Friday, 21 March 2014

Initial public offerings scheduled to debut next week


The following is a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (http://bit.ly/1noLGfa) and SEC filings.


Week of March 24:


Aerohive Networks Inc. - Sunnyvale, Calif., 7.5 million shares, priced $9 to $11, managed by Goldman Sachs and BofA Merrill Lynch. Proposed NYSE symbol HIVE. Business: Offers cloud-based, controller-less networking solutions to enterprises.


Applied Genetic Technologies Corp. - Alachua, Fla., 3.6 million shares, priced $13 to $15, managed by BMO Capital Markets and Wedbush PacGrow. Proposed Nasdaq symbol AGTC. Business: Clinical-stage biotech developing treatments for orphan eye diseases.


Bluerock Residential Growth REIT Inc. - New York, 3.3 million class A shares, priced at $15 each, managed by Wunderlich Securities. Proposed NYSE symbol BRG. Business: Owns nine apartment properties in the Southeastern U.S.


CBS Outdoor Americas Inc. - New York, 20 million shares, priced $26 to $28, managed by multiple firms. Proposed NYSE symbol CBSO. Business: Spinoff of CBS's North & South American outdoor advertising division.


Everyday Health Inc. - New York, 7.15 million shares, priced $13 to $15, managed by J.P. Morgan, Credit Suisse, and Citigroup. Proposed NYSE symbol EVDY. Business: Publishes digital health and wellness content via 25 websites and 26 mobile applications.


King Digital Entertainment plc - Dublin, Ireland, 22.2 million ordinary shares, priced $21 to $24, managed by J.P. Morgan, Credit Suisse, and BofA Capital Markets. Proposed NYSE symbol KING. Business: One of the largest mobile and social game developers.


Nord Anglia Education Inc. - Hong Kong, 19 million ordinary shares, priced $15 to $17, managed by Credit Suisse, Goldman Sachs, and J.P. Morgan. Proposed NYSE symbol NORD. Business: The world's leading provider of premium K-12 British education.


Square 1 Financial Inc. - Durham, N.C., 5.9 million shares, priced $15 to $17 managed by Sandler O'Neill and Keefe Bruyette Woods. Proposed Nasdaq symbol SQBK. Business: Provides commercial banking services to venture firms.


1347 Property Insurance Holdings Inc. - Baton Rouge, La., 2.3 million shares, priced $10 to $12, managed by Aegis Capital. Proposed Nasdaq symbol PIH. Business: Property and casualty insurer serving the Louisiana market.


TriNet Group Inc. - San Leandro, Calif., 15 million shares, priced $15 to $17, managed by J.P. Morgan, Morgan Stanley, and Deutsche Bank. Proposed NYSE symbol TNET. Business: Provides outsourced human resources services to small and medium-sized businesses.


2U Inc. - Landover, Md. 9.2 million shares, priced $11 to $13, managed by Goldman Sachs and Credit Suisse. Proposed Nasdaq symbol TWOU. Business: Cloud-based platform for online degree programs at nonprofit universities.



FIFA makes $72M profit, raises reserves to $1.43B


FIFA says its reserves grew to $1.432 billion after making a $72 million profit in 2013.


Football's governing body had income of $1.386 billion and spending of $1.314 billion in the third year of a four-year commercial cycle linked to the 2014 World Cup.


FIFA's financial results typically peak in a World Cup year, which will be reported next March.


FIFA paid $17 million in tax linked to its subsidiary companies, including Early Warning System, which monitors gambling on football, and financial assets.


FIFA President Sepp Blatter's salary and benefits were not detailed.


Blatter is among the FIFA leaders and executives who shared bonus payments totaling $36.3 million.



NH senator pushing revised casino bill next week


A state senator who has tried for years to persuade lawmakers to legalize a casino said Friday he plans to try again despite a House vote to reject one last week.


Sen. Lou D'Allesandro plans to ask the Senate on March 27 to add comprehensive regulations for a casino that was in the defeated House bill and to send it back to the House.


"We know we need the revenue. No question about that. This is probably our last shot," D'Allesandro said.


D'Allesandro, a Manchester Democrat, said he and Senate President Chuck Morse, a Salem Republican, are working on an amendment to incorporate parts of the House bill into his proposal. The House bill would have legalized one casino with 5,000 video slot machines, but he said his bill would license two casinos sharing the 5,000 video slot machines.


The two casinos in D'Allesandro's bill would share 240 table game licenses. The House proposed licensing 150 table games.


Supporters of the House bill estimated the state would get about $105 million in annual revenue from the casino. The Lottery Commission estimates two casinos as proposed in D'Allesandro's bill would generate $168 million for the state and about $480 million for the two license holders when they were fully operating.


Senate Republican Leader Jeb Bradley of Wolfeboro said he remains opposed to a casino but expects the bill to easily pass the Senate.


"I think, to a certain extent, it undermines the brand that is New Hampshire," Bradley said.


Bradley said he questions whether the revenue will be as much as people expect and is concerned about gambling addiction.


Some House lawmakers had objected to the bill because they believed it would create a monopoly, while other opponents said legalizing a casino was an irreversible and negative change in the state's image.


Gov. Maggie Hassan, a Democrat, has repeatedly said she supports only a single casino.


Hassan, D'Allesandro and other casino supporters believe New Hampshire should legalize a casino to capture gambling profits that otherwise will be spent in Massachusetts, which is licensing three casinos and one video slots parlor.


"I live and hope," D'Allesandro said.


The House and Senate disagree on how to raise money for big-ticket budget items such as highway improvements that include finishing the Interstate 93 expansion, higher education and economic development. The House passed a gas tax last year to pay for road fixes, but the Senate killed it.


This year, the Senate is considering a 4-cent increase in the tax on gas and diesel to pay for some highway improvements but mainly so the state can borrow money to finish the I-93 project and have money to pay off the debt.


D'Allesandro said he plans to sweeten his casino bill by adjusting the distribution of the state's profits to include $25 million in revenue sharing with communities. House gambling supporters had talked of adding that to the House bill had it survived.


He said he also will add a provision protecting the Verizon Wireless Arena in Manchester by limiting entertainment seating at the casino to 1,500 people. The arena seats about 10,000.


Although the casino bills don't designate locations, most believe Rockingham Park racetrack in nearby Salem would get a casino since it is on the Massachusetts border and would draw from a larger population base than a northern location. The Verizon Wireless Arena asked for the seating limit at a casino to prevent it from competing for their entertainment acts.



FIFA financial watchdog to monitor 2015 election


FIFA's top financial watchdog says he will keep a close eye on everyone in next year's presidential election.


Domenico Scala tells The Associated Press a grant like the $1 million FIFA President Sepp Blatter awarded CONCACAF in May 2011 could now provoke an ethics investigation.


Scala, who has chaired FIFA's modernized audit panel since 2012, says "that would not work anymore."


The Swiss industrialist cautions against candidates promising money to continental and national bodies without FIFA development committee approval.


Four years ago, FIFA gave $144.4 million in "extraordinary payments" from World Cup profits. Blatter's opponent, Mohamed bin Hammam, pledged to double annual grants.


Scala says "that will not be possible" before the May 2015 vote.


Potential candidates include Blatter, UEFA President Michel Platini and former FIFA official Jerome Champagne.



