it.

Each eurozone country gets to design its own coins, and Latvia's will carry the profile of Milda, who represents Latvian nationhood, Dombrovskis said. The country's coins from the 1920s and 1930s carried her image, he added, and many Latvians held onto them during Soviet rule as a quiet reminder of their independence.

Dombrovskis also addressed concerns that Latvians will see prices rise when the euro enters into force. The national currency, the lat, is already pegged to the euro, and will be converted over at that exchange rate, so prices, in theory, should not change. But many eurozone consumers found that merchants took the opportunity of the changeover to hike prices, as they rounded them off.

The prime minister noted that one lat is worth more than one euro, so prices converted into euros will seem higher than they did in lats — which was not the case for most other countries. He said this would create an added check on merchants.

"What people will see on prices tags, they will see bigger figures, and certainly people psychologically will not like those bigger figures, and they (will) double-check that it is the correct price," he said.


20.25 | 0 komentar | Read More

Role of aircraft automation eyed in air crash

WASHINGTON — The crash landing of a South Korean airliner in San Francisco has revived concerns that airline pilots get so little opportunity these days to fly without the aid of sophisticated automation that their stick-and-rudder skills are eroding.

The National Transportation Safety Board, which is investigating the accident, is a long way from reaching a conclusion as to its probable cause. While the focus of their investigation could still shift, information released by the board thus far appears to point to pilot error.

What is known is that Asiana Airlines Flight 214 crashed short of its target runway Saturday at San Francisco International Airport in broad daylight under near ideal weather conditions. The Boeing 777's engines are still being examined, but they appear to have been operating normally. And the flight's pilots didn't report any mechanical issues or other problems.

But the plane was traveling far too slowly in the last half-minute before the crash, slow enough to trigger an automated warning of an impending aerodynamic stall.

The wide-bodied jet should have been traveling at 158 mph as it crossed the runway threshold. Instead, the speed dropped to as low as 118 mph before the plane struck a rocky seawall short of the runway. The plane careened briefly and then pancaked down. Two of the 307 people on board were killed, and dozens more injured.

The pilot, Lee Gang-guk, had a lot of flying experience but was still new to the plane, having clocked only 43 hours at the controls. He was supposed to be flying under the supervision of another experienced pilot. There were two more pilots on board the Seoul-to-San Francisco flight, as is typical on long flights during which two pilots rest while two fly, and then swap out.

Lee was also flying without the aid of a key part of the airport's instrument landing system, which provides pilots with a glide slope to follow so that the plane isn't too high or low. He was also new to the airport, having never landed there before.

And he was manually flying the plane with the autopilot shut off, which other pilots said is not unusual in the last stage of a landing, although some airlines prefer that their pilots use automated landing systems. Still unclear is whether the auto throttle, which regulates fuel to the engines to control speed, was shut off or perhaps unintentionally left in an idle mode. That might account for the slow speed, but it wouldn't explain why the pilots didn't recognize their peril and act in time to avoid the crash, pilots and aviation safety experts said.

Investigators have started interviewing the flight's four pilots, and hope to wrap up those interviews Tuesday. Procedures at most airlines would require all four pilots be present in the cockpit during the landing, which is the most critical phase of flight, pilots said. The NTSB hasn't disclosed whether all four were present.

"It sounds like they let the airplane get slow and it came out from under them," said John Cox, a former Air Line Pilots Association air crash investigator. "When airplanes are very slow like that, even if they are not stalled, they can develop a sink rate that it takes a lot of power to arrest."

Rory Kay, a training captain for a major airline who flies internationally, said, "We're all wondering the same thing — why no reaction?"

Overall, automation has also been a boon to aviation safety, providing a consistent precision that humans can't duplicate. But pilots and safety officials have expressed concern in recent years that pilots' "automation addiction" has eroded their flying skills to the point that they sometimes don't know how to recover from stalls and other problems. Dozens of accidents in which planes stalled in flight or got into unusual positions from which pilots were unable to recover have occurred in recent years.

"If your last dozen landings were autopilot landings and here you are faced with nothing but visual (cues) to deal with, your rust factor would be greater," said Cass Howell, a former military pilot and human factors expert at Embry-Riddle Aeronautical University in Daytona Beach, Fla. "Too much automation can undermine your flying skills."

___

Follow Joan Lowy on Twitter at http://www.twitter.com/AP_Joan_Lowy


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Correction: Greece-Financial Crisis story

BRUSSELS — In a story July 8 about (topic), The Associated Press reported erroneously that Greece's recession began in 2007. The correct year was 2008.

