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Mick Jagger love letters sell for $300,000

Written By Unknown on Rabu, 12 Desember 2012 | 23.14

LONDON — Jumpin' Jack Flash! A batch of love letters written by Mick Jagger to a 1960s muse have sold at auction for 187,250 pounds ($301,472).

Sotheby's says a private collector bidding by phone on Wednesday snapped up the Rolling Stones frontman's 10 letters to singer Marsha Hunt.

Hunt is an American-born singer who was the inspiration for the Stones' 1971 hit "Brown Sugar" and bore Jagger's first child.

The letters, touching on everything from the moon landing to John Lennon and Yoko Ono, were written in 1969 from the Australian set of Jagger's film "Ned Kelly."

They had been expected to fetch between 70,000 pounds and 100,000 pounds ($113,000 and $161,000).

Sotheby's books specialist Gabriel Heaton said the letters reveal "a poetic and self-aware 25-year-old with wide-ranging intellectual and artistic interests."

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Honda recalls more than 800,000 minivans and SUVs

DETROIT — Honda is recalling more than 870,000 minivans and SUVs worldwide because they can roll away even though drivers have removed the keys from the ignition.

The recall announced Wednesday affects older-model vehicles sold mainly in the United States. They were big sellers with families because of their ample space and reputation for quality.

Here are details of the recall:

MODELS AFFECTED: 347,000 Honda Odyssey minivans and 277,000 Pilot SUVs from the 2003 and 2004 model years. Also 247,000 Acura MDX SUVs from the 2003 through 2006 period. All have automatic transmissions. More than 807,000 were sold in the U.S.

THE PROBLEM: The mechanism that locks the key in the ignition while the vehicles are in gear can wear out. When that happens, drivers of the vans and SUVs are able to remove keys without shifting into park. Some have left the vehicles, which have rolled off unexpectedly while in gear. The U.S. safety regulators began investigating the problem in October after owners filed 43 complaints with the National Highway Traffic Safety Administration. Owners reported 16 crashes due to the problem.

INJURIES:

Two people were hurt in the crashes, according to NHTSA's database. In the most serious case, the driver reported a broken leg after being run over by a 2003 Odyssey. The driver parked the van in a sloped driveway and after leaving the Honda, the van started to roll backward. The driver tripped while trying to stop the van. "I had an open fracture of my fibula (lower leg bone) and crush injuries on my shin area," the driver reported. NHTSA does not identify drivers who file complaints.

THE FIX: Dealers will repair the ignition interlock system free of charge. Owners will get notices starting in February.

OTHER PROBLEMS: NHTSA also is investigating brake problems with the 2005 Pilot. The probe covers nearly 88,000 SUVs. The brakes can come on without drivers stepping on the pedal. There's no fix yet, but investigators are looking at problems with a computer-controlled system that stops the vehicle as fast as possible in emergency situations. Honda says it's cooperating. Investigators will determine if the problem is bad enough for Honda to recall the SUVs.

The 2003 Pilot was recalled in March because the low-beam headlights can fail.

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Indy to replace entire fleet with electric, hybrid

INDIANAPOLIS — Indianapolis wants to become the first major city to replace its entire fleet with electric and plug-in hybrid vehicles in a move the mayor says is designed to reduce U.S. reliance on foreign-produced fuels, city officials said Tuesday.

Mayor Greg Ballard signed an executive order Tuesday mandating the city to replace its current sedans with electric vehicles. The city will also work with the private sector to phase in snow plows, fire trucks and other heavy vehicles that run on compressed natural gas, and it will ask automakers to develop a plug-in hybrid police car as one doesn't yet exist.

The city hopes to complete the switch by 2025.

Ballard, a retired Marine officer, hopes that in making the switch, Indianapolis will help the country reduce its dependence on foreign oil. City spokesman Marc Lotter said the mayor considers it an issue of national security.

"The United States' current transportation energy model, driven by oil, exacts an enormous cost financially and in terms of strategic leverage," Ballard, a retired Marine Officer and Gulf War veteran, said in a statement. "Our oil dependence in some cases places the fruits of our labor into the hands of dictators united against the people of the United States."

The city fleet includes 500 non-police vehicles, and the police car switch alone has the potential to save taxpayers $10 million a year in fuel costs, the statement from the mayor's office said.

Lotter did not provide an estimate on the cost of the change. The new vehicles will be purchased as older vehicles are retired. He said the city buys about 50 non-police vehicles every year.

"We are negotiating with the automakers and several international capital fleet firms to get the best deal possible for taxpayers," Lotter said.

City officials and the U.S. Conference of Mayors have researched the issue and found that no other major U.S. city has announced it will convert its entire fleet.

"From everything we know, we are the first city in the nation to take this step," Lotter said.

The Indianapolis area already has 200 charging stations, and Lotter said the city is working with private companies to develop more.

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Stocks move higher on anticipation of Fed action

NEW YORK — Stocks are opening higher on Wall Street as investors await news on whether the Federal Reserve will announce more bond purchases to stimulate the U.S. economy.

The Dow Jones industrial average is up 40 points at 13,287 shortly after the opening bell Wednesday. The Dow has risen for the past five days.

The Standard & Poor's 500 index rose four points to 1,432. The Nasdaq composite rose nine points to 3,031.

The Fed is widely expected to announce a new bond-buying program to replace one that expires at the end of the year. The Fed wraps up a two-day policy meeting Wednesday.

The Fed has launched three rounds of bond purchases since the financial crisis hit in 2008. They have been credited with shoring up financial markets.

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Lilly plans another study for Alzheimer's drug

INDIANAPOLIS — Eli Lilly and Co. will launch another study of its possible Alzheimer's treatment solanezumab, a move that delays a regulatory decision on a drug that flashed potential to help patients with mild cases of the fatal, mind-robbing disease.

The Indianapolis drugmaker's shares sank Wednesday before markets opened and after it announced that it will conduct the additional, late-stage study of solanezumab in mild cases of Alzheimer's. Lilly hasn't determined details of the study but said it will start no later than next year's third quarter.

In August, Lilly said the intravenous treatment failed to slow memory decline in two late-stage studies of about 1,000 patients each. But scientists saw a statistically significant slowing when they combined trial data. Pooled results found 34 percent less mental decline in mild Alzheimer's patients compared with those on a fake treatment for 18 months.

Researchers also saw a statistically significant result when they examined a subgroup of patients with mild cases of Alzheimer's disease.

Doctors and analysts expected Lilly to conduct another study to confirm the drug's benefit before seeking approval. The additional study could provide data that helps Lilly build a better case with U.S. regulators.

But the new study will likely take at least a few years because researchers will have to measure over time a patient's rate of cognitive decline, which involves the ability remember things.

Drugmakers have tried and failed for years to develop successful treatments for the disease, and patients and doctors are anxious for something that can slow its progression.

Solanezumab binds to beta-amyloid protein, which scientists believe is a key component to sticky plaque that basically gums up the brain of a patient with Alzheimer's disease. The drug is designed to help the body remove the protein from the brain before it can form that plaque.

Current treatments like Pfizer Inc.'s Aricept try to control symptoms of the disease. Analysts have said a treatment that does more than manage symptoms such as memory loss, confusion and agitation could be worth billions of dollars in annual sales. But drugmakers first have to spend a massive amount on testing and clinical development to produce such a drug.

"When you go for the blockbuster, you have to pay for the blockbuster, either in money or time," WBB Securities analyst Steve Brozak said regarding Lilly's announcement.

More than 35 million people worldwide have dementia, a term for brain disorders that affect memory, judgment and other mental functions. Alzheimer's is the most common type. Many Alzheimer's patients typically live four to eight years after diagnosis, as the disease gradually erodes their memory and ability to think or perform simple tasks.

In the United States, 5.4 million people have Alzheimer's, which is the country's sixth-leading cause of death. The number of Alzheimer's patients in the U.S. is expected to jump to 16 million by 2050, and costs for care are expected to skyrocket.

Lilly shares fell 3.4 percent, or $1.70, to $48.90 in premarket trading. But the stock price was still up more than 15 percent since Lilly announced initial study results in August for solanezumab.

