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Business - BostonHerald.com

Written By Unknown on Senin, 10 Desember 2012 | 23.16

Business - BostonHerald.comBusiness - BostonHerald.com

http://www.bostonherald.com/business/?srvc=rss The Boston Herald online: The closest distance between you and the news en-us Copyright 2012, Herald Interactive, Inc. Mon, 10 Dec 2012 11:04:14 -0500 systems@heraldinteractive.com (Web Developers) 120 http://cache.heraldinteractive.com/images/siteImages/rss_logo.jpg http://www.bostonherald.com/business/?srvc=rss 100 48 The Boston Herald online: The closest distance between you and the news http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180875&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180875&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180875&srvc=rss Home goods online retailer Wayfair said today it has raised $36.3 million in new equity funding to speed growth... business Mon, 10 Dec 2012 10:53:22 -0500 http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180870&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180870&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180870&srvc=rss NEW YORK - Major League Baseball has agreed to a new five-year deal with StubHub as its secondary ticket market. The... business Mon, 10 Dec 2012 10:32:03 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180868&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180868&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180868&srvc=rss NEW YORK - Oil prices are rising slightly on a surprise expansion of German exports and signs of increased oil... business Mon, 10 Dec 2012 10:29:25 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180846&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180846&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180846&srvc=rss NEW YORK - Stocks are inching higher on Wall Street Monday after the surprise resignation of Italy's prime minister,... business Mon, 10 Dec 2012 10:21:04 -0500 http://www.bostonherald.com/business/media/view.bg?articleid=1061180862&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061180862&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061180862&srvc=rss WASHINGTON - The Supreme Court won't reinstate an award against a racy magazine in a dispute over nude pictures... business Mon, 10 Dec 2012 09:51:43 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180847&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180847&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180847&srvc=rss WASHINGTON - President Barack Obama is pressing for public support Monday to raise taxes on the wealthiest... business Mon, 10 Dec 2012 09:42:42 -0500 http://www.bostonherald.com/business/automotive/view.bg?articleid=1061180859&srvc=rss http://www.bostonherald.com/business/automotive/view.bg?articleid=1061180859&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/automotive/view.bg?articleid=1061180859&srvc=rss DETROIT - President Barack Obama will help announce expansion of a truck engine plant when he visits a Detroit... business Mon, 10 Dec 2012 09:33:39 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180853&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180853&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180853&srvc=rss WASHINGTON - Nearly two-thirds of the world's population will live in cities by 2030, with most people middle class,... business Mon, 10 Dec 2012 09:10:13 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180849&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180849&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180849&srvc=rss NEW YORK - McDonald's Corp. said Monday that a key sales figure rose in November, as U.S. customers snapped up... business Mon, 10 Dec 2012 09:00:52 -0500 http://www.bostonherald.com/business/media/view.bg?articleid=1061180841&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061180841&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061180841&srvc=rss SYDNEY - They expected a hang-up and a few laughs. Instead, the Australian DJs behind a hoax phone call to... business Mon, 10 Dec 2012 08:24:45 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180820&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180820&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180820&srvc=rss WASHINGTON - Congress and the White House can significantly soften the initial impact of the "fiscal cliff" even... business Mon, 10 Dec 2012 07:00:29 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180818&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180818&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180818&srvc=rss BOSTON - Massachusetts lags behind most of the rest of the country when it comes to equal pay for women. The... business Mon, 10 Dec 2012 06:47:42 -0500 http://www.bostonherald.com/business/technology/reviews/view.bg?articleid=1061180734&srvc=rss http://www.bostonherald.com/business/technology/reviews/view.bg?articleid=1061180734&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/technology/reviews/view.bg?articleid=1061180734&srvc=rss You've probably heard that laptops are evolving into convertible devices. It turns out that the traditional desktop... business Mon, 10 Dec 2012 06:18:30 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180754&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180754&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180754&srvc=rss The Obama administration and Congress seem intent on ruining everyone's holidays by playing a game of political... business Mon, 10 Dec 2012 06:18:08 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180747&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180747&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180747&srvc=rss Massachusetts Institute of Technology President Susan Hockfield, who stepped down this year, was one of three Bay... business Mon, 10 Dec 2012 06:17:21 -0500 http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180748&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180748&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180748&srvc=rss Finding the perfect present is the perennial holiday conundrum. But a new startup based at MIT has found a way... business Mon, 10 Dec 2012 06:17:01 -0500 http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180798&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180798&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180798&srvc=rss SEOUL, South Korea - Moon Tae-Hwa stares at his computer, dizzy and nauseous from the hours of porn he's viewed... business Mon, 10 Dec 2012 04:08:28 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180783&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180783&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180783&srvc=rss NEW YORK - NBC Sports and Yahoo are taking on the crowded sports media landscape with a partnership that fills... business Sun, 09 Dec 2012 22:51:03 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180744&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180744&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180744&srvc=rss A123 to sell assets Bankrupt Waltham-based battery maker A123 Systems Inc. yesterday said it will sell most... business Sun, 09 Dec 2012 21:31:43 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180729&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180729&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180729&srvc=rss NEW YORK - American International Group Inc. on Sunday said it will sell up to 90 percent of its airplane leasing... business Sun, 09 Dec 2012 20:46:32 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180693&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180693&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180693&srvc=rss KINGSTON, Jamaica - Antigua & Barbuda will pursue trade sanctions against the United States as a result of its... business Sun, 09 Dec 2012 13:44:15 -0500 http://www.bostonherald.com/business/media/view.bg?articleid=1061180667&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061180667&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061180667&srvc=rss DHAKA, Bangladesh - A Bangladesh war crimes tribunal has accused the British magazine The Economist of hacking... business Sun, 09 Dec 2012 12:02:49 -0500 http://www.bostonherald.com/business/general/view.bg?articleid=1061180505&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180505&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/general/view.bg?articleid=1061180505&srvc=rss The singing voice behind the hard-rock tune "Sober" has uncorked his wines in Massachusetts. Arizona Stronghold... business Sun, 09 Dec 2012 12:00:14 -0500 http://www.bostonherald.com/business/media/view.bg?articleid=1061180647&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061180647&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/media/view.bg?articleid=1061180647&srvc=rss LOS ANGELES - The union representing freelance technical employees who work on live sporting events for Pac-12... business Sun, 09 Dec 2012 10:15:12 -0500 http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180533&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180533&format=comments#CommentsArea&srvc=rss http://www.bostonherald.com/business/technology/general/view.bg?articleid=1061180533&srvc=rss UsTrendy wants to give one budding collegiate fashion designer his big break. The Brookline-based fashion e-commerce... business Sat, 08 Dec 2012 21:39:24 -0500

Business - BostonHerald.comBusiness - BostonHerald.com

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Chinese industrial upswing helps markets

Written By Unknown on Senin, 03 Desember 2012 | 23.16

LONDON — News that manufacturing activity in China grew for the first time in 13 months helped offset disappointment over weaker U.S. figures, nudging global stocks higher on Monday.

HSBC's Purchasing Managers' Index for China rose to 50.5 in November from October's 49.5 on a 100-point scale on which numbers above 50 indicate activity is expanding. The index measures overall manufacturing activity by surveying numerous indicators including orders, employment and actual production.

Because Chinese manufacturing is closely linked with the state of the world economy, the increase buoyed market sentiment in the early part of the day.

But the equivalent report for the U.S., the ISM survey, showed manufacturing in the American economy, the world's largest, sliding to its lowest level since July 2009. The negative impact of that news was limited by more upbeat statistics showing U.S. builders increased their spending on construction projects in October by the largest amount in five months, led by a surge in housing.

After weighing the data, investors held onto the modest gains they made in early trading.

By midafternoon in Europe, Britain's FTSE 100 was up 0.2 percent to 5,875.82 while Germany's DAX added 0.9 percent to 7,472.46. France's CAC-40 advanced 0.7 percent to 3,581.34.

Wall Street made modest gains on the open, with the Dow up 0.1 percent to 13,038.48 and the S&P 500 adding 0.2 percent to 1,419.46.

In Europe, Greece was outlining the details of a plan for the country to lower its debt burden by purchasing its bonds back from private-sector investors at lower prices. The details will be presented to the finance ministers of the 17 European Union countries that use the euro at their meeting in Brussels on Monday.

