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Chiquita postpones meeting on Fyffes to October

Written By Unknown on Senin, 08 September 2014 | 20.25

CHARLOTTE, N.C. — Chiquita is postponing a vote on its proposed merger with the Irish fruit seller Fyffes as it awaits a new bid from another potential buyer.

Chiquita said it has received a waiver from Fyffes allowing it to hold talks with investment firm Safra Group and Brazil's Cutrale Group, an agribusiness and juice company. Chiquita is now seeking a best and final offer from Cutrale and Safra.

Shares jumped 3 percent before the opening bell Monday.

Chiquita rejected a $611 million offer from Safra and Cutrale last month.

A special shareholders meeting to vote on the Fyffes deal, which was to take place next week, will now be held on Oct. 3.

Chiquita and Fyffes announced in March that they would combine to create a new company called ChiquitaFyffes PLC, based in Dublin, where Fyffes has its headquarters.

Chiquita Brands International Inc., based in Charlotte, North Carolina, also said that it is extending the employment of CEO Edward Lonergan by a year through Oct. 8, 2015. The company said that the extension would help to ensure continuity.


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Walgreen adds activist hedge fund founder to board

Walgreen has named Jana Partners founder Barry Rosenstein to its board, and the activist investor will get a say in choosing at least one additional director for the nation's largest drugstore chain.

Walgreen Co. is feeling shareholder pressure after lowering its forecast for the earnings it expects after combining with health and beauty retailer Alliance Boots, which runs the United Kingdom's largest drugstore chain. The Deerfield, Illinois, company's shares have largely plunged since it dropped that forecast last month and said it will no longer consider an overseas reorganization that would have trimmed its U.S. taxes

Walgreen said Monday that Jana Partners will recommend an additional independent director who has no ties to either the drugstore chain or the hedge fund. If another board vacancy opens and Walgreen decides to fill it, then Jana and the nation's largest drugstore chain must agree on the replacement.

Jana Funds holds about a 1.3 percent stake in Walgreen, or 12.5 million shares.

Earlier this summer, the hedge fund disclosed that it had built up a stake in PetSmart Inc., and it wanted the pet food retailer to consider selling itself. Last month, the company said it would start considering that.

Rosenstein, 55, will join the finance committee of Walgreen's board. He said in a statement from the drugstore chain that he was eager to "work constructively" with the company's management.

Walgreen shares edged up 22 cents to $64.17 Monday before markets opened and after the company announced Rosenstein's appointment. The stock had slipped below $70 after the company announced its forecast change last month.

Shares have climbed 11 percent so far this year, as of Friday. That topped the 8.6 percent gain from the Standard & Poor's 500 index over the same span.

Walgreen will report its fiscal fourth quarter earnings Sept. 30.


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Developer presumed dead in crash revamped NY city

KINGSTON, Jamaica — A developer presumed dead with his wife in a private plane crash near Jamaica had an "uncanny instinct" for revitalizing properties and an "incalculable" impact on his western New York hometown's resurgence from crumbling industrial center to trendy destination for young professionals, friends and colleagues said.

Laurence Glazer bought up dozens of properties in Rochester, on the shores of Lake Ontario, including landmark buildings belonging to the manufacturing giants Xerox Corp. and Bausch + Lomb. He converted abandoned factories into loft apartments and turned a shuttered hospital into offices.

The 68-year-old developer had a way of "taking properties that were dead and breathing life back into them at a time when people were really skeptical about the ability to do that," Heidi Zimmer-Meyer, president of Rochester's Downtown Development Corp., said Saturday.

The National Transportation Safety Board will lead an investigation into the incident, said Eric Weiss, a spokesman for the board.

Authorities said Glazer and his wife Jane were on a single-engine turboprop Socata TBM700 that flew on its own for 1,700 miles (2,00 kilometers) before running out of fuel and slamming into the sea off Jamaica's northeast coast on Friday. The couple apparently was incapacitated.

The U.S. Coast Guard announced late Sunday morning that it had ended its search, which it said covered roughly 3,750 square miles (9,710 square kilometers) off Jamaica. Island military crews scoured waters off the northeast coastal town of Port Antonio for a few hours more, but then also decided to call off their search for the couple's single-engine plane.

