Government fine hardly the end of GM recall saga

DETROIT — General Motors' agreement to pay a $35 million federal fine for concealing defects in small-car ignition switches and to give the government greater oversight of its safety procedures closes one chapter of the automaker's recall saga. But it's far from over.

Besides agreeing to pay the penalty — the largest ever assessed by the National Highway Traffic Safety Administration — GM admitted that it broke the law by failing to quickly tell the government about the problems. The automaker agreed to report safety problems a lot faster — it only started recalling 2.6 million small cars this February, more than a decade after engineers first found a flaw in the switches.

The switches in older-model small cars such as the Chevrolet Cobalt and Saturn Ion can slip out of the "run" position and shut down the cars' engines. That disables the power-assisted steering and brakes and can cause drivers to lose control. It also disables the air bags.

The company says at least 13 people have died in crashes linked to the problem, but trial lawyers suing the company say the death toll is at least 53.

GM faces issues both in the near-term and longer term related to the recall. Here's a breakdown:

— THE INTERNAL INVESTIGATION: Late this month or early in June, former U.S. Attorney Anton Valukas will finish an investigation for GM into why the company delayed recalling the cars. GM has promised an "unvarnished" report and said it will make at least some of the results public. The company must provide NHTSA with the full report.

— THE CRIMINAL INVESTIGATION: The U.S. Justice Department is investigating GM's conduct and may bring criminal charges. The same team that got Toyota to agree to a $1.2 billion penalty for hiding unintended acceleration problems from NHTSA is working on the GM case. In the Toyota case, the company agreed to a long statement of facts that included multiple allegations of cover-ups. That investigation lasted four years.

— CONGRESSIONAL ACTION: Two congressional subcommittees have promised to call GM CEO Mary Barra back to Washington for further hearings after the Valukas report is released. At hearings in April, Barra repeatedly said she couldn't answer questions because the internal investigation wasn't finished.

— RECALLS: Barra promoted longtime engineer Jeff Boyer as GM's safety chief, with the mandate to look into other safety issues that should have resulted in recalls. On Thursday, GM announced it would recall another 2.7 million cars and trucks. So far this year the company has had 24 recalls with a total of 11.2 million vehicles. GM is working to get new ignition switches as well as parts for the other recalls from suppliers. Its ignition switch maker plans to add two assembly lines this summer to the one already working. GM expects to have all the switches made by Oct. 4.

— BOTTOM LINE: So far, recall-related charges are up to $1.5 billion, mostly for repairing vehicles. GM also faces dozens of lawsuits from families of those killed in crashes and from people who were hurt. The company has hired compensation expert Kenneth Feinberg to negotiate settlements. Lawyers say they have at least 400 possible cases against GM. That could cost the company billions. GM also faces lawsuits from shareholders and people whose cars have lost value. In addition, GM must pay NHTSA $7,000 for every day it fails to answer a list of questions from the agency. The fines started April 4 and already are above $300,000.

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Turkish miner who survived says company to blame

SAVASTEPE, Turkey — Miner Erdal Bicak believes he knows why so many of his colleagues died in Turkey's worst mining disaster: company negligence.

And he knows one other thing — he's never going back down any mine again.

Bicak, 24, had just ended his shift Tuesday and was making his way to the surface when managers ordered him to retreat because of a problem in the Soma coal mine in western Turkey. Workers gathered in one area to hastily put on gas masks.

"The company is guilty," Bicak told The Associated Press, adding that managers had machines that measure methane gas levels. "The new gas levels had gotten too high and they didn't tell us in time."

The miner also said government safety inspectors never visited the lower reaches of the Soma mine and have no idea of how bad conditions get as workers trudge deeper underground.

Government and mining officials have insisted, however, that the disaster that killed 301 workers was not due to negligence and the mine was inspected regularly. Akin Celik, the Soma mine's operations manager, has said thick smoke from the underground fire killed many miners who had no gas masks. High levels of carbon dioxide and carbon monoxide have also been a problem for rescue workers as well.

Bicak, whose leg was badly injured and in a cast, recounted his miraculous escape late Friday while at a candle-lit vigil for Soma victims in the town square of nearby Savastepe.

Public anger has surged in the wake of the Soma coal mine inferno. Police used tear gas and water cannon Friday to disperse protesters in Soma who were demanding that Prime Minister Recep Tayyip Erdogan's government resign. In Istanbul, police broke up a crowd who lit candles to honor the Soma victims.

On Saturday, police increased security in Soma to prevent new protests and detained lawyers who scuffled with police after objecting to identity checks, NTV television reported. The lawyers came to offer legal advice to the victims.

Energy Minister Taner Yildiz said crews located the bodies of the last two missing miners Saturday, raising the death toll to 301. He said 485 miners escaped or were rescued.

"Our efforts will be coming to an end," Yildiz said. "However, our friends will be scouring all corners (of the mine) once again" to confirm the final death toll.

Bicak said he ended up about a kilometer (.6 miles) underground with 150 people Tuesday afternoon when he heard an explosion. He said they were given old oxygen masks that he thought hadn't been checked in many years.

Bicak and a close friend tried to make their way to an exit, but the smoke was thick. The path was narrow and steep, with ceilings so low the miners couldn't stand up, making it difficult to leave quickly. He and his friend took turns slapping each other to stay conscious.

"I told my friend 'I can't go on. Leave me here. I'm going to die,'" Bicak said. But his friend said to him, "'No, we're getting out of here.'"

Bicak eventually made it out of the mine with his friend — by then lapsing in and out of consciousness. He said he lost many friends and out of the 150 miners he was working with, only 15 made it out alive.

The Milliyet newspaper said Saturday it saw a preliminary report by a mine safety expert who went into the Soma mine that suggested smoldering coal caused the mine's roof to collapse. The report said the tunnel's support beams were made of wood, not metal, and there were not enough carbon monoxide sensors.

Labor Minister Faruk Celik said investigations have been launched by both prosecutors and officials but "there is no report that has emerged yet."

Bicak said the last inspection at the Soma mine was six months ago. He said mine managers know that government inspectors only visit the top 100 meters (yards) of the mine, so they just clean up that part and the inspectors never see the narrow, steep, cramped sections below.