A corrected version of the story is below:

Greece approved to get next rescue loan payments

Greece to get $8.7 billion in rescue loans in coming months, even though reforms are slow

By SARAH DiLORENZO and RAF CASERT

Associated Press

BRUSSELS (AP) — Greece secured a much-needed 6.8 billion euros ($8.7 billion) in rescue loans Monday after squeaking by an inspection from its international creditors, who are demanding it slash thousands of civil servant jobs and government spending.

Experts from the European Central Bank, the European Union and the International Monetary Fund said Greece's finances are improving, although they warned that it is making reforms too slowly and that the outlook for its economy, which has been in recession since 2008, remains uncertain.

But the so-called troika of creditors still recommended that the next loan payments be made, and the finance ministers from the 17 countries that use the euro agreed. Belgian Finance Minister Koen Geens said the loans would be divided into three groups and disbursed in July, August and October.

"Greece is getting on track," German Finance Minister Wolfgang Schaeuble said as he left the meeting in Brussels. "It is not easy for them."

After years of overspending, Greece nearly went bankrupt and is now surviving on rescue loans. To ensure that the government keeps up with the reforms it promised in exchange for 240 billion euros in bailout loans, its creditors turn over the funds slowly — and only after rigorous assessments of the country's progress.

Greece's creditors said the country's reform program remained "broadly in line" with projections. It also laid out the hope of a gradual return to growth next year.

However, it added that "the outlook remains uncertain." Greece has been hammered by a financial crisis since 2009 and is in the sixth year of a deep recession.

The troika said "policy implementation is behind in some areas" and that the Greek authorities have said they will do more to ensure delivery of the fiscal targets for 2013-14, noting in particular efforts to restrict overspending in the health sector.

"In short, it is time to step up the momentum of reform in Greece, support the return of confidence for the sake of sustainable growth and job creation," said the EU's monetary affairs commissioner, Olli Rehn.

Greece is stuck in a years-long recession and unemployment has spiraled to above 27 percent, in part because of the reforms and austerity measures it is implementing.

The troika said the government has also "committed to take steps to bring public administration reforms back on track," including reducing the number of civil servants, one of the measures that has been among the most contentious in Greece's reform program.

"Firing civil servants is always difficult, that is difficult in every country, certainly in such economic circumstances," said Jeroen Dijsselbloem, who is head of the eurogroup meeting and Dutch finance minister.

The government must put 12,500 civil servants on administrative leave by the end of the year, with the possibility of dismissal. They include 2,200 school security personnel; 3,500 members of the Athens municipal police, which will then be disbanded and absorbed into Greece's police force; at least 2,000 local government employees; 1,500 teachers; and employees of various ministries.

They will be paid 75 percent of their normal salary and be subject to dismissal if they aren't transferred to other state agencies within eight months.

Municipal workers across the country went on strike to protest the plan, while the country's civil servants union, ADEDY, called a work stoppage from noon for all civil servants in the capital, Athens.

The austerity reforms agreed in return for the loans, have included big salary and pension cuts as well as repeated tax hikes.

____

Elena Becatoros from Athens, Greece, contributed to this report.


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Insurer: European floods year's costliest disaster

BERLIN — Last month's flooding in central Europe caused more than $16 billion in damage, about a quarter of it insured — making it the year's costliest natural disaster so far, a leading insurance company said Tuesday.

Natural disasters worldwide cost the insurance industry a total of about $13 billion in the January-June period, while the overall cost of disasters was some $45 billion, Munich Re AG said in a regular review of disaster costs.

Both figures were well below the average for the past decade.

Munich Re put insured losses from the flooding caused by the Elbe, Danube and several other rivers overflowing their banks at some $3.9 billion or more — most of them in Germany, but also in the Czech Republic, Austria, Slovakia and Hungary.

That is a little higher than the $3.4 billion cost to insurers of floods that hit many of the same areas in 2002. The overall cost of those floods, including uninsured damage, was $16.5 billion.

The German government has set up an 8 billion-euro ($10.3 billion) fund to repair the damage. On Tuesday, the country's national railway said part of a key high-speed line connecting Berlin with Frankfurt, Cologne and Amsterdam will remain shut for repairs "until further notice," making time-consuming detours necessary.

Still, the flooding doesn't appear likely to throw the country's economy off course, since it didn't hit major industrial areas.

"Politicians should not only set up emergency funds after catastrophes but should act with greater foresight, engaging in prudent supraregional flood control, which should ideally be coordinated across national borders," Munich Re board member Torsten Jeworrek said in a statement.

A series of tornadoes in Oklahoma — including one that killed 24 people in Moore on May 20 — were the second-costliest disaster for insurers in the first six months of the year. They caused insured losses of nearly $1.6 billion, while overall losses totaled $3.1 billion, Munich Re said.

