Web Development Live

RHR International Company, a world leader in executive and organizational development, announces that Mindy Magrane, Psy.D. has joined the firm’s Chicago office as a consultant. She will report to managing director Dr. Grant Levitan.

Dr. Magrane’s work focuses on supporting leaders both as individuals and also motivators of others to enhance productivity and performance. Organizations benefit from the use of her succession planning and leadership development programs as key levers in ensuring the right talent is in place at all times. With an eye towards bottom-line results, she assists executives and managers with aligning and developing themselves as well as their employees to be most effective in the achievement of specific strategic objectives. Dr. Magrane has worked with a wide range of ventures including Fortune 100 corporations, small businesses and non-profit agencies. Industry segments which have benefited from her expertise include utilities/nuclear energy, manufacturing, retail, healthcare and other service sectors.

Prior to joining RHR, Dr. Magrane spent thirteen years in finance and talent development with Abbott Laboratories and RR Donnelley. In her finance positions, she contributed to the increased profitability of several business units through her consultation to business leaders on process improvements and decision making. She subsequently transitioned to leadership roles in the talent management function. Dr. Magrane also served on the faculty of three local universities’ doctoral programs.
“A person of Mindy’s knowledge and experience in business, talent development and psychology is a welcome addition to our seasoned team of consultants,” said Levitan. She will certainly expand our capacity to provide exceptional service to our existing clients and meet the needs of the growing Chicago market.”

Dr. Magrane received a bachelor’s degree in Management and Finance from Purdue University and her master’s and doctorate in Psychology at the Illinois School of Professional Psychology in Chicago. She is a licensed psychologist in the state of Illinois and a member of the American Psychological Association and Society of Consulting Psychology.

It did not take long before they recognized limitations in their existing Website. Allianz’s original site had to service clients from all sectors. Every effort was made to make all services available in one place, but things were just not working. Many customers were not able to find what they were looking for. Unfortunately, later attempts to organize the information only made matters worse: Every section of the Web site ended up with its own unique ‘look and feel’, and with inconsistent branding.

The key challenges, therefore, were not just to re-design & develop the website, but also to mirror Bajaj Allianz’s strong offline brand imagery on the Web along with all the ingredients of a Web 2.0 online Insurance Web presence for customers & sales channels alike. So that customers could renew their policies online along with paying their premiums, prospects could search, compare & find the best policy/plan for their families & agents could drive account management all under one interactive roof. eDynamic immediately identified these problems, proposing, designing and implementing a comprehensive solution.

Subir Singh, VP, Sales, eDynamic, credits the success of eDynamic’s efforts to the company’s established expertise in the Insurance industry. “Our deep understanding in insurance..and strategic approach to business help us maintain a strong and comfortable relationship….” eDynamic brought to the table additional experience in financial services, such as lending and loans, credit cards, real estate, and financial services.

By creating a generic, easily customizable template to provide a framework for the design, the information architecture is kept simple, easy to understand and navigate. Simplicity is also key to its versatility –remaining consistent when customized for each service segment. The design has proven so adaptable that, as the online services of Bajaj Allianz have continued to expand, the same recognizable branding and navigational controls have remained.

Says Vishal Karki, Head of Marketing for Bajaj Allianz Insurance, India, “It has been a pleasure to do business with eDynamic. The team at eDynamic holds its customer’s satisfaction as highest priority. They understood our business requirements and have delivered high-quality results on time.”

About eDynamic: eDynamic is a Global IT services, Interactive Marketing Services, Website Design & Development and Consulting Firm focused on delivering integrated business solutions. eDynamic is a rapidly growing, privately held company that delivers on the technology, creativity & marketing needs of enterprises. Through its offices in New York, Portland, Toronto, London, Dubai, and New Delhi, eDynamic is serving customers such as Suncor Energy, UPS, PepsiCo, New York Life, General Electric, Advance America, Preferred Commerce, Intercontinental Hotels, Jet Airways, Samsung, Sony, among many others.

