Personal Finance. ゅοο°Investing Ideas

Personal Finance. one day, a ゅοο° told me a story, that's her tears come from water. because ,she live in water. Investing Ideas

Friday, February 09, 2007

Call for Makers, Bay area & Halloween projects




This year at Maker Faire, we plan to have a building full of great Halloween projects. We’d like to encourage you to submit proposals for scary, freaky and fun Halloween projects, perhaps ones that you wish more people had a chance to see more than once a year. The Maker Faire Bay Area in May will be a warm-up for Halloween prime-time October dates at Maker Faire Austin.

Pictured here, one of my favorites from our MAKE & CRAFT 2006 Halloween contest!

We’re also holding two open auditions for Maker Faire. One in LA on Sunday, February 18 at Machine Project from 1-4pm. Make and Craft editors Dale Dougherty, Mark Frauenfelder and Carla Sinclair will be there.

Our second audition is at TechShop in Menlo Park. We are doing auditions to make it easy for makers to show us their work. Make and Craft editors Dale Dougherty, David Pescovitz and Natalie Zee Drieu will be there.

You can think of these auditions as more like Dorkbot meetings. Anyone is welcome to come watch. We ask Makers to go up in front of the audience and present their project in under 10 minutes. This will be a fun, friendly and supportive event.

If you are planning to come audition, please contact Natalie at natalie@oreilly.com. Come show us what you love to make.

Mettler-Toledo Shares Hit New High

NEW YORK (AP) -- Shares of Mettler-Toledo International Inc. set a new 52-week high Friday after the scientific tools maker topped Wall Street's expectations for fourth-quarter profit.

The Switzerland-based company also raised its earnings target for 2007, as surging industrial economies in emerging markets are offsetting a slowdown in the U.S.


Mettler-Toledo, which makes instruments used to inspect products and develop drugs, on Thursday reported fourth-quarter adjusted income of $1.35 per share. Analysts polled by Thomson Financial had expected income of $1.20 per share.

Mettler-Toledo also raised its 2007 earnings-per-share forecast to $4.20 from $4.10.

Chief Executive Robert F. Spoerry said sales growth was broad-based. Sales improved in each of Mettler-Toledo's product segments: Industrial instruments, laboratory instruments and food retailing equipment.

JPMorgan analyst Tycho W. Peterson said the results were "impressive" because of the breadth of growth. Emerging markets like China, India and Russia accounted for as much as 20 percent of sales, Peterson said in a client note.

"Robust demand from Asia and Eastern Europe should more than offset any slowdown in the U.S.," Merrill Lynch analyst Jonathan Groberg wrote in a research report.

Shares of Mettler-Toledo rose $6.18, or 7.3 percent, to $90.78 in morning trading on the New York Stock Exchange, after trading as high as $93.79 earlier in the day. The stock's previous 52-week high was $85.54.

Companies Agree to Build Iowa Casino

CLINTON, Iowa (AP) -- A Des Moines company has reached a deal to buy more than 28 acres to build a land-based casino in Clinton that will be surrounded by dozens of stores and restaurants.

Wild Rose Entertainment will spend between $30 million to $32 million to build a casino-resort that will replace the current Mississippi Belle II riverboat casino, purchased by Wild Rose last year.


Wild Rose is coordinating the project with Valley Bluff Development Corp., a Clinton group that's working to bring about 40 businesses to the area surrounding the new casino. Valley Bluff purchased 117 acres northeast of the intersection of U.S. 30 and has agreed to sell 28.6 acres to Wild Rose.

Valley Bluff will continue marketing the remaining land to prospective retailers and businesses, said Dan Jefferies of Howes & Jefferies, the secretary for Valley Bluff.

"We want to continue to create these opportunities to develop Clinton as the destination city of eastern Iowa," Jefferies said.

Construction will begin as the weather warms up enough to allow dirt to be moved, Jefferies said.

"They're just itching to get going, but the weather isn't being very cooperative," Jefferies said.

The new casino will feature 650 slot machines, 20 table games, two restaurants, a 60-room hotel and a conference center.

Clinton Mayor LaMetta Wynn said closing the riverboat casino will free up space on Clinton's riverfront for possible future development.

Wild Rose purchased the riverboat casino in June for $46.3 million from the Mississippi Belle II Employee Ownership Group and the Robert Kehl family.

Jim Krambeck, executive vice president for Wild Rose Entertainment, said the land-based casino will help the company compete better with other casinos in the region.

Plans for the new casino have been in the works for a couple years, beginning with the casino's former owners, with various sites under consideration in that time from the north end of Clinton to other sites in the west.

Hasbro 4Q Earnings Up 15 Pct. to $108.3M

PROVIDENCE, R.I. (AP) -- Hasbro Inc., the nation's second-largest toy maker, said Friday its fourth-quarter profit climbed 15 percent on growth in core brands such as Star Wars, Playskool and Littlest Pet Shop.


Net income rose to $108.3 million, or 62 cents per share, for the three months that ended Dec. 31 versus $94.3 million, or 48 cents per share, a year ago.

Excluding a 12-cent per share adjustment related to a licensing deal with movie director George Lucas, earnings for the current quarter totaled 74 cents per share.

Analysts polled by Thomson Financial were looking for net income of 67 cents per share. Those estimates typically exclude one-time items.

Revenue rose 5 percent to $1.12 billion from $1.07 billion, topping Wall Street's estimate of $1.1 billion.

Star Wars sales climbed 4.1 percent in the quarter. Although 2006 Star Wars sales fell to $284.9 million, a drop of $209 million from the previous year, it was still the top boys' property in the industry for the second year in a row, Chief Executive Al Verrecchia said.

Looking ahead, Verrecchia said he expected Star Wars to continue to be a strong performer with Lucas planning a video release for this year's 30th anniversary, a Star Wars animated TV show next year and a live-action Star Wars TV show in 2009.

"He and his studio have a lot going on over the next several years to support the franchise," Verrecchia said.

The girls' business was up 21 percent for the year, with strong performance by the Littlest Pet Shop and Furreal Friends, a line of lifelike animatronic animals.

The preschool business was up 21 percent for the year, on strong sales of Playskool and Play-doh. Verrecchia said he expects the business to continue to do well.

"If you take a look at birth rates, it's very favorable going forward," Verrecchia said.

Shares of Hasbro were down 44 cents, or 1.51 percent, to $28.68 in mid-morning trading on the New York Stock Exchange.

Hasbro, based in Pawtucket, is second to Mattel Inc. in the U.S. toy business.

http://www.hasbro.com

State to Buy Railroad in Washington

OLYMPIA, Wash. (AP) -- The state has agreed to buy the third branch of the Palouse River and Coulee City Railroad, an important transportation link for farmers and businesses in eastern Washington, the governor's office announced.


The line runs from Coulee City to Cheney and Spokane. The purchase price is about $5.6 million, said Mark Blazer, senior vice president for the western region of Watco Companies Inc., the company that owns the line.

The state had purchased two other branches of the railroad in 2004 for $6.5 million; one that runs from Marshall to Pullman and another from Hooper to Thornton.

The freight rail system, covering more than 300 miles, is the second largest in the state and provides rail service to several companies and farms in the eastern and central sections of the state.

"Washington, for the first time, will become the owner of a critical operating rail system that supports a large portion of our agricultural community," Gov. Chris Gregoire said in a news release Thursday.

The railroad warned state officials in 2001 that it would have to abandon "significant sections" of its network by 2006 because it wasn't making enough money to cover maintenance costs on tracks dating back to the 1890s, plus the debt from purchasing the lines in the mid-1990s.

Businesses and farmers were concerned the loss of the railroad would spell trouble for the area, because costs to ship their products by truck were much more expensive than shipping by railroad.

"Although recent years have been challenging, the Palouse River and Coulee City Railroad has been an integral part of Eastern Washington rail since 1992," Blazer said in the release.

"We remain encouraged that the agreement we have reached is a mature approach to continued rail service in Eastern Washington."

The state Department of Transportation and Watco had negotiated for two years regarding acquisition of the third branch, the release said.

Watco will continue to operate all three branches until May 31. Operation of two of the lines, including the one announced Thursday, will be put out to bid, said Scott Witt of DOT. The line that runs from Hooper to Thornton will continue to be run by Watco.

Kosan Biosciences Offers 7M Shares

HAYWARD, Calif. (AP) -- Biotechnology company Kosan Biosciences Inc. on Friday said it will sell roughly 7 million shares of its common stock at $6.50 per share in a direct offering to institutional investors.

Excluding placement agent fees and other expenses, the company expects to get roughly $45.5 million in proceeds.

The $6.50 per share offering represents a 6.5 percent discount over Thursday's closing price of Kosan's stock at $6.95.

The deal is expected to close on Feb. 13.

Cowen and Co. LLC is acting as the lead placement agent for the offering. Leerink Swann & Co. and Rodman & Renshaw LLC are co-placement agents.

Shares of Kosan dropped 42 cents, or 6 percent, to $6.53 in morning trading.

Suzlon Energy Makes Offer to Buy REpower

BERLIN (AP) -- India's Suzlon Energy Ltd. said Friday it is making an offer to buy REpower Systems AG in a deal that values the German wind energy business at euro1.02 billion (US$1.3 billion).