Mine owners are tipped off up to a week before an inspection anyway, said Ozgur Ozel, an opposition lawmaker from the Soma region who has criticized the government for not adopting the International Labor Organization's convention on mine safety.

Bicak says his mining career is now over.

"I'm not going to be a miner anymore. God gave me a chance and now I'm done," he said.

___

Suzan Fraser contributed from Ankara.

___

Follow Desmond Butler at http://twitter.com/desmondbutler

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Hub co. raises $12M for diet pill

A Boston biotech company working on a new kind of weight-loss pill to reduce obesity has received a 
$12 million boost from investors that it will use to continue clinical trials and development.

"It will help you to lose weight ... by making you feel satisfied with smaller portions," said Yishai Zohar CEO and founder of Gelesis. "It's a capsule that contains thousands of small particles that can absorb 100 times its original weight in gastric fluid."

Regulated as a medical device rather than medication, Gelesis100 is a "smart pill" whose particles travel through the stomach and the small and large intestines, making the patient feel full from less food and for longer.

"We don't want to prevent people from eating, we just want them to eat a little bit less," Zohar said.

The infusion of cash comes from the Pritzker/Vlock Family Office, founder PureTech and undisclosed investors, the company said.

Dr. Caroline Apovian, a professor at the Boston University School of Medicine who serves on many advisory boards for obesity treatments — including Gelesis — said the current treatment options aren't sufficient.

"We need more options," she said. "There are people who need to be treated who may not be able to tolerate medication."

The other alternative is surgery, but many people don't want to undergo such an invasive procedure. And an increasing number of adults are being diagnosed as obese, Apovian said.

"This is an alarming rate of increase," Apovian said. "We're at epidemic levels."

Zohar said development is continuing, but the pill is still several years from being commercially available.

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Casino co. drops suit over tribal preference

A company that wants to build a resort casino in New Bedford has ended its legal battle with the state over a section of the gaming law that gives initial preference to a federally recognized Indian tribe in the southeastern part of the state.

In court documents filed yesterday, the 1st Circuit of the U.S. Court of Appeals said an appeal by KG Urban Enterprises had been voluntarily dismissed.

"We have filed our initial application with the MGC (Massachusetts Gaming Commission) and engaged in conversations with the city of New Bedford," Andrew Paven, a spokesman for KG, said in an email. "Our focus is on winning a license, not litigation."

The company sued the state after the passage of the 2011 law allowing for up to three regional resort casinos and one slots parlor. The lawsuit argued that a provision that effectively gave the Mashpee Wampanoag tribe temporary exclusivity in the southeast region was unconstitutional because it discriminated against commercial developers such as KG.

In 2013, the gaming commission voted to begin accepting casino applications from commercial developers in the region, while still keeping tabs on the tribe's efforts to win federal approval for a proposed casino in Taunton.

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Obama to trumpet tourism at Baseball Hall of Fame

WASHINGTON — President Barack Obama says he's heading to the Baseball Hall of Fame to stress how tourism can lead to good-paying jobs.

In his weekly radio and Internet address, Obama says he'll be in Cooperstown, New York, on Thursday.

Obama also is urging Congress to spend more to modernize U.S. bridges, roads and ports. He says first-class infrastructure attracts first-class jobs.

Obama warns that almost 700,000 jobs are at risk if Congress doesn't authorize more transportation dollars by the end of summer.

In the Republican address, Sen. John McCain of Arizona says reported delays in care for veterans are unconscionable. He says the Department of Veterans Affairs needs to be overhauled.

___

Online:

Obama address: www.whitehouse.gov

GOP address: http://www.youtube.com/user/gopweeklyaddress

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Riots in Vietnam leave 1 Chinese dead, 90 injured

HANOI, Vietnam — A 1,000-strong mob stormed a Taiwanese steel mill in Vietnam overnight, killing at least one Chinese worker and injuring 90, Taiwan's ambassador said Thursday, the first deadly incident in a wave of anti-China protests prompted by Beijing's deployment of an oil rig in disputed seas.

The spreading unrest is emerging as a major challenge for Vietnam's authoritarian and secretive leadership, and is damaging the country's reputation as an investment destination. Companies from Taiwan, many of which employ significant numbers of Chinese nationals, are bearing the brunt of the protests and violence.

The overnight riot took place at a mill in Ha Tinh province in central Vietnam, 250 kilometers (155 miles) south of Hanoi, operated by the conglomerate Formosa Plastics Group, one of the biggest foreign investors in Vietnam, according to Ambassador Huang Chih-peng and local hospital officials.

Huang, who spoke to a member of the management team at the mill Thursday morning, said rioters lit fires at several buildings and hunted down the Chinese workers, but did not target the Taiwanese management. He said the head of the provincial government and its security chief were at the mill during the riot but did not "order tough enough action."

He said he was told one Chinese citizen was killed in the riots, while another died of natural causes during the unrest. He said around 90 others were injured

A doctor at the Ha Tinh General Hospital said about 50 people, most of them Chinese nationals, were admitted to the hospital Wednesday night and early Thursday morning. He didn't give his name because he was not authorized to speak to the media.

Huang said the rioters left the complex at 6 a.m., but he feared they "might be going for a rest and could come back."

Anti-Chinese sentiment is never far from the surface in Vietnam, but it has surged since Beijing deployed an oil rig into disputed waters in the South China Sea on May 1. The government protested the move as a violation of the country's sovereignty and sent a flotilla of boats to the area, which continue to bump and collide with Chinese ones guarding the rig, raising the risk of conflict.

On Tuesday and Wednesday, mobs burned and looted scores of foreign-owned factories in southern Vietnam near Ho Chi Minh City, believing they were Chinese-run, but many were actually Taiwanese or South Korean. Authorities said they had detained more than 400 people.

Ambassador Huang said the mill in Ha Tinh is Vietnam's largest foreign-invested project, and one of the largest integrated steel mills in Southeast Asia. It employs 1,000 Chinese nationals, he said. Vietnamese Prime Minster Nguyen Tan Dung attended the groundbreaking ceremony for the complex in 2012.

