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Syria signs oil exploration deal with Russian firm

Written By Unknown on Rabu, 25 Desember 2013 | 23.14

BEIRUT — Syria's state news agency says the oil ministry has signed a deal with Russian oil and gas company Soyuzneftegaz to explore in the Mediterranean Sea.

SANA's report Wednesday did not say where the deal was signed, though it said the exploration will take place off the Syrian coast.

Earlier this year, Syrian Oil Minister Suleiman Abbas discussed with the ambassadors of China and Russia the possibility of exploring for oil and gas off Syria's Mediterranean coast.

Most of Syria's oil and gas fields in the country's east are under opposition control and the country's oil exports almost have stopped.

Israel is already developing recent discoveries of massive offshore deposits and Lebanon has also spoken of trying to develop offshore fields.

Russia is one of President Bashar Assad's strongest international backers.


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Post Office stuffs stockings with 3-cent stamp hike

The U.S. Postal Service delivered a surprise on Christmas Eve that may land them on some naughty lists as it announced a temporary 3-cent price increase on first-class stamps.

The hike, approved by an independent Postal Regulatory Commission, will raise the cost from 46 cents to 49 cents a letter. The commission justified the increase in the face of severe volume decreases, going back to 2008, and as a way for the Postal Service to recoup a reported $2.8 billion in losses.

The increase will take effect on Jan. 26 and will last no more than two years. The commission rejected a request to make the hike permanent.

There will be a 6 percent increase on bulk mail, periodical and package service rates. The mail industry is said to oppose the increase, saying charities and bookstores will suffer from the increased cost of mass mailings and package delivery.

The Postal Service reportedly lost $5 billion last fiscal year.

Herald wire services contributed to this report.


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Judge rules against BP in spill-settlement dispute

NEW ORLEANS — A federal judge on Tuesday rejected BP's argument that a multibillion-dollar settlement over the company's massive 2010 Gulf oil spill shouldn't compensate businesses if they can't directly trace their losses to the spill.

U.S. District Judge Carl Barbier said in his ruling that the settlement was designed to avoid the delays that would result from a "claim-by claim analysis" of whether each claim can be traced to the spill.

Earlier this month, a three-judge panel of the 5th U.S. Circuit Court of Appeals ruled that Barbier erred when he initially refused to consider BP's "causation" arguments.

In response to that ruling, Barbier agreed with plaintiffs' lawyers that BP can't make these arguments because the company took a contradictory position on the same issue when it urged Barbier last year to approve the settlement.

Barbier said requiring claimants to meet BP's proposed requirements for connecting losses to the spill would bring the claims process to a "virtual standstill."

Steve Herman and Jim Roy, two of the plaintiffs' lawyers who brokered the settlement with BP, said Gulf Coast business owners should be pleased that Barbier "once again rejected BP's efforts to rewrite history and the settlement."

"The Court reaffirmed that the transparent, objective formulas spelled out in the agreement are the only way to determine a claimant's eligibility and causation," they said in a statement.

BP spokesman Geoff Morrell said the company disagrees with Barbier's decision. Morrell also said court-appointed claims administrator Patrick Juneau's interpretation of settlement terms renders the deal "unlawful."

"Awarding money to claimants with losses that were not caused by the spill is contrary to the language of the settlement and violates established principles of class action law," Morrell said in a statement. "BP intends to seek appropriate appellate remedies to correct this error."

On Dec. 5, Barbier temporarily suspended settlement payments to businesses while he reconsidered the company's causation arguments. Barbier said Juneau's office would continue accepting and processing business claims but wouldn't make final decisions or payments until the matter is resolved.

For months, BP has argued that Barbier and Juneau misinterpreted settlement terms in ways that could force the company to pay for billions of dollars in bogus or inflated claims by businesses.

In October, the same 5th Circuit panel instructed Barbier to craft a "narrowly-tailored" order that bars Juneau from paying certain claims. BP, however, argued Barbier didn't go far enough when he issued an order to comply with the 5th Circuit's directives.


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Health care site put to the test as deadline nears

CHICAGO — The government's retooled health care website was put to its biggest test yet as record numbers of Americans rushed to beat Tuesday's extended deadline for signing up for insurance.

After a disastrous, glitch-filled rollout in October, HealthCare.gov, where people in 36 states can shop for coverage, received 2 million visits Monday, its highest one-day total, the government said.

Traffic was not as heavy on Tuesday but still high, White House spokeswoman Tara McGuinness said. She had no immediate estimate of visitors or how many succeeded in obtaining insurance before the midnight deadline.

"The site is performing well under intense consumer traffic," said Kurt DelBene, a former Microsoft executive appointed last week to take over management of the online marketplace. "With the highest volumes we have seen to date, response time is fast and the error rating is low."

Error rates were lower than 1 in 200, and pages loaded quickly, in less than a half-second, officials said.

For a multitude of reasons, including technical difficulties with the site or trouble understanding the instructions, thousands of people sought telephone help and wound up waiting on hold on Christmas Eve at the government's call center.

Ian Stewart of Salt Lake City said he and his wife, both students, had been trying for weeks to complete their application on the federal site, thwarted by computer error messages each time.

On Tuesday morning, while visiting relatives in Colorado for Christmas, they reached a call center counselor who succeeded in enrolling them. The "silver" plan they chose will cost them $241 a month after a cost-lowering tax credit.

"We're relieved that we got it working, elated that we got insurance again and very frustrated that it took this long," Stewart said.

More than 110,000 people had called the government's help line by Tuesday afternoon, with wait times averaging 27 minutes, officials said. On Monday, the call center received more than 250,000 calls, a one-day record.

Monday was the sign-up deadline for people wanting coverage at the start of the new year. But the Obama administration pushed back the deadline a day to deal with heavy traffic from procrastinators.

"We see this intense traffic as a sign that people are eager for affordable health insurance," said Julie Bataille, a spokeswoman for the Centers for Medicare and Medicaid Services, the federal agency in charge of the overhaul.

While there were no immediate reports of any major glitches, the White House said that people who can show they missed the deadline because of problems with the website may still be able to get covered by Jan. 1 on a case-by-case basis. Those who try to sign up for the first time after the deadline passes can still get coverage, but it won't start until Feb. 1.

The one-day grace period was just the latest in a string of delays and reversals, and critics of President Barack Obama's signature program seized on it as more evidence that the overhaul is in trouble.

"The amazing, ever-expanding deadline? It's clearly a sign of desperation by the administration to do everything they can to increase the number of people signing up," said health economist Gail Wilensky, who ran Medicare for President George H.W. Bush.

The website went through extensive hardware and software upgrades to make it more reliable and increase its capacity.

When the number of simultaneous users reached 60,000 on Monday, site operators employed a queuing system that allows people to either wait or give an email address to be invited back later, the government said. More than 129,000 users gave their email.

On Tuesday, traffic wasn't heavy enough to trigger the system, McGuinness said in the afternoon.

Many states operate their own online marketplaces for buying coverage, and some of them also extended their deadlines.

The insurance industry, too, has pushed back deadlines for payment, with most health plans allowing customers to pay by Jan. 10 and still get coverage retroactive to Jan. 1.

"With deadlines that keep changing, insurers want to alleviate confusion," said Robert Zirkelbach, spokesman for America's Health Insurance Plans. "Health plans are going to do everything they can to help consumers with the enrollment process."

Obama said late last week that more than 1 million Americans had enrolled for coverage since Oct. 1.

The administration's estimates call for 3.3 million to sign up by Dec. 31, and the target is 7 million by the end of March. After that, people who fail to buy coverage can face tax penalties.

___

Associated Press Medical Writer Carla K. Johnson can be reached at http://www.twitter.com/CarlaKJohnson


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Astronauts complete rare Christmas Eve spacewalk

CAPE CANAVERAL, Fla. — Space station astronauts repaired a crippled cooling system during a rare Christmas Eve spacewalk Tuesday, braving a "mini blizzard" of noxious ammonia as they popped in a new pump.

It was the second spacewalk in four days for U.S. astronauts Rick Mastracchio and Michael Hopkins, and only the second Christmas Eve spacewalk ever.

NASA ordered up the spacewalks to revive a critical cooling loop at the International Space Station. All nonessential equipment had to be turned off when the line conked out Dec. 11, and many science experiments halted.

With Tuesday's success, the cooling system should be restored and all equipment up and running by this weekend, according to NASA.

"It's the best Christmas ever," Mission Control radioed as the 7½-hour spacewalk came to a close.

"Merry Christmas to everybody," replied Hopkins. "It took a couple weeks to get her done, but we got it."

Mastracchio and Hopkins removed the faulty ammonia pump during Saturday's spacewalk. On Tuesday, they installed the fresh pump.

Standing on the end of the station's main robotic arm, Hopkins clutched the 780-pound, refrigerator-size pump with both hands as he headed toward its installation spot, and then slid it in. An astronaut working inside, Japan's Koichi Wakata, gingerly steered the arm and its precious load.

"Mike Hopkins taking a special sleigh ride on this Christmas Eve," Mission Control commentator Rob Navias said as the space station soared over the Pacific.

It was slow going because of a balky ammonia fluid line that sent frozen flakes of the extremely toxic substance straight at the men — "a mini blizzard," as Mission Control called it. The spacewalkers reported being surrounded by big chunks of the stuff that bounced off equipment and, in all probability, their suits.

The ammonia needed to dissipate from their suits before the pair returned inside, to avoid further contamination.

"Wow," Hopkins sighed after the fourth and final fluid line was hooked to the new pump. The electrical hookups went more smoothly, and six hours into the spacewalk, Hopkins finally called down, "Houston, you've got yourself a new pump module."

Christmas references filled the radio waves as the action unfolded 260 miles above the planet.

"It's like Christmas morning opening up a little present here," Mastracchio said as he checked his toolkit. Later, as he worked to remove the spare pump from its storage shelf, he commented: "Now it really feels like I'm unwrapping a present."

Mission Control in Houston was in a festive mood, despite the gravity of the situation. Tabletop Christmas trees, Santa dolls and red Santa caps decorated the desks.

NASA's only previous Christmas Eve spacewalk occurred in 1999 during a Hubble Space Telescope repair mission.