Besides ironing out the remaining details on Greece's debt relief program, the ministers are also likely to discuss a bailout for Cyprus. No final decision on the bailout is expected Monday, however as its size depends on an experts' report that has not yet been completed.

Meanwhile, investors will also keep monitoring progress of U.S. budget negotiations. Lawmakers need to reach an agreement to avoid the so-called fiscal cliff — a package of tax increases and government spending cuts that will automatically take effect in 2013 unless lawmakers take action.

Economists have warned that the package's high cost could throw the U.S. back into recession.

Earlier, Asian stocks performed with less conviction than their European counterparts.

Japan's Nikkei 225 index rose 0.1 percent to close at 9,458.18 while South Korea's Kospi gained 0.4 percent to 1,940.02. Australia's S&P/ASX 200 added 0.6 percent to 4,531.50.

But Hong Kong's Hang Seng shed morning gains to tumble 1.2 percent at 21,767.85.

And investors continued to abandon mainland Chinese stocks despite the more upbeat manufacturing survey. The Shanghai Composite Index fell 1 percent to 1,959.77. The smaller Shenzhen Composite Index slid 2.5 percent to 734.28.

Analysts said this was likely due to the fact that more upbeat indicators may reduce the Chinese government's willingness to provide new stimulus to the economy. While the Chinese manufacturing survey was a positive signal for global demand, it lowered the chances of easier credit for Chinese companies.

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Iron Mountain names William Meaney as new CEO

Boston-based information storage and management company Iron Mountain Inc. said today it has appointed William Meaney as its new president and chief executive officer and a member of the board of directors, effective Jan. 7.

Meaney, 52, succeeds longtime executive chairman and CEO Richard Reese, who announced his retirement after 31 years at the company. Reese served as CEO of the company from December 1981 to June 2008 and returned as CEO in April 2011, the company said.

Most recently, Meaney served as CEO of the Hong Kong-based Zuellig Group, a $12 billion, primarily business-to-business conglomerate that saw sales triple during his eight-year tenure from 2004 to 2012, the company said.

Meaney previously served as the chief commercial officer and managing director of Swiss International Airlines from December 2002 to January 2004, and executive vice president of South African Airways from 1998 to 2001.

A current board member of Qantas Airways Ltd., Meaney is also a trustee of both Rensselaer Polytechnic Institute and Carnegie Mellon University, where he earned his bachelor's degree in mechanical engineering and a master's degree in industrial administration, respectively.

Al Verrecchia, Iron Mountain's lead independent director, will succeed Reese as chairman of the board of directors effective in March 2013, when Reese will also retire from the board, the company said.

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Ulta Beauty to open in Patriot Place

Beauty and cosmetics retailer Ulta Beauty plans to open a store at Patriot Place in the summer of next year, mall officials said today.

The 10,000-square-foot beauty store in Patriot Place's South Marketplace will be Ulta Beauty's eighth Bay State location, and will offer more than 20,000 cosmetic, fragrance, hair care, skincare, bath and body and salon styling products.

The store will also include a full-service beauty salon, officials said.

"Ulta Beauty will be a great addition to Patriot Place," said the mall's General Manager Brian Earley. "It will complement Trader Joe's, Christmas Tree Shops and Off Broadway in the South Marketplace as well as the fashion and accessories offerings in the North Marketplace, further rounding out our retail mix and making Patriot Place even more attractive for destination shopping."

As of the end of October, Ulta Beauty operates 537 retail stores across 45 states and also distributes its products through the company's website.

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Cuba reports 3.1 percent economic growth for 2012

HAVANA — Cuba says it will finish the year with 3.1 percent economic growth, lower than expected but higher than in 2011.

Authorities had previously projected growth of 3.4 percent.

Cuba's economy expanded 2.7 percent last year. That also fell short of the 3 percent predicted.

Economy Minister Adel Yzquierdo told a meeting of the Council of Ministers that this year's shortfall is primarily due to missed targets in the construction sector.

He forecast growth of 3.7 percent for 2013.

Yzquierdo's comments were reported Monday in the Communist Party newspaper Granma.

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LeBron James chosen as SI's Sportsman of the Year

MIAMI - When LeBron James learned he was Sports Illustrated's Sportsman of the Year, the Miami Heat star was surprised.

Not because he thought his achievements in 2012 weren't worthy, but because he figured what happened in 2010 was still holding him back.

Apparently, that's no longer the case. The magazine announced its annual choice Monday, with James becoming the first NBA player to win the award since Heat teammate Dwyane Wade in 2006.

"I remember just like yesterday when I signed here and basically, like the roof caved in," James told The Associated Press, referring to the fallout from his infamous "Decision" to leave Cleveland for Miami in 2010. "To see that I and my team and everyone around me was able to patch that roof up, to come to this point, to come to this point and receive such a prestigious award, it's huge."

Past winners include Muhammad Ali, Jack Nicklaus, Wayne Gretzky, Arthur Ashe, Tom Brady [stats], Derek Jeter and Michael Phelps. College basketball coaches Mike Krzyzewski - James' Olympic coach - and Pat Summitt shared the honor last year.

Time Inc. Sports Group editor Paul Fichtenbaum said one thing separating James this year was that when Miami needed him most "he came up the biggest." In particular, Game 4 of the second-round series at Indiana and Game 6 of the Eastern Conference finals at Boston.

"LeBron kind of made it easy on us," Fichtenbaum said. "In a year that had really high standards, he just stood taller than everybody else."

James won essentially all he could win in 2012: He became an NBA champion for the first time, won the NBA Finals MVP trophy, helped the U.S. win Olympic gold for the second time and picked up his third NBA MVP award.

Fichtenbaum said James was the choice not only for his play but also because of his charitable work, especially involving schoolchildren in his native Akron, Ohio.

"I do think there has been some sort of closure - maybe not entirely in Cleveland, but across the nation," Fichtenbaum said. "LeBron's jerseys are now the No. 1-selling jerseys. I think there's a reason for that. I think people really appreciate him for everything he can do."

This is the 18th time James will be on SI's cover, the magazine said. His first time was as a high school junior in February 2002, when the magazine famously dubbed him "The Chosen One" and touted how he would have been an NBA lottery pick even then.

The first 17 covers were different: Only this one has James wearing an NBA championship ring.

James said the sportsman honor was humbling considering this was year in which Usain Bolt, Michael Phelps, Gabby Douglas and Missy Franklin starred at the London Olympics, Miguel Cabrera became baseball's first Triple Crown winner in 45 years and Roger Federer captured Wimbledon for the seventh time.

"Do I need it? I don't need it," James said. "I don't ever look for individual accolades. I do what I do because I love it and I want to continue to get better at it."

The Dec. 10 issue of SI is out Wednesday, the same day James will be honored at the magazine's Sportsman of the Year awards gala in New York.

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US builders boost spending 1.4 percent in October

WASHINGTON — U.S. builders increased their spending on construction projects in October by the largest amount in five months, led by a surge in housing.

The Commerce Department said Monday that construction spending rose 1.4 percent in October. It was the largest gain since a 1.7 percent increase in May.

The increase increased construction spending to a seasonally adjusted annual rate of $872.1 billion. That is nearly 17 percent higher than a 12-year low hit in February 2011.

Still, even with the gain, the level of spending remains only about half of what's considered healthy.

Housing construction jumped 3 percent in October. Nonresidential construction rose 0.3 percent. The government said Superstorm Sandy, which hit in late October, had only a minimal impact on the figures.

The government said earlier this month that sales of new homes fell slightly in October, dragged lower by steep declines in the Northeast partly related to Superstorm Sandy. New-home sales were still 17 percent higher in October than the same month a year ago.

Strength in home building has been one of the bright spots for the economy this year. But overall construction is still being offset by weakness in commercial real estate and tight state and local government budgets.

From July through September, residential construction grew at an annual rate of 14.2 percent. Housing construction is on track to contribute to economic growth this year — the first time that's happened in the five years since the housing bubble burst.

Though new homes represent only a fraction of the housing market, they have an out-size impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to statistics from the National Association of Home Builders.

Builders are increasingly confident that the housing recovery will endure. A measure of their confidence rose in November to the highest level in 6½ years. And builders broke ground on new homes and apartments in October at the fastest pace in more than four years.

But there are factors dragging on the housing recovery. Many Americans, particularly first-time homebuyers, are unable to qualify for a mortgage. And many can't afford larger down payments that are being required by banks.

