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Moscow: no bailout for Russian savers on Cyprus

Written By Unknown on Selasa, 02 April 2013 | 00.24

MOSCOW — A senior Russian Cabinet member says his government won't protect Russian depositors who are losing money in Cyprus but may offer assistance to some Russian state companies.

First Deputy Prime Minister Igor Shuvalov said in televised remarks that it would be a "great pity" if Russians lose their money in Cyprus, but added that the Cabinet won't take any action to soften the blow.

He added, however, that while his government sees no reason for offering any assistance to Cyprus, it may take unspecified action to help reduce the damage for Russian state companies.

Big depositors at Cyprus' largest bank, including some Russians, may be forced to accept losses of up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy.


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American Airlines, Orbitz settle legal dispute

FORT WORTH, Texas — American Airlines says it has settled lawsuits with Orbitz over the online travel agency's display of information about American flights and fares.

The companies announced their settlement Monday. They did not disclose terms, and they declined to comment beyond a brief press release.

The settlement with Orbitz faces review by the federal judge overseeing the bankruptcy reorganization of American and its parent, AMR Corp.

American has been fighting with Orbitz Worldwide Inc. and other companies that distribute information to travel agents. American says it can better tailor offers to customers if it provides flight and price information directly to travel agents.

Distribution companies claim that American wants to push them aside and reduce competition for selling airline travel.

As the dispute escalated in 2011, American flights disappeared briefly from listings on Orbitz and Expedia Inc.

American had filed suit in federal district court in Fort Worth, Texas, accusing Orbitz and its largest shareholder, Travelport Ltd., of violating antitrust laws. In November 2011, a judge dismissed some of American's claims but allowed the lawsuit to go ahead.

American settled with Travelport last month, allowing Travelport subsidiaries to sell American Airlines upgrades such as premium seating in economy class.

Last year American said it received an undisclosed amount of cash to settle with another distribution company, Sabre Holdings Corp., after a jury trial began in Texas state court.

In midday trading Orbitz shares fell 18 cents, or 3.2 percent, to $5.53. Over-the-counter shares of AMR, which has announced plans to merge with US Airways Group Inc., dropped 8 cents, or 2 percent, to $4.07.


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Walters mum on retirement reports

NEW YORK — Barbara Walters says the paparazzi were lying in wait, but she's not saying anything about her future employment.

Walters returned to "The View" on Monday, after reports circulated widely the previous Friday that she would be retiring from television in May 2014. The television news legend is 83 years old.

She said photographers were waiting for her as she went to work on Monday, expecting she would discuss her future plans on the air. Instead, Walters had nothing to say about whether or not the stories were true, saying "I have no announcement to make."

Walters created "The View" in 1997.


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FDA says longer use of nicotine gum is OK

RICHMOND, Va. — The Food and Drug Administration says smokers who are trying to quit can safely use over-the counter nicotine gum, patches and lozenges for longer than previously recommended in a move to help millions of Americans kick the habit.

Current labels suggest consumers stop smoking or using other products containing nicotine when they begin using the products to help them quit and that they should stop using nicotine replacement products after 12 weeks at most.

The federal agency said Monday that the makers of gum and other nicotine replacement products can change the labels that say not to smoke when using the products. The FDA also said the companies can let consumers know that they can use the products for longer periods as part of a plan to quit smoking, as long as they are talking to their doctor.

Nicotine replacement products, designed to help people stop smoking by supplying controlled amounts of nicotine to ease the withdrawal symptoms, were first approved about 30 years ago and have since gone from prescription to over-the-counter within the last 17 years. However, when they were approved for over-the-counter use little reliable data existed on the safety of long-term use or use of more than one product containing nicotine, the FDA said.

In recent years, the agency said, a number of stakeholders in public health have suggested the current labels were barriers for smokers that are trying to quit because they'd relapse if they stopped using the nicotine-replacement products after the suggested time period, and they'd abandon their attempt to quit if they had a cigarette while using them.

More than 45 million Americans smoke cigarettes and about half try to quit every year, according to the Centers for Disease Control and Prevention.

Smoking is the leading cause of preventable illness and death in the U.S. and is responsible for the majority of the nation's lung cancer deaths. It's also a factor in heart attacks and a variety of illnesses.

The agency hopes the recommended changes will "allow more people to use these products effectively for smoking cessation and that tobacco dependence will decline," FDA Commissioner Margaret Hamburg said in a statement.

The makers of the nicotine replacement products must seek approval to change their labels, but the FDA said the companies can cite the studies used by the agency.