On Sunday afternoon, the Jamaica Defense Force said its decision was made based on a reassessment of the situation, noting a highly reduced probability of finding any survivors or floating debris. Thunderstorms were churning up white-crested waves and a military spokesman said early Sunday morning that searchers were losing hope of having any success.

"I must admit it looks very discouraging," said Maj. Basil Jarrett early Sunday. "We haven't recovered anything as yet."

The Jamaican military had spotted floating debris Friday roughly 24 miles (39 kilometers) off Port Antonio may have sunk in a stretch where the water is more than a mile (1,500 meters) deep. On Saturday, they announced in a statement that it appeared "consistent with that of a high-impact debris field." But officials said the debris must have sunk because they lost sight of it.

The next steps, if any, for locating the couple's bodies or plane debris are not immediately clear. If wreckage is located on the sea floor, Jamaica civil aviation officials have said French authorities have volunteered help and equipment in raising it from the depths since the plane was made in France.

While the U.S. Coast Guard initially reported three people had been aboard the plane, a Coast Guard spokeswoman said Sunday that the agency had confirmed that there were only two.

Laurence and Jane Glazer, the founder of household-products catalog company QCI Direct, were both experienced pilots. They were flying to Naples, Florida, near where Glazer's development company, Buckingham Properties, also has interests.

"It's beyond tragic here. We're reeling," Zimmer-Meyer said, calling the couple "people who just cannot be replaced."

New York Gov. Andrew Cuomo, Lt. Gov. Robert Duffy and Sen. Charles Schumer were among the officials who expressed sorrow for the couple's loss.

Duffy, the former mayor of Rochester, said the Glazers "possessed two of the brightest minds in business."

Air traffic controllers were last able to contact the pilot of the Glazers' plane at 10 a.m., about 75 minutes after it took off from the Greater Rochester International Airport.

U.S. fighter pilots sent to shadow the plane saw its windows frosting over and the pilot slumped over but breathing. One of the fighter pilots speculated that the Socata pilot was suffering from hypoxia, or oxygen deprivation.

Cases of unresponsive pilots are unusual and often attributed to insufficient cabin pressurization that causes the pilot to pass out, aviation safety expert John Goglia said. A 1999 Learjet crash that killed professional golfer Payne Stewart and five others was attributed to cabin depressurized that caused all aboard to lose consciousness.

Harold Samoff, the lawyer who recruited Glazer to real estate in 1970, said his friend was a "man of many, many, many skills" who had an interest in "practically everything."

"Once he got involved, he knew it," Samoff said.

Glazer and Samoff started with a small apartment building, around the start of the city's long economic decline, and went on to acquire and revitalize more and bigger properties on the periphery of the city's core, reasoning that "just like blight can spread, improvement can spread, also," Samoff said.

"His contribution is actually incalculable because a lot of other people didn't step up" to refurbish buildings as early as he did, Samoff said.

Glazer was also generous with advice to others just starting out, Zimmer-Meyer said. She said she received a call last week from a young real estate entrepreneur who mentioned that Glazer had helped her.

"The one good thing is that he's left an unbelievable legacy," Zimmer-Meyer said. "The difficult thing is that he's gone."

____

Associated Press writer Jennifer Peltz reported from New York.


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Spotify bows first video ads, with 'takeover' spots from Universal and others

Spotify has found a new way to interrupt your streaming-music playlist.

The service unveiled its first video-ad products -- for both desktops and mobile devices -- with worldwide launch partners NBCUniversal's Universal Pictures, Coca-Cola, Ford and McDonald's. The video ads will be served to the 30-plus million users of Spotify's free service (subscribers of the premium versions will not see the spots). In the U.S., Spotify video-ad launch partners are Kraft Foods, Target and Wells Fargo.

"We like to be the first to try new products and Spotify Video Ads provide a great new way to connect with this valuable audience on desktop and mobile," said Lindsay Dye, director of digital media for Universal.

The two formats are: Video Takeover ads, which appear in the desktop Spotify app during regular ad breaks and are only played if the client is in view; and Sponsored Sessions, which lets marketers play 15- and 30-second spots within 30-minute ad-free mobile sessions.

