Food scares cost McDonald's in China, Japan; sales fall

OAK BROOK, Ill. — Food-quality scares are hurting McDonald's in China and Japan, where weakness contributed to a key global sales figure falling 1.8 percent.

The world's largest hamburger chain said sales dropped 12.6 percent in January at locations open at least 13 months in the division that includes the Asia region. That overshadowed a 0.4 percent rise at U.S. locations and a comparable 0.5 percent increase in Europe.

McDonald's shares slipped in premarket trading.

McDonald's Corp. said its performance in Asia was hurt by customer perception issues in Japan, where a human tooth, plastic pieces and other objects have been found in its food. In China, McDonald's is trying to recover from the ongoing fallout from another food-safety scandal.

Over the summer, an undercover TV report in the country showed one of McDonald's major suppliers repackaging meat that was alleged to be expired. The claim has not been publicly confirmed by the supplier or the government. But the plant stopped operations, and many of McDonald's restaurants in the country were left unable to sell burgers, chicken nuggets and other items. The chain's reputation took a hit as well.

Chief Financial Officer Peter Bensen said during a January conference call that McDonald's estimates it will take at least three to six more months for its business in China to return to normal. He said worsening perceptions are expected to hurt Japan's results for "the foreseeable future."

Back in the U.S., McDonald's said breakfast items performed well but that it was offset by tough competition. The chain is dealing with competition on a number of fronts, including convenience stores that are selling more food and smaller chains such as Chipotle that market themselves as being of higher quality.

The rise in Europe reflected strength in the U.K. and Germany largely offset by softness in France and Russia.

As it struggles to fix its business, McDonald's Corp. said late last month that it was replacing CEO Don Thompson with Steve Easterbrook, its chief brand officer.

The announcement came after McDonald's reported a drop in its fourth-quarter earnings and sales and said it was making major changes in 2015 to win back customers. The company said it will cut down new restaurant openings in certain markets. It's also simplifying its menu and looking to offer customers more ways to customize their burgers and giving them multiple ways to order, such as at a self-order kiosk or with a mobile device.

McDonald's has more than 36,000 locations in more than 100 countries. Its stock shed 83 cents to $93.16 in premarket trading about an hour before the market open.

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Boys rule at Hasbro as superheroes, Transformers lift 4Q

PAWTUCKET, R.I. — The appetite for superheroes and robots in disguise led to a healthy fourth-quarter at Hasbro even as a shift toward electronics has challenged the traditional toy industry.

Hasbro said Monday that sales of toys geared toward boys increased 21 percent, with a strong showing from Transformers, Nerf and Marvel.

The company boosted its quarterly dividend and increased the number of its own shares targeted for buybacks.

There were two hurdles during the quarter: the strong U.S. dollar and declining sales in toys for girls. Hasbro's rival Mattel, which makes the Barbie doll, has seen a similar decline recently.

Hasbro said revenue would have climbed 7 percent if it weren't for a $93.4 million drag from foreign exchange.

Net income reached $169.9 million, or $1.34 per share, for the quarter. Earnings adjusted for pretax gains came to $1.22 per share, which was in line with Wall Street expectations, according to a poll by Zacks Investment Research.

Revenue climbed to $1.3 billion from $1.28 billion, but that was still short of the $1.34 billion analysts were looking for, according to Zacks.

Sales of merchandise for girls fell 10 percent during the quarter and game sales declined 4 percent.

Last month Mattel Inc. said that weak Barbie doll sales weighed down its fourth quarter. That company's chairman and CEO resigned.

Hasbro in September wrested the rights from Mattel for the dolls of Disney's blockbuster "Frozen," and will begin producing them next year.

For 2015, Hasbro reported a profit of $415.9 million, or $3.20 per share. Its adjusted profit was $3.15 per share, which was better than expected. Revenue was $4.28 billion and, like the quarter, fell a bit short of projections.

Hasbro raised its quarterly dividend by 7 percent to 46 cents per share, from 43 cents per share. The dividend will be paid on May 15 to shareholders of record on May 1.

Hasbro Inc., based in The Pawtucket, Rhode Island, also authorized an additional $500 million in share repurchases.

"Hasbro's results were better than Mattel's and exceeded our expectation," wrote Drew Crum, an industry analyst with Stifel Nicolaus. But he left his rating unchanged due to the rising prices of the company's stock.

