Saturday, April 30, 2011

Investors switch from cash to shares despite market uncertainty

Markets were unsettled by a warning from Standard & Poor's, the credit agency, that America that risks being stripped of its prized 'AAA' credit rating unless it delivers a deficit-cutting plan within two years.

Despite these setbacks, fund supermarket Fidelity FundsNetwork has recorded Isa investors moving out of its cash park facility into funds since the beginning of the new tax year on April 6 ? with higher risk funds JPMorgan Natural Resources and Fidelity South East Asia the most popular.

Catherine Penney, of Barclays Stockbrokers said: "Interest rates remain low and there appears little prospect of returns from cash ISAs beating inflation. Many of our clients prefer to use Investment ISAs in order to achieve potentially better returns and are prepared to accept the risk in doing so."

Barclays Stockbrokers suggested that the newly increased Isa allowance of �10,680 will help encourage investors to turn to investments over cash savings.

The Obama administration reportedly asked S&P not to downgrade US debt.

Visit Telegraph Wealth Management for high quality wealth management and protection advice

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Window blinds continue to stir safety debate

Blind manufacturers and consumer advocates don't see eye-to-eye when it comes to blinds and child safety, according to an article in Thursday's New York Times.

The task force created by the Consumer Products Safety Commission and manufacturers to find a solution to the problem of child strangulation is hoping to offer a plan this fall. But the article reports that negotiations are off to a rocky start.�

About 12 children per year strangle on window treatment cords, according to the article.

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Solar Impulse Preps For First International Flight (PHOTOS)

The team behind Solar Impulse plans to take the plane on its first international flight next month, leaving from Brussels on May 2, the Associated Press reports.

Bertrand Piccard, the man who co-piloted the first non-stop round-the-world balloon flight, is leading the Solar Impulse team.

The flight will be a "big challenge" as the plane will have to cross international air traffic networks, and all depends on the team getting the OK by authorities.

The plane, which has the wingspan of a Boeing 777, made its maiden voyage in Switzerland in 2009.


In July 2010, the plane completed its first 24-hour flight, showing naysayers that the plane can collect enough energy from the sun during the day to stay aloft at night. Eventually, the team hopes to circumnavigate the globe.


The plane is expected to show at the 49th International Paris Air Show in June.

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Company behind Priceline sues Internet heavies

Walker Digital, a research and development laboratory for technology patents, filed 15 lawsuits on Tuesday against more than 100 companies including Apple, Microsoft, eBay, Amazon and Google for unauthorized use of its intellectual property rights.

Walker Digital, a Stamford, Connecticut-based company that includes Priceline.com founder Jay S. Walker as its chairman, filed the lawsuits in a Delaware court alleging that some of the biggest names in technology are using inventions created and owned by Walker Digital.

"We are disappointed that after reaching out to so many companies in an effort to secure reasonable licenses, we were consistently told that without litigation our requests would not be taken seriously," Walker Digital Chief Executive Jon Ellenthal said in a statement.

Founded in 1994, Walker Digital says its inventions, including Priceline.com, are covered by more than 400 issued and pending US and foreign patents that generate direct licensing revenue of more than USD 200 million.

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Window blinds continue to stir safety debate

Blind manufacturers and consumer advocates don't see eye-to-eye when it comes to blinds and child safety, according to an article in Thursday's New York Times.

The task force created by the Consumer Products Safety Commission and manufacturers to find a solution to the problem of child strangulation is hoping to offer a plan this fall. But the article reports that negotiations are off to a rocky start.�

About 12 children per year strangle on window treatment cords, according to the article.

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Canada flies on top air safety record

Canada's air controllers get rest time

STORY HIGHLIGHTS

  • Canada's privately-owned air traffic control is an industry leader
  • Controllers urged to discuss stresses, nap if necessary, avoid blame culture
  • In U.S. controversy rages after controllers were caught sleeping on the job
  • Canada was judged the world's best Air Navigation Service Provider in 2010

Toronto, Canada (CNN) -- It's a witty irony that Kurtis Arnold's claim rings true for him on most days; the most stressful part of his job as an air traffic controller is his commute in by car.

As the scrutiny over air control safety continues, Arnold admits it can be a stressful job but that Nav Canada, his employer and Canada's only air traffic control provider, has put the training and tools in place to manage that stress both on duty and off.

"I think the air traffic controllers are like the wizard who's behind the curtain," says Arnold while perched in a tower high above Toronto's Pearson Airport on a hectic day with fog finally rolling out and severe thunderstorms rolling in.

"At our busiest peak periods we'll have a takeoff or landing at this airport about every 25 seconds. So what's it like to work that? Well there's a lot going on. You really train yourself to internalize the procedures so you're really making decision sub-consciously because you're communicating constantly." says Arnold.

As Arnold hits the screens for a typical day of work, the atmosphere both in the control tower at Toronto's airport and the Area Control Center next door, is professional yet genial.

The future of U.S. air traffic safety

Controllers are encouraged to talk about their best practices as well as their stress without engaging in what they call a "blame culture."

What looks like a maze of computers and monitors are Arnold's tools of the trade and increasingly he and his colleagues rely on electronic data for flight information and updates.

At certain intervals in these control centers you can hear the pace of the chatter quicken and short, sharp bursts of communications rattle through headsets. But quickly, critical moments pass without incident, as flights are shepherded through unpredictable weather and turbulence.

Through it all, the center maintains its air of calm, something they know the traveling public is relying on.

"They need to have faith in what we do and I guess that we're so successful at it that when something comes unraveled for a few minutes, it's so noteworthy because it doesn't happen very often" says Arnold.

Nav Canada controllers are meticulously trained, they never work alone, they work no more than about 17 days in every 28 and they must have at least 10 hours off between shifts.

For more than a decade Nav Canada has researched and implemented strategies to mitigate the effects of fatigue and that includes sanctioning a nap if needed.

"We actually have a lounge where Nav Canada provides us with reclining chairs so we'll use them for naps and if you go over there in the morning you'll often see a controller who's had a long commute and they'll slide away on their breaks and take a 10 or 15 minute nap to re-energize," explains Arnold.

Can technology fix FAA's air traffic troubles?

But napping is not the only thing that sets Nav Canada apart.

Canadian controllers are trained and managed by one of the most successful and safe air traffic control systems in the world. Last year they won the IATA Eagle Award winner means they were judged the world's best Air Navigation Service Provider

What is perhaps surprising is that unlike in many countries, including the United States where there has been controversy over controllers caught sleeping on the job, it is not government owned or operated.

"We can demonstrably show that our system is safer today than it was when it was in government," says John Crichton, Nav Canada's current and founding CEO.

Crichton says in 1996 the Canadian air traffic control system was in crisis; chronically mismanaged, the system was soaking up government money, using out of date equipment and there was very low morale among its controllers.

"The employees in the system were not happy, they were subject to wage freezes, they were concerned about the technology and the tools they had," says Crichton.

He explains how he set out to change that with a revolutionary model that would see him take air traffic control out of government hands and transformed into a thriving business with a bottom line.

"Flights are shorter, people get more direct routing, there is very little delay in our system attributable to the air traffic control system, very little, almost negligible," says Crichton.

Nav Canada has won industry awards for both safety and efficiency and it now sells its expertise and technology around the world.

The one thing Nav Canada does not do is return a profit to its members or stakeholders, any profits or efficiencies are plowed back into the business.

"The profits come in safety, greenhouse gas emissions or our own cost improvements," says Rudy Kellar, Nav Canada's Head of Operations.

Nav Canada claims to have saved more than a $1.5 billion dollars for its airline clients over the years as well as maintaining a stellar safety record.

