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Written By Unknown on Selasa, 24 September 2013 | 00.24

Boston Herald - Boston HeraldGerman group claims iPhone fingerprint hackMicrosoft unveils new Surface at NYC eventMoody's restores GM debt to investment gradeECB's Draghi hints at another round of cheap loansCitations pending for Calif. nuclear plant flawLonger delay for space station delivery missionApple says it has sold 9M new iPhones since FridayAmerican, US Airways extend merger deadlineYokohama Tire breaks ground for Miss. facilityMass. gas prices drop a nickelEurozone recovery seen picking up pacePopular bathroom wipes blamed for sewer clogsGerman government to stay course in euro crisisEPA to 'effectively shut down' without budget dealMass. utilities seek more wind powerUN climate experts stress solidity of new reportOil falls toward $104 a barrel as Syria risk fadesUN agency says drop in child labor not fast enoughAs bad debts clog Vietnamese banks, investors waitUS stocks down at midday

http://bostonherald.com/feed/4 en http://bostonherald.com/business/technology/technology_news/2013/09/german_group_claims_iphone_fingerprint_hack <p>BERLIN — The fingerprint-based security system used to unlock Apple's latest iPhone can be bypassed using a household printer and some wood glue, a German hacking group has claimed.</p><p>A spokesman for the Chaos Computer Club said the group managed to fool the biometric sensor in the iPhone 5S over the weekend by creating an artificial copy of a genuine fingerprint.</p><p>"It was surprisingly easy," Dirk Engling told The Associated Press in a telephone interview Monday, a day after the group announced the exploit on its website.</p> Technology News Mon, 23 Sep 2013 12:41:15 -0400 Associated Press 1063314581 http://bostonherald.com/business/business_markets/2013/09/microsoft_unveils_new_surface_at_nyc_event <p>NEW YORK — Microsoft introduced new Surface tablets, including a professional model that allows people to use it more like a laptop or a desktop computer.</p><p>The Redmond, Wash. company is trying to boost its tablet business as sales of traditional desktop and laptop computers decline.</p><p>The Surface Pro 2, unveiled at an event in New York, is targeted at professionals who want the full power of a laptop in a tablet-style device. The kickstand built into the device is redesigned to make it easier to use on laps. In the past, it worked best on a flat surface such as a table.</p> Business & Markets Mon, 23 Sep 2013 12:39:41 -0400 Associated Press 1063314721 http://bostonherald.com/business/automotive/2013/09/moodys_restores_gm_debt_to_investment_grade <p>DETROIT — A key ratings agency has restored General Motors' debt to investment grade status, eight years after the company lost the rating as it spiraled toward bankruptcy protection.</p><p>The upgrade came on Monday morning, shortly after GM announced plans to buy back high-interest preferred stock from a union retiree health care trust fund for $3.2 billion.</p> Automotive Mon, 23 Sep 2013 12:30:40 -0400 Associated Press 1063314411 http://bostonherald.com/business/business_markets/2013/09/ecbs_draghi_hints_at_another_round_of_cheap_loans <p>BRUSSELS — European Central Bank President Mario Draghi said Monday that another round of cheap loans could be provided to banks if needed to keep borrowing rates low and support the recovery.</p><p>Draghi told the European Parliament in Brussels the 17-nation eurozone's economic revival still "needs to be firmly established."</p><p>To help, the ECB is ready not only to keep its benchmark interest rate low for "an extended period of time" but also to offer a new round of so-called LTRO loans to banks "if needed," Draghi said.</p> Business & Markets Mon, 23 Sep 2013 12:27:50 -0400 Associated Press 1063314691 http://bostonherald.com/business/technology/technology_news/2013/09/citations_pending_for_calif_nuclear_plant_flaw <p>LOS ANGELES — The manufacturer of steam generators at California's shuttered San Onofre nuclear power plant and the utility that runs the facility will be cited by federal regulators for a flawed design.</p><p>Southern California Edison said it was told Friday by the Nuclear Regulatory Commission to expect a citation for failing to make sure computer modeling and analysis were adequate for the design of the steam generators.</p><p>The commission also plans to issue a notice of nonconformance against the manufacturer of the steam generators, Mitsubishi Heavy Industries.</p> Technology News Mon, 23 Sep 2013 12:25:20 -0400 Associated Press 1063314626 http://bostonherald.com/business/technology/technology_news/2013/09/longer_delay_for_space_station_delivery_mission <p>CAPE CANAVERAL, Fla. — A new commercial spaceship will wait all week before aiming again for the International Space Station.