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'Dishonored' tops a diverse year in video games

The video game universe in 2012 is a study in extremes.

At one end, you have the old guard striving to produce mass-appeal blockbusters. At the other end, you have a thriving community of independent game developers scrambling to find an audience for their idiosyncratic visions. Can't we all just get along?

Turns out, we can. For while some industry leaders are worried (and not without cause) about "disruptive" trends — social-media games, free-to-play models, the switch from disc-based media to digital delivery — video games are blossoming creatively. This fall, during the height of the pre-holiday game release calendar, I found myself bouncing among games as diverse as the bombastic "Halo 4," the artsy "The Unfinished Swan" and the quick-hit trivia game "SongPop."

Some of my favorite games this year have benefited from both sides working together. The smaller studios get exposure on huge platforms like Xbox Live or the PlayStation Network. The big publishers seem more willing to invite a little quirkiness into their big-budget behemoths. Gamers win.

1. "Dishonored" (Bethesda Softworks, for the Xbox 360, PlayStation 3, PC): Arkane Studios' revenge drama combined a witty plot, crisp gameplay and an uncommonly distinctive milieu, setting a supernaturally gifted assassin loose in a gloriously decadent, steampunk-influenced city.

2. "Mass Effect 3" (Electronic Arts, for the Xbox 360, PlayStation 3, Wii U, PC): No 2012 game was more ambitious than BioWare's sweeping space opera. Yes, the ending was a little bumpy, but the fearless Commander Shepard's last journey across the cosmos provided dozens of thrilling moments.

3. "The Walking Dead" (Telltale Games, for the Xbox 360, PlayStation 3, PC, iOS): This moving adaptation of Robert Kirkman's comics dodged the predictable zombie bloodbath in favor of a finely tuned character study of two survivors: Lee, an escaped convict, and Clementine, the 8-year-old girl he's committed to protect.

4. "Journey" (Thatgamecompany, for the PlayStation 3): A nameless figure trudges across a desert toward a glowing light. Simple enough, but gorgeous visuals, haunting music and the need to communicate, wordlessly, with companions you meet along the way translate into something that's almost profound.

5. "Borderlands 2" (2K Games, for the Xbox 360, PlayStation 3, PC): Gearbox Software's gleeful mash-up of first-person shooting, role-playing and loot-collecting conventions gets bigger and badder, but what stuck with me most were the often hilarious encounters with the damaged citizens of the godforsaken planet Pandora.

6. "XCOM: Enemy Unknown" (2K Games, for the Xbox 360, PlayStation 3, PC): A strategy classic returns, as the forces of Earth fight back against an extraterrestrial invasion. It's a battle of wits rather than reflexes, a stimulating change of pace from the typical alien gorefest.

7. "Fez" (Polytron, for the Xbox 360): A two-dimensional dude named Gomez finds his world has suddenly burst into a third dimension in this gem from indie developer Phil Fish. As Gomez explores, the world of "Fez" continually deepens, opening up mysteries that only the most dedicated players will be able to solve.

8. "Spec Ops: The Line" (2K Games, for the Xbox 360, PlayStation 3, PC): This harrowing tale from German studio Yager Development transplants "Apocalypse Now" to a war-torn Dubai. It's a bracing critique, not just of war but of the rah-rah jingoism of contemporary military shooters.

9. "Assassin's Creed III" (Ubisoft, for the Xbox 360, PlayStation 3, Wii U, PC): A centuries-old conspiracy takes root in Colonial America in this beautifully realized, refreshingly irreverent installment of Ubisoft's alternate history franchise.

10. "ZombiU" (Ubisoft, for the Wii U): The best launch game for Nintendo's new console turns the Wii U's GamePad into an effective tool for finding and hunting down the undead.

Runners-up: "Call of Duty: Black Ops II," "Darksiders II," "Dust: An Elysian Tail," "Far Cry 3," "Halo 4," "Mark of the Ninja," "Need for Speed: Most Wanted," "Paper Mario: Sticker Star," "Papo & Yo," "The Unfinished Swan."

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Europe seeks to make progress on banking union

BRUSSELS — European finance ministers moved closer Wednesday to creating a single supervisor for banks for the 17 countries that use the euro after France and Germany patched up their differences over the issue.

For months, it seemed like an agreement this year was unlikely, but Irish Finance Minister Michael Noonan said a common position between France and Germany represented a big step toward a solution.

"On the basis of that, it looks as if there is at least the basis of an agreement there," Noonan said on the sidelines of a meeting of the European Union's 27 finance ministers. "But you know the way it works — you're never certain until the debate starts."

The continent's two biggest economies disagreed last week on the powers and setup of such a new body, which prompted Wednesday's special meeting on the eve of a summit of EU leaders. The meeting could still see a fight between the countries that use the euro and those that don't — the latter of which are worried about their diminishing power as the eurozone countries grow ever closer in light of their debt crisis.

A banking supervisor is the first step in a broader plan to have a banking union, which could improve the eurozone's ability to respond to any new future financial crisis.

One of the seeds of the current crisis was bad real estate loans, which dragged down the banking sector in large parts of Europe and threatened to derail the governments that were then forced to bail them out. However, national supervisors have often been reluctant to play tough with their banks.

A common European supervisor, proponents say, would bypass national political considerations and do what is needed to keep the continent's financial sector healthy. Shoring up the banks has been seen as an essential part of avoiding a recurrence of Europe's financial crisis.

A two-day summit of European heads of state and government starting Thursday will seek to reach agreement on the supervisor. The leaders have promised to reach a deal by the end of the year.

"I am confident that we will find a solution for banking supervision in time for Christmas," said German Finance Minister Wolfgang Schaeuble in an apparent reverse from his recent suggestions that a deal this year was unlikely.

While France had wanted to have every bank in the 17 country eurozone supervised by the European Central Bank, Germany called for a more restrictive system applying to only the biggest banks. The two also disagreed over the responsibility of the ECB in deciding supervision issues and keeping those issues strictly separate from setting monetary policy.

But in recent days, French officials have said they would accept giving the supervisor authority over banks that are beyond a certain size.

The ten European Union countries that don't use the euro will be allowed to choose to put their banks under the authority of the new supervisor; some have expressed interest in that since it would be a signal to investors that their lenders are solid.

But countries, like Sweden and Britain, that don't want to submit to the new supervisor will be fiercely defending their voices in the European Banking Authority, which sets the rules for banks across the 27 nation union, regardless of currency. Those countries fear that a united eurozone machine could outvote them in the EBA.

The single bank supervisor must be up and running before other measures can be introduced: European-wide depositors' insurance; a single method for winding down bankrupt banks; and allowing the European bailout fund to directly help banks in trouble instead of lending money only to governments.

Finance ministers from the eurozone nations will also assess early Thursday the latest Greek initiative to lighten its debt load.

On Wednesday, the Greek debt management agency said Greece will buy back €31.9 billion ($41.5 billion) of its bonds from private investors at a third of their face value, lightening its crushing debt load and meeting a key condition to receive vital rescue loans.

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Bankruptcy court OKs A123 Systems asset sale

Waltham-based lithium ion battery maker A123 Systems Inc. said it has received approval from U.S. Bankruptcy Court in Delaware to sell its assets to Wanxiang America Corp.

The court has also granted approval for A123 to sell its government business to Navitas Systems.

A123 and Wanxiang previously agreed to terms on an asset purchase agreement through which the Chinese company would acquire substantially all of A123's assets for more than $256 million. The sale is subject to certain closing conditions, including approval from the Committee for Foreign Investment in the United States.

A123's Ann Arbor, Mich.-based government business, including all military contracts, is being acquired for $2.25 million by Navitas in a separate asset purchase agreement.

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Hub-based DraftKings to hold $250G fantasy football event

Online fantasy sports company DraftKings said today it will host a $250,000 main event on Sunday, Dec. 23 -- NFL Week 16 -- the biggest single-day open cash event in fantasy sports history.

The event allows players to use their detailed research and deep stats knowledge to potentially win a share of the big prize -- $100,000 for the first-place winner, with the top 200 finishers also winning cash, said the Boston-based company, which launched in April.