StubHub becomes a partner to 'The Book of Mormon'


The sheer gravitational pull of Broadway's "The Book of Mormon" has attracted a new huge fan — StubHub.


The ticket-selling website said Friday it will provide direct access to premium tickets to the Tony Award-winning smash, marking the first time the site directly distributes tickets for a Broadway show.


Telecharge will remain the primary ticket seller for "The Book of Mormon," but StubHub will offer premium tickets and exclusive ticket packages from the show's box office. StubHub, the world's largest reseller of tickets and a subsidiary of eBay Inc., is even sweetening the offer with a free commemorative show book and tote bag for each ticket purchased.


Tickets to the perennially sold-out "The Book of Mormon" are one of the most sought after items on Broadway, with top premium seats going for a whopping $477 last week. The move by StubHub is the first time the secondary market seller will offer primary-market tickets to any kind of event.


"The Book of Mormon" won nine Tony Awards in 2011, including best musical and had been a sell-out in London and on tour. The show also won a Grammy Award and recouped its $11.4 million Broadway capitalization after just nine months.


---


Online:


http://bit.ly/1jc8Zul



UK supermarket giant Tesco announces India entry


British supermarket giant Tesco announced a joint venture in India on Friday with a company owned by Tata Group to invest in a chain of grocery and household goods stores.


It is the first multinational entry into India's vast but underserved supermarket sector since the country allowed such investment in 2012.


Tesco said in a statement it would invest 85 million pounds ($140 million) to take a 50 percent share of Tata-owned Trent Hypermarket Ltd., which operates the Star Bazaar chain. It said the chain would operate 12 stores in southern and western India selling food and groceries, home and personal products, plus fashion and accessories.


Other major international multi-brand retailers have stayed out of India's $400 billion market in retailing — despite its huge potential for growth with a population of 1.2 billion people who now shop mostly at small family-owned stores. Most have cited strict local-sourcing rules they say make doing business in India too difficult.


In a politically sensitive move, India last year gave the green light for international companies to open multi-brand retail stores, but to allay concerns about the impact on small traders and family-run shops, those companies must obtain 30 percent of their products from local small and medium-sized businesses.


The world's largest retailer, Wal-Mart, prominently split from its Indian business partner last year and shelved plans to open its own stores, saying it could not meet the local sourcing rules and make a profit.


Tesco, Britain's largest retailer by sales, focuses heavily on food and groceries that are easier to buy from small Indian suppliers. It has since 2008 been running a wholesale business to supply goods and technical knowledge to Trent Hypermarket.


The Tata Group, owner of Trent Hypermarket, is one of India's largest and best-known conglomerates. Its more than 100 companies include Tata Motors, owner of the Jaguar-Land Rover brand; Tata Steel; Tata Consultancy Services; Tata Beverages, the maker of Tetley brand tea; and holdings in insurance, investment and telecommunications.


Proponents of opening up India's retail market say easing foreign investment restrictions would give consumers more choice and spur spending in an economy which slowed last year to its weakest rate in 10 years after two decades of rapid growth. India first began opening up to foreign investment in the 1990s but advocates say those measures have gone as far as they can and more liberalization is needed to spark growth.


Single-brand retailers are now allowed full ownership of stores in India, and previously unavailable cosmetic brands as Body Shop and Clinique, food outlets like McDonald's and Domino's and fashion giants Mango and Zara have all opened stores.



Kansas committee votes against renewable standards


A Kansas Senate committee has voted to repeal the state's renewable energy standards, which require major utilities to have some energy capacity from a renewable resource.


The measure would repeal the 2009 Renewable Portfolio Standard, or RPS, which required major utility companies to have the capacity to generate 10 percent of their energy through a renewable source by 2011. It also called for the companies to generate 15 percent of their energy through a renewable source by 2016 and 20 percent by 2020, The Lawrence Journal-World reported (http://bit.ly/1dwsfL7 ).


The Senate Utilities Committee approved the measure repealing the standards Thursday.


State Sen. Rob Olson, R-Olathe, blamed the standards for increased electric costs and said the renewable energy standards gave wind energy an advantage.


It would have been like mandating "20 percent of the people to keep a Blackberry," he said.


Renewable energy advocates, including officials from wind energy developments in Kansas, said repealing the standards would hurt Kansas' ability to recruit industries that say an RPS helps provide a reliable and equitably priced energy source. Wind energy advocates also said the RPS helped spur development of wind-related industries that have produced jobs and capital investment across Kansas.


"I'd hate for us to lose our spot on that map," of states with renewable energy goals, said state Sen. Marci Francisco, D-Lawrence. Francisco voted against the repeal.


The committee also moved to place the Senate bill in an already approved House bill, which means if the Senate approves the repeal, the House could approve the bill without having a public hearing on the measure.



Grain lower, cattle mostly higher and pork mixed


Grain futures were lower Friday in early trading on the Chicago Board f Trade.


Wheat for May delivery was 1.25 cents lower at 7.03½ a bushel; May corn was 1.50 cents higher at 4.79 a bushel; May oats were unchanged at 4.10 a bushel; while May soybeans was 23.75 cents higher at 14.10 a bushel.


Beef mostly higher and pork was mixed on the Chicago Mercantile Exchange.


June live cattle was .05 cent lower at $1.3615 a pound; May feeder cattle was .30 cents higher at 1.7650 a pound; June lean hogs loss .50 cent to $1.3030 a pound.



CEC Entertainment CEO plans to retire in June


CEC Entertainment Inc. says that Michael H. Magusiak plans to retire in June as president and CEO of the parent of the Chuck E. Cheese restaurant chain.


CEC said Friday that its board has started a search for a new CEO and will consider candidates from inside and outside the company.


CEC agreed to be taken private by Apollo Global Management for about $950 million in January. The deal closed last month.


Magusiak's retirement is effective on June 2.


Founded in 1977, Chuck E. Cheese restaurants are known for their mix of games, play areas and robotic characters that provide musical entertainment. The chain has been struggling to lift sales, even after a makeover for its rodent mascot in 2012 that was intended to refresh its image.


CEC and its franchisees run 577 Chuck E. Cheese locations in 47 states and 10 foreign countries or territories.



CenturyLink closes Grand Junction call center


The communications and data services company CenturyLink is shutting down a major call center in Grand Junction.


The move is expected to impact dozens of local jobs.


According to KREX-TV (http://tinyurl.com/lzbjlcm ), the company told employees Wednesday they have four months before the call center shuts down.


Some employees will either have to move to St. Paul, Minn., or look for another job.


The company says the call center is closing to cut costs and make the communications company more efficient.



Media General to buy LIN in deal worth $1.6B


Media General is buying fellow TV broadcaster LIN Media in a deal worth about $1.6 billion in cash and stock.


The combined company would own and operate or service a combined 74 stations across 46 markets.


The companies say the deal is worth about $27.82 per share and represents an 87 percent premium over LIN's Thursday closing stock price. The companies say LIN shareholders will own about 36 percent of the combined company.


The deal also includes about $968 million in debt.


LIN Media LLC shares are up 31 percent in premarket trading, while Media General Inc. shares are up 13 percent.


Under the agreement, LIN shareholders can receive either $27.82 in cash or 1.5762 shares of stock in the combined company for each of their LIN shares.



