Exclusive: BlackRock to buy Credit Suisse's European ETFs - source

NEW YORK (Reuters) - BlackRock Inc has won the bidding for Credit Suisse Group AG's European exchange-traded fund business, according to a source familiar with the situation.
The deal is expected to be announced shortly, said the source, who declined to be identified because the deal is not yet public. The value of the deal could not be determined.
A BlackRock spokeswoman and a Credit Suisse spokeswoman declined to comment.
Credit Suisse put its $17.6 billion ETF unit up for sale in October, sources told Reuters at the time.
In November, Credit Suisse said it was integrating its private banking and asset management divisions into a new wealth management unit.
BlackRock and State Street Global Advisors, the asset management arm of State Street Corp, were among the companies bidding for the business, but State Street dropped out of the bidding in December.
Credit Suisse is the fourth largest ETF provider in Europe, with 58 ETFs and a 5.3 percent market share as of December 31, according to ETFGI, a London-based ETF research firm.
BlackRock is the largest ETF provider in Europe, with more than 42 percent of the $331 billion European ETF market. Its 202 European iShares ETFs had $139.6 billion in assets as of December 31, the research firm said.
Credit Suisse's ETF business would be the second international ETF business BlackRock has acquired in the past several months.
BlackRock bought Toronto-based Claymore Investments, a Canadian ETF operation, from Guggenheim Partners LLC, in March.
"This acquisition shows BlackRock's further commitment to being the dominant player in ETFs in every market they are in," said Dave Nadig, director of research at IndexUniverse LLC, a San Francisco-based firm that tracks ETFs.
In October, BlackRock Chief Executive Laurence Fink told Reuters it was looking at a "fill-in ETF acquisition in another country.

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Chrysler 2012 Jeep sales topped 700,000 worldwide for first time

DETROIT (Reuters) - Chrysler Group LLC's Jeep brand sold more than 700,000 vehicles worldwide for the first time in 2012, an increase of 19 percent from the previous year, Chrysler said on Wednesday.
Mike Manley, head of the Jeep brand, said he expects 2013 sales to continue to climb as upgraded versions of Jeep's biggest seller Grand Cherokee, as well as a new midsize Jeep SUV, are introduced.
Jeep's 2012 sales of 701,626 topped the previous global high sales mark of 675,494 set in 1999.
Among Chrysler's four main brands, Jeep is the one that has the most global reach.
The Grand Cherokee full-sized SUV, the compact SUV Compass, and the Wrangler, are the three nameplates of Jeep that are most aggressively marketed outside Jeep's North American base.
Sales of the Grand Cherokee rose 26 percent at 223,196 worldwide. Compass sales rose 20 percent at 103,321, and Wrangler sales rose 16 percent at 194,142.
Sales in Asia in 2012 rose 94 percent, were up 29 percent in Europe and up 18 percent in Latin America. Jeep's sales were up 13 percent in the United States at 474,131.
The new midsize Jeep SUV will replace the Jeep Liberty in the brand's lineup.
In the United States, Chrysler's top-selling brand last year was Dodge, which sold 825,917 vehicles, up 16.5 percent.
Chrysler Group is majority-owned by Italy's Fiat SpA .

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Nike wins trademark case in Supreme Court

WASHINGTON (Reuters) - Nike Inc won a victory at the U.S. Supreme Court barring a smaller rival from suing to void the company's trademark for its top-selling Air Force 1 sneakers.
Chief Justice John Roberts wrote for a unanimous court on Wednesday that Nike's promise not to pursue an infringement lawsuit against Already LLC, maker of Yums sneakers, meant that the Texas company could not pursue its own trademark challenge.
"Already's arguments boil down to a basic policy objection that dismissing this case allows Nike to bully small innovators lawfully operating in the public domain," Roberts wrote. But the argument did not justify letting its lawsuit proceed, he wrote.
Wednesday's decision upheld a November 2011 ruling by the 2nd U.S. Circuit Court of Appeals in New York.
James Dabney, a lawyer for Already, did not immediately respond to requests for comment. Nor did Nike.
Wednesday's decision may help companies such as Nike rival Adidas SE and luxury goods makers Coach Inc and LVMH Moet Hennessy Louis Vuitton SA , which often sue to prevent alleged imitators from interfering with their revenue streams and customer goodwill.
The case began in 2009, when Nike claimed in a lawsuit that Already's Sugar and Soulja Boy shoes infringed Nike's trademark on the stitching, eyelet panels and other features of Air Force 1. Nike, based in Beaverton, Oregon, launched the low-cut Air Force 1 sneaker in 1982 and sells millions of them each year.
After Already countersued to void the trademark, Nike dropped its lawsuit, believing Yums was not a commercial threat, and gave a promise in the form of a covenant not to sue Already.
But Already, based in Arlington, Texas, refused to drop its own case and accused Nike of dropping the original lawsuit to deprive courts of jurisdiction.
DOROTHY'S RUBY SLIPPERS
Roberts, however, said that allowing Already's lawsuit to continue would encourage large and small companies to use litigation as a "weapon" rather than as a last resort to settle disputes, which could discourage innovation.
"Accepting Already's theory may benefit the small competitor in this case," he said. "But lowering the gates for one party lowers the gates for all. As a result, larger companies with more resources will have standing to challenge the intellectual property portfolios of their more humble rivals - not because they are threatened by any particular patent or trademark, but simply because they are competitors in the same market."
Roberts also agreed with Nike that Already was unlikely to produce any shoe that would not be protected.
"If such a shoe exists, the parties have not pointed to it, there is no evidence that Already has dreamt of it, and we cannot conceive of it," Roberts wrote. "It sits, as far as we can tell, on a shelf between Dorothy's ruby slippers and Perseus' winged sandals."
Justice Anthony Kennedy concurred in the decision, saying that other companies should not assume they can automatically end rivals' trademark cases with covenants similar to Nike's.
Justices Clarence Thomas, Samuel Alito and Sonia Sotomayor joined Kennedy's concurrence.
Two companies with well-known trademarks, clothing maker Levi Strauss & Co and automaker Volkswagen AG , filed briefs supporting Nike.
The case is Already LLC v. Nike Inc, U.S. Supreme Court, No. 11-982.

