Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

'Like finding lost Rembrandts'









Peter Mullin cracks open the door of a 1935 Voisin Type C25 Aerodyne at the back of the auto museum bearing his name. He points out the intricate details of a vibrant Art Deco interior, restored to its original luster.

A small ashtray hangs on the inside of each door — made from etched Lalique crystal.

Light streams into the car through three small glass windows in the fully retractable roof. A bold black and white patterned fabric covers the doors, seats and roof, sourced from the same French textile mill that wove the original fabric more than seven decades ago.

"You can see why this one is kind of the favorite," Mullin says of the C25 with a smile.

Once relegated to the scrap heap of automotive history, the Voisin brand has undergone a renaissance within the classic car world. The cars, which cost as much as a Bugatti in the 1920s and 30s, are worth millions of dollars today. They were the creation of Gabriel Voisin, a colorful yet fastidious French architect and engineer who made a fortune selling airplanes during World War I.

Mullin's navy blue and grey C25 won Best of Show at the 2011 Pebble Beach Concours d'Elegance, arguably the most prestigious prize in the classic car world. Another Voisin, a 1934 C15 ETS Saliot-bodied Roadster, won Best of Show in 2002.

When Pebble Beach Concours hosted Voisin as the featured marque in 2006, it provoked a frenzied reaction among collectors.

"It was like finding the lost Rembrandts," said Richard Adatto, an expert in classic French cars and a member of the classic car show's selection committee.

Prior to 2006, he said, no Voisin had sold for more than $1 million. After that, prices nearly doubled. Peter Mullin's C25 could be worth as much as $5 million today, said David Gooding, president and founder of the Gooding & Co. auction company. Most experts estimate there are 250 to 300 known Voisin automobiles, though they are starting to turn up as barn finds throughout Europe.

Fortunately for Mullin, he got into the brand early.

"I fell in love with the Art Deco nature of Voisin a number of years ago," Mullin said. "One by one, they found their way into the collection."

In addition to his prize-winner, Mullin owns 15 other exceptionally rare and valuable Voisin models on display at the Mullin Automotive Museum in Oxnard until the end of April. The museum is also home to dozens of gleaming prewar cars from other French marques like Bugatti, Delahaye and the odd Talbot-Lago.

Mullin, the man, owns nearly everything in the building. But the Voisin cars have become his favorite, not just for their intricate details, but because they embody the values of the man behind their nameplate.

Gabriel Voisin was a colorful figure who made a name for himself in the early 1900s as an aviation pioneer. Despite being in their mid-20s, Voisin and his younger brother Charles started the world's first aircraft company. Their early planes set several European flight records.

Gabriel Voisin kept the company open after his brother was killed in a 1912 car crash, and sold several thousand fighter planes to the French military and its allies for use in World War I.

After the war ended, a glut of planes and little demand for new ones pushed Voisin to build a machine with a more benevolent purpose. He spent roughly the next 20 years building some of the most elaborate and expensive cars of the era. The rigors of aviation engineering and attention to detail carried into Voisin's forward-thinking automobiles.

"Everything was designed all the way out," Adatto said. "Even the taillights were handmade."

Many of Voisin's cars have struts connecting the front wheel fender to the grille — like the wing struts common on aircraft from the era. The cars were largely built from lightweight materials such as aluminum or magnesium. Most cars from that time — and even today — were built from heavier steel.

Inside, the dashboard of many Voisin vehicles had gauges to show oil pressure and temperature in an era when most cars didn't even have a fuel gauge, Adatto said. A complex engine design used sleeve valves rather than the standard overhead poppet valves found on engines today.

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Stocks eke out gains as manufacturing improves












An encouraging manufacturing report nudged the stock market higher Friday, giving it a slight gain for the week, even as a deadline for avoiding sweeping government spending cuts loomed.

The Dow Jones industrial average rose 35.17 points, or 0.3 percent, to close at 14,089.66.

It was down as much as 117 points in early trading but recovered following news that U.S. manufacturing expanded in February at the fastest pace since June 2011. The Institute for Supply Management said its manufacturing index reached 54.2, up from January's reading of 53.1. Any reading above 50 signals growth.

President Barack Obama summoned congressional leaders to the White House for a meeting aimed at avoiding the $85 billion in across-the-board spending cuts set to kick in Friday. The cuts are part of a 10-year, $1.5 trillion deficit reduction plan that was designed to be so distasteful to both Democrats and Republicans that they would be forced to drum up a longer-term budget deal.

Any agreement between the White House and Congress on the spending cuts could drive the market up next week, regardless of whether investors consider it a good deal or not, said Stephen Carl, head equity trader at The Williams Capital Group in New York.

“The lack of clarity is the problem,” he said. “I think it will be a positive for the market just as long as there's concrete news.”

In other Friday trading, the Standard & Poor's 500 index rose 3.52 points, or 0.2 percent, to 1,518.20. The Nasdaq composite gained 9.55 points, 0.3 percent, to 3,169.74.

All three indexes ended higher for the week: The Dow rose 0.6 percent, the S&P 500 and Nasdaq each rose about 0.2 percent.

The Dow came within 15 points of its record close of 14,164 on Thursday before sliding back and ending the day lower.

Oil and gas companies fell Friday as the price of crude sank to its lowest level of the year. Halliburton, Peabody Energy and other energy stocks were among the biggest losers in the S&P 500. Benchmark U.S. crude oil dropped below $91 a barrel.

Americans' incomes fell 3.6 percent in January, the worst one-month drop in 20 years, the Commerce Department said Friday. U.S. consumers increased spending modestly in January but cut back on major purchases. The report suggests that the expiration of tax cuts on Jan. 1 may have made Americans more cautious.