April's earthquake in China's Sichuan province caused $6.8 billion worth of damage but only a fraction of that — $25 million — was insured, the company said. Flooding last month in the Canadian province of Alberta caused damage initially estimated at more than $3 billion, with insured losses likely to top $1 billion.

For the whole of last year, Munich Re has said, natural disasters cost insurers $65 billion — with Superstorm Sandy in the U.S. accounting for $25 billion. It put total disaster costs at $160 billion.

Munich Re is a reinsurer, meaning that it provides coverage to insurance companies for large losses stemming from events like natural disasters.


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Big disconnect: Telcos abandon copper phone lines

MANTOLOKING, N.J. — Robert Post misses his phone line.

Post, 85, has a pacemaker that needs to be checked once a month by phone. But the copper wiring that once connected his home to the rest of the world is gone, and the phone company refuses to restore it.

In October 2012, Superstorm Sandy pushed the sea over Post's neighborhood in Mantoloking, N.J., leaving hundreds of homes wrecked, and one floating in the bay. The homes on this sandy spit of land along the Jersey Shore are being rebuilt, but Verizon doesn't want to replace washed-away lines and waterlogged underground cables. Phone lines are outdated, the company says.

Mantoloking is one of the first places in the country where the traditional phone line is going dead. For now, Verizon, the country's second-largest landline phone company, is taking the lead by replacing phone lines with wireless alternatives. But competitors including AT&T have made it clear they want to follow. It's the beginning of a technological turning point, representing the receding tide of copper-wire landlines that have been used since commercial service began in 1877.

The number of U.S. phone lines peaked at 186 million in 2000. Since then, more than 100 million copper lines have already been disconnected, according to trade group US Telecom. The lines have been supplanted by cellphones and Internet-based phone service offered by way of cable television and fiber optic wiring. Just 1 in 4 U.S. households will have a copper phone line at the end of this year, according to estimates from industry trade group US Telecom. AT&T would like to turn off its network of copper land lines by the end of the decade.

For most people, the phone line's demise will have little impact. But there are pockets of the country where copper lines are still critical for residents. As a result, state regulators and consumer advocates are increasingly concerned about how the transition will unfold.

"The real question is not: Are we going to keep copper forever? The real question is: How are we going to handle this transition?" says Harold Feld, senior vice president of Public Knowledge, a Washington-based group that advocates for public access to the Internet and other communications technologies.

The elderly and people in rural areas, where cell coverage may be poor or nonexistent, will be most affected by disappearing phone lines, Feld says. "Are we going to handle this transition in a way that recognizes that we have vulnerable populations here?"

Verizon says replacing the lines just doesn't make economic sense. When they were originally laid down, the phone was the only two-way telecommunications service available in the home, and the company could look forward to decades of use out of each line. Now, it would cost Verizon hundreds of dollars per home to rewire a neighborhood, but less than a quarter of customers are likely to sign up for phone service and many of those drop it after a year or two.

"If we fixed the copper, there's a good likelihood people wouldn't even use it," says Tom Maguire, Verizon's senior vice president of operations support.

Verizon also wants to get out of rebuilding phone lines on the western end of New York's Fire Island, another sliver of sand that was flooded by Sandy. The island lacks paved roads. It can only be reached by ferry, and its residents are overwhelmingly seasonal. Some of the copper lines still work, but Verizon is no longer maintaining them, to the frustration of restaurant owner Jon Randazzo.

"Really, what they're doing is abandoning us," says Randazzo, 30.

There's no cable service on Fire Island, making it more dependent on Verizon than Mantoloking, where residents can get phone and Internet service from Comcast by cable. The surviving copper phone lines on Fire Island often double as DSL, or digital subscriber line, Internet connections. As a result, Randazzo's restaurant, The Landing at Ocean Beach, lost Verizon Internet service for a weekend last month, leaving it without a way to process credit cards. The line started working again after four days, but he's afraid it will go out again for good.

"I had to have my waiters write down the credit-card number, the expiration number and the CVV (security) code. It took me over three and a half hours to process all my credit cards on Saturday. That's pretty ridiculous," Randazzo says.

Verizon provided service to about 2,700 lines on western Fire Island before the storm. But even then, 80 percent of calls to and from the island were wireless. Now, few of the lines work, but the cellular service is fine.

New York state regulators have given Verizon provisional permission to consider its wireless Voice Link boxes as stand-ins for regular phone service. Verizon technicians install the 4-inch square boxes with protruding antennas in homes and connect them to the home phone wiring. The home is then linked to Verizon's wireless network. When subscribers lift their phone handsets, they hear a dial tone. But the box doesn't work with remote medical monitoring devices, home alarm systems or faxes. It can't accept collect calls or connect callers with an operator when they dial 0. It also can't be used with dial-up modems, credit-card machines or international calling cards.