But NASA's most memorable Christmas Eve was back on Dec. 24, 1968. Apollo 8 astronauts read from Genesis, the first book of the Bible, as they orbited the moon on mankind's first lunar flight.

A bad valve in the ammonia pump caused the latest breakdown.

Another team of spacewalking astronauts installed that pump just three years ago, and engineers are perplexed as to why it didn't last longer. NASA hopes to salvage it in the years ahead.

The 2010 replacement required three spacewalks because of the difficulty in removing pressurized ammonia fluid lines. But this time, the astronauts managed to squeeze everything into two after NASA reduced the pressure and simplified the task.

Mission Control successfully activated the pump Tuesday night. The two-line external cooling system uses ammonia to dispel heat generated by on-board equipment; only one loop was disabled by the breakdown.

The second spacewalk was supposed to take place Monday but was delayed a day to give Mastracchio time to switch to another suit. He inadvertently hit a water switch in the air lock at the end of Saturday's excursion, and a bit of water encroached on a cooling device in the backpack of his suit, making it unusable.

Otherwise, the suits remained dry during both spacewalks. Last July, an astronaut almost drowned when water from his suit's cooling system flooded his helmet. Makeshift snorkels and absorbent pads were added to the suits as a precaution.

A Moscow-led spacewalk, meanwhile, is set for Friday. Two Russian crew members will install new cameras and fresh experiments outside.

___

Online:

NASA: http://www.nasa.gov/mission_pages/station/main/index.html


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Phishing scammers go after Target data breach victims

Target Corp. is warning of "phishing" scam emails aimed at customers whose card information was compromised under the breach of its point-of-sales system.

"We are aware of limited incidents of phishing or scam communications," spokeswoman Molly Snyder said in a statement yesterday. "To help our guests feel confident that what they are hearing from Target is really from us, we are in the process of setting up a dedicated resource on our corporate website where we will post PDFs of all official communications that Target sends to our guests."

Target confirmed that it was partnering with the Secret Service and Department of Justice on the investigation of the Nov. 27-Dec. 15 breach that left credit and debit card information of an estimated 40 million customers vulnerable. Yesterday it said it wanted to make clear that "neither entity is investigating Target."

Meanwhile, JPMorgan Chase increased withdrawal and spending limits it had imposed on 2 million debit-card customers affected by the Target breach.


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Retailers tighten holiday policies to thwart fraud

If you didn't like your gift today, take note. Some retailers have tightened their return policies in a continuing attempt to curb fraud that will cost the industry an estimated $3.4 billion during this year's holiday period.

Return deadlines at Best Buy and Sears are the two "biggies," according to Somerville consumer advocate Edgar Dworsky.

"Both of them are cutting their return windows in half for certain or all goods," said Dworsky, who conducts an annual return policy survey.

Best Buy reduced its regular return period to 15 days from 30 for most customers in March, and it shortened its holiday return period, which now runs until Jan. 15 instead of Jan. 24. In addition, special orders no longer are refundable.

Sears' regular return policy for major appliances and vacuums is now 30 days, down from 60, and it has excluded those products from its extended holiday period.

"They're trying to cut their losses in some cases," Dworsky said. "Best Buy doesn't want people to use that digital camera for several weeks or months and then bring it back, because they're going to have to sell it as an open box item."

Nearly 6 percent of holiday returns are fraudulent, according to a recent National Retail Federation survey. Holiday return fraud accounts for 38.7 percent of the industry's estimated $8.76 billion in annual losses tied to return fraud.

That's why almost three-quarters of retailers require customers to show identification if they don't have receipts. Examples of fraud include returns of stolen items, using counterfeit receipts for returns, and "wardrobing" — the return of used, but non-defective merchandise such as special occasion clothing or electronics.

Toys R Us extended its holiday return period until Jan. 25 for most items, but certain electronics bought on or after Nov. 1 must be returned by Jan. 9. Other electronics must be returned within 30 days, down from 45 days.

Macy's, meanwhile, now charges a 15 percent restocking fee for the return of furniture and mattresses.

And if you're returning gifts in hopes of pocketing cash, don't count on that, even with a gift receipt.

"You can't convert that white elephant to cash in all likelihood," Dworsky said. "You're most likely to get an even exchange or a merchandise credit if there's nothing else you want at the store,"


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Avoiding health insurance gaps takes persistence

CHICAGO — The deadline has passed, and so too the surprise grace period, for signing up for health insurance as part of the nation's health care law.

Now what?

For those who were able to navigate the glitch-prone and often overwhelmed HealthCare.gov website, there's still work to be done to make sure success online leads to actual coverage come the new year.

The first step experts recommend is to call your insurance company and double-check they received your payment.

What if you missed the Christmas Eve deadline and still want insurance in 2014, as the health law requires of most Americans? You may be without health insurance for a month, but you can still sign up for coverage that will start in February.

"Be patient, because they're trying to help you," said Tina Stewart, a 25-year-old graduate student in Salt Lake City who succeeded in enrolling in a health plan Tuesday morning. "It will take time."

The historic changes made by the Affordable Care Act take full effect on Jan. 1. People with chronic health conditions can no longer be denied health insurance. Those who get sick and start piling up medical bills will no longer lose their coverage. Out-of-pocket limits arrive that are designed to protect patients from going bankrupt.

But unless the 1 million Americans who have so far enrolled for coverage via the new marketplaces make sure their applications have arrived at their new insurance companies without errors, some may find they're still uninsured when they try to refill a prescription or make a doctor's appointment.

"The enrollment files have been getting better and more accurate, but there is still work that needs to be done," said Robert Zirkelbach, a spokesman for America's Health Insurance Plans, a trade group that represents the private insurance industry. "The health plans are still having to go back and fix some of data errors coming through in these files."

If everything went smoothly, consumers can expect to see a welcome packet arrive in the mail from their insurance company, Zirkelbach said. If not, a phone call to the insurer might clear things up.

"If a consumer signed up yesterday, they shouldn't expect the health plan to have their enrollment application today," Zirkelbach said. "Allow a couple of days to receive and process those enrollments."

Paying the first premium is crucial. Because of the changing deadlines for enrollment, most insurers have agreed to allow payments through Jan. 10 and will make coverage retroactive to Jan. 1, he said.

Anyone who missed the Christmas Eve deadline to enroll for insurance to start in January can still apply at HealthCare.gov for coverage to begin later. The federal website serves 36 states, but also directs people elsewhere to the online insurance site serving their state. The site also offers directions to local agencies offering in-person help.

After the disastrous rollout in October, the federal website received 2 million visits on Monday, and heavy — but not as heavy — traffic on Tuesday. White House spokeswoman Tara McGuinness said she had no immediate estimate of visitors Tuesday or how many succeeded in obtaining insurance before the midnight Christmas Eve deadline. The unexpected one-day grace period was just the latest in a string of delays and reversals.

Unless you qualify for Medicaid, you'll pay a monthly "premium" fee to an insurance company for coverage. Before the company covers actual medical costs, you may have to pay a certain amount called a deductible, in addition to a possible set fee for a doctor visit (copay) or a percentage of the cost of a medical service (coinsurance).

Federal tax credits are aimed at helping make premiums more affordable for households earning between 100 percent and 400 percent of the federal poverty line. That's $11,490 to $45,960 for an individual, $23,550 to $94,200 for a family of four.

Finally, note the next significant deadline isn't for a few more months. If you don't have coverage by March 31, you'll pay a tax penalty next year of $95 or 1 percent of your income, whichever is higher.

Ron Pollack, president of Families USA, a liberal advocacy group that has led efforts to get uninsured people signed up for coverage next year, said that's the deadline that matters most.

"The real significant deadline is March 31," Pollack said. "The enrollment period extends for another three months."

___

Associated Press Medical Writer Carla K. Johnson can be reached at http://www.twitter.com/CarlaKJohnson


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Health insurance guide: 3 next steps for enrollees

The Christmas Eve deadline to enroll via HeatlhCare.gov for health care insurance that starts Jan. 1 has passed.

The federal website received 2 million visits on Monday, and heavy — but not as heavy — traffic on Tuesday. A White House spokeswoman said there was no immediate estimate of visitors or how many succeeded in obtaining insurance before the deadline.

Here are some tips for those who met the deadline and those who didn't.

___

MET THE DEADLINE?

1. Allow a few days for your application to reach the insurance company providing your health plan, then call to make sure it has been successfully processed.

2. If you didn't click "pay now" when you enrolled, make sure you send your first monthly premium payment to your insurance company by Jan. 10. You won't be covered until you've paid.

3. Learn about the details of your health plan. What's covered? What do you pay for out of pocket? Find out which doctors and hospitals are covered in the plan's network. Learn what services the insurer provides, such as 24-hour hotlines and online health resources.

___

MISSED THE DEADLINE

1. If you're uninsured and still want coverage, you can still sign up. Your coverage will start as soon as Feb. 1 if you choose a plan and pay before mid-January.

2. You can window-shop to compare the details on plans available in your region. Click on "See plans before I apply" at HealthCare.gov. Many state online marketplaces also offer this window-shopping feature.

3. Enrollment ends March 31. Miss that deadline and you'll pay a tax penalty for next year of $95 or 1 percent of your income, whichever is higher. Some people may qualify for an exemption because of hardships or if their insurance policy was canceled.

___

SOURCES: America's Health Insurance Plans, U.S. Department of Health and Human Services, Consumers Union


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Former IOC executive Gunnar Ericsson dies at 94

LAUSSANE, Switzerland — Gunnar Ericsson, a long-time International Olympic Committee executive and former member of the executive committee, has died. He was 94.

The IOC says on its website that the former Swedish parliamentarian died Tuesday but did not provide a cause of death.

IOC President Thomas Bach says Ericsson "personified the Olympic values and was a true Olympic gentleman. The IOC will always remember him with deep gratitude and great respect."

An IOC member from 1965, Ericsson served on the executive board from 1988-92, and headed the inspection team for 2000 Summer Games bidding.

Ericsson became an honorary member in 1996 after resigning to allow compatriot Gunilla Lindberg to become an IOC member.

Lindberg says Ericsson is survived by his wife Stina.