Unemployment across the 17 European Union countries that use the euro currency hit a record 11.9 percent during January. That drove money into U.S. Treasurys, pushing their prices up and their yields down.

The yield on the 10-year Treasury note fell to 1.85 percent from 1.88 percent late Thursday.

Among other stocks making big moves:

— Gap added 95 cents to $33.87. The retailer said late Thursday that its quarterly profits jumped 61 percent, topping analysts' estimates, helped by better sales at its Old Navy stores. Gap also raised its quarterly dividend to 15 cents.

— Best Buy Co. rose 75 cents to $17.16 after the retailer said that its fourth-quarter loss narrowed as better sales in the U.S. helped offset weakness abroad, particularly China and Canada.

— Groupon jumped 13 percent following news that CEO Andrew Mason was fired. The online deals company's stock plunged 24 percent Thursday after the company delivered a weak revenue forecast for the current quarter. Its stock gained 57 cents to $5.11

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Dow eases back from near record as a rally fades












An early rally has faded on Wall Street, pulling the Dow slightly lower and a bit further away from reaching a record.

The market was up for much of the day, then turned lower in the final minutes of trading.

The Dow Jones industrial average ended with a loss of 20 points, or 0.2 percent, at 14,054. That's 110 points below the record close it reached in October 2007. It came within 15 points of that level during the day Thursday.

The Standard & Poor's 500 index ended down a point, or 0.1 percent, at 1,514. The Nasdaq composite lost two points, or 0.1 percent, to close at 3,160.

Rising and falling stocks were about even on the New York Stock Exchange. Volume was average, 3.7 billion shares.

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Dow surges a second day, closes in on record

























































































stocks


The Dow Jones industrial average is now only 89 points short of its all time high.
(AFP/Getty / February 27, 2013)





































































Stocks are closing sharply higher for a second day as evidence mounts that the housing market is making a comeback.

The Dow Jones industrial average jumped 175 points to 14,075 Wednesday, its highest close of the year.

It's up nearly 300 points over the past two days, putting it within 100 points of its record high reached in October 2007.

Home builder stocks surged as more positive news about housing rolled in. Hovnanian soared 5 percent to $6.06 and Lennar rose 2 percent to $38.94.

A realty group said the number of Americans who signed contracts to buy homes jumped in January to the highest level in almost three years.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was low, 3.4 billion shares.


















































































































































































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Latest signs of housing rebound send stocks higher









The latest signs of a rebound in housing are sending stocks sharply higher on Wall Street.

The Dow Jones industrial average jumped nearly 116 points to end at 13,900 Tuesday, led by a 6 percent surge in Home Depot. The country's biggest home improvement store chain reported a big increase in earnings.

In another sign that the housing market was gaining steam, the government reported that sales of new homes jumped 16 percent last month to the highest level since July 2008.

That sent the stocks of homebuilders higher. Hovnanian jumped 11 percent.

The Standard & Poor's 500 rose nine points to 1,496. The Nasdaq rose 13 to 3,129.

Two stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.8 billion shares.

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Stocks plunge as Italy appears headed for gridlock









Stocks dropped sharply Monday as investors worriedthat Italy could be seized with political paralysis, stymieing the country's economic reforms and causing another flare-up in the region's debt crisis.

The Dow Jones industrial average plunged 216 points to 13,784, a loss of 1.6 percent and the biggest drop since November.

The Standard & Poor's 500 dropped 27 points, or 1.8 percent, to 1,487. The Nasdaq lost 45 points to 3,116.

An early gain was gone by midday after reports from Italy suggested that the country was headed for political gridlock following strong gains by former premier Silvio Berlusconi and a protest campaign led by a former comedian.

Four stocks fell for every one that rose on the New York Stock Exchange. Volume was average, 3.8 billion shares.

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Jason Bateman gives Ernest Borgnine's estate a new identity

Markus Canter and Cristie St. James, who share the title luxury properties director at Prudential in Beverly Hills, like Jason Bateman's real estate sense. The actor got privacy, potential and a knoll location for $3 million.









Actor Jason Bateman and his wife, actress Amanda Anka, are dropping anchor in the Beverly Crest area with the purchase of the estate of Ernest Borgnine for $3 million.


The gated country English compound sits on a half-acre knoll. The 6,148-square-foot home features a formal entry hall, a grand staircase, a paneled library, an office, a den, six bedrooms and seven bathrooms. There is a guesthouse and a swimming pool.


Bateman, 44, stars in the comic film "Identity Thief," released this month. He is known to generations of TV viewers for his roles in "Arrested Development" (2003-present) and "Valerie," later retitled "The Hogan Family" (1986-91). Anka, 44, has appeared in "Bones" (2008), "Notes From the Underbelly" (2007) and "Beverly Hills, 90210" (1996).








Borgnine, who died last year at 95, is remembered for his Oscar-winning performance in "Marty" (1955) and his work in the title role as commander of a madcap crew in the sitcom "McHale's Navy" (1962-65). Until 2011 he was the voice of Mermaidman on "SpongeBob SquarePants."


The estate came on the market in October for the first time in 60 years priced at $3.395 million.


Billy Rose, Paul Lester and Aileen Comora of the Agency in Beverly Hills were the listing agents. Richard Ehrlich of Westside Estate Agency represented the buyers.


Where pair spent days of their lives


Soap star Peter Reckell and his wife, singer Kelly Moneymaker, have sold their custom-built, eco-friendly home in Brentwood for $3.35 million.