"Equally as important, or perhaps more important, are the savings we provide to the airlines by giving them more direct routes, more efficient flight profiles and that now is running into the billions in terms of reduced fuel burn. Not to mention the greenhouse gas emissions that are reduced," says Crichton.

Crichton is blunt about the consequences if any facet of his business should let down the traveling public.

"Conceptually at least our only product is safety. We cannot afford to ever let a public perception arise that we anything but as diligent as possible about safety because it would be bad for business," says Crichton.

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If Bill Gross Sees the U.S. as Shaky, Check Japan

April 28, 2011, 3:07 PM EDT

By William Pesek

April 29 (Bloomberg) -- Salvador Dali or M.C. Escher?

This question leaps to the mind navigating the ruins of Japanese cities like Tagajo. Skylines now look as if Dali?s surrealist brush had a hand in rendering things so out of place. Escher?s mind seems at work, too. Interlocking shapes that shouldn?t exist in the three-dimensional world litter cityscapes that before March 11?s earthquake and tsunami were pretty run of the mill.

The mess one confronts in the northeast -- flattened buildings, fleets of destroyed Toyotas at ports, ships sitting in the middle of streets, the search for bodies -- graphically demonstrates why Standard & Poor?s is so worried about Japan. Concerned about the magnitude of the reconstruction bill, S&P cut Japan?s rating outlook.

So is Japan on the verge of a debt crisis? No, and that may just be the problem.

Rising stocks and bond prices show traders aren?t buying the despair about Japan?s finances. They are focusing on the nation?s $15 trillion of household savings, the government?s latitude to raise taxes and the fact that about 95 percent of public debt is held domestically.

Yet Japan?s day of reckoning will arrive at some point, and the longer it?s delayed, the worse it will be. This is an ideal moment for the bond vigilantes, who from time to time take matters into their own hands and boost yields, to teach Japan a lesson. Nothing of the sort is happening.

Keep Borrowing

On Wednesday, the day S&P threatened to downgrade Japan, credit-default swaps protecting government debt for five years returned to their pre-March 11 trading range. The message to politicians: By all means, continue borrowing with abandon.

It?s not unlike what?s afoot in the U.S. Negativity about America?s budget deficit has investors like Bill Gross, who runs the world?s biggest bond fund at Pacific Investment Management Co., abandoning Treasuries. Bond dealers disagree, as evidenced by the 3.32 percent yield on the 10-year note. Broadly speaking, the bond market doesn?t seem worried about the U.S.

Looked at through this lens, traders are even less perturbed by Japan?s debt load; 10-year yields are a paltry 1.2 percent. One explanation for why markets are ignoring S&P is that credit rating companies, wrong on just about every major crisis of the last 15 years, have lost all credibility in Asia.

Complacent Markets

The more worrisome one is that markets are complacent. It?s hard not to draw this conclusion when you trek around the Sendai region, which was inundated by the tsunami. From my vantage point, the initial $300 billion reconstruction estimates are fanciful. So, too, might be S&P?s suggestion that the price tag would, at the high end, be $613 billion. It may cost far more.

The challenges that held Japan back before the quake are more acute now. The one most evident in the tsunami zone is how an aging and shrinking population symbolizes the decline of economic life in rural areas. The question isn?t just how to rebuild, but whether to even bother in some places.

There?s also the question of when to start. Economic logic tells you to begin right away. After a 1995 quake, the city of Kobe acted fast and vibrant growth followed. Such thinking is callous and borderline immoral to the likes of Shintaro Takegawa.

Takegawa, 57, is a Sendai truck driver whose company lost more than 90 percent of its fleet when the oceans poured into the city center. He was intrigued to see a wandering foreigner in his midst and offered me a ride back to the train station, a few kilometers from Sendai?s main port.

Why the Hurry?

?There is a big hurry to rebuild, but we have to have respect for the dead and the missing -- more than 25,000 people,? Takegawa explains. ?Why can?t we wait a few months??

This sentiment is common in Japan?s northeast. I heard it, for example, from police officers in the city of Natori, which was literally wiped off the map last month. My Bloomberg News colleagues who have traveled extensively around Tohoku since March 11 routinely encounter it, too. It underscores the challenges facing a nation anxious to dispatch construction crews.

The nuclear crisis in Fukushima is another wild card. This week, electronics maker Sharp Corp. became the latest company to delay making forecasts for this year, citing difficulty in estimating the financial toll of the last several weeks.

Japan is in bizarre economic territory. Bank of Japan Governor Masaaki Shirakawa isn?t exaggerating when he says the economy faces ?strong downward pressure.? That dynamic, coupled with the cost of rebuilding Tohoku, means issuing lots of new debt.

You would think that with Japan?s debt-to-gross domestic product ratio -- already 200 percent -- set to widen, traders would be wary. You would think a nation with a shrinking population would be chastened by markets for over-borrowing and forced to find another way to boost growth.

No, traders are saying all is well and giving Japan the green light to sell bonds. One can only imagine the market surrealism that will begin once that light turns yellow or, worse, red.

(William Pesek is a Bloomberg News columnist. The opinions expressed are his own.)

--Editors: James Greiff, David Henry

Click on ?Send Comment? in the sidebar display to send a letter to the editor.

To contact the writer of this column: William Pesek in Tagajo, Japan at wpesek@bloomberg.net

To contact the editor responsible for this column: James Greiff at jgreiff@bloomberg.net

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Kleer Lumber introduces Kleer Decking

Westfield, Mass.-based Kleer Lumber, manufacturer of extruded free foam cellular PVC building products, has introduced Kleer Decking, a seven-color array of PVC decking that has the natural look of wood and features cap stock technology on every deck board within the line.

Kleer Decking is packaged in smaller 48 piece units in lengths of 12 ft., 16 ft. and 20 ft. Fascia boards are available in 24-piece bundles of 12-ft. lengths in the five solid colors.�

?The challenge with launching a new product offering in a category full of sameness is in delivering uniquely innovative solutions that rise above other products currently in the marketplace,? said Walt Valentine, president of Kleer Lumber. ?Kleer Decking meets this challenge with numerous product features and contractor benefits that are difficult to find in the product lines that are currently available.?

Backed by a transferrable lifetime warranty that includes labor for the first two years, Kleer Decking features two collections -- Coastal and Sierra -- and offers a 100% PVC core, which is void of any organic material that might promote the growth of mold and mildew. In addition to ultra-low maintenance, Kleer Decking is designed with PVC and polymer caps to resist scratching, staining and color fading.

The Kleer Decking Sierra series provides five color selections with solid earth tones and tropical hardwood tones. All five display natural wood grain textures and feature a proprietary polymer cap stock that won?t delaminate. It also offers superior scratch, stain and fade resistance, according to the company.

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The Ritz-Carlton Hotel Company, LLC announces first hotel in Abu Dhabi

New waterfront property marks the brand?s third hotel in the United Arab Emirates

The Ritz-Carlton Hotel Company, LLC announces first hotel in Abu Dhabi

Monday, April 25, 2011

The Ritz-Carlton Hotel Company, L.L.C. announced an agreement with Abu Dhabi National Hotels (ADNH) for The Ritz-Carlton to operate a waterfront hotel in Abu Dhabi, the capital of the United Arab Emirates. Set amidst beautifully landscaped gardens with its own private beach overlooking the Grand Canal, the hotel is expected to open in late 2011.