While housing has strengthened this year, the broader economy has lagged behind. The government reported last week that overall economic growth increase to an annual rate of 2.7 percent in the July-September quarter, up from 1.3 percent in the April-June quarter.

But through the first nine months of this year, economic growth has averaged just 2 percent, far below what is needed to make a significant dent in unemployment.

Many analysts believe growth is slowing in the current October-December quarter to below 2 percent. The disruptions caused by Superstorm Sandy weighed on consumer spending in October.

And many consumers and businesses may also be worried about automatic tax increases and spending cuts that are scheduled to kick in next year, if Congress and the Obama administration fail to reach a deal before then to avert them.

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Stocks turn mixed as US manufacturing contracts

NEW YORK — Stocks turned mixed on Wall Street Monday morning following an unexpected contraction in U.S. manufacturing last month.

The Dow Jones industrial average rose 6 points to 13,032 as of 10:08 a.m. Eastern. The Standard and Poor's 500 was up 3 points to 1,418. The Nasdaq composite was up 8 points to 3,018. The Dow had been up as much as 62 points shortly after the opening bell.

U.S. manufacturing declined in November, a report from The Institute for Supply Management showed Monday. The ISM's index fell to 49.5 from 51.7 a month earlier. Any number below 50 on the scale means that manufacturing is contracting.

Investors are also looking for developments in budget talks. The White House and Congress are seeking to hammer out a deal that will avoid the "fiscal cliff," a series of sharp government spending cuts and tax increases scheduled to start Jan. 1 unless an agreement is reached to cut the budget deficit. Stocks have fluctuated since the election on news of the talks.

In Europe, markets rose after Greece revealed plans to spend as much as €10 billion ($13 billion) in a bond buyback program intended to stabilize its mountainous debt. The buyback is part of efforts to reform Greece's moribund economy and reduce its debt to sustainable levels.

The yield on the 10-year Treasury note rose 4 basis points to 1.65 percent.

Other stocks making big moves:

—Dell rose 76 cents to $10.41 percent after Goldman Sachs raised its rating to "Buy" from "Sell." Goldman cited Dell's healthy cash balance and said a recent decline in the stock may have been overdone. Dell has slumped almost 30 percent this year on concern that consumers are migrating away from desktop PCs and laptops to portable devices such as tablets and phones.

—Supervalu jumped 19 cents to $2.56 following a report that private equity firm Cerberus is considering multiple options for buying parts of the struggling grocery store chain.

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US manufacturing shrinks in November to 3-year low

WASHINGTON — A survey shows U.S. manufacturing shrank in November to its weakest level since July 2009. The impact of Superstorm Sandy and worries about automatic tax increases that could take effect in January combined to reduce factory orders and manufacturing jobs.

The Institute for Supply Management says its index of manufacturing conditions fell to a reading of 49.5. That's down from 51.7 in October.

A reading above 50 signals expansion, while readings below 50 point to contraction. The second contracted after two months of growth.

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Mass. gas prices drop another 2 cents

BOSTON — Gas prices in Massachusetts have eased down another two cents in the past week.

AAA Southern New England reports Monday that the average price of a gallon of self-serve, regular has dropped to $3.54.

Even though prices in Massachusetts are 11 cents lower per gallon than a month ago, they remain 16 cents above the national average and 26 higher than at the same time last year.

AAA found self-serve, regular selling as low as $3.42 per gallon and as high as $3.79 per gallon.

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Lincoln brand changes name as new MKZ goes on sale

DETROIT — After years of dismal sales, Ford's Lincoln luxury brand is reintroducing itself with a new name and a new midsize sedan.

The brand will now be known as the Lincoln Motor Co., a change intended to separate Lincoln from the cheaper Ford brand and give it a more exclusive feel. It's also meant to recall Lincoln's storied past, when sedans like the Continental and Town Car were the pinnacle of luxury and good design. Lincoln was known as the Lincoln Motor Co. until 1922, when founder Henry Leland sold the brand to Ford.

The company is making the change as it launches the new MKZ sedan, which will arrive at dealerships this month. It starts at $35,925, or about the same as its archrival, the Lexus ES 350. The MKZ is the first of seven new or revamped Lincolns that will go on sale by 2015.

The new sedan is longer and wider than the one it's replacing, giving it a more luxurious look. It has a push-button transmission instead of a shifter and an optional panoramic glass roof. It still has Lincoln's split-wing grille, a tribute to the 1938 Lincoln Zephyr and one of the brand's most recognizable features. But designers made it thinner and more tapered after complaints about the ungainly maw on the most recent Lincolns.

Lincoln was the top-selling luxury brand in the U.S. two decades ago. But then Ford bought up other luxury brands, like Jaguar and Volvo, and started ignoring Lincoln. Its lackluster products couldn't compete in the hotly contested luxury market. Ford has sold just over 69,000 Lincolns in the U.S. so far this year. BMW has sold more than four times that number.

Ford has since sold its other luxury brands and says it's now committed to revamping Lincoln. First up: A Monday event at New York's Lincoln Center, where Ford CEO Alan Mulally will show off the new MKZ. Ford is also stepping up advertising for the brand and will show a commercial during the Super Bowl.

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Fiat Industrial and CNH reach merger agreement

Written By Unknown on Senin, 26 November 2012 | 23.16

MILAN — The Italian heavy-duty vehicles maker Fiat Industrial reached an agreement Monday for a full merger with its U.S. subsidiary, the farm equipment maker CNH Global N.V., creating the world's third-largest capital goods company by sales.

Fiat Industrial had aggressively pursued the full merger of the 12 percent of CNH that it didn't already own, making a pitch in the spring and then raising the value of the offer by more than 25 percent last week after CNH advisers refused to endorse the deal.

Fiat Industrial earlier this month had streamlined the management structure to better integrate the two companies, placing the head of CNH, Richard Tobin, as group chief operating officer, second in command to Chairman Sergio Marchionne, who also runs the Fiat and Chrysler car companies.

"Completion of this merger will bring to a conclusion a lengthy process of simplifying and rationalizing the Group's equity capital structure," Marchionne said in a statement issued jointly by the two companies.

The new company, which has yet to be named, will be based in the Netherlands and listed on the New York Stock Exchange. The merger is expected to close in the second quarter of next year, the companies said.

It will be the third largest capital goods company by sales, after Caterpillar and Volvo. Marchionne said the new company would be "a true peer in scale and capital markets appeal to the other major capital goods companies."

The deal is based on Fiat Industrial's sweetened offer, including a cash dividend of $10 per CNH share prior to the completion of the merger. Each CNH shareholder would receive 3.828 shares of the merged company, while each Fiat Industrial shareholder would receive one share.

Fiat Industrial shares fell 2 percent to €8.33 on the Milan exchange Monday.

Besides CNH, Fiat Industrial, based in the northern Italian city of Turin, comprises IVECO truck and heavy vehicle company and FPT Industrial powertrains. CNH, which is based in the Chicago suburb of Burr Ridge, Illinois, sells farm and construction equipment under the Case and New Holland brands in 170 countries.

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Supreme Court orders new look at health care challenge

WASHINGTON — The Supreme Court has revived a Christian college's challenge to President Barack Obama's healthcare overhaul, with the acquiescence of the Obama administration.

The court on Monday ordered the federal appeals court in Richmond, Va., to consider the claim by Liberty University in Lynchburg, Va., that Obama's health care law violates the school's religious freedoms.

A federal district judge rejected Liberty's claims, and the 4th U.S. Circuit Court of Appeals ruled that the lawsuit was premature and never dealt with the substance of the school's arguments. The Supreme Court upheld the health care law in June.

The justices used lawsuits filed by 26 states and the National Federation of Independent Business to uphold the health care law by a 5-4 vote, then rejected all other pending appeals, including Liberty's.

The school made a new filing with the court over the summer to argue that its claims should be fully evaluated in light of the high court decision. The administration said it did not oppose Liberty's request.

Liberty is challenging both the requirement that most individuals obtain health insurance or pay a penalty, and a separate provision requiring many employers to offer health insurance to their workers.

The appeals court could ask the government and the college for new legal briefs to assess the effect of the Supreme Court ruling on Liberty's claims before rendering a decision.

Liberty's case joins dozens of other pending lawsuits over health reform, many involving the requirement that employer insurance plans cover contraception, which are working their way through the federal court system.

The case is Liberty University v. Geithner, 11-438.