Low wages, especially compared to next-door China, have been driving investment in Vietnam over the last years.

Investors and analysts said that if order wasn't restored quickly, then investor confidence could take a hit.

"If this madness continues and spreads out in the next couple of days to other parts of Vietnam, definitely it will have a very damaging effect on exporters, because they might not be able to commit to their delivery day," said Willy Lin, who heads a Hong Kong trade group representing knitwear manufacturers and exporters.

Hong Kong-based contract clothing maker Lever Style, which started outsourcing production to Vietnamese factories three years ago, has sent some Chinese quality assurance and technical support staff working at those factories back to China as a safety precaution, said CEO Stanley Szeto.

"You always have these little hiccups, no matter where you go," Szeto said. "Other than our staff, we're not really affected."

___

Associated Press writer Kelvin Chan in Hong Kong contributed to this report.

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Abramson replaced as NYT executive editor

NEW YORK — The New York Times on Wednesday announced that executive editor Jill Abramson is being replaced by managing editor Dean Baquet after two and a half years on the job.

The company didn't give a reason for the change. Abramson and Baquet had both been in their current positions since September 2011.

Baquet, 57, who would be the first African-American to hold the newspaper's highest editorial position, originally joined the Times in 1990 as a reporter and held positions including deputy metropolitan editor and national editor. He left the paper for the Los Angeles Times in 2000, where he served as managing editor and then editor. He rejoined the Times in 2007 and was Washington bureau chief before becoming the managing editor for news.

"It is an honor to be asked to lead the only newsroom in the country that is actually better than it was a generation ago, one that approaches the world with wonder and ambition every day," Baquet said in a statement released by the newspaper Wednesday.

Prior to his first stint at the Times, Baquet worked at The Chicago Tribune and The Times Picayune in New Orleans. While at the Tribune in 1988, he and two other journalists won the Pulitzer Prize for investigative reporting, for looking into corruption in the Chicago City Council. He was a finalist in the same category in 1994.

The move comes amid a shift in the Times' focus, and that of the newspaper industry overall, toward digital products and away from traditional print papers as print circulation and advertising revenue declines.

In its most recent quarter, the Times Co. saw overall advertising revenue rise for the first time in three years, jumping 3 percent to $158.7 million. The company's print and digital advertising rose compared with the same period a year ago.

The company also added digital subscribers and increased home-delivery prices. At the same time, the company posted a small profit that fell slightly short of Wall Street analysts' expectations.

Arthur Sulzberger Jr., the newspaper's publisher and chairman of its parent company, called Baquet the best qualified journalist to take on the job in the Times' newsroom.

"He is an exceptional reporter and editor with impeccable news judgment who enjoys the confidence and support of his colleagues around the world and across the organization," Sulzberger said in a statement.

Sulzberger added that Baquet was closely involved with Abramson in the Times' digital transformation over the past six months.

The managerial change came with little warning or explanation to Times employees, according to several staffers. Workers were sent an email Wednesday afternoon that asked them to gather in the newsroom. There, less than ten minutes later, publisher Arthur Sulzberger Jr. introduced Baquet as the Times' new executive editor.

According to one staffer, Sulzberger said a concern about newsroom management led to the change. Staffers applauded Baquet's promotion. Abramson was not present at the gathering.

Abramson, 60, was the paper's first female executive editor. She joined the newspaper in 1997 after working for nearly a decade at The Wall Street Journal. She was the Times' Washington editor and bureau chief before being named managing editor in 2003.

"I've loved my run at The Times," Abramson said in the company's statement. "I got to work with the best journalists in the world doing so much stand-up journalism."

Baquet succeeded her as managing editor after she was named to the top editing spot.

New York Times Co. shares fell 71 cents, or 4.5 percent, to end the regular trading session at $15.06.

___

Michael Sisak contributed to this report.

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Markets muted after soft European growth figures

LONDON — A disappointing batch of economic growth figures out of Europe kept global stock markets in check Thursday as well as weighing on the euro.

Eurostat, the EU's statistics office, said the economy of the 18 countries that share the euro saw economic output grew by only 0.2 percent in the first quarter from the previous three-month period. The modest rise came despite a better-than-expected 0.8 percent advance in Germany.

Though that marked the fourth straight quarter of expansion following the recession, the rise was below economists' expectations — the consensus in the markets was for a 0.4 percent increase.

A large chunk of the blame for the underperformance can be placed on a flat performance in France, Europe's second largest economy behind Germany. Between them, the two make up roughly half of the eurozone economy.

"This is very disappointing just as we thought the area was heading in the right direction, instead we're seeing another setback," said Craig Erlam, market analyst at Alpari.

In Europe, Germany's DAX was flat at 9,751 while the CAC-40 in France fell 0.2 percent to 4,493. The FTSE 100 index of leading British shares was up 0.1 percent at 6,884.

The selling pressure on the euro continued after the figures as traders think the below-forecast growth figures makes it more likely that the European Central Bank will provide a fresh stimulus to the eurozone economy at its next policy meeting on June 5. The euro was down 0.4 percent at $1.3660.

Wall Street was poised for a subdued opening, with Dow futures and the broader S&P 500 futures down 0.1 percent.

Earlier in Asia, robust quarterly growth figure in Japan failed to boost sentiment. Investors reduced risky assets following a pullback in U.S. stocks from record levels.

Tokyo's Nikkei 225 stock index fell 0.8 percent to 14,298.21 despite the government reporting that the economy expanded at an annualized 5.9 percent in the first quarter, the fastest pace in nearly three years.

The growth was attributed to consumers and companies bringing forward spending ahead of a sales tax hike on April 1. Economists say the tax increase could cause a contraction in the economy in the current quarter.

China's Shanghai Composite fell 1.1 percent to 2,024.97.

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Bayer sells division to Boston Scientific

BERLIN — Germany's Bayer AG says it's selling its interventional division to the Boston Scientific Corporation for $415 million so that it can focus on growth in other areas.