Designed by Otak International, The Ritz-Carlton Abu Dhabi, Grand Canal will feature 447 luxurious guestrooms and suites, as well as 85 villas.� Inspired by the 15th to early 17th century Renaissance architecture and the urban planning of the city of Venice, The Ritz-Carlton Abu Dhabi consists of ten stately buildings arranged in a crescent formation, completely with artfully designed water features throughout the 220,000 square meter (54 acre) property.

?We are delighted to be bringing The Ritz-Carlton renowned levels of hospitality to the power capital of the United Arab Emirates,? said Herve Humler, president and chief operations officer, The Ritz-Carlton Hotel Company L.L.C. ?The Ritz-Carlton Abu Dhabi, Grand Canal hotel will be a welcome landmark, and together with the owning company Abu Dhabi National Hotels, we will create a prestigious luxury hotel that will be the highlight of the new waterfront development.?

H.E. Salem Mohamed Athaith Al Ameri, chairman of Abu Dhabi National Hotels Company stated, "Our partnership with a world-class hospitality group such as The Ritz-Carlton Hotel Company solidifies our plans for ADNH?s growth and reinforces our concrete development strategy. We also believe that this progress is an additional foundation to build on and support the momentous programme initiated by the government of Abu Dhabi to serve the tourism industry of the capital and the U.A.E. as a whole.?�

A key highlight of The Ritz-Carlton Abu Dhabi is the one and two-bedroom villas, each ranging from size of 90 to 130 square meters (968 to 1,400 square feet,) and complete with spacious outdoor terraces and personalized butler service.�� The hotel will also feature The Ritz-Carlton Club, a private floor accessible only by elevator key and offering five complimentary food and beverage presentations throughout the day and dedicated concierge service.

The culinary journey at The Ritz-Carlton Abu Dhabi is an odyssey of dining experiences that will suit every discerning palate.� The hotel?s all-day dining Italian restaurant features a lovely outdoor terrace overlooking the gardens; the steak and seafood restaurant offers� specialty cuisine in a stylish and contemporary setting; the Middle East restaurant showcases the very best in the region?s cooking, and, the Asian restaurant will whet the appetites for all things spicy, authentic and Oriental.� For those who enjoy a more casually luxurious experience, there is a rooftop terrace, two poolside bars, and a Lobby Lounge and bar, all of which offer guests a great selection of drinks and bite-sized meals.

As the perfect setting for society weddings, high-level conferences, special social events and luxury product launches, The Ritz-Carlton Abu Dhabi provides 2,040 square meters (22,000 square foot) of flexible space, including a magnificent 1,500-square meter (16,145 square foot) ballroom that is divisible by three, along with an additional 11 meeting rooms.

Leisure travelers will enjoy the all-encompassing spa which will provide holistic rejuvenation and relaxation in a serene, meditative setting.� Managed by ESPA, the 2,000 square meter (21,500 square foot) spa with its own separate entrance, will offer 20 private treatment rooms as well as a fully-equipped fitness centre, outdoor tennis courts, and other heat and water experiences. A major scene-stealer will be the massive 1,600 square meter (17,222 square foot) outdoor swimming pool that accentuates the stunning landscape of the hotel.

The Ritz-Carlton Abu Dhabi, Grand Canal will be the company?s third hotel in the United Arab Emirates.

Vicky Karantzavelou - Monday, April 25, 2011

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US recovery fears push pound to 17-month high against dollar

New data showed US gross domestic product (GDP) grew 1.8pc year-on-year in the first quarter of 2010, down from the 3.1pc growth seen in the final quarter of 2010.

Analysts had been expecting growth to hold up better, at 2pc, but rising food and petrol prices dragged on consumer spending. Growth in personal consumption slowed to 2.7pc from 4pc.

The data came after the Federal Reserve downgraded its growth estimate for the whole year to 3.1pc to 3.3pc, from its January projection of 3.4pc to 3.9pc. The accompanying comments from Mr Bernanke had already sparked suspicions that growth slowed in the first quarter of the year, since he would have had access to the figures.

The new set of forecasts from the Federal Reserve also included higher projections for inflation, much of which has been driven by higher petrol prices. Climbing prices threaten growth as they squeeze households' and businesses' spending power.

In addition, applications for unemployment benefits jumped to 429,000 last week - well above the 392,000 in the Reuters consensus forecast.

Nonetheless, it was Mr Bernanke's dovish tone which was driving the movement in the dollar, said Barry O'Neill at broker Clear Currency. He saw the fundamental issue as the pace of the US recovery.

The growth data came a day after official figures showed that the UK economy grew 0.5pc in the first quarter of this year compared with the previous three months, in which it contracted by the same amount.

On an annual basis the growth was 1.8pc, but the figure is not directly comparable with US rate, which is seasonally adjusted. Investec analysts calculated that if US growth was presented in the same way as the headline UK figure, the quarter-on-quarter growth rate would be 0.4pc.

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Cox Industries opens new customer portal

As part of a series of technology upgrades, Orangeburg, S.C.-based Cox Industries unveiled a new customer portal to log in and view, download, and upload account specific information.�

Today, when customers access the Cox website, their recent account activity and order literature will be displayed. Customers also get the benefit of direct access to the entire Cox team who are available to assist with orders, literature requests and questions, according to the company.

Later this year, the manufacturer and distributor of treated outdoor wood products plans to launch a live chat and additional reporting features.�

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Russia's Far East? Yep, you can cruise there, too

By Gene Sloan, USA TODAY

Tired of the same-old cruise ports in the Caribbean and Europe? Here's something different: A voyage to Russia's Far East.

Orion Expedition Cruises has announced plans for two new expedition sailings in the region to kick off on June 18 and June 28 on its newest ship, the 100-passenger Orion II.

The 10-night "Natural Treasures of the Russian Far East" voyages will begin and end in Sapporo and Petropavlovsk, Russia (which both have international flight access) and follow a string of 32 volcanoes that stretch across the Bering Sea, known as the Northern Ring of Fire.

ALSO ONLINE:�A Cruise Log guide to new ships on order
GALLERY:�A photo tour of the new Disney Dream

Orion says passengers will have the chance to a climb a caldera wall to a hydrothermal field with hot springs and sulphur crystals, and visit local markets in seaside villages, among other outings. Native wildlife also will be a top draw, including arctic foxes, whales, seals and some of the world's largest eagles, the line says. The Orion II carries a fleet of small Zodiac boats to take passengers into locations larger ships cannot access to watch wildlife.

The region's attractions include the rugged Kamchatka Peninsula and the sparsely-populated Kuril Islands, and Petropavlovsk is home to picturesque Russian Orthodox churches and one of Russia's few remaining statues of Lenin.

Founded in 2004, Orion is an Australia-based expedition cruise company that offers adventure-focused trips to Antarctica, Papua New Guinea, Borneo and other off-the-beaten-path destinations.

Fares for the Russian Far East voyages start at $6,930 per person. More information is available on the line's website, orionexpeditions.com.

Cruise Loggers, would a cruise to Russia's Far East interest you? Share your thoughts below.

Posted Mar 9 2011 7:33AM

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Govt can't claim prerogative in prosecutor appointment: SC

Government cannot claim to having exclusive right in appointment of prosecutor in criminal case, the Supreme Court has said while appointing senior advocate Uday Lalit as special public prosecutor for the trial in the 2G scam despite Centre''s objection.

A bench of Justices GS Singhvi and AK Ganguly brushed aside the Centre''s stand that only government has the right to appoint Special Public Prosecutor (SPP) in the 2G spectrum allocation scam in which former Telecom Minister A Raja, top corporate honchos, bureaucrats and telecom firms are allegedly involved.