The offer is for euro126 (US$163.9) per REpower share, a premium of 76 percent over the average share price in the past three months, Suzlon said in a statement.


Suzlon's offer tops that made by France's Areva Group earlier this week. Areva offered to buy REpower for euro105 (US$136) a share, valuing the company at about euro850 million (US$1.1 billion).

Suzlon is making the offer for REpower in combination with Martifer, the German company's second-largest shareholder. Suzlon will provide 75 percent of the capital for the acquisition and Martifer the rest.

"A combination of Suzlon and REpower would be uniquely positioned to establish sustainable global market leadership in the wind energy industry," said Tulsi Tanti, chairman of Suzlon Energy.

REpower shares surged 27 percent to euro143.43 (US$186.7) in Frankfurt.

U.S., S.Korea to Hold 7th Round of Talks

SEOUL, South Korea (AP) -- South Korean and U.S. free trade negotiators will sit down for a seventh time next week in Washington, with Seoul hoping a strategy of linking contentious issues together will yield a breakthrough.


South Korea and the United States in June launched talks aimed at slashing tariffs and other trade barriers, but differences in key sectors have slowed progress with time running out.

Negotiators will meet from Sunday through Wednesday in Washington, the scheduling dictated by South Korea's upcoming lunar new year celebrations beginning late next week.

South Korea "will push to strike deals on key issues in each sector by linking them with each other," Trade Minister Kim Hyun-chong said in a report submitted to the National Assembly on Thursday.

He specified areas important for his country, such as gaining concessions on U.S. trade remedies, as well as those key for the United States, such as automobiles and pharmaceuticals.

Kim's report appears to suggest that dealing with the toughest issues together rather than individually -- or a kind of "package deal" in the words of South Korea's Yonhap news agency -- may facilitate the compromise needed to achieve progress.

At the conclusion of the sixth round in Seoul last month, Kim Jong-hoon, South Korea's chief negotiator, cited "no progress" in those areas, including his side's push for the U.S. to lessen the chance of antidumping tariffs being levied against South Korean products.

Assistant U.S. Trade Representative Wendy Cutler, Kim's counterpart, cautioned against undue pessimism, saying that breakthroughs usually come at the very end of the negotiating process.

A deal, if successful, would be the biggest for Washington since the North American Free Trade Agreement of 1993.

But time is running out if the two sides are to take advantage of special executive powers seen making an agreement's eventual ratification easier for the United States. U.S. President George W. Bush's Trade Promotion Authority -- meaning he can submit a deal to Congress for a straight yes-no vote with no amendments -- expires on July 1.

But various administrative and legal requirements mean an agreement needs to be wrapped up 90 days before that for the so-called "fast track" powers to apply.

Any deal will need to be approved by lawmakers in both countries, though votes may not come for months.

The two governments say a deal will add to the US$72 billion (euro55 billion) a year in trade the countries already do and boost economic growth.

But concerns that free trade could cost jobs and threaten livelihoods have been raised in both countries, especially South Korea.

"All TPA FTAs do not respect international standards on labor, the environment, health and public safety," said Joo Je-jun, general secretary of the Korean Alliance Against KorUS FTA, which groups 300 organizations opposing a deal.

About 20 South Korean's from Joo's organization plan to go to Washington to protest the talks with supporters in the United States and hold a briefing for lawmakers and Congressional staff members.

A cloud hanging over the talks, however, is a spat between the two countries over trade in U.S. beef, suspended for almost three years after mad cow disease was found in the United States in 2003.

South Korea agreed last year to resume imports of boneless beef, but the first three shipments that arrived were turned away because bone fragments were found.

Talks on the issue this week failed to bridge gaps, South Korea's Agriculture and Forestry Ministry said in a statement Friday.

USTR's Cutler said last month cautioned South Korea that there will be no free trade deal unless the country fully reopens its market to U.S. beef.

South Korea was the third-largest market for U.S. beef before the 2003 ban.

Associated Press Writer Kwang-tae Kim contributed to this report.

Applix Issues 2007 Earnings Guidance

WESTBOROUGH, Mass. (AP) -- Applix Inc., provider of business management software, said Thursday that full-year 2007 earnings are likely to come in below its 2006 results.

The company anticipates 2007 profit of 31 cents to 38 cents per share, based on about 18 million shares outstanding and a higher estimated effective tax rate of 40 percent. The company currently had about 17 million shares outstanding on Dec. 31.


Adjusted earnings are seen between 46 cents and 53 cents per share.

Analysts surveyed by Thomson Financial estimate earnings of 51 cents per share.

Full-year 2006 net income rose 43 percent to $9.5 million, or 56 cents per share, versus $6.7 million, or 41 cents per share, in the previous year.

Adjusted earnings were $9.1 million, or 54 cents per share, compared with $6.9 million, or 42 cents per share, in 2005.

Revenue for the year surged 41 percent to $52.2 million from $37 million.

Applix gained $1.87, or 17.2 percent, at $12.72 in morning trading on the Nasdaq stock market. The stock hit a new 52-week high of $13.50 earlier in the session.

Alcatel-Lucent to Slash Jobs on 4Q Loss

PARIS (AP) -- Alcatel-Lucent SA said Friday it plans to cut another 3,500 jobs after it swung to a loss in the fourth quarter -- the first for which the newly merged telecom equipment maker reported combined earnings.


The Paris-based company posted a euro618 million (US$803 million) net loss for the October-December period compared with a euro381 million profit in the year-earlier quarter, when calculated as if Alcatel's Nov. 30 acquisition of Lucent had already taken place.

Revenue slumped 15.8 percent to euro4.42 billion (US$5.74 billion) from euro5.25 billion amid tougher-than-expected market conditions -- particularly in North America -- and merger-related uncertainty among customers. Operating income came in at euro21 million (US$27 million), compared with euro566 million a year earlier.

Moving to curb the slide, Alcatel-Lucent said it now plans to shed a total of 12,500 jobs, or 16 percent of its work force, over the next three years, instead of the 9,000 originally announced. It gave no details of where the cuts would be made.

"These are difficult but necessary decisions, and we will manage these reductions with care," Chief Executive Patricia Russo said in the company's statement.

The planned job losses fall short of the 15,000-20,000 suggested by a French media report earlier this week. Nevertheless, Alcatel-Lucent's French unions said they were maintaining their earlier call for a one-day strike on Feb. 15.

"The number of job cuts announced today does not change our plans for a strike," said Jean-Baptiste Triquet, spokesman for the center-left CFDT union.

The company is expected to give more details of the cuts in meetings with workers' representatives over the two days preceding the planned strike in France.

The job losses and other new cost-cutting measures will increase total merger-related synergies to euro1.7 billion (US$2.2 billion) from the previously forecast euro1.4 billion (US$1.8 billion), Russo said -- with euro600 million (US$780 million) to be realized this year.

Shares of Alcatel-Lucent rose as much as 4.2 percent but fell back to euro10.26 (US$13.33), 1.1 percent above Thursday's closing price.

The stock had plunged 8.5 percent Jan. 23, after Alcatel-Lucent flagged the quarterly revenue slide and warned that operating profit for the period was "approximately at break-even."

Russo said in the statement and a subsequent conference call that the "clearly disappointing" results reflected tougher price competition and a spending slowdown among merging telecommunications operators, compounded by "uncertainty for both our customers and our people" in the short term.

Consolidation among customers was presented by France's Alcatel and New Jersey-based Lucent Technologies as a driving force behind their merger plan, unveiled last April. The euro8.8 billion (US$11.4 billion) combination was seen as creating the critical mass to compete with the likes of China's Huawei Technologies Co. and Ericsson AB of Sweden.

Sales are likely to fall further in the first quarter, Russo warned Friday, but full-year 2007 revenue is seen increasing in step with the market. "We have now finalized Alcatel-Lucent's product portfolio," the former Lucent chief added.

Some analysts voiced doubts about whether Alcatel-Lucent could keep its pledge to halt the slide in its market share in 2007.

"We believe this will be difficult, as the company will be focused on cutting costs rather than growing share," said Richard Windsor of Nomura, who maintained his neutral rating on the stock.

Alcatel-Lucent said full-year 2006 net profit fell by more than two-thirds to euro522 million (US$678 million) from euro1.67 billion, as revenue edged down 1.7 percent to euro18.3 billion (US$23.7 billion). The company also said it planned to pay a dividend of 16 euro cents (21 dollar cents) per share.

Dow Jones Newswires correspondent Daniel Thomas in London contributed to this report.

Double-Take Sees Revenue Weakest in 1Q

SOUTHBOROUGH, Mass. (AP) -- Double-Take Software Inc., a provider of data replication and storage software, on Friday predicted first-quarter and full year profit above analyst estimates.

The guidance, however, came with the caveat that software revenue is seasonally lowest in the first quarter and strongest in the fourth.

Double-Take expect first-quarter earnings to be between 9 cents and 10 cents per share on revenue of $17 million to $17.5 million.

Analysts polled by Thomson Financial see earnings of 8 cents on revenue of $16.4 million.

For the year, Double-Take predicts earnings between 52 cents and 58 cents on revenue between $78 million and $80 million.

Analysts polled by Thomson Financial expect earnings of 46 cents on revenue of $77.2 million.

