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The Ticker

Written By Unknown on Sabtu, 27 Juli 2013 | 20.25

Hub to Istanbul flights

Boston will be more firmly connected to the global economy next May when Turkish Airlines begins offering the first nonstop service from Logan International Airport to Istanbul, Turkey, with connections to 236 global destinations, including cities in Asia, the Middle East, Europe and Africa.

Turkish Airlines will use a 289-seat Airbus A330-300 aircraft on the route and will begin flying out of Boston five days a week starting May 12, 2014. The service will increase to daily flights on June 9, 2014.

Citigroup 
says Summers
a consultant

Larry Summers, the former Treasury secretary and Harvard University president, who is in the running to replace Ben S. Bernanke as Federal Reserve chairman, is a paid consultant for Citigroup Inc. Summers, 58, has worked for Citigroup since at least 2012, according to Danielle Romero-Apsilos, a spokeswoman for the New York-based lender. She declined to say how much compensation he receives from the bank, the third-biggest in the U.S. The Fed is one of the primary regulators of the nation's lenders.

THE SHUFFLE

  • Rockland Trust announced Ian Brandon has joined the bank as first vice president in the commercial banking division serving the Boston and Metrowest areas. In his new position, he will develop and cultivate commercial relationships.

20.25 | 0 komentar | Read More

Scion FR-S: Sporty ride
 at a great price

I loved the reaction I got to the 2013 Scion FR-S — is this a Porsche? Not quite, but this is a true sports car indeed.

I was quickly relieved to find the FR-S wasn't just a sports car lite made for kids fresh out of school looking for glitz with nothing under the hood to back it up. This is truly a high-performance car meant to be driven and a car that willingly returns the favor by being a blast to drive. As soon as the first exhaust note growls out, you know you've got a tiger by the tail.

The 2.0-liter 200-horsepower FR-S is born of a collaboration between independent Subaru and powerhouse Toyota. The Subaru boxer engine mated to a six-speed transmission is wrapped by aggressive styling, creating one very fun car to drive. The shark-like sweeping lines harken back to European sports cars of the '60s and '70s but with 2013 engineering.

The front and rear independent MacPherson struts with 17-inch alloy wheels turn this coupe into a quick, spirited and tight car to drive. The roadster handles crisply and stops confidently with precise steering and powerful ventilated brakes. Throw this nimble car into a turn, happily motor down the highway and it'll pay you back with immense feedback.

What is truly great about this hot little number is the little number — the price. As tested the FR-S will cost you just $26,166. The only upgrade that is available is the $635 stereo, so what you see is what you get with this rear-wheel-drive sportster. The FR-S is a little more than half the cost of the Porsche Boxster and a more powerful car than the Mazda Miata.

A race-inspired interior sports an extremely supportive seat and the thick, red stitched, leather-wrapped steering wheel moves the car with just a flick of the wrist. Even without the six-speed stick the car is powerful, quick and fast. A punch of the gas, downshift with the paddles and you go. There's no lag and when you drop it into sport mode, the shift points switch to aggressive gearing allowing you to wring out every RPM.

The clean dash has a speedometer, tach and gauges in plain view. The stereo was a bit cumbersome, but once I figured it out setting my stations and phone was not too hard. The interior is well-fitted and good-looking with cloth and mixed plastics. Aluminum trimming and accents finished the cockpit. Humorously, it has two "rear" seats that really are for stowing some gear, but my golf clubs had to ride in the passenger seat.

The FR-S returns a solid average of 28 mpg, rating at 25 in the city and 34 mpg on the highway. Although it's a twin mechanically to the Subaru BRS, it has different standard equipment so it cost about $1,000 less.

Compare this sports car to the Honda Civic Si, Hyundai Genesis and don't be afraid to sneak a peak at the Porsche and Nissan 370z to see how favorably it stacks up.


20.25 | 0 komentar | Read More

Death at Pinehills spurs probe

The owner of Diaz Construction Co., whose worker was killed on a Plymouth job site Tuesday, said the Avon company tries to go "by the book" when it comes to safety.

But Leonel Diaz's company has been cited by the U.S. Occupational Safety & Health Administration for 19 safety violations totaling $46,000 in initial fines — 15 of which were deemed serious violations — since 2005, according to OSHA records.

OSHA is investigating the death of Jason Faria, a Diaz Construction employee who died at The Pinehills residential community in Plymouth, where the Mirabeau Inn & Spa is under development. The Fall River man was killed when a concrete form to which he was harnessed came loose and fell, according to Mike Fish, a partner at the project's general contractor, JK Scanlon Co.

Diaz Construction is a subcontractor on the project for whom Faria had worked for four years.

"Everything looked safe," Diaz told the Herald yesterday. "Nobody knows how it happened. We have a safety officer, and we try to do everything by the book. That's why he was tied up."

Faria would have turned 27 years old yesterday.

His stepfather, Mario Benjamin, said he was unaware of Diaz Construction's past safety violations.

"I work in construction, and a lot of companies do get fined," Benjamin said. "This is just a tough situation. What I know is he was tied up on his harness on a concrete form … and the form started to slip down, and he tried to unhook the harness to jump off, but he couldn't."

An OSHA spokesman confirmed the agency has launched an investigation. OSHA has fined Diaz Construction for safety violations on eight separate occasions after job site inspections that were planned or the result of complaints in 2005, 2006, 2007, 2010 and 2011, according to OSHA documents.

The violations ranged from issues with scaffolding, protruding steel, protective helmets and protecting employees from potentially hazardous loose rock or soil to daily excavation inspections, protecting employees from cave-ins, portable ladders, safety training, and eye and face protection, the documents state.

Diaz, who told the Herald that he wasn't on the job site when Faria died, said he was awaiting OSHA's report on the incident.

"The hard part is that we lost Jason," Diaz said. "Everybody feels sorry about that. He was a good worker, a nice kid. We're sorry for him and his family."


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Cambridge single-family fresh from makeover

This unassuming two-family in North Cambridge has been converted into an upscale single-family home.

Built in 1894, the 2,100-
square-foot three-bedroom home at 225 Rindge Ave. was recently renovated with new systems and wiring, higher ceilings, slate and wide-plank wood laminate floors, recessed lighting and all-new marble bathrooms. It's on the market for the just-reduced price of $839,900.

Geared for low maintenance, the home has new vinyl siding and a tankless water-heating system. And although there is no front yard, there is a fenced-in grass backyard.

The exterior has been nicely restyled with gray siding and white trim with plum-colored shutters. A small front porch leads into a foyer with brown slate floors and a cutout that opens up to the adjoining living room, which has 10-foot ceilings with white soffits, wood floors and recessed lighting.

Straight ahead from the foyer, through French doors, sits a sunny formal dining room with two windows, recessed lighting and slate floors. At the far end of this room, under a metal overhead fixture, is a granite-topped cutout leading into the kitchen.

The home's recessed-lit kitchen has white soffits, brown slate floors, 15 custom wood cabinets and granite counters and backsplash. There are Samsung, Kitchen Aid and Whirlpool stainless-steel appliances.

Off the kitchen is a half bath and at the end of a slate hallway, there's a laundry room with a full-size Whirlpool washer and dryer.

The home's three bedrooms are on the second floor, reached via a turning staircase. The master bedroom suite, with wood floors and two closets with built-ins, has a high-end bathroom with brown marble floors and walls around a tub and shower and a stylish double-sink vanity. There's a back porch leading from this bedroom.

There are two other bedrooms, one good for a children's room and a third that's nursery sized. There's a stylish, second full marble bathroom with tiled surround for a tub/shower and white sink vanity.

The home's finished basement has a slate-floored family room plus an adjoining home office. There's also a full ceramic-tiled bath here with a tub/shower and white sink vanity.

There's extra storage space in an unfinished area of the basement, along with the home's high-efficiency gas-fired heating and cooling system, as well as a Rinnai tankless water-heating system.

A driveway next to the house accommodates three vehicles.