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Key details of decision over Ill. pension crisis

Written By Unknown on Rabu, 04 Desember 2013 | 23.14

SPRINGFIELD, Ill. — After years of inaction, Illinois lawmakers have approved a historic plan to finally close the gap on the state's $100 billion public pension shortfall, which is considered the nation's worst.

The House voted 62-53 in favor, minutes after the more union-friendly Senate approved the measure 30-24. The plan now will be sent to Gov. Pat Quinn, who has championed pension reform and has promised to sign it. The plan was unveiled last week by Democratic and Republican leaders in both the House and Senate, who said it will save the state $160 billion over 30 years, largely by cutting retirement benefits for state employees.

Union officials are expected to quickly challenge the plan's constitutionality, saying it unfairly hurts retirees who were promised a certain pension and worked hard to earn it.

Here are key details:

THE PREDICAMENT

Illinois' five public-employee retirement systems are a combined $100 billion short of what's needed to pay benefits as promised to workers and retirees. The accounts contain about 40 percent of what they need to be considered fully funded. The shortfall is due largely to decades of legislators skipping or shorting the state's pension payments — a practice that allowed them to spend that money elsewhere. Other causes include economic downturns, lower-than-projected market performance and beneficiaries living longer.

THE IMPACT

The massive unfunded pension liability — along with the state's other financial woes — has led credit rating agencies to repeatedly downgrade Illinois' rating to the lowest of any state. That means when the state borrows money, taxpayers pay more in interest than people in other states. Illinois' annual payments to the funds have grown, taking up about one-fifth of the state's general funds budget — about $6 billion — this year. That's money that could be going to schools, roads or other areas.

THE PROPOSED SOLUTION

Legislative leaders say the approved plan will reduce the unfunded liability by about $21 billion and fully fund the retirement systems by 2044. Among other provisions, it will:

— Raise the retirement age for people 45 and younger, on a sliding scale basis.

— Guarantee the state will make its full annual contribution to the funds and allow the systems to sue if the payments aren't made.

— Change the cost-of-living increase from the current rate of 3 percent, compounded annually, on the full annuity benefit. Retirees would receive increases at that rate only up to a certain amount of annuity benefit. Legislative leaders say the new structure would benefit lower-income workers who held their jobs longer. Employees also would miss some annual cost-of-living adjustments, depending on their age.

— Cap the amount of salary on which a pension benefit is based. In 2013, that amount would be about $110,000.

— Decrease the employees' own contribution to their retirement funds by 1 percent.

— Provide workers the option of participating in a 401(k)-style defined contribution plan.

THE NEXT STEP

Unions say they will sue. They argue the proposal would violate a provision of the state Constitution that prohibits diminishing pension benefits. Legislative leaders believe the plan will survive a challenge because of the funding guarantee and the decrease in employee contributions.


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Herald execs talk up future of news

Rumors of the death of newspapers have been greatly exaggerated, if Herald Publisher Patrick J. Purcell and Editor in Chief Joe Sciacca have anything to say about it — and they certainly did yesterday at a panel discussion on how news organizations can survive in a tech-addicted world of information overload and short attention spans.

"The challenges facing newspapers are not being faced by newspapers alone," Sciacca told an audience at Boston law firm Mintz Levin, which hosted the panel. "We know CNN has lost half its audience in the past year. AM radio is going away. A quarter of teenagers, the only way they interact with the Web is on their smartphone. We know that people don't want to be lectured anymore by legacy media ... they want to interact. We need to look for a (business) model that adjusts to that."

Stephen Mindich, publisher and CEO of Phoenix Media, who had to close the Boston Phoenix this year, predicted more newspapers will fail due to financial problems. But Purcell said, "Somehow or other we have been able to stay profitable. All I keep saying is, 'Let's keep our heads above water and see what happens.'"

The panel discussion, which also featured former Miami Herald Executive Editor turned Boston University dean Thomas Fiedler, was moderated by Mintz lawyer Jeffrey Robbins.


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Odds on Revere casino improve

Gaming Commission Chairman Stephen P. Crosby signaled yesterday he's ready to greenlight a proposed Mohegan Sun casino at Suffolk Downs in Revere, where the Planning Board last night unanimously voted in favor of a zoning amendment to allow gambling facilities.

The proposed change now goes to the City Council's subcommittee on zoning and the full council Monday night.

"This is just another example of our great partnership with the city of Revere and its affirmation of gaming development on our property with our new partners from Mohegan Sun," said Chip Tuttle, Suffolk Downs' chief operating officer.

The Planning Board's decision came just hours after the Gaming Commission delayed until next week a vote on whether the racetrack and Mohegan Sun can shift their proposed casino from East Boston, where voters rejected a Suffolk Downs casino last month, to the Revere portion of the track's property, where voters approved it.

The commission also will decide next week whether Revere's host community agreement and Nov. 5 referendum sufficiently address the possibility of a Revere-only option.

But Crosby said it would be "unfair" to prevent Mohegan Sun from going forward with the project.

"The referendum people voted on in Revere is clearly not what's on the table today," Crosby said. But he said, "To not permit Revere to go forward, when all reasonable deduction suggests had this been on the table it would have been enthusiastically endorsed, would be unfair."

Commissioner James F. McHugh countered that he is "troubled" by it, saying, "Voters have not had the opportunity to vote on Mohegan Sun."

By law, if a gaming proposal is rejected, there can't be another vote for 180 days, which would be well past the Dec. 31 deadline for gaming applications.

Boston, Chelsea and Winthrop are designated as surrounding communities, which would entitle them to funds to address potential impacts such as traffic and public safety. Lynn and Everett also have requested surrounding community status. Winthrop Town Councilor Craig Mael submitted an anti-casino town resolution last night. He said local support has waned thanks to the Revere-only plan.

The only other contender for the sole gaming license in eastern Massachusetts is Las Vegas billionaire Steve Wynn's Everett proposal. His suitability hearing is set for Dec. 16.

Wynn worked to ingratiate himself in the Everett area, sponsoring a charitable holiday toy event yesterday at the Everett Target. He's also helping sponsor the Boston Symphony Orchestra Holiday Pops.


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In Japan, General Motors has high hopes, low sales

TOKYO — General Motors says it's in Japan for the long haul despite sales of Cadillac and Chevrolet models barely surpassing 1,000 vehicles a year.

There has never been much appetite in Japan for left-hand drive gas guzzling U.S. autos, and there are many informal barriers to foreign automakers making it here.

But GM executives see a glimmer of hope in the fact sales of its luxury nameplates have doubled in the past three years.

The automaker is trying to lure Japanese buyers with the new Cadillac CTS and Chevrolet Corvette, which it says boast better quality and mileage.

GM Japan Managing Director Sumito Ishii declined to give a sales target Wednesday, but said part of the Detroit automaker's sales strategy is to approach buyers who may not have preconceptions about GM.

General Motors Co. has also begun to offer models with the steering wheel on the right, which is standard in Japan.

"We have just begun our fight," Ishii told reporters at the Foreign Correspondents Club in Tokyo. "We offer attractive qualities that you can't find in Japanese and European cars."

Ishii and Gregg Sedewitz, director of sales and marketing, said the cars represent American luxury and are synonymous with risk taking, coolness and Hollywood celebrities.

The Cadillac CTS comes packed with the latest technology, such as a lightweight structure and a direct injection turbo engine, and sells for 5.99 million yen ($59,900) and 6.99 million yen ($69,900).

The Corvette, which ranges from 9.29 million yen ($92,900) to 11.59 million yen ($115,900) including the convertible models, is the greenest Corvette ever, delivering 12.3 kilometers per liter.

They go on sale in Japan from April and May next year.

Japanese consumers have historically favored European imports and home-made cars over American models, including luxury brands.

Annual sales of the Lexus, the luxury offering from Toyota Motor Corp., the world's top automaker, total about 40,000 vehicles in Japan. Annual sales for the BMW are about that same number.

Sedewitz acknowledged there was "no magic bullet" to boost sales volume in Japan.

"The numbers speak for themselves," he said. "We are in it for the long term."

___

Follow Yuri Kageyama on Twitter at twitter.com/yurikageyama


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Krispy Kreme and Tesla are big market movers

NEW YORK — Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market:

NYSE

Krispy Kreme Doughnuts Inc., down $4.96 to $19.59

The doughnut chain's third-quarter net income rose 34 percent, but its guidance for the upcoming fiscal year was below expectations.

Roundy's Inc., up 57 cents to $9.06

The grocery store operator bought 11 Dominick's stores in Chicago from Safeway Inc. and will convert them to its Mariano's brand shops.

Nasdaq

Tesla Motors Inc., up $20.53 to $144.70

The electric car maker said a German investigation into fires involving its Model S sedan found no manufacturer-related defects.

Groupon Inc., up 34 cents to $9.09

The online deal service said that its billings were up 30 percent from a year ago during the four days after Thanksgiving.

Isle of Capri Casinos Inc., down 18 cents to $7.70

The casino operator returned to a profit in its fiscal second quarter, but its adjusted results and revenue missed expectations.

Medallion Financial Corp., down $1.54 to $16

The lender for taxi operators will sell 2.9 million shares in a stock offering to help it offer more loans to its customers.

Good Times Restaurants Inc., up 5 cents to $2.51

The regional hamburger chain said that sales from stores open at least a year rose 14.1 percent in November.

Unilife Corp., up 69 cents to $4.84

The medical device maker, which is based in York, Penn., said that it signed a supply deal with Swiss drugmaker Novartis.


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Cyber Monday draws $1.74B billion holiday dollars

NEW YORK — Cyber Monday is still on top.

Retailers from Wal-Mart Stores to Amazon started rolling out "Cyber" deals at the beginning of November, and kept them going on Thanksgiving and Black Friday. That led some to wonder if earlier sales would put a dent in Cyber Monday sales. The date has been the biggest online shopping day of the year since 2010.

But shoppers delivered. In fact, shoppers bought online at the heaviest rate ever Monday, according to research firm comScore Inc., which tracks online sales.

The group said Tuesday e-commerce spending rose 18 percent from last year's Cyber Monday to $1.74 billion, making Monday the top online spending day since comScore began tracking the data in 2001. The figure does not include purchases from mobile devices.