Contestants can enter the $250,000 main event directly starting this Sunday for $200. The event will have a maximum of 1,400 participants, but each contestant can have unlimited entries, the company said, adding contestants can also enter one of several DraftKings qualifying games today for as little as $1. The game structure includes a nine-player roster with a fixed salary cap.

"As the playoffs approach, season-long fantasy football becomes essentially a spectator sport for the vast majority of players. At DraftKings, your season doesn't have to be over," said company CEO Jason Robins in a statement. "The largest single-day open fantasy sports event in history is just the beginning for DraftKings. With over $50,000 in NCAA Football Bowl Game Contests coming up, and a massive NBA Championship Tournament about to launch, we're going to keep upping the ante season after season."

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Patriots-Texans draw big TV ratings

Monday Night Football's matchup between the New England Patriots [team stats] and the Houston Texans [team stats] was the Pats' third-highest rated game of the season, according to team officials.

Ratings indicate the game drew a household rating of nearly 39 in the Boston market. The Patriots trounced the Texans at Gillette Stadium 42-14.

Monday night's game was televised on ESPN and WCVB in the Boston market and the two networks combined for the rating of 39 and a share of 59. That means that 59 percent of all televisions in use in the Boston market during the game were tuned in to the Patriots.

The game is the second-highest rated Monday Night Football game in franchise history, losing out to the Patriots 45-3 win over the New York Jets [team stats] on Dec. 6, 2010.

The Patriots, who are now 10-3, will take on the San Francisco 49ers on Sunday Night Football Dec. 16.

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Business - BostonHerald.com

Written By Unknown on Rabu, 05 Desember 2012 | 23.14

Business - BostonHerald.comBusiness - BostonHerald.com

http://www.bostonherald.com/business/?srvc=rss The Boston Herald online: The closest distance between you and the news en-us Copyright 2012, Herald Interactive, Inc. Wed, 05 Dec 2012 11:06:59 -0500 systems@heraldinteractive.com (Web Developers) 120 http://cache.heraldinteractive.com/images/siteImages/rss_logo.jpg http://www.bostonherald.com/business/?srvc=rss 100 48 The Boston Herald online: The closest distance between you and the news http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061179698&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061179698&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061179698&srvc=rss Devens-based energy technology company AMSC said today it has teamed up with cable supplier Nexans to bring a new... business Wed, 05 Dec 2012 10:59:08 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179691&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179691&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179691&srvc=rss RICHMOND, Va. - A federal appeals court has denied the government's request to rehear a challenge to a requirement... business Wed, 05 Dec 2012 10:48:15 -0500 http://www.bostonherald.com/business/healthcare/view.bg?articleid=1061179694&srvc=rss http://www.bostonherald.com/business/healthcare/view.bg?articleid=1061179694&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/healthcare/view.bg?articleid=1061179694&srvc=rss Mansa Capital, a Boston private-equity firm focused on the health-care sector, said today its debut health-care... business Wed, 05 Dec 2012 10:45:16 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179689&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179689&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179689&srvc=rss WASHINGTON - Orders to U.S. factories rose modestly in October, helped by a big gain in demand for equipment that... business Wed, 05 Dec 2012 10:19:14 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179686&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179686&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179686&srvc=rss Cambridge Savings Bank has been recognized with the Community Reinvestment Act & Fair Lending Colloquium's 2012... business Wed, 05 Dec 2012 10:11:55 -0500 http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061179682&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061179682&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061179682&srvc=rss Akamai Technologies Inc. said today it has completed its acquisition of Verivue, a privately-held company based... business Wed, 05 Dec 2012 10:04:59 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179681&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179681&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179681&srvc=rss Newton-based construction management firm Commodore Builders has acquired A.J. Martini Inc. of Winchester, a 60-year-old... business Wed, 05 Dec 2012 10:02:40 -0500 http://www.bostonherald.com/business/automotive/view.bg?articleid=1061179678&srvc=rss http://www.bostonherald.com/business/automotive/view.bg?articleid=1061179678&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/automotive/view.bg?articleid=1061179678&srvc=rss Cambridge-based car-sharing company Zipcar Inc. said today it will officially drive into its new corporate headquarters... business Wed, 05 Dec 2012 09:47:15 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179677&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179677&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179677&srvc=rss NEW YORK - Stocks are opening mostly higher on Wall Street as traders hope for more economic stimulus measures... business Wed, 05 Dec 2012 09:42:30 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179676&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179676&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179676&srvc=rss WASHINGTON - U.S. workers were more productive this summer than initially thought, while costing their companies... business Wed, 05 Dec 2012 09:39:34 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179658&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179658&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179658&srvc=rss NEW YORK - Thanks to the election, socialism and capitalism are forever wed as Merriam-Webster's most looked-up... business Wed, 05 Dec 2012 09:32:39 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179674&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179674&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179674&srvc=rss NEW YORK - Citigroup says it will eliminate more than 11,000 jobs. The bank says it's looking to cut expenses... business Wed, 05 Dec 2012 09:22:18 -0500 http://www.bostonherald.com/business/healthcare/view.bg?articleid=1061179665&srvc=rss http://www.bostonherald.com/business/healthcare/view.bg?articleid=1061179665&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/healthcare/view.bg?articleid=1061179665&srvc=rss A study finds that breast cancer patients taking the drug tamoxifen can cut their chances of having the disease... business Wed, 05 Dec 2012 08:32:33 -0500 http://www.bostonherald.com/business/media/view.bg?articleid=1061179664&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061179664&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061179664&srvc=rss NEW YORK - Bob Costas isn't backing down from his halftime comments on gun violence, but he wishes he had more... business Wed, 05 Dec 2012 08:31:01 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179643&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179643&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179643&srvc=rss PARIS - French Budget Minister Jerome Cahuzac is filing a legal complaint against a website that claims he has... business Wed, 05 Dec 2012 06:49:32 -0500 http://www.bostonherald.com/business/real_estate/view.bg?articleid=1061179557&srvc=rss http://www.bostonherald.com/business/real_estate/view.bg?articleid=1061179557&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/real_estate/view.bg?articleid=1061179557&srvc=rss A West Coast developer that's busy building a rental high-rise in Boston's Fort Point neighborhood has taken over... business Wed, 05 Dec 2012 06:29:00 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179558&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179558&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179558&srvc=rss Reebok is trying to get fit. The athletic footwear brand has laid off 65 employees in Canton - about 6.5 percent... business Wed, 05 Dec 2012 06:27:21 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179566&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179566&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179566&srvc=rss Equinox Boston wants its members to relax this holiday season. The fitness club is helping them catch a few... business Wed, 05 Dec 2012 06:23:31 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179631&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179631&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179631&srvc=rss HELSINKI - Finland's economy has slipped into recession with a 0.1 percent drop in gross domestic product in the... business Wed, 05 Dec 2012 06:04:17 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179617&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179617&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179617&srvc=rss LOS ANGELES - Los Angeles mayor Antonio Villaraigosa says an agreement has been reached to end an eight-day strike... business Wed, 05 Dec 2012 01:58:50 -0500 http://www.bostonherald.com/business/media/view.bg?articleid=1061179609&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061179609&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061179609&srvc=rss HYANNIS - A Massachusetts newspaper says one of its longtime reporters made up sources for her stories, and it... business Wed, 05 Dec 2012 00:41:04 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179544&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179544&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179544&srvc=rss The Associated Industries of Massachusetts found a big drop in business confidence among Bay State employers last month after the presidential election. AIM chief Richard... business Tue, 04 Dec 2012 21:48:46 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179559&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179559&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179559&srvc=rss As the country draws closer to the "fiscal cliff," a national senior citizens group is mobilizing the elderly across... business Tue, 04 Dec 2012 21:46:23 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179556&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179556&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179556&srvc=rss Massachusetts business confidence dipped into negative territory last month due largely to the looming "fiscal... business Tue, 04 Dec 2012 21:45:47 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061179560&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179560&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061179560&srvc=rss State Street blasts Supreme Court on GM State Street Corp., headquarters at right, lashed out at the U.S. Supreme... business Tue, 04 Dec 2012 21:17:21 -0500

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J.J. Abrams connects with Media Lab

Written By Unknown on Rabu, 28 November 2012 | 23.14

MIT Media Lab director Joi Ito and famed filmmaker J.J. Abrams experienced what you might call a Vulcan mind meld yesterday.