Shrimp costs have Red Lobster in hot water


Darden Restaurants said Friday that its fiscal fourth-quarter revenue edged down 1 percent, hurt by a sales drop at its Red Lobster chain, which it has said it plans to sell or spin off.


The revenue figure missed Wall Street expectations. Its shares fell more than 2 percent in premarket trading.


The restaurant company, whose other chains include Olive Garden, LongHorn Steakhouse and Bahama Breeze, posted revenue of $2.23 billion for the quarter ended Feb. 23. That was down from $2.26 billion in the year-ago quarter.


Analysts polled by FactSet expected $2.26 billion.


The Orlando, Fla., company also posted a quarterly profit of $109.7 million, or 82 cents per share, matching guidance that it released earlier this month. That was down almost 23 percent from year-ago earnings of $134.4 million, or $1.02 per share.


Analysts expected earnings of 85 cents per share.


Darden also said it still expects its fiscal 2014 earnings to be down between 15 percent and 20 percent from year-ago levels. Revenue at stores open at least a year, a key sales metric, are expected to fall 5.5 percent.


The results come a day after Starboard Value LP, which owns about 5.5 percent of Darden's stock, submitted a filing to the Securities and Exchange Commission seeking to call a special shareholders meeting. Darden has urged its shareholders to reject the proposal.


At issue are Darden's plans for its business. The company intends to hold on to and revamp its Olive Garden chain, while spinning off or selling Red Lobster. Starboard wants Darden to separate all of its large brands, including Olive Garden and LongHorn Steakhouse, from its smaller ones such as Bahama Breeze and The Capital Grille.


Its shares fell $1.30, or 2.6 percent, to $48 in premarket trading about an hour before the market open.



General Security hits back at critics


BEIRUT: General Security Friday hit back at critics of Maj. Gen. Abbas Ibrahim, defending the security chief’s repeated trips to Syria as having been officially sanctioned by the Lebanese state with the aim of resolving a number of pressing matters including kidnappings.


“Some recent media articles have attempted to drive a wedge between the head of General Security and some Lebanese figures,” the agency said in a statement.


“The goals of these attempts are known and yesterday’s remarks by a former minister on a television channel are part of such a scenario,” he added.


The statement was referring to an LBCI interview with former Minister Wiam Wahhab, the head of the Arab Tawhid Party, who questioned the motives behind Ibrahim’s repeated visits to Damascus and his meetings with Syrian officials.


“The head of General Security would like to clarify that his visits abroad, particularly to Syria, were official trips tasked by Lebanese authorities, namely the president,” General Security said.


“These trips have freed many Lebanese kidnapped in Syria, ensured the release last year of detainee Hassan Srour, repatriated the bodies of the Tal Kalakh incident to their relatives and resolved the Syrian ban on Lebanese trucks,” it added.


“The question that poses itself is what, apart from personal gains, have resulted from visits by some [Lebanese] officials to Syria in the past decades?” it added.


In a direct swipe at Wahhab, the statement said General Security did not count on the evaluations of individuals such as the former minister but rather of “Lebanese people and authorities.”


“Moreover, the systematic blackmail on television screens by some people will not set appointments for them [in Syria] with the aim of achieving personal interests,” it said.



ND oil pipeline break leaks 800 barrels of crude


Officials say a broken oil pipeline in northwestern North Dakota spilled almost 34,000 gallons of crude.


North Dakota Water Quality Director Dennis Fewless says the spill occurred early Thursday about 6 miles northeast of Alexander. Fewless says Enid, Okla.-based Hiland Crude LLC owns the pipeline and has contained the spill.


Fewless says a gasket on the pipeline appears to have failed, spewing about 800 barrels of crude. A barrel is 42 gallons. Fewless says about half of the oil migrated off the site but has been contained.


Fewless says no water sources are threatened. Cleanup likely will continue for a few days.


The pipeline company did not immediately return telephone calls seeking comment on Friday.



Fed dissenter says policy action was a mistake


A Federal Reserve official who dissented from this week's policy decision said Friday that the Fed should have said it planned to keep a key interest rate at a record low until unemployment falls below 5.5 percent.


The Fed's policy statement no longer cites a specific unemployment rate that might lead it eventually to raise short-term rates. The Fed instead says it will monitor a range of information before approving any rate increase.


Narayana Kocherlakota, president of the Fed's Minneapolis bank, said this shift, which the Fed approved 8-1, will hurt the economy.


"The new guidance fosters policy uncertainty and thereby suppresses economic activity," Kocherlakota said in a statement explaining his dissent.


Kocherlakota said that lowering the threshold for considering a rate hike from 6.5 percent unemployment to 5.5 percent would have enhanced the Fed's commitment to low rates until inflation nears its 2 percent target. Inflation is now running around 1 percent, and the unemployment rate is 6.7 percent.


Kocherlakota said a better approach would have been a statement saying the Fed intends to keep rates at record lows until unemployment has fallen below 5.5 percent — as long as expected inflation was below 2.25 percent and any "possible risks to financial stability remain well-contained."


On Wednesday, the Fed held its first policy meeting under its new chair, Janet Yellen. Afterward, it said it would weigh a range of economic measures in deciding when to begin raising its key target for short-term rates. The Fed has held its benchmark rate at a record low near zero since December 2008.


At a news conference afterward, Yellen unsettled financial markets in answering a question about what the Fed meant in saying short-term rates could remain low for a "considerable time" after it stops buying bonds to keep long-term rates low.


Yellen replied that that phrase could mean "something on the order of around six months." That is a shorter time than some investors had anticipated for a possible rate hike. Her comment appeared to conflict with her other remarks at the news conference that the Fed's decision on when to raise rates would depend on economic conditions.


The Fed is expected to keep trimming its monthly bond purchases by $10 billion at each meeting before ending them late this year. Six months from that point could put the first rate hike in the first half of 2015. Many economists still think the Fed won't start raising rates until the second half of 2015.



Consol Energy promotes DeIuliis to CEO post


Consol Energy Chairman and CEO J. Brett Harvey is shifting to executive chairman of the coal and natural gas company. President Nicholas DeIuliis is being promoted to CEO.


The 63-year-old Harvey has served as CEO since January 1998.


DeIuliis, 45, has served as president of Consol Energy Inc. since February 2011. He will retain his role of president and is up for election as a board member at the company's annual shareholders meeting on May 7.


Consol Energy said that the appointments are effective immediately after its annual shareholders meeting.


The company's stock added 25 cents to $40.47 in morning trading Friday.



BlackBerry selling most Canadian real estate


BlackBerry is selling most of its real estate holdings in Canada as the struggling smartphone company continues to look for ways to improve its business.


BlackBerry Ltd. did not disclose the buyer or purchase price, but said Friday that it will sell more than 3 million square feet of space and vacant lands. It will also lease back part of the space.


"The successful sale of property in Canada will help us move toward our goal of continued operational efficiency," CEO and Executive Chair John Chen said in a statement.


The company had announced in January that it planned to sell the majority of its Canadian real estate holdings.


BlackBerry pioneered the smartphone in 1999 and dominated for years, but since the late 2000s the company has been hammered by competition from the iPhone as well as Android-based rivals.