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Wall Street edges off five-year high, awaits earnings

NEW YORK (Reuters) - Stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.
Shares of financial companies dipped after a group of major U.S. banks agreed to pay a total of $8.5 billion to end a government inquiry into faulty mortgage foreclosures. The KBW bank index <.bkx>, a gauge of U.S. bank stocks, was down 0.3 percent.
Other sectors were hit as well, most notably energy and utilities. The S&P 500 energy sector index <.gspe> fell 0.8 percent and the utilities sector <.gspu> was off 1.1 percent.
The day's decline came a session after the S&P 500 finished at a five-year high, boosted by a budget deal and strong economic data. The S&P 500 rose 4.6 percent last week, the best weekly gain in more than a year.
"It's a little bit of taking some risk off the table ahead of profit season, you're not going to see anything all that great" on earnings, said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.
Earnings are expected to be only slightly better than the third-quarter's lackluster results, and analysts' current estimates are down sharply from where they were in October. Fourth-quarter earnings growth is expected to come in at 2.8 percent, according to Thomson Reuters data.
Aluminum company Alcoa Inc begins the reporting season by announcing its results after Tuesday's market close. Alcoa shares fell 1.7 percent at $9.10.
The Dow Jones industrial average <.dji> dropped 50.92 points, or 0.38 percent, to 13,384.29. The Standard & Poor's 500 Index <.spx> fell 4.58 points, or 0.31 percent, to 1,461.89. The Nasdaq Composite Index <.ixic> lost 2.84 points, or 0.09 percent, to 3,098.81.
Ten mortgage servicers - including Bank of America , Citigroup , JPMorgan , and Wells Fargo - agreed on Monday to pay $8.5 billion to end a case-by-case review of foreclosures required by U.S. regulators.
In a separate case, Bank of America also announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans.
The bank also entered into agreements with Nationstar Mortgage Holdings and Walter Investment Management to sell about $306 billion of residential mortgage servicing rights.
Bank of America shares lost 0.2 percent at $12.09 while Nationstar Mortgage Holdings jumped 16.8 percent to $38.83.
Citigroup shares were up 0.09 percent to $42.47, and Wells Fargo shares fell 0.5 percent to $34.77.
"The financials probably have the wind behind them now with a lot of the regulations coming out ... the market has to absorb a lot of the gains, and for that reason there's a pullback from this level," said Warren West, principal at Greentree Brokerage Services in Philadelphia.
Shares of U.S. jet maker Boeing Co dropped 2 percent after a Boeing 787 Dreamliner aircraft with no passengers on board caught fire at Boston's Logan International Airport on Monday morning.
Amazon.com shares hit their highest price ever at $269.22 after Morgan Stanley raised is rating on the stock. Shares were up 3.6 percent at $268.46.
Video-streaming service Netflix Inc shares gained 3.4 percent to $99.20 after it said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.
Walt Disney Co stock fell 2.3 percent to $50.97. The company started an internal cost-cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.
Volume was lower than average, as 4.78 billion shares were traded on the New York Stock Exchange, NYSE MKT and Nasdaq. This is well below the 2012 average of 6.42 billion per session.
Declining stocks outnumbered advancing ones on the NYSE by 1,629 to 1,363, while on the Nasdaq decliners beat advancers 1,438 to 1,066.

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Judge asks Hostess to mediate with union