Abrams took a tour of the lab and then Ito interviewed him in front of a packed audience. It was during their chat that the two men seemed to hit it off — and realize that the Media Lab has some creative similarities to Abrams' production company Bad Robot, where they don't always know how the story will end.

"What this place does is that it opens and expands your mind, opens doors that you weren't even aware existed," Abrams said. "I've never felt dumber at any moment in my life (than when touring the lab)."

An Emmy award-winning director whose list of film credits includes "Star Trek," "Mission: Impossible III," "Super 8" and the TV series "Lost," Abrams, 46, seemed to suggest a collaboration with the lab, a future-obsessed, unorthodox research facility.

"I am excited about finding ways of working with MIT," Abrams said at one point.

Yet for all his talk about opening doors, anyone who had hoped Abrams would open up about the puzzling series finale of "Lost" would have been disappointed to learn that he didn't play a part in the ending.

Abrams said that although he helped create the series, he was working on other projects during the production of the finale, which was widely panned for failing to tie up a series of loose ends created during the show's six seasons of alt-reality, sci-fi mystery.

"What I love about what he did," Abrams said of his co-creator Damon Lindelof, "was I think he answered the emotion of the show."

Abrams added, "I know people are frustrated because they want the physical answers. But there was a truth to what he did."

Ito asked Abrams for his thoughts on the Media Lab's unique operating model, in which they receive funding for open-ended projects. "You can't tell the Media Lab what to do," Ito said, adding "we don't do work for hire. You have to treat us like an artist."

Abrams described a similar philosophy at Bad Robot, where they "don't storyboard everything to death."

"We don't know exactly how it's gonna end up. But we believe in it," Abrams said.

How does Abrams decide when to take what he calls "that leap of faith" on a project? He says he has a singular criteria: It has to give him "the chills."

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BP suspended from new US gov't contracts

WASHINGTON — BP is being temporarily suspended from new contracts with the U.S. government, the Environmental Protection Agency says.

Two weeks ago, BP agreed to plead guilty to charges involving the deaths of 11 workers on the Deepwater Horizon oil rig, which exploded and sank in April 2010, setting off the nation's largest offshore oil spill. BP will also plead guilty to lying to Congress about how much oil was spewing from the blown-out Macondo well

The agency said Wednesday that the suspension is due to BP's "lack of business integrity as demonstrated by the company's conduct with regard to the Deepwater Horizon blowout, explosion, oil spill, and response."

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Disney, Sears used factory in fire

DHAKA, Bangladesh — Amid the ash, broken glass and melted sewing machines at what is left of the Tazreen Fashions Ltd. factory, there are piles of blue, red and off-white children's shorts bearing Wal-Mart's Faded Glory brand. Shorts from hip-hop star Sean Combs' ENYCE label lay on the floor, along with a hooded Mickey Mouse sweatshirt from Disney.

An Associated Press reporter searching the Bangladesh factory Wednesday found these and other clothes, including sweaters from the French company Teddy Smith and the Scottish company Edinburgh Woollen Mill, among the equipment charred in the fire that killed 112 workers on Saturday. He also found entries in account books indicating that the factory took orders to produce clothes for Disney, Sears and other Western brands.

Garments and documents left behind in the factory show it was used by a host of major American and European retailers, though at least one of them — Wal-Mart — had been aware of safety problems. Wal-Mart blames a supplier for using Tazreen Fashions without its knowledge.

The fire has elevated awareness of something labor groups, retailers and governments have known for years: Bangladesh's fast-growing garment industry — second only to China's in exports — is rife with dangerous workplaces. More than 300 workers there have died in fires since 2006.

Police on Wednesday arrested three factory officials suspected of locking in the workers who died in Saturday's fire, the deadliest in the South Asian country's less than 35-year history of exporting clothing.

Local police chief Habibur Rahman said the three will be questioned amid reports that many workers trying to escape the blaze had been locked inside. He said the owner of the factory was not among those arrested.

The three officials were arrested Wednesday at their homes in Savar, the Dhaka suburb where the factory is located. Rahman did not identify the officials or give their job status.

About 1,400 workers worked at the plant, some 70 percent of them women. Most are from the north, the poorest region of Bangladesh.

Workers who survived the fire say exit doors were locked, and a fire official has said that far fewer people would have died if there had been even one emergency exit. Of the dead, 53 bodies were burned so badly they could not be identified; they were buried anonymously.

The fire started on the ground floor, where a factory worker named Nasima said stacks of yarn and clothes blocked part of the stairway.

Nasima, who uses only one name, and other workers said that when they tried to flee, managers told them to go back to their work stations, but they were ignored.

Dense smoke filled the stairway, making it hard to see, and when the lights went out the workers were left in total darkness. Another worker, Mohammad Rajib, said some people used their cellphones to light their way.

"Everyone was screaming for help," Nasima said. "Total chaos, panic and screaming. Everyone was trying to escape and come out. I was pulling the shirt of a man. I fainted and when I woke up I found myself lying on the road outside the factory.

"I don't know how I survived."

Rajib said the factory conducted a fire drill just three days before the fire broke out, but no one used the fire extinguishers. "Only a selected group of workers are trained to use the extinguishers. Others have no idea how to use them," he said.

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Stocks open lower, following European markets

NEW YORK — Stocks are opening lower on Wall Street. Investors are still waiting for signs of progress on the "fiscal cliff."

Just after the opening bell, the Dow Jones industrial average is down 45 points at 12,832. The Standard & Poor's 500 index is off five points at 1,393, and the Nasdaq composite index is down 15.

Stocks fell on Tuesday after Senate Majority Leader Harry Reid said he was frustrated by the lack of progress in budget talks. Broad tax increases and government spending cuts take effect Jan. 1 unless there's a deal.

Elsewhere Wednesday, stocks are lower in Asia and Europe.

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Ironwood drug wins approval in Europe

Cambridge-based Ironwood Pharmaceuticals and partner Almirall said today that European regulators have approved a drug to treat irritable bowel syndrome with constipation in adults.

The drug would be marketed in Europe as Constella, an oral, once-daily medication. Ironwood received U.S. Food and Drug Administration approval for linaclotide in August.

Almirall, which signed a license agreement with Ironwood in April 2009, under which the company holds exclusive marketing rights for linaclotide in all European Union member states, expects to launch Constella in Europe in the first half of next year.

"We look forward to continuing to work closely with our partner Almirall in their efforts to bring Constella to ... patients in Europe, and we will continue collaborating with our global network of partners with the goal of bringing this medicine to appropriate patients worldwide," said Ironwood's CEO Peter Hecht.

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Online event space locator expands to Boston

Eventup, an online resource that helps event planners and consumers find and book unique venues, said today it is launching its sixth location in Boston.

Based in Santa Monica, Calif., the company has grown to include Los Angeles, New York, San Francisco, Miami and Chicago since its February launch.

The company said it offers a selection of more than 5,000 hard-to-find venues and is a timesaving solution that helps event planners and consumers research, price, confirm availability and book exclusive event spaces that fit their needs.

Services are free for customers, with property owners paying a 15 percent booking fee. Venue rates range from $500 to $100,000, Eventup said.

Eventup venues now available in Boston include the Waterworks Museum and the Royale Nightclub.

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Devens-based AMSC cuts quarter of work force

AMSC, an energy technology company based in Devens, said today it has slashed its work force by about 25 percent and is also consolidating office space to lower operating costs.

The company, citing "challenging conditions" in the wind power market, said it now has about 340 employees worldwide after laying off more than 100 workers.

"Financing and cash flow among wind farm developers and wind turbine manufacturers have been constrained, which has impacted growth plans for some of our ... partners," AMSC chief Daniel McGahn said in a statement. "Given this environment, we made the difficult but prudent decision to reduce our work force in order to weather the industry downturn and minimize our cash usage."

The company expects the moves to reduce annual expenses by nearly $10 million, while lowering its annualized operating expenses to less than $58 million, once the savings are fully realized in the fiscal quarter ending June 30.