</p><p>Orbital Sciences Corp.'s Cygnus capsule was supposed to arrive Sunday, four days after its launch. But the rendezvous was aborted because of a discrepancy in navigation data between the two vessels.</p> Technology News Mon, 23 Sep 2013 12:08:27 -0400 Associated Press 1063314701 http://bostonherald.com/business/technology/technology_news/2013/09/apple_says_it_has_sold_9m_new_iphones_since_friday <p>NEW YORK — Apple says shoppers snapped up 9 million of its newest iPhones since the devices were launched Friday, and that demand is exceeding supply.</p><p>Apple says the two new models gave it its strongest iPhone launch ever. The company began selling the low-cost 5C and top-of-the-line 5S on Friday.</p><p>The company says demand for iPhone 5s has exceeded the initial supply, and many online orders are scheduled to be shipped in the coming weeks.</p><p>Wall Street hadn't been enthusiastic about the new models, which were unveiled earlier this month.</p> Technology News Mon, 23 Sep 2013 12:03:54 -0400 Associated Press 1063314436 http://bostonherald.com/business/business_markets/2013/09/american_us_airways_extend_merger_deadline <p>FORT WORTH, Texas — US Airways and American Airlines are extending their merger deadline by a month to give themselves time for an antitrust trial.</p><p>That trial is scheduled to begin Nov. 25. Their original agreement allowed either side to call off the merger on Dec. 17, but the trial might not be done by then. The new agreement extends that period until Jan. 18, or later if the court rules in favor of the airlines.</p> Business & Markets Mon, 23 Sep 2013 12:00:19 -0400 Associated Press 1063314391 http://bostonherald.com/business/business_markets/2013/09/yokohama_tire_breaks_ground_for_miss_facility <p>WEST POINT, Miss. — Yokohama Tire Corporation officials and state leaders gathered Monday for ceremonial ground breaking for a manufacturing facility that is expected to create hundreds of jobs.</p><p>Gov. Phil Bryant, company executives and others gathered for the ground breaking ceremony Monday in West Point, where the company will manufacture commercial truck tires.</p><p>West Point is a town of about 11,000 people northeast of Starkville.</p> Business & Markets Mon, 23 Sep 2013 11:34:52 -0400 Associated Press 1063314726 http://bostonherald.com/business/automotive/2013/09/mass_gas_prices_drop_a_nickel <p>BOSTON — Gasoline prices in Massachusetts continue to fall, down another nickel in the past week.</p><p>AAA Southern New England reports Monday that the average price of a gallon of self-serve, regular has dropped to $3.53 per gallon.</p><p>Even though prices are 9 cents per gallon lower than a month ago, and 30 cents per gallon lower than at the same time last year, Bay State prices remains 6 cents above the national average.</p><p>AAA found self-serve, regular selling as low as $3.41 per gallon and as high as $3.75.</p> Automotive Mon, 23 Sep 2013 11:33:00 -0400 Associated Press 1063314831 http://bostonherald.com/business/business_markets/2013/09/eurozone_recovery_seen_picking_up_pace <p>LONDON — Further evidence emerged Monday that the economic recovery across the 17 European Union countries that use the euro is picking up and that unemployment may be peaking.</p><p>The composite purchasing managers' index — a gauge of business activity across the manufacturing and services sectors published by financial information company Markit — rose for the sixth month running to a 27-month high of 52.1 points in September from 51.5 in August.</p> Business & Markets Mon, 23 Sep 2013 11:11:58 -0400 Associated Press 1063314116 http://bostonherald.com/business/business_markets/2013/09/popular_bathroom_wipes_blamed_for_sewer_clogs <p>BEMUS POINT, N.Y. — Increasingly popular bathroom wipes — pre-moistened towelettes that are often advertised as flushable — are being blamed for creating clogs and backups in sewer systems around the nation.</p><p>Wastewater authorities say wipes may go down the toilet, but even many labeled flushable aren't breaking down as they course through the sewer system. That's costing some municipalities millions of dollars to dispatch crews to unclog pipes and pumps and to replace and upgrade machinery.</p> Business & Markets Mon, 23 Sep 2013 10:55:00 -0400 Associated Press 1063313781 http://bostonherald.com/business/business_markets/2013/09/german_government_to_stay_course_in_euro_crisis <p>FRANKFURT, Germany — The big win for Angela Merkel's conservative party was an endorsement by German voters of her tough policies in tackling the euro currency union's government debt troubles. So don't expect any big change in course from her.