A spokeswoman for GlaxoSmithKline, the leading seller of nicotine-replacement therapy products under the Nicorette and NicoDerm brands, did not immediately provide comment.

The move by the FDA comes less than a week after government health officials launched the second round of a graphic ad campaign designed to get smokers off tobacco. The CDC campaign cost $48 million and includes TV, radio and online spots as well as print ads and billboards.

The ads feature sad, real-life stories: There is Terrie, a North Carolina woman who lost her voice box. Bill, a diabetic smoker from Michigan who lost his leg. And Aden, a 7-year-old boy from New York, who has asthma attacks from secondhand smoke.

Last year's similar $54 million campaign was the agency's first and largest national advertising effort. The government deemed it a success: That campaign triggered an increase of 200,000 calls to quit lines. The CDC believes that likely prompted tens of thousands of smokers to quit based on calculations that a certain percentage of callers do actually stop.

Meanwhile, the FDA said it is missing a Monday deadline to submit three tobacco-related reports to Congress, which the agency said are nearing completion. It also is missing another deadline to publish a consumer-friendly list of the levels of dangerous chemicals found in cigarettes and other tobacco products, as well as tobacco company testing and reporting requirements for ingredients and additives.

There are no penalties for forgoing the deadlines outlined in the 2009 law that gave the FDA authority to regulate a number of aspects of tobacco marketing and manufacturing

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Michael Felberbaum can be reached at http://www.twitter.com/MLFelberbaum.


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Is home where the profit is?

NEW YORK — J.C. Penney is honing in on its home department as part of a bigger plan to turn its stores into mini-malls of sorts.

The struggling department-store chain is unveiling revamped home areas within its stores that feature 20 boutiques that highlight 50 new brands. The areas will include an eclectic mix of items, from $60 Michael Graves' stainless steel teakettles to $1,850 Jonathan Adler "Happy Chic" sofas.

The home areas, which Penney will begin to roll out Friday at 500 of its 1,100 stores, are big tests of CEO Ron Johnson's plan to open separate shops-within-stores for popular designers. The format, which gives department stores more of a mini-mall feel, have been popular at higher-end rivals such as Macy's and Bloomingdale's for years.

Penney hopes the new home areas will help it woo back shoppers as it struggles to rebound after it lost a quarter of its revenue and amassed nearly $1 billion in losses in the past year. The revamp certainly presents a big opportunity for the retailer.

While home sections typically are among the least profitable of a department store, they help to drive customers into the store. And demand for home furnishings is rebounding along with the U.S. housing market: Sales of furniture and home decor reached $92.9 billion last year, up 7.8 percent from the low of $86.2 billion in 2009 during the recession, according to spending tracker MasterCard Advisors' SpendingPulse.

"It's going to be a struggle, but the home area could generate some momentum," says Walter Loeb, a New York-based independent retail consultant.

But Penney, based in Plano Texas, has its work cut out for it. Penney was planning to anchor its home areas with the Martha Stewart lifestyle brand. But the company is fighting in court with Macy's over whether Macy's has exclusive rights to sell certain Martha Stewart products like bedding, cookware and bath items.

Adding to that, Penney's home business has lost considerable cache from its heyday. The business once accounted for nearly 20 percent of Penney's total store sales, but that number has dropped to 10 percent as the assortments have failed to attract the younger customers who update their homes more often than their older counterparts. In fact, Penney says that its home department, which had attracted an average age of 45, has the oldest shopper compared with rivals like Target Corp. and Macy's.

Penney executives say the new sections will appeal to a broader group of customers. About 70 percent of the merchandise in the new home area will be new or retooled brands. To make room for the new labels, Penney got rid of long-standing names, including traditional home furnishing brand Chris Madden.

Each shop-within-a-store will have its own distinct look and will range in size from 300 to about 800 square feet. Among the new shops within the stores will be Bodum, a Denmark-based kitchenware company. Jonathan Adler, known for his whimsical designs in home decor, also will have a shop. And Michael Graves, the architect turned home designer, will showcase his minimalist style in kitchen and home accessories in mini boutiques.

"There's something for everyone at any stage of their lives," says Paul Rutenis, senior vice president and general merchandise manager for Penney's home business.

Designer Jonathan Adler says the shops will appeal to a broader audience beyond the high-end collection that's sold at his own stores and in upscale retailers. Adler says the offerings for Penney will focus on brighter colors and is "more playful" than his upscale collection.

Adler's exclusive "Happy Chic" shops will feature bright blue comforters with geometrically-patterned pillows that sell for as much as half of Adler's higher-end line. For example, "Happy Chic" sofas are $1,850 at Penney, compared with $4,000 for the signature collection.