Broker: Bremis Realty, brokers Brenda Bremis at 617-828-1872 and Stephen Bremis at 617-828-1070


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Obama says choices now will govern future economy

WASHINGTON — President Barack Obama says Washington's top priority must be to reverse trends like economic inequality, weakened middle-class security and global competition. He says Washington has lost focus on the economy.

In his weekly Internet and radio address, Obama is pressing economic ideas he's been promoting in an ongoing series of speeches. He wants better access to education, home ownership, health care and secure retirement.

He says that he'll listen to good ideas from either party but that Republicans are threatening to take the nation in the wrong direction.

In the Republican address, House Majority Leader Eric Cantor of Virginia says Republicans will focus this week on government abuse, such as intrusive regulations and red tape that he says threaten Americans' paychecks and civil liberties.

___

Online:

Obama address: www.whitehouse.gov

GOP address: www.gop.gov


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The Ticker

Written By Unknown on Jumat, 26 Juli 2013 | 20.25

Initial jobless claims up

Initial jobless claims rose by 7,000 last week, according to the Labor Department, but the overall trend points to an improving job market.

New jobless claims rose to 343,000 last week after dropping by 22,000 the week before. The four-week average, which is seen as a less volatile number, fell by 1,250 to 345,250.

New unemployment applications indicate layoffs in the country.

More than 4.8 million Americans received unemployment benefits in the week that ended July 6, down nearly 20 percent from a year before. July unemployment numbers will be released on Aug. 2.

Starbucks profit rises on U.S. sales

Starbucks Corp. yesterday posted a bigger than expected jump in quarterly profit after new "Refresher" fruit beverages and seasonal Frappuccino iced drinks helped drive more visits to its shops in the United States, its top market. The world's biggest coffee chain also raised its full-year profit forecast, sending shares soaring almost 6 percent in after-hours trading.

Amazon reports $7 million loss

Amazon reported a loss of $7 million for the second quarter, or 2 cents per share for the three months through June.

Wall Street analysts had expected Amazon to earn 
5 cents per share in the second quarter.

The company reported sales of $15.7 billion, a 
22 percent increase from the same quarter last year. The growth in sales was just shy of analysts' expectations of $15.73 billion. Amazon shares dropped by almost 2 percent in after hours trading.

GM sales increase 3.9 percent

General Motors second-quarter sales rose 3.9 percent, signaling the largest U.S. automaker is poised for growth with one of the biggest waves of new models in its history.

While net income dropped on falling profit from the unit that includes India and southeast Asia, earnings excluding some items beat analysts' estimates. Revenue rose to $39.1 billion from $37.6 billion.

TODAY

  • Samsung Electronics reports quarterly financial results.

THE SHUFFLE

  • Seven Step RPO announced that Jason Berkowitz, above, has joined the company as vice president of client services. Berkowitz will maintain strategic client relationships, while further developing Seven Step's high-performing strategic directors and delivery teams across its Boston and Denver offices.
  • Newton-Wellesley Hospital's board of trustees voted to approve the search committee's recommendation to name Kerry Watson as the next president of Newton-Wellesley Hospital. Watson will join Newton-Wellesley from the Duke University Health System in Durham, N.C., where he has been president of Duke Regional Hospital.

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Greece's rescue creditors clear new batch of loans

BERLIN — Greece's international creditors have cleared a 2.5 billion-euro ($3.3 billion) installment of bailout loans following the approval of new austerity measures by authorities in Athens.

European Commission spokesman Simon O'Connor said the decision was made by deputy finance ministers of the 17-country eurozone on Friday, pending some national approval procedures to be concluded Monday.

He added that Greece will also get a 1.5 billion-euro payout stemming from profits on bonds bought by the European Central Bank under a now-defunct bond-buying program.

Greece has approved new debt reduction measures, including thousands of public-sector job cuts, to meet the conditions that are part of its 240 billion-euro rescue package from its EU partners and the International Monetary Fund.


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Japan's All Nippon finds damaged 787 beacons

TOKYO — Japan's All Nippon Airways has found damage to wiring on two Boeing 787 locator beacons, a device suspected as the cause of a fire on an Ethiopian Airlines 787.

ANA spokesman Ryosei Nomura said Friday that Boeing Co., the U.S. Federal Aviation Administration and Japanese regulators had ordered checks of the beacons.

ANA has 20 of the jets dubbed the Dreamliner.

The transmitters, made by Honeywell International Inc., guide rescuers to aircraft in emergencies. They may be behind the Ethiopian Airlines fire that occurred July 12 at London's Heathrow Airport.

Dreamliner jets were grounded worldwide in January because of a separate set of problems with lithium ion batteries that caused overheating and fires.

Flights resumed four months later after the battery system was revamped.


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Vivendi sells Activision stake for $8.2 billion

PARIS — Vivendi SA is selling most of its majority stake in video game maker Activision Blizzard Inc. for $8.2 billion as the French conglomerate tries to strengthen its balance sheet.

In a statement Friday, Vivendi said that 429 million of its shares will be sold to Activision itself, which makes such games as "World of Warcraft." Another 172 million shares will be sold to a consortium of key investors including Activision's CEO Bobby Kotick and Co-chairman Brian Kelly.

With the sale, at $13.60 per share, Vivendi will reduce its holdings from 61.1 percent of Activision's common shares to 12 percent. The French company will continue to hold 83 million Activision shares after the sale, expected to close in September.

Vivendi has held a majority stake in Santa Monica, California-based Activision since 2008.

Vivendi , whose shares were up 1.35 percent to 16.20 euros in trading in Paris after the announcement, said in the statement that the sale "provides the group with greater financial flexibility and creates value for our shareholders."

Part of the cash will be used to strengthen the balance sheet and maintain its credit rating. Vivendi has been trying to restructure and sell off some businesses in its diverse conglomerate, and announced earlier this week that it's in talks to sell its stake in Maroc Telecom.


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Apple's smartphone market share slips

Apple's share of the global smartphone market fell during the second quarter to its lowest level in four years, according to data released Friday.

Apple took 13.1 percent of the worldwide market, according to ABI Research, down from 16.6 percent a year ago. That's the lowest level since the third quarter of 2009, two years after the launch of the first iPhone.

Apple Inc., based in Cupertino, Calif., sold 31.2 million iPhones in the April-to-June period, up from 26 million in the same period a year ago, the report said. But the company's sales growth isn't keeping pace with the overall smartphone market, which grew 52 percent from last year.

The No. 3 and No. 4 smartphone makers, LG Electronics of Korea and Lenovo Corp. of China, doubled their sales in the quarter, according to ABI research.

Samsung, the world's largest maker of smartphones, also saw a drop in market share.


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Wall Street liking Facebook

Written By Unknown on Kamis, 25 Juli 2013 | 20.25

Facebook Inc. shares soared in after-hours trading yesterday on late news that the social networking company's mobile advertising sales boosted it to a stronger-than-expected quarterly profit.

"We made some really good progress this quarter with the growth and engagement of our community, the release of new products like Instagram video, and advertising growth, especially on mobile," CEO Mark Zuckerberg said in a call with analysts. "We now have more daily actives on mobile than on desktop. Nearly half a billion people use Facebook on their phones every day, and soon we'll have more revenue on mobile than on desktop as well."

Facebook posted $333 million in net income for the second quarter ended June 30, compared to a $157 million loss in the same period a year ago. Revenue jumped 53 percent to $1.81 billion from $1.18 billion. Both beat analysts' estimates.

"They were a legitimate surprise," said Ben Rose, an analyst at Battle Road Research in Waltham. "People were setting fairly conservative expectations. Going into the quarter, we, like others, were projecting about $1.6 billion in revenue."

Advertising revenue accounted for $1.6 billion or 88 percent of Facebook's total revenue, a 61 percent increase from a year ago. Mobile ad revenue, meanwhile, was about 41 percent of total ad revenue, compared to less than 10 percent in last year's second quarter.

Shares of the Menlo Park, Calif., company's stock climbed 20.6 percent to $31.98 after the bell and a $26.51 close.

"It does suggest that the sentiment is improving for the company," Rose said. "Their stock hasn't performed really well since their (initial public offering) more than a year ago."