"We are of the view that the expression prerogative cannot be used in the context of a statutory provision. Under our Constitution and statutory framework, there is nothing known as prerogative," the bench said.

While objecting to the court''s decision to appoint SPP in the case, Additional Solicitor General Harin Raval, appearing for the Enforcement Directorate, had said it is the "prerogative" of the government to take decision on appointment of lawyers in the case.

Observing that there is a public element in such appointment, the court said "Uday Lalit satisfies the said requirement quite adequately. Therefore, we are unable to accept the contention of the Union of India and we hold that in the interest of a fair prosecution of the case, the appointment of Uday Lalit is eminently suitable."

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Parr Lumber names regional sales manager

Parr Lumber, the Pacific Northwest-based pro dealer, has promoted Nate Rasmussen to the position of eastern Washington regional sales manager. Rasmussen will develop sales strategies to increase services to key accounts in Spokane, Yakima and the Tri-Cities.Previously Rasmussen managed contractor sales for Parr in the Portland metro area.

Headquartered in Hillsboro, Ore., Parr operates 40 facilities in Oregon, Washington, California, Arizona and Utah, including pro/retail building material yards, contractor-focused facilities and cabinet outlets. It was established in 1930.�

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Hotel Check-In checks into London hotels

By Barbara De Lollis, USA TODAY

Greetings from London!

I arrived here this morning for a six-day, whirlwind tour of London's many new (St. Pancras Renaissance), newly renovated (The Savoy) and in-the-works hotels (Edition).

In the four hours since I landed at Heathrow, I've toured the InterContinental Park Lane, which is in the midst of improvements, and the Dorchester in London's upscale Mayfair district. This afternoon, I'll hit the Four Seasons at Park Lane to see its extensive renovation and meet with Four Seasons executives.

For the rest of my stay, I plan to hit both traditional districts such as Mayfair and Kensington, as well as up-and-coming areas such as Shoreditch, a once rough-and-tumble area that in recent years has become a hip destination.

Some of the hotels I'll tour and/or check into will be relatively easy on the wallet, and perhaps would make a great base for the 2012 Summer Olympics (Mint Hotel Tower of London) or for a limited-budget business trip. Others will clearly be luxury, budget busting hotels suitable for big-ticket business trips or a personal splurge.

After jogging around Hyde Park, which is just steps outside my room at the InterContinental Park Lane, here are the hotels I plan to tour over the next few days:

St Pancras Renaissance Hotel: Hotel Check-In's getting an exclusive, pre-opening tour of what may be the most-buzzed-about hotel in London. Locals can't wait to see what designers have done with the landmark, red-brick High Victorian Gothic building (photo above). Owners spent an incredible $325 million making over the dramatic structure. I'm guessing it will be the flagship for Marriott's Renaissance, which former W exec Tina Edmundson's been trying to transform. The hotel's official opening party isn't until May.

(When I posted the historic photo above of the Gothic St. Pancras structure, Facebook buddy Jim Shriner wrote on my Facebook page, "Love it! Another addition to our bucket list!")

Four Seasons at Park Lane: This hotel in the heart of London's prestigious Mayfair district has undergone a major revamp, complete with a rooftop spa with treetop views of Hyde Park and a rooftop spa.

Hoxton Hotel: This trendy hotel prices its rooms like Ryanair, so the further advance that you book, the cheaper the price. Each night, the hotel actually sells five rooms to guests at just one pound each.

W Hotel: Starwood's trendy W chain recently made its debut here with in Leicester Square. The hotel, in the city's equivalent of New York's bustling Times Square, plays up its fashionista reputation with a dramatically dark, nightclub looking lobby. The hotel scheduled to throw its splashy, celeb-filled opening party in a week and a half.

Kensington Hotel: This chic hotel belongs to the Doyle Collection, a small, Ireland-based luxury boutique chain that has a relationship with Omni Hotels through a global loyalty program. Luxury rooms start at $220 a night, which is on the inexpensive side for pricey London.

Edition Hotel: Ian Schrager's creating another Edition, his luxury boutique hotel venture with Marriott International, in a 175-year-old building. Most recently, the building housed the Berners Hotel, whicht closed in 2006.

Readers: Any other suggestions for me while I'm in town?

Posted Mar 9 2011 9:27AM

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Window blinds continue to stir safety debate

Blind manufacturers and consumer advocates don't see eye-to-eye when it comes to blinds and child safety, according to an article in Thursday's New York Times.

The task force created by the Consumer Products Safety Commission and manufacturers to find a solution to the problem of child strangulation is hoping to offer a plan this fall. But the article reports that negotiations are off to a rocky start.�

About 12 children per year strangle on window treatment cords, according to the article.

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Can technology fix air traffic troubles?

The future of air traffic control

STORY HIGHLIGHTS

  • Expert: Controllers usually use "paper, an eyeball and a pencil" to track planes on the tarmac
  • GPS cockpit maps may have warned pilots about impending JFK collision, says expert
  • "NextGen" air traffic overhaul aims to help pilots and controllers during landings
  • New technology not designed to replace air traffic controllers

(CNN) -- New technology to modernize America's aging air traffic system promises to help air traffic controllers and may have prevented a recent tarmac collision between two aircraft at a New York airport, say experts.

As part of its "NextGen" plan to overhaul traffic management, the FAA plans to replace its current radar tracking system by 2020 with a more accurate GPS-based network.

With the new technology, pilots and controllers can see surrounding aircraft in real time -- without the 10-second delay that comes with the half-century old radar technology.

What's going on with air traffic controllers?

GPS-based tracking displays certainly would have had a role to play in preventing the April 11 collision on the tarmac at New York's John F. Kennedy International Airport, said Bill Voss, former FAA air traffic development director and current president of the Flight Safety Foundation.

The incident occurred when a taxiing Air France Airbus A380, widely regarded as the largest commercial airliner, collided with a much smaller Comair Bombardier CRJ-700 regional jet, which was parked.

No one was hurt in the collision, but wings on both planes were damaged, according to the National Transportation Safety Board. Video of the incident showed the smaller plane appearing to turn at about a 45 degree angle after the giant Air France jet taxied by.

Typically, planes taxiing at airports are tracked by air traffic controllers watching from towers. They use radar and other technology to track aircraft when bad weather makes it hard to see.

But during good weather controllers usually follow planes by using their eyes -- even at night.

"You'd be surprised -- almost all of this is done with pieces of paper, an eyeball and a pencil," said Voss. "It is a very visual and manual activity."

If either the Air France or the Comair pilot had access to a GPS cockpit surface map, the JFK collision might have been avoided, he said. Under NextGen, animated surface maps in the cockpit will be a critical safety improvement, said Voss.

Specifically, cockpit displays "might have shown the A380 crew that the regional jet was not pulled up as far as expected," Voss said. "It also may have alerted the regional jet crew that the world's biggest airliner was about to taxi behind them, in which case he might have pulled up a bit further."

You'd be surprised -- almost all of this is done with pieces of paper, an eyeball and a pencil
--Bill Voss, Flight Safety Foundation

The NTSB is investigating the incident. Preventing so-called ground incursions such as the JFK collision is high on the NTSB's list of priorities, say aircraft operators.

Will air traffic overhaul make us safer?

When the entire plan is fully implemented by 2025, NextGen is widely expected to make air travel more efficient, faster and safer in a system already widely accepted as the safest in the world.

Asleep at the switch

It has been a tough few weeks for the FAA, as officials have acknowledged a series of reports about controllers sleeping on the job, prompting questions about worker fatigue, staffing and scheduling.