Before building the 3,345-square-foot house, the couple had the existing home on the site torn down, crated and shipped to Mexico for reuse by Habitat for Humanity. Then they designed and built a three-bedroom, four-bathroom contemporary that uses solar power.


Green elements include a photovoltaic system with battery backup, skylights, recycled glass terrazzo floors with radiant heating, recycled denim and organic cotton insulation, bamboo cabinets and doors, a roof garden and a water reclamation system.


A temperature-controlled wine cave and a recording studio are among other features.


Along with an indoor/outdoor koi pond, a meditation fountain and a solar infinity pool, outdoor amenities include a 16th century East Indian temple that was turned into a pavilion.


"This is my sanctuary," Reckell said. It frames views of the Santa Monica Mountains Conservancy.


Reckell, 57, played Bo Brady on "Days of Our Lives" from 1983 through last year. The show began in 1965. He also appeared in "Knots Landing" (1988-89). He is an avid environmentalist and bikes to work.


Moneymaker, 42, is a former member of the music group Exposé. She was inspired to build an environmentally friendly home because the carpet and other elements in the old house bothered her allergies and affected her voice.


Public records show they bought the property in 2003 for $1.14 million.


Daniel Banchik of Prudential's West Hollywood office was the listing agent. Scott Segall of John Aaroe Group represented the buyer.


Another rock owner for home


Hard Rock Cafe co-founder Peter Morton has made his mark on L.A.'s real estate scene of late, buying the old Elvis Presley estate in Beverly Hills at year-end for $9.8 million.


But flying under the radar was his bigger off-market purchase midyear for a property in Bel-Air at $25 million, public records show. Area real estate agents not involved in the transaction say Morton plans to take down the existing home and build another on the site. The estate had belonged to Joseph Farrell, who founded National Research Group Inc. in 1978 and brought market testing to Hollywood. Farrell died in December 2011.





Read More..

Jason Bateman gives Ernest Borgnine's estate a new identity

Markus Canter and Cristie St. James, who share the title luxury properties director at Prudential in Beverly Hills, like Jason Bateman's real estate sense. The actor got privacy, potential and a knoll location for $3 million.









Actor Jason Bateman and his wife, actress Amanda Anka, are dropping anchor in the Beverly Crest area with the purchase of the estate of Ernest Borgnine for $3 million.


The gated country English compound sits on a half-acre knoll. The 6,148-square-foot home features a formal entry hall, a grand staircase, a paneled library, an office, a den, six bedrooms and seven bathrooms. There is a guesthouse and a swimming pool.


Bateman, 44, stars in the comic film "Identity Thief," released this month. He is known to generations of TV viewers for his roles in "Arrested Development" (2003-present) and "Valerie," later retitled "The Hogan Family" (1986-91). Anka, 44, has appeared in "Bones" (2008), "Notes From the Underbelly" (2007) and "Beverly Hills, 90210" (1996).








Borgnine, who died last year at 95, is remembered for his Oscar-winning performance in "Marty" (1955) and his work in the title role as commander of a madcap crew in the sitcom "McHale's Navy" (1962-65). Until 2011 he was the voice of Mermaidman on "SpongeBob SquarePants."


The estate came on the market in October for the first time in 60 years priced at $3.395 million.


Billy Rose, Paul Lester and Aileen Comora of the Agency in Beverly Hills were the listing agents. Richard Ehrlich of Westside Estate Agency represented the buyers.


Where pair spent days of their lives


Soap star Peter Reckell and his wife, singer Kelly Moneymaker, have sold their custom-built, eco-friendly home in Brentwood for $3.35 million.


Before building the 3,345-square-foot house, the couple had the existing home on the site torn down, crated and shipped to Mexico for reuse by Habitat for Humanity. Then they designed and built a three-bedroom, four-bathroom contemporary that uses solar power.


Green elements include a photovoltaic system with battery backup, skylights, recycled glass terrazzo floors with radiant heating, recycled denim and organic cotton insulation, bamboo cabinets and doors, a roof garden and a water reclamation system.


A temperature-controlled wine cave and a recording studio are among other features.


Along with an indoor/outdoor koi pond, a meditation fountain and a solar infinity pool, outdoor amenities include a 16th century East Indian temple that was turned into a pavilion.


"This is my sanctuary," Reckell said. It frames views of the Santa Monica Mountains Conservancy.


Reckell, 57, played Bo Brady on "Days of Our Lives" from 1983 through last year. The show began in 1965. He also appeared in "Knots Landing" (1988-89). He is an avid environmentalist and bikes to work.


Moneymaker, 42, is a former member of the music group Exposé. She was inspired to build an environmentally friendly home because the carpet and other elements in the old house bothered her allergies and affected her voice.


Public records show they bought the property in 2003 for $1.14 million.


Daniel Banchik of Prudential's West Hollywood office was the listing agent. Scott Segall of John Aaroe Group represented the buyer.


Another rock owner for home


Hard Rock Cafe co-founder Peter Morton has made his mark on L.A.'s real estate scene of late, buying the old Elvis Presley estate in Beverly Hills at year-end for $9.8 million.


But flying under the radar was his bigger off-market purchase midyear for a property in Bel-Air at $25 million, public records show. Area real estate agents not involved in the transaction say Morton plans to take down the existing home and build another on the site. The estate had belonged to Joseph Farrell, who founded National Research Group Inc. in 1978 and brought market testing to Hollywood. Farrell died in December 2011.





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Stocks close higher after steep 2-day slide












Strong earnings from big U.S. companies pushed the Dow Jones industrial average to a rare triple-digit gain Friday, but the S&P 500 index still posted its first weekly loss of the year.