The Leverkusen-based company said Thursday the sale includes its AngioJet system used to remove blood clots, its Jetstream system for arterial disease treatment, and the Fetch 2 Aspiration Catheter used in cardiology, radiology and peripheral vascular procedures.

Bayer says the sale will allow its HealthCare unit to focus more on growing its radiology and diabetes care business segments.

Natick, Massachusetts-based Boston Scientific says the acquisition is expected to expand the company's access to customers in need of such treatments.

The transaction is subject to antitrust approval and is expected to clear in the second half of 2014.

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Report: Mass. hospital profitability up last year

BOSTON — A new report says the overall profitability of Massachusetts hospitals improved last year, but 11 of the 64 still lost money.

The 2013 fiscal year report released Wednesday by the Center for Health Information and Analysis said the total margin of Massachusetts hospitals — the percentage of revenues exceeding expenses — climbed to 4.1 percent in the period ending Sept. 30, from 3.8 percent a year earlier.

The Boston Globe (http://bit.ly/1jiwbqm ) reports that at the state's six academic medical centers, the margin increased to 4.6 percent from 3.6 percent.

But at 23 hospitals that serve a disproportionate number of Medicaid and Medicare patients, the margin fell to 3.6 percent from 5.6 percent.

The state's most profitable hospital was Boston Children's. The largest loss, $20.3 million, was posted by Salem's North Shore Medical Center.

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The Ticker

Loretta's Last Call opens in June on Lansdowne St.

The Lyons Group has a name for its new country, bluegrass and roots live music venue set to open on Lansdowne Street in June — Loretta's Last Call.

The name comes from a guitar that the owners picked up on a trip to Nashville, according to a spokeswoman.

Brian Scully, of Boston country music band Dalton & The Sheriffs, will handle booking for the club, which will debut in the space formerly occupied by La Verdad, a Mexican restaurant that closed earlier this year.

Dow, S&P finish at record highs

The Dow and S&P 500 ended at record highs yesterday while the Nasdaq rallied as shares of Internet and biotech shares advanced.

The Dow Jones industrial average gained 112.13 points, or 0.7 percent, to end at 16,695.47. The Dow's previous record high was 16,583.34, set on Friday.

The Standard & Poor's 500 index rose 18.17 points, or 1 percent, to finish at an all-time high of 1,896.65. The index last closed at a record high April 2, when it reached 1,890.90.

The Nasdaq climbed 71.99 points, or 1.8 percent, to 4,143.86.

Biogen Idec jumped 4.8 percent, to $300.54, and TripAdvisor Inc. rose 5.8 percent, to $89.51. Twitter gained 5.9 percent, to $33.94, after news reports that brokerage SunTrust raised its rating on the stock to "buy."

Hub/Istanbul nonstop flights start

Service on the first nonstop flights on Turkish Airlines between Istanbul, Turkey and Boston's Logan International Airport began yesterday.

The Boston service is starting with five flights per week, on Mondays, Wednesdays, Thursdays, Fridays and Sundays. After June 10, flights will increase to daily frequency.
 

Today

 Commerce Department releases retail sales data for April.

 Commerce Department releases business inventories for March.

TOMORROW

 Labor Department releases the Producer Price Index for April.

THE SHUFFLE

George O'Connor has joined the Boston office of real estate services firm Cassidy Turley as an associate specializing in the metro south suburban markets. O'Connor comes to Cassidy Turley from Blair Academy, where he served as the director of international recruitment. In his new role at Cassidy Turley, he will be responsible for developing new business and providing real estate consulting services for clients.

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Bowman: Handshake grip reveals a lot about your personality

There's nothing more common than the handshake. It's the universal greeting and a great way to make a strong first impression. But not too strong.

As for its origin, think kings and castles. Whenever two knights would approach each other on horseback, they would hold up their right arm as a gesture of peace, and thus evolved the art of handshaking as we know it today.

How someone shakes a hand speaks volumes. Here's some common handshakes and their conventional significance:

Fingertip Holder: Prefers to keep others at a distance.

Bone-Crusher: Betrays anxiety.

Political Handshake: (Hand over forearm) Not considered the most professional handshake; used with those you know well.

Sympathy Shake: "I am sorry for your loss."

On-and-On: "Help! ... where do I go from here?"

Dominant: (Ladies — do not enable this handshake!) Swing their right hand upright to the vertical position and with a gentle, yet firm squeeze, make good eye contact to be "well met."

Clammy Hand: The "kiss of death!" that betrays anxiety.

Here's some advice on how to correctly shake hands:

• Shake hands like you mean it, like you want to be positively remembered.

• Connect "V" to "V" (thumb and index fingers) of our right hand with the "V" of the other person's right hand. Pump one to two times; make eye contact.

• The No. 1 rule regarding shaking hands: Whenever you shake hands, always stand as a sign of respect.

In different parts of the world there are different types of handshakes. It is appropriate and gracious to greet others in the form of cultural greeting to which they are accustomed. Don't shake hands with sun glasses or gloves on. You want nothing to interfere with forging the relationship. A disabled individual will usually offer you their left hand in reverse.

As for eye contact, consider looking at the other person for one to two extra seconds — not eight or 10 seconds — as you shake hands. President Clinton is renowned for this and, in so doing, makes others feel acknowledged, special.

Be at the ready for whatever type of handshake is offered. Keep a sparkle in your eye and make those you meet feel acknowledged, and you will be remembered and stand apart.

No one is ever too old or too young to start shaking hands, and fabulous professionals should lead by example.

Judith Bowman is the president of her own business protocol consulting company.

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World stocks rise after new Wall Street highs

MANILA, Philippines — World stock markets rose Tuesday after Wall Street indexes hit record highs, with Japan's Nikkei 225 leading gains as the yen weakened.

The Nikkei rose 2 percent, closing at 14,425.44 after a smaller-than-expected current account surplus for Japan weakened the yen. A weak yen usually boosts the share prices of Japanese exporters.

In early European trading, Germany's DAX climbed 0.6 percent at 9,763.93. Britain's FTSE 100 rose 0.2 percent to 6,867.15 and France's CAC-40 was up 0.2 percent at 4,503.14.

