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Stocks mostly turn lower after gains in Asia

Written By Unknown on Senin, 23 Maret 2015 | 20.25

LONDON — European stocks fell and Wall Street was set for a modest open on Monday despite gains in Asian markets overnight.

KEEPING SCORE: In early trading, Germany's DAX lost 1.1 percent to 11,901.03 points and France's CAC 40 shed 0.8 percent to 5,048.05. Britain's FTSE 100 was down 0.1 percent at 7,014.63. On Wall Street, the futures for the Standard & Poor's 500 and Dow were both flat after both indexes rose On Friday.

GREECE FOCUS: In Europe, traders were looking to a meeting on Monday between the leaders of Greece and key creditor Germany for signs of progress in Greece's debt negotiations. The country is in talks with its European rescue lenders on what reforms it must make to be eligible to receive more loans. Although Greece faces a cash crunch in coming weeks, the talks have been slow and investors are hoping that the meeting between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel can get them moving.

ASIA'S DAY: The Shanghai Composite Index rose 2 percent to 3,687.73 points and Tokyo's Nikkei 225 gained 1 percent to 19,754.36. Hong Kong's Hang Seng added 0.5 percent to 25,494.51. Benchmarks in Taipei, New Zealand and Singapore rose. Seoul's Kospi was unchanged at 2,036.59. India's Sensex shed 0.2 percent to 28,209.71, and Sydney and Bangkok also declined.

U.S. OPTIMISM: Investors will be looking at whether U.S. stocks can extend a strong run from last week, when they were boosted by a rebound in oil prices and earnings from Olive Garden owner Darden Restaurants and sportswear giant Nike. That came after the Federal Reserve implied at the end of its two-day meeting Wednesday that it was in no hurry to hike rates with U.S. economic growth and inflation low.

THE QUOTE: "On current statements, no central bank in the developed world is going to raise rates before June. In fact, the market believes no central bank will lift rates before September," Evan Lucas of IG Markets said in a report.

ENERGY: Benchmark U.S. crude shed 41 cents to $46.16 per barrel in electronic trading on the New York Mercantile Exchange. The contract soared $1.04 on Friday to close at $46.57.

CURRENCY: The dollar fell to 119.80 yen from Friday's 120.03 yen. The euro rose to $1.0898 from $1.0820.


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Researcher is making a splash

Northeastern University could help develop the first underwater smartphone or wireless router after luring a highly cited researcher who is pioneering subaquatic Wi-Fi.

Tommaso Melodia, 38, came to Northeastern in August from SUNY Buffalo and brought with him his research and his lab — which sent the first underwater tweet a few years ago.

Less than a year into his stint at Northeastern, Melodia has already won a $300,000 grant from the National Science Foundation to expand his research, this time focusing on the possibility of real-time underwater video streaming.

In layman's terms, his technology allows for bits of data to be transmitted over acoustic waves. In historical terms, this is the newest frontier in the transmission of information — like what we were trying to do with wires 50 years ago. It was a matter of carefully modifying frequencies and amplitudes to get the most efficient transmissions. Melodia is working on ways to adapt data to transmit through sound waves in water — similar process, different medium.

The consequences are far-reaching, from unlocking mysteries of the ocean to enabling scuba divers and submarines to communicate via Wi-Fi.

"This technology enables you to have a signal on a boat saying this is the location on the scuba diver, to enable voice communications amongst divers and monitor underwater activities of small submarines smuggling illegal substances," said Melodia, associate professor in the department of electrical and computer engineering, and head of the Wireless Networks and Embedded Systems Lab (WiNES Lab).

"There are lots of environmental implications — you can monitor level of pollution and send warnings to the authorities, or even tweet directly to authorities."

Melodia's research progressed last year to allow the first files to be wirelessly uploaded to the Internet under water. He envisions these developments making search and rescue missions easier, especially when it comes to locating missing planes, and enabling an entirely new industry of underwater, Wi-Fi-enabled robotics.