CTS Cuts 2006 Profit Outlook

ELKHART, Ind. (AP) -- Shares of CTS Corp. dropped Friday after the electronic parts maker lowered its 2006 adjusted earnings forecast on lower margins at one business and the effect of incorrect accounting entries.


The stock fell $1.99, or 12.5 percent, to $13.88 in morning trading on the New York Stock Exchange.

CTS said it expects a 2006 profit of 58 cents to 62 cents per share. Excluding an 8-cent per share charge related to the consolidation of its Berne, Ind. operation, the company said it now expects to post an adjusted profit of 66 cents to 70 cents per share, down from its previous estimate of 74 cents to 77 cents per share.

The company also backed its fourth-quarter and full-year revenue predictions, saying it still expects to post revenue of $173.6 million for the quarter and $655.7 million for the year.

Analysts, on average, expect revenue of $173.1 million for the fourth quarter and $655.3 million for the year, according to a poll by Thomson Financial.

In January, CTS said it would delay its fourth-quarter earnings release to finish the reconciliation of accounts related to payables and inventory at one of its manufacturing locations.

The company said Friday that it is still investigating the accounting issues, but it added that the incorrect accounting may affect multiple quarters in 2006, so its financial statements for the first three quarters of 2006 should not be relied upon.

CTS said it expects full-year 2007 sales to increase 7 percent to 10 percent over 2006 and projected a 2007 profit of 76 cents to 80 cents per share. Analysts, on average, expect a 2007 profit of 91 cents per share.

The company said expects to announce its 2006 results "as soon as practicable" after the completion of the investigation.

FirstGroup to Buy Laidlaw International

LONDON (AP) -- Britain's FirstGroup PLC is buying Greyhound bus operator Laidlaw International, which is also North America's largest school bus operator, for about $2.8 billion.

Under the deal announced Friday has agreed to pay $35.25 a share, 11 percent above Thursday's closing price for Naperville, Ill.-based Laidlaw. It will also assume about $800 million in debt in the deal.


FirstGroup is Britain's largest bus operator and already has a sizeable presence in North America.

"FirstGroup's acquisition of Laidlaw will considerably enhance FirstGroup's existing activities in North America, which themselves have grown strongly since we first invested in the U.S. in 1999," said FirstGroup Chief Executive Moir Lockhead.

FirstGroup acquired Ryder Public Transportation Services Inc. in 1999. The purchase of Laidlaw would boost its stake in the North American school bus market to 40 percent from its current level of 13 percent, the company said.

Laidlaw generates 84 percent of its revenue in the United States and 16 percent in Canada, with education services accounting for half of the total. Greyhound contributes 40 percent of the company's total revenue and public transit operations 10 percent.

"The combination of Laidlaw and FirstGroup will bring together well-known brands and ... provide a sound economic and operational base from which to continue many of the efficiency initiatives that we have under way," said Kevin Benson, president and chief executive of Laidlaw International.

FirstGroup's shares jumped 4.8 percent to 588 pence ($11.45) on the London Stock Exchange. Laidlaw International Inc. shares rose $2.85, or 9 percent, to $34.57 in morning trading on the New York Stock Exchange after rising to a 52-week high of $34.75 earlier in the session.

FirstGroup expects the deal to generate approximately $70 million in pretax savings in the first full financial year following its completion.

The company plans to fund the acquisition through a bank loan and share issuance.

Standard & Poor's Ratings Services placed FirstGroup's short-term credit ratings on watch with negative implications.

"The CreditWatch placement reflects the weak business profile of up to 50 percent of Laidlaw's operations and the increase in debt leverage required to undertake the acquisition," said S&P credit analyst Leigh Bailey. "These factors are together expected to dilute FirstGroup's existing satisfactory business profile and could also pressure credit ratios."

http://www.firstgroup.com

http://www.laidlaw.com

Letter Bomb Suspect Arrested in Britain

LONDON (AP) -- Police said Friday they have arrested a man who claimed he sent at least one of a spate of letter bombs at British companies linked to traffic enforcement.

The man was arrested Thursday after he attempted to appear on a radio call-in show, said Assistant Chief Constable Anton Setchell, the national police coordinator for domestic extremism.


The man specifically claimed to have sent a device to Vantis PLC in Wokingham, 40 miles southwest of London. Two employees suffered minor injuries in an explosion there Tuesday.

"At lunchtime yesterday a man claiming to be the Wokingham letter bomber called a national radio phone-in program. He wanted to go on air and claim responsibility and set out his reasons for doing it," Setchell told a news conference.

Instead, a British Broadcasting Corp. employee contacted police, and the 48-year-old man was arrested later in the day.

Setchell said police were investigating whether the suspect was responsible for the attacks. He said the man was being held under the Mental Health Act.

Police have said seven devices have been mailed in the past three weeks, causing minor injuries to eight people.

The three most recent attacks were on offices that have some connection to motorists.

Police said Vantis' clients include Speed Check Services, which provides traffic monitoring technology. On Wednesday, a parcel bomb exploded and injured three women at Britain's driver and vehicle licensing agency.

Two days earlier, a woman was injured by an exploding parcel at the head office of Capita Group PLC, which has a number of government contracts, including setting up and running a system to enforce the $16 congestion charge on vehicles in central London.

Corn Prices Steady, Soybean Prices Rise

WASHINGTON (AP) -- The high prices farmers are getting for their corn remain steady, and soybean prices have risen, the Agriculture Department said Friday.

There was little change from January in the monthly crop report. Vigorous demand for corn-based ethanol fuel will consume one-quarter of the nation's corn crop, and about the same share will be sold to foreign buyers, the department said.


Average corn prices remain at record levels of $3 to $3.40 a bushel, analysts said.

The forecast for soybean prices rose to $5.90 to $6.50 a bushel, the second-highest level in a decade. Last month's forecast was $5.75 to $6.45.

Wheat prices are now forecast at $4.20 to $4.30 a bushel, up 5 cents on the low end but down 15 cents on the high end from last month.

The report offered no assessment of damage to citrus and other fruits and vegetables from the cold in January. Surveys of growers are under way, and new forecasts will be released next month for crops in California, Arizona and Texas, the department said.

The cold snap, with temperatures at or below 28 degrees for more than a week in California's San Joaquin Valley, was among the worst in a quarter-century, hurting citrus as well as artichokes, avocados, broccoli, strawberries and many other vegetables.

L-3 Communications Gets NASA Deal

EDWARDS AIR FORCE BASE, Calif. (AP) -- L-3 Communications Holdings Inc. won a multimillion-dollar contract from NASA's Dryden Flight Research Center, the space agency said late Thursday.

The Waco, Texas-based L-3 Communications Integrated Systems LP will provide work on NASA's Stratospheric Observatory for Infrared Astronomy project. The SOFIA project includes a high-altitude airborne observatory with an infrared telescope that is mounted on a modified Boeing 747SP jet.

The contract is worth up to $26 million over a five-year period if all options are exercised. The company will complete work on the first part of the contract in a 23-month period through Dec. 31, 2008.

There are three one-year options that could extend the pact from Jan. 1, 2009, through Dec. 31, 2011.

Shares of L-3 Communications dropped 48 cents to $86.34 in morning trading on the New York Stock Exchange.

Ex-Defense Secretary Wants N. Korea Trip

SEOUL, South Korea (AP) -- A former U.S. defense secretary has requested a visit to an industrial complex in North Korea that is jointly run with the South, the South Korean Unification Ministry said Friday.


William Perry, who served as defense secretary under President Clinton, asked South Korea to help arrange a trip to the Kaesong industrial zone later this month.

The ministry, which handles inter-Korean affairs, said North Korea hasn't given its answer yet as to whether it will allow the trip by Perry and four other Americans.

Perry recently told a U.S. congressional committee that Washington must negotiate with North Korea with a "credible coercive element" that includes the threat of a military attack. Before North Korea test-launched several missiles in July, he suggested that the U.S. launch a pre-emptive strike against the North.

Perry said Friday at a Tokyo forum that the communist regime will not abandon its nuclear weapons program, according to Yonhap news agency.

Separately, Thomas Byrne, vice president and senior credit officer in the sovereign risk unit at Moody's Investors Service, said the sprawling complex in Kaesong indicated a "hopeful future of the two Koreas," as he toured the site earlier Friday, the ministry said.

The industrial complex, located just across the heavily fortified border between the two Koreas, is a symbol of the "establishment of peace" on the divided peninsula, Unification Minister Lee Jae-joung said during a forum on unification affairs in Seoul.

Despite U.N. sanctions imposed on North Korea over its Oct. 9 nuclear test, South Korea has largely kept intact its two major cross-border projects -- the industrial complex and a joint tourism venture at a mountain resort in the North.

The two projects have been a major source of hard currency for cash-strapped North Korea, providing it with at least $900 million since the late 1990s. The U.S. has criticized the projects, saying they funnel unmonitored money to the communist regime that could be diverted to weapons programs.

Currently, 21 South Korean companies operate factories in the zone, employing about 11,000 North Korean workers, according to the ministry.

The two Koreas are still technically at war because the 1950-53 Korean War ended in a truce, not a peace treaty. Their relations have significantly improved since a summit of their leaders in 2000.