With more than $100 million in assets, Texell wanted to drive the growth of its online channel, strengthen its Internet presence and reinforce its brand, while providing a secure forum to protect confidential data and comply with Federal regulations. According to Tony Hale, chief executive officer of Texell, what began as a simple evaluation of Web hosting providers evolved into a much more comprehensive endeavor, ultimately enabling the credit union to reap significant benefits from an extensive program that tied together multiple initiatives.

In addition to Web design and maintenance, Texell’s program incorporates Goldleaf’s marketing services, which ties the global campaign together to ensure cohesive and consistent messaging. Goldleaf’s marketing services include detailed market segmentation so the credit union can tailor specific marketing objectives to a particular audience.

“Goldleaf’s value proposition was unique, as it presented a solution that truly went beyond our initial needs,” Hale said. “Deploying Goldleaf’s technology demonstrates our commitment to our members through the creation of an easy-to-navigate, intuitive Web site, fully equipped with security features to protect our members’ confidential information. The site is customized, compliant, secure, and we were immediately impressed by the scope and depth of Goldleaf’s offering. The marketing services piece was especially attractive, as it pulls together the look and feel of the new site and couples it with marketing initiatives designed to drive more business to our institution.”

Texell is also leveraging Goldleaf’s distinct security features, including secure sockets layer (SSL) encryption, SAS-70 audit reporting and the Company’s Pharming Shield solution. Credit union executives also cited the flexibility of Goldleaf’s solution as a factor in their selection process. Texell has the capability to edit and manage content internally, which maximizes the speed and accuracy at which online information can be updated and maintained.

The site has multi-tiered authority to preserve the integrity of the data, as well as the ability for Texell to pre-create site changes that can be implemented on a timed rollout. Additionally, the solution has an automated system that archives changes to Web site content and images that will be tracked throughout the life cycle of Texell’s relationship, ensuring compliance with Regulation DD in the Truth and Savings Act.

Todd Shiver, executive vice president of Goldleaf Financial Solutions, said, “Our mission is to help our clients succeed and leverage technology to improve efficiencies, increase profitability, be more competitive, and provide the best products and services in their market. Our entire company is dedicated to the development of innovative solutions that have a positive and direct impact on an institution’s asset and customer base. Texell understands its members’ needs and has a very strategic approach to Web and marketing services, which we believe enables them to stand apart from the competition.”

Timeshare buyers are cautioned about labeling their weeks as “investments.” Think of it as prepaid vacations, timeshare developers famously say.

While an investment, especially in real estate, often stands an excellent chance of making money, the usual return on a timeshare typically centers on enjoyment rather than cash.

Timeshares continue to be big business — more than $8 billion a year — despite the sluggish economy. The American Resort Development Association reports that more than 4.5 million U.S. households own one or more timeshares in 1,604 resorts.

A growing number of entrepreneurs, with an exceptional grasp on how to purchase, close and sell timeshares have begun to acquire inexpensive weeks at upscale resorts via resale channels. They then rent out the properties at a weekly or a per-night rate comparable to what a nice hotel would charge.

“We have people who will go to our Web site and buy 10 weeks at a time,” said John Locher, vice president of sales and marketing for Redweek.com, an online conduit for timeshare buyers, sellers, landlords and renters. “They have studied certain resorts and markets and know what’s possible as far as rental income during a majority of the year.”

Steve Shermoen, a self-described “small-town attorney” from International Falls, Minn., said he now controls about 100 timeshare weeks and plans to spend most of his retirement years rotating through some of them in different parts of the world. Is he concerned about owning so many pieces of the only real estate asset class that always loses money when resold?

“You cannot make the rental concept work if you buy directly from the developer,” Shermoen said. “You have to be sure of what you are buying and purchase only on the resale market. The cost from the developer simply is too high for it to become a rental that will pencil out.”