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Fiscal cliff quarrels keep US stocks in check

The stock market edged lower Monday morning, pulled down by old worries about the debt crisis in Europe and a political standoff over taxes and spending in the U.S.

In early trading, the Dow Jones industrial average was down 66 points at 12,945. The Standard & Poor's 500 was down 6 to 1,403. The Nasdaq composite index slipped less than a point, to 2,966.

Monday was the first trading day after the beginning of the holiday shopping season, a crucial time for retailers that rely on Christmas shopping to make up for shortfalls during the rest of the year. But the impact of Thanksgiving Day, Black Friday and the rest of the weekend was hard to read.

The National Retail Federation reported that 247 million shoppers visited stores and shopping websites during the Thanksgiving holiday, up 9 percent from a year ago. They spent an average of $423, up 6 percent.

Still, retailers worry that the momentum won't last. Retailers like Macy's, Target and Saks were down in early trading.

One major reason is the overhang of the "fiscal cliff." That's when both higher taxes and cuts to government programs, like unemployment benefits and Social Security, will kick in at the end of the year unless Congress and the White House work out a compromise before then.

A government report released Monday warned that a sudden increase in taxes would result in lower consumer spending next year, and some analysts wondered if the concerns about what could happen might crimp spending throughout the rest of the holiday season.

The report, by President Barack Obama's National Economic Council and his Council of Economic Advisers, estimated that a married couple earning between $50,000 and $85,000 with two children would see a $2,200 increase in their taxes.

The White House wants to raise some taxes, but key business groups have protested vehemently. The homebuilding industry says it won't stand for even small cuts to the mortgage interest deduction, a tax break that's meant to encourage homeownership. AARP has publicly lobbied against cuts to Medicare and Social Security.

To be sure, the fiscal cliff fighting could be mostly grandstanding for lawmakers. Lawmakers often fight over budget issues until the dramatic 11th hour, then work out a compromise at the last moment.

Overall, Monday morning was quiet, with no major economic reports due in the U.S. and no major companies scheduled to make big announcements. In Europe, leaders of European Union countries tried to hammer out a deal to lend more money to debt-crippled Greece, but many analysts have come to view that as another tired theme that has already been baked into the markets.

Count David Kelly, chief global strategist at JPMorgan Funds, among the underwhelmed.

"The themes seem about as recycled as Thanksgiving turkey," Kelly wrote in a note to clients, referring to the fiscal cliff and the European debt crisis. He expected a better read on the economy later this week, with reports on consumer confidence on Tuesday, and unemployment claims and third-quarter economic growth on Thursday.

Sam Stovall, chief equity strategist at S&P Capital IQ, was similarly unmoved. "Most of these uncertainties have been with us for quite some time," he wrote in a note, "and are now regarded by many as annoyances to resolve rather than obstacles to fear."

Overall, the U.S. economy has been hard to read. For every sign that it is improving, there's another that indicates it's not. The market jumped 421 points last week, one of the best weeks of the year. It was down for four straight weeks beforehand.

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Supreme Court won't get into fight over grape patents

WASHINGTON — The Supreme Court won't hear an appeal from a California table grape organization over a lawsuit seeking to invalidate several government table grape patents.

The high court on Monday refused to hear an appeal from the California Table Grape Commission, which is fighting to keep in place patents on Sweet Scarlet, Autumn King and Scarlet Royal varieties of table grapes.

Delano Farms Co. and other farms say the patents are invalid, and won a lower court decision that would allow them to go to court to fight their case. The commission wants that case thrown out, but the U.S. Court of Appeals for the Federal Circuit disagreed.

The case now goes back to the lower courts.

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Warren Buffett urges Congress to raise taxes on wealthy

OMAHA, Neb. — Billionaire Warren Buffett is again calling for higher taxes on the "ultra-rich" and he's urging Congress to compromise on spending cuts and tax increases.

Buffett expressed his views on fiscal policy in an opinion article Monday in The New York Times [NYT].

In the article, Buffett mocked the idea that investors would pull back if capital gains taxes increase. Buffett says he's never seen that happen.

The head of the conglomerate Berkshire Hathaway Inc. reiterated his call for a minimum tax of 30 percent on income between $1 million and $10 million, and a 35 percent rate for income above that.

Buffett says both Republicans and Democrats will have to make major concessions to put the nation on a fiscally sound path, but he says Americans won't accept anything less.

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NYSE warns iParty over low stock price

Party goods retailer iParty Corp. said today it has received a compliance notice from the New York Stock Exchange due to the Dedham-based company's low selling stock price for a substantial period of time.

The NYSE said iParty's continued listing is predicated on it executing a reverse stock split of its common stock within a reasonable period of time, which the exchange has determined to be no later than May 20, 2013. If iParty does not complete a reverse stock split prior to that time, it could become subject to delisting procedures.

Company shares have been trading between 11 cents and 25 cents for the past year.

Earlier this month, the company disclosed it formed a special committee of the independent members of the board of directors and retained James & Associates Inc. to assist the retailer in exploring a broad range of financial and strategic alternatives to enhance shareholder value.

Additionally, at iParty's 2012 annual meeting, company stockholders approved an amendment to iParty's restated certificate of incorporation to effect a reverse stock split, pursuant to which the existing shares of iParty's common stock would be combined into new shares of iParty common stock at an exchange ratio ranging between one-for-five and one-for-20, to be determined by the board of directors.

At this time, no decision has been made to engage in a financing or strategic transaction and the special committee has not set a definitive timetable for this review process, the company said, adding that given the ongoing review process, the board has made no determination to effect the reverse stock split.

The company has 54 stores in New England and Florida and an e-commerce site. Due at least in part to Hurricane Sandy hitting two days before Halloween, iParty's October sales fell 6.5 percent to $16.4 million. The company last month reported a $3.31 million loss for the nine months ended Sept. 29.

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Google buys Wi-Fi provider ICOA for $400 million

NEW YORK — Google has bought an operator of Wi-Fi hotspots in high-traffic locations such as airports, hotels and fast-food restaurants.

Google Inc. is paying $400 million for ICOA Inc., a Warwick, R.I., company, as part of the search company's efforts to diversify its portfolio.

ICOA owns or operates Wi-Fi wireless access services in 40 states. It also sells technology for others to run similar Wi-Fi networks under their own brands.

It's not Google's first venture into Internet access. The Mountain View, Calif., company is building an ultra-fast wired Internet service in Kansas City, primarily to showcase for what's technically possible and to test new ways to use the Internet.

Shares of Google fell $6.07, or 0.9 percent, to $661.90 in morning trading Monday.

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Mary Schapiro stepping down after leading SEC in crisis

WASHINGTON — Mary Schapiro is stepping down as chairman of the Securities and Exchange Commission after helping lead the Obama administration's regulatory response to the 2008 financial crisis.

The SEC says Schapiro will leave on Dec. 14. She was appointed by President Barack Obama in the midst of the worst financial crisis since the Great Depression. She took over after the agency failed to detect the Bernard Madoff Ponzi scheme.

Schapiro is credited with helping reshaping the agency during a tumultuous period. But critics say she failed to act aggressively to bring charges against leading figures who contributed to the financial crisis.

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UK picks Canadian to lead Bank of England

LONDON — The British government has chosen the head of Canada's central bank to become governor of the Bank of England effective July 1.

Treasury chief George Osborne announced the surprise choice of Mark Carney to the House of Commons on Monday.

The new governor will be responsible for supervising the U.K.'s banking industry as well as setting the country's main interest rate. It is the first time someone who isn't British has been selected to lead the U.K.'s monetary authority.

Carney will succeed the current governor, Mervyn King, when his term ends next year. The Canadian had been speculated as a possible choice but was not considered a front-runner.

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Ranbaxy recalls generic Lipitor doses

TRENTON, N.J. — Ranbaxy Pharmaceuticals Inc. has recalled dozens of lots of its generic version of cholesterol drug Lipitor because some may contain tiny glass particles, the latest in a string of manufacturing deficiencies that once led U.S. regulators to bar imports of the Indian company's medicines.

Ranbaxy, a subsidiary of Ranbaxy Laboratories Ltd., India's biggest drugmaker, is operating under increased scrutiny from the U.S. Food and Drug Administration because of quality lapses at multiple Ranbaxy factories over the past several years. The FDA also has alleged the company lied about test results for more than two dozen of its generic drugs several years ago.