Futures augured a muted opening on Wall Street, with Dow Jones Industrial futures up 0.2 percent and S&P 500 futures barely changed.

In Asia, Hong Kong's Hang Seng rose 0.4 percent to 22,352.38 and India's Sensex climbed rose 1.4 percent to 23,900.28. It earlier rose above 24,000 for the first time after exit polls suggested the business-friendly Bharatiya Janata Party had won national elections.

China's Shanghai Composite index closed 0.1 percent down at 2,050.73 after retail sales, fixed asset investment and factory production data suggested that growth decelerated in April, though to still-robust levels.

"All the data is in-line with President Xi's call at the weekend that people must get used to the new normal" of slower growth, said Andrew Sullivan of Kim Eng Securities in Hong Kong.

Economic growth in the world's No. 2 economy slowed in the latest quarter to 7.4 percent.

Australia's S&P/ASX 200 finished 0.9 percent higher at 5,498.20 and South Korea's Kospi was up 0.9 percent to 1,982.93.

Markets were also up in the Philippines, Indonesia and New Zealand. Bourses were closed for holidays in Singapore, Thailand, Malaysia, Sri Lanka and Bangladesh.

Some U.S. indexes returned to record levels on Monday as investors regained their appetite for riskier stocks.

Benchmark crude for June delivery was unchanged at $100.59 in electronic trading on the New York Mercantile Exchange, shedding early trading gains. The near-month contract for the benchmark grade rose 60 cents to $100.59 on Monday.

In currencies, the euro was down at $1.3747 from $1.3758 late Monday. The dollar rose to 102.31 yen from 102.15 yen.

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Oil little changed as China data, Ukraine weighed

The price of oil was little changed Tuesday as signs of slower growth in China were tempered by ongoing tensions over Ukraine.

Benchmark U.S. crude for June delivery was down 1 cent at $100.58 a barrel at 0910 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 60 cents to $100.59 on Monday as traders worried about the turmoil in Ukraine and prolonged disruption of oil exports from Libya despite muted demand and plentiful supplies.

Ken Hasegawa, energy market analyst at Newedge brokerage in Tokyo, said the market has been "very steady, very much in a narrow range and without direction."

He said he oil price has been fully supported by a gradual global economic recovery, tensions in Ukraine and decreasing output by OPEC to control the market. But on the other side, gains have been limited because of a lot of inventory in the U.S. and slower economic growth in China and India.

Partial economic indicators released by China for April suggested the economy was still struggling to meet the official 7.5 percent growth target for this year.

Brent crude was down 11 cents at $107.68 a barrel on the ICE exchange in London.

In other energy futures trading in New York:

— Wholesale gasoline fell 0.3 cent to $2.918 a gallon.

— Natural gas fell 0.2 cent at $4.432 per 1,000 cubic feet.

— Heating oil was nearly unchanged at $2.919 a gallon.

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European court: Google must yield on personal info

AMSTERDAM — People should have some say over the results that pop up when they conduct a search of their own name online, Europe's highest court said Tuesday.

In a landmark decision, The Court of Justice of the European Union said Google must listen and sometimes comply when individuals ask the Internet search giant to remove links to newspaper articles or websites containing their personal information.

Campaigners say the ruling effectively backs individual privacy rights over the freedom of information.

In an advisory judgment that will impact on all search engines, including Yahoo and Microsoft's Bing, the court said a search on a person's name yields a results page that amounts to an individual profile. Under European privacy law, it said people should be able to ask to have links to private information in that 'profile' removed.

It is not clear how exactly the court envisions Google and others handling complaints, and Google said it is still studying the advisory ruling, which cannot be appealed.

In the ruling, the court said people "may address such a request directly to the operator of the search engine ... which must then duly examine its merits." The right is not absolute, as search engines must weigh "the legitimate interest of Internet users potentially interested in having access to that information" against the right to privacy and protection of personal data.

When an agreement can't be reached, the Luxembourg-based court said the matter can be referred to a local judge or regulator.

Debates over the 'right to be forgotten' — to have negative information erased after a period of time — have surfaced across the world as tech users struggle to reconcile the forgive-and-forget nature of human relations with the unforgiving permanence of the electronic record.

The idea of such a right has generally been well-received in Europe, while many in the U.S. have critiqued it as a disguised form of censorship that could allow convicts to delete references to past crimes or politicians to airbrush their records.

Tuesday's decision came as a surprise since it went counter to the advice the court received from its own top lawyer last year. The European court became involved after Spain's Audiencia Nacional, or national court, asked for its opinion in 200 pending cases. Tuesday's ruling will inform upcoming Spanish decisions.

Alejandro Tourino, a Spanish lawyer who specializes in mass media issues, said the ruling was a first of its kind and "quite a blow for Google."

"This serves as a basis for all members of the European Union, it is (a) most important ruling and the first time European authorities have ruled on the 'right to be forgotten,'" said Tourino, who has worked for The Associated Press in several legal cases and is the author of "The Right to be Forgotten and Privacy on the Internet."

A law that would formally establish a "right to be forgotten" is still under debate in the European Parliament, and Tuesday's ruling focused on existing privacy laws.

Google spokesman Al Verney said Tuesday's ruling was "disappointing ... for search engines and online publishers in general." The company, he said, will "now need to take time to analyze the implications."

The referral to the European Court derives from the case of Mario Costeja, a Spaniard who searched his name on Google and found links to a notice that his property was due to be auctioned because of an unpaid welfare debt. The notice had been published in a Spanish newspaper in 1998, and was tracked by Google's robots when the newspaper digitalized its archive.

Costeja argued that the debt had long since been settled, and he asked the Spanish privacy agency to have the reference removed. The agency agreed, but Google refused, saying it should not be asked to censor material that had been legally published by the newspaper.

Though Costeja's case will now be reviewed by the Spanish court, the European decision strongly implies such requests should be granted.

However, it is not clear how it will impact other cases also in the Spanish docks, such as that of a plastic surgeon who wants mentions of a botched surgery removed.

Or in other countries.