Under Chen — who took on the CEO post permanently late last year — BlackBerry has been working to turn around its business.


Chen said that BlackBerry is still committed to having a strong presence in Canada. It is keeping its headquarters in Waterloo, Ontario.


The company said that more terms of the transaction will be announced once principal conditions are satisfied or waived by the parties.


The deal is expected to close in the first quarter of fiscal 2015.


BlackBerry's stock rose 13 cents, or 1.4 percent, to $9.55 in morning trading Friday. Its shares are up more than 32 percent over the past three months.



Egyptian FM holds talks with Lebanon officials


BEIRUT: Egyptian Foreign Minister, Nabil Fahmi, held talks Friday with senior Lebanese officials to discuss local and regional developments.


Fahmi arrived in Lebanon accompanied by a delegation of Egyptian officials for a three-day visit.


He held talks with President Michel Sleiman over the bilateral ties between Lebanon and Egypt and conveyed the greetings of Egyptian President Adli Mansour to the president.


Fahmi also met with Parliament speaker Nabih Berri in the latter’s Ain al-Tineh residence. The Egyptian official described his visit to Beirut as a “message” to assure that “ Egypt will resume the glory of its Arab role.”


“ Egypt intends to build a good future free of any sort of terrorism,” he said.


Fahmi also met with his Lebanese counterpart, Foreign Minister Gebran Bassil, and is set to meet later in the day with Prime Minister Tammam Salam.



U.K. to boost aid to Lebanon municipalities


BEIRUT: The United Kingdom will provide additional aid to Lebanese cities and villages supporting Syrian refugee populations, Ambassador Tom Fletcher announced this week.


"It is Lebanese communities who are bearing the greatest burdens in responding to the influx of Syrian refugees; they have done so with extraordinary generosity,” he said.


Fletcher said an “increasing proportion” of the U.K.’s more than $900 million contribution to the refugee crisis would go toward Lebanese municipalities struggling to host the nearly 1 million refugees in Lebanon.


“We want to show we are on their side,” said Fletcher. “This project helps us to understand where the needs are greatest. We encourage all partners to respond generously."


Fletcher was speaking at a conference organized by Mercy Corps held under the patronage of Prime Minister Tammam Salam and attended by representatives from the 12 municipalities in the Bekaa Valley, the north, and the south that have benefitted from the project, titled “Syrian Refugees in Lebanon: Capacity Building for Municipal Responses.”


Former Interior Minister Ziad Baroud also spoke, emphasizing the importance of supporting host communities.


“At the start of the Syria crisis, Lebanese municipalities were requested to assume responsibilities and respond to refugee needs,” he said.


“At this critical juncture it is essential for all actors to collaborate with municipalities to provide immediate support that will help resolve the challenges of the refugee crisis, and simultaneously strengthen Lebanon’s host communities.”



Pilots at Germany's Lufthansa vote for strike


Pilots at Germany's Lufthansa have voted for strike action in a long-running pay dispute with the airline, but their union hasn't yet set dates for any walkouts.


The Vereinigung Cockpit union said Friday that 97.2 percent of pilots at Lufthansa, Lufthansa Cargo and the company's budget airline Germanwings who participated in a ballot voted for strikes. It said it will give at least 48 hours' notice of any walkouts and doesn't currently plan strikes over Easter — though that might change.


Among other issues in the dispute, the union has complained that Lufthansa failed to make a "negotiable offer" in two years of pay negotiations.


Lufthansa has been trying to cut costs amid tough competition from European budget carriers and from aggressively expanding government-owned Gulf airlines.



NYC Explorers Club sues whisky company


The famous Explorers Club has filed a lawsuit against the parent company of Johnnie Walker for using its name on a new whisky brand.


Diageo's (dee-AH'-zhee-oh) line of "Explorers Club" whiskies was launched in duty-free-shops in late 2012.


According to the New York Post (http://bit.ly/1d7rBsK ), the 120-year-old New York-based club says it owns the trademark on the name.


The club sent a cease and desist letter to the company last spring.


The Manhattan suit says the font on the Explorers Club whisky label is "confusingly similar" to the one used by the club.


The club says it filed the suit after talks with the company broke down. It wants Diageo to stop selling the brand or pay for licensing fees.


Diageo didn't immediately return a request for comment on Friday.



Aoun’s candidacy still uncertain


BEIRUT: Members of the Change and Reform parliamentary bloc are still discussing MP Michel Aoun's possible candidacy for president, a lawmaker in the bloc said Friday.


“The head of the bloc General Michel Aoun did not announce his candidacy to the presidency yet,” MP Walid Khoury told the voice of Lebanon radio station.“The bloc is still discussing his candidature.”


In his first public comments on the subject, Aoun said earlier this week that there is a “serious possibility” he will run for president.


President Michel Sleiman’s six-year term ends on May 25, and the two-month constitutional deadline to elect a new president starts March 15.



Nearly all major US banks pass Fed 'stress tests'


More than five years after the financial crisis struck, the biggest U.S. banks are better able to withstand a severe recession than at any time since the meltdown, the Federal Reserve has determined.


Results of the Fed's annual "stress tests" showed Thursday that all but one of 30 top banks passed muster with sufficient capital buffers to keep them lending through an economic crisis. Only Zions Bancorp fell short. The results showed continued improvement in banks' financial positions since the 2008 crisis, the Fed said. That built on positive results from last year's tests.


"The industry is stronger and more profitable than a year ago," said RBC Capital Markets banking analyst Gerard Cassidy.


The banks' stronger positions should enable them to pursue business plans, pay dividends to shareholders, raise capital from investors and expand services to customers, said Frank Keating, president of the American Bankers Association.


The 30 banks tested included Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo and Co.


The Fed has conducted stress tests of the largest U.S. banks every year since 2009, when the financial crisis plunged the country into the worst economic downturn since the Great Depression of the 1930s. The annual checkup is designed to measure how well the industry would fare in another severe recession. It aims to ensure that banks could keep lending during such a punishing stretch.


Under the Fed's stress tests' "severely adverse" scenario, the U.S. would undergo a recession in which unemployment — now at 6.7 percent — would reach 11.25 percent, stocks would lose nearly half their value and home prices would plunge 25 percent.


Under the test, the losses projected for each bank are compared with the capital each holds as a buffer.


The Fed said that under the crisis scenario, the 30 banks would suffer combined losses on loans of $366 billion through the fourth quarter of 2015. That's down from projected losses of $462 billion in last year's tests — even with a much larger number of banks. Fed officials said the change reflected the banks' progress in shedding delinquent and defaulted loans from their balance sheets.


The 30 banks were also tested on how well they would withstand severe downturns in Europe and in Asian countries like China and Japan.


The Fed will announce next week whether it will approve plans by some of the banks to increase dividends or buy their own stock.


Nearly all U.S. banks with $50 billion or more in assets were in the group of 30 that were tested. Together they account for some $13.5 trillion in assets — about 80 percent of U.S. banks' total amount. Twelve of the 30 banks were added to the testing roster for the first time this year.


Most of the 30 banks tested, along with hundreds of others, received federal bailouts during the financial crisis. The banking industry has been recovering steadily since then, with overall profits rising and banks starting to lend more freely. The banks have mostly repaid the taxpayer bailouts.