The company's stock jumped more than 4 percent to $58.22 in early trading.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on HAS at http://www.zacks.com/ap/HAS

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Keywords: Hasbro, Earnings Report

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Inspector Gadget: First ASUS smartwatch clocks in merely OK

ASUS ZenWatch ($249.99, various retailers)

This first smartwatch from Taiwanese manufacturer ASUS is powered by Android but appears to resemble the product images of the upcoming Apple Watch. It features the operating system Android Wear, a 1.6-inch AMOLED screen and comes with a brown leather strap.

The good: This is one stylish smartwatch. A far cry from the bulky wristbands we've seen from Microsoft and others, this comfortable and handsome watch is a joy to wear.

The bad: The heart rate and step-count monitor were wildly inconsistent, and the battery life leaves much to be desired, requiring a fresh charge each night.

The bottom line: If you're in the market for an Android smartwatch, choose this one but understand it has some limitations.

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Boston startup HourlyNerd poised for growth

A Boston startup that connects businesses with freelance consultants and experts has raised nearly $8 million to extend its services to large com­panies.

"There are hundreds, if not thousands, of projects that a client like General Electric is not able to pursue in the best way," said Peter Maglathlin, co-founder and chief financial officer of Hourly­Nerd. "What we allow them to do is tap into the global brain of 10,000 consultants in our network and find the right person."

HourlyNerd lets com­panies submit projects online, where freelance consultants who are experts in various fields compete for the project.

"We're delivering 90 percent of the quality at one-twentieth of the price," said Pat Petitti, co-founder and co-chief executive.

Created out of Harvard exactly two years ago, HourlyNerd has raised $7.8 million from investors including GE Ventures and the Kraft Group. The round of funding was led by Highland Capital Partners, which also led HourlyNerd's last round of funding.

"We've further confirmed the ability of HourlyNerd to disrupt a multi-$100 billion industry that we feel is fundamentally irrational and broken," said Dan Nova, general partner at Highland, which is an HourlyNerd customer. "You've got large enterprises spending hundreds of millions of dollars with large consultants where many of those projects don't need to be addressed by larger consulting organizations."

Billionaire Mark Cuban provided HourlyNerd's $450,000 round of seed funding in 2013.

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Jean’s Hot List: Four EVs to charge up your life

Good news for planet Earth! Here are four alt-energy vehicles that manufacturers have unveiled so far in 2015.

CHEVROLET BOLT CONCEPT

This small but mighty Chevy is still in concept form, although it's expected to go into production next year. The promise of a 200-mile range and a price of $30,000 is as fetching as its metallic orange paint job. But then, open the doors and this is the interior? Wowsa! Sexy, space age, and within fiscal striking distance! It should be a popular choice.

2016 CHEVROLET VOLT

A Tesla for the people? Well, some might think so. The original Volt hit the market four years ago. The folks at Chevy have been refining the battery, style, interior tech, and everything else customers told them they liked and didn't like about it. (Volt owners are cultish in their devotion.) Now out in a 2.0, this sweet electric ride has a range of 50 miles on a charge, a host of driver awareness and assistance technologies — including forward collision alert — and tons of tech such as 4G LTE wireless hotspot in the car, an inductive charger that you just lay your phone on, and lots more. More on this car here: http://www.jeanknowscars.com/car-life/events/2016-chevrolet-volt/.

2016 MERCEDES-BENZ C350 PLUG-IN HYBRID

Green luxury has arrived! This plug-in hybrid is sporty and fast. It's comfy and luxurious on the inside as you'd expect from a Mercedes C-Class, but with less gas-consumption guilt and up to 20 miles of range on electricity alone. In fact, that zoomy interior will no doubt benefit from the quiet of an electric ride. Finally the high-thread-count crowd gets a plug-in ride.

2016 HYUNDAI SONATA PHEV

First things first. PHEV means Plug-in Hybrid Electric Vehicle. This car is a plug-in hybrid version of Hyundai's already popular Sonata. It's a lot like the fossil-fuel-sipping Sonata but with some aerodynamic improvements, netting it an electric-only range of 22 miles. Connect the car to your phone via Bluetooth, download an app, and you can connect to the car for a health report and to schedule charging it when rates are lowest.

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ABOUT THE WRITER

Jean Jennings is a veteran automotive journalist with three decades of experience sharing her zany take on the world of cars. She is the former editor in chief of Automobile Magazine and is a frequent on-air commentator. Visit her website at www.jeanknowscars.com.

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©2015 Jean Knows Cars, LLC; Distributed by Tribune Content Agency, LLC

Distributed by Tribune Content Agency, LLC

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Auto review: Jeep enters compact crossover class with the Renegade, a cute little bruiser

I always wanted a Jeep Wrangler, but it seemed too much of a toy for a girl who didn't have a lot of disposable income. So I bought a pickup truck. It felt more sensible, and I could still go out after work with the guys and indulge in hill climbs and off-road adventure. To a point. That point was where the dirt roads turned into paths that were just too tight to maneuver with my big truck, and when I wanted to take more than one friend along.