WHITE PLAINS, N.Y. (AP) -- Twinkies won't die that easily after all.
Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the company won't go out of business just yet. The news came Monday after Hostess moved to liquidate and sell off its assets in bankruptcy court citing a crippling strike last week.
The bankruptcy judge hearing the case said Monday that the parties haven't gone through the critical step of mediation and asked the lawyer for the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, which has been on strike since Nov. 9, to ask his client, who wasn't present, if the union would agree to participate. The judge noted that the bakery union, which represents about 30 percent of Hostess workers, went on strike after rejecting the company's latest contract offer, even though it never filed an objection to it.
"Many people, myself included, have serious questions as to the logic behind this strike," said Judge Robert Drain, who heard the case in the U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. "Not to have gone through that step leaves a huge question mark in this case."
Hostess and the union agreed to mediation talks, which are expected to begin the process on Tuesday.
In an interview after the hearing on Monday, CEO Gregory Rayburn said that the two parties will have to agree to contract terms within 24 hours of the Tuesday since it is costing $1 million a day in overhead costs to wind down operations. But even if a contract agreement is reached, it is not clear if all 33 Hostess plants will go back to being operational.
"We didn't think we had a runway, but the judge just created a 24-hour runway," for the two parties to come to an agreement, Rayburn said.
Hostess, weighed down by debt, management turmoil, rising labor costs and the changing tastes of America, decided on Friday that it no longer could make it through a conventional Chapter 11 bankruptcy restructuring. Instead, the company, which is based in Irving, Texas, asked the court for permission to sell assets and go out of business.
It's not the sequence of events that the maker of Twinkies, Ding Dongs and Ho Ho's envisioned when it filed for bankruptcy in January, its second Chapter 11 filing in less than a decade. The company, who said that it was saddled with costs related to its unionized workforce, had hoped to emerge with stronger financials. It brought on Rayburn as a restructuring expert and was working to renegotiate its contract with labor unions.
But Rayburn wasn't able to reach a deal with the bakery union. The company, which had been contributing $100 million a year in pension costs for workers, offered workers a new contract that would've slashed that to $25 million a year, in addition to wage cuts and a 17 percent reduction in health benefits. But the bakery union decided to strike.
By that time, the company had reached a contract agreement with its largest union, the International Brotherhood of Teamsters, which urged the bakery union to hold a secret ballot on whether to continue striking. Although many bakery workers decided to cross picket lines this week, Hostess said it wasn't enough to keep operations at normal levels.
Rayburn said that Hostess was already operating on razor thin margins and that the strike was the final blow. The company's announcement on Friday that it would move to liquidate prompted people across the country to rush to stores and stock up on their favorite Hostess treats. Many businesses reported selling out of Twinkies within hours and the spongy yellow cakes turned up for sale online for hundreds of dollars.
Even if Hostess goes out of business, its popular brands will likely find a second life after being snapped up by buyers. The company says several potential buyers have expressed interest in the brands. Although Hostess' sales have been declining in recent years, the company still does about $2.5 billion in business each year. Twinkies along brought in $68 million so far this year.

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Just Explain It: What is the Strategic Petroleum Reserve?

Eliminating America's dependency on foreign oil has been a policy goal for at least the last two U.S. Presidents.  According to the International Energy Agency, by 2020,  the U.S. will overtake Saudi Arabia as the world's number one oil producer.
However, there's still some work to do.  The United States Energy Information Administration reported that 45% of the petroleum consumed by the U.S. in 2011 was from foreign countries.   Even though the country is well on its way to becoming self reliant, there's always a chance we could hit a major bump in the road.  The good thing is we have protection.  It's called the Strategic Petroleum Reserve or S.P.R.
So here's how the S.P.R. works:
The reserve was created after the 1973 energy crisis when an Arab oil embargo halted exports to the United States.  As a result, fuel shortages caused disruptions in the U.S. economy.
The reserves are located underground in four man-made salt domes in Texas and Louisiana.  All four locations combined hold a total of 727 million barrels of oil.  The inventory is currently at 695 million barrels.  That's around 80 days of import protection.  It's the largest emergency oil supply in the world -- it's worth about $63 billion.
Only the President has the ability to tap the reserves in case of severe energy supply interruption.  It's happened three times.  Twice within the last decade.  In 2005, President Bush ordered the emergency sale of 11 million barrels when Hurricane Katrina shutdown 25 percent of domestic production.  In 2011, President Obama ordered the release of 30 million barrels to help offset disruptions caused by political upheaval in the Middle East.
Following the release order, the reserve issues a notice of sale to solicit competitive offers.  In the most recent sale involving the Obama administration, the offers resulted in contracts with 15 companies for delivery of 30.6 million barrels of oil.  To put that in context, last year the U.S. consumed almost seven billion barrels of oil — that's 19 million per day -- or about 22% of the world's consumption.
Related Link: Using the Strategic Petroleum Reserve Like a Spigot
The release in 2011 had little effect on the price of gas at the pump.  Consumers paid about 2% less for a week before the prices began to climb again.
Related link: Just Explain It: Why Social Security is Running Out of Money
Did you learn something? Do you have a topic you'd like explained?  Give us your feedback in the comments below or on Twitter using #justexplainit.

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Apple to produce line of Macs in the US next year