Zions, the only bank to fall short this year, is based in Salt Lake City. It slid to a loss in the fourth quarter as it booked hefty charges related to losses on investment securities and other one-time items.


Zions said in a statement that its performance on the stress tests was worse than it expected mostly due to significantly higher commercial real estate losses, significantly greater risk-weighted assets and lower pre-tax, pre-provision net revenue. The bank said that it will resubmit its capital plan to the Federal Reserve.


Last year, government-owned Ally Financial Inc. was the only bank that failed. In this round, Ally passed.


Ally said it was pleased that the test results "recognized the substantial transformation that the company has undergone since last year."


The Fed concluded last March that Wall Street powerhouses JPMorgan Chase & Co. and Goldman Sachs Group Inc. needed better plans for coping with a severe downturn and gave the banks until September to revise them. The two banks were allowed to increase their dividends and buy back their stock on condition they submitted revised capital plans that satisfied the Fed.


At the same time, the Fed approved requests outright from 14 of the 18 banks tested, including Bank of America, Citigroup, Morgan Stanley and Wells Fargo.


But the Fed forbade Ally and BB&T Corp. from making any dividend increases and share buybacks they may have been seeking.


Next Wednesday, the Fed will announce whether it has approved each bank's request, if one has been made, to raise dividends for shareholders. Its decisions will be based on how each bank would fare in a severe recession if it increased its payout.


Raising dividends costs money. The government doesn't want banks to deplete their capital reserves, making them vulnerable in another recession.


The other banks tested were: American Express Co., Bank of New York Mellon Corp., BBVA Compass Bancshares Inc., BMO Financial Corp., Capital One Financial Corp., Comerica Inc., Discover Financial Services, Fifth Third Bancorp, HSBC North America Holdings Inc., Huntington Bancshares Inc., KeyCorp, M&T Bank Corp., Northern Trust Corp., PNC Financial Services Group Inc., RBS Citizens Financial Group Inc., Regions Financial Corp., Santander Holdings USA Inc., State Street Corp., U.S. Bancorp and UnionBanCal Corp.



Veiga reported from Los Angeles.


Sleiman calls for National Dialogue session on March 31

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Tiffany posts 4Q loss due to large charge


Tiffany & Co. posted a loss for its fiscal fourth quarter, dragged down by a hefty charge tied to an unfavorable arbitration ruling. But its sales improved during the critical holiday selling season.


Even without the charge, its adjusted earnings missed Wall Street expectations. Its forecast for this year also was short of expectations. Tiffany's shares fell more than 3 percent in Friday premarket trading.


For the three months ended Jan. 31, the luxury jewelry company — known for its little blue boxes — lost $103.6 million, or 81 cents per share. A year earlier it earned $179.6 million, or $1.40 per share.


Removing the charge of $2.27 per share for the unfavorable arbitration ruling, earnings were $1.47 per share. Analysts surveyed by FactSet expected higher earnings of $1.51 per share.


Tiffany's stock declined $3.17, or 3.5 percent, to $88 in premarket trading two hours before the market open.


Revenue climbed 5 percent to $1.3 billion from $1.24 billion, led by strong sales of fine and statement jewelry as well as jewelry collections. That matched Wall Street's expectations.


Sales increased in the Americas, Asia Pacific and Europe. Sales declined in Japan due to the weaker yen, but climbed on a constant exchange rate basis.


Sales at stores open at least a year, a key gauge of a retailer's health, rose 6 percent due to higher sales in all regions. This metric excludes results from stores recently opened or closed.


Full-year net income declined 56 percent to $181.4 million, or $1.41 per share, from $416.2 million, or $3.25 per share, in the previous year. Adjusted earnings were $3.73 per share.


Annual revenue increased 6 percent to $4.03 billion from $3.79 billion.


Sales at stores open at least a year climbed 6 percent.


For fiscal 2014, the New York company anticipates earnings between $4.05 and $4.15 per share. Analysts predict $4.27 per share. The retailer foresees full-year worldwide sales rising by a high single-digit percentage rate on strength across all regions.


Tiffany also announced that its board approved the repurchase of up to $300 million of its common stock. The company's prior repurchase program expired at the end of January. The new buyback will expire on March 31, 2017.



Fitch takes US off negative ratings watch


A credit rating firm has concluded a review of the United States' credit rating and reiterated that it deserves the highest rating.


Fitch Ratings had started a review of the U.S. debt rating in October and warned it might downgrade the nation's rating.


Fitch said Friday that the U.S. rating remains at "AAA." The agency adds that the debt-ceiling crises in 2011 and 2013 don't appear to have affected the country's ability to borrow. Fitch also says deficits that are expected to fall played a role in its decision.


Another ratings agency, Standard & Poor's, downgraded the U.S. credit rating one notch in 2011 after a standoff in Congress over whether to raise America's borrowing limit. S&P's rating remains at "AA+"



Iran leader: Improved economy can fight sanctions


Iran's top leader says his nation can best counter sanctions imposed by the West by strengthening its economy.


Ayatollah Ali Khamenei says Iranians should not wait for the sanctions to be lifted but work to build a stronger economy to "reduce vulnerability."


Khamenei's remarks were part of his annual speech for the Persian New Year, Nowruz. He spoke on Friday in Mashhad, in northeastern Iran.


Iran has been hit hard by international sanctions over its nuclear program that have targeted the vital oil and financial sectors. Tehran denies it's trying to make nuclear weapons.


Khamenei in February ordered the government to create an "economy of resistance" to counter the sanctions.


The project involves efforts to diversify Iran's exports, reduce dependence on sales of raw materials and promote knowledge-based high-tech industries.



UN vows support for Salam’s government


BEIRUT: The U.N. seeks to work closely with Prime Minister Tammam Salam’s government, particularly regarding the issue of the large number of Syrian refugees in Lebanon and the implementation of Resolution 1701, Derek Plumbly said Friday.


“The United Nations looks forward to working closely with the government in addressing many of the subjects highlighted in the ministerial statement, including the issue of Syrian refugees in Lebanon and the implementation of resolution 1701,” Plumbly said in a statement following a meeting with Salam.


He praised the “absolute priority” being given by Salam and his colleagues to the security challenges facing Lebanon.


Plumbly said the U.N. has been “deeply disturbed” by the ongoing violence in Tripoli, by the repeated and “totally unacceptable violations” of Lebanon’s sovereignty along Lebanon’s northern and eastern borders with Syria, and by the consequent loss of life.


Syrian forces have launched repeated air raids and artillery strikes against border villages in east and north Lebanon.


The Syrian army shot and killed two shepherds on the outskirts of the Bekaa Valley border town of Anjar Friday.


Plumbly said two of the affected areas – Arsal and Akkar – are ones where the U.N. and its partners are already deeply engaged.


He said a mission was been dispatched to the northeastern border town of Arsal Friday to assess the needs as a result of recent events.


Arsal is home to more than 100,000 Syrian refugees.


The U.N. official paid tribute to the Lebanese Army and the security forces “who have been working tirelessly to safeguard the country in these difficult times.”


Plumbly pledged to follow up on the outcome of the last meeting of the International Support Group for Lebanon in Paris in regards to support for Lebanon’s state institutions, the Army, the refugees and the economy.


“These will be shared priorities for the government and the United Nations in the weeks ahead,” he promised.