On Friday, Ranbaxy posted a notice on its U.S. website, saying it's recalling 10-, 20- and 40-milligram doses of tablets of atorvastatin calcium. That's generic Lipitor, the cholesterol fighter that reigned for years as the world's top-selling drug.

The recall includes 41 lots of the drug, nearly all with 90 pills per bottle, but three lots contain 500 pills per bottle. It's unclear how many bottles are in each lot, but medicine batches typically contain many thousands of pills. The 80-milligram strength tablets are not affected.

Ranbaxy spokesman Chuck Caprariello did not answer questions or provide any additional information beyond the statement on the company's website.

"Ranbaxy is proactively recalling the drug product lots out of an abundance of caution," the website statement read. "This recall is being conducted with the full knowledge of the U.S. FDA."

The company also filed a two-sentence statement with the Bombay Stock Exchange stating Ranbaxy's investigation would be completed within two weeks, but that after that temporary disruption to the U.S. supply, the company expected to resume shipments here.

Patients who've filled a prescription can contact their pharmacy to determine whether it was made by Ranbaxy or another generic drugmaker and, if it's from Ranbaxy, whether it came from a recalled lot.

Ranbaxy's manufacturing deficiencies, dating to 2006, led to a lengthy investigation and sanctions by the FDA. During the probe, federal investigators found Ranbaxy didn't properly test the shelf life and other safety factors of its drugs and then lied about the results.

In mid-2008, the FDA barred Ranbaxy from shipping into the U.S more than 30 different drugs made at factories in India. Meanwhile, the U.S. Department of Justice demanded Ranbaxy turn over internal documents, alleging the company lied about ingredients and formulations of some medications.

In early 2009, the FDA said it would not consider any new applications from Ranbaxy to sell in the U.S. any products made at the troubled factories.

As FDA discussions with Ranbaxy continued, it appeared Ranbaxy would lose its shot at a revenue windfall when Lipitor's generic U.S. patent expired last Nov. 30. At the time, Lipitor brought in almost $8 billion a year in U.S. sales.

As often happens when patents first expire, for the first six months only one generic rival could compete with brand-name Lipitor. Ranbaxy had that right, although an authorized generic from Lipitor maker Pfizer Inc. and partner Watson Pharmaceuticals Inc. went on sale on Dec. 1. With competition so limited, the generic prices only declined a bit from brand-name drug's price of about $115 a month — until several other generics entered the market six months later.

The FDA finally ended the suspense, deciding just before midnight on Nov. 30 to let Ranbaxy sell generic Lipitor made at the company's Ohm Laboratories factory in central New Jersey. It was unclear Friday whether the recalled Ranbaxy pills were made there or elsewhere.

Meanwhile, Ranbaxy is operating under a settlement with the FDA, called a consent decree, signed on Dec. 20, 2011. It requires Ranbaxy to improve manufacturing procedures, ensure data on its products is accurate and undergo extra oversight and review by an independent third party for five years. Ranbaxy at the time set aside $500 million to cover potential criminal and civil liability stemming from the Justice Department investigation.

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Oil rises as Israel-Hamas fight continues

Written By Unknown on Senin, 19 November 2012 | 23.16

The price of oil rose to $88 a barrel Monday as the conflict in Gaza between Israel and Hamas showed no signs of abating, raising concerns about Middle East crude supplies.

By early afternoon in Europe, benchmark oil for December delivery was up $1.09 to $88.01 a barrel in electronic trading on the New York Mercantile Exchange. The contract added $1.05 to finish at $86.92 per barrel on Friday.

Brent crude, used to price many international varieties of oil, rose 77 cents to $109.72.

Analysts highlighted concerns that oil supplies could be disrupted if the Israel-Hamas conflict engulfs countries elsewhere in the Middle East, a huge producer of crude.

"Fears are growing that Arab oil producers could find themselves dragged into the conflict between Israel and the Palestinians," said a report from Commerzbank in Frankfurt. "We therefore assume that prices will continue to rise."

The fighting comes just as winter arrives in the U.S. and China, boosting energy demand.

Meanwhile, expectations that President Barack Obama and U.S. congressional leaders will reach a budget deal by the end of the year and avoid the "fiscal cliff" of tax increases and spending cuts also bolstered oil prices.

"It seems that risk appetite is back to the energy board, showing a strong rally in crude oil prices following U.S. fiscal hopes," said analysts at Sucden Financial Research in London.

In other energy futures trading on Nymex:

— Heating oil was up 4.06 cents to $3.0274 per gallon.

— Wholesale gasoline rose 1.19 cents to $2.7220 per gallon.

— Natural gas added 1.3 cents to $3.803 per 1,000 cubic feet.

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Lowe's 3Q net income climbs on fewer charges

NEW YORK — Lowe's Cos.' said Monday that its third-quarter net income surged 76 percent, helped by lower costs and higher revenue, as the company's efforts to revamp its merchandise and prices appeared to be gaining traction.

Its adjusted earnings without charges and its revenue both beat Wall Street forecasts. Its shares rose more than 4 percent in premarket trading Monday.

Lowe's has been retooling its pricing strategy, and last summer returned to offering permanent low prices on many items across the store, instead of offering fleeting discounts. But the changes have been slow to catch on, and last quarter Lowe's said it could take until the middle of next year to reap the benefits of the strategy.

"We are keenly focused on improving our core business," said CEO Robert A. Niblock. "Our level of execution is improving and we delivered solid results in the third quarter."

The results are also the latest indication that home-improvement retailers and other housing-market related companies are benefiting from the beginning of a rebound in the housing market, with home prices and home sales growth both improving. Last week rival Home Depot Inc. reported slightly higher third-quarter net income and the company raised its full-year forecast.

Home Depot also benefited from a surge in sales late in the quarter from Superstorm Sandy preparations. Lowe's did not point to any benefit from the storm in its earnings release.

Lowe's earned $396 million, or 35 cents per share, for the three months ended Nov. 2. That compares with $225 million, or 18 cents per share, a year ago.

The current quarter includes charges that lowered earnings by 5 cents per share. In the prior-year period, charges reduced earnings by 18 cents per share.

The adjusted earnings of 40 cents per share beat the 36 cents per share that analysts polled by FactSet predicted.

Revenue rose 2 percent to $12.07 billion from $11.85 billion. That also beat Wall Street's estimate of $11.93 billion.

Shares of Lowe's gained $1.46, or 4.6 percent, to $33.44 in premarket trading an hour before the opening. Its shares peaked for the past year at $33.63 on Nov. 2 and traded as low as $22.39 last November.

Revenue at stores open at least a year, a key gauge of a retailer's health, increased 1.8 percent. At its U.S. stores, the metric climbed by the same percentage rate. This figure excludes results from stores recently opened or closed.

For fiscal 2012, Lowe's still expected earnings of about $1.64 per share and revenue to be approximately the same as 2011's $50.21 billion. Analysts forecast earnings of $1.66 per share on revenue of $50.1 billion.

Lowe's Cos., which is based in Mooresville, N.C., has 1,750 stores in the U.S., Canada and Mexico.

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Total sells Nigeria offshore oil stake for $2.5B

LAGOS, Nigeria — French oil firm Total SA says it has sold a stake in an offshore oil field in Nigeria for $2.5 billion to Chinese state oil company Sinopec Corp.

Total made the announcement Monday in a statement posted to its corporate website. Sinopec officials were not immediately available for comment.

Officials with Total have said they plan to sell off some stakes in oil fields around the world to raise cash for new ventures.

Total said the deal, done for cash, must be approved by Nigerian authorities.

The state-run Nigerian National Petroleum Corp. is the concession holder on the field. Other partners include Chevron Corp, Esso E&P Nigeria Ltd. and Nexen Petroleum Nigeria Ltd.

China has been interested in expanding its oil holdings in Nigeria for some time.

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Intel CEO Paul Otellini to retire in May

SANTA CLARA, Calif. — Intel says its CEO, Paul Otellini, plans to retire in May after nearly 40 years with the company.

Intel Corp. said Monday that its board will look at company executives as well as external candidates to replace Otellini. He has been head of the world's largest chip-maker for eight years.

Intel says it has also promoted three executives to executive vice president: Renee James, head of Intel's software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.

The Santa Clara, Calif., company's shares are up 16 cents at $20.35 in premarket trading Monday.

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US stocks open higher

NEW YORK — The stock market is starting the holiday week with a big gain.