Post's house in Mantoloking was built 83 years ago. His wife estimates it has been connected to a phone line for 80 years. Now, to get his pacemaker checked, he heads once a month to a friend's home in Bay Head, the next town over, which still has a copper phone line.

Most of his neighbors in Mantoloking have cable phone service from Comcast Corp. that can do most of the things Voice Link can't. The service, for instance, could relay Post's pacemaker information. But Post just isn't eager to switch to the cable company. He says he doesn't trust them. And he's not alone. Customer perception of cable TV providers has historically been poor, due to service outages and annual price increases, according to surveys for the American Customer Satisfaction Index.

Post's neighbor, Garret Sayia, is fine with cable.

"Everybody here wants the cable for Internet and TV," Sayia says. "The other thing is — who needs wires?" he adds, holding up his cellphone.

Verizon says just 855 of the 3,000 homes it wants to abandon in Mantoloking had traditional phone service before the storm hit.

In other areas, Verizon is replacing copper phone lines with optical fiber, which allows the company to offer cable-like TV services and ultrafast broadband. Water can short out and corrode copper wire, but optical fiber is made of glass and transmits light rather than electricity, so it's far more resistant to flooding. But the cost of wiring a neighborhood with fiber optic lines can run more than $1,000 a home.

"Everybody would love for us to put in fiber, but that's just not practical," Maguire says.

If New York and New Jersey refuse to give permanent permission for the switch from landline to wireless phone service, Verizon could be forced to rebuild the phone network on Fire Island and in Mantoloking. Unlike cable and wireless companies, landline phone companies have regulatory obligations in most states to supply lines at a reasonable cost to anyone who wants one. They also need federal approval to end service.

In late June, New York State Attorney General Eric Schneiderman filed an emergency petition with state regulators to stop Verizon from replacing copper lines with alternatives in the Catskill Mountains of upstate New York. He says seasonal residents who find their phone lines don't work at their summer homes are steered by Verizon to its Voice Link wireless product. Only if the customer forcefully refuses will Verizon restore the copper phone line, he says. Verizon says Voice Link is just an option available to customers.

In New Jersey, state regulators are talking to Verizon about Mantoloking but haven't approved the landline-to-wireless switch that Verizon has already started. It could, at least in theory, deny Verizon's application and force it to rewire copper phone lines back into the town.

In Washington, the Federal Communications Commission is looking at an application from the country's largest landline phone company, AT&T Inc. AT&T isn't dealing with storm damage, so it has the leisure of taking a longer view. It wants to explore what a future without phone lines will look like by starting trials in yet-to-be-decided areas.

"We need kind of a process where we can figure out what we don't know," says Bob Quinn, one of AT&T's top lobbyists in Washington. "The trouble is not going to be identifying the issues everybody can see. It's going to be finding the unexpected issues that you have to conquer."

At Public Knowledge, Feld agrees with AT&T's deliberative approach. Among the issues that need to be looked at, he says, is whether consumer protections that apply to landline phone service should apply to whatever replaces it. For instance, if a consumer misses a monthly payment, phone companies are prohibited from cutting landline phone service right away.

"There are all kinds of state and federal rights around your phone bill ... which don't apply to these competitive alternatives," Feld says.

The FCC put together a formal task force on the issue in December, after AT&T put in its request, and has asked the company for more details.

Sean Lev, the FCC's general counsel, said in a blog post that "we should do everything we can to speed the way while protecting consumers, competition, and public safety." But he also points out that most phone companies aren't set to retire their landline equipment immediately. The equipment has been bought and paid for, and there's no real incentive to shut down a working network. He thinks phone companies will continue to use landlines for five to 10 years, suggesting that regulators have some time to figure out how to tackle the issue.

AT&T would like to have all its landline phone equipment turned off by 2020. Verizon's Maguire envisions a gradual phase-out, starting right now.

If a major telecommunications line fails and there are hundreds of people connected to it, Verizon would repair it, he says. But the company wants the option to abandon the failed line and move the remaining households to Voice Link.

"If you're one of the few people on there, and Voice Link seems to fit you, why not?" Maguire asks.


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US stock futures rise as earnings season looms

Written By Unknown on Senin, 08 Juli 2013 | 20.25

NEW YORK — U.S. stock futures are building on gains from Friday's strong jobs report as Wall Street turns its attention to the traditional start of earnings season.