NEW YORK (AP) -- Apple CEO Tim Cook says the company will move production of one of its existing lines of Mac computers from China to the United States next year.
Industry watchers said the announcement is both a cunning public-relations move and a harbinger of more manufacturing jobs moving back to the U.S. as wages rise in China.
Cook made the comments in part of an interview taped for NBC's "Rock Center," but aired Thursday morning on "Today" and posted on the network's website.
In a separate interview with Bloomberg Businessweek, he said that the company will spend $100 million in 2013 to move production of the line to the U.S. from China.
"This doesn't mean that Apple will do it ourselves, but we'll be working with people and we'll be investing our money," Cook told Bloomberg.
That suggests the company could be helping one of its Taiwanese manufacturing partners, which run factories in China, to set up production lines in the U.S. devoted to Apple products. Research firm IHS iSuppli noted that both Foxconn Technology Group, which assembles iPhones, and Quanta Computer Inc., which does the same for MacBooks, already have small operations in the U.S.
Apple representatives had no comment Thursday beyond Cook's remarks.
Like most consumer electronics companies, Apple forges agreements with contract manufacturers to assemble its products overseas. However, the assembly accounts for a fraction of the cost of making a PC or smartphone. Most of the cost lies in buying chips, and many of those are made in the U.S., Cook noted in his interview with NBC.
The company and Foxconn have faced significant criticism this year over working conditions at the Chinese facilities where Apple products are assembled. The attention prompted Foxconn to raise salaries.
Cook didn't say which line of computers would be produced in the U.S. or where in the country they would be made. But he told Bloomberg that the production would include more than just final assembly. That suggests that machining of cases and printing of circuit boards could take place in the U.S.
The simplest Macs to assemble are the Mac Pro and Mac Mini desktop computers. Since they lack the built-in screens of the MacBooks and iMacs, they would likely be easier to separate from the Asian display supply chain.
Analyst Jeffrey Wu at IHS iSuppli said it's not uncommon for PC makers to build their bulkier products close to their customers to cut down on delivery times and shipping costs.
Regardless, the U.S. manufacturing line is expected to represent just a tiny piece of Apple's overall production, with sales of iPhones and iPads now dwarfing those of its computers.
Apple is latching on to a trend that could see many jobs move back to the U.S., said Hal Sirkin, a partner with The Boston Consulting Group. He noted that Lenovo Group, the Chinese company that's neck-and-neck with Hewlett-Packard Co. for the title of world's largest PC maker, announced in October that it will start making PCs and tablets in the U.S.
Chinese wages are raising 15 to 20 percent per year, Sirkin said. U.S. wages are rising much more slowly, and the country is a cheap place to hire compared to other developed countries like Germany, France and Japan, he said.
"Across a lot of industries, companies are rethinking their strategy of where the manufacturing takes place," Sirkin said.
Carl Howe, an analyst with Yankee Group, likened Apple's move to Henry Ford's famous 1914 decision to double his workers' pay, helping to build a middle class that could afford to buy cars. But Cook's goal is probably more limited: to buy goodwill from U.S. consumers, Howe said.
"Say it's State of the Union 2014. President Obama wants to talk about manufacturing. Who is he going to point to in the audience? Tim Cook, the guy who brought manufacturing back from China. And that scene is going replay over and over," Howe said. "And yeah, it may be only (public relations), but it's a lot of high-value PR."
Cook said in his interview with NBC that companies like Apple chose to produce their products in places like China, not because of the lower costs associated with it, but because the manufacturing skills required just aren't present in the U.S. anymore.
He added that the consumer electronics world has never really had a big production presence in the U.S. As a result, it's really more about starting production in the U.S. than bringing it back, he said.
But for nearly three decades Apple made its computers in the U.S. It started outsourcing production in the mid-90s, first by selling some plants to contract manufacturers, then by hiring manufacturers overseas. It assembled iMacs in Elk Grove, Calif., until 2004.
Some Macs already say they're "Assembled in USA." That's because Apple has for years performed final assembly of some units in the U.S. Those machines are usually the product of special orders placed at its online store. The last step of production may consist of mounting hard drives, memory chips and graphics cards into computer cases that are manufactured elsewhere. With Cook's announcement Thursday, the company is set to go much further in the amount of work done in the U.S.
The news comes a day after Apple posted its worst stock drop in four years, erasing $35 billion in market capitalization. Apple's stock rose $8.45, or 1.6 percent, to close at $547.24 Thursday.

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Connecticut Job Shops and Contract Manufacturers Join the MFG.com Manufacturing Marketplace

Connecticut manufacturers prove to be uniquely qualified for entrance into the largest global manufacturing ecosystem.

Atlanta, GA (PRWEB) December 18, 2012
MFG.com, the world’s largest online manufacturing marketplace for made-to-order parts, announced that prominent Connecticut-based manufacturers have joined the MFG.com marketplace.
A few of the recent additions include:

Perfection Screw & Rivet Co. is an ISO 9001:2008 certified, family-owned cold heading job shop located in Wolcott, CT. With a foundation of quality customer service, cost reduction and employee education, Perfection Screw & Rivet Co. has an impeccable record of satisfying customers. Capabilities include fasteners and hardware, machining, rapid prototyping, cold forming, cold headed parts, cold head machining, cold form parts, screws, rivets and knurling.
Windmade Products is a turn-key powder coating, sheet metal fabrication and machining service provider. As the exclusive manufacturer of Neumade Products, Windmade Products is a leading provider of high quality projection room equipment for the cinema industry. Windmade Products services a wide variety of industries and customers throughout the Northeast with a simple commitment to provide quality work, at a competitive price, delivered on time and in full. Capabilities and services include in-house powder coating, sheet metal fabrication, machining, assembly, kitting, warehousing and fulfillment.
Nerjan Development Co. is a family-owned, AS 9100, ISO 9001:2000 and ISO 9001:2008 certified precision CNC milling and turning electro mechanical assembly job shop located in Stamford, CT. Established in 1967, Nerjan Development Co. provides manual and CNC milling, turning, and drilling to meet customer specifications. Nerjan machines a wide variety of metals and plastics to sensitive and accurate dimensions.
Shearwater Engineering & Manufacturing LLC (S.E.A.M.) is located in Brooklyn, CT and has been providing manufacturing valves and components for 35 years. Their experience with valve assemblies for the marine and aerospace industries has been extended to power plants, paper mills, railroads, waste management plants and hydraulic manifolds for machines. S.E.A.M. specializes in the manufacturing of complex, controlled geometric parts. By utilizing state-of-the-art programming technology, they have achieved superior results in the processing and machining of strategic materials such as Monel, Inconel, and titanium, as well as the normal alloys of steel and aluminum.
“We are proud to announce the acceptance of these quality suppliers from Connecticut into the MFG.com marketplace. By introducing companies like Perfection Screw & Rivet Co., Windmade Products, Nerjan Development Co. and Shearwater Engineering & Manufacturing into our marketplace, buyers and sourcing professionals are further reassured that they can trust the suppliers in the MFG.com marketplace,” said Mitch Free, Founder and CEO of MFG.com. “MFG.com is excited to work with these suppliers from Connecticut to help them grow their businesses and develop win-win customer relationships with our buyer members.”
About MFG.com