According to Spotify, users spend an average of 84 minutes per user per day on the service streaming. Among those who use the service across multiple devices, the average is 146 minutes daily. "Our audience is incredibly engaged so we are delivering an advertising experience that enhances their time spent on Spotify and connects them to the music and brands they love," Spotify chief biz offer Jeff Levick said in a statement.

Watch Spotify's promotional video touting the new video ads:

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC


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Hertz Chairman and CEO Frissora steps down

NEW YORK — Hertz Chairman and CEO Mark Frissora has stepped down from his posts for personal reasons. He had had served as CEO since January 2007.

The car rental company said Monday that Brian P. MacDonald, president and CEO of Hertz Equipment Rental Corp., will serve as interim CEO of Hertz Global Holdings Inc. MacDonald has served as president and CEO of Hertz Equipment Rental since June.

Hertz, based in Park Ridge, New Jersey, said that it has started the search process for a permanent CEO.

MacDonald has led turnarounds at companies including Sunoco Inc. and Isuzu Motors Ltd.

Hertz in in the process of trying to turn its business around. In June, the company said it needed to review and correct financial statements from the last three years because of accounting errors. It has delayed its second-quarter filing as a result.

In late August Hertz withdrew its guidance for 2014, saying it would come up far short of expectations. That same month it was disclosed that activist investor Carl Icahn had taken an 8.5 percent stake in the company.

Hertz said Monday that it is still committed to the planned separation of its equipment rental business into a separate, publicly traded company and expanding its off-airport rental business, among other initiatives.

Independent lead director Linda Fayne Levinson has also been named independent non-executive chair of the board. She's been a Hertz board member since 2012.

Hertz's stock rose almost 5 percent, or $1.39, to $29.85 shortly before the opening bell Monday.


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Owner vents as Grand Caravan won̢۪t take refueling

Written By Unknown on Minggu, 07 September 2014 | 20.25

My wife's 2005 Dodge Grand Caravan will not let us add gas to it. At best, I need to fill it painfully slowly. I have a feeling it has to do with the EVAP system. The dealer said it would be $400 to fix. It sounds like the vapor venting is restricted. Is it possible to damage the charcoal filter by putting in too much gas?

It is possible to fill the charcoal canister with fuel by regularly overfilling the tank. It's called "fuel packing" and involves continuing to add fuel after the automatic shutoff has clicked on the nozzle. Doing this at a half-dozen fill-ups or so can eventually fill the vapor separator and force liquid fuel into the canister, which is designed to capture and store fuel vapors until the engine is started and they are drawn into the induction system and burned.

The problem with difficult refueling is a different issue. My Alldata automotive database pulled up Chrysler service bulletin 14-001-09 REV.A dated September 2009, outlining the possible causes and repairs for this issue. In brief, on certain models fitted with a "saddle"-style fuel tank, it recommends idling the engine for a minute or so to allow the fuel transfer pump to move fuel to the left side of the tank, opening space for refilling the right side.

The specific components to test are the vapor recirculating tube, fuel filler tube, fuel tank or components related to the evap control valve or the canister itself.

If I do a fast takeoff from a stop in my 2005 Buick LeSabre, the transmission clunks hard shifting through all gears. If I stop and shut the car off and do a normal takeoff, it is fine and won't do it again until I do a quick takeoff. What do you think?

Has the "Service engine soon" light ever come on in relationship to the hard shifting? If not, I suspect debris in the valve body is the issue. Under hard acceleration, the TCM — transmission control module — will command higher hydraulic pressure to ensure solid, non-slipping shifts. As this occurs, debris in the valve body may be causing a valve or accumulator to stick. Try adding a half-can of SeaFoam Trans-Tune to the transmission fluid and drive the vehicle for a week or so to see if it helps clean the valve body.

I'd also suggest stopping by a parts store that offers free DTC code scanning to see if any specific fault codes are stored in memory.