</p><p>Merkel ran for re-election on her basic formula: help financially weak countries but impose harsh conditions, such as deep budget cuts and politically painful economic reforms.</p> Business & Markets Mon, 23 Sep 2013 10:39:55 -0400 Associated Press 1063314641 http://bostonherald.com/business/business_markets/2013/09/epa_to_effectively_shut_down_without_budget_deal <p>WASHINGTON — The head of the Environmental Protection Agency says the agency will "effectively shut down" unless Congress approves stopgap funding by Oct. 1.</p><p>EPA Administrator Gina McCarthy says the agency won't be able to pay employees. She says only a core group of people will remain on duty in case the EPA has to respond to a "significant emergency." The vast majority of employees will stay home.</p> Business & Markets Mon, 23 Sep 2013 10:38:28 -0400 Associated Press 1063314631 http://bostonherald.com/business/business_markets/2013/09/mass_utilities_seek_more_wind_power <p>BOSTON — The largest utilities in Massachusetts have signed long-term contracts to buy wind-generated electricity at prices below the cost of most other sources, including coal and nuclear, administration officials announced Monday.</p> Business & Markets Mon, 23 Sep 2013 10:15:09 -0400 Associated Press 1063314211 http://bostonherald.com/business/business_markets/2013/09/un_climate_experts_stress_solidity_of_new_report <p>STOCKHOLM — Seeking to dispel any doubts over the credibility of their work, U.N. climate experts called their latest report an unbiased and reliable assessment of global warming as they presented it Monday to officials from 110 governments for a final review.</p><p>The landmark report by the Intergovernmental Panel on Climate Change is expected to state with more confidence than its previous four assessments that global warming is mostly man-made.</p> Business & Markets Mon, 23 Sep 2013 09:44:36 -0400 Associated Press 1063314281 http://bostonherald.com/business/business_markets/2013/09/oil_falls_toward_104_a_barrel_as_syria_risk_fades <p>The price of oil slipped closer to $104 a barrel Monday despite positive economic news out of China and Europe, as the risk premium associated with the Syrian crisis diminished.</p><p>By early afternoon in Europe, benchmark oil for November delivery was down 34 cents to $104.41 in electronic trading on the New York Mercantile Exchange. On Friday, the now expired contract for October delivery dropped $1.72 to close at $104.67.</p> Business & Markets Mon, 23 Sep 2013 09:30:13 -0400 Associated Press 1063314476 http://bostonherald.com/business/business_markets/2013/09/un_agency_says_drop_in_child_labor_not_fast_enough <p>GENEVA — The number of children doing hazardous work dropped by half to 85 million from 2000 to 2012, but the rate of progress isn't fast enough to meet the goal of having no child laborers by 2016, the U.N. labor agency reported Monday.</p><p>The International Labor Organization's quadrennial review of child labor statistics highlighted the big drop. In 2000, 171 million children between five and 17 were doing work that directly endangered their health, safety and moral development, according to the agency.</p> Business & Markets Mon, 23 Sep 2013 09:16:30 -0400 Associated Press 1063314151 http://bostonherald.com/business/business_markets/2013/09/as_bad_debts_clog_vietnamese_banks_investors_wait <p>HANOI, Vietnam — The soured loans clogging up Vietnam's banks and the rows of abandoned houses gathering mold in the Hanoi rain are signs of a sick economy. But to foreign investors they represent an opportunity for sparkling returns — if only the Communist government makes them welcome.</p><p>Neil Hagan, an American debt recovery specialist who wants to start a company servicing bad loans in Vietnam on behalf of foreign buyers, says he gets weekly calls from hedge funds based in Singapore and Hong Kong asking whether now is the time to scoop up some of the debt.</p> Business & Markets Mon, 23 Sep 2013 09:15:47 -0400 Associated Press 1063314061 http://bostonherald.com/business/business_markets/2013/09/us_stocks_down_at_midday <p>NEW YORK  — Investor worries about a budget fight in Washington pushed U.S. stocks lower on Monday, overshadowing the prospect of more economic stimulus from the Federal Reserve.</p><p>The Dow Jones industrial average was down in midday trading, extending two straight days of losses.</p><p>The Dow surged 147 points to an all-time high on Sept. 18 after the Fed decided to keep its huge economic stimulus program intact. That rally has since been erased by anxiety over a budget and debt fight in Washington.</p> Business & Markets Mon, 23 Sep 2013 08:24:00 -0400 Associated Press 1063314361