Jaco Turns Fiscal 2Q Profit

HAUPPAUGE, N.Y. (AP) -- Electronic components distributor Jaco Electronics Inc. said Friday it swung to a fiscal 2007 second-quarter profit on higher sales.

The company earned $149,000, or 2 cents per share, compared with a loss of $7.4 million, or $1.17 per share, during the same period a year prior. Revenue rose 37 percent to $66 million from $48.1 million. Jaco's fiscal year ends June 30.

Shares of Jaco surged 71 cents, or 20.6 percent, to $4.16 on the Nasdaq in morning trading. The stock hit a 52-week high of $4.49 early in the trading session.

Double-Take Swings to 4Q Profit

SOUTHBOROUGH, Mass. (AP) -- Double-Take Software Inc., a provider of data replication and storage software, said Friday it swung to a profit in the fourth quarter, helped by higher revenue from software, maintenance and professional services.


Quarterly net income attributable to common stockholders totaled $545,000, or 7 cents a share, from a loss of $4.6 million, or $1.23 a share, during the same period a year ago.

Revenue jumped 61 percent to $19.1 million from $11.8 million in the year-ago quarter. Revenue included sales from its newly acquired distributor in Europe. The top line was also helped by a 55 percent jump in its software business to $12.2 million. Maintenance and professional services revenue grew 74 percent to $6.9 million.

Analysts polled by Thomson Financial expected earnings of 11 cents on revenue of $17.5 million.

For the year, the company had a loss attributable to common shareholders of $571,000, or 13 cents a share, from a loss of $11.8 million, or $3.11 a share, in 2005.

Full-year revenue grew 49 percent to $60.8 million from $40.7 million in 2005.

Romania Trade Deficit Widens in 2006

BUCHAREST, Romania (AP) -- Romania's trade deficit widened by over 44 percent in 2006 compared to last year to reach about euro15 billion (US$20 billion), the country's National Statistics Institute said Friday.


The increase was due to higher imports, which rose by about 25 percent to euro40.7 billion (US$53 billion). Exports increased only by 16 percent compared to 2005 to euro25.8 billion (US$33.56 billion), with the automotive sector's exports up by 50 percent and machinery exports up by 33 percent, while the textile industry's and raw materials exports dropping by five percent.

The rise in imports was due to Romanians' growing appetite for foreign cars and electronics and an appreciation in real terms of the Romanian currency, the leu, compared to the euro and the US dollar. The average salary went up 30 percent in 2006, reaching about 1200 lei euro350 (US$450) before taxes in November.

Over 60 percent of trade was carried out with European Union countries, with Germany and Italy the main trade partners.

Romania, which joined the EU in January, has seen strong economic growth since 2000 after deep recessions in the 1990s. The gross domestic product expanded by an estimated 8 percent in 2006.

Applix Shares Up on 4Q Profit Increase

WESTBOROUGH, Mass. (AP) -- Business management software provider Applix Inc. said its fourth-quarter earnings nearly tripled on a tax benefit and higher software license revenue, sending shares surging 20 percent in morning trading.


After the bell Thursday, the company said net income rose to $6 million, or 34 cents per share, from $2.5 million, or 15 cents per share, in the year-ago period. The latest period includes a tax benefit of $4.2 million, or 24 cents per share.

Excluding the tax gain, a stock-based compensation charge and other costs, adjusted earnings were $3 million, or 17 cents per share, for the current quarter, up from $2.7 million, or 16 cents per share, on the same basis last year.

The results beat Wall Street's 14-cent consensus estimate, according to analysts polled by Thomson Financial.

Quarterly revenue climbed 44 percent to $16 million versus $11.1 million in the previous year. Software license sales grew to $9.6 million from $6.6 million, and professional services and maintenance revenue rose to $6.4 million from $4.4 million.

Shares of Applix climbed $2.18, or 20 percent, to $13.07 in morning trading on the Nasdaq Stock Market, having earlier hit a new 52-week high of $13.50. The shares previously traded in a 52-week range of $6.33 and $11.85.

$25M Offered to Reduce Climate Change

LONDON (AP) -- British tycoon Sir Richard Branson on Friday announced a $25 million prize for the first scientist to come up with a way to extract greenhouse gases from the atmosphere.

The Virgin Group chairman was joined by former Vice President Al Gore and other leading environmentalists as he announced the challenge.


Branson compared it to the competition launched in 1675 to devise a method of estimating longitude accurately. It was 60 years before English clock maker John Harrison discovered an accurate method and received his prize from King George III.

"The Earth cannot wait 60 years. We need everybody capable of discovering an answer to put their minds to it today," Branson said.

Gore said the planet had a "fever" that had to be taken seriously.

"Up until now, what has not been asked seriously on a systematic basis is, is there some way that some of that extra carbon dioxide may be scavenged effectively out of the atmosphere? And no one knows the answer to that," Gore said.

In September, Branson pledged to invest $3 billion to fight global warming, saying he would commit all profits from his travel firms -- including Virgin Atlantic airline and Virgin Trains -- over the next 10 years.

As part of that pledge, he launched a new Virgin Fuels business, which is to invest up to $400 million in green energy projects in the next three years.

SiRF Files Patent Complaint With ITC

SAN JOSE, Calif. (AP) -- A unit of SiRF Technology Holdings Inc., a maker of global positioning system location technology, said Friday it asked trade officials to see if Global Locate Inc. is violating its patents.

SiRF said its SiRF Technology Inc. unit filed a complaint in the U.S. International Trade Commission that seeks to prevent Global Locate from importing GPS devices that use technology SiRF says is patented.

The move comes eight weeks after SiRF filed a patent infringement suit against Global Locate and its U.S. distributor, Innovation Sales Southern California, in the U.S. District Court for the Central District of California.

SiRF shares rose 32 cents on the Nasdaq in morning trading to $31.18.

Oil Prices Hover Below $60 a Barrel

LONDON (AP) -- Oil prices briefly rose above US$60 a barrel Friday for the first time since early January, lifted by tension between Iran and the U.S., violence in Nigeria and frigid U.S. temperatures.


Light, sweet crude for March delivery rose 13 cents to US$59.84 in electronic trading on the New York Mercantile Exchange by Friday afternoon London time.

Oil prices have risen steadily over the last two weeks on news of bitter winter weather in the U.S., the world's biggest oil consumer. On Thursday, the contract jumped US$2 to settle at US$59.71 a barrel -- the highest settlement price since Dec. 29.

Before Friday, crude oil had not traded above US$60 a barrel on the Nymex since Jan. 3, the first trading day of the year.

Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo, thought the price increase was an overreaction.

"The surge is quite hard to understand. It seems traders are looking at the short term -- heating oil demand and geopolitical tensions -- when they should be looking at the medium and long term," Emori said.

"We have to remember that the geopolitical risks, especially in relation to Iran, have not really been realized in terms of affecting supply, and that the winter season will be over in a month," he said.

The Brent crude contract for March fell 11 cents to US$58.92 a barrel on the London ICE Futures exchange.

On Thursday, Iran stepped up its warnings to the United States, which rekindled worries that supplies out of the oil producer could be hindered. Iranian supreme leader Ayatollah Ali Khamenei said Tehran would strike U.S. interests around the world if his country is attacked.

Though the comments didn't immediately cause a spike in prices, it kept prices from falling, as did ongoing forecasts of cold weather throughout the United States, and news of a shutdown at an Occidental Petroleum Corp. crude and natural gas field in California.

The market was also watching violence in Nigeria, where a Frenchman was kidnapped Thursday in the latest of a spate of violence targeting oil workers.

More than 100 foreigners have been seized in a year of stepped-up attacks across Nigeria's southern region, where the crude is pumped. More than 40 have been seized in the past month alone. The violence in Africa's biggest oil producer has cut daily output by nearly a quarter.

In other Nymex trading, natural gas was down 2 cents to US$7.851 per 1,000 cubic feet. On Thursday it settled at US$7.871, its highest settlement price of the year. Natural gas, the more popular form of home heating in the United States, has risen more than 60 percent over the past month on the recent cold weather. It is trading around the same level it was this time last year.

Heating oil rose 0.16 cents to US$1.7266 a gallon.

The National Oceanic and Atmospheric Administration continues to forecast normal to below-normal temperatures across the United States until at least Feb. 22.

Primedia Mulls Sale of Enthusiast Media

NEW YORK (AP) -- Specialty magazine publisher Primedia Inc. said Friday it is considering selling its Enthusiast Media division.

The unit's titles include Motor Trend, Hot Rod, Automobile and Automotive.com among more than 70 publications and 90 web sites.


In December Primedia said it would sell its hunting, fishing and outdoor titles to private equity firm InterMedia Partners LP for $170 million in cash.

"Given the multiples Primedia received from the sale of the Outdoors Group and the particularly strong investment and debt markets, the board believes the best course of action for primedia shareholders is exploring the complete sale of the enthusiast media segment," Chairman, President and Chief Executive Dean Nelson said in a statement.

Nelson said the board is also considering a spinoff of its Consumer Source division, which would create two separate publicly traded companies.

Consumer Source publishes and distributes free consumer guides including Apartment Guide, Auto Guide and New Home Guide.