"What Next Generation does require us to do is to really work closely with our controllers in deployment so that we can ensure that they are properly equipped and trained to take on these new technologies," said FAA Deputy Administrator Michael Huerta.

Huerta's boss, FAA administrator Randy Babbitt has acknowledged the situation has left him "infuriated."

The string of reports about controllers asleep at the switch began March 23, when an American Airlines flight was seeking landing clearance at Washington's Reagan National Airport.

Pilots and a regional air traffic controller were unable to contact anyone at Reagan's tower, so pilots landed the airliner safely without assistance. The FAA later said the controller was asleep and was "in the process of a disciplinary proceeding which will terminate this employee."

How are controllers trained? Video

In that situation, NextGen technology wouldn't set off "any special bells or whistles to wake anyone up, unless they start mounting a cattle prod to it or something." joked Voss.

Living the life of an air traffic controller

A cockpit display showing the location of the incoming plane and any surrounding aircraft would go a long way toward reassuring a pilot left stranded without a controller, said Voss.

Air traffic control hinges on 'human factor'

It is designed to improve teamwork between pilots and air traffic controllers, say aviation officials. It's not at all meant to replace controllers.

"It offers another layer of protection," he said. "However, we don't know if those other aircraft can see the pilot's plane -- that's the incremental difference. You still really do need to have a controller and a landing clearance."

Shifting roles and responsibilities

Does having a cockpit display lessen the importance of the air traffic controller?

No, said Melvin S. Davis, top NextGen official at the National Air Traffic Controllers Association union. It won't make the job easier, just more efficient, he said. "Human capacity remains about the same, but the amount of machines moving through the system based on that human's capacity increases."

Davis said it's time to do away with the old fashioned paper-and-pencil flight strip markings that controllers in towers have been using to track aircraft for decades. "Those are things that should be done digitally that aren't," he said.

Aviation leaders are quick to point out the nation's impressive commercial airline safety record in 2010: zero fatal crashes.

Will NextGen help controllers battle fatigue?

"It is far too early to tell fatigue-wise how the interaction with the new systems of tomorrow will differ from the systems that we deal with today,' said Davis. "But those are things that are being explored and developed as we speak."

As in many industries, air traffic controllers with more experience often look down their noses about the abilities of the younger generation.

The best controllers, they say, maintain a constantly moving mental picture of all their air traffic -- what they call situation awareness. Maintaining situation awareness is critical to aviation safety, especially if there's a problem with the tracking technology.

Privately, controllers have expressed concern that younger controllers may be too reliant on technology when tracking their planes -- and not as reliant on their situation awareness as they should be.

NextGen technology may have helped a recent air traffic control incident involving first lady Michelle Obama, Voss said.

The plane the first lady was flying on, a military version of a Boeing 737, was approaching Andrews Air Force Base in Maryland when it came too close to another aircraft. Controllers directed the first lady's pilot to abort the landing.

Neither plane was ever in any danger, officials said.

GPS-based tracking might have given the controller more time to adjust the flight path of the first lady's plane, said Voss. This is because there would be virtually no delay on the display screen, compared to old-style radar.

Airline traffic is expected to skyrocket to 1 billion annual passengers by 2021. But during the recession, the nation's aging air traffic system has enjoyed a reprieve in the form of sagging ridership. It's an opportunity to improve safety that shouldn't be missed, said Voss.

"The only question is can we get enough done during this reprieve to start tightening up the airways."

CNN's Jeanne Meserve and Mike Ahlers contributed to this report.

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U.S. Economy: Spending Climbs With Food, Fuel Costs

April 29, 2011, 5:30 PM EDT

By Bob Willis and Timothy R. Homan

(Updates with closing markets in fifth paragraph.)

April 29 (Bloomberg) -- Americans increased their spending in March as they paid more for gasoline and groceries, suggesting income gains may need to pick up to prevent a bigger squeeze on household finances.

Purchases rose 0.6 percent after a revised 0.9 percent gain the prior month that was higher than previously estimated, the Commerce Department said today in Washington. After adjusting for changes in prices, the spending that accounts for 70 percent of the economy rose 0.2 percent in March.

Workers are finding limited success asking for pay raises, a reason Federal Reserve policy makers will maintain record monetary stimulus after ending large-scale bond purchases in June. Another report showed business activity grew in April at a pace that?s consistent with steady expansion in manufacturing.

?A larger share of consumers? money must be allocated toward gasoline and food,? said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York. ?Manufacturing is continuing to expand and looks healthier than other parts of the economy.?

Stocks gained as results at Caterpillar Inc. and Goodyear Tire & Rubber Co. beat estimates. The Standard & Poor?s 500 Index climbed 0.2 percent to 1,363.61 at the 4 p.m. close in New York.

?We expect that the pace of world economic growth will support continued recovery in the key industries we serve,? Doug Oberhelman, chairman and chief executive officer of Caterpillar, the world?s largest maker of construction equipment, said in a statement.

Business Barometer

The Institute for Supply Management-Chicago Inc. said today its business barometer dropped to 67.6 in April from 70.6 in March. Figures greater than 50 signal expansion, and the median forecast in a Bloomberg News survey of economists called for a decline to 68.2.

The business spending that helped lead the economy out of recession in mid-2009 has been helped this year in part by President Barack Obama?s December compromise with congressional Republicans on taxes. Companies will be able to depreciate 100 percent of investments in capital equipment in 2011.

The Commerce Department?s report showed Americans? disposable incomes, or the money left over after taxes, rose 0.1 percent after adjusting for inflation, following no change in February, a reminder of the challenge represented by rising food and energy costs. The savings rate held at 5.5 percent.

?Like a Tax?

?The higher food and energy prices function like a tax in the short term, and discretionary spending is going to bear the brunt of that,? said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia. ?Anything that increases consumer income will increase consumer spending, be that more jobs or higher wages. We do expect the rebound in the labor market to continue.?

The report showed the Fed?s preferred price measure, the so-called core inflation reading that excludes food and fuel, rose 0.9 percent in March from a year earlier, matching the 12- month gain in February. The Fed?s so-called central tendency forecast calls for a 1.3 percent to 1.6 percent increase this year.

Figures from the Labor Department today showed employment expenses rose in the first quarter at a rate that indicates inflation may stay subdued in coming months.

The 0.6 percent increase in the employment cost index from January through March followed a 0.4 percent gain in the prior three-month period, Labor Department figures showed today. Economists projected a 0.5 percent climb, according to the median estimate in a Bloomberg survey.

Labor Costs

More than 13.5 million people were unemployed last month, giving workers little leverage to ask for wage increases. Fed Chairman Ben S. Bernanke said this week that surging commodity prices are ?unlikely to induce significant? inflation in labor costs.

The economy began 2011 on a weaker note, expanding at a 1.8 percent annual rate in the first quarter after a 3.1 percent gain in the final three months of 2010, Commerce Department figures showed yesterday. Consumer purchases rose at a 2.7 percent pace, more than forecast, following a 4 percent gain the previous quarter.

Americans may find it difficult to boost their spending as they pay more for groceries and gas. Regular fuel was $3.89 a gallon on April 27, the highest since August 2008, according to AAA, the nation?s biggest motoring organization. Food costs rose 0.8 percent last month, the most since July 2008, consumer-price index data from the Labor Department showed on April 15.

--Editor: Vince Golle, Christopher Wellisz

To contact the reporter on this story: Bob Willis in Washington at bwillis@bloomberg.net; To contact the reporter on this story: Timothy R. Homan in Washington at thoman1@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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Friday, April 29, 2011

DeWalt unveils tote as two-in-one storage solution

24-inch Tote with Power Tool Case

DeWalt has announced the introduction of its 24 Inch Tote with Power Tool Case. The two-in-one storage solution allows contractors to easily store power tools, hand tools and accessories -- like drill bits, nails and screws -- in the power tool case, which also functions as a lid. For internal storage customization, the tool case has a removable divider that stores larger items in the bottom of the tote, helping to eliminate the need for multiple tool bags.