Shermoen and others like him typically stick to Marriott, Hyatt, Hilton and other upper level properties that they can pick up at a fraction of the original purchase price. They often seek sellers who are extremely eager, often desperate, to dump a timeshare contract because of unexpected circumstances including loss of job, divorce or death. Many timeshare bargains can be found online right after the annual fees are announced for the coming year. As an attorney, Shermoen also offers to close the transaction at a discounted fee.

“Many people are grateful that there is a buyer who is willing to take the week off their hands,” Shermoen said. “They simply are tired of paying the annual fee and can’t wait to get out from under it.”

I was one of them, yet I didn’t even consider renting it out. Nearly 20 years ago, I spent hundreds of dollars marketing the timeshare and considered myself extremely fortunate to get back most of my investment. While some people swear it’s the only way to travel with a family and that the international “bank” of resorts not only offers flexibility but also destinations they normally would not consider, it didn’t happen for us. Basketball tournaments, family reunions, budget restraints and four different school schedules, coupled with the fact that we are very picky about accommodations, led to a three-year timeshare shutout. We owned the “points” for three years and never spent one night in a timeshare resort.

Timeshares come in a variety of packages, including a points program where owners exchange a specific number of accumulated points for a week, weekend or individual nights at resorts that participate in the points arrangement. Some of the larger timeshare companies now offer a point system, permitting owners to split the traditional week into smaller segments. The concept has worked very well for out-of-town family reunions, weddings or simply a needed weekend getaway.

The idea of breaking up the timeshare week into a few one-or-two night stays can also make sense for vacationers traveling a country by car. The average worker typically receives two or three vacation weeks each year and often prefers not to spend a large percentage of that time in one location.

The value of the points can vary greatly. For example, weekend nights will require more points than weeknight stays, and popular resorts will demand more points than a run-of-the-mill getaway. In addition, the future value of points also can be a consideration — not unlike trying to predict the future value of money.

Similar to dollars, timeshare points can be worth a lot more today than they will be down the road. If a resort continues to increase the number of points necessary to rent the unit you covet, the value of your allotted points will decrease. You will need more annual points than the number you are receiving now to reserve the same unit. Seniors and other consumers on fixed incomes may not be getting the perpetual week they initially purchased, which could seriously curtail their dream vacations down the road.

Properly applying points and a resort’s bonus time are just two pieces to successfully renting timeshares. There’s also a huge caveat when shopping.

“Some people try to sell you weeks they don’t really own,” Shermoen said. “It’s another one of the pitfalls to consider when buying and selling. Acquiring and renting out timeshares is complicated and not for the unwary. If you are going to jump in, you have to do your homework.”

Synplicity, supplier of solutions for the design and verification of semiconductors, has announced that it has signed a definitive agreement to be acquired by Synopsys, a provider of software and IP for semiconductor design and manufacturing.

When completed, the acquisition will expand Synplicity product portfolio and extend the market reach of its industry leading products. Under the terms of the agreement, Synopsys will pay USD 8 cash per Synplicity share, resulting in a gross transaction value of approximately USD 227 million, and approximately USD 188 million net of cash acquired. The transaction is expected to close in the second calendar quarter of 2008, and after the closing, Synplicity will become part of Synopsys, and Synplicity stock will cease trading. ynplicity strong product portfolio, expertise, and customer reach will be ideal complements to Synopsys, said Aart deGeus, chairman and CEO of Synopsys.

he combination will expand our presence in the systems and mid-tier market segments, will support our strategy to provide rapid prototyping capabilities to a broad set of customers to enable much faster software development, and will enhance Synplicity already strong offering in the FPGA implementation market.The acquisition is expected to help the companies accelerate the revenue growth in the rapidly growing market for SoC verification solutions. According to the Synplicity, the acquisition also provides the opportunity to leverage Synopsys advanced IC technology to further improve Synplicity FPGA synthesis products, and Synplicity will gain an expanded product portfolio with which to serve its approximately 1,800 customers.