Timeline set for Packard redevelopment master plan


The owner of Detroit's blighted Packard car plant complex says he hopes to finish a master redevelopment plan for the site within three to four months.


The Detroit Free Press reports (http://on.freep.com/1mktDc9 ) Fernando Palazuelo discussed his timeline Thursday night at the Freep Film Festival, which is produced by the newspaper. Palazuelo spoke during a panel discussion after the premiere of the documentary "Packard: The Last Shift."


Palazuelo says he'll be ready to meet with potential tenants after the plan is finished. He plans to seek financing after the first tenants commit.


Palazuelo, a developer from Peru, bid $405,000 for the property last year during a tax foreclosure auction.


The plant was built in 1903. The last Packard automobile was built there in the mid-1950s. Smaller industrial businesses used it afterward.



World markets bounce on upbeat US economic data


World stock markets bounced back Friday as upbeat U.S. economic data helped shake off worries about future increases in U.S. interest rates.


Trading in Asia was subdued as Japanese markets were closed for a public holiday.


The Conference Board index of leading indicators, a measure of U.S. economic health, rose in February by the largest amount in three months, suggesting growth should bounce back following a harsh winter. Separately, U.S. jobless benefits rose to near pre-recession levels, suggesting stable job market in the world's largest economy.


The numbers helped to perk up stocks after Federal Reserve chief Janet Yellen unsettled investors by suggesting earlier this week that U.S. interest rates could rise sooner than markets were anticipating. Investors will be looking for further clues on Fed policy when four of the central bank's officials make separate speeches later Friday.


"Overall, we can probably expect a somewhat more nuanced version of the pretty blunt message given by Yellen earlier in the week," said Michael Every, head of Asian financial market research at Rabobank.


In early European trading, France's CAC 40 rose 0.2 percent to 4,338.14 and Germany's DAX climbed 0.3 percent to 9,321.87. Britain's FTSE 100 rose 0.3 percent to 6,560.64.


US stocks were poised to rise. Dow futures were up 0.2 percent to 16,300 and broader S&P 500 futures were up 0.2 percent to 1,870.20.


Asian markets ended higher. South Korea's Kospi rose 0.8 percent to close at 1,934.94 and Hong Kong's Hang Seng gained 1.2 percent to finish at 21,436.70. Australia's S&P/ASX 200 rose 0.8 percent to 5,338.10.


In mainland China, the Shanghai Composite Index advanced 2.7 percent to 2,047.62 as the yuan remained weak. China's currency was trading at 6.2245, the lowest in about 13 months.


A recent loosening of exchange rate controls has helped speed the currency's decline, which could give a boost to the export-reliant economy. Analysts believe authorities are trying to clamp down on frothy credit growth and discourage speculators as for the past several years the yuan has slowly appreciated in value.


But Rabobank's Every said the weakening yuan also shows that people are scrambling to get their money out of China and the outgoing tide could roil the Chinese financial system.


"It's like playing Jenga with the markets. They've only pulled out one block. Will the rest come down by themselves?" he said.


In currencies, the euro dipped slightly to $1.3778 from $1.3779 in late trading Thursday. The dollar dipped to 102.14 Japanese yen from 102.39.


Oil prices fell. Benchmark crude oil for May delivery was down 25 cents to $98.65 in electronic trading on the New York Mercantile Exchange. The contract fell 27 cents to settle at $98.90 on Thursday.



Case shows hurdles in fighting Morocco corruption


When tens of thousands of Moroccans poured into the streets demanding change in 2011, they were particularly angry about the corruption pervasive at all levels of business and government.


The Islamist party that dominated elections that year ran on an anti-corruption campaign and after taking office in June 2012, announced an investigation into leaked documents that allegedly showed that the former finance minister and the national treasurer authorized salary bonuses for each other.


Two years later, however, the only case to come out of the whole affair is against two civil servants for leaking the documents. The original inquiry announced by Justice Minister Mustapha Ramid has never seen the light of day.


Despite the new government's rhetoric, it has been business as usual for corruption in Morocco.


"It is typical of the impunity that characterizes corruption cases in our country," said Abdessamd Saddouq, the secretary general of Transparency Maroc, which backs the two accused. "Not just because the justice system refuses to investigate the affair, but also that it then targets potential whistleblowers."


The verdict for Abdelmajid Alouiz and Mohammed Reda, both once employed at the Ministry of Finance, is set for Friday. They face up to 6 months in prison and a fine of $2,500 if convicted of leaking government documents.


The original scandal over the bonuses involved the treasurer, Nourredine Bensouda, a former classmate of Morocco's king, and Salaheddine Mezouar, the former finance minister who is now foreign minister in the coalition government.


Corruption is a serious problem in Morocco. According to Transparency International, more than two-thirds of Moroccans polled called the judiciary, media, police, parliament and public officials corrupt or very corrupt. Sixty-four percent said at least one person in their household had to bribe a policeman in last year.


Even when suspected corruption is prosecuted, cases tend to drag on for years.


Abdelaziz Aftati, a leading member of the ruling Islamist Party for Justice and Development, said the justice minister did try to open an inquiry into the scandal, but was frustrated by national institutions loyal to the "makhzen," the officials and families linked to the king's court who many say truly run the country.


"The deep state resisted the fight against corruption and intervened to change the course of events and launch this unjust trial," he told The Associated Press.


Yet it was a fellow member of the government, Finance Minister Nizar Baraka, who filed the case against the whistleblowers.


Ramid, the justice minister, told AP that following his instructions, "the prosecution opened an investigation into the matter and then decide to close it and I have no further comment on the matter."


Morocco's constitution was amended in 2011 to establish a new freedom of information law to increase transparency and a new commission to fight corruption, but the new laws to implement the changes have yet to be passed.


Abdessalam Aboudrar, head of the new National Agency for the Prevention and Combatting of Corruption, believes the justice system is pursuing corruption but declined to comment on the salary bonuses affair.


"We are still waiting for the passage of the new law giving me power to investigate," he said.



Associated Press reporter Paul Schemm contributed to this report.


Groups: Pa. plant should cut emissions or close


Three dozen western Pennsylvania organizations are asking state health officials to require that a Pittsburgh-area coke plant reduce emissions or close.


The Pittsburgh Post-Gazette says the 36-member coalition of groups, small businesses and unions sent the demands to the Allegheny County health department.


They say the Shenango Inc. plant has a 35-year history of air pollution violations and violated county air quality standards on 330 days in a 432-day span.


A health department spokesman said officials will review the letter and respond.


Shenango's parent company DTE says it is negotiating with the county about its emissions and has been working on environmental performance since purchasing the plant in 2008.


The plant includes 56 ovens and processes 1,500 tons of coal per day. Coke is a fuel used to make steel.



Government seeks restitution of $7.7M


A Biloxi attorney has pleaded guilty covering up evidence connected to a scheme to defraud two banks and the U.S. Bankruptcy Court.


The government says in a news release that it is seeking restitution on behalf of the victims in the amount of $7.7 million.


Stephen Richard Colson entered the plea Wednesday in U.S. District Court in Gulfport.


Federal prosecutors say Colson say the count to which Colson pleaded guilty was part of a larger scheme wherein he used funds generated in new real estate closings to pay off earlier closings.