Dow Jones industrial average futures are up 68 points at 15,144. The broader Standard & Poor's 500 futures are up 9.20 points at 1,636.50. Nasdaq futures are up 18 points to 2,974.

Aluminum giant Alcoa Inc.'s quarterly earnings report, expected after the markets close Monday, kicks off the summer earnings season.

The overall corporate earnings outlook has dimmed. Analysts now predict that second-quarter earnings for companies in the Standard & Poor's 500 rose 3 percent compared with a year earlier, according to a survey by S&P Capital IQ. But as recently as April 1, they predicted a gain of nearly 7 percent.


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Oil price slips below $103 after strong gains

The price of oil edged below $103 a barrel on Monday, backing off strong gains made last week, when a stronger-than-expected jump in U.S. hiring suggested demand for fuels will increase.

By early afternoon in Europe, benchmark crude for August delivery was down 45 cents at $102.77 in electronic trading on the New York Mercantile Exchange.

The contract on Friday jumped $1.98 to close at $103.22 after the Labor Department reported that U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy.

Oil has also been pushed higher in recent days by instability in Egypt, where Mohammed Morsi was ousted as president by the military last week.

Egypt is not an oil producer, but its control of the Suez Canal, one of the world's busiest shipping lanes, gives it a crucial role in maintaining global energy supplies.

The price of oil was weighed down slightly on Monday by the rising value of the dollar, which makes crude — which is denominated in the U.S. currency — more expensive for international investors.

Brent crude was down 81 cents at $106.91 a barrel on the ICE futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline was down 1.1 cents at $2.8856 per gallon.

— Natural gas added 4.8 cents to $3.665 per 1,000 cubic feet.

— Heating oil fell 1.4 cents to $2.9757 per gallon.


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Singapore inquest rules American killed himself

SINGAPORE — An American engineer who was found dead in his apartment in Singapore last year killed himself, a judge ruled Monday, rejecting suspicions by the man's parents that he was murdered because of research into sensitive technology.

The U.S. Embassy described the inquest into Shane Truman Todd's death as fair and comprehensive, weeks after Todd's parents walked out of the hearings, saying they had lost faith in the process. Singapore's foreign minister said the ruling was based on "incontrovertible evidence."

The 31-year-old engineer's body was found by his girlfriend in June 2012. State counsel presented evidence of links to suicide websites on his laptop and suicide letters written to family members and loved ones.

Judge Chay Yuen Fatt said Monday he found no evidence of foul play, ruling that Todd "committed suicide by hanging himself."

Chay recorded the official cause of death as "asphyxia due to hanging" and voiced hopes that Todd's family and loved ones would be able to find closure.

Todd's parents have said they believe he may have been murdered over his research in the U.S. into material used to make heat-resistant semiconductors, a technology with both civilian and military applications.

Rick and Mary Todd left Singapore in May before the inquest ended. They said they believed the evidence of suicide was faked and that officials had not followed protocol in the investigation, including in how they accessed Todd's computers and examined the location of his death. Singaporean authorities have denied the claims.

Mary Todd told The Associated Press by telephone from her home state of Montana that "today's result means nothing to us because we expected it." Her husband said last week the family no longer trusts Singapore's legal system.

"It was apparent that the state was only interested in proving suicide and that was why we left," Rick Todd wrote in an email.

The U.S. Embassy in Singapore said in a statement that the inquiry had been "comprehensive, fair and transparent."

It said embassy officers had attended the entire hearing, and that the Todd family had been given the opportunity to participate in the hearing and was represented by experienced legal counsel. It expressed sympathy to Todd's family and friends for their loss.

K. Shanmugam, Singapore's minister for law and foreign affairs, said the city-state had cooperated with U.S. authorities, including the FBI, and acted according to the law "to get to the truth."

"The verdict is clear: Dr. Todd committed suicide and that conclusion was based on clear, incontrovertible evidence," Shanmugam told reporters. "Many of us are parents and can understand the family's grief. At the same time, we need the strength to face the truth and not make fictional and untrue statements."

Todd's parents said documents he had backed up from his work computer included a draft of a project outline between Singapore's Institute of Microelectronics — Shane Todd's former employer — and Chinese telecom giant Huawei on the development of a device that utilized gallium nitride.

The heat-resistant material has civilian uses in products like LED screens and cellphone towers, and military applications possibly for radar and satellite systems.

Huawei and Singapore officials have said they did not proceed beyond initial discussions into a possible project involving gallium nitride. The Institute of Microelectronics has said neither Todd nor the company was involved in any classified research.


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Ex-Gov. Eliot Spitzer plans NYC comptroller run

ALBANY, N.Y. — Former Gov. Eliot Spitzer planned to meet voters Monday in Manhattan while launching his post-scandal political comeback attempt — a run at the New York City comptroller's job.