Just after the opening bell on Wall Street, the Dow Jones industrial average is up 102 points at 12,690. The Standard & Poor's 500 index is up 12 at 1,372. And the Nasdaq composite index is up 32 to 2,885.

European markets are sharply higher. Financial analysts say it's because of optimism that leaders in the United States will reach a deal to avoid the so-called fiscal cliff, a package of tax increases and government spending cuts set to take effect Jan. 1.

U.S. investors are also encouraged by corporate earnings reports. Lowe's says its third-quarter profit surged 76 percent. That's after a strong report from Home Depot last week. Tyson Foods also beat Wall Street expectations.

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SAS avoids bankruptcy after unions approve plan

COPENHAGEN, Denmark — Danish and Norwegian media are reporting that all eight unions have now approved a savings plan that will help the troubled SAS carrier stay afloat.

Denmark's TV2 and Norway's NTB news agency are reporting that the Danish CAU cabin crew union finally signed on to a saving plan Monday afternoon in Copenhagen, a week after talks began.

The deal means that the carrier's board can now proceed with the implementation of a series of austerity measures that that SAS's creditors and owners insisted on.

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BCE resubmits Astral bid to broadcast regulator

TORONTO — Canada's largest telecommunications company, BCE Inc., resubmitted a bid to the country's broadcast regulator to buy Astral Media Inc. for $3.38 billion, the companies said Monday.

The Canadian Radio-television Telecommunications Commission blocked a deal last month, saying it would have resulted in an unprecedented level of consolidation in the country's media landscape.

Astral is Canada's largest pay and specialty TV broadcaster. It owns 25 TV stations, including HBO Canada. It also owns 84 radio stations in 50 Canadian markets and is the third-largest outdoor advertising company.

BCE, also known as Bell, wants to deliver more content to televisions, tablets and mobile devices.

BCE said Monday they've found ways to address the CRTC's concerns over the level of ownership concentration in some markets but said details on the amended proposal will be made available by the CRTC when it launches its public consultation period.

"We heard Canadians and the CRTC loud and clear — they want assurance that Astral joining with Bell Media will directly benefit consumers and creators. We're ready to deliver more choice for listeners and viewers, more opportunity for content creators, and more competition for the broadcasting industry," George Cope, Bell's president and CEO, said in a statement.

Many had expected the regulator would approve the deal with conditions, but Jean-Pierre Blais, who took over as charmain of the CRTC five months ago, said the combined company would have controlled 107 radio stations, two national English language television stations and 49 pay and specialty television channels.

Blais dismissed the notion that they could have set conditions on the deal. He said last month that BCE is already Canada's largest Internet service provider, the second largest wireless service provider and third largest television distributor in Canada.

Most of BCE's competitors said the deal would have placed significant market power in the hands of one vertically integrated company.

BCE had argued it needed to do the deal to compete with international rivals like video subscription service Netflix, and they pledged tangible benefits by adding $240 million in funding for programs.

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Cisco Systems to buy Meraki for $1.2 billion

NEW YORK — Cisco Systems Inc., the world's largest maker of computer networking gear, said Sunday it is buying Meraki for $1.2 billion to expand its ability to let customers compute in the cloud.

Cloud computing refers to the increasingly popular practice of storing software applications in remote data centers that are accessed over the Internet instead of installing programs on individual machines.

Meraki Inc. is based in San Francisco and also has offices in New York, London and Mexico. The privately held company was founded in 2006 by members of MIT's Laboratory for Computer Science. Meraki technology offers customers Wi-Fi, switching, security and mobile device management centrally managed from the cloud.

Meraki will form Cisco's new Cloud Networking group, led by Meraki CEO Sanjit Biswas. The company said on its website it had originally planned to remain independent and go public, but joining Cisco will help it achieve its goal of hitting $1 billion in revenue a year.

Rob Soderbery, senior vice president, Cisco Enterprise Networking Group, said in a statement, "Meraki's solution was built from the ground up optimized for cloud, with tremendous scale, and is already in use by thousands of customers to manage hundreds of thousands of devices."

Cisco, based in San Jose, Calif., expects the acquisition to close in its second fiscal quarter ending in January. The $1.2 billion purchase price includes cash and retention-based incentives.

The purchase follows its $125 million purchase last week of Cloupia, which develops software that helps data center operators manage their resources.

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US budget hopes shore up markets

LONDON — Optimism over the progress of crucial U.S. budget talks combined with hopes that Greece will get its next bailout payment to send markets sharply higher on Monday.

The advance followed a rebound late Friday amid signs that President Barack Obama and leaders of Congress were making headway in their efforts to agree a budget deal by the end of the year. Without a settlement, the U.S. faces the "fiscal cliff" of tax increases and spending cuts — a scenario that some analysts say could knock around 5 percentage points off the U.S. economy, seriously derailing the global recovery.

"Investors were encouraged by what appeared to be a constructive first meeting between the President and congressional leaders as they strive to reach a long-term deal to address the U.S. budget deficit," said Nick Bennenbroek, an analyst at Wells Fargo Bank.

As a result, a sense of relief pervaded markets at the start of a week that will likely be dominated by developments in Europe and the Middle East. The exodus for the U.S. Thanksgiving holiday on Thursday will build through the week and most traders won't be returning to their desks until next week.

In Europe, the FTSE 100 index of leading British shares was up 1.9 percent at 5,710 while Germany's DAX rose 2.3 percent to 7,110. The CAC-40 in France was also 2.3 percent higher, at 3,418.

In the U.S., the Dow Jones industrial average was up 1.2 percent at 12,743 while the broader S&P 500 index rose 1.5 percent to 1,380.

Solid existing home sales figures, showing an unexpected 2.1 percent increase in October, provided further support to early trading on Wall Street.

"Hurricane Sandy hasn't knocked the U.S. housing recovery off track," said Sal Guatieri, senior economist at BMO Capital Markets.

Investors will also be monitoring the latest developments in Greece's bailout saga, amid hopes that the country's euro partners and the International Monetary Fund will finally sign off on the release of €31.5 billion, money the country needs to avoid bankruptcy.

Ministers from the eurogroup meet Tuesday, ahead of a summit of their leaders later in the week that will discuss the European Union's longer-term budget.

Despite uncertainty over whether a budget deal in Europe will be agreed, the euro has prospered in the more optimistic market mood. It was trading 0.4 percent higher at $1.2790.

Earlier, Hong Kong's Hang Seng added 0.5 percent to 21,262.06 and South Korea's Kospi rose 0.9 percent to 1,878.10. Mainland China's Shanghai Composite Index inched up 0.1 percent to 2,016.98. The smaller Shenzhen Composite Index rose marginally to 800.84.

The yen's recent weakness helped boost Japan's Nikkei 225 and its heavy orientation toward exporting companies — a weak yen reduces the cost of Japanese products overseas, and that helps companies whose survival depends on sales beyond their home turf.

The index in Tokyo jumped 1.4 percent to close at 9,153.20, its highest close since Sept. 19, while the dollar continued to trade above 81 yen.

Investors across all financial markets were also monitoring developments in the Middle East as the conflict between Israel and Hamas showed few signs of abating.

As well as tracking equities higher, concerns over crude supplies supported oil prices, with the benchmark New York rate up $2.15 at $89.07 a barrel.

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Mass. gas prices drop 3 cents per gallon

BOSTON -- The cost of a gallon of gasoline in Massachusetts has dropped another three cents, but remains more expensive than the national average.

AAA Southern New England reports Monday that the average price of a gallon of self-serve, regular is now $3.58.

The current price is 18 cents lower than a month ago, but a quarter higher than at the same time a year ago. The price in Massachusetts is 17 cents higher than the national average of $3.41.

AAA found self-serve, regular as low as $3.45 per gallon and as high as $3.85.

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Hollywood expects to have a happy holiday season at the box office

Written By Unknown on Senin, 12 November 2012 | 23.16

LOS ANGELES — Movie theaters posted their worst attendance since 1994 last year, but Hollywood is poised for a big comeback — with the help of a secret agent, a sullen vampire and a hairy-footed hobbit.

Domestic ticket sales are already up by 3 percent compared with the same period last year, and a bumper crop of strong films this holiday season — including movies that will appeal to both popular and discerning tastes — could push annual box office receipts above $11 billion for the first time.

A strong finish to the year could ease the uncertainty gripping an industry under pressure to cut costs and boost profits, especially as revenue dwindles from once-reliable DVD sales and as more fans turn to video-on-demand and streaming to catch the latest movies.