"Having a better understanding of underwater acoustic propagation helps us make better devices to produce the pings of a black box," he said.

Sending data across water has another interesting application: the human body. The next phase of Melodia's work at Northeastern will likely encompass intra-body networks: the kind of Wi-Fi communication that would allow tiny implanted medical devices to detect and treat ailments in real time. The human body is made of 60 percent water, so it's not a leap to think that underwater Wi-Fi may soon change not just how we communicate, but how long we live as well.


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Buckle up for the innovative Swash

Swash ($499, BestBuy.com & Swash.com)

Not quite a washing machine, and not quite a dry cleaner, Swash is a new product category: a device that claims to extend the life of your clothes by cutting down on the number of wash-and-dry cycles and more or less replacing your iron altogether.

The good: This clever 53-inch clothes refresher from Whirlpool smooths and steam cleans your clothes in a 10- or 15-minute cycle. Retractable tension clips secure the shape of your clothes just so. I was even able to reshape some previously shrunken wool sweaters with the Swash.

The bad: Keep in mind that this thing weighs 80 pounds and is rather tall. Detergent "pods" are sold separately, with the going price about $7 for a 12-pack. And for heavily soiled clothes, you'll still need a conventional washer.

The bottom line: You never knew you needed a Swash. But if you're keeping your local dry cleaner busy, this will save you time and possibly cash.


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Plainville slots parlor scheduled to open June 24

PLAINVILLE, Mass. — The first gambling facility authorized under the state's 4-year old casino legislation is scheduled to open June 24.

Officials at the Plainridge Park Casino say their facility that features 1,250 slot machines will open on that date.

The harness racing track has been undergoing a $125 million in renovations to become the first legal casino-style gambling facility in Massachusetts. The facility will not offer table games. State law allows for up to three full service casinos. Two have been approved, in Springfield and Everett.

Officials from Penn National Gaming, the owners of Plainridge, say the facility will also offer dining and entertainment at nine restaurants, retail space and a parking garage. Harness racing will continue.

Penn National officials say they will hire 500 employees.


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Biogen Idec shortens its name to Biogen

NEW YORK — Biogen Idec Inc. is shortening its name to just Biogen as of Monday.

The biotechnology company is also introducing a new corporate logo. But it will maintain "BIIB" as its ticker symbol.

It said the moves reflects both its evolution and focus on bringing forth new therapies in areas of high unmet need while honoring its legacy as a pioneer in the biotechnology industry.

The company was created 12 years ago through the merger of Biogen with IDEC Pharmaceuticals and has since focused on three core areas, including neurology, immunology and hematology.

The rebranding is in conjunction with the company's move to expand its focus on underserved conditions, including neurodegenerative diseases.

Biogen, based in Cambridge, Massachusetts, makes blockbuster multiple sclerosis treatments Avonex and Tecfidera, with $3.1 billion and $2.9 billion in revenue in 2014, respectively. It also makes the multiple sclerosis drug Tysabri, which had revenue of $2 billion in 2014. Other key treatments include a partnership with Genentech on the non-Hodgkin's lymphoma treatment Rituxan.

Its pipeline of potential treatments includes daclizumab and natalizumab, aimed at types of multiple sclerosis and obinutuzumab, aimed at treating lymphomas. The company has already said it plans to develop six biosimilar drugs, which are cheaper versions of older biotech drugs with expired patents.

Last week, the company lit up the market with early, but positive study data from a potential Alzheimer's disease drug.

Its shares retreated $7.78, or 1.6 percent, to $468.20 in premarket trading Monday about an hour ahead of the market open.


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Fed rate hike to have big impact

Written By Unknown on Minggu, 22 Maret 2015 | 20.25

When the Federal Reserve finally raises interest rates, the ripple effect will hit everything from business investment to consumer borrowing, but that doesn't make it the wrong move, experts say.

"Short-term interest rates are going to go up, and that's going to affect a lot of things in the credit markets," said Paul Edelstein, director of financial economics for IHS Global Insight. "The Fed is going to make it more expensive to borrow."