What I needed was the 2015 Jeep Renegade, Jeep's first compact ute with room for five (barely). It's a true Jeep in the most rut-busting sense of that brand, but with a practical and civilized carlike side. And then there is its adorably macho design, compliments of two recent graduates of Detroit's prestigious College for Creative Studies. Katniss Everdeen would be using it as her getaway car. With a flame job, of course. Make of that mishmash what you will, but I'm standing by it.

Cut to the chase. There are four Renegade personalities, starting with the base Sport model, which will get you into the woods for $18,990. It has front-wheel drive, which people in the Snow Belt favor, but to get farther down the rutted path, you'll need the Sport 4X4 ($20,990). I would also add a rearview camera for $195. There are nine great exterior color choices. Check out Omaha Orange on the exceptional vehicle configurator at Jeep.com.

The Latitude ($22,290) has fewer color choices (six) but more amenities, like the rearview camera, snazzier aluminum wheels, a roof rack, heated rear mirrors, and the Uconnect touchscreen and Bluetooth among them. My fave options: 4X4 ($2,000) and the Cold Weather group (a mere $545), which has my essential luxuries — heated seats, heated steering wheel (!) and heated windshield de-icer. If you want the vast array of safety technology and driving alerts, look at the Safety and Security group ($595) and the Advanced Technology group ($995).

Both Sport and Latitude models are powered by a 1.4-liter, 160-horsepower, turbocharged four-cylinder engine. The transmission is a six-speed manual. If you want the optional nine-speed automatic, you'll have to also get the bigger 2.4-liter, 180-horsepower four-cylinder, for an extra $1,400. Both excellent engines come from Fiat. As a serious off-roader, I have always favored automatic transmissions to do the quick shifting in sticky situations when you can't let off the gas.

The high-end Renegades are the Limited (for the most sophisticated Jeeper) and the Trailhawk (a dream package for dedicated off-roaders), both with the bigger engine and nine-speed automatic, along with a long list of cool standard features. The Limited is more the Sunday-go-to meeting, premium Renegade — all leather inside, the rearview camera and dual-zone temperature controls, a bit over the top for such a diminutive vehicle. The right options for this buyer would be the Advanced Technology ($995) and Safety and Security ($595) groups. If you want the 4x4 version, it will be another $2,000.

At $26,990, the four-wheel-drive Trailhawk is at the very top of the Renegade food chain. It brings the off-road fun to a more technical level with an advanced SelecTerrain 4X4 system, protective transmission and transfer case skid plates, more ground clearance and suspension travel, front and rear tow hooks (don't laugh), roof rails, and hill descent control. Fave options: remote start ($200), Navigation and SiriusXM satellite radio ($1,245).

Some of you might howl bloody murder when you find out that this little Jeeplet was assembled in Italy and built on the Fiat 500X's architecture. But don't fool yourself about why Fiat bought Chrysler in the first place. It was all about the world-renowned Jeep brand and fun quotient. And it's entirely possible that more Renegades will be sold in Europe than in the United States.

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THE BASICS

Price Range: $18,990-$26,990 (prices include destination charge)

EPA Fuel Economy: not available

Competition:

Chevrolet Trax $20,995

Nissan Juke $21,075

Kia Soul $16,015

Fun-O-Meter: 10!

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ABOUT THE WRITER

Jean Jennings is a veteran automotive journalist with three decades of experience sharing her zany take on the world of cars. She is the former editor in chief of Automobile Magazine and is a frequent on-air commentator. Visit her website at www.jeanknowscars.com.

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©2015 Jean Knows Cars, LLC; Distributed by Tribune Content Agency, LLC

Distributed by Tribune Content Agency, LLC

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World stocks lower on poor China trade, Greek turmoil

HONG KONG — Global stock markets were weighed down Monday by weak Chinese trade data and the new Greek prime minister's vow to renegotiate an international bailout that imposed harsh budget austerity.

KEEPING SCORE: European shares were lower in early trading. France's CAC-40 lost 1.2 percent to 4,632.85 and Germany's DAX fell 1.6 percent to 10,670.22. Britain's FTSE 100 was down 0.7 percent to 6,802.46. U.S. stocks were poised to open lower, with Dow and S&P 500 futures down 0.4 percent.

