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

Written By Unknown on Sabtu, 01 November 2014 | 20.25

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

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

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

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

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

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

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Online:

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


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US stocks end a turbulent month at a record high

NEW YORK — For stock investors, there was no shortage of drama in October.

Stocks started the month modestly below a record high, only to cascade to their worst slump in two years. But after flirting with a correction, or a 10 percent drop, the U.S. market rebounded and closed at all-time highs on the last day of the month.

All told, U.S. stocks ended October solidly higher, up 2.3 percent. The Dow Jones industrial average capped the rally by rising 195.10 points, or 1.1 percent, to end at 17,390.52 on Friday. The Standard & Poor's 500 rose 23.40 points, or 1.2 percent, to 2,018.05 and the Nasdaq composite added 64.60 points, or 1.4 percent, to 4,630.74.

Both the Dow and the S&P 500 closed at record highs.

It's a remarkable turn given the month's volatility, which at times approached levels from the 2008 financial crisis. Then again, the month has an unfortunate history for unsettling moves, such as the stock market crashes of 1929 and 1987.

This October, the market's seesaw path was driven by fears that Europe's economy was slipping back into a recession, worries about plunging oil prices and concerns of possible weakness in the U.S. economy. Oh, and don't forget Ebola. Those anxieties sent the market, for the most part, straight down for two weeks.

The nadir came on Oct. 15, when the S&P 500 came with a hair's breadth of going into a correction. Investors had suspected such a drop. The last one occurred in late 2011, and historically corrections happen every 18 months or so.

But just after the market came close to going into a correction, it bounced right back. Strong U.S. corporate earnings were the primary driver of the rebound as well as signs that central banks in Japan and Europe were going to do all they could to stop their economies from dragging everyone else down with them.

"I don't think it's a surprise that we came close to a correction. We've been expecting one for a while. I think the bigger surprise has been how we rip-roared all the way back up," said Bob Doll, chief equity strategist at Nuveen Asset Management. "When you hit someone over their head with a hammer, you don't expect them to get up immediately."

U.S. companies have been, for the most part, reporting strong quarterly results the last two weeks. Corporate profits are up 7.3 percent from a year ago, according to FactSet, compared with the 4.5 percent investors had expected at the beginning of the month. And any worries about the U.S. economy earlier in the month evaporated as the data rolled in, mostly recently Thursday's data showing the U.S. economy grew at a 3.5 percent pace last quarter.

Friday's gains were driven by the Bank of Japan, which surprised investors by announcing it would increase its bond and asset purchases by 10 trillion yen to 20 trillion yen ($90.7 billion to $181.3 billion) to about 80 trillion yen ($725 billion) annually. The announcement came after data showed that the world's third-largest economy remains in the doldrums, with household spending dropping and unemployment ticking up.

Japan's move comes only two days after the U.S. Federal Reserve brought an end to its own bond-buying program. Investors have been hopeful that the European Central Bank might also start buying bonds to stimulate that region's economy by keeping interest rates low and injecting cash into the financial system. That form of stimulus is called quantitative easing, also known among investors as "QE."

"The Japanese central bank has taken the QE baton from the Fed, and equity traders couldn't be happier," said David Madden, market analyst at IG.

Japan's stock market rose 4.8 percent to the highest level since 2007.

The Japanese currency weakened dramatically following the Bank of Japan's announcement. The yen slumped 2.6 percent against the dollar to 112 yen. The yen is trading at the lowest level in more than five years. Japanese companies typically like a weak Japanese yen because it makes their exported goods cheaper abroad.

European stock markets rose broadly following the Bank of Japan's announcement on hopes that the ECB could be tempted to follow Japan's lead in stepping up stimulus measures. However, few think anything will be announced at the ECB's next policy meeting next Thursday.

"The willingness of the Bank of Japan to ease further in the fight against deflation will encourage those who think the ECB should be doing the same," said Julian Jessop, chief global economist at Capital Economics.

Britain's FTSE 100 rose 1.3 percent. France's CAC 40 jumped 2.2 percent and Germany's DAX climbed 2.3 percent.

In other markets, the price of U.S. benchmark crude oil fell 58 cents to $80.54 a barrel in New York as increasing production from OPEC members added to already high global supplies of oil.

Brent crude, used to price oil in international markets, dipped 38 cents to $85.86 in London. In other energy futures trading on the NYMEX, wholesale gasoline fell 2.6 cents to close at $2.169 a gallon, heating oil fell was flat at $2.515 a gallon and natural gas rose 4.6 cents to close at $3.873 per 1,000 cubic feet.

Bond prices fell. The yield on the U.S. 10-year Treasury note rose to 2.34 percent from 2.31 percent Thursday.

In metals trading, the price of gold fell $27 to $1,171.60 an ounce. Silver fell 31 cents to $16.11 an ounce and copper fell 2 cents to $3.05 a pound.


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China manufacturing growth falls in October

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

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

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

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

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

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

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

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

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

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


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Spacecraft for tourists breaks up on test flight

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

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

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

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

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

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

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

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

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

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

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

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

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

One difference on this flight was the type of fuel.

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

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

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

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

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

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

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

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

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

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

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

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

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

___

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


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Investigators, Branson go to spacecraft crash site

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

___

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


20.25 | 0 komentar | Read More

Wal-Mart tests matching prices with online rivals

Written By Unknown on Jumat, 31 Oktober 2014 | 20.25

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

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

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

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

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

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

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

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

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

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


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Apple CEO publicly acknowledges that he's gay

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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


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Business leaders also saw softer side of Tom Menino

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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JP renovation adds modern onto classic

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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Asia stocks meander after Fed ends stimulus

Written By Unknown on Kamis, 30 Oktober 2014 | 20.25

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

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

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

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

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

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

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


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Boston contest to combat rising sea levels

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

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

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

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

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

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

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

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

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

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

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


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Insurers unsure on transgender care

Four months after the state Division of Insurance put health plans on notice that denying medically necessary treatment to transgender people is prohibited sex discrimination, insurers are still grappling with what constitutes medical necessity, and patients are struggling to find doctors who'll treat them.