For trouble-free transportation around the job site, the tote is equipped with a reinforced metal handle that allows for an easy grip and enables the unit to carry a maximum load of 70 lbs.

?Our new storage solution offers contractors a means of organizing, sorting and transporting their tools from one job site to the next,? said Naama Eylon, storage commercialization manager.�

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India, China move towards holding joint military exercises

Months after suspending the high-level defence exchanges, India appears to be moving to resume military manoeuvres with China as indications emerged on Tuesday that the two countries could be holding joint exercises in the near future.

The indications emerged on the eve of the meeting between Prime Minister Manmohan Singh and Chinese President Hu Jintao in Sanya and amid apparent Chinese moves to reverse its two-year-old policy of granting stapled visas to Indian nationals hailing from Jammu and Kashmir.

"The joint exercises would be held," a source said here when asked whether the military exercises will resume.

The source pointed out that some level of defence contact like border flag meeting had always been maintained even after high-level military exchanges were suspended after the Northern Army Commander Lt Gen BS Jaswal was given a visa on a loose sheet because he was serving in the state.

On the stapled visa issue, the sources noted that there was some movement but India will have to wait and watch how things evolve.
They said the two countries will have to work quietly on this without making any announcements.

China had in 2008 started the practice of issuing visas on loose sheets of paper to people from Jammu and Kashmir, which was seen here as questioning India''s sovereignty over the state.

This had been an irritant in bilateral relations and the matter had snowballed into a major controversy last July after the Jaswal episode.

The Prime Minister had taken up the stapled visa issue with Chinese President Hu Jintao in Vietnam in October last year when they had met on the sidelines of ASEAN Summit.

The issue was again raised in December with Chinese Premier Wen Jiabao when he visited here.

The sources pointed out that political and economic relations between India and China had been growing and that the borders were also calm.

On the building of infrastructure by China along its borders with India, the sources said India was also doing so on its side of the border to catch up with its eastern neighbours.

It was pointed out that 78 road projects were expected to be completed by India by 2012 and all but eight would be finished on time. The remaining eight will take a little longer.

Singh and Hu will meet in Sanya tomorrow and are expected to discuss furthering bilateral relations.

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Parr Lumber names regional sales manager

Parr Lumber, the Pacific Northwest-based pro dealer, has promoted Nate Rasmussen to the position of eastern Washington regional sales manager. Rasmussen will develop sales strategies to increase services to key accounts in Spokane, Yakima and the Tri-Cities.Previously Rasmussen managed contractor sales for Parr in the Portland metro area.

Headquartered in Hillsboro, Ore., Parr operates 40 facilities in Oregon, Washington, California, Arizona and Utah, including pro/retail building material yards, contractor-focused facilities and cabinet outlets. It was established in 1930.�

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UK shares - risk takers to still be rewarded

Investing in large cap UK equities, such as the FTSE 100, also offers investors good exposure to faster growing emerging markets ? over 70pc of FTSE 100 earnings are from outside the UK. Energy and basic materials are two sectors which provide excellent global earnings exposure. Energy should continue to benefit from high oil prices and also offers a competitive dividend yield at nearly 4pc.

The sector has performed well recently (up over 15pc in the last 4 months) but it looks far from expensive ? the energy sector is still trading at a larger discount to the market than the average level of the last 15 years. Materials are a way of benefiting from the higher growth in the commodity- intensive emerging world. Earnings expectations for the sector are continuously upgraded and forecasts for this sector for 2011 remain strong.

For more defensively inclined investors, telecommunications will likely also perform well this year, while still offering a 5pc dividend yield. That compares favourably to both government and corporate bonds, especially when accounting for inflation at 4pc. Telecommunications? earnings expectations are undemanding and should remain well supported, especially as the sector?s margins are not sensitive to oil prices and tend to perform relatively well when interest rates are increasing.

Lastly, financials should not be overlooked by those investors willing to take additional risk. The sector faces varied headwinds (regulation, exposure to Ireland and peripheral Eurozone countries), but with banks trading at one times their book value, these risks are in the price. Additionally, banks are less affected by higher oil prices than most sectors and typically perform strongly when interest rates are rising.

Consumer sectors, such as retailers, are less likely to do well. Although employment is growing, it is unlikely to accelerate in the months ahead. Households seem likely to take the brunt of the fiscal tightening. Higher oil prices, higher VAT, lower benefits and wage growth at only 2pc despite inflation at 4pc will all squeeze household expenditure. Household spending won?t grow at the pre-crisis pace and consumer oriented businesses will suffer. We are already seeing that companies are finding it harder to pass higher input prices onto consumers.

For the UK equity investor there are risks ahead. But those willing to tough-out near term uncertainty should be rewarded (especially relative to bond investors) for the rest of the year by focusing on sectors exposed to higher emerging markets growth which are less oil and interest rate sensitive.

Bill O'Neill, chief investment officer at Merrill Lynch Wealth Management

Visit Telegraph Wealth Management for high quality wealth management and protection advice

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Getting the lay of the land in Philly

Part of complete coverage on

Mural tours provide a modern view of the historical city of Philadelphia.

STORY HIGHLIGHTS

  • Mural walking and elevated train tours showcase the city's public art
  • In June, Philly Beer Week will showcase the city's brewing culture
  • Try Adsum restaurant for great neighborhood bistro fare

CNN's Insider Trip Tips taps staffers around the globe for a local's look at places where they work and live. Sarah Hoye, a CNN all-platform journalist, recently moved to Philadelphia. Share your tips in the comments area below.

Philadelphia (CNN) -- Philadelphia is steeped in history with a labyrinth of neighborhoods, each with its own flavor. Whether you're on a layover or staying for the long haul, the birthplace of America has you covered.

I recently moved to Philadelphia and shared these tips with CNN.com about what I've discovered so far, from mandatory (and interesting) historical sites to the summer's Philly Beer Week.

We the people

You can't avoid American history in Philly, so you might as well start at the beginning. Get your lesson in at Independence National Historic Park, where you will find the Liberty Bell and Declaration of Independence. You might just learn something -- like that the Army, Navy and Marine Corps were founded at Independence Hall during the American Revolution. See? Go impress your folks. Warning: Tickets are free, but are required.

Find love

Take your Twitpic at Love Park (also known as John F. Kennedy Plaza, where the City of Brotherly Love's famous Robert Indiana "Love" sculpture is located) and then hop on the SEPTA train for an overview of the city. It's argued that Philly, in addition to being the birthplace of America, is also the birthplace of graffiti. In 1984, the city's Mural Arts Program started, growing out of an anti-graffiti movement. Since then Mural Arts has produced more than 3,000 works of wall art around the city. Hop aboard the Love Letter Train Tour to view 50 romantic murals from the elevated train line and platforms on this subway tour.

Walk it out

Philly is one of the nation's oldest cities, which means you can walk a lot of places. The majority of the time, walking is the best bet, considering parking can be a nightmare. Pay your meter, otherwise get a ticket or towed. (There's even a reality show about the Parking Authority, and they mean business.) Check out the art on the walls with a walking tour of the Mural Mile to get a distinctive look at the city's charm.