Boston Herald - Boston HeraldGerman group claims iPhone fingerprint hackMicrosoft unveils new Surface at NYC eventMoody&#039;s restores GM debt to investment gradeECB&#039;s Draghi hints at another round of cheap loansCitations pending for Calif. nuclear plant flawLonger delay for space station delivery missionApple says it has sold 9M new iPhones since FridayAmerican, US Airways extend merger deadlineYokohama Tire breaks ground for Miss. facilityMass. gas prices drop a nickelEurozone recovery seen picking up pacePopular bathroom wipes blamed for sewer clogsGerman government to stay course in euro crisisEPA to &#039;effectively shut down&#039; without budget dealMass. utilities seek more wind powerUN climate experts stress solidity of new reportOil falls toward $104 a barrel as Syria risk fadesUN agency says drop in child labor not fast enoughAs bad debts clog Vietnamese banks, investors waitUS stocks down at midday

http://bostonherald.com/feed/4 en http://bostonherald.com/business/technology/technology_news/2013/09/german_group_claims_iphone_fingerprint_hack <p>BERLIN — The fingerprint-based security system used to unlock Apple's latest iPhone can be bypassed using a household printer and some wood glue, a German hacking group has claimed.</p><p>A spokesman for the Chaos Computer Club said the group managed to fool the biometric sensor in the iPhone 5S over the weekend by creating an artificial copy of a genuine fingerprint.</p><p>"It was surprisingly easy," Dirk Engling told The Associated Press in a telephone interview Monday, a day after the group announced the exploit on its website.</p> Technology News Mon, 23 Sep 2013 12:41:15 -0400 Associated Press 1063314581 http://bostonherald.com/business/business_markets/2013/09/microsoft_unveils_new_surface_at_nyc_event <p>NEW YORK — Microsoft introduced new Surface tablets, including a professional model that allows people to use it more like a laptop or a desktop computer.</p><p>The Redmond, Wash. company is trying to boost its tablet business as sales of traditional desktop and laptop computers decline.</p><p>The Surface Pro 2, unveiled at an event in New York, is targeted at professionals who want the full power of a laptop in a tablet-style device. The kickstand built into the device is redesigned to make it easier to use on laps. In the past, it worked best on a flat surface such as a table.</p> Business & Markets Mon, 23 Sep 2013 12:39:41 -0400 Associated Press 1063314721 http://bostonherald.com/business/automotive/2013/09/moodys_restores_gm_debt_to_investment_grade <p>DETROIT — A key ratings agency has restored General Motors' debt to investment grade status, eight years after the company lost the rating as it spiraled toward bankruptcy protection.</p><p>The upgrade came on Monday morning, shortly after GM announced plans to buy back high-interest preferred stock from a union retiree health care trust fund for $3.2 billion.</p> Automotive Mon, 23 Sep 2013 12:30:40 -0400 Associated Press 1063314411 http://bostonherald.com/business/business_markets/2013/09/ecbs_draghi_hints_at_another_round_of_cheap_loans <p>BRUSSELS — European Central Bank President Mario Draghi said Monday that another round of cheap loans could be provided to banks if needed to keep borrowing rates low and support the recovery.</p><p>Draghi told the European Parliament in Brussels the 17-nation eurozone's economic revival still "needs to be firmly established."</p><p>To help, the ECB is ready not only to keep its benchmark interest rate low for "an extended period of time" but also to offer a new round of so-called LTRO loans to banks "if needed," Draghi said.</p> Business & Markets Mon, 23 Sep 2013 12:27:50 -0400 Associated Press 1063314691 http://bostonherald.com/business/technology/technology_news/2013/09/citations_pending_for_calif_nuclear_plant_flaw <p>LOS ANGELES — The manufacturer of steam generators at California's shuttered San Onofre nuclear power plant and the utility that runs the facility will be cited by federal regulators for a flawed design.</p><p>Southern California Edison said it was told Friday by the Nuclear Regulatory Commission to expect a citation for failing to make sure computer modeling and analysis were adequate for the design of the steam generators.</p><p>The commission also plans to issue a notice of nonconformance against the manufacturer of the steam generators, Mitsubishi Heavy Industries.</p> Technology News Mon, 23 Sep 2013 12:25:20 -0400 Associated Press 1063314626 http://bostonherald.com/business/technology/technology_news/2013/09/longer_delay_for_space_station_delivery_mission <p>CAPE CANAVERAL, Fla. — A new commercial spaceship will wait all week before aiming again for the International Space Station.</p><p>Orbital Sciences Corp.'s Cygnus capsule was supposed to arrive Sunday, four days after its launch. But the rendezvous was aborted because of a discrepancy in navigation data between the two vessels.</p> Technology News Mon, 23 Sep 2013 12:08:27 -0400 Associated Press 1063314701 http://bostonherald.com/business/technology/technology_news/2013/09/apple_says_it_has_sold_9m_new_iphones_since_friday <p>NEW YORK — Apple says shoppers snapped up 9 million of its newest iPhones since the devices were launched Friday, and that demand is exceeding supply.</p><p>Apple says the two new models gave it its strongest iPhone launch ever. The company began selling the low-cost 5C and top-of-the-line 5S on Friday.</p><p>The company says demand for iPhone 5s has exceeded the initial supply, and many online orders are scheduled to be shipped in the coming weeks.</p><p>Wall Street hadn't been enthusiastic about the new models, which were unveiled earlier this month.</p> Technology News Mon, 23 Sep 2013 12:03:54 -0400 Associated Press 1063314436 http://bostonherald.com/business/business_markets/2013/09/american_us_airways_extend_merger_deadline <p>FORT WORTH, Texas — US Airways and American Airlines are extending their merger deadline by a month to give themselves time for an antitrust trial.</p><p>That trial is scheduled to begin Nov. 25. Their original agreement allowed either side to call off the merger on Dec. 17, but the trial might not be done by then. The new agreement extends that period until Jan. 18, or later if the court rules in favor of the airlines.</p> Business & Markets Mon, 23 Sep 2013 12:00:19 -0400 Associated Press 1063314391 http://bostonherald.com/business/business_markets/2013/09/yokohama_tire_breaks_ground_for_miss_facility <p>WEST POINT, Miss. — Yokohama Tire Corporation officials and state leaders gathered Monday for ceremonial ground breaking for a manufacturing facility that is expected to create hundreds of jobs.</p><p>Gov. Phil Bryant, company executives and others gathered for the ground breaking ceremony Monday in West Point, where the company will manufacture commercial truck tires.</p><p>West Point is a town of about 11,000 people northeast of Starkville.