The company, which remains in court battles with China's largest wind turbine manufacturer and former customer Sinovel Wind Group Co., said its expects to pay nearly $2 million in cash severance costs in the fourth quarter of this year.

AMSC also revised its financial forecast for the third quarter. Revenues would most likely exceed $20 million while the company's net loss would be less than $24 million, officials said.

AMSC stock, which closed yesterday at $2.77 a share, fell nearly 12 percent to a low of $2.44 today.

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Siemens to spin off majority in Osram unit

BERLIN — Industrial conglomerate Siemens AG has announced plans to shed a majority stake in its Osram unit, which makes light bulbs, in a spinoff to shareholders.

Siemens said today that its supervisory board will propose spinning off 80.5 percent of Osram, followed by a public listing of the division. It said existing Siemens shareholders will get one Osram share for every 10 Siemens shares they hold.

The company didn't specify when it hopes to conduct the spinoff. The plan will need approval by its annual shareholder meeting in January.

It said it will retain 17 percent of Osram, and the Siemens Pension Trust will hold 2.5 percent.

Siemens said in July that, because of the difficult market environment, it had scrapped previous plans for an outright stock market listing.

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Nokia sues RIM for breach of contract

HELSINKI — Nokia Corp. is suing Research in Motion, the maker of the Blackberry, for breach of contract in Britain, the United States and Canada over cellular patents the two companies agreed on nine years ago.

The struggling cellphone and RIM agreed in 2003 on a "cross-license for standards-essential cellular patents." Since then, RIM has sought to amend the deal, claiming the license should also have covered patents for non-essential parts. A Swedish tribunal earlier this month ruled against RIM's claims.

Nokia says Wednesday that it is now filing a lawsuit to enforce the tribunal's latest decision against RIM's claims. According to that decision, RIM is not entitled to manufacture or sell WLAN products, used widely in smartphones, without first agreeing royalties with Nokia, which is based in Finland.

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Costco plans special cash dividend of $7 per share

The Associated Press

Costco plans a special dividend of $7 per share next month in addition to the regular quarterly dividend the wholesale club operator pays shareholders.

The Issaquah, Wash., company said Wednesday that the special dividend will be payable Dec. 18 to shareholders of record Dec. 10. Costco Wholesale Corp.'s regular quarterly dividend of 27.5 cents per share will be paid Nov. 30 to shareholders of record as of Nov. 16.

Costco also said Wednesday that its November revenue climbed nearly 9 percent to $8.15 billion. Revenue from stores open at least a year rose 6 percent. The increase was 5 percent excluding gains from gasoline price inflation and stronger foreign currencies.

Revenue from stores open at least a year is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.

Costco's shares rose $4.29, or 4.5 percent, to $100.80 in morning trading Wednesday. Its shares peaked for the past year at $104.43 in October. They traded as low as $78.81 in early January.

Many companies are making special end-of-year dividend payments or moving up their quarterly payouts because investors may have to pay higher taxes on dividend income starting in January.

Investors have paid a maximum 15 percent on dividends since 2003. But that historically low rate will expire in January unless Congress and President Barack Obama reach a compromise on taxes and government spending.

As it stands, dividends will be taxed as ordinary income in 2013, the same as wages, so rates will go up depending on which income bracket a taxpayer is in. For the highest earners, the dividend rate would jump to 43.4 percent.

Even if a compromise is reached, there's no guarantee that the tax rate for dividends will remain at its current level.

Fitch Ratings said Wednesday it was lowering Costco's issuer default rating one notch to "A+" from "AA-" because the company plans to take on more debt to pay the special dividend. Analyst Philip M. Zahn said "A+" is still considered an above-average, investment-grade rating.

Costco runs 618 warehouses in several countries, including 447 in the United States and Puerto Rico.

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Closed Upper Crust pizza shops set for auction

Written By Unknown on Rabu, 21 November 2012 | 23.14

Auction plans are in the works for Upper Crust's 10 company-owned restaurants.

The trustee overseeing the Boston pizzeria chain's bankruptcy case has received inquiries from about 50 companies, both local and national, interested in buying all, some or one of the stores.

Trustee Mark DeGiacomo plans to file documents on Monday or Tuesday for the bankruptcy court's permission to conduct the sale.

"We were not able to find anyone who was willing to put up the funds to reopen the stores, so we're still holding out hope that that could happen," DeGiacomo said. "But, meanwhile, were marching forward with the sale of the stores so we can get new owners in there who we hope will hire some or all of the employees."

The highest bidders will prevail in the auction, according to DeGiacomo.

"Whoever is the highest bidder will get the most money for creditors," he said.

DeGiacomo has no estimate of the value of the chain, saying it's "whatever people are willing to pay."

The trustee closed the 10 Upper Crust restaurants last week because there were insufficient funds to continue their operation. The company had about 170 employees.

Upper Crust filed for Chapter 11 bankruptcy protection last month. The chain, which was the target of a U.S. Department of Labor investigation and a class-action lawsuit filed by employees, has up to $4 million in debt.

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Toshiba shows four-legged robot for nuke disaster

YOKOHAMA, Japan — Toshiba Corp. unveiled a robot Wednesday that the company says can withstand high radiation and help in nuclear disasters. But it remains unclear what exactly the new machine will be capable of doing if and when it gets the go-ahead to enter Japan's crippled Fukushima Dai-ichi nuclear plant.

The four-legged robot can climb over debris and venture into radiated areas off-limits to human workers. One significant innovation, Toshiba said, is that its wireless network can be controlled in high radiation, automatically seeking better transmission when reception becomes weak.

But the machine, which looks like an ice cooler on wobbly metal legs, also appears prone to glitches. The robot took a jerky misstep during a demonstration to reporters, freezing with one leg up in the air. It had to be lifted by several people and rebooted.

The robot was also notably slow in climbing a flight of eight steps, cautiously lifting its legs one by one, and taking about a minute to go up each step.

With obstacles that aren't as even and predictable as steps, such as the debris at the plant, it may need as much as 10 minutes to figure out how to clear the object, Toshiba acknowledged.

And if it ever falls, it will not be able to get up on its own.

Still, Tokyo Electric Power Co. said it might use the robot to inspect the suppression chamber of the Fukushima plant, where a devastating meltdown took place after a mammoth tsunami slammed into northeastern Japan on March 11, 2011.

Toshiba began developing the robot after the disaster with hopes it would prove useful in helping to decommission the plant. No human has been able to enter the highly radiated chamber since the tsunami disaster.

"We need this to go in and first check what is there," said Toshiba Senior Manager Goro Yanase.

It was unclear when a decision on the robot's use would be made, according to TEPCO, which operates the nuclear plant.

Although what Toshiba showed was top-notch robotics, what the machine might be able to do appeared limited in the face of the disaster's magnitude and complexity.

Japan boasts among the world's most sophisticated robotics technology, exemplified in the walking, talking human-shaped Asimo robot from Honda Motor Co. The inability of such gadgetry to help out with the Fukushima disaster was widely criticized.

Part of the reason is that robots, although suited for tasks such as greeting visitors at dealerships, are too delicate. Their wireless remote-controlled networks are not designed to endure high radiation. Honda has acknowledged Asimo would not have been able to withstand the environment at Fukushima, as some had suggested.

Toshiba's Yanase said the new robot, which has a dosimeter to measure radiation and six cameras, can stay in a 100 millisievert environment for about a year and can tolerate even higher radiated areas for shorter periods. At 100 millisieverts, the rise in cancer cases caused by radiation becomes statistically detectable, although even lower dose radiation is not advisable for people.

The suppression chamber was 360 millisieverts the last time it was measured, TEPCO said.

Decommissioning Fukushima Dai-ichi is expected to take decades.

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National Grid sued over missing pay

A group of 10 local unions are suing National Grid after thousands of workers haven't been paid some of their hard-earned wages for nearly a month, even forcing some to miss mortgage payments, according to court papers filed yesterday accusing the utility giant of dragging its feet on fixing a payroll glitch.

Local branches of the Utility Workers Union of America and United Steel Workers filed suit in Middlesex Superior Court, claiming National Grid breached their collective bargaining agreement after failing "for approximately 30 days to pay wages due," paying some workers late or partial amounts, and neglecting "to take steps to correct the problems with its payroll system."