In a state world-renowned for its medical talent, no Massachusetts physician performs genital gender reassignment surgery, said Elizabeth M. Murphy of the Massachusetts Association of Health Plans.

"We were concerned people were having to go all over the country for this surgery," Dr. Joel Rubenstein of Harvard Pilgrim Health Care said yesterday at a Division of Insurance informational session. "We're hopeful somebody would step up to put together the surgical piece so it could all be in one place."

Under state law, health plans are required to develop evidence-based medical necessity guidelines for such procedures.

"We are determined to ... not exclude treatment for this condition," Rubenstein said.

On the other hand, he said, Harvard Pilgrim does not want to approve procedures such as facial feminization for transgender people if those procedures would be considered merely cosmetic for other people.

"If we cover them for transgender patients, we would be being reverse-discriminatory," said Dr. Robert Nierman, medical director at Tufts Health Plan.

But Ruben Hopwood of Fenway Health said facial feminization is not about wanting a "cuter nose." A transgender person's appearance is more likely to be the difference between getting a job or not getting one, and walking down the street unafraid or being attacked, Hopwood said.

Getting the proper treatment also can save money that might otherwise be spent on treatment for alcohol or substance abuse or depression, said Pam Klein, a nurse at Boston Health Care for the Homeless.


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The Ticker

Federal Reserve ends bond-buying program

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

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

Planned Seaport 10-screen theater complex applies for liquor license

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

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

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

Boston Medical Center sells 3 buildings

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

Today

 Labor Department releases weekly jobless claims.

 Commerce Department releases third-quarter gross domestic product.

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

TOMORROW

 Commerce Department releases personal income and spending for September.

 Labor Department releases the third-quarter employment cost index.

THE SHUFFLE

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

___

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


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Fed is expected to signal no rate hikes imminent

Written By Unknown on Rabu, 29 Oktober 2014 | 20.25

WASHINGTON — The global economy has stumbled, and financial markets have endured some stomach-churning moments. But that doesn't mean the Federal Reserve plans any major policy shifts.

Ending a two-day discussion Wednesday, the Fed is expected to announce the end of its monthly bond buying program. It's also expected to signal that it remains in no hurry to raise its key short-term interest rate.

The discussions will conclude with a statement on the Fed's decisions. This month's events will not include a news conference by Chair Janet Yellen, whose next session with reporters will be in December. That's one reason most economists don't think the Fed will announce any major policy shifts until its next meeting, when Yellen would be able to explain any changes.

The economy the Fed is discussing has been strengthening, thanks to solid consumer and business spending, manufacturing growth and a surge in hiring that's reduced the unemployment rate to a six-year low of 5.9 percent. Still, the housing industry is still struggling, and global weakness poses a potential threat to U.S. growth.

Yellen has stressed that while the unemployment rate is close to a historically normal level, other gauges of the job market remain a concern. These include stagnant pay; many part-time workers who can't find full-time jobs; and a historically high number of people who have given up looking for a job and are no longer counted as unemployed.

What's more, inflation remains so low it isn't even reaching the Fed's long-term target rate of 2 percent. When inflation is excessively low, people sometimes delay purchases — a trend that slows consumer spending, the economy's main fuel. The low short-term rates the Fed has engineered are intended, in part, to lift inflation.

In its statement, the Fed is expected to repeat a phrase that has buoyed investor hopes for continued low rates: That it expects to keep its benchmark rate at a record low near zero "for a considerable time." That rate has been near zero since December 2008.

When the Fed last met six weeks ago, record stock prices and healthy hiring growth had raised investor concerns that the Fed might scrap its "considerable time" language. Then Europe's renewed weakness deepened worries about the global economy and about whether a deflationary spiral that's plagued Japan for two decades could spread internationally. Financial markets tumbled.

Stocks have since regained nearly all their lost ground. Yet the concerns about deflation and a weaker Europe have made clear that the central bank is increasingly looking beyond the United States.

"The Fed needs to consider the international situation," said Sung Won Sohn, an economics professor at the Martin Smith School of Business at California State University. "The global economy is very soft, and Europe is on the verge of relapsing into recession."

If the Fed dropped the "considerable time" language, it would likely seek to reassure markets that the timing of any rate increase would depend on strengthening economic data. Minutes of the September meeting showed that Fed officials were concerned that simply dropping that phrase might be misinterpreted as a shift in the Fed's stance on rates.

The bond buying program the Fed is expected to end has been intended to reduce long-term rates. The Fed has pared its purchases from an initial $85 billion a month last year to $15 billion. In September, the Fed said it expected to end them altogether after the October meeting.

Even when it does, the Fed will be left with a record investment portfolio of nearly $4.5 trillion, which will still exert downward force on long-term rates. In September, the Fed said it planned to keep reinvesting its holdings and, when it does begin to reduce its balance sheet, to do so in a "gradual and predictable manner."

Yet investors are expected to remain on high alert for the first hint that rates are set to move higher.

"Given that the Fed has kept interest rates low for so long and artificially boosted asset prices such as stocks for so long, a period of instability is inevitable," said David Jones, author of a new book on the Fed's first 100 years.