Spring Source, provider of Spring Java development framework, has launched a Personal Edition of Spring Source Tool Suite. SpringSource Tool Suite allows Java developers to focus on a problem segment of code and use the Tool Suite onsultant in a box to help fix the problem.

With the SpringSource Tool Suite, Java developers will be able to zero in on problematic code, with the relevant lines highlighted in a different color. The announcement came at the opening of the EclipseCon 2008 conference, makes use of an Eclipse programmer’s workbench component, Mylyn, that makes the problem solving possible.The free Personal Edition suite of tools is currently available as a beta version and the general release is scheduled for late April 2008.

WASHINGTON It’s a Herculean task: revamping a financial regulatory system dating back to the Civil War to deal with 21st century crises imperiling the country.Under an ambitious Bush administration plan, the Federal Reserve would take on the unwieldy role of uber cop in charge of financial market stability. Other regulatory agencies could see their influence diminished.The proposal won’t fix the host of economic and financial problems that threatens to plunge the United States into a deep recession, but it might help guard against future troubles. It would take years and a lot of political wrangling - in Congress, on Wall Street, in statehouses and elsewhere - to implement all the changes envisioned.Yet, the initiative, formally announced Monday, casts a fresh spotlight on the best way to protect the country from financial catastrophes in an intricate web of complex, often-changing financial products and the wide array of financial players using them in the United States and beyond. That debate probably will take center stage in the next president’s administration.—Stocks gain on last day of quarterNEW YORK (AP) - Wall Street managed a moderate gain in the final session of a dismal first quarter Monday, but stock prices and the major indexes still ended the first three months of 2007 with massive losses, the casualties of the still continuing credit crisis. The Standard %26 Poor’s 500 index, the benchmark for many widely held investments such as mutual funds, suffered a loss for the quarter of nearly 10 percent.The blip upward came from a better than expected reading in the Chicago Purchasing Managers Index, which is considered a precursor to the Institute for Supply Management’s manufacturing survey on Tuesday. The index rose to 48.2 in March from 44.5 a month earlier; economists had been expecting a reading of 47.3, according to Dow Jones Newswires. Though the number topped forecasts, a figure below 50 nonetheless indicates a contraction in manufacturing activity.The market’s reaction, however, was likely not as enthusiastic as it might seem from Monday’s gains by the major indexes. Price movements tend to be skewed when volume is as light as it was Monday.It was a difficult quarter on Wall Street, with financial companies’ ongoing credit market losses and the flagging economy wiping out many investors’ appetite for stocks. While the market saw a number of up days during the quarter, the overall trend was sharply lower, with reports of asset write-downs and shaky financial companies pummeling the market - in particular, the near-collapse of Bear Stearns %26 Cos. in mid-March.—Pernod Ricard buys maker of AbsolutSTOCKHOLM, Sweden (AP) - Spirits group Pernod Ricard SA is adding Swedish flavor to a liquor cabinet stacked with Scotch whisky, French champagne and Cuban rum with its $8.34 billion purchase of the state-owned maker of Absolut vodka.The company said Monday it was delighted to add the premium vodka brand to its assortment of drinks, after the Swedish government accepted its bid for Absolut’s parent company, Vin %26 Sprit.The Swedish government celebrated the higher-than-expected price tag for Vin %26 Sprit, but investors were less exuberant, sending shares in France-based Pernod Ricard down 4.3 percent to $103.03 in Paris.Sweden said it selected the Pernod Ricard bid on Sunday over three other offers, by U.S.-based Fortune Brands Inc., Bermuda-based Bacardi Ltd. and an investment group controlled by Sweden’s Wallenberg family.—Less corn could mean higher food pricesWASHINGTON (AP) - From chicken nuggets to corn flakes, food prices at grocery stores and dinner tables could be headed even higher as farmers cut back on the land they’re planting in corn this spring.Corn prices already are high, and a drop in supply should keep them rising. Combine that with the huge demand for corn-based ethanol fuel - and higher energy costs for transporting food - and consumers are likely to see their food bills going up and up.Farmers are now expected to plant 86 million acres of corn this year, the Department of Agriculture predicted Monday, down 8 percent from last year, which was the highest since World War II.Corn is almost everywhere you look in the U.S. food supply. Poultry, beef and pork companies use it to feed their animals. High fructose corn syrup is used in soft drinks and many other foods, including lunch meats and salad dressings. Corn is often an ingredient in breads, peanut butter, oatmeal and potato chips.