MFG.com is the largest online marketplace for the manufacturing industry, facilitating interaction between buyers and manufacturers. MFG.com enables sourcing professionals and engineers to quickly and easily locate quality suppliers for CNC Machining, Injection Molding, Metal Stamping, Metal Fabrication and many other processes through an easy-to-use online marketplace. With more than $115 billion in RFQs passing through the marketplace, MFG.com has helped thousands of manufacturers - ranging from small machine shops to large conglomerates - increase sales and grow profits. MFG.com is a global business, with offices in the U.S., Europe, Asia and Mexico.

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Vint Cerf, Award-Winning Computer Scientist and Chief Internet Evangelist for Google, Joins TruthMarket™ Board of Advisors

Dr. Vint Cerf, one of the true “Fathers of the Internet,” an international authority on digital communications and outspoken advocate for a free and open Internet adds global perspective to TruthMarket’s Platform for Crowd-funding Public Challenges to False Political, Commercial and Science Claims.

Atherton, California (PRWEB) December 18, 2012
Today Truth Seal Corp. announced that Vinton G. Cerf, Ph.D. has joined the TruthMarket™ Board of Advisors. TruthMarket is an online Marketplace for Truth Telling™. It provides ordinary citizens with a platform to “crowd-fund” and execute grass roots campaigns that publicly expose misrepresentations and false political, commercial and science claims, while highlighting true claims and offering cash rewards to successful campaign creators, sponsors and challengers.
Widely known as one of the "Fathers of the Internet," Dr. Cerf is the co-designer of the TCP/IP protocols and the architecture of the Internet. He is known for his pioneering insights and innovative contributions to technologies that further advance the Internet and its important role is fostering open, global dialogue. Explaining his decision to join the TruthMarket Board of Advisors, Dr. Cerf notes that, “in a world of false dichotomies and factual denial, the TruthMarket concept seems set to clear away the fog of uninformed debate."
“We’re very enthusiastic about Dr. Cerf joining our Board of Advisors. He will be adding important philosophical and technological insights to a growing cadre of reputable experts committed to challenging manipulative speech, false claims and distorted facts,” said Rick Hayes-Roth, Ph.D., Founder and CEO of Truth Seal. “Dr. Cerf’s contributions to the culture of modern communication and his insightful positions have attracted a strong following of like-minded people supportive of truth in public affairs. We look forward to having them participate in TruthMarket campaigns."
“Truth Seal has been actively recruiting reputable authorities like Dr. Cerf for the Board of Advisors,” stated Mark L. Feldman, Ph.D., Board Member and investor. “Advisors known for their high integrity are important to TruthMarket’s mission to increase truth and trust throughout the information space.” Feldman adds that "more announcements of public figures joining the TruthMarket Board of Advisors can be expected."
About Vinton G. Cerf, Ph.D.
Vinton G. Cerf is vice president and chief Internet evangelist for Google. Cerf has held positions at MCI, the Corporation for National Research Initiatives, DARPA, Stanford University, UCLA and IBM. Vint Cerf is president of ACM and served as chairman of the board of the Internet Corporation for Assigned Names and Numbers (ICANN) and was founding president of the Internet Society. Widely known as one of the "Fathers of the Internet," he received the U.S. National Medal of Technology in 1997, the Marconi Fellowship in 1998 and the ACM Alan M. Turing award in 2004. In November 2005, he was awarded the Presidential Medal of Freedom and in April 2008 the Japan Prize. He is a Fellow of the IEEE, ACM, and AAAS, the American Academy of Arts and Sciences, the American Philosophical Society, the Computer History Museum and the National Academy of Engineering. Cerf holds a Bachelor of Science degree in Mathematics from Stanford University and Master of Science and Ph.D. degrees in Computer Science from UCLA and holds over 20 honorary degrees from universities around the world.
About TruthMarket
TruthMarket is a division of Truth Seal, a California Corporation. TruthMarket is designed to be popular online platform that enables everyone to campaign for truth in public dialogue. The primary objective is to increase truth and trust throughout the public information space – online and offline – by publicly exposing false claims and highlighting true claims. TruthMarket’s ultimate goal is to predispose all public dialogue toward truth telling.

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Alibaba Becomes Largest e-Commerce Company - Impact for Retail Brands

Simon Jackson, chief commercial officer at brand protection company NetNames, comments on the news that Alibaba has become the largest ecommerce company in the world.