</p> Business & Markets Mon, 23 Sep 2013 11:34:52 -0400 Associated Press 1063314726 http://bostonherald.com/business/automotive/2013/09/mass_gas_prices_drop_a_nickel <p>BOSTON — Gasoline prices in Massachusetts continue to fall, down another nickel in the past week.</p><p>AAA Southern New England reports Monday that the average price of a gallon of self-serve, regular has dropped to $3.53 per gallon.</p><p>Even though prices are 9 cents per gallon lower than a month ago, and 30 cents per gallon lower than at the same time last year, Bay State prices remains 6 cents above the national average.</p><p>AAA found self-serve, regular selling as low as $3.41 per gallon and as high as $3.75.</p> Automotive Mon, 23 Sep 2013 11:33:00 -0400 Associated Press 1063314831 http://bostonherald.com/business/business_markets/2013/09/eurozone_recovery_seen_picking_up_pace <p>LONDON — Further evidence emerged Monday that the economic recovery across the 17 European Union countries that use the euro is picking up and that unemployment may be peaking.</p><p>The composite purchasing managers' index — a gauge of business activity across the manufacturing and services sectors published by financial information company Markit — rose for the sixth month running to a 27-month high of 52.1 points in September from 51.5 in August.</p> Business & Markets Mon, 23 Sep 2013 11:11:58 -0400 Associated Press 1063314116 http://bostonherald.com/business/business_markets/2013/09/popular_bathroom_wipes_blamed_for_sewer_clogs <p>BEMUS POINT, N.Y. — Increasingly popular bathroom wipes — pre-moistened towelettes that are often advertised as flushable — are being blamed for creating clogs and backups in sewer systems around the nation.</p><p>Wastewater authorities say wipes may go down the toilet, but even many labeled flushable aren't breaking down as they course through the sewer system. That's costing some municipalities millions of dollars to dispatch crews to unclog pipes and pumps and to replace and upgrade machinery.</p> Business & Markets Mon, 23 Sep 2013 10:55:00 -0400 Associated Press 1063313781 http://bostonherald.com/business/business_markets/2013/09/german_government_to_stay_course_in_euro_crisis <p>FRANKFURT, Germany — The big win for Angela Merkel's conservative party was an endorsement by German voters of her tough policies in tackling the euro currency union's government debt troubles. So don't expect any big change in course from her.</p><p>Merkel ran for re-election on her basic formula: help financially weak countries but impose harsh conditions, such as deep budget cuts and politically painful economic reforms.</p> Business & Markets Mon, 23 Sep 2013 10:39:55 -0400 Associated Press 1063314641 http://bostonherald.com/business/business_markets/2013/09/epa_to_effectively_shut_down_without_budget_deal <p>WASHINGTON — The head of the Environmental Protection Agency says the agency will "effectively shut down" unless Congress approves stopgap funding by Oct. 1.</p><p>EPA Administrator Gina McCarthy says the agency won't be able to pay employees. She says only a core group of people will remain on duty in case the EPA has to respond to a "significant emergency." The vast majority of employees will stay home.</p> Business & Markets Mon, 23 Sep 2013 10:38:28 -0400 Associated Press 1063314631 http://bostonherald.com/business/business_markets/2013/09/mass_utilities_seek_more_wind_power <p>BOSTON — The largest utilities in Massachusetts have signed long-term contracts to buy wind-generated electricity at prices below the cost of most other sources, including coal and nuclear, administration officials announced Monday.</p> Business & Markets Mon, 23 Sep 2013 10:15:09 -0400 Associated Press 1063314211 http://bostonherald.com/business/business_markets/2013/09/un_climate_experts_stress_solidity_of_new_report <p>STOCKHOLM — Seeking to dispel any doubts over the credibility of their work, U.N. climate experts called their latest report an unbiased and reliable assessment of global warming as they presented it Monday to officials from 110 governments for a final review.</p><p>The landmark report by the Intergovernmental Panel on Climate Change is expected to state with more confidence than its previous four assessments that global warming is mostly man-made.</p> Business & Markets Mon, 23 Sep 2013 09:44:36 -0400 Associated Press 1063314281 http://bostonherald.com/business/business_markets/2013/09/oil_falls_toward_104_a_barrel_as_syria_risk_fades <p>The price of oil slipped closer to $104 a barrel Monday despite positive economic news out of China and Europe, as the risk premium associated with the Syrian crisis diminished.</p><p>By early afternoon in Europe, benchmark oil for November delivery was down 34 cents to $104.41 in electronic trading on the New York Mercantile Exchange. On Friday, the now expired contract for October delivery dropped $1.72 to close at $104.67.</p> Business & Markets Mon, 23 Sep 2013 09:30:13 -0400 Associated Press 1063314476 http://bostonherald.com/business/business_markets/2013/09/un_agency_says_drop_in_child_labor_not_fast_enough <p>GENEVA — The number of children doing hazardous work dropped by half to 85 million from 2000 to 2012, but the rate of progress isn't fast enough to meet the goal of having no child laborers by 2016, the U.N. labor agency reported Monday.</p><p>The International Labor Organization's quadrennial review of child labor statistics highlighted the big drop. In 2000, 171 million children between five and 17 were doing work that directly endangered their health, safety and moral development, according to the agency.</p> Business & Markets Mon, 23 Sep 2013 09:16:30 -0400 Associated Press 1063314151 http://bostonherald.com/business/business_markets/2013/09/as_bad_debts_clog_vietnamese_banks_investors_wait <p>HANOI, Vietnam — The soured loans clogging up Vietnam's banks and the rows of abandoned houses gathering mold in the Hanoi rain are signs of a sick economy. But to foreign investors they represent an opportunity for sparkling returns — if only the Communist government makes them welcome.</p><p>Neil Hagan, an American debt recovery specialist who wants to start a company servicing bad loans in Vietnam on behalf of foreign buyers, says he gets weekly calls from hedge funds based in Singapore and Hong Kong asking whether now is the time to scoop up some of the debt.</p> Business & Markets Mon, 23 Sep 2013 09:15:47 -0400 Associated Press 1063314061 http://bostonherald.com/business/business_markets/2013/09/us_stocks_down_at_midday <p>NEW YORK  — Investor worries about a budget fight in Washington pushed U.S. stocks lower on Monday, overshadowing the prospect of more economic stimulus from the Federal Reserve.</p><p>The Dow Jones industrial average was down in midday trading, extending two straight days of losses.</p><p>The Dow surged 147 points to an all-time high on Sept. 18 after the Fed decided to keep its huge economic stimulus program intact. That rally has since been erased by anxiety over a budget and debt fight in Washington.</p> Business & Markets Mon, 23 Sep 2013 08:24:00 -0400 Associated Press 1063314361