"I always wait for the deals on Cyber Monday," said Stephanie Appiah, 25, a student who picked up a Google Chromecast video streamer with free shipping on Monday. "It's better than Black Friday because you don't have to deal with other people."

The strong online performance was in contrast to overall spending. Over the four days beginning on Thanksgiving, spending fell an estimated 2.9 percent to $57.4 billion, according to the trade group the National Retail Federation. Overall, the NRF expects holiday spending to rise 2.9 percent to $602.1 billion.

"Any notion that Cyber Monday is declining in importance appears to be completely unfounded," comScore Chairman Gian Fulgoni said in a statement Tuesday. "While it's true that many retailers are bleeding their Cyber Monday promotions into the weekend before and the days afterward, Cyber Monday itself continues to be the most important day of the online holiday shopping season."

However, he did say that early promotions had some consumers buying more items earlier in the weekend, suggesting that Cyber Monday could have even been stronger were it not for the emergence of this trend.

Consumer electronics and video game consoles and accessories were among the biggest sellers of the day. Home and garden products, clothing and accessories, as well as sports and fitness products also performed well.

ComScore tracks U.S. online sales based on observed behavior of a representative U.S. consumer panel of 1 million Web users.

One big online shopping trend so far this year is shoppers researching and buying on mobile devices like smartphones and tablets, said Forrester Research analyst Sucharita Mulpuru.

"There was an enormous lift in the number of people who use mobile devices, and it's been trending that way for the last couple of weeks," she said. Forrester forecasts $78.7 billion in U.S. online sales this holiday season, a 15 percent increase over 2012.

Meanwhile, IBM Benchmark reported on Tuesday that Cyber Monday sales rose 20.6 percent. IBM Benchmark takes sales results from over 500 online retailers and analyzes the data to estimate total online spending. Mobile sales, including smartphones and tablets, made up 17 percent of total online sales, an increase of 55.4 percent compared with last year.

Department stores were the strongest performers, with sales up 70 percent. The group does not give dollar amounts. Over the five-day shopping period beginning on Thanksgiving, sales rose 16.5 percent compared with 2012.

Jay Henderson, strategy director of IBM Smarter Commerce, said the fact that there were strong online sales on Thanksgiving, Black Friday and Cyber Monday bodes well for the rest of the season.

"We should see continued growth straight through the holiday season," he said. "Consumers seem to be online and spending in force."

The name Cyber Monday was coined in 2005 by NRF's online arm, called Shop.org, to encourage people to shop online. After retailers revved up deals for the day, it became the busiest online shopping day in 2010.

The name was also a nod to online shopping being done at work where faster connections made it easier to browse.

ComScore said Tuesday that even with high-speed connections being the norm these days, nearly half of consumers are still shopping online at work on Cyber Monday.

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AP Business Reporter Sarah Skidmore Sell contributed to this report from Portland, Ore.


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Hub-Beijing travel ‘traffic’ spurs flights

Hainan Airlines' move to start nonstop flights between Boston and China was spurred by the already large number of travelers between the two destinations and the expectation for future growth, a company official said.

"There's a tremendous amount of traffic between Boston and China because of the educational travel, the leisure travel and the business travel in both directions," said Joel Chusid, Hainan's U.S. executive director. "It's a good thing for both economies. The market is also growing. We expect (it) is going to be further stimulated because of the nonstop service."

The Chinese airline confirmed yesterday that it plans to start direct flights between Logan International Airport and Beijing's Capital International Airport on June 20, as the Herald first reported last week. The flights initially will be four times weekly.

Hainan, Massport officials and Gov. Deval Patrick are set to announce the new service today. "Nonstop service from Boston to Beijing will open up new commercial and economic opportunities, and I thank Hainan Airlines for their partnership in achieving this significant milestone," Patrick said in a statement.

Hainan will start taking reservations within a few days for flights aboard Boeing 787s that will take a little more than 13 hours.

"It means a great deal because there are a large number of high-tech and not so high-tech companies in the Boston area that have very important trade relations with Chinese companies," said attorney Samuel Shafner, co-chairman of Burns & Levinson LLP's China practice. "The ability to easily make that trip may reduce a temptation for those companies to be located in markets like New York, where they have a direct flight."

Hainan, whose first nonstop U.S. service started in Seattle in 2008, had talked of Boston being its first U.S. destination since at least 2005. In his 2006 state of the city address, Mayor Thomas M. Menino announced Hainan expected to start air cargo service between Boston and Beijing and Shanghai that summer and passenger service that December. That plan was derailed by delays in the delivery and certification of the 787, Chusid said.


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German giant to venture into Hub

The venture arm of one of the world's largest pharmaceutical companies is opening its first U.S. office in Kendall Square, pledging to make $130 million in investments to life sciences companies.

"We chose Boston because it is unique," said Martin Heidecker, who will lead the Boehringer Ingelheim Venture Fund, an affiliate of Ingelheim, Germany-based Boehringer Ingelheim, citing the area's renowned universities and established biotech companies.

Heidecker said he will invest in early stage life sciences startups, and expects to give about $13 million to each company to help them grow and develop their technologies.

"We have a long-term perspective," Heidecker said, adding there is no time limit for the fund to be invested.

Although the main goal is to invest in companies that can eventually be acquired by Boehringer Ingelheim, Heidecker said he believes the products he ends up investing in will be difference-makers regardless of his parent company's involvement.

"The products result in solving the medical problems we have in the future," such as cancer, Alzheimer's and dementia, he said.

One of the reasons the Boehringer Ingelheim Venture Fund is different is its penchant for molding companies, Heidecker said.

"This is very hands on, very early" in a company's life, he said.

Although Heidecker will look for companies to invest in around the country, locating the office in Cambridge will naturally mean more investment in the local area, said Peter Abair, director of economic and global affairs for the Massachusetts Biotechnology Council. The average investment in Bay State biotech companies was about $8 million last year, he said.

"We do know venture capital does tend to stay close to where the VC firms can keep an eye on the companies," Abair said.

Heidecker, who has been in Cambridge for a month, said he has already found companies he is interested in backing.

"There will be investments in the near future," he said.


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The Ticker: Hilltop Steakhouse auction and more...

U.S. sales up 1% 
over weekend

National retail sales climbed a mere 1 percent to an estimated 
$22.2 billion during the four-day Black Friday weekend that started on Thanksgiving for most of the nation, according to Chicago tracking firm ShopperTrak. Sales in the Northeast fell 1 percent, and store foot traffic dropped 9.8 percent. Record online sales on Cyber Monday, meanwhile, rose 20.6 percent from 2012, according to IBM. Mobile sales accounted for more than 17 percent of the sales, up 55.4 percent year-over-year.

Hilltop items to be sold at auction

The contents of the former Hilltop Steakhouse, the landmark Saugus restaurant that closed in October after 52 years, will be sold at an onsite auction Dec. 14. Restaurant equipment will be sold starting at 10 a.m., and furnishings, memorabilia and decorative items will go on the block at 
2 p.m. Among the items will be mounted bison heads, 11 carved wood cigar store Indians from the 1960s and Hilltop buttons, pins and menus. A preview is scheduled for 11 a.m. to 6 p.m. Dec. 13 and from 8 a.m. on auction day.

Kristin Pados joins Nara Logics Inc.

Nara Logics Inc., a computational neuroscience company that provides personalization to deep Web data, announced the appointment of Kristin Pados to its executive team. Pados will be joining the company at its Cambridge headquarters as senior vice president, product and general manager.


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Boston researchers find way to cut medical errors

BOSTON — Researchers at Boston Children's Hospital say they have devised a new system of shift-to-shift patient handoffs that significantly reduces medical errors.

The researchers announced Tuesday that after introducing the system on two inpatient units at the hospital, they found that preventable errors declined by more than half over three months.

The researchers trained doctors on team-based communication strategies and introduced an acronym to help them remember key points to cover when discussing patients. They encouraged people to gather as a team, and to discuss patient care together in a quiet space, rather than the busy hallway.

The Boston Globe (http://b.globe.com/18hwKde ) reports that the researchers are now studying the new procedure at nine pediatric centers around the country, with a $3 million grant from the U.S. Department of Health and Human Services.

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Information from: The Boston Globe, http://www.bostonglobe.com


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Clashes during Tunisia protest over economy

Written By Unknown on Rabu, 27 November 2013 | 23.14

TUNIS, Tunisia — Clashes erupted in one of three Tunisian cities where tens of thousands of people demonstrated Wednesday over their declining economic situation, calling for greater investment in their impoverished regions.

Dozens of protesters attempted to storm government offices in the southern mining town of Gafsa before being driven back by tear gas. They later ransacked the local headquarters of the moderate Islamist Ennahda party that dominates the government, tossing the furniture out the third story windows and setting it alight in the street while crowds cheered.

General strikes were called in the northwestern city of Siliana, Gafsa and in Gabes, which is along the southeastern coast, calling for greater government investment. Witnesses reported that all shops and cafes were closed.

Tunisia kicked off the Arab Spring by overthrowing its dictator in 2011, partly over the lack of jobs of young people, especially in the impoverished interior. Nearly three years after the revolution, however, the elected Islamist-led government has been unable to jump-start the economy or redress the historic inequalities between the wealthier coast and the poorer interior.

"We live in desperate conditions because of unemployment, poverty and misery and we are only asking to live in dignity," said Badreddine Hamlaoui, a 19 year-old who lost an eye to birdshot during protests in Siliana exactly one year ago. "I ask myself why Siliana is neglected and excluded from development."

The timing of Wednesday's strikes was to mark the one-year anniversary of the Siliana protests when people marched to call for a new provincial governor and were dispersed by police wielding shotguns. At least 332 people were wounded, many partially blinded by the birdshot.

According to the National Institute of Statistics, unemployment is already a high 15.7 percent in the country, but in places like Siliana or Sidi Bouzid, where the revolution first began when a young fruit vendor set himself on fire, it rises to 20-29 percent — double that for young people.

"We continue to be forgotten and marginalized because of the policies of the current government," said Mohammed Miraoui, head of the local labor union branch in Gafsa. "From one day to another, the economic and social situation is deteriorating with not a single project from the 2012 budget even implemented."

Since its election in October 2011, Ennahda has ruled with two smaller secular parties, but amid the unrest, unmet expectations and terror attacks following the revolution, has been unable to stem the economy's slide.