Most economists have said they think the Fed will start raising rates by mid-2015. But the global economic weakness, market turmoil and falling inflation forecasts have led some to suggest that the Fed might now wait longer.

Diane Swonk, chief economist at Mesirow Financial, thinks the Fed will keep rates near zero until September and that when it does raise them, the increases will be incremental.

"The operative word will be gradual," Swonk said. "The Fed is getting close to their goal on employment, but they are still missing the target on inflation and they will want to address that."


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Job fair draws hundreds

Hundreds of job-seekers descended on the Colonnade Hotel in Boston yesterday for the Boston Herald's Workplace Diversity Job Fair.

About 40 companies, including Mass Eye and Ear, East Boston Savings Bank and Amica Mutual Insurance, were on hand looking to recruit new employees for a diverse workforce.

Job-seekers had the opportunity to present their resumes and discuss positions with hiring managers.

Launched in 1992, the Herald's Workplace Diversity Job Fair is the longest running of its kind in Greater Boston. It is held twice a year, in April and October.


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LG Electronics profit surges on smartphone sales

SEOUL, South Korea — South Korea's LG Electronics Inc. said Wednesday its third-quarter profit jumped 87 percent over a year earlier as smartphone sales set a record high.

LG Electronics said its July-September net income reached 202.6 billion won ($193 million) on sales of 14.9 trillion won. Operating income more than doubled from a year earlier to 461.3 billion won.

LG said the improved earnings stemmed from the recovery of its handset business. Its 167 billion won profit exceeded that from televisions, LG's other mainstay business.

The company's smartphone shipments increased 40 percent from a year earlier to a record 16.8 million units, as its flagship G3 smartphone and mid-tier L series smartphone drove sales. The company said it will continue its "two track" strategy, trying to lure consumers in advanced countries with the high-end G series and expand L series models for consumers in emerging markets.

LG's mobile communications business remained profitable for a second straight quarter after three quarters of losses.

The improvement in LG's smartphone business comes as its hometown rival Samsung Electronics Co. is suffering a rapid decline in profit from its mobile division. Samsung Electronics, which is scheduled to report third-quarter earnings on Thursday, will post around 2 trillion won in profit from its mobile communications business, less than one third of its profit a year earlier, according to analysts.

South Korean handset makers are facing a setback in the domestic market after the government this month put a ceiling on handset subsidies. The move is meant to offer buyers more certainty about prices but has dented sales. LG said demand for new smartphones in South Korea will stay subdued.

LG's Home Entertainment division, which sells televisions, recorded 131 billion won in operating income. The company said shipments of ultra-HD televisions, which pack four-times more pixels than standard HD TVs, increased in countries except in China and South America.

Shares of LG Electronics rose 4 percent in Seoul after earnings release.


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Chrysler recalls over 566,000 trucks, SUVs

DETROIT — Chrysler is recalling more than 566,000 SUVs and trucks because malfunctioning fuel heaters can cause fires, or a software glitch can disable the electronic stability control.

The largest of two recalls announced Wednesday covers almost 382,000 Ram 2500 and 3500 pickups and Ram 4500 and 5500 chassis cabs from 2010 through 2014.

In trucks with 6.7-Liter Cummins diesel engines, corrosion on a fuel heater terminal could cause overheating, fuel leaks and fires. Chrysler is not aware of any fires or injuries. Dealers will install upgraded terminals and fuel heater housings could be replaced.

The second recall covers more than 184,000 Jeep Grand Cherokee and Dodge Durango SUVs from 2014. A debris cover over a circuit board can disrupt communications and disable the stability control. Software will be upgraded.


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Food trucks arrive in food-crazy Belgium

ANTWERP, Belgium — One sells a cheeseburger whose patty is 100 percent cheese, another sells meatballs the size of baseballs and a third tempts palates with insects on a skewer.

Belgium takes its food seriously — and adventurously — so when the American-style food trucks rolled in, there was little doubt the result would be a bit different.

"Our crickets on a stick are our best seller," said Bart Smit, co-owner of the food truck Microbar. "They aren't really crickets, they're grasshoppers, but it sounds better to say cricket on a stick."

At a recent food truck festival in the port city of Antwerp, young entrepreneurs cooked up a multi-ethnic storm. The wafting aroma of everything from Indonesian satays to BBQ pork and stone-oven pizza drifted into the city center, drawing throngs of foodies to the Antwerp quayside.

A brick-and-mortar locale was once the only place most aspiring restaurateurs could start a business. Losses were great when it didn't work. Recently, food trucks have radically changed the equation: With a working vehicle and a small amount of capital, it's possible to operate a one-person eatery.

The trucks themselves come in all shapes and sizes. Thomas Serros, originally from San Francisco, has a specially outfitted bicycle he pedals to outdoor markets to sell his homemade tacos.

"I came to Belgium and worked for a bank, then I realized I couldn't speak all the languages they required," Serros said. "So, I had to think of something else to do."

One constant that runs through nearly every food truck in Belgium is the quest for locally sourced, organic ingredients.

"It's important to start with a good product," says Gilles Leenknegt of meatball vendor Balls & Glory. "We source all of our pork from the family business, so we follow it from there and directly to the customer."

Their enormous pork meatballs have liquid centers in a variety of flavors. One has peas and mint, another three cheeses, a third truffle mushrooms. Demand was so great during the Antwerp festival that the meatballs ran out, but customers were patient enough to wait in line for the next batch.

Normally insects are not something you want to find in a food truck. But the bugs sold by Microbar are different, the owners say — and by the look of the lines, customers agree.

"These are special grasshoppers," says Smit. "They're raised for human consumption and farmed locally."