Shares of Primedia added 31 cents, or 18.8 percent, to $1.96 in morning trading on the New York Stock Exchange.

MasterCard 4Q Profit Beats Expectations

NEW YORK (AP) -- MasterCard Inc., one of the world's largest credit-card brands, said Friday its fourth-quarter profit topped Wall Street expectations as strong consumer spending boosted transactions. The results drove shares of MasterCard to an all-time high before tumbling in early trading.


The Purchase-based company, which went public in May 2006, posted quarterly profit of $41 million, or 30 cents per share, compared with a loss of $53 million, or 39 cents per share, a year earlier. Excluding the impact of litigation settlements, MasterCard reported a profit of $41 million, or 31 cents per share, in the latest period.

Revenue rose 17.2 percent to $839 million from $716 million a year ago.

Results surpassed projections for profit of 17 cents per share on revenue of $826.9 million, according to analysts polled by Thomson Financial. "We are quite pleased with our financial performance in the fourth quarter," said President and Chief Executive Robert Selander in a conference call. "We look forward to leveraging our momentum in the industry, and take advantage of our customer-focused strategy, to keep deliver these kinds of results."

This is the second earnings report since MasterCard went public. The company's $2.39 billion initial public offering was used to unwind holdings by thousands of U.S. banks that controlled the company, and it now counts hedge funds like Atticus Management LLC and mutual funds like Fidelity among its biggest investors.

MasterCard does not deal with consumers directly, but issues its brand to banks and other financial institutions and makes money from processing fees when consumers use credit or debit cards. The company also makes money from payment-related services.

It processed $532 billion in global transactions, up 14 percent from the year-ago period. The company said it issued 817 million MasterCard-branded cards as of Dec. 31, up 12 percent from the year-ago period.

Also Friday, Mastercard raised its quarterly cash dividend by 66.7 percent to 15 cents per share from 9 cents per share. The dividend is payable May 10 to shareholders of record on April 9.

The results come as stronger consumer spending has bolstered results from a number of MasterCard's biggest rivals. American Express Co. and Morgan Stanley's Discover card division all reported better-than-expected results from their credit card business.

Meanwhile, credit card businesses bolstered results from issuers like Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc.

Visa, which operates the biggest credit card network in the U.S., said in October it plans to sell shares to the public something this year. The company hopes to streamline its operations, and insulate its member banks from legal damages it faces over antitrust and unfair-pricing claims brought by merchants.

The IPO for MasterCard raised about $650 million to fund a war chest to protect itself from legal troubles. Selander said Friday there was nothing new to report in the way of settlements.

The stock soared to a high of $118.07 in the first few minutes of trading, before falling $2.97, or 2.6 percent, to $111.76 in morning trading. The stock has doubled since going public.

Britain's Trade Deficit Hits New High

LONDON (AP) -- Britain's overall trade deficit hit a record high in 2006, according to official data released Friday, partly due to the fact that the nation has become a net importer of oil.

The Office for National Statistics said the goods trade deficit was 84.3 billion pounds ($164.1 billion; 126.3 billion euros) last year, up sharply from 68.8 billion pounds in 2005. It is the highest deficit since records began in 1697.


The balance on oil trade widened to 3.7 billion pounds ($7.2 billion; 5.5 billion euros) last year from 2.2 billion pounds in 2005.

Higher imports of aircraft and silver widened the deficit on so-called "erratic" goods to 3.2 billion pounds ($6.2 billion; 4.8 billion euros), from 600 million pounds in 2005.

The Statistics Office said the goods trade deficit in December alone also was wider than expected.

The goods trade deficit widened to 7.1 billion pounds ($13.8 billion; 10.6 billion euros) in December as exports of aircraft and capital goods fell from a revised 6.9 billion pounds the month before. The November deficit had originally been published as 7.2 billion pounds.

3M Takes 100 Percent Stake in Tape Maker

ST. PAUL, Minn. (AP) -- The 3M Co., which makes Post-it notes and Scotch tape, said Friday it paid $36 million for Sealed Air Corp.'s half stake in PolyMask Corp., a maker of protective films.

The deal with Sealed Air, which expects a gain of 22 cents per share in the first quarter due to the sale, gives 3M a 100 percent interest in PolyMask.

And 3M plans to use its full control to expand more quickly into the electronics, construction, aerospace, marine and automotive markets with industrial adhesives and tapes, the company said.

Finmeccanica, Russian Railways Sign Deal

MILAN, Italy (AP) -- Italian defense company Finmeccanica SpA said Friday it had signed a memorandum of understanding with state-owned JSC Russian Railways for the creation of a high-speed rail link between Moscow and St. Petersburg.


Italy's state-owned railway operator Ferrovie dello Stato also signed the memorandum.

Finmeccanica and Ferrovie dello Stato did not provide any financial details nor did the company say when construction would begin.

"We hope to sign the binding agreement in March," said Ferrovie dello Stato Chief Executive Mauro Moretti.

Finmeccanica said in October it had signed an agreement with JSC Russian Railways to work together on the production, technical assistance, and marketing of rolling-stock and rail infrastructure in Russia.

Moretti said the three-way partnership also aimed to develop high-tech railway products to export to international markets, especially in Eastern Europe.

The partnership is watching with interest a tender to build a US$2 billion (euro1.54 billion) railway in Saudi Arabia, in which Russian Railways is participating, he said.

The winner of the tender was expected to be announced at the start of 2007, according to a Russian press report. It will be the longest railway in the Middle East.

NYC Gun Stings Questionable, Feds Say

NEW YORK (AP) -- Private investigators hired by the city to conduct sting operations on out-of-state gun shops could be breaking the law, and the dealers they caught making illegal sales will not be prosecuted, federal officials said Thursday.


City officials have sued more than two dozen dealers after hiring investigators to pose as buyers attempting straw purchases, in which one person fills out the paperwork for the gun but is buying for someone else. The scam is often used by convicted felons and others barred from owning firearms.

The city argues that the shops -- in Georgia, Ohio, Pennsylvania, South Carolina and Virginia -- are responsible for many of the illegal weapons that end up in New York, and the suits have led seven dealers to agree to more scrutiny.

The federal Bureau of Alcohol, Tobacco, Firearms and Explosives announced in May it was reviewing whether the city acted legally.

"Potential legal liabilities" arise when civilians do the work of law enforcers, Department of Justice spokesman Bryan Sierra said Thursday. The department has decided charges are not warranted against dealers in the sting cases, he said.

It was unclear whether the private investigators could face charges.

Deputy Mayor Ed Skyler dismissed the department's suggestion that investigators could be breaking the law.

"When illegal guns are sold in our city, that's putting people at great physical risk, and that's more important," he said Thursday. "The city has followed the law, and there's no reason we shouldn't continue to do these operations."

Some of the gun sellers have asked a judge to dismiss the lawsuits, saying the city is out of bounds because the dealers are not doing business in New York.

Gun rights advocates have criticized the sting operations, and the Second Amendment Foundation issued a statement Thursday calling the Department of Justice's findings a "significant victory."

Sainsbury Sold Part of Sainsbury's Bank

LONDON (AP) -- J. Sainsbury PLC, a British supermarket chain that has been the subject of takeover talk lately, said Friday it sold 5 percent of its stake in Sainsbury's Bank for 21 million pounds ($41.3 million; 31.7 million euros) to HBOS PLC.


The company will realize a profit of about 10 million pounds ($19.7 million; 15.1 million euros) from the sale, Sainsbury said in a statement. The proceeds will be used for general business purposes.

The bank will now become an equal joint venture between Sainsbury's and HBOS. Prior to the transaction HBOS held a 45 percent stake in Sainsbury's bank.

"Both parties believe that the ... joint venture structure is more appropriate and reflects the shared commitment each partner has to growing the business for the long term," Sainsbury said in a statement.

J. Sainsbury shares dipped 0.2 percent to 514.38 pence ($10.11; 7.77 euros) on the London Stock Exchange.

Last week, several private equity groups said that they were considering making a bid for Sainsbury, sending shares in Britain's third-largest supermarket group soaring.

Francis Bacon Painting Sells for $27M

LONDON (AP) -- A portrait by British painter Francis Bacon sold for $27.6 million, a record price for the artist, Christie's auction house said Thursday.

"Study for Portrait II" is one of a series of Bacon works inspired by Diego Velazquez's 1650 "Portrait of Pope Innocent X," auctioneers said.

Christie's spokeswoman Rhiannon Broomfield said the buyer had not yet agreed to disclose their identity or nationality.

The price paid for Bacon's painting eclipses the previous $15 million record for his work -- paid for "Version No. 2 of Lying Figure with Hypodermic Syringe" last November.

Bacon, who died in 1992, is considered one of Britain's most important 20th-century artists.

DRS Technologies Raises Outlook

PARSIPPANY, N.J. (AP) -- Military contractor DRS Technologies Inc. on Friday raised its earnings guidance for the fiscal year, saying realigning its businesses made the company more efficient.

DRS Technologies now expects fiscal 2007 earnings of $2.98 per share to $3.05 per share, compared with a previous forecast of $2.83 per share to $2.90 per share. It expects revenue of $2.7 billion to $2.75 billion, which is unchanged from its earlier outlook.