On Monday, the Moody's international rating service downgraded Tunisia's government-issued bond rating another notch to Ba3, now three levels below investment grade.

The downgrade follows that of Fitch on Oct. 30 and S&P's in August, both well below investment grade, making it even more difficult for Tunisia to borrow on international markets and further reducing international confidence in the North African nation's economy.

Since the revolution, international ratings agencies have been steadily dropping the country's investment grade in light of the unrest and now a political deadlock.

The demonstrations come after the government acceded to opposition demands to step down in favor of a Cabinet of technocrats before new elections, but talks have now broken down over who will be the caretaker prime minister.


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Israel: EU funds will not reach occupied land

JERUSALEM — Israel will ensure that money it receives under a technology-sharing pact with the European Union will not be spent in the West Bank or east Jerusalem, an Israeli official said Wednesday, acceding to a European funding ban on projects in the occupied territories.

Israel and Europe reached a compromise Tuesday that enabled Israel to sign on to a 70 billion euro ($95 billion) research program known as "Horizon 2020."

Israel had feared that new EU guidelines preventing funding of projects or institutions in the West Bank, east Jerusalem and other territories Israel captured in 1967 would make it ineligible for many of the funds granted in the research program, since most universities and research centers have some activities in those territories.

Israel's Deputy Foreign Minister Zeev Elkin said Israel and the European Union agreed that Israeli institutions that operated in the occupied territories could apply for funding under the program, but that they would need to ensure that any money they receive be spent only inside Israel proper.

"Every Israeli entity will be able to apply. If it receives the money, it will need to find a mechanism, with the Europeans, that will allow the Europeans to achieve their objective: that their money ... will not go beyond the Green Line," Elkin told Israel Radio, referring to Israel's pre-1967 war frontier with the West Bank.

The European Union, along with much of the international community, considers Israeli settlements in the West Bank and east Jerusalem illegal and an obstacle to the establishment of a Palestinian state.

The Palestinians want those territories, along with the Gaza Strip, for their future state. Elkin said the EU compromise also included an Israeli statement objecting to the European position on settlements.

Elkin added that Israel would compensate institutions that are ineligible for the EU funding because they are located in the occupied territories.

The "Horizon 2020" program enables participants to apply for funds for research and collaboration in areas such as climate change, renewable energy and food safety. The EU has budgeted more than 70 billion euros ($95 billion) for the program, which is to run from 2014 to 2020. Officials estimate that Israel could gain more than 300 million euros ($400 million) from the complicated funding system over the seven-year period.

The EU's top diplomat in Israel, Lars Faaborg Andersen, called the compromise excellent news. "It will allow the EU and Israel to continue their mutually beneficial partnership in science and technology," he said in a statement.

Palestinian official Nabil Shaath praised the Europeans for sticking to their opposition to the settlements. "It's time for the Israelis to understand that all the international community is against settlements," he said.

The Israeli daily newspaper Haaretz said that despite the last-minute compromise, the spat with the EU indicated that Israel "is now beginning to pay the price of its deeds in the occupied territories."

"The settlement enterprise has turned Israel into an immoral state whose policies are unacceptable to the world of which it seeks to be part," it said in an editorial.


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Greek economy seen shrinking further next year

ATHENS, Greece — A leading international economic body predicted in a report Wednesday that Greece's economy will shrink further next year and that the government might need more financial help.

The Organization for Economic Cooperation and Development said the Greek economy would contract 0.4 percent in 2014, in contrast to the Greek government's forecast for 0.6 percent growth.

However, the OECD did say the economy was improving, and that the recession was expected to come to an end.

"Positive growth is projected only in the course of 2014, reflecting a slower decline of domestic demand and a pickup in exports," it said in its survey.

Greece's economy is contracting for a sixth consecutive year, and the government has been relying on rescue loans from the International Monetary Fund and other European countries since May 2010.

"We are half a decade into the longest, deepest recession that we have known but there is hope on the horizon and 2014 promises to be a turning point for Greece," OECD Secretary General Angel Gurria said during a news conference.

The government has insisted the country will return to growth in 2014, and will post a modest primary surplus — the budget balance without taking into account outstanding interest payments.

"The 2014 budget is the budget of the Greek economy's recovery after six years of recession," Finance Minister Yannis Stournaras said during a speech to Parliament's finance committee Wednesday.

Speaking later at the news conference with Gurria, Stournaras noted he had "some disagreements with the growth projections, given that the general consensus is that we do expect to have growth in 2014, even at a modest rate."

The billions of euros of rescue loans have been contingent on Greece implementing broad structural and fiscal reforms. Successive governments have imposed repeated rounds of austerity measures, including slashing pensions and salaries, and increasing taxes.

While improving certain aspects of the economy, such as the reduction in Greece's annual budget deficit, the reforms have contributed to a sharp drop in living standards and spiraling unemployment, particularly among the young, where the jobless rate is over 60 percent.

"The depression has been much deeper than expected, which has undermined debt sustainability, induced a dramatic rise in unemployment, which affected more than 27 percent of the labor force at mid-2013 and raised social tensions, especially in the first years of the program," the OECD said in its economic survey for Greece.

It said growth was hampered by weak domestic and global demand and difficulty accessing credit.

"Together with the additional adjustment needed on the fiscal side and price competitiveness, the need for further assistance to achieve fiscal sustainability cannot be excluded," the report said.

There was praise, however, for how far Greece has come, with the organization saying the country achieved "a record fiscal consolidation by OECD standards" that managed to reduce the country's massive deficit.


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Russia outraged by giant Louis Vuitton suitcase

MOSCOW — Politicians didn't like it, the public didn't like it, so the gigantic Louis Vuitton suitcase is being booted out of Red Square.

The GUM department store on Red Square, which is responsible for 30-feet (nine meters) high and 100-feet (30-meters) long construction, promised in a statement released Wednesday that it would be dismantled.

Politicians and public alike condemned the exhibit, a stone's throw from the tomb of communist leader Vladimir Lenin. State news agencies reported that the Kremlin had demanded the removal of the display.

The construction is part of an exhibition called "The Soul of Travel," marking Vuitton's 150th anniversary and was to open on Dec. 2. Louis Vuitton said the construction was a copy of a model owned by a Russian noble, Prince Vladimir Orlov.


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CVS Caremark to buy Coram for $2.1 billion

NEW YORK — Drugstore chain CVS Caremark Corp. says it has agreed to buy the drug infusion business Coram LLC, a unit of Apria Healthcare Group Inc., for $2.1 billion.

Coram, which is based in Denver, provides customers with medication and nutrition that is administered through a vein. The medication can be delivered to a customer's home, clinic or doctor's office.

CVS expects the deal to close by the end of the first quarter of 2014.

CVS expects Coram to generate revenue of about $1.4 billion in the first year after the deal closes and add earnings of between 3 cents per share and 5 cents per share in 2015.

Apria Healthcare Group Inc., Coram's parent company, is owned by investment firm The Blackstone Group LP.


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UK-based Standard Chartered opens branch in Iraq

BAGHDAD — British bank Standard Chartered PLC says it has opened a branch in Iraq's capital, Baghdad and that it hopes to play a role in the country's economic growth.

A statement said Wednesday that the main aim is to meet the increasing banking needs of its multinational clients in Iraq and to support large government projects. It says a second branch will be opened next month in the self-ruled northern Kurdish region and a third will be opened in 2014 in the oil-rich southern city of Basra.

The move came nearly five months after U.S.-based Citigroup Inc. opened an office in Baghdad.

Iraq has been struggling to attract Western companies outside the oil sector since the U.S.-led invasion. Security worries and political infighting have been the major concerns of foreign firms.


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Gauge of US economy's health edges up 0.2 percent

WASHINGTON — A measure of the U.S. economy's health increased in October, suggesting consumers and businesses mostly shrugged off the 16-day partial government shutdown.

The Conference Board says its index of leading indicators rose 0.2 percent in October to a reading of 97.5. It was the sixth gain in seven months and followed large gains in the previous two months.

The index is designed to signal economic conditions over the next three to six months. The steady gains point to improvement, although the index is comprised of indicators that have already been released individually.


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Judge moves airline merger step closer to takeoff

A federal bankruptcy judge has cleared the way for American Airlines and US Airways to close their merger and create the world's largest airline.

The judge ruled Wednesday that this month's settlement of an antitrust lawsuit filed by the federal government didn't upset American's bankruptcy-reorganization plan, which is built around the merger. He rejected a request by a group of consumers to block the deal temporarily.

American said immediately after the ruling that it plans to complete the merger on Dec. 9.

The Justice Department had sued to block the deal in August, saying that it would hurt competition and lead to higher prices. But regulators settled their case in exchange for the airlines' promise to surrender some coveted landing rights at Reagan National near Washington and LaGuardia in New York and a few gates at five other airports.

Together, American and US Airways will be slightly larger in passenger traffic than United Airlines and Delta Air Lines, currently the world's biggest carriers after recent mergers of their own.

U.S. District Court Judge Sean Lane in New York had approved the merge-and-emerge-from-bankruptcy plan of American parent AMR Corp. back in September, but said it was on condition that the company won or settled the lawsuit filed by the government.

At a hearing in Lane's courtroom Monday, a lawyer for a group of consumers asked the judge to block the merger until a trial could be held on his antitrust lawsuit, which made many of the same arguments that had been raised — and dropped — by the government.

Lane denied the request by the lawyer, Joseph Alioto of San Francisco, saying that his clients had failed to show that letting the airlines merge would hurt them. The judge said that if Alioto wins his lawsuit, he can demand additional divestitures by the two airlines but can't hold up the merger.

At the same time, the judge granted American's request that it be allowed to close the merger without submitting the settlement with the Justice Department to a vote of creditors and shareholders. A committee representing unsecured AMR creditors including American's labor unions backed the company's request.

AMR filed for bankruptcy protection in November 2011 after losing billions of dollars in the previous decade. Almost immediately, US Airways began pursuing a merger. AMR management was initially reluctant, but the two sides announced a merger deal in February 2013. The new company will be called American Airlines Group Inc. and be based in Fort Worth, Texas.

A separate federal court will oversee a 60-day period in which the public can comment on the government's settlement with AMR and US Airways Group Inc., but that won't stop the merger.