Fed Chair Janet Yellen, has taken pains to be cautious, but the central bank last week gave signals that it will move slowly this year toward its first interest-rate increase since December 2008, when the economy was mired in the Great Recession and financial crisis.

One of the first and most notable ripple effects when the Fed raises rates will likely be on stock prices.

"When interest rates do go up, it is normal for that to have an effect on stock and bond markets," said Jeff Frankel, a professor at Harvard University and director of the Program in International Finance and Macroeconomics at the National Bureau of Economic Research.

The initial market reaction would likely be just a blip, but higher interest rates could lead to more volatile stock prices.

"Keeping interest rates so low for six years is part of what has sustained the rallies," he said.

Higher interest rates will spread to other loans, including mortgages, and eventually to credit cards as banks pass on higher borrowing costs to customers.

"If you want to borrow to buy a home, it's going to get more expensive," Edelstein said.

At the same time, it will become more lucrative to save, Edelstein said, as rising interest rates usually increase the yields on savings accounts.

For businesses, more expensive loans could take a bite out of investment plans.

"The more they have to spend to borrow money, the less they have to spend on other things," said David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, "and the less they'll have to spend on big capital expenses like factories."

The effects of raising interest rates may seem largely negative, but it is important to return to normal levels, analysts say.

"It's really, really unusual for interest rates to be at zero for more than six years," Wessel said. "Interest rates were cut to zero when things were really screwed up."

The Fed has said it will only raise rates when the labor market improves and it is absolutely sure the economy can weather the storm.

"No one likes to spoil a party," Frankel said, "but you do it because you think it's necessary to keep the economy on the long term."


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Some slow to embrace FASTR

A new Congressional bill that would improve public access to the roughly $60 billion in research the federal government funds each year is drawing praise from researchers who say it will accelerate innovation, and criticism from some publishers who fear it will undermine their financial model.

The Fair Access to Science and Technology Research Act would require each federally funded researcher to submit an electronic copy of the final text of their peer-
reviewed work and ensure that manuscript is available free online within six months.

"We are supportive of any initiative that increases transparency and collaboration, and creates widespread access to the amazing work of our biomedical researchers," said Dr. Paul J. Anderson, chief academic officer and senior vice president of research at Brigham and Women's Hospital. "The FASTR Act has the potential to speed the pace of innovation, a goal that we are all focused on, as we work to translate our research breakthroughs to clinical therapies for the ultimate benefit of our patients."

Harry Orf, senior vice president for research at Massachusetts General Hospital, said MGH also supports full disclosure of peer-reviewed research.

Currently, federally funded study results are reported to the National Institutes of Health and submitted within a year of publication to PubMed Central, a freely accessible government database.
Orf's one concern is that any additional requirements the FASTR Act entails be handled through that system to prevent "increased bureaucratic burden" on researchers.

"Researchers with a final manuscript like as many people as possible to see it," said Dr. Roger K. Pitman, a psychiatrist at MGH and professor of psychiatry at Harvard Medical School. "The issue here is more one of interaction between the federal government and journals."

Opponents to the FASTR Act include the Association of American Publishers, whose president and CEO said the bill "undermines our scientific publishing system, prioritizing simplicity over sustainability."
"The bills' short, inflexible 6- and 12-month embargoes will damage the financial viability of many scholarly journals and weaken the quality and integrity of the system, including the vital peer review process," said Tom Allen. "A goal of free public access to the world must not be allowed to eliminate the financial incentives for scholarly publishers to invest in bringing cutting-edge research to public attention."

But Heather Joseph, executive director of the Scholarly Publishing and Academic Resources Coalition, said, "Being able to provide access to this layer of information is at the core of our mission."


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Techies snatching up more real estate in Southern California

LOS ANGELES — Internet moguls like Amazon's Jeff Bezos aren't the only techies snatching up real estate in Southern California.