Concern about its ability to capitalize on the shift to mobile devices from personal computers has weighed on Facebook shares since its $16 billion IPO in May 2012 — the largest technology IPO ever. Facebook's stock was priced at $38 when it went public and has yet to hit that level since.

"Finally, the blowout quarter that Facebook bulls have been waiting for," Bloomberg Industries analyst Paul Sweeney said.

Zuckerberg also rebutted concerns that teens are growing tired of Facebook in favor of newer services such as (Facebook-owned) Instagram. "… Based on our data, that just isn't true," he said.

Herald wire services contributed to this report.


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Sales-tax holiday expected to sail through Legislature

Beacon Hill lawmakers plan to vote on a proposed Aug. 10-11 state sales tax holiday early next week, and House Speaker Robert A. DeLeo anticipates no opposition to what's become a last-minute annual vote.

"It helps the business community, which obviously we always want to do … and, equally important, is it helps consumers, especially as folks get ready for back to school," he said. "Any relief that we can give — and ... the incentive to shop here in Massachusetts — is an important step."

Senate President Therese Murray also has expressed support for a sales tax holiday this year.

Massachusetts has had a sales tax holiday every year since 2004, except for in 2009. The holiday exempts consumers from paying the 6.25 percent Massachusetts sales tax on most single-item purchases that cost $2,500 or less.

Shoppers saved about $23.34 million in state sales taxes during last year's two-day holiday, according the state Department of Revenue.

"It's an important economic stimulus for consumers and Main Street alike, and it's been a proven winner," said Jon Hurst, president of the Retailers Association of Massachusetts. "We do border New Hampshire, so we cover many sales that otherwise would go elsewhere and, frankly, we have a very tech-savvy consumer who knows how to shop online."

DeLeo attributed the last-minute vote, in part, to getting a handle on state tax collections.

The state started a new tax year on July 1. "We began … in good shape," DeLeo said. "The economy looks good, and it puts us in a better position to do this."


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Women venturing out in tech world face uphill battle

Few women in Boston's high-tech startup community are getting venture capital funding, according to a new survey, something entrepreneurs and one of the state's top economic officials said is hurting the Bay State's economy.

In the survey, released yesterday by the New England Venture Capital Association, 70 percent of entrepreneurs said Boston's startup community is either sometimes or not at all inclusive to women.

"There are talented women who are not in the leadership ranks to the extent that they should be," said C.A. Webb, executive director of NEVCA. "It appears to be a liability rather than an asset to be a woman seeking funding."

Women "who are starting businesses that grow beyond $100,000 are substantially lower" in number, said Janet Kraus, a serial entrepreneur and Harvard Business lecturer who leads the Women's Founders Forum.

Still, women entrepreneurs are not laying the blame on anyone.

"It's up to us to change the rules," said Jules Pieri, founder and CEO of thegrommet.com. "I really don't believe they set out to only find people who look like them," she said of venture capitalists.

In a two-year economic plan through 2015, the Executive Office for Housing and Economic Development said the state's technology workforce needs to be expanded.

"We want it to be inclusive with women," Housing and Executive Development Secretary Greg Bialecki told the Herald.

"There's a huge segment of business opportunity that we're not even capable of addressing" because of the lack of women in the industry, Pieri said.

Added Kraus, "We should not be missing out on the opportunity that women could be bringing to the region."

NEVCA plans to track the number of women who receive venture capital funding as part of its plan to address the issue. Webb said fixing the disparity is crucial to bringing and keeping top female talent in the Boston area.

"Let's illuminate this issue and make sure New England is getting the best talent in the world," she said.


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The Ticker

Clover not cleared to open

Clover Food Lab, which had hoped to reopen yesterday, nearly two weeks after it was closed amid a salmonella outbreak, has yet to be given the green light by Cambridge and Boston inspectors.

Late yesterday afternoon, Ini Tomeu, Cambridge's public information officer, said Clover has submitted lists of staff who have been cleared by the state to return to work, and city inspectors will visit the company's two Cambridge restaurants today to conduct a final inspection before giving them approval to reopen.

Lisa Timberlake, a spokeswoman for the Boston Inspectional Services Department, said Clover needs the go-ahead from the state Department of Public Health before the city will inspect the restaurant.

Cambridge's Agios shares soar on IPO

Cambridge-based Agios Pharmaceuticals roared onto the Nasdaq yesterday, closing at $31.39 a share, more than 74 percent above its IPO price.

The offering raised about $106 million by selling 5.9 million shares at $18 each. In a separate deal, Celgene, which Agios is partnering with to develop two of its drugs to treat cancer and rare genetic disorders, has committed to buying $12.75 million in Agios shares.

New stores coming to The Street

Intermix and Jonathan Adler are among a raft of new stores scheduled to open this fall at The Street Chestnut Hill.

Calypso St. Barth, Skoah, DavidsTea, a first-in-New-England Splendid store, a second location for South Boston's Ku De Ta, and a third outpost for Boston's Polka Dog Bakery also are slated for fall debuts at the former Chestnut Hill Shopping Center on Route 9, which has been undergoing a transformation by WS Development.

TODAY

  • Labor Department releases weekly jobless claims.
  • Commerce Department releases durable goods for June.
  • Freddie Mac releases weekly mortgage rates.
  • 3M, Amazon, GM, Southwest Airlines and Starbucks report quarterly financial results.

TOMORROW

  • Samsung Electronics reports quarterly financial results.

THE SHUFFLE

  • Andrew Kaiser, above, has been hired as the new imaging director at WAAF-FM, an Entercom station. Kaiser previously served as creative services director as well as morning drive and evening host at Radio 104 in Hartford.
  • Liaison International, a leading provider of admission management and related software solutions for the higher education industry, announced that Jessica Finnefrock has joined Liaison as senior vice president of product development. Finnefrock joins Liaison from Blackboard Inc., where she led product strategy, development and support teams .

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US unemployment aid applications rise 7K to 343K

WASHINGTON — The number of Americans applying for unemployment benefits rose by 7,000 last week to a seasonally adjusted 343,000.

The increase in the week ending July 20 follows a drop of 22,000 the previous week. But the broader trend is consistent with an improving job market.

The four-week average, which smooths out weekly fluctuations, fell 1,250 to 345,250, according to the Labor Department.

"Claims continue to signal no let-up in employment growth," Jim O'Sullivan, chief U.S. economist at High Frequency Economics, wrote in a research note.

Weekly applications data can be volatile in July. Automakers typically shut their factories the first two weeks of the month to prepare for new models, leading to temporary layoffs. But this year much of the industry has skipped or shortened the shutdowns to meet stronger demand.

Applications are a proxy for layoffs. They're down nearly 8 percent this year. Employers have added an average 202,000 new jobs a month this year, up from an average 183,000 in 2012.

In June, employers added 195,000 jobs. The unemployment rate stayed at 7.6 percent last month but is down from 8.2 percent a year earlier.

Job growth has been solid despite lackluster economic growth. Economists expect the economy grew at an annual rate of less than 1 percent in the April-June quarter, even worse than an unimpressive 1.8 percent the first three months of the year. Federal spending cuts that took effect in March have hobbled economic growth.

Many economists are hopeful that steady hiring will help spur faster growth in the second half of the year.

More than 4.8 million Americans were receiving unemployment benefits the week that ended July 6, the latest data available. That is down nearly 20 percent from 6 million a year earlier.

Some parts of the economy have proven resilient.

The U.S. housing recovery is strengthening, for example. Sales of newly built homes rose 8.3 percent last month to a seasonally adjusted annual rate of 497,000, the Commerce Department said Wednesday. That's the highest since May 2008 and up from an annual rate of 459,000 in May.

Sales are still below the 700,000 pace consistent with healthy markets. But they are up 38 percent in the past 12 months. That's the biggest annual gain since January 1992.

New-home sales make up only a small part of the market. But they have an outsize economic impact. Each home built creates an average of three new jobs and generates about $90,000 in tax revenue, according to data from the National Association of Home Builders


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Caterpillar 2Q profit falls 77 pct; cuts outlook

Written By Unknown on Rabu, 24 Juli 2013 | 20.25

PEORIA, Ill. — Caterpillar says its second-quarter profit fell 77 percent as dealers cut inventories more than it had anticipated and the company cut its profit and revenue outlook for the year.