Grasshopper isn't the only critter on the menu; there are also mealworm pancakes and eggrolls.

Martine Vander Poel makes frequent runs to Belgium from the Netherlands in her food truck called Just Say Cheese. Out of a small trailer, decorated to look like a barn, she serves a meatless cheeseburger that is coated in tempura batter, deep-fried and topped with spinach, spring onions and balsamic vinegar.

"I really just do it for the fun," she said. "You don't get rich here."


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Single-family home sales decline in Massachusetts

Written By Unknown on Selasa, 28 Oktober 2014 | 20.25

WALTHAM, Mass. — The number of single-family homes sold in Massachusetts was down last month when compared to September 2013, while median prices also showed a slowdown.

The Massachusetts Association of Realtors and The Warren Group both reported a slight decrease in sales year-over-year.

The Realtors 3.3 percent drop in sales was the eighth consecutive month of year-over-year sales decreases. The Warren Group reported a drop in sales on less than 1 percent.

The Realtors reported that median prices remained unchanged in September, the first time in almost two years that median prices did not increase.

The Warren Group reported a 1.5 percent decrease in median prices.

The organizations use slightly different figures in their calculations.

Realtors' President Peter Ruffini says "seeing prices stabilize is good for the market and good for buyers."


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Federal health official Fauci: States have options

WASHINGTON — For Americans wondering why President Barack Obama hasn't forced all states to follow a single, national rule for isolating potential Ebola patients, the White House has a quick retort: Talk to the Founding Fathers.

A hodgepodge of state policies, some of which directly contradict Obama's recommendations, has sowed confusion about what's really needed to stop Ebola from spreading in the United States. While public health advocates denounce state quarantines as draconian and scientifically baseless, anxious citizens in non-quarantine states are asking whether they're at greater risk because their governors and the president have adopted a lesser level of caution.

If public health departments across the country aren't singing the same tune, that may be by design.

Although the Constitution empowers the federal government to isolate sick people entering the U.S. or traveling between states, it's the states themselves that have the bulk of the authority to regulate public health in America — including the decision to enforce quarantines within their borders.

"I guess you can take that up with James Madison," said White House spokesman Josh Earnest, referring to the fourth president and key drafter of the Constitution, when asked why there was no binding federal policy. That's ironic, perhaps, coming from an administration that Republicans typically accuse of exceeding its legal authority on issues like immigration, health care and foreign policy.

With states and localities having broad authority to impose quarantines themselves, Earnest said the federal government's role was to "marshal scientific evidence" for best practices to stop Ebola's spread. On Monday, the Centers for Disease Control and Prevention did just that.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Disease at the National Institutes of Health, defended the Washington policy Tuesday, but said that states have a right "to go the extra mile" if they wish.

In an appearance on ABC's "Good Morning America," Fauci declined to criticize the more stringent quarantine policies implemented in New York and New Jersey by Govs. Andrew Cuomo and Chris Christie. ""They're doing it in good faith."

Christie said Tuesday he feels the CDC's latest guidance is "incredibly confusing."

"The CDC is behind on this," he said on NBC's "Today" show. "Governors ultimately have responsibility to protect the public health of people within their borders."

Fauci, appearing on CNN, said the CDC guidelines are "based on the science, on what we know and how it's transmitted."

For the first time, the CDC recommended 21 days of isolation and travel restrictions for people at highest risk for Ebola — a nurse stuck by a needle while treating an Ebola patient in Guinea, for example — even if they have no symptoms.

But the recommendations are just that: recommendations.

States are still free to go above and beyond the CDC guidelines. And if states were to opt to be more lenient, there's next to nothing Obama could do to force their hand.

Case in point: An order issued Friday by New Jersey, like one in New York, requires three-week quarantines for anyone who treated Ebola patients in West Africa — not just those deemed high-risk because of a needle-stick or failure to use proper protective gear. But under the new federal guidelines, those lower-risk workers merely must have their temperatures monitored twice a day.

Legal experts say New York and New Jersey could be on shaky legal ground. To justify infringing on an individual's civil liberties, like freedom of movement, states face a high bar to prove their orders are based on science and epidemiology. Courts also like to see that states are acting as narrowly as possible rather than in broad strokes, such as lumping together everyone who treated Ebola patients even if they're healthy.

"We have not seen for decades and decades the state or federal government say a whole category is going to be subjected to quarantines," said David Fidler, who teaches international and public health law at Indiana University.

In fact, such broad quarantines are almost unheard of in U.S. history. Almost always, they have been limited to diseases that are airborne and easy to catch. Public health experts say Ebola is neither.

When an influenza pandemic dubbed the "Spanish Flu" infected millions in 1918, major U.S. cities closed schools and imposed strict quarantines. New York considered quarantining tuberculosis patients in the 1990s, and isolated some who wouldn't comply with treatment.

But as any school nurse can tell you, TB and the flu can be passed from person to person by sneezing or coughing, while Ebola requires direct contact with an infected person's bodily fluids.

Obama and top federal officials have echoed aid groups like Doctors Without Borders in warning that mandatory quarantines will dissuade doctors and nurses from volunteering to fight Ebola in West Africa, therefore making it harder to stop the disease at its source.

But others warn of another risk to public confidence here at home: If Obama insists people without Ebola symptoms aren't contagious while states are quarantining those same people, whom should people believe?

"What several of these governors are doing is giving very confusing and mixed messages to the public," said Lawrence Gostin, who heads the national and global health law program at Georgetown University. "It's an inherent problem in our federalist system. We are designed as 51-plus governments. They can speak with different voices."