Analysts polled by Thomson Financial look for profit of $2.89 per share on revenue of $2.8 billion.

The company earned $2.67 per share on revenue of $1.74 billion in fiscal year 2006.

DRS Technologies Chairman and Chief Executive Mark S. Newman said the company raised its guidance because realigning the company's four business segments created greater efficiency between in its various business groups in pursuing new business and sharing resources. Newman also cited "a climate of strong funding for core and supplemental defense budgets."

Shares of DRS Technologies lost 98 cents at $54.87 in morning trading on the New York Stock Exchange.

Grandma's Painting Sells for $600,000

OAKLAND, Calif. (AP) -- A woman who auctioned a painting that belonged to her grandmother, hoping to get a few thousand dollars to pay for her daughter's college tuition, was stunned when the picture fetched $600,000.


The painting, sold Sunday by Clars Auction Gallery in Oakland to an unnamed New York dealer, has no title or signature, and the gallery couldn't determine its origins.

But Redge Martin, gallery president, said Thursday that the buzz in the art world is that someone thinks it's the lost work of 17th-century Italian master Pier Francesco Mola.

Mola paintings hang in several museums. The highest price paid for his work appears to be $2.8 million, although several have sold for $100,000 or less, Martin said.

The painting shows a gray-haired, bearded man working on papers with an armillary sphere -- an instrument used in ancient astronomy -- in the background.

The seller inherited the painting, which had been given to her grandmother and hung for years in her home in Pisa, Italy.

When the family's oldest daughter was accepted to the University of California, Berkeley, the seller decided to see what it would bring. The final selling price, with the buyer's premium, was $620,900.

French Teachers, Public Servants Strike

PARIS (AP) -- Teachers, tax collectors, railway workers and other public servants went on strike in France to protest job losses and demand higher pay.

Police said up to 23,000 people demonstrated in Paris Thursday -- the largest march -- while the Communist-backed CGT union put the number of demonstrators at 85,000.


Unions representing public servants called for the strike in response to a government announcement that 15,000 jobs would be cut in the public sector in 2007. Strikers also protested the 0.8 percent pay raise received by public servants.

Secondary school teachers stayed out of the classroom, 53 percent of them off work for the day, according to the National Union of Secondary School Teachers. In parts of the poor suburbs east of Paris, 65-70 percent of teachers in the upper levels were striking and 180 schools have been closed, the union said in a statement.

Labor leaders said they would keep up pressure on President Jacques Chirac's conservative government.

"It is for the state to respond," said Jean-Claude Mailly of the Workers Force union. "For the moment, I don't hear much except that we need fewer civil servants and that more should be paid on merit."

Marches drew 5,000 people in Marseille, unions said, with 3,300 in Toulon, about 6,000 in Rennes and up to 4,000 in Lyon.

Genesis HealthCare 4Q Profit Falls

KENNETT SQUARE, Pa. (AP) -- Genesis HealthCare Corp., which runs long-term care facilities, said Thursday after the markets closed its fiscal first-quarter profit fell 6 percent on costs of going private.

Quarterly earnings decreased to $10.7 million, or 54 cents per share, from $11.4 million, or 58 cents per share during the same period a year earlier, the Philadelphia-area company said.

The results included costs of 9 cents per share related to going private, 2 cents per share from paying off debt and a penny per share due to an increase in the company's tax rate. Excluding those items, the company said it earned 66 cents per share in the quarter.

Revenue rose 9 percent to $477 million from $437 million.

Genesis HealthCare said in January that it will go private in a $1.25 billion deal with a joint venture formed by the private equity firms Formation Capital LLC and JER Partners.

Coal Mines Must Provide 4 Days of Air

CHARLESTON, W.Va. (AP) -- Underground coal mines must provide up to four days of breathable air to keep miners alive in emergencies such as an explosion or a tunnel collapse, federal regulators announced.


The requirement announced Thursday is part of a new law enacted after a string of deadly accidents, including the deaths of 12 miners at the Sago Mine in January 2006.

If miners cannot evacuate in an emergency, "they need a safe location that maintains an adequate supply of breathable air for them to use while they await rescue," said Richard Stickler, director of the Mine Safety and Health Administration.

Mine operators have 30 days to submit plans to the agency, which has been criticized by the United Mine Workers labor union and members of Congress for not implementing the law quickly enough.

A National Mining Association spokesman had not heard of the new requirement and declined to comment.

Bill Raney, president of the West Virginia Coal Association, said he was concerned the rule would disrupt similar efforts by the state.

The state Office of Miners' Health, Safety and Training is in the process of approving underground shelters that can provide 48 hours of air. Mine operators have until mid-April to submit plans for installing the shelters.

"We're on a very thoughtful, practical path here in West Virginia," Raney said. "Now all of a sudden we seem to get a press release that dictates different times, different dates, different things."

In the Sago accident, one miner was killed in an explosion and 12 others were unable to escape. Eleven died of carbon monoxide poisoning and only one, Randal McCloy Jr., was rescued after more than 40 hours trapped underground.

A company trying to get a mine shelter approved in West Virginia said it supported the 96-hour rule from the beginning.

"We want to give the rescue teams plenty of time to get these people and not have them feel like they have to risk their lives because they feel the people may only have a few hours left," said Ed Roscioli, chief executive of Allentown, Pa.-based ChemBio Shelter Inc.

N.D. Stops Saltwater on Roads, for Now

BISMARCK, N.D. (AP) -- The state has stopped splashing roads with saltwater left over from oil production, at least until it gets results from a laboratory checking the wastewater for contamination, officials said Thursday.


The state Health Department learned last week, after questions from The Associated Press, that the Transportation Department had been using oil well wastewater, up to 10 times saltier than sea water, as a de-icer in parts of North Dakota since the late 1960s.

Environmentalists worry it may have hurt wetlands and water supplies. The state chapter of the Sierra Club has not found other states that spread the wastewater as North Dakota has.

The state Industrial Commission is looking into the practice, said Don Canton, a spokesman for Gov. John Hoeven.

"We're looking at whether there was a lapse in permitting, a lapse in proper application or a lapse in the law," Canton said.

The Environmental Protection Agency is monitoring the state's actions, said Diane Sipe, an agency spokeswoman in Denver.

State transportation director Francis Ziegler said a sample of the oil well wastewater has been sent to a Minnesota lab for an analysis. He said the department stopped using the wastewater on roads this week, after the practice came under scrutiny. He would not say if the department intends to resume using the wastewater on roads.

"We suggested that they stop but we haven't required it," said Dennis Fewless, the Health Department's water quality director.

Transportation officials said tens of thousands of gallons of the oil well wastewater are used on North Dakota roads each year, and crews have not seen any harmful effects from it. The state gets it free from oil companies, which otherwise would have to pay to dispose of it in underground wells.

John Edward Corrent, the owner of a Salt Lake City-based company that processes oil well wastewater, said testing one water sample "is not representative of squat," since the state used wastewater from many wells.

North Dakota law requires that anyone in possession of any oil field fluid -- including saltwater -- must keep complete and accurate records of it. Failure to do so is a Class C felony, punishable by up to five years in prison and a $5,000 fine.

"I don't think we have real specific records," said Ziegler, of the transportation department.

Cronkite: Quest for Media Profits Hurts

NEW YORK (AP) -- Pressures by media companies to generate ever-greater profits are threatening the very freedom the nation was built upon, former CBS News anchor Walter Cronkite warned Thursday.

In a keynote address at Columbia University, Cronkite said today's journalists face greater challenges than those from his generation. No longer could journalists count on their employers to provide the necessary resources, he said, "to expose truths that powerful politicians and special interests often did not want exposed."


Instead, he said, "they face rounds and rounds of job cuts and cost cuts that require them to do ever more with ever less."

"In this information age and the very complicated world in which we live today, the need for high-quality reporting is greater than ever," he told journalism students and professionals at Columbia's Graduate School of Journalism. "It's not just the journalist's job at risk here. It's American democracy. It is freedom."

Cronkite said news accuracy has declined because of consolidations and closures that have left many American towns with only one newspaper. And as broadcasters cut budgets and air time for news, he said, "we're all left with a sound bite culture that turns political campaigns into political theater."

The former anchor urged owners of media companies -- newspapers and broadcast alike -- to recognize they have special civic responsibilities.

"Consolidation and cost cutting may be good for the bottom line in the short term but that isn't necessarily good for the country or the health of the news business in the long term," he said.

Michael Copps, a commissioner on the Federal Communications Commission, later said that looser broadcast regulations -- such as those that had required stations to regularly prove they serve the community interest -- have resulted in less local coverage, less diversity of opinion and fewer jobs for journalists over the past quarter century.

Without directly naming the nation's largest radio station operator, Clear Channel Communications Inc., Copps complained that many local musicians were being pushed aside when "media behemoths" distribute playlists from a central office.

The FCC is considering relaxing the rules even more. The agency decided in June to reopen the hotly disputed issue of ownership limits, which currently restrict the number of radio and television stations that one owner can have as well as cross-ownership between newspapers and broadcasters.

Many of the broadcast television networks and large media companies such as the Tribune Co. and Gannett Co. have complained that current restrictions are outmoded in a digital age in which consumers also have the Internet and cable TV from which to choose.