The world's largest maker of construction and mining equipment is reporting earnings of $960 million, or $1.45 per share, compared with $1.7 billion, or $2.54 per share a year ago. Revenue slid 15.8 percent to $14.63 billion.

That's well short of Wall Street's expectations. Analysts surveyed by FactSet had expected a profit of $1.69 per share on revenue of $15.09 billion.

The global mining industry is slowing because of slower growth in China and slower demand for mining gear.

Shares of Caterpillar Inc. fell almost 2 percent in premarket trading Wednesday.


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Gas well in the Gulf continues to burn

NEW ORLEANS — An out-of-control natural gas well off the Louisiana coast continued to burn Wednesday after it caught fire following a blowout that prompted the evacuation of 44 workers, authorities said.

Meanwhile, officials stressed that Tuesday's blowout wouldn't be close to as damaging as the 2010 BP oil spill, in which an oil rig, the Deepwater Horizon, exploded off the Louisiana coast, killing 11 workers and eventually spewing millions of gallons of oil into the Gulf of Mexico.

No injuries were reported as a result of Tuesday night's fire, Eileen Angelico, a spokeswoman for the Bureau of Safety and Environmental Enforcement, told The Associated Press.

She said it wasn't known what caused the gas to ignite. It also wasn't clear early Wednesday how and when crews would attempt to extinguish the blaze. BSEE said earlier Tuesday that a firefighting vessel with water and foam capabilities had been dispatched to the scene.

Wild Well Control Inc. was hired to try to bring the well under control. Angelico said Wild Well personnel approached the well earlier Tuesday night, before the fire, but they determined it was unsafe to get closer when they were about 200 feet away from it.

The gas blowout was reported Tuesday morning.

The Coast Guard kept nautical traffic out of an area within 500 meters of the site throughout the day. The Federal Aviation Administration restricted aircraft up to 2,000 feet above the area.

BSEE said inspectors flying over the site soon after the blowout saw a light sheen covering an area about a half-mile by 50 feet. However, it was dissipating quickly.

Earlier this month, a gas well off the Louisiana coast flowed for several days before being sealed.

Chris Roberts, a member of the Jefferson Parish Council in south Louisiana, said the travel restrictions might pose an inconvenience for participants in an upcoming deep sea fishing tournament.

"It could change some plans as to where some people plan to fish," he said.

Tuesday's blowout occurred near an unmanned offshore gas platform that was not currently producing natural gas, said Angelico. The workers were aboard a portable drilling rig known as a jackup rig, owned by Hercules Offshore Inc., which was a contractor for exploration and production company Walter Oil & Gas Corp.

Walter Oil & Gas reported to the BSEE that the rig was completing a "sidetrack well" — a means of re-entering the original well bore, Angelico said.

The purpose of the sidetrack well in this instance was not immediately clear. A spokesman for the corporation did not have the information Tuesday night. Industry websites say sidetrack wells are sometimes drilled to remedy a problem with the existing well bore.

"It's a way to overcome an engineering problem with the original well," Ken Medlock, an energy expert at Rice University's Baker Institute said. "They're not drilled all the time, but it's not new."

___

Associated Press writer Ramit Plushnick-Masti in Houston contributed to this story.


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US Airways 2Q income falls 6 percent

US Airways says second-quarter profit fell 6 percent from last year, but still beat Wall Street expectations heading into its merger with American Airlines.

US Airways Group Inc. said Wednesday that net income was $287 million, or $1.40 per share, in the April-June quarter. That's down from $306 million, or $1.54 per share, a year ago. The company blamed an $85 million income tax provision that it didn't face last year.

Excluding merger and debt-retirement costs, US Airways says it would've earned $1.58 per share. That tops the $1.52 per share that analysts were expecting.

Revenue is up 3 percent to $3.87 billion.

US Airways and American plan to close their merger by the end of September and create the world's biggest airline, which will keep the American name.


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Dell's founder boosts offer to buy the company

ROUND ROCK, Texas — Dell's founder is boosting his offer to buy the struggling PC maker by 10 cents to $13.75 per share in hopes of attracting more shareholder support.

The move came just hours before shareholders of the Round Rock, Texas-based company were scheduled to vote on the earlier offer from founder Michael Dell and the investment firm Silver Lake Partners.

The company said it was delaying its shareholder meeting for a second time, moving it to Aug. 2 to give its board time to consider the offer. The meeting had been set for later Wednesday.

Michael Dell says the new offer increases the total amount paid to shareholders by about $150 million to more than $24 billion. They say it's their best and final offer.

Shareholders Carl Icahn and investment firm Southeastern Asset Management have said the earlier offer undervalued the company.

.


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Caterpillar 2Q profit falls 43 pct; cuts outlook

PEORIA, Illinois — Second-quarter earnings at Caterpillar fell 43 percent as dealers cut inventories more than the company expected. The world's largest maker of construction and mining equipment cut its profit and revenue outlook for the year.

Caterpillar reported earnings of $960 million, or $1.45 per share, compared with $1.7 billion, or $2.54 per share a year ago. Revenue slid 15.8 percent to $14.63 billion.

That's well short of Wall Street's expectations. Analysts surveyed by FactSet had expected a profit of $1.69 per share on revenue of $15.09 billion.

The Peoria, Ill., company said dealers cut inventories by $1 billion as the global mining industry slowed due to reduced growth in China.

Commodity prices have fallen as well, forcing miners to cut back on orders.

Shares of Caterpillar Inc. fell 1 percent, or 82 cents, to $84.70 in premarket trading.

Caterpillar also said it had currency translation and hedging losses during the quarter.

CEO Doug Oberhelman predicted improved profits during the second half of the year as the company takes further cost-cutting measures.

But Caterpillar still cut its full-year profit outlook from about $7 per share to $6.50. Revenue is now expected to come in between $56 billion and $58 billion, down from previous guidance of $57 billion to $61 billion.

Dealers, Oberhelman said, used inventory from Caterpillar's product distribution during the quarter rather than stocking their own businesses. Company inventory also dropped by $1.2 billion.

"With the sharp reduction in dealer inventory and the decline in mining, 2013 is turning out to be a tough year," Oberhelman said in a statement.

Dealers are positioned to cut inventory even further, and the company expects it to fall by $1.5 billion to $2 billion in the second half, Oberhelman said.

"That means we are underselling end-user demand this year, and it sets us up for better sales in 2014," he said.

He said the company already has temporarily closed factories and had rolling layoffs. "We've taken significant action already, and we will be taking additional cost reduction measures in the second half of 2013," he said.

Caterpillar Inc. said Wednesday that global sales of its heavy equipment fell 8 percent for the three-month period that ended in June, hurt by a steep drop in demand from Asia.

That followed a 7 percent decrease for the three months that ended in May and a 9 percent slide for the three months that ended in April, the company said in a Securities and Exchange Commission filing.

Sales in Caterpillar's Asia region dropped 21 percent in the most recent period, while North American sales fell 10 percent.

The only region to post an increase was Latin America, where sales rose 9 percent.

The figures are based on unit sales as reported by Caterpillar's dealers.

The global mining industry is slowing as commodity prices drop, hurting Caterpillar.

The June numbers show a "gradual bottoming process, albeit a bit slower than many had hoped," said Jefferies analyst Stephen Volkmann.


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The Ticker

Written By Unknown on Selasa, 23 Juli 2013 | 20.25

Hasbro misses mark 
on quarterly earnings

Hasbro's second-quarter net income fell 16 percent, hurt by cautious consumer spending and a steep drop in sales of boys' toys. Toy industry sales have been in a slight decline all year, stung by a video game industry slump, shoppers' curtailed spending and increased demand for electronic gadgets such as smartphones and tablets.

Separately, the nation's second-biggest toy maker announced that it is expanding its merchandising relationship with The Walt Disney Co. for properties including Marvel and Star Wars.

