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Final Maine shrimp hearing is tonight in Portland

Written By Unknown on Selasa, 31 Maret 2015 | 00.24

PORTLAND, Maine — Fishery regulators are holding the last of a series of public hearings about the future of New England's shuttered shrimp fishery in Portland.

The hearing was scheduled for 6 p.m. Monday at the Casco Bay Ferry Terminal Conference Room on the city's waterfront. The Atlantic States Marine Fisheries Commission is collecting feedback from about the possibility establishing a limited fishery for the shrimp in the future. The shrimp fishery closed in 2013 and has not reopened because of concerns about population levels.

Fishermen from Maine, New Hampshire and Massachusetts harvested Maine shrimp prior to the fishery's closure. They were a key commercial species in New England before the population collapse, which some scientists say is due in part to warming ocean temperatures.


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Signed contracts to buy US homes climb to 20-month high

WASHINGTON — More Americans signed contracts to buy homes in February, evidence that the spring buying season could open strong after sluggish sales for much of the winter.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index climbed 3.1 percent to 106.9 last month, the highest reading since June 2013.

Buying activity jumped in the Midwest and West, while dipping slightly in the Northeast and South. The gains suggest that housing should overcome the recent hurdles of freezing weather and blistering snowstorms, as both buyers and potentially sellers return to the market.

Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale.

The upturn suggests a solid spring sales rebound, after a lackluster winter. But unlike last year when sales fell, the spring buying season opens after more than a year of robust hiring that has pulled the unemployment rate down to 5.5 percent, the lowest level in nearly seven years.

"What's different this time is that the surge in the pace of payroll growth means that the pool of prospective homebuyers is now rising more rapidly than at any time since the crash," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Existing homes sold at an annual pace of 4.88 million in February, slightly below last year's levels, according to the Realtors. Prospective buyers were finding slim pickings as the supply of homes was just 4.6 months, compared to five full months a year ago and an average closer to six months in healthy housing markets.

But solid hiring over the past year and historically low mortgage rates may help to ease the affordability pressures from tight supplies.

Average 30-year fixed rates were 3.69 percent last week, according to the mortgage giant Freddie Mac. That average has plunged from a 52-week high of 4.41 percent, a sharp decrease that makes it easier to purchase more expensive homes.

Similarly, job gains should give consumers more financial flexibility to buy homes.

Employers have added 3.3 million jobs over the past 12 months, including 295,000 jobs in February. That rapid clip of hiring has caused the unemployment rate to tumble to 5.5 percent from 6.7 percent. As the total number of paychecks have increased in the economy, more buyers should be able to afford a home, economists say.

The one missing piece in the housing rebound remains wage growth.

Earnings have risen at drastically slower rate than home prices, putting many houses out of reach financially.

Over the past two years, homes nationwide outpaced wage growth by a 13-to-1 ratio, according to RealtyTrac, the housing data provider. Home prices have risen 17 percent since the middle of 2012 when the market bottomed out, while median wages have risen just 1.3 percent, RealtyTrac said.

But that might prove to be a positive, since modest wage gains should put a cap on how high prices can go and improve affordability in the coming years.

"Those markets with the biggest disconnect between price growth and wage growth during the last two years are most likely to see plateauing home prices in 2015 until wages catch up," said Daren Blomquist, a vice president at RealtyTrac.


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Business forecasters boost 2-year outlook for US economy

A business economics group has boosted its outlook for U.S. economic improvement this year and next, particularly for job growth.

The March report from the National Association for Business Economics forecasts more hiring, a lower unemployment rate, a lower inflation rate and more growth in consumer spending in 2015, compared to the group's forecast in December 2014.

The report, released early Monday, also predicts more investment by businesses in both equipment and intellectual property, as well as modest growth in stock prices.

"Healthier consumer spending, housing investment and government spending growth are expected to make outsized contributions to the projected acceleration in overall economic activity. Accordingly, recent labor market strength is expected to continue," John Silvia, the association's president and the chief economist at Wells Fargo, said in a statement.

Other factors driving the improved forecast include an increased pace of activity in the housing sector, the strong dollar and continued low oil prices.