Spitzer also will collect petition signatures during the midday appearance in Union Square. Candidates for citywide offices like comptroller have to have 3,750 signatures from registered voters in their party by Thursday.

The Democrat, who stepped down in 2008 amid a prostitution scandal, has spoken in the past about the potential for the comptroller's job to look into corporate misdeeds. That would be similar to what he did as the state's attorney general, when he was known as the "sheriff of Wall Street."

Spitzer, a married father of three, has returned to public life as a commentator, with shows on CNN, Current TV and NY1.

He said he hoped city voters would give him a chance.

"I'm hopeful there will be forgiveness, I am asking for it," he told The New York Times, which first reported his run on Sunday.

Spitzer reiterated the theme Monday on WCBS television, saying he had "sinned," ''owned up to it" and hopes the public will judge him on his record in public service.

He said he'd discussed his potential run with his wife and daughters before making the decision over the weekend.

He conceded that getting back into politics under the circumstances will require "skin as thick as a rhinoceros."

Current Comptroller John Liu is running for mayor.

Manhattan Borough President Scott Stringer has been the most prominent among the contenders to become New York City's next fiscal chief. He's raised more than $3.5 million and spent about $566,000, city campaign finance records show, while his opponents have yet to report any fundraising or spending.

They include Republican John Burnett, who has worked on Wall Street in various finance capacities and just recently declared his candidacy; Green Party candidate Julia Willebrand, a former teacher; and former madam Kristin Davis. Davis once ran three escort services and claims to have provided hookers to Spitzer, which hasn't been proven.

Spitzer is not the only politician who's looking for a second chance.

Former Rep. Anthony Weiner is running for mayor. The former Democratic congressman left office two years ago amid a scandal over his tweets.


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ISS recommends vote for Dell founder's offer

NEW YORK — A top proxy advisory firm is recommending that Dell shareholders vote in favor of a deal that would allow the company's founder and an investment firm to buy the computer maker and take it private.

Michael Dell and Silver Lake Partners have offered to buy Round Rock, Texas-based Dell Inc. for $13.65 per share, or a total of $24.4 billion. Michael Dell believes he can turn the company around by taking it private and diversifying into niches, such as business software, data storage and consulting.

But Carl Icahn, a billionaire investor and Dell's second-largest shareholder, says he wants Dell to remain publicly traded and boost value for shareholders by buying back $16 billion in stock.

The company has backed Michael Dell's proposal and said that Icahn doesn't have adequate financing for his plan. Shareholders will vote on the buyout offer at the company's annual meeting on July 18.

In its report, Institutional Shareholder Services pointed to the offer's hefty premium, about 26 percent over the company's share price before the offer became public, and the certainty that comes with an all-cash bid.

ISS said that if shareholders don't take the offer, they have to be willing to continue to hold shares in Dell as it continues to transform itself amid the risks of a still deteriorating personal computer industry.

The special committee of Dell's board evaluating the company's options said in a statement that it was pleased with the recommendation, noting that it believes not going forward with the sale would expose the company and its shareholders to "serious risks" that would further reduce the company's value.

Icahn said Sunday that he believes Michael Dell is trying to buy the company he founded at a "bargain price." He reiterated the benefits of his alternate proposal, which would involve the repurchase of up to 1.1 billion Dell shares at $14 apiece.

Icahn's plan would be funded with $5.2 billion in debt, $7.5 billion in Dell cash and $2.9 billion from the sale of Dell receivables. Icahn has said he and his affiliates have $5 billion in existing equity and proposed debt financing to help fund their proposal.

Dell shares rose 36 cents, or 2.,8 percent, to $13.39 in premarket trading.


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Flying car on a roll

Written By Unknown on Minggu, 07 Juli 2013 | 20.25

Fifteen months after it created a sensation at the New York International Auto Show, Terrafugia's "flying car" will make its first airshow appearance later this month, as the Woburn company works on a next-generation prototype.

The Transition is scheduled to fly and drive July 31 at the Experimental Aircraft Association AirVenture in Oshkosh, Wisc.

"We've had the vehicle on display there since 2006, and every year, people ask us when they can see it fly," said Richard Gersh, vice president of business development. "So we're very excited about the chance to demonstrate before a very large and enthusiastic crowd."

The company did a demonstration at Lawrence Municipal Airport last October for a select group of investors and prospective buyers, Gersh said, but AirVenture will be the Transition's first airshow.

The road-ready light sport aircraft still has a long way to go before it's ready for production, though.

In August 2012, Terrafugia said it had received more than 100 orders for the $279,000 aircraft, and the first delivery was expected this September.