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Stocks buoyed by Summers' withdrawal from Fed race

Written By Unknown on Selasa, 17 September 2013 | 00.24

LONDON — The withdrawal of Lawrence Summers from the race to succeed Ben Bernanke as chairman of the Federal Reserve gave stocks a boost and weighed on the dollar Monday, as investors believe the move will prolong the U.S. central bank's monetary stimulus.

Summers was perceived in the markets as relatively unenthusiastic about the Fed's aggressive bond-buying program, which have helped push down interest rates to spur lending and economic growth following the financial and economic crisis five years ago. Summers' withdrawal followed a growing chorus of criticism about his suitability for the Fed job, including from some members of the Senate committee that would need to back his nomination.

The Fed's stimulus, which involves buying $85 billion a month in Treasurys and mortgage bonds, is expected to be scaled back soon, possibly as soon as this Wednesday, after the Fed concludes its two-day policy meeting. Summers' withdrawal means Fed vice chair Janet Yellen is considered a front-runner to replace Bernanke when his term concludes early next year.

"Janet Yellen is widely perceived as being the heir to Bernanke's legacy," said Michael Hewson, senior market analyst at CMC Markets. He added that she would bring continuity to U.S. monetary policy, "as opposed to the uncertainty that would surround a Larry Summers candidacy."

That perception had an impact across financial markets.

In Europe, the FTSE 100 index of leading British shares rose 0.6 percent to close at 6,622.86 while the CAC-40 in France increased 0.9 percent to 4,152.22. Germany's DAX was the standout in Europe, advancing 1.2 percent to 8,613, just shy of its record high, hit earlier in the day, of 8,626.11.

In the U.S., the Dow Jones industrial average was up 1.1 percent at 15,546.08 while the broader S&P 500 index rose 1 percent to 1,704.84.

In the currency markets, the euro was 0.1 percent lower at $1.3349 while the dollar was up 0.4 percent at 99.03 yen.

Besides monitoring developments over Bernanke's successor, investors are gearing up for Wednesday's policy announcement from the Fed. At the moment, the consensus in the markets is that it will reduce its stimulus by between $10 billion and $15 billion a month.

A disappointing survey of manufacturing activity around the New York region had little impact on the markets or on expectations as it was offset by a Fed report that found industrial production across the country rose by 0.4 percent in August, in line with market expectations.

Earlier, in Asia, Hong Kong's Hang Seng rose 1.5 percent to 23,252.41. South Korea's Kospi advanced 1 percent to 2,013.37. Australia's S&P/ASX 200 gained 0.5 percent to 5,248. Benchmarks in Indonesia and the Philippines rose 2.6 percent and 2.8 percent respectively. Those in India and Shanghai fell. Markets in Japan were closed for a public holiday.

In the oil markets, traders were monitoring developments over Syria. The recent diplomatic drive, which has seen the prospect decrease of a U.S.-led attack on the Damascus regime over its alleged use of chemical weapons, has pushed oil prices back down. The benchmark New York rate was down another $1.03 at $107.18 a barrel.

___

Sampson contributed from Bangkok.


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Mashpee Wampanoags hold groundbreaking for housing

MASHPEE, Mass. — The Mashpee Wampanoag Tribe has broken ground in its first housing development.

Tribal leaders held a ceremonial groundbreaking on Sunday for the development expected to be built next spring.

The Mashpee Wampanoag Housing Program was awarded more than $600,000 in June by the U.S. Department of Housing and Urban Development's Indian Housing Block Grant Program.

The Cape Cod Times (http://bit.ly/19XlXDJ ) reports that the tribe's first housing development, which will consist of 50 to 55 units and a community center, will be constructed on 23 acres.

The first 16 units to be built will be duplexes for tribal elders.

Marie Stone, secretary of the tribal council says many Wampanoag families have found it difficult to remain on Cape Cod because of the high cost of living.

___

Information from: Cape Cod (Mass.) Times, http://www.capecodonline.com


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Combined net worth of America's richest rises

NEW YORK — Life is good for America's super wealthy.

Forbes on Monday released its annual list of the top 400 richest Americans. While most of the top names and rankings didn't change from a year ago, the majority of the elite club's members saw their fortunes grow over the past year, helped by strong stock and real estate markets.

"Basically, the mega rich are mega richer," said Forbes Senior Editor Kerry Dolan.

Dolan noted that list's minimum net income increased to a pre-financial crisis level of $1.3 billion, up from $1.1 billion in 2012, with 61 American billionaires not making the cut. "In some ways, it's harder to get on the list than it ever has been," she said.

Microsoft Corp. co-founder Bill Gates remains America's richest man, taking the top spot on the list for the 20th straight year, with a net worth of $72 billion, up from $66 billion a year ago.

Investor Warren Buffett, the head of Berkshire Hathaway Inc., posted another distant second place finish with $58.5 billion, but increased his net worth from $46 billion. Oracle Corp. co-founder Larry Ellison stayed third with $41 billion and was the only member of the top 10 whose net worth was unchanged from a year ago.

Brothers Charles and David Koch, co-owners of Koch Industries Inc., stay tied for fourth with $36 billion each, up from $31 billion in 2012.

Wal-Mart heirs Christy Walton, Jim Walton, Alice Walton and S. Robson Walton took the next four spots, with holdings ranging from $33.3 billion to $35.4 billion, all increasing from year-ago levels. New York City Mayor Michael Bloomberg, the founder of the eponymous financial information company, rounds out the top 10 with $31 billion, up from $25 billion.

According to Forbes, 273 members of the list are self-made billionaires, while 71 inherited their wealth and another 56 inherited at least some of it but are still growing it.

Facebook CEO Mark Zuckerberg returned to the list's top 20 after dropping out the year before. His net worth of $19 billion earned him the No. 20 spot.