The scheme was discovered after the acquisition of a title insurance company for which Colson served as agent, by a successor company.


The successor company was forced to pay 54 claims from lenders, borrowers, and sellers.



Insurer WellPoint raises 2014 earnings forecast


WellPoint is already raising a 2014 earnings forecast it laid out earlier this year, but the nation's second largest health insurer's projections are still below analyst expectations.


The Blue Cross Blue Shield insurer, based in Indianapolis, says it now expects full-year earnings to be greater than $8.20 per share. WellPoint had said in late January that it expected earnings to be greater than $8 per share.


Analysts forecast earnings of $8.37 per share.


The insurer is selling coverage on several state-based health insurance exchanges created by the health care overhaul. It says its medical enrollment could grow 3 percent or 4 percent this year.


WellPoint Inc. shares climbed 69 cents to top $100 in premarket trading and approach an all-time high price of $100.59 that the stock reached Wednesday.



Detroit plans to step up water service shutoffs


The Detroit Water and Sewerage Department is preparing a campaign to shut off service to 1,500 to 3,000 customers a week who are delinquent on bills.


The Detroit News reports (http://bit.ly/1hMiye8 ) the effort in the bankrupt city will target Detroit residents and companies more than 60 days late on bills.


Including businesses, schools and commercial buildings, the department has about 323,900 Detroit accounts; as of March 6, nearly 165,000 were overdue for a total of $175 million. There are more than 296,000 residential accounts, including more than 154,000 delinquent for $91.7 million.


The department halts cutoffs in winter because of complications associated with freezing temperatures. This spring, however, a new contractor has been hired to target those who are more than two months behind or who owe more than $150.



Sleiman rebukes Hezbollah as his term nears end


BEIRUT: Just weeks before the end of his term in office, President Michel Sleiman is criticizing Hezbollah once more over its military role in Syria saying the party’s actions were harming Lebanon.


Hitting back at those who have accused him of breaking his oath to the country on the resistance, Sleiman said: “Did you forget that you [Hezbollah] went beyond your mandate on the issue of the resistance and went to Syria to fight there?”


“I said what I said because I am committed to the oath, but exceeding the mandate given to the resistance compelled me to speak out frankly because it’s my duty to tell the truth,” he told the local daily Al-Joumhouria in remarks published Friday.


Sleiman renewed his call for Hezbollah to withdraw from Syria “because your participation in the Syrian war has done great damage to Hezbollah and to Lebanon.”


Sleiman, whose six-year term ends May 25, pledged to seek an agreement on a national defense strategy “until the last day in office.”


The president said he would also work to secure the election of a new head of state.


"I will happily hand over my duties to the president-elect,” he said. “I will go home. I did my national duty and my conscience is clear. ”


Sleiman was elected on May 25, 2008, as a consensus candidate after months of delays in holding the election due to an ongoing political dispute.


The president reiterated his concern of a political vacuum should a new president fail to be elected.


“However, the formation of the government and approval of the ministerial statement and scheduling a National Dialogue should help create positive dynamics for the presidential election in a timely manner,” Sleiman added.



Mass. bill would focus on construction energy use


A bill that would that would require that all new construction or major renovation projects involving state buildings measure energy use is making its way through the Massachusetts Statehouse.


Supporters say the bill would require an analysis of a number of variables — such as construction materials, architectural design and water use — to help the state continue to meet ambitious carbon emission reduction goals.


The bill filed by Sen. Jamie Eldridge received a favorable report from the Joint Committee on State Administration, an initial legislative hurdle.


The Acton Democrat says the bill requires construction or renovation work in state-owned buildings measure the energy implications of all resources used.


Eldridge says his goal is to encourage wider awareness of the total energy impact of such projects to help improve sustainability.



Turkish lawyers seek cancellation of Twitter ban


Turkey's lawyers' association has asked a court to overturn the country's ban on Twitter.


Turkey blocked access to the social media network overnight Friday hours after Prime Minister Recep Tayyip Erdogan threatened to "rip out the roots" of the website.


Links of audio recordings and documents implicating Erdogan and other top officials in corruption have been posted on Twitter ahead of crucial local elections on March 30.


Turkey's main opposition party also said it would seek a cancellation.



Curvy edifice in Seoul begs $450 million question


A curvy futuristic $450 million building meant to remake Seoul into a global design capital opened to the South Korean public Friday after years of debate about its impact on a historic city precinct. And not everyone is happy with the outcome.


Designed by award-winning architect Zaha Hadid, the Dongdaemun Design Plaza is a stark contrast to its neighborhood, which is better known in Seoul for its links to a royal dynasty that ruled for half a millennium and as home to one of the city's oldest markets.


Located in central Seoul, the Dongdaemun area bustles with shoppers and vendors day and night, selling trendy clothes at budget prices, textiles and a bewildering array of knick-knacks. It lacks the glitz and glamor of Seoul's trendy Gangnam district, made world famous by the rapper Psy's "Gangnam Style" hit. But locals and tourists alike find charm in Dongdaemun's lively stores and nearby vintage markets, scenes recalling an older Seoul that is quickly disappearing.


Hadid's signature flowing curves impart a sense of calm to the imposing steel structure that along with a plaza occupies 63,000 square meters (15.6 acres). At night, the edifice is illuminated with soft LED lights in contrast to the garish neon signs in the neighborhood.


The building is a legacy of the mayoralty of Oh Se-hoon, who opposed welfare and pushed landmark construction projects to redesign Seoul and boost its economy. It cost about 2.4 percent of the city's annual budget, putting it among the most expensive architectural endeavors ever commissioned by Seoul.


Oh resigned as mayor in 2011, but the Plaza is set to remain a source of debate for years to come.


Debate will not be limited to the structure's futuristic look that has drawn scorn and admiration. Some called it an ugly spaceship that made an emergency landing while others praised its architectural accomplishment, using few columns and 45,000 tiles to cover its surface.


As part of the official launch, Dongdaemun Design Plaza is hosting the six-day Seoul Fashion Week and eight art exhibitions. Yet the city is still figuring out how to fill the multi-level building which has a larger floor area than the Louvre's exhibition space. Its first test is to cover estimated annual operating costs of 32 billion won ($30 million). Seoul mayor Park Won-soon said the Plaza will host conferences, concerts, exhibitions and design-related businesses.


Some in Seoul question whether compromises they felt forced to make were worth it. Sports officials and baseball fans had opposed demolishing an 80-year-old sports stadium to give way to the sleek building that Oh, the former mayor, said would make Seoul the world's design capital.


The stadium, which can now only be seen in a few vestiges, was Korea's first and sole modern sports stadium until the 1980s, hosting highly popular high-school baseball matches and the first games of Korea's professional baseball and football leagues.


"DDP is a beautiful work of architecture," said Kim Eun-sik, a 40-year-old writer who used to attend baseball games in Dongdaemun and explored the neighborhood's alleys as a teenager. "But I feel sad and empty as it replaces something that was endearing and joyful to me," said Kim. "It does not seem like the sacrifice has produced something valuable."


About 900 merchants who had to relocate their shops and carts to another area to make space for the Plaza hoped the launch would boost visitors as the city had promised, said Park No-keum, head of the merchants association. He said they moved out during economic good times when their businesses were at a peak.