Netflix growth up, but shares drop

Despite a growth in revenue and subscribers, streaming-video giant Netflix saw its stock price dip after reporting its financials for the second quarter.

For the quarter that ended June 30, Netflix revenue was $1.069 billion, up 20 percent from $889 million for the first quarter of 2012, but fell short of Wall Street's expectations of $1.072 billion. Quarterly net income rose to $29 million from $6 million.

Netflix shares were down $14.36, or 5.48%, to $247.60 in after-hours trading.

Meanwhile, Netflix subscriptions grew to about 
30 million U.S. streaming customers, up from 
29.2 million, for a total of 36.3 million worldwide, the company reported.

Analysts had hoped for a larger increase in U.S. streaming subscribers than the reported addition of 630,000.

TODAY

 The Allston Board of Trade, the Brighton Board of Trade and the Brighton Allston Improvement Association are co-sponsoring a forum on the candidates for mayor of Boston.

 Altria Group, Apple, AT&T Dupont, Radio Shack and UPS report quarterly financial results.

TOMORROW

 Commerce Department releases new home sales for June.

 Boeing, Caterpillar, Delta Air Lines, Facebook, Ford, Pepsico and Visa report quarterly financial results.

 Grossman Marketing Group, a print and promotional products company headquartered in Somerville, has announced the hiring of Heidi Quigley. She joins the Somerville office as a special projects associate. In this role, Quigley will be responsible for marketing collateral development, online marketing, social media management and other related duties.

 Foley & Lardner LLP announced that Stuart Fross has joined the firm as partner in the private equity and venture capital practice in the Boston office. Focused on investment management and pooled investment vehicles, Fross brings experience with a wide variety of investment funds including registered open-end, closed-end and exchange-traded funds.


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World stocks rise as China slowdown jitters ease

MILAN — Easing fears of an economic slowdown in China pushed world markets higher on Tuesday .

World stocks received a boost after Chinese Premier Li Keqiang indicated the government would act to support the world's second-biggest economy after two straight quarters of deceleration. The premier vowed growth would not dip below 7 percent.

In Europe, the FTSE 100 index of leading British shares was up 0.3 percent at 6,642 while Germany's DAX rose 0.51 percent to 8,342. The CAC-40 in France was 0.21 percent higher at 3,948.

Li's comments to the Cabinet about economic growth allayed concerns about how much China's government would let the economy slow as it tries to shift the basis of growth toward domestic consumption and away from exports and industrial investment.

"Premier Li's latest talk contains important information and will surely clarify much confusion," analysts at Bank of America Merrill Lynch said in a report. "He could introduce a small-scale fiscal expansion by tapping the central government coffer."

China's Shanghai Composite jumped 2 percent to 2,043.88 and Hong Kong's Hang Seng surged 2.3 percent to 21,915.42.

Futures augured slight gains on Wall Street. Dow futures advanced 0.1 percent to 15,513 and S&P 500 futures added 0.2 percent to 1,693.20.

Analysts said the previous day's downbeat news on the U.S. economy was double-edged for financial markets.

On one hand, the surprising drop in sales of existing homes in June to a seasonally adjusted annual rate of 5.08 million dampened optimism about the U.S. economic recovery. But investors could also interpret the weak data as ensuring continued bond-buying by the Federal Reserve.

Japan's Nikkei 225 rose 0.8 percent to 14,778.51, its second day of gains since Prime Minister's Shinzo Abe's ruling coalition gained control of the upper house in weekend elections. That could make it easier for Abe's administration to implement reforms aimed at lifting the world's No. 3 economy out of its long slump.

In currency markets, the dollar rose to 99.91 yen from 99.32 yen. The euro dipped to $1.3176 from $1.3186.

Benchmark crude for September delivery was down 67 cents to $106.28 a barrel in electronic trading on the New York Mercantile Exchange.

----

Youkyung Lee contributed from Seoul, South Korea.


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Mass. home median prices on the rise

BOSTON — The median sales price of a single-family home in Massachusetts has risen to its highest level in almost six years.

The Warren Group reported Monday that median prices jumped 9 percent last month when compared to June 2012 to $350,000. The Massachusetts Association of Realtors reported a nearly 7 percent year-over-year jump to just over $350,000. Both said it was the ninth consecutive month of year-over-year price rises and the highest they have been since August 2007.

The organizations use slightly different methods in their calculations.

The Realtors reported a 1.6 percent increase in sales of single-family homes last month, while The Warren Group reported a 1 percent jump.

The Realtors president said concern that interest rates would rise and a lack of inventory helped drive up prices and sales.


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Former GM exec sees Toyota role as sign of change

NAGOYA, Japan — Mark Hogan, a former General Motors Co. executive tapped to join the Toyota board, sees his appointment as a sign of change at the Japanese automaker and hopes he'll play a role in the company becoming less insular and quicker in decision making.

Hogan's appointment, announced in March and approved by shareholders last month, is the first time in Toyota's 76-year history that it has appointed a director from outside the company.

His arrival underlines efforts at Toyota Motor Corp. under President Akio Toyoda to become more international, transparent and nimble in regional markets, as it recovers from recent difficult years including a massive recall fiasco in the U.S.

"I give Akio a lot of credit for having the leadership to do that," he told reporters Tuesday at Toyota's Nagoya office.

"I see my role as listening to global voices outside of Japan and sharing insights that will help Toyota respond more quickly to changes in society," Hogan said.

When asked if he would have advised Toyota do anything differently during the massive recall crisis in the U.S. five years ago, Hogan stressed recall woes were not unique to Toyota but spanned the entire auto industry in recent decades. He said the lesson learned for Toyota was that a crisis needs a speedy response.

Hogan, an American, joined GM in 1973, and became group vice president in 2002. He worked with Toyoda more than a decade ago at NUMMI, or New United Motor Manufacturing, a California auto plant jointly run by Toyota and GM. During his nearly one hour news conference, his first as board member, 62-year-old Hogan stressed his friendship with Toyoda, often referring to him as Akio. He said they meet every month these days to share ideas.

Issei Takahashi, auto analyst with Credit Suisse in Tokyo, said having someone close to GM on Toyota's board may help it lobby against any protectionist efforts by U.S. automakers.

Japan is planning to join the "Trans-Pacific Partnership," an Asia-Pacific trade pact, a move that is likely to help Toyota and other Japanese exporters in the U.S.

Some officials in the U.S. auto industry are already crying foul, noting American cars make up only a tiny portion of the Japanese market.

"Having someone on the team with an 'in' with the American auto industry could work as a plus for Toyota," Takahashi said.

Hogan did not directly address the issue of American protectionism. But he repeatedly stressed he knew both Toyota and GM well.

"Toyota has always admired and learned valuable insights from Detroit automakers and their partners. And I've worked in those circles for many years," he said.

Hogan said about half of Toyota's sales were now in emerging markets, and so it needed "a global perspective."

Toyoda has been trying to empower regions within the global company, the world's biggest in vehicle sales, setting up divisions to each oversee North American, European, Japanese and emerging markets.

Besides getting Hogan on board, Toyota promoted four non-Japanese managers to oversee regional businesses, including James Lentz, an American who already leads Toyota Motor Sales in the U.S. He will head the North American region.

Like other conservative Japanese companies, Toyota had been more of a closed shop than its Western counterparts, and had not been open in the past to the idea of board members from outside company ranks.

It learned its lesson the hard way with the massive global recalls over sticky gas pedals, faulty floor mats, problematic brakes and other defects that spanned several years from 2009 and affected more than 14 million vehicles. The recalls tarnished Toyota's reputation for quality, especially in the U.S.

Hogan was upbeat about Toyota's prospects in South America, including Brazil and Argentina, a region where Hogan has experience, and has always wondered why Toyota was lagging.

"I used to kid Akio about that," he said.

Toyota has had a foreigner on its board just once in the past, in 2007, with Jim Press, an American who had headed Toyota's North American operations. Press left shortly afterward for a job with Chrysler.