"We're still facing the same structural issues — the DVD business is declining and there are distractions for the audience — so studios have to rationalize their costs," said Stacey Snider, chief executive of DreamWorks, which began releasing "Lincoln" Friday. But she points out: "All that doom and gloom people were talking about after the summer ticket sales didn't come to bear."

Snider was referring to the anxiety rampant in Hollywood earlier this year, amid the box office flop of big-budget films including "John Carter" and "Battleship." But those disappointments have been tempered by a handful of certified hits, including "The Avengers," "The Dark Knight Rises," "The Amazing Spider-Man" and "The Hunger Games."

And some movies have performed better than expected. One of those is the Iranian hostage drama "Argo," which has taken in nearly $80 million since opening Oct. 12.

"I'm becoming increasingly concerned about the movie business ... there's the feeling that it could all sort of fall apart or at least be greatly diminished," said Ben Affleck, who directed and stars in "Argo." "But there is a huge crop of really interesting movies coming out in the next couple of months, and I think that's great for the movie business."

The latest James Bond film, the well-reviewed "Skyfall," kicked off the holiday movie season last weekend and hauled in an estimated $87.8 million.

This week, multiplexes across the country will be swarming with young women eager to see Kristen Stewart and Robert Pattinson in "The Twilight Saga: Breaking Dawn Part 2," the fifth and final installment of the vampire franchise.

In December comes "The Hobbit: An Unexpected Journey," a prequel to Peter Jackson's "Lord of the Rings" trilogy, which grossed more than $2.9 billion worldwide.

"There's a good feeling about the business right now," said Amy Pascal, co-chair of Sony Pictures. "It really looks like we have a lot of fantastic movies coming at the end of the year."

In addition to the slew of big-budget films hitting theaters, an above-average array of less costly movies aimed at sophisticated filmgoers could provide a crucial assist for a box-office record: Steven Spielberg's "Lincoln" (which opened in limited release last weekend), the dramedy "Silver Linings Playbook" with Bradley Cooper, a star-studded version of Broadway's hit musical "Les Miserables" and "Zero Dark Thirty," about the mission to kill Osama bin Laden.

"Unlike last year, which had a very slow December, the final six weeks of this year are going to make up for that ... because of the mix of summer-style blockbusters and Oscar-bait films," said Paul Dergarabedian, president of Hollywood.com.

Still, there could be some costly misses. Director Ang Lee's 3-D spectacle "Life of Pi" has earned favorable reviews in early screenings, but with a production cost of $120 million and an unknown 19-year-old lead, the holiday release is considered a big gamble for 20th Century Fox and its financial partners.

"We all have a lot riding on these films, and you want people to be buying tickets," said Elizabeth Gabler, whose Fox 2000 Pictures produced "Life of Pi." "But I think ... the more exciting movies you can offer people will get them to the theater. When there's a lot of energy there, that fosters excitement about the moviegoing experience."

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Lance Armstrong cuts formal ties to Livestrong

AUSTIN, Texas — Lance Armstrong has cut formal ties with his cancer-fighting charity to avoid further damage brought by doping charges and being stripped of his seven Tour de France titles.

Armstrong resigned from the board of directors for Livestrong on Nov. 4. He had previously resigned as chairman from the charity he founded Oct. 17 but had kept a seat on the board.

The U.S. Anti-Doping Agency ordered Armstrong banned from the sport for life and stripped of his titles. The International Cycling Union, which had originally supported Armstrong's fight, later agreed to wipe out Armstrong's record seven victories.

Livestrong spokeswoman Katherine McLane said Monday that Armstrong "remains the inspiration" and is still its largest donor with nearly $7 million over the years.

In a statement, new board chairman Jeff Garvey said Armstrong stepped resigned from the board to spare the organization any negative effects resulting from the controversy surrounding his cycling career.

"Lance Armstrong was instrumental in changing the way the world views people affected by cancer. His devotion to serving survivors is unparalleled and for 15 years, he committed himself to that cause with all his heart," Garvey said.

Armstrong has not comment publicly on the USADA report and recently returned to Austin from Hawaii. Over the weekend, he posted a photograph on Twitter of him lying on a couch at his home with seven yellow Tour de France jerseys mounted on the wall.

Armstrong also has lost his personal sponsors, including Nike and brewing giant Anheuser-Busch, who dropped their contracts with him or said they would not renew when current deals expire.

USADA's report accused Armstrong of helping run "the most sophisticated, professionalized and successful doping program that sport has ever seen" within his U.S. Postal Service and Discovery Channel teams.

The USADA report said Armstrong and his teams used steroids, the blood booster EPO and blood transfusions. The report included statements from 11 former teammates who testified against Armstrong.

Armstrong denies doping, pointing to hundreds of passed drug tests. But he chose not to fight USADA in one of the agency's arbitration hearings, saying the process was biased against him. Former Armstrong team director Johan Bruyneel is also facing doping charges, but he is challenging the USADA case in arbitration.

___

Online:

http://www.livestrong.org/

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Stocks higher after bruising week

NEW YORK — Stocks are opening higher on this Veterans Day.

Just after the start of trading, the Dow Jones industrial average is up eight points at 12,823. The Standard & Poor's 500 index is up two at 1,382. And the Nasdaq composite index is up 11 at 2,916.

Last week, the market had its biggest sell-off of the year after the re-election of President Barack Obama. Investors are worried about the "fiscal cliff," tax increases and government spending cuts that go into effect Jan. 1 unless Congress acts.

The bond market is closed Monday.

Stocks in Europe are mixed after Greek lawmakers approved a 2013 budget overnight. The head of the finance ministers of the 17 euro countries says lenders have prepared a "positive" report on the country.

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Signature brands make comebacks

Automakers are always looking for ways to be original when unveiling new models. In certain instances, this means shifting gears and storing vintage nameplates in the garage.

"There just aren't that many that survive from the old days," said Scott Oldham, editor-in-chief of Edmunds.com. "A lot of brands move away from old nameplates in order for their vehicles to seem more fresh and not old-fashioned, while others hold on to nameplates to sort of have attachment remain to the glory days."

Certain car makers such as Cadillac and Buick have retired vintage nameplates altogether. Other brands, such as Chevrolet, Dodge and Ford, have been known to release a nameplate, keep it in the marketplace for years, put the brakes on it and then re-release it to the world.

On Saturday, the Herald unveiled its top 10 list of the best tough and rugged vehicles for 2013. This time we take a drive down memory lane as we present the 10 greatest survivor nameplates on the market today.

10. Chevrolet Impala

Its peak occurred from the early 1960s to the mid-1970s before disappearing until the mid-1990s. This time around, the modern Impala remains the mainstream American sedan for the everyman, as it is affordable with high value and offers "a large package for the family that's a little fun for Dad to drive," Oldham said.

(Production years: 1957-85, 1994-96, 1999-present; MSRP: $29,189)

9. Chevrolet Malibu

Here, then gone, then back again, the Malibu is a slightly smaller, slightly more affordable sedan than the Impala. Popular in the 1960s and 1970s, the Malibu invokes "positive connotations" with California's eponymous sun-soaked destination, Oldham said, adding, "Either you're a little older and you have grand fun memories of it as a child, or somebody you knew in the '70s had one that fell apart."

(Production years: 1953-82, 1997-present; MSRP: $25,074)

8. Dodge Dart

The new Dart is unrelated to the Darts of yore besides its nameplate and "the desire to deliver an affordable, high value, small car that's a bit fun to drive and doesn't hurt the pocketbook too much," according to Oldham. This year marked the first Dart released since 1976, which is based on the Alfa Romeo, a Fiat offering. Dodge is hoping family-friendly features and a low price will be "a magical combination" this time around, Oldham added.

(Production years: 1960-76, 2012-present; MSRP: $19,763)

7. Chrysler 300

The 300 may have disappeared from 1971 to 1998, but this has become "the signature vehicle for the Chrysler brand as a rear-wheel-drive performance sedan with some old-school characteristics," Oldham said. Undergoing a redesign last year, the 300 is as appealing as ever, offering a luxury standard that competes with German counterparts. "Chrysler's tagline for the vehicle is 'Imported from Detroit,' and that's had some success for them," Oldham added.

(Production years: 1955-65, 1971, 1998-present; MSRP: $39,324)

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Our experts see great returns

Our StoxSmart experts continue to soar.