(PRWEB UK) 18 December 2012
“The news that Chinese online marketplace Alibaba has become the largest ecommerce company in the world has important implications for brand owners in the retail and consumer goods industries. The fact that Alibaba’s gross merchandise volume of $157 billion, for just two if its sites, adds up to more than Amazon and eBay combined shows China’s exponential growth into the world’s biggest retail market and reveals just how much retail traffic is moving online.
However, these spectacular figures, bring in to focus the growing threat of counterfeit products available online. Netnames is working in partnership with Alibaba to tackle counterfeit products which, for NetNames customers, can be as high as 70% of products offered on global marketplaces. This is a serious issue for brand owners as these products divert revenue, particularly in retail and luxury goods sectors where replica goods are most common.
So what can brand owners do to protect against this threat? By actively monitoring those selling fake products online via auction sites, organisations are able to identify where the goods are being offered for sale and can work with the platform providers to have them removed from the internet. In the past 12 months, NetNames has worked together with Alibaba to remove thousands of listings of counterfeit items from their websites, equating to millions of dollars of potential revenue – proof that action can be taken to remove a significant proportion of this threat.”
Press Office

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Jaffe PR Restructures with Management Team to Lead Agency Following CEO’s Death

Jaffe PR (http://www.jaffepr.com), a public reputation agency devoted primarily to service law firms, legal associations and vendors to the legal marketplace, will carry on with a new executive management team as they to continue to provide high quality PR and legal marketing services.

Washington, D.C. (PRWEB) December 17, 2012
Jaffe PR announces a restructuring of the legal public reputation agency with the formation of a management committee following the death of the agency’s founder and CEO, Jay M. Jaffe, on November 21.
Vivian Hood, Terry M. Isner and Melinda Wheeler have been designated as the firm's Managing Directors and form the management committee responsible for continuing to lead the daily operations and manage the business of Jaffe PR. All had previously served on Jaffe PR’s executive committee.
Jaffe PR’s new Board of Directors are Joel S. Rothman, Esq., Edwin I. Josephson, Esq., and Jeffrey E. Ganek.
Vivian Hood, managing director, Client Services, oversees the agency’s staff as well as client relationships. She has worked at Jaffe PR for more than 15 years, managing and implementing effective senior-level legal media relations campaigns for law firm clients.
Terry M. Isner, managing director, Creative/Marketing, leads the agency’s marketing and business development. For more than 10 years at Jaffe PR, he has relied on his skills as both a business strategist and artist while using his creative vision to develop distinctive campaigns for our clients.
Melinda Wheeler, managing director, Operations/Controller, has administered the agency’s finances and has managed the business operations for Jaffe PR for more than seven years.
“The transition of Jaffe PR’s executive management is now complete, and we will continue to operate as we have been – providing high quality legal PR and marketing services to our clients,” said Hood. “We each have a long history with Jaffe PR and a deep understanding of the principles that have guided us in the past and will lead us into the future.”
Jaffe died on Nov. 21 of complications following surgery. He was known as a true visionary whose instincts and thought leadership about legal marketing and the business of law firms established him as an industry pioneer and one of the country’s foremost trusted legal advisors. He was honored to have been inducted into the PR News “PR People Hall of Fame” in 2010 and he was named to the “100 Legal Consultants You Need to Know” list by Lawdragon.

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Facebook predicted to overtake Google in mobile display ad revenue this year

Shares of Facebook (FB) have begun to rebound since the company’s disastrous initial public offering this past May. After opening at $38 per share the company’s stock plummeted into the mid-20s over the summer months and eventually fell to a low of $17.55 in early September. Since then, however, Facebook shares have begun to bounce back after the company posted better-than-expected results in the third quarter. While Facebook stock is still down more than 25% on the year, it is rising steadily as analysts and investors become increasingly bullish about the company’s future as a leading advertising platform.
[More from BGR: BlackBerry 10 browser smokes iOS 6 and Windows Phone 8 in comparison test [video]]
According to a new report from eMarketer, Facebook is predicted to surpass Google (GOOG) in mobile display advertising in 2012. Google is expected to generate $339 million in mobile ad revenue this year, a significant increase from previous estimates of between $45 and $100 million. The research firm notes that Facebook is expected to capture an 18.4% share of the mobile display ad market in the U.S. this year, compared to Google’s 17% share, which is down from 23% in 2011.
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“Major ad publishers are strengthening their offerings much faster than previously expected,” said Clark Fredricksen, vice president of communications at eMarketer. “I don’t think anybody thought after the second quarter that Google and Facebook would be in position that they are now in the mobile ad marketplace.”
The company’s mobile ad revenue is expected to more than triple by 2014 when it will reach an estimated $1.2 billion. The firm predicts that Facebook and Google will continue to battle for the No.1 spot in the mobile ad market over the next few years. Facebook is expected to increase its lead to 25.2% in 2013, compared to Google’s 19.6% share. Google is estimated to bounce back in 2014, however, with a market leading 23.1% share, ahead of Facebook’s 22.7% share.
Despite the impressive numbers, eMarketer notes that mobile still represents a small slice of the total advertising market. In 2012, only 2.4% of total ad spending in the U.S. is expected to go towards mobile ads, but the market is expected to reach an 11% share by 2016 when it surpasses both radio and print spending.