Besides quality lapses, Toyota has had its share of other disasters in recent years, including the 2011 earthquake and tsunami in northeastern Japan and flooding in Thailand that followed. Both disasters destroyed key suppliers and hobbled Toyota's production. But Toyota has bounced back quickly and is back on a growth track.

___

Follow Yuri Kageyama on Twitter at www.twitter.com/yurikageyama


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Bank of Maine sells 6 northern Maine branches

PORTLAND, Maine — The Bank of Maine has reached an agreement to sell six of its branches in the northern part of the state to Machias Savings Bank.

The transaction affects branches in Caribou, Fort Kent, Houlton, Lincoln, Mars Hill and Presque Isle, with a total of $75 million in deposits as of the end of June.

Machias Savings Bank says it will close the branches in Fort Kent, Houlton and Mars Hill.

The sale is subject to the approval of state banking regulators.

Bank of Maine's chief executive says the sale will allow the bank to focus on its remaining branches in mid and southern Maine.

Machias Savings Bank's CEO says the sale is a natural expansion of the company's existing footprint.


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How the world will learn about royal baby's birth

Written By Unknown on Senin, 22 Juli 2013 | 21.37

LONDON — Now that Kate is in the hospital, what can royal baby watchers expect next? How do royal fans find out when the infant has arrived?

The short answer: Ignore all rumors on social media until there is an official announcement from Buckingham Palace. Unless you are Queen Elizabeth II or a senior member of the royal family, you will have to rely on a small piece of paper to get confirmed news that the baby is born.

Protocol requires that the queen be informed about the birth before the general public is told.

Following a time-honored royal tradition, the world will first read about the birth from a small bulletin posted in front of Buckingham Palace. It was the exact way officials announced the birth of Prince Charles in 1948 and Prince William in 1982, though this time around the monarchy has moved with the times and added social media as an easier way to reach more people.

According to officials, the process will go something like this:

— Once the baby is born, doctors will sign a foolscap-size document, with the palace letterhead, giving the baby's gender and time of birth. It will be terse and formal — the language is dictated by protocol — and will read something like "The Duchess of Cambridge was safely delivered of a prince / princess." It may also provide the infant's weight. Foolscap is a traditional British paper size — rarely used nowadays — that is taller but slightly narrower than either A4 or U.S. letter size.

— A royal aide will give this bulletin to an official, whose task is to carry the news from the hospital to the palace. It's going to be a suspenseful short journey, about 15 minutes, and the drive will almost certainly be broadcast live to millions of television viewers worldwide.

— Once at the palace, the official will post the bulletin on a wooden easel placed in the frontcourt for the public to see.

— At the same time, the monarchy's official Twitter and Facebook accounts will announce the news online.

The method of announcement has survived remarkably intact throughout the years, with only a few minor points of difference — for example, the bulletin used to be posted on the black railings outside the palace, not on an easel.

The biggest difference, of course, is the presence of online social media for the first time in the history of royal births. Twitter and Facebook have replaced cables and radio announcements, which mean that the new royal baby will be the first to own a hashtag — and the first to receive thousands of instant blessings and well wishes from around the world.


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McDonald's predicts tough year despite new items

NEW YORK — McDonald's is mixing up its menu with healthier, fresher sounding items such as its chicken McWraps, but not enough customers are biting.

The world's biggest hamburger chain on Monday reported a second-quarter profit that rose 4 percent but fell short of Wall Street expectations. It also said July sales are expected to be relatively flat and warned of a tough year ahead.

Its stock was down more than 2 percent at $98.05 in premarket trading. Over the past year, its stock is up 13 percent.

The company, which is based in Oak Brook, Ill. and has more than 34,000 locations worldwide, says global sales edged up 1 percent at restaurants open at least a year for the three months ended June 30. The figure rose by the same amount in the U.S., where the company has been touting its Dollar Menu and trying to adapt to changing eating habits with items such as its veggie-filled chicken wraps and egg-white breakfast sandwiches.

But the tepid growth in the latest quarter reflects the challenges facing McDonald's Corp., which for years had been a standout in the fast-food industry. Part of the problem is that economic conditions remain weak in many parts of the world. But another factor is that dining habits are changing, particularly in the U.S., with people increasingly opting for foods they feel are fresher, healthier or higher-quality.

Last week, for example, Chipotle Mexican Grill reported that sales rose 3.4 percent at restaurants open at least a year for the same period. The figure is a key metric because it strips out the impact of newly opened and closed locations.

In addition to such newer chains that offer food that's a step up from traditional fast-food for slightly higher prices, McDonald's is facing stiffer competition from its traditional rivals. Burger King and Wendy's have been revamping their menus under new management, while Taco Bell, owned by Yum Brands Inc., has gotten a big boost from its Doritos-flavored tacos.

Looking ahead, McDonald's said its initiatives in the U.S. are "designed to satisfy evolving customer expectations."

McDonald's CEO Don Thompson, who took over last summer, has said that the company has a bigger product pipeline than in the past. Thompson has said McDonald's can capitalize on ideas from around the world and adapt them to other markets.

But for the first three months of the year, the company reported its first global quarterly sales decline at restaurants open at least 13 months.

For the latest quarter, the company said sales were down 0.1 percent in Europe as results in Germany and France dragged down results from the United Kingdom and Russia.

In Asia, the Middle East and Africa, sales also dipped 0.3 percent, primarily because of negative results in China, Australia and Japan.

For the quarter, the company earned $1.4 billion, or $1.38 per share. That's up from $1.35 billion, or $1.32 per share, a year ago.

Earnings were short of the $1.40 analysts expected.

Revenue rose to $7.08 billion, in line with expectations, according to FactSet.


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Baby buzz proves celeb power of Britain's royals

LONDON — In London, the royal birth is a tale of two cities — a moment of history unfolding amid the frenzy of daily urban life.

Outside the London hospital where Prince William's wife, Kate, was in labor Monday, Londoners slowed their daily rush on a scorching summer day to take a quick picture and wonder at the vast media throng, then moved on.

Two miles away at Buckingham Palace, the news seemed more momentous, an extra jolt of history to the royal pomp and pageantry that attracts tourists in their thousands each day. They may no longer wield political power, but Britain's royals are unsurpassed as celebrities and cultural icons.

"They're sort of the celebrities of the world," said Anne Frey, a beautician from Madison, Wisconsin, watching the daily Changing of the Guard ceremony with her husband.

Excitement for the imminent royal baby was strong among the crowds lining the black iron gates to watch soldiers in high bearskin hats, sweating stoically under their scarlet tunics, march behind a brass band into the palace grounds.

"We can tell our kids one day that we were here when it happened," said Jill Muencz, a tourist from Cleveland, Ohio.

"It's fantasy," she added. "We don't get to experience all that" as Americans.

The royal labor dominated British news bulletins Monday, as media from around the world provided nonstop comment, color and speculation from outside the private Lindo Wing of St. Mary's Hospital, around the corner from London's Paddington Station.

Prime Minister David Cameron said "the whole country is excited" — and while that may be politician's hyperbole, there was a sense that the birth of a future monarch was a feel-good event to add to a long spell of hot, sunny weather and British sports successes at Wimbledon, the Tour de France cycling race and in the Ashes cricket competition.

Few Britons were willing to go as far in their royalism as Terry Hutt, a 78-year-old carpenter from Cambridge in eastern England, who has camped outside the hospital for 12 days, sleeping outside the hospital on a bench covered with a Union Jack blanket.

Hutt, who is proud to have met every royal from the late Queen Mother on, said he was doing his bit for Britain by camping outside the hospital in his red, white and blue Union Jack suit, holding flags and congratulatory banners.

"To me, the royal family play a very, very important role," he said. "Visitors from all over the world haven't got a king and queen. It's a plus for us."

As London commuters rushed past the hospital to work, Pascal Faure, a maintenance contractor originally from South Africa, stopped to snap a picture on his phone for friends at home and in Australia.

"It's part of their heritage, I guess, their culture," said Faure, who claimed his own tenuous royal connection: "Apparently my third cousin once removed is Chelsy" Davy, Prince Harry's former girlfriend.