It's forced some workers to miss mortgage and child support payments in addition to absorbing "non-payment" fees, according to the complaint.

The Herald reported last week that a new payroll system installed at National Grid experienced what company officials called "software errors," robbing part of its 17,000-employee workforce — including hundreds of Bay State workers pulling 18-hour shifts in other states to clean up superstorm Sandy's mess — of their proper paychecks.

National Grid officials said in a statement yesterday they take "the timely and accurate compensation of its employees very seriously" and called fixing the problems a "top priority."

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Expert sees a gathering storm for top fund manager

NEW YORK — The arrest of a former hedge fund portfolio manager in what prosecutors are calling one of the most lucrative insider trading schemes ever indicates that prosecutors may be setting their sights higher — toward a wealthy business leader the suspect's firm was connected to, an expert says.

Mathew Martoma made an arrangement to obtain secret, advance results of tests on an experimental Alzheimer's drug that netted more than $276 million for his fund and others, according to charges filed in U.S. District Court in Manhattan.

He was arrested Tuesday on allegations that he used the information to advise other investment professionals to buy shares in the companies developing the drug, then later to dump those investments and place financial bets against the companies when the tests returned disappointing results.

Martoma's trades helped reap a hefty profit from 2006 through July 2008, while he worked for CR Intrinsic Investors LLC of Stamford, Conn., an affiliate of SAC Capital Advisors, a firm owned by Steven A. Cohen, one of the nation's wealthiest hedge fund managers.

The government has been scrutinizing SAC since at least November 2010, when the FBI subpoenaed SAC and other influential hedge funds. Martoma is the fourth person associated with SAC Capital to be arrested on insider trading charges in the past four years.

Martoma will have great incentive to cooperate with the government because the size of the gains would add years, if not decades, to any potential sentence upon conviction, said John Sylvia, co-chairman of the securities litigation practice at the Mintz Levin law firm in Boston.

It was clear from the court papers that Cohen was referenced frequently and was a likely target of investigators, he said, though they might not be able to build a sufficient case against him.

"There's little doubt as to where the government's sights are," Sylvia said. "I don't think it takes Sherlock Holmes to figure it out."

Martoma was arrested at his home in Boca Raton, Fla., and made an initial appearance in federal court in West Palm Beach, Fla., where he was released on $5 million bail on charges of conspiracy to commit securities fraud and securities fraud. He was scheduled to return to court Monday in Manhattan.

Martoma's attorney, Charles Stillman, called his client "an exceptional portfolio manager who succeeded through hard work and the dogged pursuit of information in the public domain. What happened today is only the beginning of a process that we are confident will lead to Mr. Martoma's full exoneration."

SAC spokesman Jonathan Gasthalter said the company and Cohen "are confident that they have acted appropriately and will continue to cooperate with the government's inquiry."

The Securities and Exchange Commission filed civil papers in the case against CR Intrinsic Investors, Martoma and Dr. Sidney Gilman. The civil complaint said the illegal money was earned in July 2008, when various hedge funds traded ahead of a negative public announcement involving the clinical trial results of an Alzheimer's drug being jointly developed by Elan Corp. and Wyeth, both pharmaceutical companies.

The SEC complaint said that Martoma carried out the scheme with Gilman, an 80-year-old professor of neurology at the University of Michigan Medical School who served as chairman of a safety committee overseeing the clinical trial. Gilman was selected by Elan and Wyeth to present the final clinical trial results at a July 29, 2008, medical conference.

Messages left with the University of Michigan Medical School were not immediately returned.

Gilman's lawyer, Marc Mukasey, said his client is cooperating with the SEC and the U.S. attorney's office, and has entered into a non-prosecution agreement with federal prosecutors.

A copy of the agreement released by federal prosecutors Tuesday showed that Gilman will forfeit nearly $187,000 that he received from Elan for consulting work in 2007 and 2008 and from an expert networking firm for consultations between 2006 and 2009 with Martoma's hedge fund.

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UK still borrowing more than planned

LONDON — The British government continued to borrow more than planned in October as corporation tax collections fell sharply in the wake of a nine-month recession, official figures showed Wednesday.

The Office for National Statistics said borrowing in October was 8.6 billion pounds ($13.7 billion), up from 6 billion pounds a year earlier. Corporation tax revenue was down 10 percent, a sign that businesses continue to struggle — Britain only emerged from its latest recession in the third quarter of the year, with growth up a quarterly rate of 1 percent, largely on the back of a boost from the Olympic Games.

For the first six months of the fiscal year through October, the agency said the government's borrowing stood at 73.3 billion pounds, 5 billion pounds more than a year earlier. The increase comes despite a tough debt-reduction program which is the centerpiece of the government's economic strategy.

If that trend continues, full-year borrowing would be about 130 billion pounds ($207 billion), or 10 billion pounds above the government target.

Treasury chief George Osborne will give Parliament an update on his budget plans on Dec. 5 and investors will be keen to see if he revises up his borrowing projections.

Elsewhere, minutes of the last meeting of the Bank of England's rate-setting committee showed that one member backed another monetary stimulus. David Miles argued that there was enough slack in the economy that another 25 billion pounds injection into Britain's financial system would not stoke inflation.

So far the Bank of England has already plowed 375 billion pounds ($597 billion) into the purchase of bonds from financial institutions. The program, known as quantitative easing, is intended to push up the supply of money in the economy and raise lending.

However, the other eight members of the Monetary Policy Committee opted against another increase and noted encouraging signs, including lower than expected corporate insolvencies.

The panel also discussed dropping the base rate from half a percent, but unanimously voted for no change, the minutes showed.

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Gambling company would let Massachusetts workers unionize

PALMER -- A company hoping to open a casino in western Massachusetts has reached a deal with a federation of about 50 labor unions to allow future employees to form a union and negotiate contracts.

The Mohegan Tribal Gaming Authority finalized the agreement with the Pioneer Valley AFL-CIO to cover employees at a casino it wants to build on a 150-acre site just of the Massachusetts Turnpike in Palmer.

The move could give the authority, which runs the Mohegan Sun casino in Connecticut and another in Pennsylvania, an advantage in the pursuit of the only casino license in western Massachusetts.

The Republican reports that the Mohegan authority's chief executive says his company recognizes "the importance of preserving worker rights to organize."

At least three companies have proposed a casino in Springfield.

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Rock band AC/DC releases entire catalog on iTunes

NEW YORK — AC/DC is finally releasing its music digitally on iTunes.

Columbia Records and Apple announced Monday that the classic rock band's music will be available at the iTunes Store worldwide.

Sixteen studio albums will be released, including "High Voltage" and "Back in Black," which is already in the Top 30 on iTunes' top albums chart. Two of the group's albums are also in the Top 100 and several of the Australian band's songs are in the Top 200.

AC/DC was one of the few acts that would not release music through the digital outlet. Two years ago Apple struck a deal with The Beatles' record label, EMI Group, and management company, and began selling the group's music. Kid Rock, who had also been against selling his music through the digital retailer, is releasing a new album, "Rebel Soul," on Monday and it's available on iTunes.

Silvio Pietroluongo, Billboard's director of charts, said AC/DC's decision isn't shocking.

"It's something that I think artists realize they need to do in order to get their music into the hands of their fans and to make more money," he said. "Right now with CD sales being what they are, touring is the main source of income and not every band is equipped to be out on tour 200 days a year to make the kind of money the need to make, or want to make."

Garth Brooks, however, has yet to release his music on iTunes. Pietroluongo said he believes the country star will come around, but he's not sure when that will be.

Four of AC/DC's live albums and three compilation records are also available. The statement said the songs have been mastered for iTunes "with increased audio fidelity."

The group's first live album in 20 years, "Live at River Plate," is out Tuesday.

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San Diego media figure dies after car crash

SAN DIEGO -- David Copley, owner and publisher of The San Diego Union-Tribune until it was sold in 2009, died Tuesday after crashing his Aston Martin near his home in La Jolla.

Copley, 60, was found slumped in the front seat of his car early in the evening and rushed to Scripps Memorial Hospital, where he was pronounced dead.