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4 cities vie to host 2020 world's fair

PARIS — Delegations from Brazil, United Arab Emirates, Russia and Turkey are gathering in Paris on Wednesday to find out who will host the 2020 World Expo.

At stake are billions of dollars in investment, tourism and a moment in the global spotlight.

While the World's Fair no longer holds the popularity of other global events like the Olympics or World Cup, it remains a chance for millions from around the world to discuss and see the business of the future.

The Bureau International des Expositions, the Paris-based intergovernmental body that has organized the fairs since 1928, will decide among four contenders: Dubai in the UAE; Sao Paulo, Brazil; Yekaterinburg, Russia, and Izmir, Turkey. Delegates from the BIE's 168 member countries will vote behind closed doors to choose the winner.

The next world expo is scheduled to take place in Milan in 2015. Last year Astana, Kazakhstan, was awarded the 2017 world expo.

DUBAI

In Dubai, the logo of its bid for the 2020 expo is plastered on police cars, convenience store bags, storefronts, taxis, receipts, government buildings and even on a flag on Mount Kilimanjaro. Dubai's rulers say their futuristic Persian Gulf city of skyscrapers is ideal to host the event.

A spending spree is already underway for the expo — even before officials announce which city will host it.

Dubai estimates a successful Expo 2020 bid will generate $23 billion between 2015 and 2021, or 24 percent of the city's gross domestic product. They say total financing for the 6-month-long event will cost $8.4 billion. But many worry that increased building and real-estate speculation driven by the event could put it on the cusp of another financial crisis.

SAO PAULO

Brazil is already hosting next year's World Cup and the 2016 Olympics — but will it get the World Expo, too?

One of the highlights of Sao Paulo's bid is a proposed renewable energy tower that will convert solar energy into the electricity needed for the event.

The city wants to create a new economic, tourism and education hub with hotels, schools, shopping malls, shops and Latin America's largest convention center. Afterward, the pavilions would be used as schools, health centers and theaters, and the lodgings for employees will be converted into a low-cost housing project.

YEKATERINBURG

Russia has been treating its bid to hold the expo as a state priority not unlike its bids to host the Winter Games and the World Cup.

Officials expect that hosting the expo in the Ural Mountains city of Yekaterinburg would cost Russia $4 billion, the local governor said last week, adding that half of it would come from the budget and the remaining half from private investors. The organizers are planning to build 103 pavilions for the expo and accommodation for exhibition participants, which will later be converted into a residential area.

Russian officials said the expo will help to attract investors and their money to the Yekaterinburg area.

IZMIR

Turkey's loss of its bid to host the 2020 Olympic games in Istanbul was a political blow to Prime Minister Recep Tayyip Erdogan. The disappointment adds to the stakes of landing the World Expo for Izmir, Turkey's third-largest city.

Izmir, an Aegean coastal city formerly known as Smyrna, is pushing global health and environmental issues for its bid. To bolster its case, Turkey has chosen award-winning architect Zaha Hadid to design the park for the exposition.

Turkey's transportation and communications minister, Binali Yildirim, told reporters this week that he believes the bid has the support of more than 60 countries.

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Associated Press reporters Aya Batrawy in Dubai, Stan Lehman in Sao Paulo, Nataliya Vasilyeva in Moscow, and Suzan Fraser in Ankara, Turkey, contributed to this report.

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Follow Greg Keller on Twiter: http://twitter.com/Greg_Keller


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Xbox, PlayStation tackle console launch glitches

Move over, zombies. Step aside, terrorists. Aliens, out of the way.

There are a few new foes affecting gamers that are proving to be far more destructive than any on-screen villain.

With nicknames like "the blue light of death" and "the disc drive of doom," they're the game-ending glitches causing headaches for a few gamers who picked up the next-generation Xbox One and PlayStation 4 consoles at launch.

Microsoft Corp. said Monday it's replacing the Xbox One units of users who have reported systems that won't read discs, an issue dubbed "the disc drive of doom." The company said the problem is affecting "a very small number" of customers, who will also receive one free downloadable game from Microsoft Game Studios.

Sony Corp. announced after the debut of the PS4 earlier this month that it was replacing the units for "less than 1 percent" of users whose new consoles malfunctioned and displayed a pulsating blue light. The problem was given the moniker "the blue light of death."

Both glitches recall Microsoft's "red ring of death," when production problems caused several predecessors of the Xbox One to lock up and display three flashing red lights. Ultimately, the technology giant extended customers' warranties to three years and said in 2007 that it had spent more than $1 billion to repair the problems associated with the Xbox 360.

"I understand these things happen, but it sucks when they happen to you," said Donald Blankinship, an Xbox One owner who experienced a faulty disc drive after purchasing the console at Best Buy. "I can still play downloadable games until the replacement arrives, so at least there's that."

Other users have reported consoles being completely unresponsive out of the box. Both Sony and Microsoft said they're working to troubleshoot such issues and replace broken consoles as quickly as possible.

While the issues seem to affect a minority of Xbox One and PS4 owners, the concerns could deter consumers who regularly play games on smartphones and mobile devices. Sony's PS4 costs $399. Microsoft's Xbox One cost $100 more and includes a Kinect sensor.

"When I think about the Xbox brand, we want it to mean quality," said Phil Spencer, corporate vice president of Microsoft Game Studios, at last week's Xbox One launch event. "That's critical to us. I think you can overcome things, but we don't plan on that. We plan on testing it — tens of thousands of hours — to make sure it's going to be a solid launch."

Microsoft and Sony both announced that more than 1 million Xbox One and PS4 consoles were sold in the 24 hours after their release this month. It's been seven and eight years respectively since Microsoft and Sony launched the Xbox 360 and PlayStation 3. Sony said it expects to sell 5 million PS4 units by the end of its fiscal year in March.

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Follow AP Entertainment Writer Derrik J. Lang on Twitter at http://www.twitter.com/derrikjlang .


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US consumer prices drop 0.1 pct. on cheaper gas

Written By Unknown on Rabu, 20 November 2013 | 23.14

WASHINGTON — Cheaper gasoline lowered overall U.S. consumer prices slightly in October. But outside the steep drop at the pump, inflation stayed mild.

The consumer price index fell 0.1 percent last month, down from a 0.2 percent increase in September, the Labor Department said Wednesday. The October decline was due mainly to a 2.9 percent drop in gasoline costs, the largest since April. Over the past 12 months, overall prices have risen 1 percent, well below the Federal Reserve's inflation target of 2 percent.

PNC Bank chief economist Stuart Hoffman said the low inflation reading ensures that the Fed will continue its extraordinary measures to spur growth.

"From the Federal Reserve's perspective, inflation is too low, one reason why the central bank continues to provide massive stimulus to the economy," Hoffman said in a note to clients.

Excluding volatile energy and food costs, so-called core prices rose 0.1 percent in October from September and have risen just 1.7 percent over the past 12 months. The prices for new vehicles, clothing and medical care declined last month. But airfares rose a whopping 3.6 percent.

U.S. gasoline prices began falling in the spring and reached two-year lows earlier this month. The average price of a gallon of gas was $3.21, according to AAA's Daily Fuel Gauge Report.

The drop in fuel prices may be offset somewhat by slight increases in the cost of food, which rose 0.1 percent. That increase was driven by a 0.6 percent rise in the prices of meats, poultry, fish and eggs, the largest advance for any of the food categories.

Inflation has been modest over the past four years, with prices held down by the weak recovery from the Great Recession. High unemployment and modest wage hikes have made it difficult for Americans to spend more and retailers to charge more.

Low inflation gives the Fed more latitude to pursue its extraordinary stimulus to help drive economic growth. The Fed has been buying $85 billion a month in bonds to keep long-term interest rates low and encourage more borrowing and spending. It has also kept its key short-term interest rate near zero since late 2008.

Critics of the bond-buying program fear it will spark higher inflation in the future.

But a number of Fed officials have objected to slowing the program because inflation remains below 2 percent.

A small amount of inflation can be good for the economy, because it encourages consumers and businesses to spend and invest before prices rise further.

The Fed will release on Wednesday the minutes of its policymaker meeting that ended on Oct. 30. Economists expect the minutes to provide little insight into what steps the central bank will take next in terms of its bond buying and plans to keep the short-term interest rate it controls at nearly zero.


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Markets remain lackluster in run up to Fed minutes

AMSTERDAM — Markets got a modest lift Wednesday after tame U.S. inflation figures eased investor fears that the U.S. Federal Reserve will feel pressure to reduce its monetary stimulus soon.

U.S. consumer prices fell slightly in October, due to lower energy and housing prices, according to a Labor Department report Wednesday. Over the past 12 months, inflation has been just 1 percent, the smallest increase since late 2009.

"With limited inflation pressure and even perhaps a whiff of deflation, the Fed isn't likely to feel any urgency to pull in the reins on policy," said Jim Baird, chief investment officer at Plante Moran Financial Advisors.

Following the inflation figures, stocks in Europe recovered some lost ground while the U.S. opened steadily.

In Europe, the FTSE 100 index of leading British shares was down 0.2 percent at 6,688 while Germany's DAX was a tad lower at 9,190. The CAC-40 in France was 0.3 percent lower at 4,260.

In the U.S., the Dow Jones industrial average was flat at 15,967 while the broader S&P 500 index rose 0.1 percent to 1,790.

The main focus later will be the publication of the minutes to the Fed's last policy meeting are published later in the U.S. trading session.

"Investors remain hesitant to enter the markets before tonight's minutes," said Max Cohen, a trader at Spreadex.

Earlier, Asian markets generally fell, though Hong Kong's Hang Seng added 0.2 percent to 23,700.86 and China's Shanghai Composite reversed losses to gain 0.6 percent to 2,206.61 after the Organization for Economic Cooperation and Development made positive remarks about the Chinese economy.

Seoul's Kospi was down 0.7 percent to 2,017.24. Australia's S&P/ASX 200 ceded 0.8 percent to 5,307.70. Japan's Nikkei 225 stock average shed 0.3 percent to 15,076.08, hurt by a rise in the yen.

Other markets drifted. Among currencies the euro was 0.1 percent lower at $1.3539 while the dollar fell 0.3 percent to 99.87 yen.