—Merck, Schering-Plough sink on VytorinNEW YORK (AP) - Shares of Merck %26 Co. and Schering-Plough Corp. fell to record lows Monday, as analysts warned new clinical data would cause sales of their blockbuster cholesterol drug Vytorin to fall further.The companies market Vytorin through a joint venture, but earlier this year, partial results from a clinical study showed that it was no more effective at limiting plaque buildup than Merck’s Zocor, a drug that is already available in generic form. Full results of that study were released Sunday.Vytorin is a combination of Zocor and Schering-Plough’s drug Zetia.Schering-Plough shares plunged as low as $14, touching their lowest levels since August 1996. Merck shares fell as low as $36.82, their lowest since June 2006.Leading physicians are now recommending the use of older drugs called statins before putting patients on Vytorin. Many physicians had prescribed Vytorin in lieu of higher doses of statins because of what some said was an undue fear of side effects.— HUD chief resigns amid criminal probeWASHINGTON (AP) - HUD Secretary Alphonso Jackson, his tenure tarnished by allegations of political favoritism and a criminal investigation, announced his resignation Monday amid the wreckage of the national housing crisis.He leaves behind a trail of unanswered questions about whether he tilted the Department of Housing and Urban Development toward Republican contractors and cronies.The move comes at a shaky time for the economy when soaring mortgage foreclosures imperil the nation’s credit markets.Some Congressional Democrats had pushed for Jackson to leave.House Speaker Nancy Pelosi, D-Calif., said HUD will be called on to work with Congress on assisting refinancing for borrowers faced with imminent foreclosure.—Oil prices slide, retail gas hits recordNEW YORK (AP) - Prices surged at the gas pump, hitting a new record Monday even as crude oil accelerated its slide amid a broad-based commodities sell-off.The average price for a gallon of regular unleaded rose to $3.287, according to AAA and the Oil Price Information Service. Prices were highest in Hawaii and California, where the average price topped $3.60 a gallon.Gasoline prices are expected to keep rising as the summer driving season brings with it greater demand for the fuel. Last year, prices peaked in May before backtracking; with gasoline already at a record it will like only continue its advance.If crude oil prices, which set records of their own during March continue their advance, that will also add to the cost of gasoline at the pump.On Monday, however, light, sweet crude for May delivery dropped $4.04 to settle at $101.58 a barrel on the New York Mercantile Exchange, adding to a decline of nearly $2 a barrel on Friday. Even so, prices finished the first three months of the year 5.8 percent higher than where they started; crude set a record of $111.80 in March before giving up ground.—Citi splits consumer banking, card unitsNEW YORK (AP) - Citigroup named a veteran retail banker Monday to head its North American consumer banking unit, splitting it off from its credit-card business as Citi struggles to become profitable again after suffering its biggest quarterly loss in its 196-year history.The latest move is the biggest sign yet that CEO Vikram Pandit, appointed in December, wants to fix Citi’s major parts rather than sell them off to raise cash - at least for now.It also shows what steps Pandit would take to attract more consumers to Citi’s retail banking unit.Citi’s worst problems are in its investment banking segment, which made huge losing bets on the mortgage industry. But its bread-and-butter business of lending to and collecting deposits from average people has also been underwhelming shareholders.Citi is ubiquitous throughout the United States, but in recent years has lost customers to rival banks such as JPMorgan Chase %26 Co. and Wachovia Corp.—Major indexes rise, commodities slip as quarter endsOn the last day of the quarter, the Dow Jones industrial average rose 46.49, or 0.38 percent, to 12,262.89.Broader stock indicators also rose. The S%26P 500 index advanced 7.48, or 0.57 percent, to 1,322.70, and the Nasdaq composite index rose 17.92, or 0.79 percent, to 2,279.10.Light, sweet crude for May delivery dropped $4.04 to settle at $101.58 a barrel on the New York Mercantile Exchange, adding to a decline of nearly $2 a barrel on Friday. Even so, prices finished the first three months of the year 5.8 percent higher than where they started; crude set a record of $111.80 in March before giving up ground.In other Nymex trading, heating oil futures fell 5.58 cents to settle at $3.0492 a gallon, while gasoline futures sank 10.07 cents to settle at $2.6163 a gallon. Brent crude futures fell $3.47 to settle at $100.30 a barrel on the ICE Futures exchange in London.