Some of the anger about the Plaza was heaped on Hadid, a superstar architect who is behind the design of the main stadium for the 2020 Tokyo Olympics and the first female winner of the prestigious Pritzker Architecture Prize. It was also derided as a product of South Korean insecurity.


Commissioning Hadid is "like having a handbag from Hermes," said Daniel Tudor, author of "Korea: The Impossible Country," referencing the popularity of luxury bags as a status symbol in South Korea. Many Koreans think "if we have a certain GDP, nice shiny buildings then we can show foreigners that we became a developed country," he said.


While an impressive architectural accomplishment, Dongdaemun Design Plaza is also an embarrassing reminder how South Korea favored something fancy and new over its cultural heritage, said Pai Hyungmin, an architecture professor at University of Seoul.


He regrets that Seoul, under the former mayor, moved historic ruins discovered during construction. The Joseon Dynasty that ruled the Korean peninsula from 1392 to 1897 trained its elite troops at Dongdaemun, which in Korean means the east gate of Seoul fortress.


"If we want to restore the place's history there are still a lot of things we can do," said Pai.



Romney's Job In Idaho: Prevent GOP Voters From Veering 'Wild Right'



Audio for this story from Morning Edition will be available at approximately 9:00 a.m. ET.





Idaho is one of a few states where failed presidential candidate Mitt Romney can still be an effective campaigner. Romney has been stumping there for Gov. Butch Otter and Rep. Mike Simpson. Both are facing May primary challenges from Tea Party candidates.



Michigan Collegiate Job Fair being held in Livonia


A job fair for college seniors and alumni from Michigan's two- or four-year colleges is being held in Livonia.


The Michigan Collegiate Job Fair is set for Friday at Burton Manor. The biannual event is sponsored by Eastern Michigan University.


Organizers say it's one of the largest career fairs in the state. More than 100 employers are registered, including Coca-Cola, DTE Energy, Hewlett-Packard, IBM, Quicken Loans and various state and federal departments and agencies.


Last November's event attracted 130 employers and 600 candidates. The deadline to pre-register was $10. Walk-in registration is $15.


Job candidates are encouraged to dress in professional business attire, bring copies of their resume and research the employers with which they are interested in speaking.


---


Online:


http://www.mcjf.org



Syrian army kills two shepherds on Lebanon border


BEIRUT: The Syrian army Friday shot and killed two shepherds on the outskirts of the Bekaa Valley border town of Anjar, security sources told The Daily Star.


They were identified as Yasser Mohammad Yaseen, who hails from Majdal Anjar, and his cousin whose father is Syrian.


Residents of Majdal Anjar pleaded with security forces to pull the shepherds' bodies.



S. Bend's tallest building sold at sheriff's sale


The tallest building in South Bend has been sold out of foreclosure at a sheriff's sale for $4.5 million.


The South Bend Tribune reports (http://bit.ly/1hJmU5R ) Washington Square Realty bought the 25-story Chase Tower on Thursday. The downtown building houses a hotel and offices. It had been in receivership since February 2011.


An attorney who represents court-appointed receiver Ken Castrop says a motion will be filed in the next couple of days to end the receivership. Huntington, N.Y.-based Washington Square bought the bank note for Chase Tower a year ago.


The building went to the St. Joseph County sheriff's sale after a developer's plan to buy and overhaul the building fell through.



Oil falls to near $98 as demand crimped


The price of oil extended losses Friday as seasonal maintenance of refineries crimps U.S. demand and a stronger dollar makes the commodity more expensive.


Benchmark U.S. crude for May delivery was down 58 cents at $98.32 a barrel at 0610 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped 27 cents to settle Thursday at $98.90.


Traders have zoomed in on data showing that U.S. crude supplies rose by nearly 6 million barrels in the week ended March 14. Oil production continues to rise, but refineries are converting less of it to gasoline and diesel because they're undergoing seasonal maintenance.


The U.S. dollar has strengthened against the euro and other currencies since the Federal Reserve's new governor Janet Yellen this week suggested interest rate hikes could come relatively quickly after the Fed ends its extraordinary stimulus policy. A rise in the dollar makes crude more expensive in terms of other currencies.


Brent crude, used to set prices for international varieties of crude, was down 31 cents to $106.14 a barrel.


In other energy futures trading in New York:


— Wholesale gasoline fell 0.7 cent to $2.882 a gallon.


— Heating oil shed 0.7 cent to $2.906 a gallon.


— Natural gas dropped 3.6 cents to $4.333 per 1,000 cubic feet.



$24.5M penalty proposed for Edison over windstorm

The Associated Press



One of California's largest utilities has agreed to pay a $24.5 million penalty for safety violations uncovered after a 2011 windstorm left more than 400,000 customers without lights and a power-line failure electrocuted three family members, state regulators announced Thursday.


The proposed decisions by the California Public Utilities Commission staff said Southern California Edison also violated rules by failing to preserve evidence needed to investigate power-pole collapses that occurred during the storm.


An agency investigation found that Edison failed in numerous cases to maintain poles or other power equipment that were factors in both cases.


The company said in a statement that the settlement is "in the public interest." Edison has submitted a joint motion with the commission's Safety and Enforcement Division seeking approval of the agreement.


The commission is not expected to consider the penalty until at least May. If approved, funds for the agreement would come from company shareholders and would not impact customer rates, Edison said.


On Nov. 30, 2011, powerful Santa Ana winds generated gusts nearing 100 mph, leaving hundreds of downed trees and tangled high-voltage power lines that blocked streets, keeping repair trucks from reaching many hard-hit areas. Uprooted trees remained on sidewalks and in gutters days afterward.


Edison officials later called the crisis caused by the storm unprecedented and apologized to customers for delays restoring power.


The CPUC said Edison gave inaccurate information on power restoration and violated safety standards during the storm, which left 440,000 customers without power.


Among its findings, the investigation found 248 wooden electric poles were damaged and broken. At least 21 poles did not meet safety requirements, for factors including termite damage or extensive rot. In addition, the probe found Edison's emergency procedures were not kept up to date.


The utility was also blamed for an electric-pole conductor that fell to the ground, killing a man, his wife and their son. The investigation found that the Jan. 14, 2011 deaths in Acacia, in San Bernardino County, were caused by Edison's "failure to properly maintain its electric system in compliance with state law and commission regulations."


The probe found "similar conductor failures have been occurring for the past six years on the same circuit and in the proximity of this incident. However, SCE did not take appropriate measures to prevent such recurrences."



Fitch cuts outlook for Russia's credit rating


Rating agency Fitch has downgraded the outlook for Russia's credit rating fearing an economic fall-out from the Crimean crisis.


Fitch said in a statement released on Friday that it has revised the outlook for Russia's debt to reflect the potential impact of sanctions on Russia's economy. On Thursday, S&P warned of a potential downgrade, too.


Russian President Vladimir Putin earlier this week signed the treaty to annex Crimea following Sunday's hastily called referendum which overwhelmingly supported that move. The West considers the vote illegitimate.


The Russian stock market has lost more 10 percent this month, wiping out billions in market capitalization.


U.S. President Barack Obama on Thursday ordered economic sanctions against nearly two dozen members of Putin's inner circle and a major Russian bank that provides them support.