The report predicts the benchmark price for crude oil, which fell from $98 per barrel in December 2013 to $59 in December 2014, will average $61 per barrel at the end of the year and $69 per barrel in December 2016. Just three months ago, the group forecast that oil would spike to $85 per barrel by December 2015.

The NABE report did contain some negatives, however. Those include a widening U.S. trade deficit in 2015, a 0.1 percent dip in 2015 hourly compensation growth from December's prediction to 2.5 percent, and scaled-back forecasts for 2015 corporate profit growth, down 2 percentage points to 4.7 percent from December's forecast.

Meanwhile, 88 percent of the panel of 50 professional forecasters predicted the Federal Reserve will start increasing interest rates in the second or third quarter of this year.

Highlights of the association's forecast include:

—On average, the economy should add 251,000 jobs per month in 2015 and then 216,000 per month in 2016.

—The U.S. unemployment rate — now 5.5 percent, the lowest in seven years — is expected to dip to 5.4 percent in December and then decline to 5.1 percent in 2016.

—Gross domestic product is expected to grow 3.1 percent in 2015, unchanged from the December forecast.

—The federal deficit is expected to total $460 billion in fiscal 2015 and $453 billion in the 2016 fiscal year.

—The group's forecast for Standard & Poor's 500 index, on average, is to end 2015 at 2,150 and end 2016 at 2,262.

—Inflation, as measured by the consumer price index, is expected to decline 0.6 percent in 2015, a big improvement over December's forecast that it would increase by 1.7 percent.

—Consumer spending is forecast to increase by 3.3 percent in 2015 and to increase by 3 percent the following year.

"The improved consumer spending outlook may be attributable to the psychological impact of lower gasoline prices, as well as improving employment and income growth," the report noted.


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Lincoln Continental, the car of presidents, is returning

DEARBORN, Mich. — Elvis Presley had one; so did Clark Gable. It was even the sedan of presidents. Then the name vanished amid an invasion of newer luxury cars from Europe and Asia.

Now, the Lincoln Continental is back.

Thirteen years after the last Continental rolled off the assembly line, Ford Motor Co. is resurrecting its storied nameplate. The new Continental debuts in concept form at this week's New York auto show. The production version of the full-size sedan goes on sale next year.

After more than a decade of toying with alphabetical names like LS and MKS to be more like its foreign rivals, Ford's 98-year-old Lincoln brand is embracing its heritage. It's a measure of the growing confidence at Lincoln, which is finally turning around a decades-long sales decline. And it's a nod to the importance of China, where customers know the Continental name and appreciate brands with a rich history.

Ford CEO Mark Fields says the Continental always represented the best of Lincoln. Resurrecting it sets higher expectations, both within the company and outside of it.

"When we get a chance to work on an iconic nameplate like that, it's a mixture of pride and a mixture of fear, because when you put that name out there, it's got to deliver," Fields told The Associated Press in a recent interview.

The Continental was born in 1938, when Henry Ford's son Edsel commissioned a convertible he could use on his spring vacation. Thrilled by the reception he got as he drove the elegant sedan around Palm Beach, Edsel made the Continental part of Lincoln's lineup.

The Continental soon became the pinnacle of American luxury. Warner Brothers gave Elizabeth Taylor a 1956 Continental with a custom paint color to match her eyes. A darker historical note: John F. Kennedy was riding in the back of a 1961 Continental convertible when he was assassinated in Dallas.

Continental sales peaked in 1990 at 62,732. But after that, Lincoln's sales began slipping.

Ford had acquired other luxury brands such as Jaguar and Volvo. Lincoln's designs got dull and failed to stand out from lower-priced Fords. The Continental was also squeezed by competition from the midsize Lincoln LS, which debuted in 2000, and the bigger Town Car.

Ford also underestimated the threat posed by German rivals, who were expanding their lineups, and newer Japanese luxury brands. By 2000, Lexus was the top-selling luxury brand in the U.S.; last year, BMW was.

To make its way back, Lincoln isn't trying to be sporty like BMW or showy like Cadillac. Instead, Fields says, it wants to give drivers an experience that is elegant and serene.