While the mega rich from Silicon Valley have made headlines for their purchases of extravagant Los Angeles homes, the city has become increasingly appealing to a trove of angel investors and startup entrepreneurs as well.

The new buyers are drawn to the city for a mix of personal, financial and work-related reasons, the Los Angeles Times reports (http://lat.ms/1BYdMWD ). Los Angeles offers a growing tech scene, warmer weather and more space for less money.

"We've seen an uptick in buyers from the technology industry over the last several years — some moving to Los Angeles and some buying second homes here, as a kind of peaceful retreat," Charles Black, executive vice president of marketing and strategic development at Hilton & Hyland, told the Times.

The Los Angeles-Long Beach region broke into the top five metro areas by venture capital investment for the first time in 2014. There were 171 deals totaling $2.05 billion, according to National Venture Capital Association.

Some of the most high profile purchases in recent years include Bezos' $24.5 million Beverly Hills compound. Sean Parker, co-founder of Napster and an early leader at Facebook, purchased Ellen DeGeneres' Holmby Hills mansion for $55 million. Swedish tech billionaire Markus Persson, the creator of "Minecraft," topped them both when he spent $70 million for a Beverly Hills mansion fitted with a $200,000 candy room.

But the purchases of the uber rich only tell half the tale.

Entrepreneur and investor Justin Yoshimura, 25, is one example: While he primarily lives in San Francisco, he recently purchased a $2.04 million three-bedroom, three-bath home in Santa Monica that he now spends weekends in.

"Compared to San Francisco in particular, it's very cheap," he told the newspaper. "I have a yard with a pool and a beautiful home for less than what I would pay for an equivalent-sized condo in San Francisco."

Real estate agent Tami Pardee says tech buyers from Silicon Valley make up about 10 percent of her current clients. Their budget, even at a smaller scale, is high: anywhere from $2 million to $5 million for a home.

"They're buying second homes — or third or fourth homes," she said. "We're seeing it a lot."


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Icy return of boats not all its quacked up to be

The launch of the duck boats is a rite of spring, but this year even the amphibious vehicles have fallen victim to the unseasonably cold and snowy winter.

Boston Duck Tours will begin its 21st season today, but with some special measures to avoid frozen feathers. The duck boats will either not go in the water at all or make an abbreviated swim thanks to ice still clogging the Charles River.

"Any time you go in the water with ice, it's not a good idea. The Titanic is a good example," said Bob Schwartz, a spokesman for Boston Duck Tours. "It would just not be the safe thing."

The land-water tour company actually pushed back its opening date this year to try to avoid an iced-over Charles, but it wasn't enough of a delay, Schwartz said.

The average temperature in February was more than 12 degrees colder than normal, according to the National Weather Service, and March temperatures have been below normal too.

Duck Tours will be 50 percent off until the amphibious vehicles can make the full water run, which usually lasts around 20 minutes, Schwartz said. For now, if the duck boats take a dip at all, it will last around 10 minutes. If the water is not frozen where the duck boats splash in, the vehicles will make the trip around the mouth of the Charles, but not up the river.

Schwartz said not going in the water will be tough for riders.

"It's such a big draw, that's who we are," he said. "It's the thing that people really want to experience when they come."


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On 5th anniversary of health care law, no end to debate

WASHINGTON — When President Barack Obama signed the Affordable Care Act five years ago, he visualized a time when the political hyperbole would be silenced and ordinary people would see that the health care law improved their lives.

The White House ceremony on March 23, 2010, was an applause-filled celebration. "When I sign this bill," Obama said, "all of the overheated rhetoric over reform will finally confront the reality of reform."

But the polemic around "Obamacare" hasn't cooled much, and the permanence of the president's achievement remains in question as the nation awaits the outcome of a Supreme Court case that could jeopardize insurance for nearly 8 million people.

Here's a look at the health care law, then and now:

___

Then: 49.9 million people were uninsured in 2010, according to the Census Bureau.

Now: That's down significantly, to somewhere between 30 million and 40 million people.