For designer Michael Graves, the relationship with Johnson has come full circle. In 1999, Johnson, then a Target executive, brought Graves' affordable housewares to the Target — the first time that an upscale designer's products were sold at a discount store. But Graves, who has sold about 2,000 different products over his 13-year run at Target, says his products were never housed in their own shop.

The Michael Graves shops for Penney will have about 150 different items ranging from $8 wooden spatulas to $190 standing lamps. Graves says the quality of his items in Penney's stores is higher than the items he once sold at Target: A teakettle at Target, for instance, sold for $39 and was plastic, but Graves says the $60 Penney version is stainless steel.

As for Penney's future, Graves says he's focusing on what Penney will become.

"I'm not at all worried," he says. "The change is going on. People will have to be patient."


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Cyprus gains more time to achieve surplus

NICOSIA, Cyprus — Cyprus has been granted an extra year — until 2017 — to achieve a targeted budget surplus of 4 percent as part of bailout negotiations with international lenders, the government spokesman said Monday.

The change is designed to prepare for what could be a deeper than expected economic slowdown as the Mediterranean country is forced to drastically shrink its banking and financial industry.

Under a preliminary agreement with Cyprus' euro area partners and the International Monetary Fund for billions in rescue money, Cyprus had until 2016 to generate the budget surplus target through spending cuts and tax hikes.

But that deal was based on an earlier forecast that the economy would shrink this year by 3.5 percent of gross domestic product.

A Cyprus government official who spoke on condition of anonymity because he's not authorized to discuss details of the negotiations said the economy is now projected to contract by some 9 percent of GDP.

For that reason, government spokesman Christos Stylianides said Monday that negotiators are now hoping to extend the deadline to achieve a 4 percent budget surplus even further, to 2018.

Cyprus agreed last week to make bank depositors with accounts over 100,000 euros ($129,000) contribute to the financial rescue in order to secure 10 billion euros ($12.9 billion) in loans. Cyprus needed to raise 6 billion euros ($7.4 billion) on its own in order to clinch the larger package, and banks remained shut for nearly two weeks until politicians hammered out a deal.

To prevent mass withdrawals when the banks reopened on March 28, Cypriot authorities imposed a raft of restrictions, including daily withdrawal limits of 300 euros ($384) for individuals and 5,000 euros ($6,426) for businesses. That amounted to the first so-called capital controls that any country has applied in the eurozone's 14-year history.

Under the terms of the bailout deal, the country' second largest bank, Laiki, is to be split up, with its nonperforming loans and toxic assets going into a "bad bank." The healthy side will be absorbed into the Bank of Cyprus.

Big Laiki depositors could lose as much as 80 percent of their money.

Bank of Cyprus savers will lose 37.5 percent and possibly 22.5 percent more, depending on what experts determine over the next 90 days is needed to prop up that bank's reserves. The remaining 40 percent of big deposits at the Bank of Cyprus will be "temporarily frozen for liquidity reasons," but continue to accrue existing levels of interest plus another 10 percent.

Cyprus has long attracted many large Russian depositors, but a senior Cabinet member in Moscow said Monday that his government won't protect individual Russian victims of the Cypriot economic crisis.

Regarding businesses, Stylianides said Monday that his government's negotiators will seek to soon give them access to the frozen 40 percent of their deposits in the Bank of Cyprus in order to get the country's moribund economy going again as soon as possible.

"What we're striving and hoping for is that as of tomorrow morning that 40 percent is freed up so that we can return to some semblance of normal business activity," Stylianides told reporters.

He said the details have to be hammered out by Thursday when the eurogroup officials meet to discuss the Cyprus deal.

Cypriot banks also will sell their foreign operations under the agreement.

For instance, the Bank of Cyprus in Romania said Monday it is immediately suspending operations at its 10 branches for a week until it's sold. Bank spokeswoman Liana Voinescu She said ATM machines will remain open, with customers able to withdraw a daily maximum of 4,000 lei (910 euros).

Meanwhile, thousands of people attended a charity concert in Nicosia on Monday designed to help the needy at a time of 15 percent unemployment. Some 50 Greek and Cypriot artists were to perform at the CYPRUS AID event at the moat beneath the medieval walls surrounding the old part of the capital.

There was no entrance fee for this outdoor concert, but spectators were expected to drop off non-perishable food items that will be distributed to the poor and unemployed.

"It's a very emotional day for everyone because we are all trying to give to people who need help," said CYPRUS AID volunteer Andriana, who only gave her first name. "We are doing this to help people and we want to send a message to people abroad that if we are united, we can make things happen."