Facebook co-founder Dustin Moskovitz also made the list, at No. 85,with a net worth of $5.2 billion. At age 29 and just a few days younger the Zuckerberg, Moskovitz ranks as the youngest member of the list.

On the flip side, the oldest person on the list is 98-year-old David Rockefeller Sr. at No. 193 with a net worth of $2.8 billion.

A total of 20 new people joined the rankings, including Richard Yuengling Jr. of Pennsylvania beer maker D.G. Yuengling & Son, who ranked at No. 371 with $1.4 billion.

Twenty-eight people dropped off the list, including six who died. Those now falling short of the cut include energy tycoon T. Boone Pickens at $950 million, Graham Weston of Rackspace Hosting Inc. at $920 million and Washington Redskins owner Dan Snyder at $1.2 billion.

A total of 48 women made the list including Hyatt Hotels heir Jennifer Pritzker at No. 327. Formerly known as James Pritzker, she's the list's first transgendered member.

According to Forbes, the 400 people on the annual list posted a combined net worth of $2 trillion, up from $1.7 trillion a year ago. That marks their highest combined value ever.

Meanwhile, the average net worth of the list's members rose to $5 billion, also the highest ever, up from $4.2 billion in 2012. Net worth grew for 314 members and fell for 30, Forbes said.

The increases aren't surprising, given that net worth for America's wealthiest people has risen in the years since the financial crisis, widening the gap between the exceptionally well-to-do and the rest of the country.

According to a study of Internal Revenue Service figures released last week, the top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share in IRS figures going back a century.

U.S. income inequality has been growing for almost three decades. But until last year, the top 1 percent's share of pre-tax income had not yet surpassed the 18.7 percent it reached in 1927, according to the analysis done by economists at the University of California, Berkeley, the Paris School of Economics and Oxford University.

Some economists have speculated that the incomes of the wealthy might have surged in the past year, because they cashed in stock holdings to avoid higher capital gains taxes that kicked in in January.

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The Forbes 400: http://www.forbes.com/forbes400


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Mass. gas prices plunge 8 cents per gallon

BOSTON — The price of a gallon of gas in Massachusetts has dropped by 8 cents in the past week, but the cost remains well above the national average.

AAA Southern New England reported Monday that self-serve, regular has fallen to an average of $3.58 per gallon, 7 cents more than the national average of $3.51.

In-state prices are now 6 cents per gallon lower than a month ago and 32 cents lower than at the same time last year.

AAA found self-serve, regular selling as low as $3.39 and as high as $3.79 per gallon.

AAA also reports that the national average price of gasoline will surpass $3 per gallon Tuesday for the 1,000th consecutive day for the first time on record.


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'GTA' creator Rockstar thrives by breaking the law

Rockstar Games doesn't play by the rules.

Not that anyone would expect the creators of the massively successful "Grand Theft Auto" franchise to operate like other game designers. And while that's created an undeniable mystique around this week's release of "Grand Theft Auto V," it's also raised some questions.

Q: Why now?

Sony and Microsoft are about two months away from unleashing powerful new game consoles. And yet, the biggest release of the holiday season has been designed for their aging workhorses, the PlayStation 3 and the Xbox 360.

Rockstar Vice President — and "GTA V" writer — Dan Houser says the old consoles are perfectly capable of delivering his team's vision. "The fact that hardware's so mature right now is exactly why we're able to go on to the next level," he told Japan's Famitsu magazine last year.

Besides, he added, "All the best games for a console come out at the end of the life cycle, right?" And in a year that's featured stunners like "BioShock Infinite," ''The Last of Us" and "Tomb Raider," he has a point.

The other advantage for Rockstar is the huge combined user base of the PS3 and Xbox 360, which translates into much bigger sales than "GTA V" would rack up among the new consoles' early adopters.

"The demand for (new) consoles appears to be very strong," said GameStop CEO Paul Raines, "but I think 'GTA' is a separate animal — and we will sell a lot of copies of 'GTA V.'"

On the other hand: Won't the absence of "GTA V" hurt sales of the forthcoming PlayStation 4 and Xbox One?

"People are going to buy new consoles because they're ready for a new console," said Michael Pachter, an analyst at Wedbush Securities. "They're not going to say, 'Oh, "GTA V" isn't on it? I'm not buying it.' Nobody is going to buy a new console just to play one game — and no one game is going to keep them from buying a new console."

Q: So what's new here?

Rockstar doesn't participate in the kind of public relations that typically accompany a big-budget video game. It didn't show "GTA V" at the Electronic Entertainment Expo, the annual convention where all the big publishers compete for attention. Instead of a steady flow of previews across every tech news site on the Web, Rockstar has carefully parceled out a screenshot here, an in-game video there. Many critics — even at some huge gaming sites — found themselves frozen out of review copies.

Most gamers, then, won't know what's in "GTA V" until they play it. It's set in the sprawling city and outlying areas of Los Santos, Rockstar's tongue-in-cheek take on Los Angeles. The developers have boasted that the game's virtual footprint is larger than all previous editions of "GTA" combined. Instead of one protagonist, players switch between three criminals: veteran Michael, twisted Trevor and newbie Franklin.

Expect plenty of the franchise's two cornerstones: driving recklessly and killing frequently. Beyond the usual mayhem, you can also play golf and tennis or invest in the stock market. Houser has said it's 100 hours long.

The game will also feature "Grand Theft Auto Online," a separate multiplayer experience.

Q: Wait ... online?