Hewlett-Packard had the biggest gain in the Dow and the Standard & Poor's 500 index. It posted fiscal first-quarter earnings late Thursday that beat all forecasts, a relief after months of bad news for the computer maker. H-P rose $2.10, or 12.3 percent, to $19.20.

Cabot Oil & Gas Corp. was the S&P 500's second-best performer, jumping a day after reporting earnings that beat analysts' expectations. It rose $5.95, or 11.1 percent, to $59.81.

American International Group Inc. rose after its fourth-quarter operating results exceeded analysts' forecasts. The company's net loss was $4 billion, mainly because of claims related to Superstorm Sandy, in the first full quarter after it finished repaying its $182 billion government bailout. AIG rose $1.17, or 3.1 percent, to $38.45.

The Dow closed up 119.95 points, or 0.9 percent, at 14,000.57 — its third-biggest gain this year. The S&P 500 rose 13.18 points, also 0.9 percent, to 1,515.60. The Nasdaq composite index rose 30.33, or 1 percent, to 3,161.82.

The S&P 500 and Nasdaq closed slightly lower for the week, while the Dow edged higher.

Bill Stone, chief investment strategist with PNC Wealth Management, said he expects stocks to hold up despite this week's volatility.

“You're going to get bumps and bruises along the way, but we do believe things are actually getting better, so I think there's underlying demand” for stocks, Stone said.

Spooked investors sent stocks plunging Wednesday after minutes from the Federal Reserve's latest policy meeting revealed disagreement over how long to keep buying bonds in an effort to boost the economy. The slide continued Thursday. The Dow lost 155 points over those two days.

Many analysts say the Fed's bond-buying and resulting low interest rates have driven this year's stock rally, which lifted indexes to their highest levels since before the 2008 financial crisis. The Dow is now just 164 points below its record close of 14,164 reached in October 2007.

U.S. stocks followed European stocks higher after a survey of German business optimism rose sharply, adding to evidence that the country will avoid a recession. Germany's economic vitality is crucial for the beleaguered region, offsetting economic contraction in surrounding countries.

“Germany is really the bedrock,” Stone said. “If it gives way, then you have real problems.”

France's CAC-40 closed up 2.2 percent, Germany's DAX 1 percent.

Among other stocks moving on corporate news:

— Abercrombie & Fitch sank after a key sales metric declined in the all-important holiday quarter. The stock fell $2.19, or 4.5 percent, to $46.86.

— WebMD Health Corp. soared after the health website operator reported better-than-expected revenue and an optimistic outlook for 2013. The stock rose $4.14, or 25.4 percent, to $20.44.

— Texas Instruments Inc. rose strongly after saying it will increase its dividend by one-third and buy back up to $5 billion more of its own stock. TI gained $1.70, or 5.2 percent, to $34.18.

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Google in talks with Warby Parker for its glasses [video chat]

































































News of the Warby Parker relationship to Glass comes a day after Google opened a competition to select the first people who can buy the smart-glasses. Users can apply over Twitter or Google+ with a 50-words-or-less essay explaining what they would do with Glass.


Join us for a live video chat at 1 p.m.


Google will select about 8,000 winners, who must then fly to either Los Angeles, San Francisco or New York to pay $1,500 plus taxes and pick up their devices.


Besides Google's relationship with Warby Parker, the New York Times reports that although Glass frames don't come with lenses, Google is trying out adding sunglasses or prescription lenses to some units.


The New York Times report also says Glass frames weigh less than a typical pair of sunglasses, despite earlier versions of the device weighing eight pounds just 18 months ago.


Google declined to comment.


Join us for a live video chat at 1 p.m. on wearable technology. Google and other companies are working on augmented-reality eyeglasses, talking wristwatches and coats that adjust to the weather. Click here to read today's story on wearable tech.


ALSO:


Apple stock falls following Foxconn hiring freeze


Pinterest secures $200 million, pushing value to $2.5 billion


Google developing touch-screen Chrome OS laptops, report says






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Japan traces Boeing 787 problem to improper wiring, report says









Japan’s investigation into a burning lithium-ion battery aboard a Boeing 787 Dreamliner flight found it was improperly wired, according to an Associated Press report.


The country’s Transport Safety Board had been looking into the circumstances that led the All Nippon Airways flight to make an emergency landing in southwestern Japan.


All 137 passengers and crew were evacuated from the aircraft and slid down the Dreamliner's emergency slides. Video of the event captured by a passenger has been viewed worldwide.





According to the AP, the Transport Safety Board’s report said “the battery of the aircraft's auxiliary power unit was incorrectly connected to the main battery that overheated, although a protective valve would have prevented power from the APU from doing damage.”


More analysis was still needed, the report said.


The announcement was the latest update of the safety investigation into the 787 after the U.S. Federal Aviation Administration grounded the aircraft Jan. 16 following two incidents within two weeks involving the batteries.


The technology was also implicated in a Jan. 6 fire aboard a parked 787 in Boston operated by Japan Airlines. The National Transportation Safety Board is still probing the root cause of the event, but said this month that investigators had found a short circuit in one of the aircraft’s batteries.


Boeing has delivered 50 787s to eight airlines worldwide. Six of the planes are owned by United Airlines -- the only U.S. carrier that has 787s in its fleet.


Boeing said that it is unable to comment on the Transportation Safety Board's findings, "as it is part of the investigation in Japan."


ALSO:


Airbus scraps battery plans after Boeing's 787 struggles


NASA observation satellite blasts into orbit from Vandenberg


Boeing 787 Dreamliner fire traced to battery cell, but questions remain





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CalPERS to sell all its stock in two gun manufacturers









SACRAMENTO -- The nation's biggest public pension fund is taking a stand against gun violence by voting to sell all its investments in two firearms manufacturers: Smith & Wesson Holding Corp. and Sturm, Ruger & Co.