WASHINGTON It’s a Herculean task: revamping a financial regulatory system dating back to the Civil War to deal with 21st century crises imperiling the country.Under an ambitious Bush administration plan, the Federal Reserve would take on the unwieldy role of uber cop in charge of financial market stability. Other regulatory agencies could see their influence diminished.The proposal won’t fix the host of economic and financial problems that threatens to plunge the United States into a deep recession, but it might help guard against future troubles. It would take years and a lot of political wrangling - in Congress, on Wall Street, in statehouses and elsewhere - to implement all the changes envisioned.Yet, the initiative, formally announced Monday, casts a fresh spotlight on the best way to protect the country from financial catastrophes in an intricate web of complex, often-changing financial products and the wide array of financial players using them in the United States and beyond. That debate probably will take center stage in the next president’s administration.—Stocks gain on last day of quarterNEW YORK (AP) - Wall Street managed a moderate gain in the final session of a dismal first quarter Monday, but stock prices and the major indexes still ended the first three months of 2007 with massive losses, the casualties of the still continuing credit crisis. The Standard %26 Poor’s 500 index, the benchmark for many widely held investments such as mutual funds, suffered a loss for the quarter of nearly 10 percent.The blip upward came from a better than expected reading in the Chicago Purchasing Managers Index, which is considered a precursor to the Institute for Supply Management’s manufacturing survey on Tuesday. The index rose to 48.2 in March from 44.5 a month earlier; economists had been expecting a reading of 47.3, according to Dow Jones Newswires. Though the number topped forecasts, a figure below 50 nonetheless indicates a contraction in manufacturing activity.The market’s reaction, however, was likely not as enthusiastic as it might seem from Monday’s gains by the major indexes. Price movements tend to be skewed when volume is as light as it was Monday.It was a difficult quarter on Wall Street, with financial companies’ ongoing credit market losses and the flagging economy wiping out many investors’ appetite for stocks. While the market saw a number of up days during the quarter, the overall trend was sharply lower, with reports of asset write-downs and shaky financial companies pummeling the market - in particular, the near-collapse of Bear Stearns %26 Cos. in mid-March.—Pernod Ricard buys maker of AbsolutSTOCKHOLM, Sweden (AP) - Spirits group Pernod Ricard SA is adding Swedish flavor to a liquor cabinet stacked with Scotch whisky, French champagne and Cuban rum with its $8.34 billion purchase of the state-owned maker of Absolut vodka.The company said Monday it was delighted to add the premium vodka brand to its assortment of drinks, after the Swedish government accepted its bid for Absolut’s parent company, Vin %26 Sprit.The Swedish government celebrated the higher-than-expected price tag for Vin %26 Sprit, but investors were less exuberant, sending shares in France-based Pernod Ricard down 4.3 percent to $103.03 in Paris.Sweden said it selected the Pernod Ricard bid on Sunday over three other offers, by U.S.-based Fortune Brands Inc., Bermuda-based Bacardi Ltd. and an investment group controlled by Sweden’s Wallenberg family.—Less corn could mean higher food pricesWASHINGTON (AP) - From chicken nuggets to corn flakes, food prices at grocery stores and dinner tables could be headed even higher as farmers cut back on the land they’re planting in corn this spring.Corn prices already are high, and a drop in supply should keep them rising. Combine that with the huge demand for corn-based ethanol fuel - and higher energy costs for transporting food - and consumers are likely to see their food bills going up and up.Farmers are now expected to plant 86 million acres of corn this year, the Department of Agriculture predicted Monday, down 8 percent from last year, which was the highest since World War II.Corn is almost everywhere you look in the U.S. food supply. Poultry, beef and pork companies use it to feed their animals. High fructose corn syrup is used in soft drinks and many other foods, including lunch meats and salad dressings. Corn is often an ingredient in breads, peanut butter, oatmeal and potato chips.