"We want folks to get into our vehicles and — for lack of a better term — chill," Fields said.

It appears to be working. Lincoln's U.S. sales rose 16 percent last year, making it one of the fastest-growing luxury brands in the market. The midsize MKZ was the brand's top seller.

Full-size sedans like the Continental are a tough sell in the U.S., where buyers tend to prefer midsize sedans or SUVs. U.S. sales of Lincoln's current full-size sedan, the MKS, fell 24 percent last year.

But globally, the segment is growing, Fields says. Ford has high hopes for the Lincoln brand in China, where it's opening dazzling new dealerships complete with waterfalls. Ford began selling Lincolns in China late last year, and the company will open more than 20 dealerships there this year.

The concept car being unveiled Monday in New York is painted a deep Prussian blue, an homage to Continentals of the 1950s and 1960s. But there are few other references to its history.

Lincoln's split-wing grille, a feature that dates to the 1940s, has been replaced by a tight, rectangular mesh grille, its shiny chrome patterned with tiny versions of Lincoln's rectangular logo. The sides are smooth; even the door handles are hidden within a narrow strip of chrome at the beltline.

The concept is a technology showcase. The driver's seat has a patented split cushion, so if the driver holds one leg out further than another, it will support each leg separately. The moonroof glass turns opaque with the touch of a button. Another button automatically moves the front passenger seat forward and fully reclines the rear passenger seat. That's another nod to China, where luxury car owners often have their own drivers.

Under the hood is a 3-liter V6 EcoBoost engine that's unique to Lincoln. Ford isn't yet revealing more details, like whether the car is front- or rear-wheel drive. The Continental switched to a front-wheel-drive sedan in the 1980s, but many of its current competitors — the Infiniti Q70, Mercedes Benz S-Class and Lexus LS — are rear-wheel drive.

The Continental is expected to replace the seven-year-old MKS, which currently sits atop Lincoln's car lineup.


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JetBlue computer outage causes delays for passengers

NEW YORK — A computer outage that caused delays for thousands of JetBlue Airways passengers early Monday morning has been resolved, the company said.

JetBlue Airways said it had fixed a systemwide computer problem by 6:15 a.m. Eastern that has caused delays because the airline had to manually check in passengers.

NBC News reported that the airline had to issue handwritten boarding passes to passengers at many airports.

The company said in an email that passengers might experience delays throughout the day. It did not specify how long it would take to work through delays and get operations back to normal.

The airline did not immediately respond to inquiries on how many flights were affected, but passengers at airports in Boston; Orlando, Fla., and Washington, D.C., took to social media to report long lines and delays.

A list of flights on the website of New York's John F. Kennedy International Airport, JetBlue's busiest airport, showed delays of 60 to 90 minutes for early morning flights and numerous delays but there were shorter delays for more recent flights.


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Redbox renews deal with Warner Bros. through 2017

Redbox, which rents DVDs through vending machines dotted across the U.S., has extended its deal with Warner Bros. by two years, through March 31, 2017, maintaining a 28-day window on the studio's Blu-ray Disc and DVD titles.

Deal comes after Redbox hired Mark Horak, previously president of the Americas at Warner Bros. Home Entertainment, as president about a year ago.

"Redbox is an important partner," Ron Sanders, president of Warner Bros. Worldwide Home Entertainment Distribution, said in a statement. "I am very pleased that we have finalized a new two-year agreement."

Last year, Redbox reached similar renewals with Universal, Paramount and Lionsgate. But the DVD-kiosk vendor is facing headwinds, as consumers increasingly turn to subscription VOD services, according to analysts. Last October, Outerwall -- Redbox's parent company -- and Verizon shuttered their SVOD joint venture, Redbox Instant by Verizon, after it failed to gain traction.

In December, Redbox raised the daily rental prices of DVDs and Blu-ray Discs, which Outerwall told investors would have an "adverse impact" on rental volumes. The daily rental rate for DVDs increased from $1.20 to $1.50, while the daily rental rate for a Blu-ray Disc increased from $1.50 to $2.