Beer, here

Drink up. The city of Philadelphia has been brewing beer for more than 300 years. Hitting Philly in summer? Celebrate its sudsy roots in summer at Philly Beer Week, a 10-day celebration of beer. Missed it? No worries. Here's a tip, you can't buy beer at the grocery store, so don't ask. You can purchase your spirits at specialty stores. Interestingly, because of the complete racket of getting a liquor license, many restaurants are BYOB -- bring your own bottle. And pretty darn tasty, too. At the contemporary Mexican restaurant Lolita, you can bring your own bottle of tequila (or pick one up a block away) for margaritas mixed at your table.

Grub

Philly is a foodie's paradise. Get schooled on the scene with City Food Tours, which offers themed excursions through the streets of Philadelphia. Looking for that local flavor? Head over to Tony Luke's in South Philly for a roast pork sandwich or a tasty cheesesteak. Keep things friendly at Sabrina's Caf� & Spencer's Too, serving up comfort food after you make it to the top of the steps at the Philadelphia Museum of Art just up the Benjamin Franklin Parkway.

Be sure to stop by Adsum bar and restaurant for the perfect neighborhood bistro fare and other shenanigans. Want that perfectly crazy burger? Hit up PYT in Northern Liberties -- catch a cab or ride the train for a taste of the Krispy Kreme burger or the cheesesteak pretzel roll burger.

What do you think? Share your recommendations for Philadelphia visitors in the comments section below. What should visitors do with one day in Philadelphia?

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DIY Council taps Seagrave as president

Jayne Seagrave will take over as� president of the Worldwide DIY Council, effective May 1. Seagrave will take over for past executive secretary Donald Droesch, who is retiring from the Council.

Seagrave is marketing director of the Vancouver Tool Corp. She holds a Ph.D in Criminology and is an active speaker and author. She has been a member of the council for more than six years and served on the board from 2007 to 2010. She is the first woman to hold the position and also the first Canadian to do so.

?We're delighted to have persuaded Jayne to take the helm," said Bill Marsheck, vice chairman of the board. "She is well known to many of us in the home improvement industry and brings to the position not only the experience of a North American manufacturer with firsthand international sales experience, but is also well respected amongst her Canadian, United States and European peers. We expect her charismatic personality, energy and enthusiasm will inject a totally new dynamic into our organization.?

The Worldwide DIY Council is an organization comprised primarily of American and Canadian manufacturers selling to the consumer, commercial and industrial hardware markets with an interest and commitment to grow their export business. Members range from young entrepenurial firms to well known, market-leading companies and brands.�

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Schroeder: Fans Want 'Oracle' to Come Clean

April 28, 2011, 10:03 AM EDT

By Alice Schroeder

April 28 (Bloomberg) -- Last month, the news broke that David Sokol, who was Warren Buffett?s presumed heir apparent at Berkshire Hathaway Inc., made $3 million from Lubrizol Corp. stock purchases while he was pushing Buffett to buy the company.

In the statement announcing Sokol?s resignation, Buffett downplayed the importance of front-running Lubrizol stock, excusing Sokol on the grounds that he did nothing ?unlawful.? That, wrote Buffett, was all he planned to say on the subject -- until yesterday.

That?s when Berkshire issued an audit-committee report condemning Sokol for having misled Buffett and the company. It also said Berkshire might sue Sokol. The report responds to weeks of criticism about Berkshire?s seeming indifference to ethical standards, and comes just before some 40,000 people descend on Omaha, Nebraska, for the annual shareholder meeting.

For Buffett, sometimes dubbed the Oracle for his investing acumen, the meeting is a double-edged sword. The event at which he and his vice chairman, Charles T. Munger, spend almost six hours answering questions puts considerable pressure on him to be more forthcoming. On the other hand, Buffett will be speaking with a home-field advantage to a receptive audience that wants to think well of him.

Buffett?s Enemies

He will need their good will. The audit-committee report answers some questions about what happened with Sokol, but not the most important ones: Why did Berkshire fail to condemn his behavior initially, and instead praised his ?extraordinary? contributions to Berkshire? And what will Berkshire do to improve its corporate governance?

The company lays out a story in which Sokol misled Buffett and Berkshire?s chief financial officer, Marc Hamburg. These revelations are damning, and the audit committee has concluded in harsh terms that Sokol violated Berkshire?s code of conduct, its insider-trading policy and failed his duties as a manager. But according to the report, the essential elements were known by the Berkshire board before March 30. This is when Buffett praised Sokol in a press statement and declared Sokol?s actions kosher because they were ?not unlawful.?

According to a statement by Sokol?s attorney, Barry Levine, Buffett ?was told twice, not once,? about Sokol?s ownership of Lubrizol shares before Buffett began takeover talks with the company.

It?s understandable that a continuing investigation might justify taking a harsher view of the facts, but Berkshire?s opinion hasn?t just evolved. It has taken a 180-degree turn. Behavior that was explained away just a month ago is now being condemned. Obviously, Buffett did need to change his mind and be clear about the reasons.

Missing Explanation

The problem isn?t the about-face. It is the missing explanation for why Berkshire went so easy on Sokol in the first place. Whatever the detailed reasons, ultimately it boils down to Berkshire?s reliance on Buffett?s personal judgment about his managers and his ability to delegate to them to the point of abdication. When this one-man infrastructure makes a mistake, it?s hard to admit that Buffett is at fault. Changes in the way the company is managed are personal, not corporate. Under the circumstances, the temptation is high to blame everything on a single rogue employee. That doesn?t excuse Sokol?s behavior, but the failure of oversight needs to be acknowledged and corrected.

Instead, Berkshire is struggling with how to handle this situation. For years, Buffett?s quirky management style was hailed as a strength, and he escaped this kind of scrutiny. His former Teflon status is making the backlash all the harder.

Fat Cats

Buffett has plenty of enemies, though they have stayed underground until recently. They include fat cats who don?t want to pay the higher taxes Buffett advocates, chief executive officers weary of being called greedy parasites by one of the world?s richest men, and Wall Streeters of all stripes who think Buffett?s hellfire-and-damnation tirades about their business are hypocritical.

Now, caught in the painful fall stage of the great American narrative known as rise, fall and redemption, it?s hard to see how Buffett can change the narrative?s overall course through public relations. But he can avoid making it worse for himself by taking responsibility.

The more explicitly Buffett shoulders some of the blame for having waffled on ethics, the more future redemption points he will get. If he dumps on Sokol while trying to avoid all entanglement in the situation, or reaches for credit for having turned tough, it won?t be convincing. Based on the audit- committee report, it looks as though this is where things are headed, but it?s not too late for Buffett to change direction.

$200 Billion

Governance, rightfully, will be high on the audience?s mind during the meeting, because Sokol is only a symptom of an underlying cause. The world acknowledges that a $200 billion company that employs about 260,000 people can?t be run by a single man. Buffett should step up on these issues now, before a public outcry puts him in conflict with his own board.

The No. 1 thing everyone wants to know is who would run Berkshire if Buffett vanished today. Why not just tell them? If it is Ajit Jain, who runs Berkshire?s reinsurance operation, Buffett should say so. He can always hedge and say his choice doesn?t bind the board and later events might change things.

The Sokol incident has boomeranged to become a referendum on Buffett?s judgment of people and management style, Berkshire?s corporate governance, institutional infrastructure, risk-management and internal controls, and the succession process for a new CEO. It has also raised questions about the board?s committee structure, compensation and responsibilities.

These issues weren?t addressed in the audit-committee report, and it is a tall order to do so. All this is probably too much to expect from Buffett in a single weekend. But the more straightforward Buffett is at this meeting, the better off Berkshire?s shareholders will be -- and so will he.