Some limited forms of a "right to be forgotten" exist in the United States and elsewhere — including in relation to crimes committed by minors or bankruptcy regulations, both of which usually require that records be expunged in some way.

Digital rights groups had mixed reactions to the court's decision.

"We need to take into account individuals' right to privacy but if search engines are forced to remove links to legitimate content that is already in the public domain but not the content itself, it could lead to online censorship," said Javier Ruiz, Policy Director at Open Rights Group.

"This case has major implications for all kind of internet intermediaries, not just search engines.

Google currently advises users to approach websites that have published information about them as a first step in having it cleared from the Internet: once a site removes the content, Google's result links to the material will disappear soon after.

The Mountain View, California-based company also offers a guide to users on how best to approach having personal information removed from the web.

_____

Online: https://support.google.com/websearch/troubleshooter/3111061

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Associated Press reporters Ciaran Giles in Madrid and Raphael Satter in London contributed to this story.

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Chinese stocks outperform world markets

LONDON — Stocks in China and Hong Kong outperformed Monday after authorities promised financial reforms. Markets elsewhere were solid after the Dow closed at a record high but kept in check by ongoing concerns over Ukraine.

China's Shanghai Composite jumped 2.1 percent to 2,052.87 after the Cabinet promised in an announcement late Friday to allow local governments to issue bonds and to streamline the approval process for initial public stock offerings. It gave no details, but the news also boosted Hong Kong's market with the Hang Seng up 1.8 percent to 22,261.61.

Elsewhere, markets were more as tensions between the West and Russia over the future of Ukraine continue to provide a negative backdrop for investment sentiment.

The latest market jitters have centered on referendums in the eastern part of Ukraine where the majority of voters allegedly said they backed sovereignty for their regions. Though the Kremlin made it clear Monday that it has no intention to try to annex Ukraine's eastern provinces, investors think there's still a long way to go before the crisis abates.

"Tensions in Ukraine have not gone away," said Chris Beauchamp, market analyst at IG.

In Europe, France's CAC-40 was up 0.2 percent at 4,484 while Germany's DAX added 1 percent to 9,673. Britain's FTSE 100 rose 0.4 percent to 6,840.

Wall Street was poised for a solid opening with Dow futures up 0.3 percent and the broader S&P 500 futures 0.4 percent higher.

Earlier in Asia, the regional heavyweight, Tokyo's Nikkei 225, shed 0.4 percent to 14,149.52 while Sydney's S&P/ASX 200 dropped 0.2 percent to 5,448.40.

Elsewhere, markets were fairly subdued. Among currencies, the euro was 0.1 percent higher at %$1.3768 while the dollar rose 0.1 percent to 101.93 yen. Meanwhile, a barrel of benchmark New York crude was 45 cents higher at $100.44.

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Hillshire Brands buying Pinnacle Foods for $4.23B

CHICAGO — Hillshire Brands is buying Pinnacle Foods, whose brands include Duncan Hines, Bird's Eye, Hungry Man and Aunt Jemima, in a cash-and-stock deal valued at approximately $4.23 billion.

The deal would expand Hillshire Brands' portfolio which includes Jimmy Dean sausage, Ball Park franks and Sara Lee frozen bakery goods.

Shares of both companies rose in premarket trading on word of the deal on Monday.

"The new Hillshire Brands will have a strengthened position in frozen foods, new opportunities in the center store for our brands and in refrigerated for Pinnacle Foods' brands," Hillshire President and CEO Sean Connolly said in a statement.

The combined company, which is expected to have annual revenue of approximately $6.6 billion, will use the Hillshire Brands name and be based in Chicago. Connolly will serve as its president and CEO.

Each share of Parsippany, New Jersey-based Pinnacle Foods Inc. common stock will be exchanged for $18 in cash and 0.50 shares of Hillshire Brands Co. common stock. The companies said Monday that the implied purchase price is $36.02 per share.

That's an 18 percent premium to Pinnacle's Friday closing price of $30.45. Pinnacle went public in March 2013.

The companies put the deal's total value at about $6.6 billion, which includes Pinnacle's outstanding debt.

Pinnacle shareholders will own about 33 percent of the combined company.

The combined company is expected to have an estimated $140 million in annual cost savings by the end of the third year. Hillshire anticipates that it will maintain its annual dividend of 70 cents per share and suspend a previously announced stock repurchase program.

Both companies' boards unanimously approved the acquisition, which is expected to close by September. It still needs shareholder approval.

Pinnacle Foods shares rose $7.20, or 23.7 percent, to $37.65 in premarket trading two hours ahead of the market open. Hillshire Brands shares rose $2.25, or 6.1 percent, to $39.20.

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Allergan board turns down Valeant takeover offer

IRVINE, Calif. — Botox maker Allergan spurned a takeover bid from Valeant Pharmaceuticals, saying that the unsolicited offer worth nearly $46 billion undervalues the company and carries significant risk.

Shortly after Canada's Valeant and activist investor Bill Ackman made their offer public last month, Allergan announced a so-called poison pill plan, a defensive tactic that makes a buyout prohibitively expensive. Allergan also told Valeant that it didn't want to discuss a tie-up, but said that it would evaluate the offer.

Valeant representatives did not immediately return calls from The Associated Press seeking comment early Monday.

Under the proposed deal, Valeant said that it would exchange each Allergan share for $48.30 in cash and a portion of shares of Valeant Pharmaceuticals International Inc.

Allergan stockholders would own 43 percent of the combined company under that proposal.

Ackman's Pershing Square Capital Management LP — Allergan's biggest stockholder at 9.7 percent — agreed to take only stock if the deal went through, and would remain as a long-term shareholder of the combined company.

Allergan said Monday that Valeant's uncertain long-term growth prospects and business model create a risk for Allergan shareholders.

"Valeant's strategy runs counter to Allergan's customer focused approach," Chairman and CEO David Pyott said in a letter to his counterpart at Valeant, Michael Pearson. "In particular, we question how Valeant would achieve the level of cost cuts it is proposing without harming the long term viability and growth trajectory of our business."