I purchased a 2001 Jeep Cherokee Sport 4.0 with 77,000 miles for my newly licensed son. The "Check engine" light is constantly blinking due to a misfire in the No. 5 cylinder. I replaced the coil pack, installed new plugs, installed rebuilt fuel injectors, sprayed SeaFoam into the air intake and "drove it like I stole it" to attempt to blow out any carbon build-up. I've heard other possibilities such as the fuel filter, crankshaft position sensor, camshaft position sensor or a stuck valve. Any suggestions would be greatly appreciated.

Since the misfire is specific to the No. 5 cylinder, at this point I'd focus on the mechanical health of that cylinder. Low compression due to worn/broken rings, burnt/bent/stuck valves, worn cam lobes or an intake manifold vacuum leak could cause this misfire.

Start with a simple compression test. If it shows normal compression, then do a cylinder leakdown test. If leakdown is normal, try a running compression test. This involves removing the Schrader valve from the compression tester before installing it in the No. 5 cylinder, then starting the engine and monitoring the compression. If it begins to drop as the engine runs, not enough air is entering the cylinder, which could be caused by a worn cam lobe or a valve that's not properly opening.

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


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Job growth hits yearly low

The nation's job growth last month slipped to its lowest level of the year, as fewer people sought work and the food industry took a hit from the Market Basket dispute.

Employers added 142,000 jobs in August, according to the Bureau of Labor Statistics — less than the 225,000 economists had expected and well below the 212,000 average of the previous 12 months. Job numbers from June and July were also revised downward by 28,000.

And while the unemployment rate fell to 6.1 percent from 6.2 percent, that was because more people without jobs stopped looking for one.

"The fact that the labor force shrank in August is not particularly good," said Doug Handler, chief U.S. economist for IHS Global Insight. "We need the labor force to grow to continue to drive growth."

Handler said it is difficult to say what is behind the decline in the labor force.

"Some of it could just be flat-out discouragement," he said.

Eric Rosengren, president of the Boston Federal Reserve, called the report "disappointing" in a speech yesterday, pointing out that while 7.3 million people are considered employed, many of them are part-timers who are unable to find full-time work.

The food and beverage industry lost 17,000 jobs last month, a decline attributed at least in part to part-timers at Market Basket whose hours were eliminated as worker protests calling for the reinstatement of CEO Arthur T. Demoulas brought the grocery chain's business to a virtual standstill.

Those jobs will show up in the employment report for September as new jobs.

Still, economists noted month-to-month volatility in job numbers is not unusual, and other indicators point to an improving economy.

"It's still one month," said Robert Murphy, a Boston College economics professor. "We need to see what might happen over the rest of the year."


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Casino panel will put conditions on license

The state Gaming Commission, which is set to begin its deliberations tomorrow on the coveted Boston-area casino license, will give Mohegan Sun and Wynn Resorts a chance to influence the conditions of their potential license — including in Wynn's case how much money should go to Boston — before deciding who gets it.

"It's important for the applicants to understand the conditions, what the award of a license means, and for us to understand that they understand and are willing to agree by those conditions if we issue the license," commissioner James McHugh said.

The approach is a departure from how the panel handled the awarding of the state's lone slots parlor license in February. In that case, only the winning applicant, Penn National, was presented with license conditions, to which it agreed. The conditions were mostly that Penn submit a series of compliance reports within a certain timeframe.

McHugh said the commission is taking a different approach because the conditions of a Boston-area license will be more involved than in the slots debate.

"The conditions in those cases were not complex conditions," McHugh said. "These may be, and it's important to give them time to look at them, and it's important for us to understand whether they're prepared to accept those conditions before we make the final determination."

Applicants will likely be presented with license conditions in the middle of this week and given an undetermined amount of time to respond. Mohegan did not respond to a request for comment. Wynn spokesman Michael Weaver said the company is "comfortable and will follow whatever process the commission sets."

In Wynn's case, the commission will dictate in its conditions what payments the developer must make to Boston to mitigate traffic and other impacts its Everett casino would have on Charlestown. Boston Mayor Martin J. Walsh ceded the decision to the commission after he claimed Wynn withheld key documents about its plan. Walsh cut a deal with Mohegan that would pay the city a minimum of 
$18 million a year.

John Ribeiro, chairman of the Repeal the Casino Deal campaign, which is working to overturn the state's casino law in November, said giving applicants a say in their own license conditions is inappropriate.