The administration recently estimated that 16.4 million adults have gained insurance since the law's coverage provisions took effect.

Measuring differently, data from a large daily survey called the Gallup-Healthways Well-Being Index suggests a more modest impact: The uninsured rate dropped from 16.3 percent in early 2010 to 12.3 percent this year among adults 18-64, which translates to about 9.7 million fewer uninsured.

But the law's precise impact may not be clear for a few years, partly because census surveys take time.

___

Then: Insurers could deny coverage to people with health conditions or charge them higher premiums.

Now: Insurers can't ask about someone's medical history. But they can charge smokers more.

___

Then: Health insurance was available to most people, but the government didn't require them to have it.

Now: The law requires nearly all Americans to have coverage, either through an employer, a government program or by buying their own policies. The uninsured risk IRS fines.

___

Then: In April 2010, 46 percent had a favorable view of the law, while 40 percent had an unfavorable opinion, according to the Kaiser Family Foundation tracking poll.

Now: Naysayers have an edge. Forty-three percent have an unfavorable opinion, while 41 percent have a favorable view, according to Kaiser's latest poll.

About 3 in 5 said the law has had no impact on their family. The rest are divided almost equally between the 19 percent who said they were helped and the 22 percent who said they have been hurt.

___

Then: Democrats ran both chambers of Congress. Nancy Pelosi was speaker of the House and Harry Reid was Senate majority leader.

Now: Republicans are back in charge after Democratic losses in the 2010 and 2014 midterm elections. Opposition to "Obamacare" was a motivator for conservative voters. Pelosi and Reid are minority leaders in their respective chambers.

___

Then: Losing health insurance was a rite of passage for young adults; insurers routinely dropped them from parental coverage.

Now: Young adults can remain on a parent's plan until they turn 26, whether or not they are students.

___

Then: People who bought their own health insurance had to pay the full cost — making it unaffordable for many.

Now: Insurance exchanges like HealthCare.gov offer subsidized coverage.

___

Then: The final legislation cut a provision that would have authorized Medicare to pay doctors for counseling patients about what kind of care they would want in the last stages of a serious illness.

Former GOP vice presidential candidate Sarah Palin asserted that would lead to "death panels." Palin's accusation was widely debunked, but not before it created a furor.

Now: Medicare is considering a regulation to allow payment for end-of-life counseling and has asked for public comment. Such counseling would be voluntary, and the idea has wide support in the medical community.

___

Then: At a rally near Cleveland days before the bill passed in 2010, Obama claimed employers would see premiums plummet, "which means they could give you a raise."

That year, annual premiums for employer-sponsored insurance averaged $5,049 for employee-only coverage and $13,770 for a family plan, according to the Kaiser Family Foundation's employer survey.

Now: Premiums for job-based insurance have gone up.

They averaged $6,025 for employee-only coverage in 2014, the most recent year available from Kaiser. Family coverage averaged $16,834. The employee share also went up.

Supporters of the law say premiums have risen more slowly than would have otherwise been the case.

But employers have kept shifting costs to workers. The average annual deductible for single coverage was $1,217 in 2014, up from $917 in 2010.

___

Then: The 2010 Medicare trustees report estimated that spending cuts and tax increases in the health care law would extend the life of the program's giant hospital trust fund to 2029. Before, it was expected to run out in 2017.

Now: The 2014 Medicare trustees report estimated that the trust fund will be exhausted in 2030. Slowing medical inflation has helped Medicare, even as baby boomers reaching age 65 are flocking to enroll.

The health care law's cuts haven't had the dire consequences that many seniors feared. Congress has passed even more spending reductions since 2010.

Medicare's long-term future remains uncertain.

___

Then: Even before Obama signed the law, conservatives were preparing a constitutional challenge to its requirement that individuals carry health insurance. A divided Supreme Court upheld the mandate in 2012, ruling that the penalty for not complying works like a tax. However, the court gave states the option to reject the law's Medicaid expansion.

Now: A decision in the latest case brought by opponents is expected in late June.


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