Allergan, based in Irvine, has long been considered one of the star performers in the specialty pharmaceutical sector. "Specialty pharmaceutical" is an industry term that differentiates smaller drugmakers from much bigger companies that sell a wide array of drugs, such as Pfizer and Merck.

Shares of Allergan Inc., which hit an all-time high this month, edged 12 cents higher before the opening bell Monday.

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Cambodia's Caltex gas station workers on strike

PHNOM PENH, Cambodia — Workers at U.S.-owned Caltex gas stations in Cambodia went on strike Monday to demand higher wages and better working conditions.

A strike leader, Sar Mora, said at least 250 Cambodian employees halted work, forcing at least 17 of the country's 26 Caltex stations to suspend operations.

Sar Mora said workers were demanding a minimum wage of $160 a month, up from the current pay scale of $100-$130. They are also demanding a one-month annual bonus, an annual party and day care facilities for children.

Chanlek Than, a spokeswoman for Chevron Corp., the owner of Caltex, said it is working with "local authorities and union representatives" to resolve the dispute.

"We are disappointed that our unionized service station colleagues have taken the drastic action to stop work instead of following legal processes to resolve the matter that would have enabled us to continue the supply of fuel products and minimize inconvenience to the public," she said in an emailed reply to a query.

Rising expectations among Cambodia's industrial and service workers have fueled labor unrest, with laborers in the country's massive textile sector staging strikes and demonstrations late last year and in January for a higher minimum wage and loosely linking themselves with the political opposition.

Caltex is considered a premium brand in Cambodia compared to local competitors, whose prices are lower.

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President tells China to get used to slower growth

BEIJING — China's president has told the country to get used to slower growth, damping expectations of a new stimulus.

President Xi Jinping's weekend comments come amid weakening trade and manufacturing. Economic growth slowed in the latest quarter to 7.4 percent after last year's full-year expansion of 7.7 percent tied 2012 for the weakest performance since 1999.

"We must boost our confidence, adapt to the new normal condition based on the characteristics of China's economic growth in the current phase and stay cool-minded," Xi said, according to the official Xinhua News Agency.

The ruling Communist Party is trying to steer the economy to self-sustaining growth based on domestic consumption instead of trade and investment.

Other leaders have ruled out more stimulus, but unexpectedly weak demand for Chinese exports has forced Beijing to backtrack and launch mini-stimulus efforts last year and in March. Official plans call for annual trade growth of 7.5 percent but so far this year total imports and exports are down by 0.5 percent.

Analysts say the ruling party appears willing to accept economic growth below its 7.5 percent target this year so long as the rate of creation of new jobs stays high enough to avoid political tensions.

Speaking during a visit to the central province of Henan, Xi said Saturday the government will focus on longer-term reforms aimed at stabilizing growth.

China needs to prevent risks and "take timely countermeasures to reduce potential negative effects," Xi said. He said Beijing will focus on longer-term reforms aimed at stabilizing growth.

"This is the clearest sign I have seen that a broad-base monetary stimulus to elevate that current slowdown will not eventuate," said Evan Lucas of IG Markets in a report.

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Foreign buyers snap up homes

Home buyers in the Greater Boston area increasingly are finding themselves competing with foreigners willing to pay top dollar in today's tight real estate market.

Michael DiMella, managing partner at Charlesgate Realty Group in Boston, said his firm has worked with nearly a dozen foreign investors in the past year.

"I think recently they've seen an opportunity to invest in the U.S. and Boston because of the strong market recovery following the recession, as well as favorable exchange rates for many of them and generally lower real estate costs than other major cities around the world," said DiMella, president of the Greater Boston Association of Realtors.

One French client is closing on his fifth condominium, DiMella said, while an Israeli couple has already scooped up three or four condos as investments.

At Keller Williams Realty in the Back Bay, Kathleen Alexander oversees a team of two Realtors, half of whose business comes from China. One of her Realtors, Charlotte Liu, speaks Mandarin and travels there every three or four months with Alexander to promote real estate investment in the Boston area.

Sixty to 70 percent of their clients are buying property to rent out and move into later if they decide to live here, 10 to 20 percent are investors, and the rest are clients looking for homes for themselves.

"In China, people can own their own house, but they have to lease the land from the government, so the idea of owning their own land here is very attractive to them," Alexander said. "And Boston has the cachet of having some of the best universities in the world."

In the past year, Paul Yorkis of Patriot Real Estate in Medway has sold a handful of new condominiums to buyers from China and India.

"Part of it is folks realize the purchase of real estate is a really good investment, and they're taking advantage of good interest rates," said Yorkis, Greater Boston regional vice president of the Massachusetts Association of Realtors. "The Boston area also is ethnically diverse and has some of the best cultural and educational institutions, which makes it attractive to international buyers."

Those same amenities also make Greater Boston attractive to U.S. buyers, but the inventory of single-family homes for sale here declined on an annual basis by nearly 16.3 percent in March, according to the Greater Boston Association of Realtors, while the median selling price rose for the 18th consecutive month, to $500,000.

None of that was a problem for Lisa Li, a Chinese lawyer who beat out another offer for a Wellesley home last month by paying 
$1.15 million in cash.

Although the house isn't as luxurious as her home in Shanghai, she wanted to be with her 15-year-old daughter, who attends a private school in Southboro, she said through a translator.

"She can get a much better education here," Li said.

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Startup something of a Mystery

A Boston startup is trying to bring a little mystery to people's lives, one package at a time.

"We're thinking about how can we shake up consumers' lives in a fun way that they're actually looking forward to" said Joe Breed, co-founder, president and CMO of Mystery Envelope. "We tend to get stuck in routines as individuals. Even your mail can get routine."

Mystery Envelope's solution to shaking up that routine is to send out envelopes with secret contents to subscribers.

"The mystery is not only which envelope you're going to get, but it's also what the product is going to be," said Ben Lewis, co-founder and COO. "You're going to be completely surprised by what you're getting, and delighted."

For the first envelope, subscribers received a letter opener and items such as a Flying Glider and
Chiclets.

Most envelopes will center on a theme — the letter opener was meant to get subscribers ready and excited for future envelopes — but will also vary from subscriber to subscriber.