In the oil markets, the benchmark New York crude rate was up 45 cents at $93.34 a barrel.


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Lowe's 3Q results rise, lifts fiscal 2013 outlook

MOORESVILE, N.C. — Lowe's third-quarter net income increased 26 percent, as the home-improvement retailer was bolstered by the housing market's ongoing recovery.

Its earnings were a penny per share short of Wall Street expectations, but revenue beat forecasts.

The Mooresville, N.C., company boosted its fiscal 2013 outlook again on Wednesday, but the earnings forecast was still below expectations.

Lowe's shares dropped almost 3 percent in premarket trading.

Home improvement companies have been benefiting from record-low interest rates and rising home prices, spurring customers to spend more to renovate their homes.

"The home improvement industry is poised for persisting growth in the fourth quarter and further acceleration in 2014," said CEO Robert Niblock.

But Lowe's has not been benefiting as much as its larger rival, Home Depot, which reported third-quarter results Wednesday that topped analysts' estimates and it lifted its outlook.

To boost results, the company has adjusted its pricing strategy, returning to offering what it says are permanent low prices on many items, instead of fleeting discounts.

The company also recently acquired Orchard Supply Hardware Stores for $205 million, a deal which was completed during the quarter, in order to expand in California.

Lowe's Cos. earned $499 million, or 47 cents per share, for the period ended Nov. 1. That's up from $396 million, or 35 cents per share, a year ago. Analysts polled by FactSet expected earnings of 48 cents per share.

Revenue rose 7 percent to $12.96 billion from $12.07 billion. Wall Street forecast $12.73 billion in revenue.

Sales at stores open at least a year, a key retail metric, rose 6.2 percent

Lowe's now expects full-year earnings of about $2.15 per share, up from prior guidance of $2.10 per share. Revenue is predicted to climb approximately 6 percent, from an earlier estimate of 5 percent. Based on 2012's revenue of $50.52 billion, the new forecast implies approximately $53.53 billion.

Analysts predict fiscal 2013 earnings of $2.20 per share on revenue of $53.09 billion.

Its shares fell $1.42, or 2.8 percent, to $49.02 in premarket trading about 45 minutes ahead of the market opening. Lowe's had 1,831 stores in the U.S., Canada and Mexico at the end of the third quarter.


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Deere profit beats estimates

MOLINE, Ill. — Deere & Co.'s fourth-quarter net income rose 17 percent after it raised prices for farm and construction equipment as it aims to keep its profits intact even as the farm economy slows.

Deere said declines in next year's revenue will be smaller than analysts have been expecting, and company shares rose almost 4 percent before the opening bell.

Deere makes tractors, combines, plows and other gear that farmers use to till and harvest crops, so its fortunes rise and fall with the farm economy. Farm gear and lawn tractors make up 82 percent of its equipment sales, with construction gear accounting for the rest.

Crop prices have been dipping after setting record highs, so farmers have less money in their pockets. Corn prices have plunged 44 percent in the past year. Deere projected further declines for corn, soybeans, and wheat. The declines will dampen demand, Deere said, especially for large farm equipment.

Deere predicted that equipment sales will fall 3 percent next year, which works out to revenue of $33.95 billion. It said fiscal 2014 net income would fall almost 7 percent to $3.3 billion.

That, however, is still better than the $3.07 billion expected on Wall Street.

For the quarter Deere earned $806.8 million, or $2.11 per share. That was up from $687.6 million, or $1.75 per share, a year earlier. The results were well ahead of the $1.90 per share profit expected by analysts surveyed by FactSet.

Equipment revenue fell 5 percent to $8.62 billion, matching analyst estimates. Deere sold fewer pieces of equipment, but prices rose on the gear it did sell, which is why profits were higher even though revenue fell.

Sales of agriculture and turf gear fell 4 percent in the most recent quarter, and Deere said they will fall 6 percent in the upcoming fiscal year. It predicted declines in the U.S. and Canada, South America, and Europe. It predicted slight gains for Asia.

Sales of construction and forestry gear fell 8 percent in the quarter. Deere said those sales should rise 10 percent in the year ahead as more houses are built. Global forestry sales will rise thanks to more activity in Europe, Deere said.

Shares of the Moline, Ill., company rose $3.09 to $85.90 in premarket trading.


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Poll: 'Just kidding' doesn't make online slurs OK

WASHINGTON — In a shift in attitude, most young people now say it's wrong to use racist or sexist slurs online, even if you're just kidding. But when they see them, they don't take much personal offense.

A majority of teens and young adults who use the Internet say they at least sometimes see derogatory words and images targeting various groups. They often dismiss that stuff as just joking around, not meant to be hurtful, according to a new poll from The Associated Press-NORC Center for Public Affairs Research and MTV.

Americans ages 14 to 24 say people who are overweight are the most frequent target, followed by gay people. Next in line for online abuse: blacks and women.

"I see things like that all the time," says Vito Calli, 15, of Reading, Pa. "It doesn't really bother me unless they're meaning it to offend me personally."

Even then he tries to brush it off.

Calli, whose family emigrated from Argentina, says people tease him online with jokes about Hispanics, but "you can't let those things get to you."

He's typical of many young people surveyed. The majority say they aren't very offended by slurs in social media or cellphone text messages — even such inflammatory terms as "bitch" or "fag" or the N-word.

Yet like Calli, most think using language that insults a group of people is wrong. The high school sophomore says he has tried, with difficulty, to break his habit of calling anything uncool "gay" or "retarded."

Compared with an AP-MTV poll two years ago, young people today are more disapproving of using slurs online.

Nearly 6 in 10 say using discriminatory words or images isn't all right, even as a joke. Only about half were so disapproving in 2011.

Now, a bare majority say it's wrong to use slurs even among friends who know you don't mean it. In the previous poll, most young people said that was OK.

But the share who come across slurs online has held steady. More than half of young users of YouTube, Facebook and gaming communities such as Xbox Live and Steam say they sometimes or often encounter biased messages on those platforms.

Why do people post or text that stuff? To be funny, according to most young people who see it. Another big reason: to be cool. Less than a third said a major reason people use slurs is because they actually harbor hateful feelings toward the groups they are maligning.

"Most of the time they're just joking around, or talking about a celebrity," Jeff Hitchins, a white 24-year-old in Springfield, Pa., said about the insulting references to blacks, women and gays that he encounters on the Vine and Instagram image-sharing sites. "Hate speech is becoming so commonplace, you forget where the words are coming from, and they actually hurt people without even realizing it."

Some slurs are taken more seriously than others. Racial insults are not that likely to be seen as hurtful, yet a strong majority of those surveyed — 6 in 10 — felt comments and images targeting transgender people or Muslims are.

Almost as likely to be viewed as mean-spirited are slurs against gays, lesbians and bisexual people, and those aimed at people who are overweight.

Maria Caprigno, who has struggled with obesity since childhood, said seeing mean images on Facebook stings. But she thinks the online world reflects the rest of U.S. society.

"It's still socially acceptable to comment on someone's weight and what someone is eating," said Caprigno, 18, of Norwood, Mass. "We need to change that about our culture before people realize posting stuff like that online is going to be offensive to someone."

Erick Fernandez of West New York, N.J., says what people share online reflects the influence of song lyrics and music videos and movies.

Fernandez, 22, said he was "probably very loose" about that himself before he was chosen for a diversity summer camp in high school that explained why phrases like "That's so gay" are hurtful. Now a college student, he routinely sees insulting language for women and people of color bandied about online.

"I try to call some of my friends out on it but it's really to no avail," Fernandez said. "They brush it off and five minutes later something else will come out. Why even bother?"

In the poll, young people said they were less likely to ask someone to stop using hurtful language on a social networking site than face to face.

Alexandria Washington said she's accustomed to seeing men who wouldn't say offensive things to her in person post pictures of "half-naked women in sexual positions," followed by demeaning comments and slurs like "whore" and "ratchet."

"They'll post anything online, but in person it's a whole different story," said Washington, 22, a graduate student in Tallahassee, Fla.

There seems to be a desensitizing effect. Those who report more exposure to discriminatory images and words online are less likely to say it's wrong than those who rarely or never encounter it.

Context is crucial, too. Demeaned groups sometimes reclaim slurs as a way of stripping the words of their power — like the feminist "Bitch" magazine or gay rights activists chanting "We're here, we're queer, get used to it!"

Washington, who is African-American, said that on most days she doesn't come across racial slurs on social media. But she stumbles upon bigoted words when race is in the news, such as surrounding President Barack Obama's re-election, and finds them hurtful in that serious context.

Likewise, Calli, the high school student originally from Argentina, said he could stomach almost any name-calling but gets upset when someone uses a falsehood to denigrate immigrants.

Jeffrey Bakken, 23, a producer at a video game company in Chicago, said the bad stuff online, especially slurs posted anonymously, shouldn't overshadow what he sees as the younger generation's stronger commitment to equal rights for minorities and gays than its elders.

"Kids were horrible before the Internet existed," Bakken said. "It's just that now it's more accessible to the public eye."

The AP-NORC Center/MTV poll was conducted online Sept. 27-Oct. 7 among a random national sample of 1,297 people between the ages of 14 and 24. Results for the full sample have a margin of sampling error of plus or minus 3.7 percentage points. Funding for the study was provided by MTV as part of "A Thin Line" campaign to stop digital abuse.

The survey was conducted by GfK using KnowledgePanel, a probability-based online panel. Respondents are recruited randomly using traditional telephone and mail sampling methods. People selected who had no Internet access were given it for free.

___

Associated Press Director of Polling Jennifer Agiesta and AP News Survey Specialist Dennis Junius contributed to this report.

___

Online:

http://www.apnorc.org/projects/Pages/the-digital-abuse-study-experiences-of-teens-and-young-adults.aspx

___

Follow Connie Cass on Twitter at https://twitter.com/ConnieCass


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Stocks edge higher after retail spending increases

NEW YORK — Stocks are edging mostly higher on Wall Street after the government reported a surprisingly large increase in U.S. retail sales last month.The pickup of 0.4 percent suggests shoppers weren't put off by the government shutdown in October. It was the biggest increase in four months.