—Merck, Schering-Plough sink on VytorinNEW YORK (AP) - Shares of Merck %26 Co. and Schering-Plough Corp. fell to record lows Monday, as analysts warned new clinical data would cause sales of their blockbuster cholesterol drug Vytorin to fall further.The companies market Vytorin through a joint venture, but earlier this year, partial results from a clinical study showed that it was no more effective at limiting plaque buildup than Merck’s Zocor, a drug that is already available in generic form. Full results of that study were released Sunday.Vytorin is a combination of Zocor and Schering-Plough’s drug Zetia.Schering-Plough shares plunged as low as $14, touching their lowest levels since August 1996. Merck shares fell as low as $36.82, their lowest since June 2006.Leading physicians are now recommending the use of older drugs called statins before putting patients on Vytorin. Many physicians had prescribed Vytorin in lieu of higher doses of statins because of what some said was an undue fear of side effects.— HUD chief resigns amid criminal probeWASHINGTON (AP) - HUD Secretary Alphonso Jackson, his tenure tarnished by allegations of political favoritism and a criminal investigation, announced his resignation Monday amid the wreckage of the national housing crisis.He leaves behind a trail of unanswered questions about whether he tilted the Department of Housing and Urban Development toward Republican contractors and cronies.The move comes at a shaky time for the economy when soaring mortgage foreclosures imperil the nation’s credit markets.Some Congressional Democrats had pushed for Jackson to leave.House Speaker Nancy Pelosi, D-Calif., said HUD will be called on to work with Congress on assisting refinancing for borrowers faced with imminent foreclosure.—Oil prices slide, retail gas hits recordNEW YORK (AP) - Prices surged at the gas pump, hitting a new record Monday even as crude oil accelerated its slide amid a broad-based commodities sell-off.The average price for a gallon of regular unleaded rose to $3.287, according to AAA and the Oil Price Information Service. Prices were highest in Hawaii and California, where the average price topped $3.60 a gallon.Gasoline prices are expected to keep rising as the summer driving season brings with it greater demand for the fuel. Last year, prices peaked in May before backtracking; with gasoline already at a record it will like only continue its advance.If crude oil prices, which set records of their own during March continue their advance, that will also add to the cost of gasoline at the pump.On Monday, however, light, sweet crude for May delivery dropped $4.04 to settle at $101.58 a barrel on the New York Mercantile Exchange, adding to a decline of nearly $2 a barrel on Friday. Even so, prices finished the first three months of the year 5.8 percent higher than where they started; crude set a record of $111.80 in March before giving up ground.—Citi splits consumer banking, card unitsNEW YORK (AP) - Citigroup named a veteran retail banker Monday to head its North American consumer banking unit, splitting it off from its credit-card business as Citi struggles to become profitable again after suffering its biggest quarterly loss in its 196-year history.The latest move is the biggest sign yet that CEO Vikram Pandit, appointed in December, wants to fix Citi’s major parts rather than sell them off to raise cash - at least for now.It also shows what steps Pandit would take to attract more consumers to Citi’s retail banking unit.Citi’s worst problems are in its investment banking segment, which made huge losing bets on the mortgage industry. But its bread-and-butter business of lending to and collecting deposits from average people has also been underwhelming shareholders.Citi is ubiquitous throughout the United States, but in recent years has lost customers to rival banks such as JPMorgan Chase %26 Co. and Wachovia Corp.—Major indexes rise, commodities slip as quarter endsOn the last day of the quarter, the Dow Jones industrial average rose 46.49, or 0.38 percent, to 12,262.89.Broader stock indicators also rose. The S%26P 500 index advanced 7.48, or 0.57 percent, to 1,322.70, and the Nasdaq composite index rose 17.92, or 0.79 percent, to 2,279.10.Light, sweet crude for May delivery dropped $4.04 to settle at $101.58 a barrel on the New York Mercantile Exchange, adding to a decline of nearly $2 a barrel on Friday. Even so, prices finished the first three months of the year 5.8 percent higher than where they started; crude set a record of $111.80 in March before giving up ground.In other Nymex trading, heating oil futures fell 5.58 cents to settle at $3.0492 a gallon, while gasoline futures sank 10.07 cents to settle at $2.6163 a gallon. Brent crude futures fell $3.47 to settle at $100.30 a barrel on the ICE Futures exchange in London.