But testing — and a new prototype that could be done by the end of this year — has pushed back that date to early 2015 or 2016, assuming the Transition wins certification from the Federal Aviation Administration and the National Highway Traffic Safety Administration.

"Based on what we've learned from testing, our engineers have called for some changes," Gersh said. "But the overall look of the vehicle will be very similar."

Robert Mann, an airline industry analyst and former airline industry executive, said the delays are indicative of the central problem Terrafugia faces.

"You see the difficulty in trying to be a compromise between a land vehicle and an aircraft," Mann said. "When you compromise, you tend to not do either very well."

But Jake Schultz, a technical analyst for Boeing and author of "A Drive in the Clouds: The Story of the Aerocar," tips his hat to how far the Transition has come.

"I ... look forward to what this team still has in their old kit bag," Schultz wrote in an email. "Their team has not sat on the sidelines and talked about what could be done some day. They are out working every day to actually make it happen. There have only been two flying cars that have been certified — the Aerocar and the Airphibian — so theirs will be the first in nearly 60 years."


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Loyalty cards not going away

When Shaw's Supermarkets ended its 13-year-old loyalty card program, it bucked a well-established retail practice of collecting as much data as possible about customers and their buying habits.

With the move, the West Bridgewater chain — according to retail marketing experts — essentially abandoned the best way to connect with shoppers.

"I don't think you're going to see more retailers following suit," said Bill Bishop, an Illinois supermarket consultant. "It represents a bet that they can be successful without having a one-on-one connection with their shoppers, and I don't think that's true today."

Shaw's new parent company, AB Acquisitions, eliminated loyalty cards last month in its various supermarket chains, including its flagship Albertsons.

In lieu of the cards — which gave shoppers, in exchange for their participation in the program, access to discounts and special offers — Shaw's said it's lowering prices on thousands of items for all shoppers.

"Tracking individual shopping habits isn't as critical to our overall strategy development as knowing what our customers in our neighborhoods are shopping for at each store," spokesman Steve Sylven said. "We can track item movement by store to derive much of the data that we need to make purchasing and market decisions."

But Shaw's is an anomaly, according to Florida retail marketing consultant Mark Heckman.

"There's a world of opportunity now with just knowing what category customers are shopping in, because there's nutritional information and a lot of other things that retailers are starting to get content on to target (them)," he said.

Quincy's Stop & Shop operates one of the best loyalty card programs, Heckman said, aggressively using customer data to target its best shoppers and segment shoppers according to behavior.

Stop & Shop debuted its card in 1994, and customer benefits include weekly specials, items on sale for multiple weeks and other promotional programs, including gas rewards.

"We benefit as a business to better know what customers want and need from us," spokeswoman Suzi Robinson said. "There are various aspects of data we evaluate — from shopping frequency to what customers buy."

But Shaw's is following a few other grocery chains that focus on price in lieu of loyalty cards, including Hannaford Supermarkets.

"We've never had one," said Michael Norton, spokesman for the Maine-based chain. "We've always had what the industry refers to as 'everyday low prices.' There's a cost associated with (loyalty cards), which makes it harder to offer the pricing you want."


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Ex-fans line up in Mass. to dump Hernandez jersey

FOXBOROUGH, Mass. — Hundreds of one-time fans are trading in their Aaron Hernandez jerseys.

The New England Patriots are letting fans trade in their No. 81 jerseys for a different one on Saturday and Sunday.

The ex-Patriots tight end has been charged with the murder in the death of 27-year-old semi-pro football player Odin Lloyd. He has pleaded not guilty.

The Patriots released Hernandez shortly after he was arrested on June 26.

Team spokesman Stacey James says children love wearing Patriots gear but may not understand why their parents don't want them wearing Hernandez's jersey.

The jerseys must have been purchased at the team shop at Gillette Stadium or its online store.


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Moms create laundry-free sheets, linens

Sure, all parents worry when they send their kids off to college for the first time. But by the end of the first semester, Kirsten Lambert and Joan Ripple discovered a very disturbing fact: College kids hate to wash their bed sheets, so they don't ... for weeks, even months.

"We joked about sending them paper sheets you find in doctors' offices," Ripple said.

Instead, the two Hingham mothers founded Beantown Bedding and introduced Bedsox laundry-free linens.

Bedsox, they say, are comfortable to sleep on, hypoallergenic and can be used for weeks, making them ideal for college, camp, vacation homes and home health care.

They're also chemical- and dye-free and made from wood pulp, which makes them biodegradable and compostable.

Prices range from $9.99 for a set of two pillowcases to $25 for a twin sheet set and $27.99 for a queen sheet set.