"Grand Theft Auto Online" is far more ambitious than anything Rockstar has tried in the past. The company describes it as "a dynamic and persistent online world for 16 players that begins by sharing gameplay features, geography and mechanics with 'Grand Theft Auto V,' but will continue to expand and evolve after its launch." Rockstar is promising a steady diet of missions, solo and team-based, as well as the ability for "GTA" fans to create their own missions.

The bad news: It doesn't launch until Oct. 1. The good news: It will be free — to anyone who buys "GTA V," of course.

Q: But will it sell?

Of course it will.

"Grand Theft Auto IV," the previous full-fledged "GTA" installment for consoles, shattered entertainment industry records, selling 6 million copies and earning $500 million in sales its first week of release in 2008. That record was later captured by "Call of Duty: Modern Warfare 2" and each subsequent "Call of Duty" launched over the past four years.

"We've had very strong triple-A competitors every single year we've released a 'Call of Duty' game," said Eric Hirshberg, CEO of "Call of Duty" publisher Activision, when asked about "GTA V." ''This year is no different. Maybe the competition is more intense this year than usual, but if we put out a great game, our fans will appreciate it."

A widely circulated report from The Scotsman newspaper estimated that the development and marketing of "GTA V" cost £170 million (or about $265 million). Pachter believes the game's actual cost outside of marketing is more like $100 million.

Whatever the number, Rockstar and Take-Two will surely surpass the success of "GTA IV," which sold 25 million copies. Pachter expects 15 million to 18 million copies sold by the end of the year.

"It's a juggernaut," said GameStop's Raines. "It's a beast."

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AP Entertainment Writer Derrik J. Lang in Los Angeles contributed to this report.


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Forbes list of top 10 American billionaires

The top 10 people on this year's Forbes 400 list are:

— Bill Gates, $72 billion

— Warren Buffett, $58.5 billion

— Larry Ellison, $41 billion

— Charles Koch, $36 billion

— David Koch, $36 billion

— Christy Walton & family, $35.4 billion

— Jim Walton, $33.8 billion

— Alice Walton, $33.5 billion

— S. Robson Walton, $33.3 billion

— Michael Bloomberg, $31 billion


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Chocolate coming on next space station delivery

CAPE CANAVERAL, Fla. — A Virginia company makes its debut this week as a space station delivery service. And the lone American aboard the orbiting lab is counting on a fresh stash of chocolate.

In an interview Monday with The Associated Press, NASA astronaut Karen Nyberg said she can't wait for this weekend's arrival of a new cargo ship named Cygnus. She says it should be similar to other shipments at the International Space Station, even though it will be a first for Orbital Sciences Corp.

Orbital Sciences is scheduled to launch an unmanned Antares rocket containing Cygnus on Wednesday from NASA's Wallops Flight Facility in Virginia. It's where NASA launched a moon spacecraft 1½ weeks ago.

NASA is paying Orbital Sciences and the California-based SpaceX company to keep the space station well stocked.


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Oil falls to near $107 on US-Russia deal for Syria

The price of oil fell to near $107 a barrel Monday on waning fears of a wider Middle East conflict thanks to an international deal intended to halt the use of chemical weapons in Syria.

The benchmark oil contract for October delivery fell $1.11 to $107.10 a barrel in midday trading in New York. The contract for November delivery for Brent crude, the benchmark for international crudes used by many U.S. refineries, fell $1.60 to $110.10 a barrel in London.

The average retail price of gasoline fell less than a penny to $3.52 per gallon. The national average has either fallen or remained flat every day this month, and is now lower than it has been since July 10.

The price of gasoline is slowly falling despite relatively high oil prices because of seasonal factors. Gasoline consumption declines in the fall and looser wintertime clean air rules allow refiners to switch to lower-cost blends of gasoline. Also, a quiet hurricane season so far has meant there have been no weather-related refinery interruptions.

Oil prices are moderating because the deal between American and Russian chemical weapons negotiators reduces the chance of U.S. military action in Syria and the possible spread of Middle East violence.

Syria is not a major oil producer, but oil traders say the possibility of a wider conflict could interrupt production and shipping routes in the Middle East and cause prices to rise. In recent days, oil prices have risen and receded in accordance with the perceived likelihood of a U.S. military attack.

Prices have not fallen further, traders say, because civil unrest and labor conflicts in Libya, which is a major oil producer, has reduced the country's exports.

"The more fundamental issue of constrained Libyan exports continued unabated," said a report from JBC Energy in Vienna.

In other energy futures trading in New York:

— Wholesale gasoline fell 5.2 cents to $2.718 per gallon.

— Natural gas rose 5.5 cents to $3.811 per 1,000 cubic feet.

— Heating oil fell 4 cents to $3.074 per gallon.

___

Pablo Gorondi in Budapest and Pamela Sampson in Bangkok contributed to this report.


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Grain futures mixed on the CBOT

CHICAGO — Grains futures were higher Monday in early trading on the Chicago Board of Trade.

Wheat for December delivery was 4.50 higher at 6.46 a bushel; December corn was 2.50 cents higher $4.6150 a bushel; December oats were unchanged at $3.1225 a bushel; while November soybeans were 29.50 cents lower at 13.52 a bushel.

Beef and pork prices were higher on the Chicago Mercantile Exchange.

October live cattle was .50 cent higher at $1.2575 a pound; October feeder cattle was .27 cent higher at $1.5757 a pound; October lean hogs were .60 higher at $.9130 a pound.


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