(Alice Schroeder, author of ?The Snowball: Warren Buffett and the Business of Life? and a former managing director at Morgan Stanley, is a Bloomberg News columnist. The opinions expressed are her own.)

--Editors: David Henry, James Greiff.

Click on ?Send Comment? in the sidebar display to send a letter to the editor.

To contact the writer of this column: Alice Schroeder at aliceschroeder@ymail.com

To contact the editor responsible for this column: James Greiff at jgreiff@bloomberg.net

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Spring training side trip: Davis Islands

TAMPA, Fla. ? For travelers in town for spring training games, Davis Islands already makes for a fine side trip, with its picturesque marina, quaint restaurants and shops, and views of the bay. Now that Yankees great Derek Jeter lives there, however, baseball fans have an added incentive to go.

Jeter's 30,815-square-foot waterfront mansion was officially completed last month, reportedly to the tune of $7.7 million. Reportedly the largest residence in Hillsborough County, it's so big that local residents have taken to calling it St. Jetersburg.

The structure, which overlooks Hillsborough Bay and can be seen clearly from the Bayshore Boulevard sidewalk on the other side of the inlet, takes up two lots and has seven bedrooms, nine bathrooms, a pool, two three-car garages and two boat lifts. The mansion is surrounded by a 6-foot security wall ? for which Jeter had to get a variance to go higher than the 4-foot limit allowed for by local ordinance ? prompting locals to call it the Great Wall of Jeter.

The upscale island neighborhood ? technically two islands ? in South Tampa is accessible by way of Davis Boulevard, the neighborhood's main drag just over the Davis Islands Bridge connecting it to the mainland not far from downtown. Jeter's place is on Bahama Circle heading east toward the waterfront off of the boulevard.


The strip features about a dozen shops, restaurants, cafes and bars. Some island residents say Jeter has been spotted at the restaurant 220 East, located appropriately at 220 E. Davis Blvd, which serves American and European cuisine. He's also been seen at the Anchor Bar at 304 E. Davis Blvd., which serves pub food for under $10 per entree.

If you're having breakfast, try The Pink Flamingo, a tropical-themed diner at 304 E. Davis Blvd.

The island boasts a number of Mediterranean Revival Style homes and commercial buildings worth taking a look at. While you're there, take a stroll east from Davis Boulevard via one of the residential side streets to the marina to check out the boats. From there, continue east to the channel to get a view of Harbour Island, Channelside and the Port of Tampa.

On the web: http://www.tampabay.metromix.com

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Window blinds continue to stir safety debate

Blind manufacturers and consumer advocates don't see eye-to-eye when it comes to blinds and child safety, according to an article in Thursday's New York Times.

The task force created by the Consumer Products Safety Commission and manufacturers to find a solution to the problem of child strangulation is hoping to offer a plan this fall. But the article reports that negotiations are off to a rocky start.�

About 12 children per year strangle on window treatment cords, according to the article.

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Isas 'should be scrapped'

Isas, which were introduced in 1999 to encourage more people - especially those on low incomes - to start saving, have failed to boost the saving ratio, the Institute for Public Policy Research (IPPR) said.

Nick Pearce, IPPR director, said: "Our research shows that people on low-to-middle incomes want simple savings accounts with few terms and conditions, little in the way of small print and paying an easily understandable reward. The current tax relief given to higher-income earners could be withdrawn without reducing their propensity to save.

The think-tank has called for an overhaul of savings, including scrapping Isas and introducing a new account to boost low-to-middle income earners.

The proposed model - called the Lifetime Bonus Savings Account - would see a "bonus" paid on a sliding scale, with the amount capped once the balance reaches an average of �3,000.

The think-tank also argued the Government should work with supermarkets to encourage them to offer accounts so that deposits can be made at supermarket tills.

The saving ratio is calculated as the difference between household income and household spending, expressed as a proportion of income. The independent tax and spending watchdog, the Office for Budget Responsibility, forecast a decline in saving over the next few years, so that the saving ratio falls to 3.4p, which in the final quarter of 2010 was 5.4pc.

Find the top-selling ISAs and get 0% commission when you order online at Telegraph ISA-fund Supermarket.

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China orders give Boeing 'breathing room' on 747-8i, Dreamliner jets

By Ben Mutzabaugh, USA TODAY

Boeing's 747 and 787 passenger-jet programs each got a big boost today as Boeing received orders totaling 43 widebody jets at the Hong Kong Air Show today.

Air China announced it would buy five 747-8 Intercontinentals -- Boeing's latest and biggest version of its jumbo jet.

In addition to Air China's order, "Boeing also signed a preliminary agreement with HNA Group's Hong Kong Airlines for 30 787-9s, six 777 freighters, and two 787-8 VIP jets," The Associated Press writes.

PHOTO GALLERY: Behind the scenes at Boeing's 747 assembly line
RELATED: United unveils first new-look Boeing 747-400

The Wall Street Journal says the order gives Boeing executives "a little breathing room" for both "the newest version of the iconic 747 jumbo jet" and the company's delay-plagued Dreamliner 787.

For the 747-8 Intercontinental, the order could help allay concerns about the long-term prospects of Boeing's latest version of the jet. Prior to Air China's order, Boeing counted only two commercial airlines (Lufthansa and Korean Air) among its customers for the jet.

The Seattle Times writes the "deal buoys the prospects of Boeing's latest and largest version of the jumbo jet, which has faced slow sales." The Financial Times echoes that sentiment, saying Air China's order "is significant for ... Boeing, which has been struggling to find passenger airlines willing to buy the latest version of the jumbo jet."

MORE: China Eastern to expand fleet 74% by 2015 (Air Transport World)

Boeing premiered its first 747-8 Intercontinental last month amid much fanfare at its 747 assembly line in Everett, Wash. Seating about 467 passengers in a typical configuration, the jet is the biggest passenger jet ever manufactured by Boeing.

PHOTO GALLERY: Boeing unveils the 747-8 Intercontinental
STORY: Boeing premiers new 747-8 jet

Despite the public unveiling, Lufthansa --which will be the first airline to put the 747-8i into regularly scheduled passenger service -- isn't scheduled to take delivery of the jet until early 2012.

As for Air China, Dow Jones Newswires writes it "said it will operate the new aircraft on high-capacity routes to North America, and said it won't rule out further orders for the jumbo jet."

"Our fleet isn't sufficient to cope with our expansion plans so we will continue to expand our fleet size," Zhang Yang, Air China's general manager for strategy and development, is quoted as saying by Dow Jones.

Looking at the Dreamliner order, Hong Kong Airlines' 30-jet deal would be welcome news for Boeing, coming against a backdrop of reports that have focused on the many delays that have plagued the ballyhooed aircraft.

PHOTO GALLERY: Boeing 787 Dreamliner takes off
PHOTO GALLERY
: Build your own Dreamliner

Still, even today's news comes as some predict Boeing will not hit its latest target date for the 787, which is already more than three years late in coming to market.

Boeing now says the first Dreamliner will be delivered to launch customer ANA of Japan in the third quarter of this year, a timetable that Boeing executives say remains on target.

The Journal, however, writes that "Yoon Hee-do, an analyst at Korea Investment & Securities, said Boeing is unlikely to make the first delivery in 2011 as it needs more time to test the planes."

Stay tuned ?

PHOTO GALLERY: Lufthansa's A380 takes off on maiden flight
PHOTO GALLERY: A walk-through of Emirates A380
PHOTO GALLERY: Qantas A380 debuts at LAX
PHOTO GALLERY: The A380 takes flight

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Posted Mar 8 2011 1:47PM

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