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New Online Privacy Loophole Lets Facebook Advertise to Kids

Mark Zuckerberg's been eager to find a way to get more kids on Facebook for years, and on Wednesday, the Federal Trade Commission handed it to him on a platter. That might be overstating it a little bit. It's more like the FTC served it to him on a platter covered in plastic wrap with a note attached that says "Do not open." Nevertheless, should Facebook decided to see what's inside, experts in online privacy for children say the social network could legally start peddling everything from kids' bicycles to that new gender-neutral Easy Bake Oven.
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After months of deliberating and plenty of lobbying on both sides of the issue, the FTC updated the controversial Children's Online Privacy Protection Act (COPPA) this week. The changes were absolutely designed to better protect children in the privacy-invading era of social media, especially from the data-hungry advertisers who want to sell them things. Websites like Facebook don't allow kids to sign up without their parents permission, generally because COPPA has prohibited them from collecting the kinds of information they need to serve them ads. And why would they want a user to whom they couldn't serve ads? Under the new FTC rules, parental permission is required for just about anything a kid would do on Facebook, including uploading photos, videos and geolocational information. Tracking tools like cookies are also verboten without a parent's permission.
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But there's a loophole. The new rules say very plainly that no parental permission is needed "for the sole purpose of supporting the website or online service's internal operations, such as contextual advertising, frequency capping, legal compliance, site analysis, and network communications." The key phrase there is "contextual advertising," which is an ad product Facebook has been working on for a while. Facebook's version basically reads your News Feed and shows you ads that are relevant, or contextual, to what you're reading. As a few people have pointed out, this opens a door for Facebook to start exploring the idea of ad-supported profiles for kids. Alan Simpson, the vice president of child privacy advocacy group Common Sense, isn't happy about this idea. "Common Sense doesn't like this part, and the industry lobbyists probably do," he told TechCrunch Monday evening.

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Cory Booker Is Exploring a Senate Run, Announces Cory Booker on Social Media

Guess he's going to need that Senate web domain after all. After privately conceding that Chris Christie's surge in popularity made a run for governor impossible, Newark Mayor Cory Booker very publicly announced Thursday morning that he is exploring a run for a New Jersey Senate seat in 2014, if — and it's a big "if" — Sen. Frank Lautenberg retires. Speculation had been brewing for weeks, and a report surfaced earlier in the morning that Booker would tweet his intentions, and then came the tweet to the popular (if controversial) mayor's 1.3 million followers late in the morning. Here it is:
Thank you for your support up to this point. Read about my upcoming plans here: bit.ly/QnTP8 #finishingthework
— Cory Booker (@CoryBooker) December 20, 2012
The tweet, of course, pointed to a YouTube video on CoryBooker.com:
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The video spends a lot of time defending his record as mayor, but it's clear that Booker has long sought the national spotlight — as if it wasn't clear he was in it already. What's not exactly clear just yet is whether Lautenberg will, in fact, retire before Booker seeks to replace him.

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New Democrat MP Pat Martin erupts with another angry, abusive Twitter exchange

OTTAWA - Firebrand New Democrat MP Pat Martin is at it again on Twitter.
Martin is making headlines for an abusive series of tweets prompted, apparently, by the Conservative government's failure to invite him to an announcement in his Winnipeg Centre riding.
The tweets include some particularly scathing and personal insults aimed at Public Safety Minister Vic Toews and the Conservative party.
Martin describes the Conservatives as "truly bad people" who won last year's federal election using "American-style dirty tricks."
It's not the first time Martin has used his access to the social-networking service to raise eyebrows.
In November 2011, Martin went on a similar tirade when the government used procedural tools to shut down debate on a budget bill.

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Facebook considers letting users pay money to message people they don’t know

Watch out, Facebook (FB): Your reputation for shadiness could soon approach MySpace levels. The Verge reports that Facebook is now testing out a new system in which “people will pay to get in touch with those they aren’t Facebook friends with.” In other words, the creepy guy that keeps trying to “friend” you on Facebook could soon be able to pay an as-yet-undetermined amount of money and get to send messages directly to your inbox. The Verge says that Facebook may be considering this new option as both a monetization tool and as a way to reduce spam by erecting a monetary barrier for people who send out notices about Viagra and Rolex watches through the social networking platform. On the other hand, it could also open the door for enterprising public relations firms to send tech bloggers unwanted messages about their exciting NoSQL database solutions, so there’s definitely the potential for a major backlash here.

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News Summary: US 30-yr mortgage rate at record low

RATES AT RECORD LOW: Average U.S. mortgage rates fell to fresh record lows this week, a trend that is boosting home sales.
THE NUMBERS: Mortgage buyer Freddie Mac said the average 30-year loan rate dipped to 3.31 percent, the lowest on records dating back to 1971. The average on the 15-year fixed mortgage dropped to 2.63 percent, also a record.
HOUSING RECOVERY: Home sales and construction are rising, providing a much-needed boost to the economy. Lower rates have also persuaded more people to refinance. That usually leads to lower monthly mortgage payments and more consumer spending.