On Tuesday, the Investment Committee of the California Public Employees' retirement System voted to sell about $5 million worth of the gun makers' stock and other securities. The full CalPERS board, which has the same 13 members as the Investment Committee, is expected to ratify the vote on Wednesday.


Some of the two companies' products -- particularly assault weapons and cheap handguns, known as Saturday night specials -- are illegal in California.





They "present a significant danger to the health, safety and lives of California residents, including our members, no matter where such weapons are sold or trafficked in the United States," read the motion approved by the CalPERS board's Investment Committee in a 9 to 3 vote.


Representatives of Smith & Wesson and Sturm, Ruger did not respond to requests for comment on the CalPERS vote.


Sale of the stock should not affect the financial health of CalPERS' $254-billion investment portfolio, staff said in a report to the board.


The move to divest gun securities was the second by a California public pension fund since the December massacre of 20 Sandy Hook Elementary School children and six adults in Newtown, Conn. Last month, the $154-billion California State Teachers' Retirement System, the country's second largest government retirement plan, took a similar action.


CalSTRS and CalPERS took up the divestment issue at the request of state Treasurer Bill Lockyer, a member of both boards. Lockyer called the vote "largely symbolic" but stressed that it's an important way to spur incremental change.


"We're limited by the constraints of our responsibility and the rules that CalPERS has," said Lockyer. "There's only one way that we speak and that's with money.


Board members Dan Dunmoyer, Richard Costigan and Bill Slayton, who opposed the move, questioned the wisdom of sellling stock in companies for nonfinancial reasons. "The premise we are taking is one that is fraught with tremendous peril," said Dunmoyer, an insurance company executive.


The divestment actions by the two California pension funds are expected to encourage other large government employee pensions to sell their gun securities. Funds in Chicago, New York state, New York City, Connecticut, Rhode Island and Massachusetts have publicly said they are exploring such divestments.


The California funds have a long history of using divestment as a tool for social and political change. Their decision to sell investments in companies operating in South Africa played a role in ending the white supremacist regime and its apartheid policy of separating the races.


ALSO:


Taking aim at the gun industry


Mayor wants Chicago to end gun maker investments


Cerberus to sell Freedom Group, maker of gun used in Newtown massacre





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Chinese car companies likely Fisker Automotive investment partners









Fisker Automotive Inc. has what it is calling “detailed proposals” from several investment partners that could save the maker of expensive hybrid sports cars.


The Anaheim company behind the $110,000 Karma plug-in hybrid sports car has previously said it needs about $500 million to launch a second, less expensive model, which would be made at a factory in Wilmington, Del.


Fisker ran into a cash crunch after the federal government froze a Department of Energy loan to the company and its battery maker went bankrupt.





“We can only confirm that the company has received detailed proposals from multiple parties in different continents," the company said in a statement, "which are now being evaluated by the Company and its advisors.”


A deal could be reached in March.


Previously reported potential partners include Geely Auto, the Chinese company that owns Volvo, and Wanxiang Group, another Chinese company, which recently purchased battery maker A123 Systems out of bankruptcy. A123 builds the lithium-ion battery that goes into Fisker’s cars.


Fisker also is in talks with Wanxiang to start purchasing batteries again. But for now, production of the Karma, which is built in Finland, has been halted until the automaker secures a battery supply. The company had built up an inventory of cars prior to A123’s bankruptcy and there are cars still for sale at dealerships in the U.S. and Europe.


The automaker is looking for funds to restart work on the Atlantic, a $55,000, four-door rechargeable sports sedan that Fisker sees as a higher-volume model that would have a broader market.


Work on the Atlantic came to a halt last year when the federal government suspended a $529-million loan after delays in the introduction of the Karma. Fisker had drawn down about $192 million of the loan.


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A secret agent reveals her secrets of success









The prospect of a business book written by a former CIA officer fills one with dread at the inevitable 007 anecdotes and labored corporate parallels.

But "Work Like a Spy: Business Tips From a Former CIA Officer," published by Portfolio, turns out to be rather different. There are no gadgets, few cloaks and fewer daggers: Instead it is a bracingly realistic book about people at work. It is short. It is sharp. Better still, it is sensible.

It is also about spying, though only enough to lend a sprinkle of glamour and danger. The book jacket photo shows author J.C. Carleson, an undercover agent for eight years, looking like a real-life Carrie from "Homeland" — without the blond hair and the bipolar disorder.








Yet her stories from the field are as much blunder as conspiracy. The book opens with the heroine as a young case officer in an armed convoy in Iraq. It is 2003 and she is going to inspect a plant that the U.S. is convinced makes biological weapons. They disarm the guards and terrify everyone — only to discover it is a salt factory.

"Salt. (Insert your own expletive of choice here.) Salt!" she writes.

Carleson assures us that not all CIA work is suitable for general adoption: The threatening, lying, trapping, cheating, misleading and detaining that go with the territory should not be tried in the office.

But the spy can teach the general manager about human nature. Spies are simply better at observing people because they have spent more time practicing and because the stakes are too high to screw it up.

By comparison, the rest of us are pretty hopeless, only we don't know it. Reluctantly, I have started to reappraise my own view of myself as a brilliant judge of character and admit that such a belief is a liability.

I've just tried the following exercise: Pick a stranger and try to guess their education, profession, religion, income bracket, marital status and hobbies. Disaster: I was wrong on every score.