He had left a board meeting of the Museum of Contemporary Art San Diego, saying he did not feel well. The cause of death was an apparent heart attack; Copley had received a heart transplant in 2005.

Copley's family influenced nearly every facet of life in the San Diego region during the eight decades of newspaper ownership, with its endorsement of select politicians and support of economic development projects and educational ventures such as the establishment of UC San Diego. His mother, Helen, married James Copley, then the publisher, in 1965.

For several decades, the Copley Press published The San Diego Union and the Evening Tribune; in 1992 the papers merged. After James Copley died in 1973, Helen Copley assumed control of the newspapers. David Copley became publisher in 2001, three years before his mother's death.

But as the newspaper industry's economic fortunes waned, David Copley sold the newspapers and, in effect, retired from public life.

The Copley family used the editorial pages of its newspapers to spread its conservative, pro-business views. The Copley name adorns the downtown symphony hall and a plaza in Balboa Park.

David Copley financed Broadway musicals and art projects by the artist Christo. Shy and uncomfortable in public settings, he nonetheless enjoyed world travel, particularly on his yacht, and entertained lavishly at his home in La Jolla.

With David Copley as publisher, the newspaper won a Pulitzer Prize in 2006 for exposing the corruption of a leading Republican, Rep. Randall "Duke" Cunningham.

In 2009, David Copley sold the remaining newspaper interests to a private equity group, which later sold it to developer-hotelier "Papa Doug" Manchester, who renamed the paper the U-T San Diego.

Karin Winner, retired Union-Tribune editor, told the U-T that David Copley "had an enormous capacity for humor and an uncanny ability to understand the bigger picture...."

She added: "I'm really glad that he had the past few years to live his life the way he wanted to. I know that it was very hard on him to let the paper be sold, but he thought it was what was best for the community and the employees at the time."

---

Visit the Los Angeles Times at www.latimes.com

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Walmart making wait worth it by guaranteeing sale items

Walmart is bracing for protests on Black Friday, but not from shoppers who will get an in-store guarantee on select items for the first time this year, an attempt by the retailer to ensure that long waits in line won't be in vain.

The three items — an iPad 2, Emerson 32-inch HDTV, and LG Blu-ray Player — are middle-of-the-road gifts. Walmart is guaranteeing that anyone waiting in line during the first hour of the store's opening (1 a.m. in the Bay State) will get those devices at Black Friday prices, even if the store sells out of those items.

"This is our Super Bowl," said Walmart spokesman William C. Wertz. "We prepare for this all year-round."

The 16GB iPad 2 comes with a $75 gift card on Black Friday, and is being sold at the regular price of $399. The Emerson TV is $148, about half off the regular retail price, and the Blu-ray player is more than half-off the retail price at $38.

If Walmart sells out of the guaranteed items, shoppers in line within the first hour will be able to receive the item in the mail before Christmas.

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Stocks slightly higher at the open on Wall Street

NEW YORK — Stocks opened slightly higher Wednesday on Wall Street ahead of the Thanksgiving holiday.

In the opening minutes of trading, the Dow Jones industrial average was up seven points at 12,795. The Standard & Poor's 500 index was up a point at 1,389. And the Nasdaq composite index was up five at 2,922.

Deere, the maker of tractors and other farm and construction equipment, opened down 3 percent. It reported a quarterly profit of $1.75 per share, missing Wall Street expectations of $1.88.

Chipotle Mexican Group, the restaurant chain, climbed 2.4 percent. It announced late Tuesday that it would buy back an additional $100 million of its own stock. It had announced a $100 million buyback plan Oct. 18.

The quiet open Wednesday followed an uneventful finish Tuesday. The Dow dropped as much as 94 points after a warning from Federal Reserve Chairman Ben Bernanke about federal budget talks, then recovered to close down seven points.

The stock market will be closed Thursday for Thanksgiving and will close early Friday.

The price of oil climbed 95 cents to $87.70 per barrel. It fell $2.53 on Tuesday because of signs that Israel and Hamas were close to a cease-fire to end Israel's weeklong assault on the Gaza Strip, but a cease-fire remained elusive Wednesday.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note rose 0.01 percentage point to 1.68 percent.

European markets were modestly higher. Stocks climbed 0.3 percent in France and 0.1 percent in Germany. Asian markets fared better. The Nikkei index in Japan climbed 0.9 percent and the Hang Seng in Hong Kong 1.4 percent.

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New owners for health IT firm Arcadia Solutions

Written By Unknown on Rabu, 14 November 2012 | 23.14

Burlington-based Arcadia Solutions LLC, a provider of data-driven health information technology services, said today it will be acquired by private-equity firm Ferrer Freeman & Co. LLC and Arcadia's senior management team.

Terms of the deal were not disclosed. Based in Greenwich, Conn., Ferrer Freeman & Co. focuses exclusively on growth capital investments in the health-care industry.

Carlos Ferrer, David Freeman and Ted Lundberg of FFC will join Arcadia's board of managers. In addition, Jim Crook, a health-care IT industry veteran who was CEO of IDX Systems when it was sold to GE Healthcare for $1.2 billion, will also join the board.

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People magazine says Channing Tatum is sexiest man

NEW YORK — Channing Tatum is People magazine's "sexiest man alive" for 2012.

The 32-year-old actor says his first thought on hearing the news was: "'Y'all are messing with me.'"

Tatum's film roles include "Magic Mike" and the upcoming "Foxcatcher."

People announced its 2012 list Wednesday.

___

Online:

http://www.people.com/people

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AAA: More expected to travel by car this Thanksgiving weekend

A whopping 43.6 million Americans are projected to travel 50 miles or more from home during the Thanksgiving holiday weekend, a 0.7 percent increase from last year and the fourth consecutive annual uptick, according to AAA Southern New England.

While holiday air travel is expected to decline to 3.14 million travelers this year from 3.2 million last year, 39.1 million will travel by automobile, an increase of 0.6 percent, AAA said.

Median spending is expected to drop 10 percent to $498, compared to $554 last year as Americans continue to prioritize travel while finding ways to economize, AAA said, adding the average distance traveled will drop to 588 miles from 706 miles, due in part to a decrease in the number of air travelers and Americans' desire to economize budgets.

The Thanksgiving holiday travel period is defined as Wednesday, Nov. 21, to Sunday, Nov. 25. AAA said its projections are based on economic forecasting and research by Colorado-based business information provider IHS Global Insight.

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Pending Massachusetts home sales jump in October

The Massachusetts Association of Realtors said today that pending home sales in October had their second biggest year-over-year increase since the organization began tracking this data.

The number of single-family homes put under agreement last month was up 35.9 percent to 4,355, compared to 3,204 for the same period last year. This marks the 18th straight month of year-over-year increases, and the 10th straight month of double-digit year-over-year increases.

On a month-to-month basis, single-family homes put under agreement went up 6.45 percent compared to 4,091 homes put under agreement in September.

Pending sales figures are a leading indicator of actual housing sales in Massachusetts for the following two to three months.

The number of condos put under agreement last month was up 43.5 percent to 1,673 units compared to 1,166 in October 2011, marking the 11th straight month of double-digit year-over-year increases.

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Patrick administration focuses on need for more housing

Gov. Deval Patrick has outlined plans to build 10,000 multi-family units of housing per year with a goal of retaining the state's young, well-educated base of talent.

"Access to housing for our middle- and moderate-income families is an important component in the Commonwealth's continued growth to retain and build our young and innovative workforce," Patrick said yesterday in Worcester. "By working to strengthen and expand our current initiatives and through greater collaboration with organizations and agencies across the Commonwealth, we aim to produce 10,000 multi-family housing units annually. This will further support our state's continued growth and economic competitiveness for generations to come."

Patrick has unveiled a new Compact Neighborhoods program, which is designed to complement smart-growth programs by providing incentives to encourage residential development near transit and town centers. The program will recognize communities planning ahead systematically for economic and housing growth, and will offer Chapter 40B relief and priority consideration in discretionary funding programs, such as the MassWorks Infrastructure Program, Patrick said.

The goal of 10,000 units a year was set after collaborating with the Metropolitan Area Planning Council and the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University, Patrick said.