"It's getting harder and harder to tell the difference between the casino industry and the casino regulators," Ribeiro said. "They are doing everything within their power to make it easier for the casino operators."

McHugh said it remains to be seen what steps would be taken if applicants object to proposed conditions.

"They tell us that they're not comfortable and we talk about it among ourselves in public, and we talk about it, perhaps with them, in public, and we come to some conclusion as to what the consequences ought to be," McHugh said. "Maybe a modification, maybe a change, maybe an improvement, maybe something else."

Commissioners have been studying different components of Mohegan and Wynn's applications for months and will present their findings next week. The commission set Friday as the date for awarding the casino license, but McHugh said the decision will likely take longer.


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Roslindale to get 43 new housing units

Officials broke ground yesterday on a Roslindale development that will transform an MBTA substation vacant for more than 40 years and add middle-class housing, a project Mayor Martin J. Walsh said offers an affordable alternative to the explosion of luxury housing in Boston.

"This is an exciting project for the city, an exciting project for Roslindale," Walsh said yesterday after the groundbreaking for The Parkside on Adams. "Here's an opportunity for 43 units in neighborhoods that can help sustain a community. It's certainly a big part of the answer."

The Parkside on Adams will include those 43 housing studio, one-bedroom and two-bedroom units at the site of the former F.J. Higgins Funeral Home and the long-vacant and unused MBTA substation on Washington Street will be restored and house a 120-seat restaurant on its ground floor.

"It's going to be a wonderful, transforming event for our neighborhood," said Steve Gag, president of Roslindale Village Main Streets.

Walsh said the $15 million project, which is across the street from Adams Park, will help complete the redevelopment of the area.

"This is really one of the last pieces," Walsh said.

The substation, built in 1911, was used to power some of Boston's first streetcars.

Gag said the development will bring Roslindale full circle.

"This really gave birth to Roslindale, this building did, because it allowed those streetcars to bring people to work," he said. "This is all about transformations."

Matt Kiefer, president of Historic Boston Inc., a nonprofit focused on restoring and preserving historic buildings, said the substation will turn into a neighborhood highlight.

"You sometimes find treasure in unexpected places," he said. "An electric power substation is not necessarily the first thing that would come to your mind as something that might have a role in improving a community."

Soon, the windows covered with bricks and wooden boards will be open again.

One part of the substation that will not be restored is the fading mural on the side of the building. Jim Higgins, who painted the mural in the '70s, said the redevelopment will do the same thing he had hoped to do 40 years ago.

"When I did the mural, it was to make it a nicer space," Higgins said. "I think this is a logical progression of that."

The substation was added to the National Register of Historic Places in 2013, a designation that made the building eligible for state and federal tax credits for its rehabilitation.


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Toronto: Indiegogo pacts with Canadian Film Centre

Indiegogo and the Canadian Film Centre -- the country's premiere accelerator of professional film, TV, acting, music, and digital media talent -- have struck a new partnership that will see CFC residents and alumni (which number over 1,600) gain access to one-on-one support and discounted platform fees with Indiegogo.

The pact will be announced today (Sunday) at the CFC's annual BBQ Fundraiser, held at its headquarters on Toronto's historic Windfields Estate.

Since its 2008 launch, Indiegogo has since strong growth in Canada, with a 50% increase in funds raised in Canada over the past year. Earlier this year, the crowdfunding platform made similar partnerships with the Documentary Organization of Canada, and Toronto-based website Twitch Film.

CFC producer alum Jordan Walker and director Jeremy LaLonde's "How To Plan an Orgy in a Small Town" is the first film under the partnership, and follows on the heels of Lalonde's 2012 Indiegogo success with his first feature, "Sex After Kids," which raised CAN$61,057, exceeding its $50,000 goal. "Orgy" has a Sept. 13 close date, and has already exceeded its $70,000 goal.

"I'm in awe of the creativity coming from our Canadian filmmakers," said Indiegogo's Canadian film lead. "Our collaborations with leading film organizations like the CFC and DOC are part of our ongoing commitment to support emerging talent, and the Canadian industry as a whole."

© 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC


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