He also had more insight than most into the 5,000-pound ($8,000) -a-night private wing where the Duchess of Cambridge is giving birth. He fixed the air-conditioning there last week — a good thing, too, as Monday was scheduled to be the hottest day of the year in London.

"If the air-con stops working, I'll probably be the one to go in," he said.

The outpouring of affection for the royal infant is a sign of how thoroughly Britain's royal family has rebuilt its image in the eyes of its subjects since the low point that followed the death of Princess Diana in a car crash in 1997. Diana had been popular, glamorous and — in the eyes of many — badly treated by the royal "Firm."

Sixteen years on, support for the monarchy is riding high after William and Kate's 2011 wedding and last year's Diamond Jubilee celebrations for Queen Elizabeth II's 60 years on the throne.

For non-Britons, the emergence of an attractive young generation that includes William, Kate and soldier-socialite Prince Harry has given the clan a mix of glamour and celebrity that is hard to resist.

"We like to pretend we have a king and queen," said 17-year-old Maddie Cruse, from Helena, Montana, as she stood outside Buckingham Palace. "Since we don't have a king and queen, we borrow yours."

Like many visitors, Cruse was well versed about recent changes to royal rules that mean a daughter will not lose her place in the royal succession if William and Kate later have a son. Boy or girl, the baby will be third in line to the throne behind Prince Charles and Prince William and is likely to be monarch one day — a fact that is lending an extra sense of history to the birth.

"I hope it's a girl, because it's the first royal that could assume the throne as a girl," Cruse said. "And she'll be a princess, and we'll get to see all the cute little clothes."

___

Associated Press Writer Raphael Satter contributed to this report.

Jill Lawless can be reached at http://Twitter.com/JillLawless


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US home sales dipped 1.2 percent in June

WASHINGTON — U.S. sales of previously occupied homes dipped in June to a seasonally adjusted annual rate of 5.08 million in June but remain near a 3½-year high.

The National Association of Realtors said Monday that sales dipped last month from an annual rate of 5.14 million in May. The NAR revised down May's sales, but they were still the highest since November 2009.

Despite last month's dip, sales are up 15.2 percent from a year ago. Home sales have recovered since early last year, buoyed by job gains and low mortgage rates.

Still, mortgage rates have surged in recent weeks over concern that the Federal Reserve could slow its bond-buying programs this year. The Fed's bond purchases have helped keep long-term interest rates low.

Higher mortgage rates slowed sales of higher-priced homes in states such as California and New York, the Realtors group said.

The average rate on a 30-year fixed mortgage leapt to 4.46 percent by the end of June from 3.81 percent at the end of May. The rate was 4.37 percent last week.

Most economists aren't yet worried that the higher rates will undercut the housing recovery. Mortgage rates are still at historically low levels, and home prices remain relatively affordable despite rising in the past year. In addition, higher mortgage rates could encourage potential buyers to come off the sidelines and purchase homes before rates rise further.

But many of those buyers may be frustrated by the small number of available homes, which has helped push up prices. The number of homes for sale rose 3.3 percent in May to 2.2 million, the second straight increase. But inventories are still 10 percent below year-ago levels.

Another obstacle is a lack of first-time buyers, who usually drive healthy markets. They made up only 28 percent of buyers in May, below the 40 percent that is typical. Since the housing bubble burst more than six years ago, banks have imposed tighter credit conditions and required larger down payments. That's made it harder for first-time buyers to qualify for mortgages.

The strength in housing this year has offset weaknesses elsewhere in the economy, like manufacturing and business investment. Rising home sales lead to more spending at furniture and home supply stores.

Homebuilders have also stepped up construction in the past year, creating more construction jobs. In June, they applied for permits to build single-family homes at the fastest pace in five years.


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Toyota opens training facility for quality control

TAJIMI, Japan — Toyota is opening a training facility for mechanics complete with a test course that simulates 13 driving conditions including cobblestones and bumpy roads as part of the automaker's efforts to avoid a repeat of its recall fiasco.

A ceremony with Toyota Motor Corp. President Akio Toyoda and government officials was held at the 9 billion yen ($90 million) Tajimi Service Center Monday in Gifu Prefecture, central Japan, near Toyota city where the car maker is headquartered.

Toyoda said quality must remain a priority even as the company becomes ever more global, with buyers driving on a range of road conditions. The center will initially train about 2,600 mechanics year, and eventually 4,800 mechanics a year, the company said.

Toyota has about 120,000 mechanics around the world and those numbers are expected to grow with sales expanding in emerging markets.

Toyota's reputation for quality was tarnished by massive global recalls that started five years ago. The automaker announced recall after recall, spanning almost every model in its lineup, totaling more than 10 million vehicles being recalled.

At the facility, Shinto priests in robes waved branches and hurled specks of paper before an altar with offerings of cabbage and oranges in a purification ceremony. Executives, dealers and officials lined up to bow and clap in what Toyota said was a prayer that its cars would stay safe.

The renewed focus on checking up on defects even after a vehicle has been delivered highlights Toyota's determination to stop recalls from spiraling out of control — not just in development and design stages but also after production and years of use.

"No vehicle is used in the same way, and all sorts of things happen that cannot be anticipated at the development stage," Toyoda said. "It is impossible to build a vehicle that will never break down."

Toyoda pointed to one problem with Prius hybrid braking, which the company had initially deemed safe, but upon testing had been found to work 0.06 seconds slower than the previous model, and customers were not feeling comfortable.

The new facility might not end recall problems once and for all, but will help the automaker respond more quickly, Toyoda told reporters.

"When something happens next time, we will be faster with our response and then people can trust our vehicles more as safe," he said.

Other automakers have similar training and test-course facilities, and Toyota also has other training centers. But the Tajimi center is among the biggest for any automaker, with a 1.3 kilometer (0.8 mile) track with 13 different kinds of road conditions, including cracked, bumpy and wet surfaces.

It is dotted with big "Safety First" signs. A four-story building has classrooms and areas where car-maintenance checkups can be practiced. Tajimi has one of the hottest temperatures in Japan, but gets snow in the winter, allowing mechanics to study what severe weather does to cars.

Toyota, which makes Lexus luxury models and the Camry sedan, has sprung back from the recall disaster and re-emerged as the world's top automaker, growing in new markets such as China and Indonesia, while regaining sales share in the U.S

"Toyota has been taking longer in model development to be more careful and strengthen quality controls," said Nomura Securities Co. auto analyst Masataka Kunugimoto.

Despite the recall problems, Toyota boasts among the highest quality standards in the industry, he said.

Still, the arrival of new kinds of vehicles such as hybrids means maintenance crews must be trained to spot abnormal vehicle responses, diagnose problems and research new kinds of service technology, according to Toyota.

Training is also mental and involves instilling the right "customer-first" spirit in the mechanics in 135 nations so they won't let a quality failure get by, it said.

In 1935, when Toyota's G1 truck was riddled with problems, company founder Kiichiro Toyoda, Akio Toyoda's grandfather, rushed around to personally fix breakdowns and apologize to customers, Toyoda said to drive home the message of quality.

American Adam J. Crawford, from Arizona, among the instructors at the center, acknowledged he wasn't sure he could really avoid massive recalls by training people who fix cars, but he said he was hopeful.

"If I can instill in him a desire and a true want to have good quality in everything he does, from an oil change to an engine overhaul, then I think we can keep our customers happy and we can keep the quality of our vehicles very high," he said.

___

Follow Yuri Kageyama on Twitter at www.twitter.com/yurikageyama


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Boston Entrepreneur Olympics goes for gold

Written By Unknown on Minggu, 21 Juli 2013 | 20.42

Don't necessarily expect any new world records to be set at Boston's inaugural Entrepreneurs Olympics on Aug. 1. But do expect fun — and for a good cause.

There will be basketball, volleyball, a 5K race and high jump.

But for $20, you can also watch the less athletically inclined vie for first place at typing, tug-of-war, remote-control helicopter races, blind-folded baby-food tasting and bowling with human inflatable orbs.