CHINA TRADE: Investors were reacting to Chinese trade data released Sunday that showed imports fell nearly 20 percent over a year earlier in January. Chinese economic data is usually volatile at the beginning of the year because of Lunar New Year holidays, which falls in January or February each year. But the particularly sharp fall added to worries that the world's second biggest economy is still weakening after growth in 2014 hit a 24-year low. Exports were also weak, dropping 3.2 percent from a year earlier. The data sent most global indexes lower except in China itself, where investors gambled that more stimulus was in store.

ANALYST VIEW: The China "data point to a challenging environment for export growth in 2015, and increased our conviction that both monetary and fiscal policies must ease more aggressively to support growth in the coming months," HSBC economists Julia Wang and Jing Li wrote in a research report.

GREEK FEARS: European markets were gloomy were after the new prime minister of Greece outlined his government's policy statement to lawmakers on Sunday, declaring an end to austerity. Alexis Tsipras's demands for a "bridge agreement" giving Greece and its creditors time to negotiate a new debt deal raised fears of what would happen if the Mediterranean country does not get one by the end of its bailout after Feb. 28. Greece and its European creditors states will discuss the issue at a series of high level meetings this week.

ASIA'S DAY: Hong Kong's Hang Seng fell 0.6 percent to close at 24,521.00 and South Korea's Kospi slipped 0.4 percent to 1,947.00. Australia's S&P/ASX 200 lost 0.1 percent to 5,814.90. Benchmarks in Taiwan, Singapore and New Zealand also closed lower. However, the Shanghai Composite Index in mainland China rose 0.6 percent to 3,095.12 on stimulus bets. Japan's Nikkei 225 added 0.4 percent to 17,711.93.

ENERGY: Benchmark U.S. crude was up 77 cents to $52.46 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.21 to close at $51.69 a barrel on Friday.

CURRENCIES: The dollar slipped to 118.62 yen from 119.14 yen in late trading Friday. The euro rose to $1.1280 from $1.1315.

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Boys rule at Hasbro as superheroes, Transformers lift 4Q

PAWTUCKET, R.I. — The appetite for superheroes and robots in disguise led to a healthy fourth-quarter at Hasbro even as a shift toward electronics has challenged the traditional toy industry.

Hasbro said Monday that toys geared toward boys increased 21 percent, with a strong showing from Transformers, Nerf and Marvel.

The company boosted its quarterly dividend and increased the number of its own shares targeted for buybacks.

There were two hurdles during the quarter: the strong U.S. dollar and declining sales in toys for girls. Hasbro's rival Mattel, which makes the Barbie doll, has seen a similar decline recently.

Hasbro said revenue would have climbed 7 percent if it weren't for a $93.4 million drag from foreign exchange.

Net income reached $169.9 million, or $1.34 per share, for the quarter. Earnings adjusted for pretax gains came to $1.22 per share, which was in line with Wall Street expectations, according to a poll by Zacks Investment Research.

Revenue climbed to $1.3 billion from $1.28 billion, but that was still short of the $1.34 billion analysts were looking for, according to Zacks.

Sales of merchandise for girls fell 10 percent during the quarter and game sales declined 4 percent.

Last month Mattel Inc. said that weak Barbie doll sales weighed down its fourth quarter. That company's chairman and CEO resigned.

Hasbro in September wrested the rights from Mattel for the dolls of Disney's blockbuster "Frozen," and will begin producing them next year.

For 2015, Hasbro reported a profit of $415.9 million, or $3.20 per share. Its adjusted profit was $3.15 per share, which was better than expected. Revenue was $4.28 billion and, like the quarter, fell a bit short of projections.

Hasbro raised its quarterly dividend by 7 percent to 46 cents per share, from 43 cents per share. The dividend will be paid on May 15 to shareholders of record on May 1.

Hasbro Inc., based in The Pawtucket, Rhode Island, also authorized an additional $500 million in share repurchases.

The company's stock jumped more than 4 percent to $58.22 in early trading.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on HAS at http://www.zacks.com/ap/HAS

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Keywords: Hasbro, Earnings Report

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Food scares cost McDonald's in China, Japan; sales fall

OAK BROOK, Ill. — Food-quality scares are hurting McDonald's in China and Japan, where weakness contributed to a key global sales figure falling 1.8 percent.

The world's largest hamburger chain said sales dropped 12.6 percent in January at locations open at least 13 months in the division that includes the Asia region. That overshadowed a 0.4 percent rise at U.S. locations and a comparable 0.5 percent increase in Europe.

McDonald's shares fell $1.16 to $92.83 in morning trading.