"We want you to get a mystery envelope, we want your friend to get a mystery envelope, but we don't want them to be the same," Lewis said. "Being able to provide something awesome to our subscribers is our core."

Retail subscriptions services are nothing new — Birchbox, a monthly box of beauty product samples, recently raised $60 million in venture funding.

Mystery Envelope plans to partner with brands to include products in the envelopes, which could be a key source of revenue in the future.

"It's an authentic way to connect to excited and engaged consumers," Breed said.

Still, the envelopes are somewhat limited. Not only do items have to be low cost to make sense with a $4.99 subscription, but they have to physically fit in the envelope. That's an issue Breed and Lewis say they are working on.

"With products that won't fit in an envelope, we can work with partners to find something that is appropriate," Lewis said.

That could mean a coupon, or an exclusive discount for a product.

A MassChallenge semi-finalist, the company made a pitch to the accelerator Friday.

The company, which launched in March, was founded by Lewis, Breed and Jeb Breed, the company's CEO and Joe Breed's brother, the only employees.

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Ford Focus’ interior acts like it’s a haunted house

I have a 2004 Ford Focus. When my car sits in the garage for a couple of days some of the dash lights and dome lights will stay on and there's a beep, even with no key in the ignition. I start the car, the beep stops and the dome light goes out but the dash lights stay on. The next day everything is OK, then the cycle starts all over again. Any ideas?

Strange electrical gremlins like this often are hard to pinpoint, but in this case I think the ignition switch and/or lock cylinder are the likely suspects. My Alldata automotive database pulled up Ford bulletin No. 05-21-17 dated October 2005 that outlines service procedures for replacing the ignition lock cylinder if the ignition chime beeps with the key removed. There's also a troubleshooting guide for continuity testing of the ignition switch at its multi-terminal connector.

I'd suggest locating, disassembling and cleaning the multi-terminal switch connector under the dash to see if this restores proper switch function. If not, it's probably time for a replacement.

• • •

I own a 1996 Toyota Camry V6 with 300,000 miles. We have a problem with the car vibrating when I step on the brake as the speed slows from 25 to 15 mph. The harder I brake, the worse the vibration. If I shift into neutral the car will not shutter or vibrate. Two other interesting things occurred at the same time. The check engine light came on, and when I step on the brake both the "Reverse" and "Drive" indicator lights are on. The car has no trouble shifting. My guess is that the torque converter is failing. Your thoughts?

If the torque converter were failing to disengage when the brakes are applied, you would experience a shuddering as the vehicle slowed to a stop. In fact, the engine would stall as you came to a complete stop, just as if you'd left a manual transmission vehicle in gear and braked to a stop.

Since the shudder/vibration is occurring in a higher speed range, my first thought is that the transmission has failed to downshift as the car slows. Try driving with the transmission's overdrive switch off to prevent the overdrive from engaging. Then try manually downshifting through each gear, matching the gear to the road speed as the vehicle slows. You also could try downshifting to third or even second as you're experiencing the shudder in that 25-15 mph range. If any of these tests stop the vibration, the problem is most likely in the transmission itself.

Have a scan tool read the DTC fault code that triggered the check engine light, but with 300,000 miles on the vehicle, the only transmission "repair" I'd suggest would be adding half a can of SeaFoam Trans-Tune to the fluid to clean any sticky solenoids or valves in the valve body.

• • •

The maintenance schedule for my 2003 Toyota Avalon has me replacing my iridium spark plugs at 120,000 miles. At 130,000 miles, the car runs fine and this plug replacement is expensive. Is it necessary?

Why does this question remind me of doing my taxes or making a doctor or dentist appointment? All of them are no fun at all, but necessary if one wants to stay law-abiding and healthy.

So yes, you should follow the manufacturer's recommended spark plug replacement interval, particularly if you're going to keep the vehicle for several more years.

With that said, I'd be more concerned about one or more spark plugs ending up seized in the cylinder head as they are removed. I've always been a fan of removing the original spark plugs at 10,000 to 30,000 miles, coating the threads with anti-seize compound and reinstalling them for the remainder of their full service life.

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 paulbrand@startribune.com. Please explain the problem in detail and include a daytime phone number.

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Lure of London makes Britain a billionaire haven

LONDON — A new study of the super-rich finds that London has become the capital of the world's wealthiest, with more billionaires than any other city.

The Sunday Times, which published the list, says London has 72 residents whose fortunes exceed 1 billion pounds ($1.6 billion). That's well ahead of Moscow, at 48, New York, at 43, San Francisco at 42, Los Angeles at 38 or Hong Kong at 34.

The newspaper reports that Britain also has more billionaires per head than any other country, with one in billionaire for every 607,000 Britons versus one for every 1 million or so Americans.

The newspaper has long published an annual list of the Britain's richest people, but this was the first time it took the additional step of seeing how the country's overall standing compared to that of other countries.

Indian-born brothers Srichand and Gopichand Hinduja top the British list, with a 11.9-billion pound fortune. The two run the Hinduja Group, a global conglomerate.

The brothers replace last year's richest man, Alisher Usmanov, who has seen his fortune drop by 2.65 billion pounds to 10.65 billion — largely because of the decline of the ruble.

Other notables on the list are steel magnate Lakshmi Mittal, in third place, and Chelsea football club owner Roman Abramovich, who dropped from fifth to ninth.

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Rep. Rogers hopes for 'smart debate' on radio show

WASHINGTON — Come January, you'll find Mike Rogers on the radio dial rather than on Capitol Hill.

The House Intelligence Committee chairman and ex-FBI agent is quitting Congress to host a daily radio show.

The Michigan Republican says he'll work on being a "productive conservative" on the airwaves.

Rogers might not be done with politics — he foresees being back in government service in some capacity in the future.

So there's unquestioned value for those future prospects from the three hours each day that he will spend fielding questions and reasoning with listeners.

Cumulus Radio Group is betting that listeners and advertisers will find Rogers' hearty voice, contempt for right-wing ideologues and expertise in national security inviting.

Rogers' hope is to "move the needle" toward the political center on radio.

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