Because we cling to this idea that our gut instincts are reliable, we make a lot of avoidable mistakes. We make bad hiring decisions. We talk vaguely about wanting passion and creativity rather than setting to work corroborating resumes and seeking out references. Employers should make a short, precise list of the traits a job requires and hire to fill it. It is all obvious. Yet it takes a spy to point it out.

Less obvious but no less valuable is her tip for job candidates: Get the interviewer to do most of the talking and then hang on their every word. Since hardly anyone can resist talking about themselves to a rapt audience, a job offer is almost bound to follow.

To the public speaker and the salesman, Carleson has further good advice: Never rely on a script and never learn what you are going to say by heart. When you do this you use a different tone of voice, go on to autopilot and all trust is lost in an instant. Carleson is right. I have done this, but never again.

I also liked the observation about newly minted CIA officers (for which read new Harvard MBAs and so on) who emerge from the yearlong training process all swagger and irritating charm. This doesn't wash in the agency, any more than it does elsewhere. More seasoned colleagues slap them down. "Don't try to case officer me," they say.

Not everything from the book can be copied. The CIA keeps its best staff by doing sensible things such as moving people around, giving them interesting work and letting lone wolves be lone wolves.

Yet the perks of being an undercover agent also involve wearing disguises, learning how to crash cars and jump out of aircraft — all of which are big pluses, but not terribly transferable.

The main lesson from "Work Like a Spy" is that we are much more likely to get what we want if we watch other people carefully. It helps to identify the other person's weaknesses, and for this there are some common denominators: "… ego, money, ego, ego … ego, ego, ego."

Lucy Kellaway is a columnist for the Financial Times of London, in which this review first appeared.





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Taking aim at the gun industry








We've all heard the saw about California being hostile to industry. Here's an industry that indisputably has grounds for complaint: the gun industry.


Finally, the Legislature is getting something right.


According to many experts, California's firearms regulations are the toughest in the nation. (New York's recently enacted rules may be tougher, but they're still being rolled out.) California may soon get even tougher: a slate of proposals outlined this month by legislative leaders in Sacramento would add new regulations and close a few loopholes in the old.






"There's a lot for folks here to be proud of," Ben Van Houten, managing attorney at the San Francisco-based Law Center to Prevent Gun Violence, told me. "But there's still a lot of work to do. Federal law is astonishingly weak, so it's incumbent on the states to do as much as they can."


Taken together, the state's firearms laws are a model for regulating sales and possession of a dangerous product without banning it entirely — or even necessarily cutting much into the commercial market. More than 600,000 handguns, rifles and shotguns were sold in California in 2011, the latest year for which statistics are available from the attorney general's office. All required background checks, which resulted in denials of fewer than 1% of applications. California remains one of the nation's major gun markets — only Texas and Kentucky (go figure) generated more background checks last year, according to FBI figures.


This dynamic places California in a familiar position, as a bellwether on social and economic change. On issues such as auto emissions, greenhouse gases and tax policy, California has led the country across a Rubicon. Will gun safety be the next frontier?


Consider the most important statistic related to California's gun laws. In 1981, before the most stringent rules were adopted, California's rate of 16.5 firearms-related deaths per 100,000 population was 31st worst in the nation and higher than the national average; by 2000, a decade after the laws started getting tightened, the state ranked 20th, with a rate of 9.18, below the national average. In 2010, the latest year for which the Centers for Disease Control and Prevention offers figures, the state ranked ninth, with a rate of only 7.9.


And this is a big, diverse state with not inconsiderable pockets of gang lawlessness and drug abuse, and sizable populations of hunters, target shooters and other gun fanciers. Many factors may have contributed to the downward trend in firearm deaths since 1990, but the numbers strongly indicate that regulation works.


California's hostility to guns is focused mainly on assault weapons, which are outlawed — all others are legal, but regulated. The assault weapons ban is being extended to the makers of these dangerous products. The state's two largest public pension funds have reviewed their holdings of those manufacturers at the urging of state Treasurer Bill Lockyer, who argues that the funds shouldn't be investing in companies that make guns that can't be legally sold in the state.


The California State Teachers' Retirement System, or CalSTRS, voted in January to sell its holdings in three gun makers — Smith & Wesson and Sturm-Ruger, which are publicly traded companies, and Freedom Group. The latter landed in the CalSTRS portfolio through its investment in Cerberus Capital Management, a private equity firm that owns the gun maker, which made the assault rifle used in the Newtown school massacre in December. Soon after the massacre, Cerberus said it would put Freedom up for sale.


The board of the California Public Employees' Retirement System, or CalPERS, may vote on divestment of its holdings in Smith & Wesson and Sturm-Ruger as early as this week. (CalPERS doesn't own an interest in Freedom.) Lockyer, who sits on the boards of both pension funds, acknowledged that the divestment would be "largely symbolic" — the gun investments are negligible portions of both portfolios. But he's correct that it's important to make a statement that there are investments public agencies devoted to the health and welfare of their beneficiaries shouldn't be making.


It's even more important in this case, since CalPERS and CalSTRS are the two largest state pension funds in the country.


California's history with gun regulation is instructive for the nation. This is the state where the National Rifle Assn. tested its anti-regulation tactics before taking them on the road.


That happened in 1982, when a freeze on handgun sales appeared on the November ballot as Proposition 15. Aware that passage might spread the idea of a freeze on handguns nationwide, the NRA loaded up.


The organization provided roughly half of the $5.8 million spent to defeat the measure (a near record for an initiative campaign at the time), with gun manufacturers accounting for the rest. A key television ad depicted an elderly woman cowering in bed as a faceless interloper turns her doorknob and her 911 call returns a busy signal.