McDonald's Corp. said its performance in Asia was hurt by customer perception issues in Japan, where a human tooth, plastic pieces and other objects have been found in its food. In China, McDonald's is trying to recover from the ongoing fallout from another food-safety scandal.

Over the summer, an undercover TV report in the country showed one of McDonald's major suppliers repackaging meat that was alleged to be expired. The claim has not been publicly confirmed by the supplier or the government. But the plant stopped operations, and many of McDonald's restaurants in the country were left unable to sell burgers, chicken nuggets and other items. The chain's reputation took a hit as well.

Chief Financial Officer Peter Bensen said during a January conference call that McDonald's estimates it will take at least three to six more months for its business in China to return to normal. He said worsening perceptions are expected to hurt Japan's results for "the foreseeable future."

Back in the U.S., McDonald's said breakfast items performed well but that it was offset by tough competition. The chain is dealing with competition on a number of fronts, including convenience stores that are selling more food and smaller chains such as Chipotle that market themselves as being of higher quality.

The rise in Europe reflected strength in the U.K. and Germany largely offset by softness in France and Russia.

As it struggles to fix its business, McDonald's Corp. said late last month that it was replacing CEO Don Thompson with Steve Easterbrook, its chief brand officer.

The announcement came after McDonald's reported a drop in its fourth-quarter earnings and sales and said it was making major changes in 2015 to win back customers. The company said it will cut down new restaurant openings in certain markets. It's also simplifying its menu and looking to offer customers more ways to customize their burgers and giving them multiple ways to order, such as at a self-order kiosk or with a mobile device.

McDonald's has more than 36,000 locations in more than 100 countries. Its stock shed 83 cents to $93.16 in premarket trading about an hour before the market open.

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Report reveals extent of tax dodging by HSBC global clients

LONDON — HSBC's Swiss private bank hid millions of dollars for drug traffickers, arms dealers and celebrities as it helped wealthy people around the world dodge taxes, according to a report based on leaked documents that lifts the veil on the country's banking secrecy laws.

The report from the International Consortium of Investigative Journalists and several news organizations comes as governments seek to crack down on tax evasion to bolster treasuries depleted by the financial crisis and staunch criticism that the rich aren't paying their fair share.

The leaked documents cover the period up to 2007 and relate to accounts worth $100 billion held by more than 100,000 people and legal entities from 200 countries.

Some details of such operations were disclosed previously, when HSBC was fined in 2012 by the U.S. for allowing criminals to use its branches for money laundering. Monday's report discloses a more detailed cache of data and information.

Academics estimate that $7.6 trillion is held in overseas tax havens, depriving governments of $200 billion a year in tax revenue, according to the ICIJ report.

The French government received the files from a whistleblower in 2010 and passed them onto tax authorities around the world, including the U.S., Britain and Germany.

In Britain, where HSBC is based, the report sparked criticism that tax authorities hadn't done more to penalize tax evaders. The tax agency clawed back 135 million pounds ($236 million) from some of the 3,600 Britons identified as using the Geneva branch of HSBC, but only one has been prosecuted. France, by contrast, launched 103 actions.

British lawmakers reacted with outrage.

"You are left wondering, as you see the enormity of what has been going on, what it actually takes to bring a tax cheat to court," Margaret Hodge, chair of Parliament's Public Accounts Committee, told the BBC.

Hodge also said the former chairman of HSBC, Stephen Green, who became the government's trade minister after he left the bank in 2010, must face serious questions about whether he was "asleep at the wheel, or he did know and he was therefore involved in dodgy tax practices."

HSBC stressed that the documents were from eight years ago and said it has since implemented initiatives designed to prevent its banking services from being used to evade taxes or launder money.

Franco Morra, CEO of HSBC's Swiss subsidiary, said the new management had shut down accounts from clients who "did not meet our high standards."

"These disclosures about historical business practices are a reminder that the old business model of Swiss private banking is no longer acceptable," he said in a statement.

Crawford Spence, a professor of accounting at Warwick Business School, said the latest revelations are damaging to HSBC in that they suggest complicity in tax evasion rather than simply tax avoidance. Besides that, the latest revelations are particularly damning to tax authorities.

"It appears that we need to rely on computer hackers, investigative journalists and corporate whistleblowers to expose tax evasion," he said, adding that tax authorities "must be lacking either in resources, political will or both."

The HSBC files were analyzed by the French daily Le Monde, The Guardian in Britain, the BBC and the Washington-based consortium.

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Associated Press Writers Frank Jordans in Berlin and Greg Keller in Paris contributed to this story.

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