___

Reach Josh Lederman at http://twitter.com/joshledermanAP


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US durable goods fell 1.3 percent in September

WASHINGTON — Orders to U.S. companies for long-lasting manufactured goods fell for a second month in September, while a key category that signals business investment plans dropped by the biggest amount in eight months. The declines, however, were likely a temporary soft patch that will likely be followed by a resumption of stronger growth.

Orders for durable goods retreated 1.3 percent in September after a record 18.3 percent tumble in August, the Commerce Department reported Tuesday. The August drop followed a record 22.5 percent increase in July. The wide swings in both months were driven by the volatile aircraft category, which saw orders soar in July only to plunge in August.

A category that serves as a proxy for business investment fell 1.7 percent in September, the biggest drop since January.

Manufacturing has been a cornerstone of strength for the economy this year, and the recent weakness is not expected to be long-lasting. Economists said they remained optimistic about the outlook for manufacturing, in large part because of their expectation that businesses will keep investing to expand and modernize their operations.

Paul Ashworth, chief U.S. economist for Capital Economics, said he still expected solid business investment spending to support overall economic growth of around 3.3 percent in the third quarter.

For September, there was weakness in a number of areas. Demand for transportation goods fell 3.7 percent, with orders for commercial aircraft falling 16.1 percent. Demand for motor vehicles and parts slipped 0.1 percent. Orders for machinery fell 2.8 percent, and demand for computers declined 5.3 percent.

Demand for primary metals such as steel rose 2.2 percent, while orders for appliances rose 1.8 percent.

On Thursday the government will release its first estimate for overall economic growth for the third quarter as measured by the gross domestic product. Analysts project that the economy grew at a 3 percent annual rate, and many believe growth will continue at that healthy clip in the final three months of this year.

The first half of the year was much more of a roller coaster, with the economy shrinking at an annual rate of 2.1 percent in the first quarter, reflecting the impact of a harsh winter and other adverse factors, and then bouncing back to growth of 4.6 percent in April-June period.

The Institute for Supply Management reported that its closely watched barometer of manufacturing performance fell to 56.6 in September from 59 in August.

Analysts said that the slowdown was consistent with a recent drop-off in global demand due to economic weakness in Europe and China and the rising value of the dollar, which makes American goods more expensive overseas.

But economists believe that American companies will still see enough in export gains in coming months which, when combined with strong domestic demand, will keep U.S. factories humming.


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China wants better legal system under party rule

BEIJING — China's ruling Communist Party has introduced guidelines aimed at improving the country's legal system but said it will also strengthen the party's leadership position through the use of law, according to a party document released Tuesday.

The full guidelines on how to govern the country according to law were made public after the party's 205-member Central Committee met last week to discuss its priorities for the upcoming year. A summary was released Thursday.

"I think the major goals are to maintain the party's long-term rule and to curb corruption," said Zhang Qianfan, a professor of constitutional law at Peking University in Beijing.

The document said China must improve its legal system but do so under the party's leadership and that ensuring the party's leadership is the fundamental basis for ruling the country according to law.

"We should deftly use the legal procedure to turn the ideas championed by the party into the national will, and we should deftly use the legal procedure to turn personnel recommended by the party into leader of state agencies," the document said.

The decisions did not propose any measures that would place meaningful checks on the ruling party. Some scholars say they have never harbored any illusion that the party would restrict its own powers.

The document said China will establish a constitutional day, and the party has pledged to strengthen a supervision system to ensure proper implementation of the constitution.

"This is urgently needed because many laws would be unconstitutional if that supervision system does not play its role," said He Bing, a legal professor at China University of Political Science and Law.

The key is whether such a system would be implemented, said Zhang. "The system has been around for a while, but it has yet to play its role," he said.

In the document, the party said the country should have legal reviews of administrative decisions and must boost judicial independence to safeguard justice and increase public trust.

Some measures to improve judicial independence include setting up a national circuit court, allowing for change of venue, holding government officials accountable for intervening in legal matters, and separating judicial powers.

Social tensions arising from lack of legal justice have become a major source of unrest in China to the alarm of the party.

The document also said China should introduce laws to curb corruption.

Scholars have said the ruling party needs to push for legal reforms to better manage its vast bureaucracy and advance its expansive economic reforms because corruption has undermined the party leadership and hurt the economy.

___

AP researcher Yu Bing in Beijing contributed to this report.


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Lowe's debuts customer service robots in store

NEW YORK — The robots are coming. Lowe's is testing whether new bots on wheels can improve its customer service, like helping a shopper find a match for something as simple as a nail.

Four robots are being tested an Orchard Supply Hardware store owned by Lowe's Companies Inc. in San Jose, California.

The robots dubbed OSHbots look like white columns with two large black screens on either side of them, and wheels to help them move. They are equipped with 3D cameras so they can scan and identify items. And customers can research items they want to buy on their screen. Then the robot can lead them to the aisle where an item is located.

"They're based on making a science fiction story a reality," said Kyle Nel, executive director of Lowe's Innovation Lab.

The robots also have a database of what inventory is in stock at the store, so they can let customers know if something is out of stock or not.

"People can come in with a random screw and say Mr. Robot, I need more of these, and if we do have it in the store, they can find it," Nel said. The robots can speak in English and Spanish.

Lowe's started working with Fellow Robots, a technology company in Silicon Valley, in November to develop the robots. The cost of the project is undisclosed.

Lowe's has been working on infusing more technology into its customer service. It has also developed a "holoroom" that can let users see what different pieces of furniture look like in different rooms in a virtual-reality environment.