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Retirement Savings Plan Reality: Save More

There's a buzz building in California over a state move to create a retirement savings plan for private employees with no workplace 401k. It might seem that everyone has plenty of access to a retirement savings plan, but at least a third of U.S. households get to retirement with just Social Security to back them up, reports MarketWatch.
The "pioneering" part of such a retirement savings plan would be the opt-out clause. Under the California plan, which has to get past some federal rules and IRS hurdles, eligible workers would be automatically registered with the plan at a deduction rate of 3% of pay. They would have to choose to quit the plan, although of course they could instead choose to increase the takeout.
The enforced deductions requirement of a good retirement savings plan is backed by research from Harvard and the University of Copenhagen. According to the research, giving people a tax break encourages them to save, but not much. Using data from Denmark, which is similar to the U.S. system but offers more detail, academics found that tax subsidies worth $1 raised the national savings rate by a penny.
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That's not much bang for a buck. Meanwhile, previous research found that an automatic retirement savings plan, such as the proposed California "opt-out" model, is very effective at raising savings rates.
The reason, the researchers conclude, is that only about 15% of people in the system are active savers, that is, people who think about retirement and how much money it will take to achieve that goal. The remainder, a whopping 85%, are totally passive savers. They will save if obligated but make no concrete plan regarding their life after work.
All of this would be quite the revelation, except that private pensions have a long and quite well-documented history, starting back in 1980 in Chile. Under reforms instituted by the military regime of the time, anyone with a formal job in the South American country is required to pay 10% beyond a minimum monthly income level. There is an income tax break, too, on retirement savings plan contributions, which can be up to 20%.
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The Chilean system was reformed in 2008 to create a bigger safety net for the poor, essentially granting public pensions to those who did not earn enough to participate in the private system. Currently, 13 countries have either private or quasi-mandatory pension systems, reports the OECD.
All pension plans fall into two categories, defined benefit or defined contribution (DC). A defined benefit plan puts the burden on future taxpayers to meet a minimum payout, which is essentially how Social Security works in the United States. A defined contribution retirement savings plan, the basis for private pension systems such as a 401k, means it's up to savers to put enough away and to invest and manage their savings carefully over decades.
Your retirement savings plan
As the OECD notes, "the starting point for a successful DC plan is a sufficiently high contribution rate." Put another way, depending on the market to deliver miracles is a mistake, but a similarly large (and common) mistake is believing that setting aside pennies in a retirement savings plan will add up to big dollars down the line.
The agency concludes:
In DC pension systems, one clear goal for policymakers should be to improve the design of default investment strategies so that investment risk is reduced as the worker approaches retirement. Such lifecycle investment strategies may need to be carefully regulated to ensure that workers are offered sufficient diversification and protection from market shocks in old age.
Amen and hallelujah, we say. Whatever the outcome in California, two points about a proper retirement savings plan by now should be impressively clear to everyone: You need to save more, sooner, and you absolutely must have a serious, long-term investment plan to protect and grow that nest egg over time.

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US pending home sales jump to nearly a 6-year high

WASHINGTON (AP) — An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years. Steady job gains and record-low mortgage rates have made home buying more attractive.
The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index rose 5.2 percent to 104.8 in October. Excluding a few months when the index spiked because of a homebuyer tax credit, that is the highest level since March 2007.
The increase points to healthy sales increases of previously occupied homes in the months ahead. There's generally a one- to two-month lag between a signed contract and a completed sale.
The rise in sales adds to evidence of a steady housing recovery. Builders are more confident in sales and are starting construction on more homes. Home prices are rising on a consistent basis, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they gain confidence that they can sell at a good price.
The report is "another indicator suggesting that the recovery in housing has broadened and has sustained momentum," Michael Gapen, an economist at Barclays Capital, said in a note to clients.
Signed contracts jumped 15.6 percent in the Midwest and rose 5.5 percent in the South. But they fell 1.1 percent in the West and dipped 0.1 percent in the Northeast.
Superstorm Sandy lowered pending sales in the Northeast, the Realtors' group said. The West was hurt by low inventories of available homes.
Mortgage rates remained near record lows this week. The average rate on the 30-year loan was 3.32 percent, mortgage buyer Freddie Mac said, just above 3.31 percent last week, which was the lowest on records dating to 1971.
A big reason for the rebound in housing is that the excess supply of homes that built up before the housing crisis has finally thinned out. The number of previously occupied homes available for sale has fallen to a 10-year low. The inventory of new homes is also near the lowest level since 1963.
At the same time, more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession.
Those trends are also pushing up home sales and construction. Sales of previously occupied homes are near five-year highs, excluding temporary spikes in 2009 and 2010 when a homebuyer tax credit boosted purchases.
Builders, meanwhile, are more optimistic that the recovery will endure. A measure of their confidence rose to the highest level in six and a half years this month. And builders broke ground on new homes and apartments at the fastest pace in more than four years last month.

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US home sales jump to highest level in 3 years

WASHINGTON (AP) — U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates.
The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That's up from 4.76 million in October.
Previously occupied home sales are on track for their best year in five years. November's sales were the highest since November 2009, when a federal tax credit that was soon to expire spurred sales. Excluding that month, last month's sales were the highest since July 2007.
Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million that are consistent with a healthy market.
Job growth and low home-loan rates have helped drive purchases. Prices are also rising, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they feel confident they can sell at a good price.
In addition, the excess supply of homes that built up during the housing bubble has finally thinned out. The number of previously occupied homes available for sale fell to a 10-year low in October. The supply of new homes is also near its lowest level since 1963.
At the same time, more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession.
These trends have supported a steady recovery in housing. Builder confidence rose in December for a seventh straight month to the highest level in more than 6½ years, according to a survey released Tuesday by the National Association of Home Builders/Wells Fargo.
The pace of home construction slipped in November, but it was still nearly 22 percent higher than a year earlier. Builders are on track this year to start work on the most homes in four years.
Economists note that the increase in building should lead to more construction jobs, though it hasn't yet done so. That could mean more construction hiring is coming.

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