Considering television alone, the nation saw the number of major networks grow from three to five, said Benjamin Compaine, author of "Who Owns the Media?: Competition and Concentration in the Mass Media." Add to that several 24-hour news channels on cable, he said.

But opponents of loosened rules worry that changes would hurt minorities' access to the airwaves, curtail children's and local programming and limit musical diversity.

"We have more outlets now, more in sheer numbers, engaged in news presentation than we've ever had," said Tom Rosenstiel, a former political reporter for the Los Angeles Times and now director of the Project for Excellence in Journalism. "The problem is most of them are not engaged in a lot of serious news gathering. They are largely engaged in repackaging material that other people have produced."

Ownership questions aside, Kathleen Carroll, executive editor of The Associated Press, said that getting news to report on has become increasingly difficult, even as individuals have more outlets online and elsewhere in which to distribute information.

She said cities and states have passed more than 1,000 laws affecting access to public records in the wake of the Sept. 11, 2001, terrorist attacks. The United States and other governments around the world are also raising barriers.

"That's a very troubling trend," she said, "and it's one where I think whatever your view is about who owns the media, who's a journalist, none of us can get this information."

Zambia Proposes Tax Hike on Mining Firms

LUSAKA, Zambia (AP) -- The Zambian government proposed Friday to raise a tax on mining companies, aimed at helping the copper-rich but impoverished nation cash in on high global copper prices.

The proposed tax increase is part of the government's austere US$3 billion (euro2.3 billion) 2007 budget, released Friday?


Finance Minister Ng'andu Magande said the government planned to negotiate with the mining companies on tax revisions

He said the country's economy had grown by 5.8 percent in 2006, up from 5.2 percent in 2005, and that inflation stood at 8.2 percent at the end of the year -- both signs, he said, of "prudent monetary and fiscal policies."

International donors have cheered the Zambian government for its free-trade and anti-corruption policies, and have eliminated almost all of its foreign debt over the last two years.

But more than 70 percent of the population still lives in poverty, which has led to frustration with policies of recently re-elected President Levy Mwanawasa, evidenced in last year's bitter presidential elections. The distribution of copper benefits has become a key element of that debate.

Magande said the government wants to increase the country's royalty tax on copper earnings from 0.6 percent to 3 percent, increase the company income tax from 25 to 30 percent, and reintroduce a 15 percent withholding tax on dividends, interest, royalties and other mining sector transactions.

The existing 0.6 percent royalty tax, which is particularly low compared with taxes in other copper-producing countries, was put in place during an industry downturn early in the decade, when the Zambian government was desperate to attract foreign investment. Copper accounts for more than 60 percent of the southern African nation's exports.

Copper prices have since risen from less than US$1 per pound to more than US$3 per pound (about euro5 per kilogram), driven in large part by growing demand from China. Zambian copper production rose by 7.9 percent in 2006, Magande said, from 459,324 metric tons to 492,016 metric tons. The mining industry now directly employs almost 50,000 people in Zambia, he said.

"At the time when copper prices on the international market were low, mining companies were offered tax concessions in order to make their projects viable," Magande said in prepared remarks. "Now that the prices are high, there is need to review these concessions so that the nation can benefit from increased earnings from the mining companies."

Talk of revising the copper tax has raised fears, however, of a backlash among foreign mining companies many of which entered into long-term contracts with the government.

Magande said the government would now seek negotiations with those companies "so that there is mutual consent by contracting parties to revise the tax regime to the new rates."

Education and health will get 15 and 10.7 percent of the budget's spending, respectively. Magande said the government would recruit 4,000 new teachers and 1,900 new medical personnel. Zambia's health care sector is under severe strain, with a 16 percent HIV/AIDS prevalence rate.

Zambia is heavily reliant on foreign donors, with almost 30 percent of its budget coming from foreign sources.

Weyerhaeuser Earns $450M in 4th Quarter

FEDERAL WAY, Wash.- (AP) -- Forest products maker Weyerhaeuser Co. said Friday it swung to a profit in the fourth quarter from a year-ago loss, although lower domestic log prices still weighed on results.


The company earned $450 million, or $1.88 per share, compared with a loss of $211 million, or 86 cents per share, during the same period in 2005 which included charges to close some of its paper and lumber plants.

The latest quarter included a gain of $227 million, or 95 cents per share, for the refund of anti-dumping duties on Canadian softwood lumber sold in the U.S., and $43 million, or 18 cents per share, on the sale of its composite panels assets in Ireland, as well as charges that totaled 20 cents per share.

Excluding those items, the company earned 95 cents per share in the latest quarter.

Revenue fell 1 percent to $5.66 billion from $5.72 billion.

Analysts polled by Thomson Financial forecast a profit of 75 cents per share on revenue of $5.36 billion. The estimates typically exclude one-time items.

Weyerhaeuser shares rose 5 cents to $79.04 in morning trading on the New York Stock Exchange after rising to a 52-week high of $79.96 earlier in the sesion.

The company said lower domestic log prices, primarily in the West, affected its results in the quarter. Costs also rose due to unfavorable weather and production cuts that sought to balance harvest with demand.

Fed President: Inflation on Right Track

NEW YORK (AP) -- Federal Reserve Bank of St. Louis President William Poole sounded an optimistic note on the inflation and growth outlooks Friday, but warned that unexpectedly strong growth could spur the central bank to raise interest rates again.


"Recent inflation data themselves, and other information relevant to judging the inflation outlook, suggest that the inflation rate is likely to fall into a reasonable range this year," Poole said.

"Clearly, the momentum seems to be headed in a favorable direction, as last week's (Federal Open Market Committee) press release noted," Poole said. But he cautioned that "before we declare victory and head home" it's worth keeping in mind that "we might be underestimating the likely pace of economic activity," or labor productivity may turn out to be lower than now forecast.

"If we get an upside surprise on (gross domestic product) growth, then monetary policy may have to be tightened somewhat," Poole warned. Also, if the level of core inflation "seems to be settling at a rate above 2 percent, then such an outcome would be unacceptable to me," he said, adding "I put a very high weight on the Fed's responsibility to maintain low and stable inflation."

Poole's comments came in a speech prepared for delivery before the AAIM Management Association in St. Louis. Poole is a voting member of the interest rate-setting Federal Open Market Committee this year.

In recent comments, Poole has been one of the more dovish members of the central bank, and has indicated on several occasions that the outlook facing monetary policy makers was "symmetrical," in that events could transpire that could cause interest rates to be raised, held steady or lowered. Other Fed officials have been more hawkish and simply threatened rate increases if inflation did not fall. In his speech, Poole offered few clues into his outlook for monetary policy over 2007.

For the most part, Poole's economic outlook was upbeat on growth, and he said the worst of the trouble in the housing sector may be over. But he also warned that the data can often be surprising.

In his speech, Poole offered up his preferred inflation environment. "My commitment, certainly, is to do what I can to promote policy adjustments that will yield an inflation outcome, on average over a period of several years, centered on 1.50 percent," as measured by the core personal consumption expenditures price index, he said.

Poole said "by some indicators, the housing market is beginning to show signs of stabilizing," even as "we must recognize that the housing market is not out of the woods yet." The prime challenge facing home builders is a backlog of unsold homes and numerous cancellations of orders. Also, "at a minimum we can say that we do not have evidence as yet that home prices have stabilized," Poole said.

Nations Launch $1.5B Vaccine Program

ROME (AP) -- Five nations pledged $1.5 billion for a program encouraging drug companies to develop vaccines to help prevent pneumonia and meningitis, in hopes of saving at least 5.4 million children in the world's poorest countries by 2030.


The pilot project, launched Friday in Rome, is part of a wider effort to tackle deadly diseases in Asia, Africa and South America.

With funding from Italy, Canada, Norway, Russia and Britain, the plan targets pneumococcal disease, a major cause of pneumonia and meningitis, killing 1.6 million people every year.

"The key aim is to ensure there is secure funding for the vaccines urgently needed in the poorest countries, where thousands of children die every day from diseases that can be prevented," said a statement from World Bank President Paul Wolfowitz, who attended Friday's launch ceremony.

Pope Benedict XVI praised the plan's goal of developing vaccines as "inspired by the spirit of human solidarity, which our world needs in order to overcome every form of selfishness and to foster the peaceful coexistence of peoples."

"Such vaccines are urgently needed to prevent millions of human beings, including countless children, from dying each year from infectious diseases," the pontiff said, after meeting at the Vatican with the finance ministers from participating countries, as well as with others including Wolfowitz and Queen Rania of Jordan.

Vaccines are bought only if they meet standards of efficacy, safety and cost-effectiveness established by the GAVI Alliance -- formerly known as the Global Alliance for Vaccines and Immunization -- the World Bank and an assessment committee.

Participating vaccine companies must agree to sell the new vaccine at a price that cash-strapped governments in Africa, Asia and South America can afford.

Any manufacturer may apply for funding.

After seven to 10 years, AMC funding will phase out, and vaccine makers are expected to continue supplying the developing world with their products, at a discounted price, set during the process.

"The industry is not willing to invest resources to develop products that too few people have money to buy," Italian Economy Minister Tommaso Padoa-Schioppa told the pope. "Public funding of research is not enough to fill the gap."

Associated Press writer Daniela Petroff in Vatican City contributed to this story.