As of the end of 2014, Redbox operated kiosks in almost 35,000 locations, including at select Walmart, McDonald's and Walgreens stores. Outerwall claims those points of presence generate more than 350 million impressions at retail per week.

© 2015 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC


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RadioShack creditor Salus changes mind, won't offer new bid

NEW YORK — RadioShack creditor Salus says it won't improve its bid as it fights with another buyer for the electronics chain, hedge fund Standard General.

Salus had failed to win an auction for the assets of the Fort Worth, Texas-based electronics retailer, which filed for bankruptcy in February. RadioShack instead chose a $160 million bid from hedge fund Standard General that consists mostly of credit on debt it is owed.

That proposal would keep 1,743 stores open and preserve about 7,500 jobs.

In a letter filed with the bankruptcy court in Delaware, Salus says it changed its mind on improving its offer after learning of unspecified new developments.

Salus plans to argue in court Monday why its offer, which included a $271 million cash payment, is better than Standard General's bid.


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Dreamworks Animation's stock soars on 'Home' success

DreamWorks Animation is getting a big lift from the box office success of "Home."

Shares in the company are up more than 8% as markets open, kicking off the day trading at $24.30. That's the highest level they have reached since last November. It's a welcome change for DreamWorks Animation, which has seen its stock slide precipitously since spring of 2014, weighed down by a series of film flops, write downs, failed sales to Hasbro and Softbank, and layoffs.

But "Home" briefly swept those troubles aside when it debuted to $54 million, roughly $20 million more than most analysts had predicted it would generate.

"It's a huge morale boost both for investors and employees at the company," said Tony Wible, an analyst with Janney Capital Markets. "The film business is what's been languishing there and these results mean they avoid another impairment and have found a possible other franchise."

Indeed, "Home" is the third biggest non-sequel opening in DreamWorks Animation's history, behind only "Kung Fu Panda" ($60.2 million) and "Monsters vs. Aliens" ($59.3 million). It represents the studio's best chance for a new franchise in years -- something it desperately needs now that "Shrek" has run out of gas and "How to Train Your Dragon" and "Kung Fu Panda" are entering their third installments.

Moreover, for the first time in over a year, DreamWorks Animation was able to leverage a starry cast that included Rihanna, Steve Martin and Jennifer Lopez to convince a diverse audience to show up. That demonstrates there's still strength in its old model of matching A-list talent with animated fare, provided DreamWorks Animation shakes up the formula to appeal to a broader portion of the movie-going public.

"If it follows the trajectory of previous DreamWorks films this is going to be profitable," said Marla Backer, an analyst with Research Associates. "A lot of investors had written DreamWorks off in the near term and this opening may make them think twice."

That's not to say that "Home's" strong debut obviates the company's very real issues. DreamWorks Animation still needs to better control costs ("Home's" budget was a sizable $130 million) and the studio is facing intense competition in the animation space from the likes of Blue Sky, Disney and Illumination. Plus, it's hard to be a publicly traded, mid-size entertainment company jockeying for attention and profits alongside sprawling media conglomerates.

To that end, DreamWorks Animation is overhauling its feature film unit by bringing in producers Mireille Soria and Bonnie Arnold to head the division and reinvigorate its slate of films. The studio won't release another picture until "Kung Fu Panda 3" debuts in March, 2016, so this could be the last stock bump the company enjoys for awhile, analysts caution.

"They're not remotely done with restructuring," said Wible. "Their next film doesn't come out for a year, so investors looking for growth should look elsewhere."

© 2015 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC


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AAA: Massachusetts gas prices remain steady

BOSTON — Massachusetts gas prices remained steady in the past week, according to the latest AAA Northeast survey.

The survey released Monday found self-serve, regular selling for an average of $2.32 per gallon, the same as last week.

That price is a nickel lower than a month ago, a dime lower than the national average and a full $1.19 lower than the in-state price at the same time a year ago.

The survey found self-serve, regular selling in Massachusetts for as low as $2.11 and as high as $2.59.