This was a mild foretaste of the organization's modern paranoid approach, which involves portraying daily life as a gantlet to be run dodging bloodthirsty Latin American drug gangs, looters, kidnappers, rioters and terrorists, as paranoia poster child Wayne LaPierre of the NRA wrote in an essay last week.


"When people realized Proposition 15 would affect their capacity to protect themselves," relates Rick Manning, who helped manage the campaign as an NRA consultant, "it was overwhelmingly rejected."


It didn't hurt that the NRA staged an aggressive voter registration drive among gun owners and supporters. The measure lost by a 2-1 margin, an outcome that is widely thought to have helped bring about Los Angeles Mayor Thomas Bradley's narrow loss in his race for governor against George Deukmejian.


That was the low-water mark for gun regulation in the state. In 1989 and 1990, however, state regulations got much tighter. The inspiration was a precursor to the Newtown massacre — the murder of five children and wounding of 29 others in a Stockton schoolyard by a deranged gunman who reloaded his assault rifle twice in the course of firing 105 rounds.


The post-Stockton era yielded an assault weapons ban. The state also extended to hunting rifles and shotguns its waiting period in effect for handguns; the wait is currently 10 days. At the time, an NRA lobbyist scoffed that "people don't follow California in any knee-jerk reaction." But the state's assault weapon ban became the model for the federal ban sponsored by Sen. Dianne Feinstein (D-Calif.) in 1994. The federal measure expired in 2004, and a renewal may be on the table as Congress ponders new regulations in the wake of Newtown.


Today, California law requires that almost all transfers of firearms, including private deals and gun show sales, be made through a licensed dealer and completed after a waiting period. High-capacity magazines are illegal except for those owned before 2000. There's a long list of people prohibited to possess firearms, including felons and people judged to be a danger to themselves or others.


The new proposals include measures to close a loophole in the ban on assault weapons and high-capacity magazines, and to require a background check and a permit to buy ammunition. The package reflects the cat-and-mouse game that unfolds any time an entrenched industry confronts a new regulatory paradigm.


"The gun industry has been very adept at finding loopholes to our existing laws," says Darrell Steinberg, the state Senate president pro tem, who will be spearheading the legislative effort in his chamber. He says the assumption that the bills will pass easily is misplaced: "It's not going to be easy or simple. There's going to be huge pushback certainly from the industry and a very vocal minority that doesn't believe in any law to reduce gun violence."


Indeed, gun-rights advocates sound as if they're already girding for a court fight. "It's just a matter of time before a California case gets out of the 9th Circuit," says Manning, referring to the liberal-leaning federal appellate court with jurisdiction over California. In the Supreme Court, which appeared to strengthen individual gun-possession rights with decisions in 2008 and 2010, "these laws will have some real problems."


It's true that the new proposals won't eradicate gun violence in California, any more than the post-1989 reforms eradicated school shootings in the state. The biggest loophole in California regulations can't be closed by the state — it's the porous regulations in nearby states such as Arizona that leach across the border.


But until and unless federal reforms close that gap, we're on our own.


Michael Hiltzik's column appears Sundays and Wednesdays. Reach him at mhiltzik@latimes.com, read past columns at latimes.com/hiltzik, check out facebook.com/hiltzik and follow @latimeshiltzik on Twitter.






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At G-20 meeting, officials seek to quell talk of 'currency war'









WASHINGTON -- Top finance officials and central bankers representing the Group of 20 largest economies are gathering in Moscow, and one of their chief concerns this weekend is how to defuse a brewing currency war, or at least the increasing talk of one.


Since Japan’s Shinzo Abe government began jawboning last fall about the yen being too expensive and pressuring its central bank to pursue more stimulative monetary policy, the Japanese currency has fallen sharply against the dollar and some other major currencies. That has triggered a fresh round of debate about currency manipulation and competitive devaluation. A cheaper currency tends to help a country’s exporters sell their goods abroad.


For years the U.S. and some other developed nations complained about China's currency policy. Beijing tightly controls the yuan, whereas the yen, dollar and euro are traded freely in international markets. More recently, though, the tables have turned somewhat at the G-20, made up of the largest developed and developing countries in the world.





As the Federal Reserve and some other central banks of struggling advanced economies have pumped more money into their financial systems, the result has been a weakening of their currencies. That hasn’t sat well with countries such as Brazil seeing jumps in their currencies' values and inflationary pressures from cheaper imported goods.


Fed Chairman Ben S. Bernanke, in brief remarks at a meeting Friday in Moscow, didn’t wade into the currency debate. But his comments made clear he sees a difference between a deliberate attempt to weaken one’s currency and a byproduct of actions taken to help one’s domestic economy. The Fed is now engaged in its third round of major asset purchases, buying $85 billion worth of Treasury and mortgage-backed securities a month, in addition to keeping short-term rates near zero.


“With unemployment at almost 8%, we are still far from the fully healthy and vibrant conditions that we would like to see,” Bernanke said, according to Bloomberg News. “The United States is using domestic policy tools to advance domestic objectives.” The Fed chief added: “We believe that by strengthening the U.S. economy we are helping to strengthen the global economy as well.”


At the G-20 meeting this weekend, top finance officials are expected to issue a joint statement addressing currency policies as well as concerns about excessive tightening of fiscal budgets.


“G-20 members will have to bring their exchange rate frameworks into alignment so that we grow together and avoid a downward spiral or beggar-thy-neighbor policies," said Lael Brainard, the Treasury Department’s undersecretary for international affairs.


Analysts, though, doubted that the G-20 could come up with rules that have teeth. More likely, they said, the statement will probably affirm that monetary policy should be aimed at domestic economic growth and inflation considerations, not targeted at exchange rates.