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AP reporters Alison Mutler in Bucharest, Vladimir Isachenkov in Moscow, and Dalton Bennett in Nicosia contributed to this story.


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NY appeals court OKs Aereo live television service

NEW YORK — A divided New York federal appeals court has given the go-ahead to an Internet company offering inexpensive live television online.

The 2-to-1 ruling Monday cleared the way for Aereo's expansion of a service that had been limited to New York City until this year. The company has announced plans to expand to Boston, Chicago, Philadelphia, Washington and 18 other U.S. markets.

The 2nd U.S. Circuit Court of Appeals in Manhattan agreed with a lower-court judge. They say the service does not appear to violate copyright law because subscribers are assigned to their own tiny antennas at Aereo's Brooklyn data center.

Broadcasters had appealed the lower court ruling. In a dissent, Judge Denny Chin says Aereo violates the Copyright Act and calls the company's individual tiny antennas a "sham."


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Move over chicken: Boston Market introduces ribs

NEW YORK — Boston Market is expanding beyond its well-known rotisserie chicken offering for a new meat: ribs.

The Golden, Colo.-based chain hopes the ribs, its biggest new food launch in six years, will help bring new customers into its restaurants.

"It's a new product that will appeal to a wide audience," said CEO George Michel. "Ribs are not a product most people feel comfortable cooking at home."

Boston Market, which has 471 locations nationwide, offers food such as rotisserie chicken, turkey, brisket and vegetable sides for people to either eat in its restaurants or take out for meals at home. It also provides a catering service. It faces competitors such as Panera Bread and Chipotle Mexican Grill for the lunch crowd and casual dining chains like the Olive Garden and P.F. Chang's Chinese Bistro and grocery stores for the evening and weekend customer. Michel said the new offering, the biggest launch since it started selling sandwiches six years ago, will help it compete against rivals.

"We're the only national chain serving St. Louis-style ribs — it's a differentiating point," he said.

"St. Louis style" ribs are pork spare ribs, which are juicier and meatier than the baby back ribs casual dining chains usually serve. Boston Market will prepare the ribs by smoking them, baking them and then covering them with its own brand of barbecue sauce.

Michel said the company tested other ideas with 100,000 customers, via email surveys and taste tests, including sandwich wraps and beef, but ribs scored much higher than everything else. It was tested in eight restaurants in Buffalo, N.Y., and Virginia. They were aiming for rib sales to make up 6 percent of total sales, but ribs ended up accounting for 8 percent, Michel said. Another test in Baltimore, this time with advertising, was a similar success, with rib sales making up 12 percent of total sales.

The ribs will be available beginning Monday with a marketing campaign called "We Love the IRS" — the IRS stands for "Incredible Rib Specials."


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Camry battles spruced-up rivals in midsize market

DETROIT — For nearly two decades, the Toyota Camry and the Honda Accord have ruled the mid-sized car market.

Nobody accused them of being stylish or fast. But the cars rarely broke down, and they held their value better than competitors. For drivers who wanted a family car, Camry and Accord got the job done and were good enough to become two of the best-selling cars of all time.

But now the dominance is starting to slip. Cars like the Hyundai Sonata, Ford Fusion, Nissan Altima and Kia Optima have cut into sales of the Camry and Accord by offering combinations of sleek designs, luxury-car features and better gas mileage.

The competition has shaken up the biggest segment of the U.S. auto market. The new vehicles have made midsize cars appealing to a broader audience, from young families to downsizing baby boomers to people who want the look and feel of luxury but don't want the cost. Midsize cars accounted for almost 25 percent of the total industry in February, up from 22 percent at the end of 2007. Automakers report March sales on Tuesday.

Differences in quality and reliability in midsize cars have all but been erased, so buyers now look at styling and performance, industry analysts say. That puts added pressure on Toyota and Honda to stay ahead, but also on the other automakers, because brand loyalty isn't what it used to be. Every time a new, sleeker car comes out, many buyers flock to it. As a result, automakers are redesigning midsize cars in about half the usual time.

"Your latest and greatest are the ones that are selling the most," said Glenn Mears, owner of Chrysler, Ford, Honda and Nissan dealerships in the Dover, Ohio, area south of Cleveland.

Sales figures show how tough the competition has gotten for Camry and Accord, still the two top-selling cars in the U.S.

The Camry's annual sales have fallen by more than 68,000 since 2007, while Accord sales have dropped by more than 60,000. Five years ago, Camry and Accord combined sold 865,339 models, accounting for almost a quarter of the midsize segment. But last year they slipped to just over 20 percent on sales of 736,758, according to Autodata Corp.