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US stocks move higher, led by gains in energy companies

Major U.S. stock indexes surged in afternoon trading Monday, as investors cheered encouraging economic data and the latest batch of corporate deal news. Expectations that any increase in the Federal Reserve's key interest rate this year will be gradual also helped lift the market.

KEEPING SCORE: The Dow Jones industrial average climbed 281 points, or 1.6 percent, to 17,994 as of 1:07 p.m. Eastern. The Standard & Poor's 500 index rose 24 points, or 1.2 percent, to 2,085. The Nasdaq composite gained 50 points, or 1 percent, to 4,941.

CONSUMER REBOUND: The Commerce Department said that consumer spending edged up 0.1 percent in February following two straight monthly declines. The report also showed consumers' incomes rose a solid 0.4 percent, a development that could mean higher spending in coming months.

HOUSING BAROMETER: A gauge of future home sales surged to its highest level since June 2013. The National Association of Realtors reported that its seasonally adjusted index of pending home sales rose 3.1 percent in February. The report suggests that the spring buying season could open strongly after sluggish sales for much of the winter. KB Home led a broad rally among homebuilders. The stock rose 46 cents, or 3 percent, to $15.74.

FED FACTOR: Also shoring up markets were remarks on Friday by Federal Reserve Chair Janet Yellen. In her speech, Yellen noted that continued improvement in the U.S. economy means an increase in the Fed's key interest rate could come later this year, but would likely be gradual.

THE QUOTE: "She continues to put forth the message that there will be a rate hike this year, but it will be quite measured and quite gradual going forward," said Erik Davidson, chief investment officer for Wells Fargo Private Bank. "The market takes some confidence in that."

SECTOR VIEW: The 10 sectors in the S&P 500 moved higher, with energy stocks notching the biggest gain. The sector was up 1.6 percent. Analog Devices led all stocks in the S&P 500, climbing $5.69, or 9.7 percent, to $64.53.

PRESCRIBED BUYOUT: UnitedHealth Group jumped 2.6 percent after the nation's largest health insurer said it would buy pharmacy benefits manager Catamaran Corp. Shares in UnitedHealth added $3.01 to $121.02. Catamaran vaulted 23.8 percent, adding $11.48 to $59.81.

KITCHEN REMODEL: Fortune Brands Home & Security has agreed to buy kitchen and bathroom cabinet maker Norcraft Companies for about $600 million in cash. Shares in Fortune Brands rose $2.53, or 5.7 percent, to $46.82. Norcraft gained $2.63, or 11.5 percent, to $25.53.

PHARMA DEALS: Shares in Auspex Pharmaceuticals soared 41.7 percent after it agreed to be acquired by Teva Pharmaceuticals Industries for about $3.2 billion in cash. Auspex gained $29.60 to $100.51. Separately, Horizon Pharma climbed 15.2 percent on news the drug developer is buying Hyperion Therapeutics for $1.1 billion. Horizon gained $3.32 to $25.13. Hyperion added $3.35, or 7.8 percent, to $46.09.

FALLING SHORT: BioDelivery Sciences International plunged 26.5 percent after the drug developer said its potential treatment for pain related to diabetic neuropathy did not meet its main goal in a key study. The stock fell $3.68 to $10.21.

EUROZONE UPTICK: A survey from the European Commission showed economic sentiment across the region at its highest level since July 2011. Its main economic sentiment indicator rose to 103.9 in March from 102.3 the month before. That's consistent with annual economic growth of around 1.5 percent.

OVERSEAS MARKETS: In Europe, Germany's DAX was up 1.8 percent, while the CAC-40 in France rose 1 percent. The FTSE 100 index of leading British shares rose 0.3 percent. In Asia, Chinese stocks soared on hopes of more economic stimulus. The Shanghai Composite Index rose 2.6 percent, while Hong Kong's Hang Seng jumped 1.5 percent. Japan's benchmark Nikkei 225 closed up 0.7 percent.

ENERGY: Benchmark U.S. crude lost 59 cents to $48.28 a barrel on the New York Mercantile Exchange.

BONDS: U.S. government bond prices rose. The yield on the 10-year Treasury note edged down to 1.96 percent from 1.97 percent late Friday.


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