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Online: http://www.youtube.com/watch?v=Sp9176vm7Co&feature=youtu.be


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US official urges allies to combat IS ideology

Written By Unknown on Senin, 27 Oktober 2014 | 20.25

KUWAIT CITY — The retired American general in charge of coordinating the U.S.-led coalition's fight against Islamic State militants on Monday urged Arab nations and other allies to do more to combat the group's extremist ideology.

Speaking at a gathering of coalition partners in the oil-rich Gulf nation of Kuwait, retired Gen. John Allen said coalition partners must "clearly, forcefully and consistently" reject the group's ideology.

"It is only when we contest ISIL's presence online, deny the legitimacy of the message it sends to vulnerable young people and expose ISIL for the un-Islamic cult of violence it really is ... that ISIL will truly be defeated," he said, using an alternate acronym for the Islamic State group.

The Islamic State group has seized large portions of territory in Iraq and Syria and declared a self-styled caliphate, or Islamic state, in areas under its control.

It has embraced social media platforms such as Twitter and YouTube to promote its conquests, inspire sympathizers and attract new recruits.

It produces online magazines and polished propaganda videos that make use of multiple camera angles, computer graphics and Hollywood-style editing. One video released by its Al-Furqan media arm earlier this year even included aerial footage apparently shot from a drone over the Iraqi city of Fallujah, which it now holds.

Allen characterized the fight against the IS group in the communications sphere as a crucial element of an overall strategy that also includes confronting it militarily and attempting to cut off its finances.

Besides host Kuwait, Monday's meeting included representatives from other Gulf nations such as Qatar and the United Arab Emirates — countries that are playing a role in military operations to combat the group.

Allen separately held talks with Kuwait's emir, Sheik Sabah Al Ahmad Al Sabah, during his visit.


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Merck 3Q adjusted profit tops analysts' estimates

WHITEHOUSE STATION, N.J. — Merck's third-quarter net income fell mostly because of large costs tied to acquisitions and divestitures.

But the drugmaker's adjusted earnings topped Wall Street's view, and it narrowed its full-year adjusted earnings forecast on Monday.

Merck also announced on Monday that the Food and Drug Administration gave breakthrough therapy designation to Keytruda for advanced non-small cell lung cancer that has progressed on or following platinum-based chemotherapy.

The designation is intended to speed the approval process for drugs that treat diseases that have no or inadequate treatments.

Merck's shares edged up in premarket trading just over an hour ahead of the market open.

The company earned $895 million, or 31 cents per share, during the July-September quarter. A year earlier it earned $1.12 billion, or 38 cents per share.

Removing costs related to acquisitions, divestitures, restructuring and other items, earnings were 90 cents per share.

Analysts surveyed by Zacks Investment Research expected earnings of 88 cents per share.

Revenue declined to $10.56 billion from $11.03 billion partly on divestitures and the termination of a joint venture with AstraZeneca.

Zacks was calling for higher revenue of $10.69 billion.

Pharmaceutical revenue slipped 4 percent to $9.1 billion on product divestitures and the loss of market exclusivity for some products such as oral chemotherapy drug Temodar and asthma and allergy pill Singulair.

Merck now foresees full-year adjusted earnings in a range of $3.46 to $3.50 per share. Revenue is expected between $42.4 billion and $42.8 billion. The Whitehouse Station, New Jersey company's prior guidance was for adjusted earnings in a range of $3.43 to $3.53 per share on revenue between $42.4 billion and $43.2 billion.

Analysts polled by FactSet predict earnings of $3.47 per share on revenue of $42.5 billion.

Keytruda, a genetically engineered drug known chemically as pembrolizumab, is part of a hot, promising new class of antibody-based drugs. They work by taking a brake off the immune system so it can better recognize and attack cancer cells.

In September, the FDA granted accelerated approval to Merck for Keytruda for treating melanoma that has spread or can't be surgically removed in patients previously treated with another melanoma drug called Yervoy.

Merck & Co. is not affiliated with the German drugmaker Merck KGaA.

Its stock rose 9 cents to $57.70 in premarket trading about 75 minutes ahead of the market open.


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UN expert: Keep up hope amid climate change battle

COPENHAGEN, Denmark — A top U.N. climate change expert urged world governments Monday not to be overcome by hopelessness as they negotiate a new agreement to fight global warming.

Rajendra Pachauri, chairman of the U.N.'s Intergovernmental Panel on Climate Change, said despite the IPCC's own warnings that time is running out, the panel has also suggested actions needed to keep climate change in check.

The IPCC is meeting in Copenhagen this week to adopt the final report in its gigantic assessment of climate change. A leaked draft uses starker language than three previous reports, warning of "severe, pervasive and irreversible" climate impacts if the world doesn't rein in its emissions of heat-trapping greenhouse gases.

"The synthesis report will provide the roadmap by which policymakers will hopefully find their way to a global agreement to finally reverse course on climate change," Pachauri said.

Governments are aiming to reach such an agreement next year, but the negotiations have been hampered by disputes between rich and poor countries over how to divide the burden of climate action.

"May I humbly suggest that policymakers avoid being overcome by the seeming hopelessness of addressing climate change," Pachauri said. "Tremendous strides are being made in alternative sources of clean energy. There is much we can do to use energy more efficiently. Reducing and ultimately eliminating deforestation provides additional avenues for action."

The draft report says the impacts of some current climate changes are already dangerous, citing rising sea levels and extreme weather such as heat waves, flooding and droughts. Governments and scientists are going over the draft report line by line in Copenhagen before the final report is released.


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Groups pledge $8 billion for Horn of Africa

NAIROBI, Kenya — The European Union and several regional development banks are announcing new levels of financial support for the Horn of Africa that is to total more than $8 billion.