The Camry, last redesigned in 2011, has all the newest bells and whistles inside, such as a touch-screen and voice command system, but isn't as sleek looking on the outside as its rivals. Still, Toyota doesn't plan any major styling changes to the Camry because there's no sense messing with the success of a car with sales over 400,000 per year, said Jim Lentz, Toyota's North American chief executive.

Lentz said that because other automakers improved their cars, Camry sales won't grow much in the near term, even though the market for midsize cars is getting bigger.

"So the pie is getting larger. Because of the increase in competition, our share of that pie is getting smaller," he said.

Honda came out with a well-received redesign of the Accord last year, and its gaining ground on the midsize leader. While Camry outsold Accord by 70,000 last year, the Honda's percentage gain was bigger, 40 percent to 31 percent for the Toyota. And sales of the Camry fell in February, the second decline in three months. Accord sales rose 35 percent in February and trailed Camry by just 3,271.

Ford's Fusion has moved into third place. The brand-new car hit showrooms in September, with a European design that looks like an Aston-Martin.

That style led Susie Gates of suburban Dallas to lease a Fusion in February because it stood out from the Sonata and Camry, she said.

"It just seems like everyone and their mom has one," she said of the Camry. "There was nothing exciting about it."

Gates, 37, who works for a service that helps people having trouble paying their mortgages, is at an age where people typically would buy a Camry or Accord. She says her pearl-white 2013 Fusion turns heads.

"It's just absolutely gorgeous," she said.

That wasn't a term associated with midsize cars until Hyundai remade the Sonata in April of 2010. The hard angles were gone, and car reviewers said it had a sculpted exterior that gave the appearance of a car in motion even when sitting in park. Sales rose 15 percent by the end of 2011.

But Sonata's numbers haven't been quite as pretty lately. Sales were off 8 percent in February compared the same month a year earlier, and have declined in five of the past seven months. The reason: Designs in the midsize market are changing so fast that analysts say the Sonata now seems dated. And Altima sales fell 16 percent last month, even though a brand-new design came out last summer.

"The competition is so fierce," said Jesse Toprak, senior analyst for automotive pricing site TrueCar.com. "It forces automakers into much more frequent updates."

Automakers used to redesign cars every six or seven years and update them every three or four. But in the midsize segment, that's changing to full redesigns every three or four years with updates every other year, Toprak said.

General Motors, for instance, is freshening the slow-selling Chevrolet Malibu for 2014, even though it was new last year. The update changes the look in the front and back to make it more modern, plus it will address criticism of a cramped back seat. Malibu sales rose just 3 percent in 2012. GM lowered the base price by $300 to $770 depending on model and raised discounts on the car in February.

Since slicker styling is now commonplace, price is a bigger consideration for buyers, Toprak said. And that means better deals for consumers, particularly on older models.

Carmakers are either dropping the base price or ramping up incentives.

Average sales prices fell from January to February on seven of the segment's 10 top-selling vehicles, according to the Edmunds.com auto website. Discounts also rose on seven of the 10 top sellers. The average price dropped by $131 to $25,729.

Camry's price went up slightly between January and February, but in the past year, it has fallen $136 to $24,211. The Camry's average price is about $1,000 less than the Accord and Altima and $2,000 less than Fusion. In late February, Toyota began offering no-interest financing on the 2013 Camry for 60 months.


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GMX files for Chapter 11 bankruptcy protection

NEW YORK — Oil and gas producer GMX Resources Inc. said Monday that it filed for Chapter 11 bankruptcy protection, blaming low prices for natural gas.

The Oklahoma City company filed in the Western District of Oklahoma. The filing includes its Endeavor Pipeline and Diamond Blue Drilling units. It does not include Endeavor Gathering LLC, a business in which GMX holds a 60-percent interest.

GMX says it pursued several strategies to increase oil production, make its supply chain and production more efficient, and reduce costs. However the price of natural gas has remained low and the company's oil and gas businesses require more spending. GMX said it hasn't been able to find any long-term solutions to its financing needs.

GMX says it agreed to sell its operating assets and undeveloped acreage to the owners of company senior notes that are due in 2017. Those assets will later be subject to a public auction.

The senior note holders have committed $50 million in debt financing to cover its operating expenses.

The company expects the New York Stock Exchange to begin delisting procedures for its stock. It does not plan to contest those proceedings.

Shares of GMX Resources have traded between $1.80 and $21.84 in the last year, and they closed at $2.19 on Friday.


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