"It's not about athletic ability," said Erica Rife, program director for the start-up accelerator MassChallenge, one of the event's partners. "It's about coming together as a team to do something for the greater good."

Sasha Hoffman, head of strategy and partnerships at the online payment company Plastiq, got the idea at a charity wine party last January.

"I thought there's really no event that brings together people's different talents," said Hoffman, who also is on the board of Build Boston, a nonprofit that uses entrepreneurship to propel disengaged, low-income students through high school to college. "I thought it would make sense to do a benefit for (Build)."

Plastiq teamed up with MassChallenge, TUGG, the New England Venture Capital Association and T3 Advisors to organize the event, setting $50,000 as their goal, said David Brown, executive director of TUGG, which raises funds for early-stage nonprofits.

By Friday, they had raised $43,000 and had signed up 300 participants, charging $40 for individuals, $500 for teams of 10 and $1,000 for teams of 20, Hoffman said.

But Build also hopes to recruit mentors at the event for the 200 young entrepreneurs it will have in September in Boston schools, said regional executive director Ayele Shakur.

The Entrepreneurs Olympics will be held from 5:30 to 8:30 p.m. at the Reggie Lewis Track and Athletic Center at 1350 Tremont St. in Roxbury Crossing.

But if you miss out, all is not lost.

"We're absolutely planning to have one next year," Hoffman said, "and to make it even bigger."


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Mastectomy aid eases recovery

Before she woke up in the hospital after her mastectomy 12 years ago, Cathy McGrath knew her breast would be gone. What she didn't plan for was multiple post-surgical drains — little plastic bulbs with a long tube — to collect fluid.

"I was really taken aback by it," the North Andover woman said. "I thought, how am I going to manage all of these?"

A nurse told her some women pin the drains to their clothes or go to Home Depot and get a tool belt to put them in.

So McGrath asked herself: What would Princess Di or Jackie O do?

"I thought there's no way they'd be going to Home Depot," she said. "They'd want something incognito, discreet, but with a lot of functionality to it, something that would make them look more like a person than a patient."

So McGrath designed the Jacki, a post-surgical jacket for breast cancer patients, and started A Little Easier Recovery, a nonprofit to give the garments away to patients.

On the outside, the Jacki looks like a classic suit jacket in black or plum. But on the inside, it has pockets all the way around the bottom.

The initial version was made of Polartec fleece. But when McGrath told her story to Polartec, the company gave her a deal on a soft, wicking material that is now used in many of the jackets. The rest are made of interlocking cotton.

In the beginning, her aunt sewed the garments, and McGrath gave them to Brigham and Women's Hospital and Tufts Medical Center. When the hospitals told her that patients loved them, she realized she was on to something and applied for nonprofit status, giving her organization a name that she thought was "humble" but fitting.

"There's absolutely nothing easy about cancer treatment," McGrath said. "The most I could give patients was a little easier recovery."

Since then, her nonprofit has given away more than 10,000 of the garments nationwide and been named a finalist in this year's MassChallenge startup accelerator and competition.

McGrath never meets the patients who wear her jackets, but she has received letters from them, like the woman who delivered her father's eulogy wearing the Jacki, or the one who wore it to her son's wedding, or the woman who was just content to wear it while she played Thomas the Train with her toddler.

"It gives patients some sense of dignity as they recover from a surgery that's affected their body image," said Cate Mullen, the nurse coordinator at Tufts Breast Center, which receives about 150 of the jackets each year. "There's a lot of pain, so it's a big relief that it's easier to get into and out of. It's a wonderful thing we can offer them."


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If you’re smelling burning oil, look out for a leak

I have a 2005 Mazda 6 with the 3-liter V6 engine and 70,000 miles. I do my own oil changes and for the past several changes have noticed a strong smell of burning oil when stopped at lights or in traffic, lasting three weeks after I have done the oil change. I am very careful not to spill any oil onto the exhaust when removing the filter, and to eliminate this possibility I left the filter in place after the last change. This failed to eliminate the problem. The engine burns no oil between changes and no smoke is visible from the exhaust. Any help would be greatly appreciated.

In most cases, smelling hot oil at idle indicates some type of external leak or spillage that drips onto the hot exhaust. In addition to the exhaust components near or under the oil filter, check to make sure no oil is dripping from the valve cover gaskets onto the exhaust manifolds, particularly from the front valve cover with the oil filler cap. Perhaps enough oil collects against the gasket when you refill the engine with fresh oil that it slowly migrates past the gasket and drips on the manifold.

The other system to focus on is the positive crankcase ventilation (PCV) system. Your engine features a PCV valve plumbed into the induction system downstream of the throttle plate, meaning engine vacuum pulls crankcase vapors into the combustion chambers where they are burned. If the PCV valve is stuck or clogged and doesn't open under engine vacuum, the crankcase may become somewhat pressurized and force oil and vapors past the piston rings and into the combustion chambers.

I have an '83 Jeep CJ-7 with the 258 six-cylinder engine. The oil pressure gauge was showing about 50 pounds per square inch when it suddenly went to zero. I connected a mechanical gauge to the engine block and it showed 60 psi. Is this an easy fix? How does the electrical gauge work?

Could you mount the mechanical gauge in or under the dash? If so, you've "fixed" your problem. I've always preferred mechanical gauges anyway for two reasons — they are instant and accurate, and not subject to electrical gremlins.

To determine whether the problem is the gauge or the electrical sending unit on the engine, disconnect the wire from the sending unit and connect a 12-volt test light from this wire to ground. Turn on the ignition. If the lamp flashes, the instrument voltage regulator is good. If the lamp stays lit, the regulator is bad. If the lamp doesn't light, check the regulator's connections and ground. And check for an open circuit in the connection from the regulator to the gauge.

And finally, if the lamp flashes as it should but the gauge isn't accurate, the gauge is the likely culprit.

My 2005 Grand Marquis is scaring me. I put on the brakes to stop but the car suddenly accelerated. I pushed on my brakes with all my might but the car kept going. I had to shift into neutral. By that time I was out in traffic against the light. This has happened three times. My shop could not find anything wrong. Please help!

I am so pleased to hear that you remember the simplest way to stop/prevent any type of unintended acceleration — shift into neutral! The other quick answer is to turn off the key.

What could have caused this? I can only speculate but I would suggest having the cruise control cable disconnected to eliminate this possibility. I would also inspect very carefully the power brake vacuum system, booster and check valve. A sudden, large vacuum leak could bleed off power assist to the brakes while at the same time possibly cause the engine idle speed to suddenly increase.

Did you feel any rapid pulsing in the brake pedal when this occurred, indicating ABS activation? Check for diagnostic trouble codes (DTCs) from the ABS system. Ford also suggests checking the ABS module connector for water intrusion.

Paul Brand, author of "How to Repair Your Car," is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at: Star Tribune, 425 Portland Ave. S., Minneapolis, Minn., 55488 or via email at paul brand@startribune.com. Please explain the problem in detail and include a daytime phone number. Because of the volume of mail, we cannot provide personal replies.


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US Treasury Secretary Lew in Greece for talks

ATHENS, Greece — U.S. Treasury Secretary Jack Lew has arrived in Athens to discuss Greece's efforts to overcome a deep debt crisis.

Greek officials say Lew is meeting with Finance Minister Yannis Stournaras and will later on Sunday meet Prime Minister Antonis Samaras at the Acropolis Museum.

Samaras is due to visit the United States in early August, where he will meet President Barack Obama.


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House GOP on health care: For repeal, not replace

WASHINGTON — Three years after campaigning on a vow to "repeal and replace" President Barack Obama's health care law, House Republicans have yet to advance an alternative for the system they have voted more than three dozen times to abolish in whole or in part.

Officially, the effort is "in progress" — and has been since Jan. 19, 2011. That's according to GOP.gov, a leadership-run website.

But internal divisions, disagreement about political tactics and Obama's 2012 re-election add up to uncertainty over whether Republicans will vote on a plan of their own before the 2014 elections.

Or, if not by then, perhaps before the president leaves office, more than six years after the original promise.

Sixteen months before the midterm elections, some Republicans cite no need to offer an alternative.


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