The announcement Monday comes as United Nations Secretary-General Ban Ki-moon visits Ethiopia. Ban said the pledges come as the Horn region is making "important yet unheralded" progress in economic growth and political stability. He said the funds would help end cycles of conflict and poverty and lead toward sustainability.

The World Bank announced $1.8 billion in funding. The European Union announced $3.7 billion through 2020. The African Development Bank pledged $1.8 billion over the next three years while the Islamic Development Bank committed up to $1 billion.

The initiative covers eight countries: Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan, and Uganda.


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The SUV goes from All-American to global star

DETROIT — Once a hulking symbol of American excess, sport utility vehicles are quickly becoming the world's favorite way to get around.

It's a surprising rebirth for a vehicle that was the subject of obituaries when gas prices spiked in 2008. Automakers won back customers by making smaller, more fuel-efficient SUVs that also appealed to newly wealthy buyers in Asia and South America and former skeptics in Europe.

Indian drivers want SUVs to navigate rough roads. In China they're a status symbol. European and American Baby Boomers buy SUVs because they're easier to climb in and out of. Upwardly mobile Brazilian families like their spaciousness. Cheaper subcompacts like the Renault Duster are bringing in customers who couldn't afford SUVs before.

Earlier this year, SUVs overtook four-door sedans for the first time as the most popular vehicle for individual buyers in the U.S. By 2018, analysts expect China to be the biggest market for SUVs in the world.

"The SUV genie is out of the bottle. They've been discovered by enough people that you'll never put them back," says Karl Brauer, a senior analyst with the car buying site Kelley Blue Book.

Global SUV sales rose 88.5 percent between 2008 and 2013, to 15.7 million, according to IHS Automotive. That was three times faster than auto sales as a whole. By 2016, IHS predicts annual SUV sales will total 20.1 million, or about one of every five vehicles sold.

Automakers are finding some surprising converts. France — where environmentalists used to roam the streets slashing SUV tires — is second only to China in the growth of SUVs, with sales up 220 percent since 2008, according to Ford. Turkey is third.

Parisian Laurent Azoulai, 58, bought an all-electric subcompact SUV — the BMW i3 — in July.

"I used to have Mercedes and Renaults but I liked this because I only need it for city driving," he said. "It's small, and it's electric, and I can't stand pollution."

Shrinking the SUV — and making it more fuel efficient — was the key to saving it. In 2008, less than half of SUVs sold worldwide were small, and customers had fewer choices. Twenty percent were large SUVs like the eight-passenger Cadillac Escalade, which defined the segment decades ago but had limited audiences outside North America.

Seeing the unmet demand, companies started making small SUVs that were even more nimble and efficient. Subcompact SUVs like the Chevrolet Trax — which is shorter than a Toyota Corolla — were born.

It worked. Sales of small and subcompact SUVs like the Toyota RAV4, Buick Encore and Ford EcoSport have more than doubled worldwide since 2008. New subcompact SUVs from Jeep, Honda, Fiat and others will arrive in showrooms soon and keep the growth going. Small SUVs now make up 58 percent of all SUV sales worldwide; the share of large SUVs has fallen to 12 percent.

The new crop of tiny SUVs is small enough to appeal to buyers in emerging markets but nice enough for downsizing buyers in Europe and North America. That's good for automakers, who save money by designing one vehicle that suits many different customers.

Owners who switch have a hard time going back to cars. Mo Mard, 56, a retired investment banker who lives in O'Fallon, Missouri, drove a 2003 Toyota RAV4 for 11 years. Six months ago, she traded it in for a Honda Accord sedan, thinking she'd like something a little sleeker.

She was immediately sorry. Mard missed sitting up high, and she wanted more room for her garage sale treasures. She also found it harder to ferry around her 90-year-old mother, who has trouble getting in and out of cars. In September, she traded the Accord for a Honda CR-V.

"I'm back up higher, so I feel better," she says.

With smaller size comes better fuel economy, another lure for buyers. The Trax is expected to get 34 mpg on the highway, which is better than many midsize cars. The diesel-powered version of the Ford Escape, called the Kuga, gets better fuel economy than a Toyota Prius hybrid.

China is seeing the fastest growth by far, with SUV sales up 480 percent since 2008 to 3.7 million last year, or around 20 percent of China's total vehicle sales.

Chinese customers are increasingly using their vehicles for travel beyond their daily commutes, and they need vehicles that can handle rough roads.

Beijing businessman Luo Ge drives an Audi sedan or a Mercedes SUV to work. But on weekends, he runs a car club with 11 Jeeps, which he takes into the desert so members learn to drive on rough terrain.

Luo, 45, who runs several businesses, bought his first SUV, a Jeep Cherokee, in 1995.

"It was quite cool," he said. "Most men have a complex for military stuff and the real outdoors. The Jeep met that need."

More typical is Zhang Xinyao, 32, an IT worker in Beijing. She used to drive a small car, a Chinese-made Suzuki Alto, but wanted something bigger and safer after having a child. In 2012, she bought her first SUV, a Kia Sportage, for $28,600.

That's more than U.S. buyers pay, since China has higher import duties. But it's not unusual for SUV buyers to pay a premium. U.S. buyers stretch their finances more to buy an SUV than any other kind of vehicle, says Jim Farley, Ford's marketing chief.

"It means adventure and freedom, even a sense of optimism," Farley says. "That emotion of owning a utility, for me, is as intense as owning a luxury product."

Three decades ago, bare-bones SUVs like the Toyota 4Runner and Ford Bronco were mostly used by off-roaders. They had more utility — and less refinement — than most drivers needed.