“Everybody is in one way or another complicit in this,” said Guy de Jonquieres, a senior fellow at the European Center for International Political Economy, referring to sovereign nations undertaking monetary policies to support their domestic economies and interests. “What I don’t see happening here is a real attempt to coordinate policy here.”


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Carnival cancels more cruises, estimates loss from Triumph mishap




























































































Tugboats are towing the Carnival Triumph cruise ship to Mobile, Ala. Passengers were reporting long lines and miserable conditions.
































































The engine fire that disabled a Carnival cruise ship in the Gulf of Mexico will certainly cost the cruise line money but it is unclear if it will tarnish its reputation in the long run.


The fire broke out Sunday, leaving the Carnival Triumph without propulsion and power for some bathrooms, elevators and kitchens. The ship, carrying more than 3,000 passengers and 1,000 crew members, is being towed by three tug boats to Mobile, Ala.


Carnival has announced it will reimburse passengers for the cruise fare, transportation costs and other expenses and has also canceled 14 future sailings of the Triumph through April.



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  • Ships of doom: Some of history's worst shipwrecks





    Photos: Ships of doom: Some of history's worst shipwrecks






































  • TSA finds weapons in the strangest places





    Photos: TSA finds weapons in the strangest places






































  • The fastest roller coaster and other record-setting thrill rides





    Photos: The fastest roller coaster and other record-setting thrill rides


















  • Carnival Corp., the parent company of Carnival Cruise Lines, estimated Wednesday that the cancellations and Triumph's repair costs will result in an $0.08 to $0.10 earnings per share drop in the first half of the year.


    Carnival Corp.'s shares are already taking a hit.


    CCL Chart


    The incident is only the latest mishap for Carnival in the past few years. In 2010, an engine fire also cut power to the Carnival Splendor during a cruise to the Mexican Riviera.


    Carnival Corp. is also the parent company of an Italian cruise line that operated the Costa Concordia, which wrecked in the Italian coast last year, drowning 32 passengers and crew.


    On the Carnival Triumph, passengers who have contacted family and friends via emails and texts say they were standing in long lines for food and to use toilets. Some slept on the deck to get relief from the heat in the cabins. Others used plastic bags when bathrooms were disabled.


    On social media, reaction on the Carnival Triumph news was mixed.



    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    Stewart Chiron, a cruise expert who writes for the cruiseguy.com website, said he doesn't expect the latest incident to hurt Carnival's reputation or future cruise sales.


    "It's a crummy situation but I personally think Carnival is doing a good job handling it,” he said.


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    Read More..

    California tomato farmer gets 6 years in prison for price-fixing









    A man who built one of California’s most successful tomato-farming companies was sentenced to six years in prison for scheming to inflate tomato prices and deceiving consumers about his products' quality.


    Frederick Scott Salyer, former owner of SK Foods, was accused of bribing buyers with companies such as Kraft Foods and Frito Lay to pay inflated prices for his tomato products, prices that were then passed along to consumers.


    He also instructed employees to write false reports about the tomatoes’ quality, lying about mold content and whether the product qualified as organic, federal prosecutors said.





    “Scott Salyer used bribery and fraud to deceive his customers about SK Foods’ products in order to maximize his profits,” said Benjamin B. Wagner, the U.S. attorney in Sacramento. “He turned his company into a machine of corruption and economic crime.”


    U.S. District Judge Lawrence K. Karlton imposed the sentence Tuesday at a hearing in Sacramento.


    Salyer, 57, pleaded guilty in March 2012 to racketeering and price-fixing charges. He had been free on $6 million bond, living under house arrest at his Pebble Beach home.


    Ten other people have been convicted of charges related to the scheme, prosecutors said.


    “This case is a prime example where public trust was breached by corporate greed,” said Herbert M. Brown, special agent in charge of the FBI’s Sacramento office.  “Salyer's business practices knowingly defrauded consumers for financial gain and he attempted to use the cloak of an agribusiness giant to insulate himself.”


    Salyer’s attorneys had asked for a sentence of no more than four years in prison, saying he had already paid dearly for his crimes.


    “Mr. Salyer has suffered in other ways. He has lost his business and his home, suffered personal financial ruin and lost all standing in the community and the business world,” defense attorney Elliot R. Peters said in a sentencing brief.


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    American-US Airways merger talks reportedly close to completion









    Merger talks between the parent company of American Airlines and US Airways continued Monday, with sources suggesting an announcement could be made later this week.


    The union of Fort Worth-based American and Phoenix-based US Airways would create the nation's largest airline, with a mainline fleet of nearly 1,000 planes.


    The boards of the two airlines are expected to meet in the next few days to vote on the proposed merger, sources have told Reuters News.





    According to the sources, US Airways Chief Executive Doug Parker would become CEO, while AMR Corp.' chief Tom Horton would serve as non-executive chairman of the board until next year.


    In 2011, American Airlines became the latest of several major carriers in the last decade to file for bankruptcy. US Airways, a smaller but more profitable carrier, has publicly advocated a merger with American to better compete against larger carriers such as Delta and United.


    Sources have told Reuters and other news outlets that a merger between the two is in the works, pending negotiations to appoint a new board and management. Also delaying a final decision has been a decision on how to split the value of the new carrier among creditors and shareholders of the existing airlines.


    Analysts have estimated that the two companies could generate up to $1 billion in savings and added revenue by combining forces.


    "In our view, we have held that an eventual merger between American and US Airways was in the best long-term interest of both carriers," Jeff Kauffman, an analyst at Sterne Agee, said in a report Monday.


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