Of 7,867 U.S. stock funds tracked by Morningstar, the best performer this year is Fairholme, which has returned 32 percent.

John Fish's 42 percent return blows that out of the water and Frank Quaratiello's 22 percent return would rank 14th on the Morningstar list.

Fish's two best picks have been Bank of America (81 percent annualized return) and Synovus Financial Corp. (74 percent).

Quaratiello's stocks are all in positive territory with returns ranging from 11 percent (Clorox) to 41 percent (Apple).

Greg Turner's Vanguard High Dividend Yield Index ETF and Vanguard Total Stock Market ETF have returned 9 and 12 percent, respectively.

Rob Lutts' best pick, EGShares India Infrastructure, has returned more than 22 percent.

The benchmark Standard & Poor's 500 Index is up 9.7 percent this year.

Investors will be looking for signs of agreement this week on budget and tax policy between President Obama and Congress, which returns to Capitol Hill tomorrow. Bond markets are closed today in observance of Veterans Day, but stocks and other markets have normal hours.

TJX reports earnings tomorrow while struggling Staples reports earnings Wednesday. Also watch for a retail sales report and the Federal Open Market Committee's minutes Wednesday.

Thursday's earnings include Wal-Mart, Target and Viacom, plus weekly jobless claims will be out.

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Elmo puppeteer accused of underage relationship

NEW YORK — The puppeteer who performs as Elmo on "Sesame Street" is taking a leave of absence from the popular kids' show following allegations that he had a relationship with a 16-year-old boy.

Sesame Workshop says puppeteer Kevin Clash denies the charges, which were first made in June by the alleged partner, who by then was 23.

In a statement issued Monday, Sesame Workshop said its investigation found the allegation of underage conduct to be unsubstantiated. But it said Clash exercised "poor judgment" and was disciplined for violating company policy regarding Internet usage. It offered no details.

At his request, Clash has been granted a leave of absence in order to "protect his reputation," Sesame Workshop says. No duration for the leave was specified. Clash has voiced and animated Elmo since the 1980s.

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Fiat Industrial announces new management structure

MILAN — Capital goods maker Fiat Industrial on Monday announced a new management structure aimed at making it easier to merge with its U.S. subsidiary CNH Global N.V., the agriculture equipment maker.

Fiat Industrial, which makes trucks, agriculture and construction equipment, said it has created a 20-seat Group Executive Council, which will be headed by Chairman Sergio Marchionne and CNH CEO Richard Tobin in the new position of group chief operating officer.

"The new organization announced today represents a key step in the integration of Fiat Industrial and CNH," Marchionne said in a statement.

The structure, which puts emphasis on brands, geography and industrial processes, is similar to a four-region management organization adopted at carmaker Fiat last year to drive integration between Italy's Fiat and the U.S. carmaker Chrysler, which it controls.

CNH advisers have rejected the original terms of the full merger proposed last spring, but Marchionne is working to save the deal. He told analysts recently that it would be more expensive, without elaborating.

Fiat Industrial owns 88 percent of CNH, which is based in the Chicago suburb of Burr Ridge, Illinois, and sells farm and construction equipment under the Case and New Holland brands in 170 countries

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Best Buy hires ex-Williams-Sonoma exec as CFO

NEW YORK — Struggling consumer electronics chain Best Buy said Monday that a former Williams-Sonoma executive will become its new chief financial officer beginning Dec. 10.

It's the latest executive move for the Minneapolis company since turnaround expert Hubert Joly joined as CEO in August.

Best Buy is trying to reverse a decline in its business due to a weak global economy and tough competition from online stores and discounters.

Sharon McCollam, 50, had been chief operating officer and chief financial officer at the home goods retailer before retiring. She also takes the title of chief administrative officer at Best Buy.

She replaces James Muehlbauer, who said he was leaving in October. Muehlbauer will continue to advise the company until the end of the fiscal year in February.

ISI Group analyst Greg Melich said McCollam is a solid choice to replace Muehlbauer. While she lacks direct consumer electronics experience, there are other similarities between the two retailers.

One similarity: Williams-Sonoma sells big-ticket items that are cheaper online. But through service offerings and online "prowess," Williams-Sonoma manages to sell 40 percent of its products directly. She is also talented in real-estate management, Melich said.

Muehlbauer's replacement by McCollam is one of several management changes made since Joly joined in August, after Best Buy's former CEO Brian Dunn left in April after an investigation into his relationship with a female employee.

Joly has eliminated two top executive positions in the U.S. and hired Expedia executive Scott Durchslag to head global e-commerce.

Meanwhile, Best Buy co-founder and former Chairman Richard Schulze is considering a plan to take the company private.

More information about Best Buy's plan will likely be given during a meeting with analysts on Tuesday. Best Buy reports fiscal third-quarter results Nov. 20. The company has forecast net income will be "significantly below" last year and a key revenue figure will fall.

Best Buy Co. shares rose 82 cents, or 5.4 percent, to $16.12 in morning trading Monday. Its shares traded as high as $28.53 in early December, but fell to a 52-week low or $14.38 last Tuesday.

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US fiscal uncertainty keeps lid on markets

LONDON — Uncertainty over whether Washington will agree a spending and taxation deal that is crucial to keeping the U.S. economic recovery on track kept a lid on global market gains on Monday.

Economists have said the U.S. risks slipping into recession if hundreds of billions of dollars in expiring tax cuts and automatic spending reductions take effect on Jan. 1 — the so called "fiscal cliff." Congress and the White House must find a compromise to prevent a big hit to the world's biggest economy.

President Barack Obama, fresh from a re-election victory, and House Speaker John Boehner have spoken of compromise but appear to be taking a firm stances on some issues, including whether to raise taxes for the wealthiest.

"Despite comments from the U.S. administration and Congressional leaders of a willingness to compromise, markets remain unconvinced," said Mitul Kotecha, analyst at Credit Agricole CIB.

European stocks lacked momentum in afternoon trading. Britain's FTSE 100 was up 0.2 percent to 5,780.20 while Germany's DAX edged up 0.3 percent to 7,182.88. France's CAC-40 lost 0.3 percent to 3,414.66.

Wall Street opened modestly higher — the Dow was 0.1 percent higher at 12,827.64 while the S&P 500 was up 0.2 percent at 1,382.84.

In Europe, investors will keep their eyes on a meeting of the finance ministers of the 17-country eurozone. The officials are expected to discuss Greece's economy and its bailout program.

Greece is waiting for approval of the next €31.5 billion ($40 billion) payout of its bailout loan. It faces a bond repayment on Friday it cannot afford.

The finance ministers will discuss the findings of a report on Greece by international debt inspectors at the meeting in Brussels. But no decision on giving Greece new loans is likely to be made at the meeting because some eurozone parliaments must approve the deal. Greek lawmakers approved the country's 2013 austerity budget early Monday, essential to unblocking the new payment.

Earlier in Asia, Japan's Nikkei 225 index fell 0.9 percent to close at 8,676.44. Growth figures showed the economy contracted an annualized 3.5 percent rate for the quarter ending September. Most economists forecast a further decline in economic activity for the October-December quarter, which would officially put the world's No. 3 economy in recession, according to the common definition of two consecutive quarters of contraction.

South Korea's Kospi fell 0.2 percent to 1,900.87 and Australia's S&P/ASX 200 lost 0.3 percent to 4,448.00. Benchmarks in Singapore, Taiwan and Indonesia fell. The Philippines and New Zealand rose.

Hong Kong and mainland Chinese stock markets rose following comments over the weekend by Chinese Cabinet officials that the country's economic slowdown has ended, although the economy is not ready to stage a recovery, and that exporters still face tough conditions.

Hong Kong's Hang Seng added 0.2 percent to 21,430.30. The Shanghai Composite Index gained 0.5 percent to 2,079.27 and the smaller Shenzhen Composite Index added 0.5 percent to 832.38.

Jackson Wong, vice president at Tanrich Securities in Hong Kong, cautioned against too much optimism regarding China's economy amid disappointing Chinese loan growth figures.

Lending in October stood at 505.2 billion yuan ($80.3 billion), dropping 81.6 billion yuan from a year earlier, the People's Bank of China said Monday, according to Xinhua news agency. The figure decreased from the 623.2 billion yuan of new yuan loans registered in September.

"Expect light trading this week unless major news comes out," Wong said.

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