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Shawmut Design and Construction taps Bill Walczak for VP post

Shawmut Design and Construction said today it has appointed William Walczak, co-founder and former CEO of Codman Square Health Center and Codman Academy Charter Public School, as vice president of community relations.

"As a fixture in the Boston community for more than 30 years, Bill's work to improve the neighborhoods where we live and work every day is well-documented, and has been met with glowing accolades," said Tom Goemaat, CEO of Shawmut Design and Construction. "Shawmut has a proud history of community service since our founding in 1982, and we look forward to further building on this tradition as we continue to expand."

Walczak's new duties will include enhancing Shawmut's profile within the community, expanding existing client relationships, developing new relationships and making recommendations on philanthropic endeavors, company officials said.

Most recently, Walczak was president of Steward Carney Hospital in Dorchester. A Barr Foundation fellow, he is also the founding president of the Massachusetts Nonprofit Network, president of STRIVE, a job training program in Dorchester, and a member of the executive advisory council for WBUR Radio. Walczak has also been named a senior fellow at the Boston University Institute for Nonprofit Management and Leadership.

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Stocks open mixed after gloomy retail report

NEW YORK — Stock indexes were mixed in early trading on Wall Street Wednesday. Strong earnings from Abercrombie & Fitch were offset by a gloomy prognosis on retail spending from the government.

The Dow Jones industrial average was down seven points at 12,751 after the first 40 minutes of trading. The Standard & Poor's 500 index was up 1 point at 1,375 and the Nasdaq composite was up 9 points at 2,892.

Abercrombie & Fitch, the purveyor of apparel to teenagers, was among the standout stocks. Abercrombie jumped $9 to $40.22 after reporting that its international business was thriving and that its net income soared 40 percent in the most recent quarter, more than analysts were expecting.

The strong results from Abercrombie were tempered by a report from the Commerce Department saying that Americans cut back on spending in October, suggesting that many are still cautious about the economy.

Sales dropped 0.3 percent last month after three months of gains. That's worse than analysts had been expecting, according to FactSet. The government also said auto sales fell 1.5 percent, the most in more than a year. Sales may have been hurt by Superstorm Sandy.

Investors will be closely watching a press briefing later Wednesday by President Barack Obama.

Stocks were roiled in the immediate aftermath of last week's presidential election on concern that the U.S. will fall over the "fiscal cliff." Unless lawmakers hammer out a deal to cut the budget deficit by Jan. 1, a series of tax increases and revenue cuts will be implemented that will likely push the U.S. back into recession.

Market participants are also awaiting the publication of the minutes from the Federal Reserve's October meeting on Thursday for more insight into how the U.S. economy is developing. The notes are scheduled to be released at 2 p.m. Eastern.

The yield on the 10-year Treasury notes ros to 1.62 percent from 1.59 percent.

Among other stocks making big moves:

Cisco Systems, the world's largest maker of computer networking equipment, gained $1.27 to $18.10. Cisco said late Tuesday that its earnings rose 18 percent in the latest quarter and that U.S. companies are starting to spend again.

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Enchanted Village opens Saturday at Jordan's Furniture in Avon

The iconic animated Enchanted Village kicks off its 2012 season at Jordan's Furniture in Avon this Saturday and is free to the public.

The old-fashioned, Victorian-era 8,000-square-foot display went from Jordan Marsh to its new home of Jordan's Furniture in 2009 after being bought at auction that year by Eliot Tatelman, president and CEO of Jordan's Furniture.

The family staple includes Santa Claus, a reindeer game, a holiday song laser light show, and a Polar Express 4D The Ride attraction.

Jordan Marsh initially commissioned a Bavarian toymaker to create the Village in order to attract customers to its Downtown Crossing store, where it remained until the mid-1970s. The attraction came back for brief periods in the ensuing decades.

The Enchanted Village at Jordan's Furniture in Avon will stay open through December during regular store hours. Tickets to Polar Express 4D The Ride and to the laser light show LITE are available on-site at the MOM Theater.

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FDA chief seeks new powers to police pharmacies

WASHINGTON — The country's top medical regulator is preparing to tell Congress that new laws are needed to police large specialty pharmacies like the one at the center of a deadly meningitis outbreak.

Testimony released ahead of the first congressional hearing on the incident shows that Food and Drug Administration Commissioner Margaret Hamburg will ask lawmakers to give her agency more authority and funding to oversee compounding pharmacies. Hamburg is one of four witnesses called to testify before the House Energy and Commerce Committee. The committee will also hear from a Massachusetts health official, the owner of the Framingham, Mass.-based pharmacy tied to the outbreak and the widow of a patient killed by the company's product.

About 440 people have been sickened by contaminated steroid shots distributed by New England Compounding Center, and more than 32 deaths have been reported since the outbreak began in September. Compounding pharmacies have been linked to occasional safety problems for decades, but the current outbreak of fungal meningitis is the deadliest case in modern U.S. history, according to industry experts.

That has put the NECC at the center of congressional scrutiny as lawmakers consider tighter regulation of compounding pharmacies, which have long operated in a legal gray area between state and federal laws.

"FDA's authority over compounding pharmacies is limited by law and is not suited to effectively regulate the evolving compounding industry," Hamburg said, in a statement released ahead of the hearing. "We need a clear path forward that is proactive and preventive."

Compounding pharmacies traditionally fill special orders placed by doctors for individual patients, turning out a small number of customized formulas each week. They are typically overseen by state pharmacy boards, though the FDA occasionally steps in when major problems arise. Some pharmacies have grown into much larger businesses in the last 20 years, supplying bulk orders of medicines to hospitals that need a steady supply of drugs on hand.

NECC shipped more than 17,000 single-dose vials of the steroid linked to the outbreak, which were given to an estimated 14,000 patients in 23 states.

Hamburg says Congress should put in place a two-tier system in which traditional compounding pharmacies continue to be regulated at the state level, but larger pharmacies would be subject to FDA oversight.

Pharmacies that ship bulk product or produce complex drugs would have to register with the FDA and undergo regular inspections, similar to pharmaceutical manufacturers. These non-traditional compounding pharmacies would also have to meet the more stringent manufacturing standards required of pharmaceutical companies.

"In light of growing evidence of threats to the public health, the administration urges Congress to strengthen standards for non-traditional compounding," Hamburg states in her testimony.

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Warren Buffett's firm will close suburban DC newspaper

OMAHA, Neb. — Warren Buffett's company is planning to close a small Virginia newspaper that it bought from Media General earlier this year.

The 10,000-circulation Manassas (Va.) News & Messenger, which began publishing in 1869, has been struggling to compete in the Washington D.C. suburbs. It will print its last issue on Dec. 30.

Buffett's Berkshire Hathaway Inc. says it has no plans to close any of its other newspapers.

The Manassas closing will eliminate 33 jobs. An additional 72 corporate positions that Berkshire acquired with the Media General deal will be eliminated.

The Omaha World-Herald reported the closure on Wednesday. Officials at Berkshire's newspaper unit, which is run by the World-Herald, did not immediately respond to a message.

Buffett did not immediately respond to a message sent to his assistant Wednesday.

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A night to remember... three times

Written By Unknown on Rabu, 07 November 2012 | 23.14

It's a wrap! And that's exactly what the Boston Herald did last night wrapping the paper three times as the historic results of Election Night 2012 unraveled.

We didn't quit until well past midnight when the last speech stopped echoing through the streets.

We kicked it all off in the first edition with the overhead line "The beauty of democracy" and the headline "THIS IS WHY WE VOTE."

It was a huge turnout in the Bay State and across the country with lines at the polls wrapping around the block. A theme for the day. But we didn't stop there.

Second up was "Warren becomes first woman elected senator in Bay State" with the headline "MAKING HISTORY!"

Elizabeth Warren toppled popular incumbent U.S. Sen. Scott Brown and vowed to work for the little guy in D.C. once she gets there.

Lastly, after key battleground states fell in his favor, President Obama was re-elected giving him four more years in office to right this shaky ship. The overhead line read "President Obama re-elected" with the Herald's headline for the final edition stating "FOUR MORE!"

It was a night for the history books ... and newspapers.

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