The Standard & Poor's 500 index was up a point, or 0.1 percent, to 1,789 in the first few minutes of trading Wednesday.

The Dow Jones industrial average was flat at 15,967. The Nasdaq composite was up seven points, or 0.2 percent, to 3,937.

J.C. Penney jumped 10 percent after reporting a jump in sales leading up to the holiday shopping season.

Lowe's lost 4 percent after its earnings fell short of Wall Street's forecast.


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US retail sales rise solid 0.4 percent in October

WASHINGTON — Consumers shrugged off the 16-day partial government shutdown and spent more on autos, clothing and furniture in October, boosting U.S. retail sales by the most in four months.

Sales rose 0.4 percent, up from a flat reading in September, the Commerce Department said Wednesday. Overall sales were slightly held back by a steep drop in gasoline prices. Excluding sales at gas stations, retail spending rose an even stronger 0.5 percent.

Core sales, a category that excludes volatile spending on autos, building supplies and gas, also rose 0.5 percent, up from a 0.3 percent gain in September.

The retail sales gain indicates that consumers stepped up spending at the start of the October-December quarter. Their spending accounts for 70 percent of economic activity.

Economists were encouraged by the solid October gain.

"This release provides yet more evidence that, despite the shutdown, the economy is gaining momentum," said Paul Dales, senior U.S. economist at Capital Economics.

Dales said a strong start to the October-December quarter could mean that consumer spending will grow at an annual rate of 2 percent to 2.5 percent this quarter. That would mark a sharp improvement from the 1.5 percent annual growth in consumer spending in the July-September quarter.

Economists say they think cheaper gas will help boost sales during the crucial holiday shopping season. Gas prices have fallen sharply since Labor Day and now are around $3.21, the lowest level in nearly two years.

A sharp drop in auto sales caused largely by a calendar quirk had dampened retail sales in September. Labor Day weekend auto sales were counted in August. But in October, auto sales 1.3 percent, reversing September's 1.2 percent decline.

In October, sales at department stores rose 0.5 percent after having fallen 0.6 percent in September. There were also solid sales gains at furniture stores, electronics and appliance stores and specialty clothing stores.

In addition to the drop at gas stations, sales at building supply stores fell 1.9 percent in October.

Growth in consumer spending slowed from July through September and economists have been concerned that spending may remain lackluster given weak income growth and the lingering impact of higher federal taxes at the start of the year.

Unemployment remains still high at 7.3 percent, and those Americans who have jobs are not seeing much in the way of pay increases. That's contributed to their more cautious mood.

But in one encouraging sign, hiring has picked up in recent months. The economy created 204,000 jobs last month, many more than expected. Employers have added an average of 202,000 jobs per month from August through October. That's up sharply from an average of 146,000 in May through July.

The overall economy grew at an annual rate of 2.8 percent in the July-September quarter, faster than expected, and up from 2.5 percent growth in the April-June quarter. But much of the growth came from an increase in business stockpiling. Without a corresponding increase in spending, many economists think companies will cut back on restocking in the October-December quarter, which would slow economic growth.

Most analysts have said they think the economy is growing at a weak annual rate below 2 percent in the current quarter. But some say the solid October retail sales may cause them to boost their estimates for the fourth quarter. Dales said he thinks the economy will grow at an annual rate between 2 percent and 2.5 percent this quarter.


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Frederick Sanger, double Nobel winner, dies at 95

LONDON — British biochemist Frederick Sanger, who twice won the Nobel Prize in chemistry and was a pioneer of genome sequencing, has died at the age of 95.

His death was confirmed Wednesday by the MRC Laboratory of Molecular Biology — which Sanger helped found in 1962.

The laboratory praised Sanger, who died in his sleep Tuesday at Addenbrooke's Hospital in Cambridge, as an "extremely modest and self-effacing man whose contributions have made an extraordinary impact on molecular biology."

Sanger was one of just four individuals to have been awarded two Nobel Prizes; the others being Marie Curie, Linus Pauling and John Bardeen.

Jeremy Farrar, director of the Wellcome Trust, called Sanger "the father of the genomic era."

Sanger first won the Nobel Prize in 1958 at the age of 40 for his work on the structure of proteins. He had determined the sequence of the amino acids in insulin and showed how they are linked together.

He later turned his attention to the sequencing of nucleic acids and developing techniques to determine the exact sequence of the building blocks in DNA.

That work led to Sanger's second Nobel Prize, awarded jointly in 1980 with Stanford University's Paul Berg and Harvard University's Walter Gilbert, for their work determining base sequences in nucleic acids.

Venki Ramakrishnan, deputy director of the MRC Laboratory, said it would be "impossible to overestimate the impact" Sanger had on modern genetics and molecular biology.

Sanger was born on Aug. 13, 1918, in Gloucestershire, southwestern England. While he initially planned to study medicine like his father, he switched fields and earned a degree in natural sciences from Cambridge University 1939. A conscientious objector in World War II, he went on to earn a PhD working on protein metabolism from the same university.

In addition to the Nobel Prizes, Sanger was made a fellow of the Royal Society in 1954, Commander of the Order of the British Empire in 1963 and the Order of Merit in 1986.

Sanger declined a knighthood, however, because he preferred not to be called "sir," according to the laboratory he helped found.

According to The Sanger Institute, when he was asked if he would mind an institute being named after him, Sanger agreed — but said "It had better be good."

Sanger is survived by three children — Robin, Peter and Sally.

___

Follow Cassandra Vinograd at http://twitter.com/CassVinograd


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German official cautions over more ECB stimulus

FRANKFURT, Germany — Germany's top central banker said it's too soon for the European Central Bank to talk about a further shot of stimulus for the struggling eurozone economy.

Jens Weidmann said the ECB only this month loosened monetary policy with an interest rate cut to a record low of only 0.25 percent.

"I don't think it's a good idea to announce the next round right away," he said in an interview with Die Zeit newspaper made available Wednesday.

Weidmann's warning follows remarks by ECB executive board member Peter Praet last week that the ECB could take the additional step of purchasing financial assets such as bonds — if the bank thought the economy was threatened by deflation, a corrosive, chronic fall in prices. Deflation undermines growth and investment as people hold off on purchases as goods become cheaper. It also makes debts harder to pay.

Deflation concerns have ratcheted up in recent weeks after inflation in the 17-country eurozone fell to 0.7 percent in the year to October, well below the ECB's target of keeping prices increases just below 2 percent.

In theory, pumping money into the eurozone economy could help ease those deflation concerns and help the eurozone recovery from recession. Other central banks including the U.S. Federal Reserve and the Bank of England have made such purchases with newly created money to lower interest rates and spur growth.

The ECB, the chief monetary authority for the eurozone, had until recently said little about using the bond-purchase stimulus tool, or "quantitative easing" in economic jargon.

Last week, the Wall Street Journal quoted Praet as saying the bank could purchase assets if its mandate to maintain price stability was threatened.

If the price stability mandate is at risk, Praet said, then "we are going to take all the measures that we think we should take to fulfill that mandate." That includes "outright purchases that any central bank can do."

The idea of quantitative easing faces resistance in Germany, Europe's largest economy. Many in Germany are skeptical of central bank measures seen as potentially inflationary, or as bailing out troubled euro member governments that won't take steps themselves to improve growth.

Weidmann is only one vote however on the 23-member ECB rate-setting council, a post he holds as head of Germany's national central bank, the Bundesbank.

Weidmann said that Europe's troubles over slow growth, uncompetitive eurozone member economies and too much debt "certainly cannot be solved through the money printing press."


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US creates economic advisory team for Puerto Rico

SAN JUAN, Puerto Rico — The U.S. is sending a team of federal officials to help Puerto Rico manage an economic crisis as the island braces for its eighth year of recession.

A U.S. administration official said Wednesday that the team will be composed of officials from the departments of Education, Health and Human Services, and Housing and Urban Development, as well as the Environmental Protection Agency.

They will travel to Puerto Rico starting in December to work with the island's government on how to best maximize federal funds in those areas to help boost its economy. The officials will work in an advisory capacity and no additional federal funds are planned beyond current allocations.

The team was created by a presidential task force that previously worked with Puerto Rico on political status issues.


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Motorola unveils budget smartphone, aimed at world

Written By Unknown on Rabu, 13 November 2013 | 23.14

NEW YORK — Motorola says it wants to equip the world with the latest smartphone technology, at less than a third the price.

The new Moto G phone starts at $179 in the U.S. without a contract requirement. That compares with $600 or more that people must pay for phones without traditional two-year service agreements.

Motorola, which is owned by Google Inc., said Wednesday that it will target an estimated 500 million people worldwide who can't afford phones costing more than $200. In the past, the company said, those consumers were limited to phones with technology that's at least a year old and thus unable to run the latest apps and services.

The company is targeting not just emerging markets, but budget-conscious consumers in the U.S. Although people can often get phones with contract at the lower price, service fees are higher because they include the cost of subsidizing those phones. And many people don't have good enough credit to qualify and are limited to so-called pre-paid plans, which aren't eligible for the subsidized prices.

With the Moto G, Motorola is trying to offer a device that is closer to what leading high-end phones currently offer.

The phone's 4.5-inch screen, measured diagonally, is capable of high-definition video, but only at 720p, not at the better, 1020p standard found in leading phones. The resolution is 329 pixels per inch, which is comparable to the 326 pixels in the latest, 4-inch iPhones but short of the 441 pixels in Samsung's 5-inch Galaxy S4.

The $179 price is for a phone with 8 gigabytes of storage, not the 16 gigabytes typical with high-end phones. A 16-gigabyte version is available for $199.

The phone also has a recent processor from Qualcomm and runs a recent version of Google's operating system, Android 4.3, also known as Jelly Bean. The newest version, 4.4 or Kit Kat, is promised by January. Kit Kat was designed to work well with older phones and the latest devices alike.

The phone starts selling in Brazil and parts of Europe on Wednesday. It will be available in Canada, parts of Asia and the rest of Europe and Latin America over the next few weeks. It is expected in the U.S., India, the Middle East and additional markets in Asia in January. Motorola didn't announce any plans for Africa.

Moto G will have a removable back to allow for customization. Motorola's flagship Moto X also allows customization, but it must be ordered in advance and can't be changed.


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