DaVita Offers $400 Million in Notes

EL SEGUNDO, Calif. (AP) -- DaVita Inc., which operates kidney dialysis centers, said Friday it will offer $400 million in senior notes due in 2013 in a private offering.

The offering is an addition to a series of debt securities that include $500 million in senior notes issued in March 2005.

The company said it will use the proceeds to repay part of the term loan portion of its senior secured credit facilities.

DaVita shares fell 7 cents to $54.83 in midday trading on the New York Stock Exchange.

S&P Cuts Spectrum Brands Rating

NEW YORK (AP) -- Credit ratings agency Standard & Poor's said Friday it cut its rating on Atlanta-based Spectrum Brands, maker of Rayovac batteries and Remington shaving products, for weak operating performance.

S&P cut its corporate credit rating on to "CCC+" from "B-" with a "developing" outlook.

Credit analyst Patrick Jeffrey noted that the company is facing intense competition in its battery business and increased commodity costs.

On Thursday Spectrum posted a first-quarter loss of 38 cents per share on declining revenue. Excluding certain expenses, the company said it would have earned 12 cents per share.

Shares of Spectrum, which has traded between $6 and $22.42 over the past 52 weeks, were down 45 cents, or 4.6 percent, at $9.44 in morning trading on the New York Stock Exchange.

Gov: Ark. Toyota Plant Benefits Tenn.

LITTLE ROCK (AP) -- Tennessee Gov. Phil Bredesen said that while he would like to see a planned Toyota Motor Corp. assembly plant in Chattanooga, his state would still benefit if the plant goes instead to eastern Arkansas.


Bredesen, speaking in Nashville Thursday, denied a report that said his administration had asked Memphis city officials to not back Marion, Ark.'s effort to land the plant. The Commercial Appeal newspaper in Memphis, citing sources, reported last week that Bredesen didn't want Memphis to help Marion while Chattanooga was still in the running for the 2,000-employee plant.

"I am certainly unaware of that," Bredesen said as he referred the question to his economic development team. "Certainly I put first priority on getting the plant in-state, but it certainly would benefit us to have a plant in Marion, Arkansas."

And Mark Drury, assistant commissioner for the Tennessee Department of Economic and Community Development, said Thursday his state's economic officials had not tried to undermine Marion's effort.

"Neither Governor Bredesen nor Commissioner (Matt) Kisber has asked economic development officials from the Memphis area to take a position in regards to any specific development site as it relates to any specific project," he said.

Toyota is reported to be looking for a site to build its Highlander sports utility vehicle. It considered Marion in 2002 before putting its Tundra truck plant in San Antonio, but marketing reasons -- Texas has a huge demand for pickup trucks -- influenced the automaker's decision.

"I'm still satisfied that we have the best location," Marion Mayor Frank Fogleman said Thursday from Washington, where he was meeting with congressmen to discuss his city's economic development effort. "We have a site where they could drive out tomorrow and start to work."

Now, as then, Marion touted easy access to a pair of cross-country interstates, four major railroads, the Mississippi River and a major airport at Memphis. Union Pacific announced last year it was expanding its Marion intermodal yard, where cargo suitable for shipment for barge, rail and trucks come together.

Chattanooga also has major interstates, a railroad and the Tennessee River.

Kay Brockwell, Marion's economic development director, said a study done as the city tried to woo Toyota in 2002 showed that the plant would help create 8,000 jobs -- those in the plant plus others at nearby businesses that would help supply the plant and take care of its workers.

"Probably 25 percent of those jobs would go to Marion people" which would leave another 6,000 jobs to be filled by others in the region, Brockwell said.

"We're sitting across the river from a county with a million people. My math skills aren't terrific, but I can tell you that's where a lot of people will be coming from," said Brockwell, also in Washington.

"I'm glad to see that Bredesen realizes that it's still a benefit for Tennessee," Brockwell. said. "There will still be a lot of Tennesseeans in that plant if it's built in Marion."

Mitch Chandler, a spokesman for the Arkansas Department of Economic Development, said the state considers Memphis a strong partner in its efforts but acknowledged the city might not openly campaign against another Tennessee city.

"In this particular occasion, we can understand why they may not be as vocal as they were in 2002," Chandler said, adding that, behind the scenes, "Something tells me they're pulling for us."

Fogleman said Toyota, if its finalists are Chattanooga and Marion, has put Bredesen in an enviable position.

"They're in the catbird seat," he said. "His state will be helped if either site is chosen."

Associated Press writers Beth Rucker in Nashville, Tenn., and Andrew DeMillo in Little Rock contributed to this report.

Grains Mixed, Soybeans Down

CHICAGO (AP) -- Soybean futures declined while grains were mixed in early activity Friday on the Chicago Board of Trade.

Wheat for March delivery rose 1 cent to $4.58 a bushel; March corn fell 3/4 cent to $3.99 a bushel; March oats rose 3/4 cent to $2.50 3/4 a bushel; March soybeans fell 5 1/4 cents to $7.38 1/2 a bushel.

Beef futures increased while pork was mixed in early trading on the Chicago Mercantile Exchange.

April live cattle rose .25 cent to 95.12 cents a pound; March feeder cattle rose .38 cent to 99.25 cents a pound; April lean hogs rose .43 cent to 66.55 cents a pound; March pork bellies fell .07 cent to $1.0350 a pound.

Shuffle Master Falls on Contract End

NEW YORK (AP) -- Shares of Shuffle Master Inc. slid Friday, a day after the gaming supplies company said one of its units was ending a development contract with Elixir Group Ltd., a subsidiary of Melco International Development.


The pact, signed in April 2006, created an alliance that would have allowed Shuffle Master's Australian subsidiary Stargames Corp. and Elixir to develop localized gaming technologies for legalized gaming jurisdictions in Asia. It also gave Stargames the exclusive distributorship of existing gaming products to specific Asian customers.

Banc of America Securities analyst David Vas dropped his price target by to $26 from $27 on the news.

"Based on Shuffle Master's small penetration into non-U.S.-owned Macau casinos, plus Elixir's equity stake in small competitor Vending Data, we had a hunch the relationship was troubled," he said in a client note.

However, analyst Bill Lerner of Deutsche Bank said in a note that the company's video table market share has been disappointing since the pact was signed, and its end should help Stargames add back to its earnings.

Joel Simkins, an analyst with Prudential Equity Group, said he thinks Shuffle Master will land on its feet.

"While we are somewhat disappointed by the announcement, we believe Shuffle Master has strong relationships with many major players in Asia, including Las Vegas Sands, Wynn Resorts, MGM Mirage and Genting," he wrote in a client note.

The company may also benefit from Stargames' relationships and sales infrastructure in the region, he added.

Shares of Shuffle Master dropped $1.87, or 6.9 percent, to $25.10 in morning trading on the Nasdaq. The shares have traded between $22.65 and $40.75 over the past 52 weeks.

S&P Maintains Alliant Energy's Ratings

NEW YORK (AP) -- Standard & Poor's Ratings Services said Friday that Alliant Energy Corp.'s recent increase in its stock repurchase program will not affect its ratings or outlook.

The Midwestern utility operator earlier this week boosted its program by $200 million, giving it a total authorization of $295 million. The decision followed announcements for plans to build large coal power plants, raise its dividend and sell Iowa transmission assets.

"Despite these developments, Standard & Poor's still expects the company to maintain adequate credit metrics over the short to intermediate term," the credit-rating agency said in a statement.

The company now has a "BBB+" rating.

Alliant Energy shares rose 18 cents to $38.92 on the New York Stock Exchange.

Redskins' Snyder Buys Johnny Rockets

McLEAN, Va. (AP) -- Washington Redskins owner Daniel Snyder said Friday he will buy Johnny Rockets, the 1950s-style diner chain that features burgers, fries and a wait staff that dances and sings to oldies tunes.


Snyder's investment arm, RedZone Capital Fund II, will acquire the Lake Forest, Calif.-based chain, which operates more than 200 restaurants nationwide. Terms of the purchase were not released.

The move is the latest push into entertainment-themed businesses by Snyder, who made a fortune in marketing and operates the NFL's most profitable team.

In 2005, he took over amusement park operator Six Flags Inc., which has since embarked on an aggressive marketing campaign to revive sagging attendance. Last year, Snyder agreed to finance actor Tom Cruise's production company after it was dropped by Paramount Pictures.

Snyder said in a statement that he expects Johnny Rockets to grow significantly in the coming years. That includes plans for a series of smaller Johnny Rockets Express restaurants that will serve the chain's staple of burgers, fries and milkshakes. They will be cheaper too, with capital expenses of $300,000 compared to $750,000 for a full restaurant.

"There's no reason we shouldn't expect see 1,000 Johnny Rockets locations within the next five years," Snyder said in a statement.

Johnny Rockets was founded in Los Angeles in 1986 and tries to reclaim the 1950s heyday of diners and drugstore malt shops. Every half hour, waiters and waitresses dressed in white with black bow ties and paper hats groove to classic tunes. Juke boxes on the tables cost a nickel.

The chain has grown fast, expanding at a rate of 20 percent each year. It now operates in 29 states and nine countries, with eight restaurants aboard Royal Caribbean cruise ships.