Their motto: "Just toss, don't wash!"

Before launching their website last summer, Lambert and Ripple tested their products with students at 22 universities, including Stonehill College and Boston University.

Today, Bedsox are at universities in Massachusetts and 11 other states, where they're used for academic and sports camps.

Lambert and Ripple are also exploring other markets, including lodging facilities, the military and prisons.

"Our goal is to provide a convenient product," Ripple said, "but also to give back to society in some way."

So Beantown Bedding donates sheets to Camp Sunshine, a retreat in Sebago, Maine, for children with life-threatening illnesses and their families, who would otherwise be asked to bring sheets of their own.

In May, Lambert and Ripple found out their company was among 128 finalists MassChallenge had chosen out of 1,200 applicants to compete in its four-month accelerator and $1.3 million competition.

"I called Joan and said, 'I just want to know if you're ready,' and she said, 'For what?'" Lambert said. "I said, 'To move into One Marina Park Drive (MassChallenge's offices)," and then she screamed. It's like being accepted into Harvard."


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Japan set to restart reactors after nuclear crisis

TOKYO — Japan is moving a step closer to restarting nuclear reactors as utilities are set to ask for safety inspections at their idled reactors, the clearest sign of a return to nuclear energy nearly two and a half years after the Fukushima disaster.

With all but two of its 50 reactors off line since the crisis, Japan has been without nuclear energy that once supplied about a third of its power.

Four of nine Japanese nuclear plant operators — supplying the regions of Hokkaido, Kansai, Shikoku and Kyushu — will apply for inspections by the Nuclear Regulation Authority for 10 reactors at five plants Monday, when new safety requirements take effect. Applications for two more reactors are expected later in the week.

Reactors that pass the stricter rules will be allowed to reopen possibly early next year, with each inspection expected to take several months. Critics say the rules have loopholes, including grace periods for some safety equipment.

Hit by soaring gas and oil costs to run conventional power plants to make up for the shortfall, Japanese utility companies have desperately sought to put their reactors back online.

Nearly all the utilities owning nuclear power plants reported huge losses last fiscal year due to higher costs for fuel imports. Hokkaido Electric Power Co., for example, said it has been hit with additional daily fuel costs of 600 million yen ($6 million) to make up for three idled reactors. Nuclear operators have requested rate hikes or plan to do so.

Prime Minister Shinzo Abe has pushed for restarts since taking office in December, freezing the previous government's nuclear phase-out plan. Resumption of nuclear power plants is part of his ruling party's campaign platform in parliamentary elections in two weeks.

New rules for the first time require plants to guard against radiation leaks in the case of severe accidents, install emergency command centers and enact anti-terrorist measures. Operators are required to upgrade protection for tsunamis and earthquakes, as well as tornadoes and aviation accidents.

Safety was previously left up to the operators, relying on their self-interest in protecting their investments as an incentive for implementing adequate measures. Tokyo Electric Power Co. came under fire for underestimating the risk of a tsunami and building a seawall that was less than half the height of the wave that hit Fukushima Dai-ichi and caused multiple meltdowns and massive radiation leaks. About 160,000 evacuees still cannot return home.

"We decided to apply because we're confident about the safety measures we've taken," said Shota Okada, a spokesman at Hokkaido Electric Power Co., filing for the triple-reactor Tomari plant. "We'll do everything to accommodate a smooth inspection process."

Critics say the requirements have loopholes that make things easier for operators, including a five-year grace period — given to reactors known as PWRs that come with larger containment chambers considered less likely to suffer from pressure buildup than ones like those ravaged at Fukushima — for taking some mandated steps. This means half of the 48 reactors that use a pressurized water system could operate without the features for up to five years.

All 10 reactors set for inspections are PWRs, and filtered vents and command centers are reportedly still under way at many of them.

The approvals are aimed at resuming reactor operations even though nearby communities lag in enacting needed emergency and evacuation procedures, and the restarts will cause more nuclear waste, plutonium stockpiles and other safety and environmental risks, said a group of experts headed by Hosei University sociologist Harutoshi Funabashi.

The critics say running nuclear plants will eventually become a financial burden, as safety upgrades under the new requirements add up and the cost of decommissioning aging reactors and waste cleanup jump. Even initial safety upgrades are estimated to exceed a combined total of 1 trillion yen ($10 billion).

TEPCO, struggling with huge compensation and disaster cleanup costs, wanted to apply to restart two reactors in Niigata, central Japan, but was forced to postpone that amid local protests.

Niigata Gov. Hirohiko Izumida on Friday accused TEPCO President Naomi Hirose of ignoring the local communities: "Money or safety, which is more important?"


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