The seven-passenger Ford Explorer, introduced in the 1991 model year, changed that by emphasizing style and comfort. It was the first SUV that was equally at home navigating mountain trails or grocery store parking lots, Brauer says.

Europeans were slow to accept SUVs, which guzzled too much gas and were harder to maneuver on narrow streets. The subcompact Nissan Qashqai changed their minds after it went on sale in late 2006, says IHS analyst Carlos DaSilva. The Qashqai was designed in London for Europeans who wanted something spacious but less aggressive than a big SUV.

In China, SUV sales took off a few years later. In 2010, the first year Chinese automaker Great Wall's popular H5 was on the market, SUV sales topped 1 million in China for the first time. This year, IHS expects China's SUV sales will top 4.8 million.

The Explorer — prematurely laid to rest by some critics last decade — is now Ford's most-exported vehicle. Ford expects to make around 280,000 Explorers this year at its 90-year-old plant in Chicago. Around 40,000 of those will be exported to Canada, Mexico, China, South Korea and the Middle East. Last year, Ford started making Explorers in Russia to meet growing demand there.

"It's the common link," DaSilva says. "It's the car everybody wants."

_____

AP researcher Fu Ting contributed from Shanghai. Reporters Joe McDonald and Han Guan Ng contributed from Beijing. Reporter Greg Keller contributed from Paris.


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Robots may battle Ebola

Written By Unknown on Minggu, 26 Oktober 2014 | 20.25

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

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

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

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

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

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

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

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

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

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

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

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


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The Ticker

Groups question Entergy's finances

Nuclear watchdog groups in three states are questioning Entergy Corp.'s financial ability to operate plants in New York and Massachusetts.

The groups are focusing on the Fitzpatrick plant in upstate New York and the Pilgrim reactor in Massachusetts — as well as Vermont Yankee — citing USB Investment Services reports from earlier this year saying the Vermont and New York plants are facing negative cash flows by next year.

Entergy Corp. announced last year it would close Vermont Yankee by the end of this year due to poor economic performance.

Hub gets $25G
Agriculture grant

Mayor Martin J. Walsh and the city of Boston's Office of Food Initiatives announced the receipt of a $25,000 planning grant from the Department of Agriculture Local Food Promotion Program to support the hiring of an independent facilitator to develop a vision for food production in Boston as a whole.

TOMORROW

  • National Association of Realtors releases pending home sales index for September.

TUESDAY

  • Commerce Department releases durable goods for September.
  • Standard & Poor's releases S&P/Case-Shiller index of home prices for August.
  • The Conference Board releases the Consumer Confidence Index for October.
  •  Federal Reserve policy makers begin a two-day meeting to set interest rates.

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Minivan loses fluid and dashboard lights up

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

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

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

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

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

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

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

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

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


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Fauci: Quarantine can have unintended consequences

WASHINGTON — The nation's top infectious control doctor says mandatory quarantines of health care workers returning from West Africa can have the unintended consequence of discouraging them from volunteering in the Ebola-ravaged region.

Dr. Anthony Fauci (FOW'-chee) is the director of the National Institute of Allergy and Infectious Diseases. He says that as a physician and scientist, he would not have recommended a quarantine.

New York, New Jersey and Illinois have imposed mandatory quarantines on travelers returning from West Africa who had contact with Ebola patients.

That move followed an Ebola diagnosis in a Doctors Without Borders doctor last Thursday. The doctor is now in isolation at Bellevue Hospital in New York.

Fauci tells "Fox News Sunday" that active and direct monitoring can accomplish the same thing.


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13 European banks flunk test, must raise money

FRANKFURT, Germany — The European Central Bank says 13 of Europe's 130 biggest banks have flunked an in-depth review of their finances and must increase their capital buffers against losses by 10 billion euros ($12.5 billion).

The ECB said 25 banks in all were found to need stronger buffers — but that 12 have already made up their shortfall during the months in which the ECB was carrying out its review. The remaining 13 now have two weeks to tell the ECB how they plan to increase their capital buffers.

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

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

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

The 13 banks that fell short included:

— Greece's Eurobank and National Bank of Greece

— Cyprus' Hellenic Bank Public Company

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

— Franco-Belgian Dexia

— Austria's Oesterreichischer Volksbank Verbund

— Ireland's Permanent TSB

— Portugal's Banco Comercial Portugues

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

The bank with the biggest shortfall was Italy's Monte dei Paschi di Siena, which was found to have a capital shortfall of 2.11 billion euros. Most of the other banks that failed were short amounts less than 1 billion euros and in several cases less than 200 million euros.

Eurobank and National Bank of Greece had no or practically no shortfall due to later measurements, while Nova Ljubljanska Banka and Nova Kreditna Banka had no need to raise more capital due to restructuring this year. Dexia is already being restructured with a state guarantee and does not need to raise more capital despite failing.

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

The ECB's new role is aimed at strengthening the euro currency union by toughening oversight of banks and keeping their troubles from dumping large losses on national governments' finances through bailouts. The ECB is taking over as supervisor for the biggest banks from national supervisors who were considered to be too likely to take it easy on their home banks and not step in to ward off problems. National supervisors will still look after smaller banks.

The test is also aimed at weeding out so-called zombie banks who are too crippled by hidden losses to make new loans to companies and have stayed in business thanks to tolerance from national supervisors and by rolling over loans that aren't being repaid.

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

Improving the flow of credit is key to getting the European economy out of its stagnation. The 18 countries that use the euro currency showed no growth at all in the second quarter, after four quarters of weak recovery from a crisis over too much government debt.


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