WASHINGTON It’s a Herculean task: revamping a financial regulatory system dating back to the Civil War to deal with 21st century crises imperiling the country.Under an ambitious Bush administration plan, the Federal Reserve would take on the unwieldy role of uber cop in charge of financial market stability. Other regulatory agencies could see their influence diminished.The proposal won’t fix the host of economic and financial problems that threatens to plunge the United States into a deep recession, but it might help guard against future troubles. It would take years and a lot of political wrangling - in Congress, on Wall Street, in statehouses and elsewhere - to implement all the changes envisioned.Yet, the initiative, formally announced Monday, casts a fresh spotlight on the best way to protect the country from financial catastrophes in an intricate web of complex, often-changing financial products and the wide array of financial players using them in the United States and beyond. That debate probably will take center stage in the next president’s administration.—Stocks gain on last day of quarterNEW YORK (AP) - Wall Street managed a moderate gain in the final session of a dismal first quarter Monday, but stock prices and the major indexes still ended the first three months of 2007 with massive losses, the casualties of the still continuing credit crisis. The Standard %26 Poor’s 500 index, the benchmark for many widely held investments such as mutual funds, suffered a loss for the quarter of nearly 10 percent.The blip upward came from a better than expected reading in the Chicago Purchasing Managers Index, which is considered a precursor to the Institute for Supply Management’s manufacturing survey on Tuesday. The index rose to 48.2 in March from 44.5 a month earlier; economists had been expecting a reading of 47.3, according to Dow Jones Newswires. Though the number topped forecasts, a figure below 50 nonetheless indicates a contraction in manufacturing activity.The market’s reaction, however, was likely not as enthusiastic as it might seem from Monday’s gains by the major indexes. Price movements tend to be skewed when volume is as light as it was Monday.It was a difficult quarter on Wall Street, with financial companies’ ongoing credit market losses and the flagging economy wiping out many investors’ appetite for stocks. While the market saw a number of up days during the quarter, the overall trend was sharply lower, with reports of asset write-downs and shaky financial companies pummeling the market - in particular, the near-collapse of Bear Stearns %26 Cos. in mid-March.—Pernod Ricard buys maker of AbsolutSTOCKHOLM, Sweden (AP) - Spirits group Pernod Ricard SA is adding Swedish flavor to a liquor cabinet stacked with Scotch whisky, French champagne and Cuban rum with its $8.34 billion purchase of the state-owned maker of Absolut vodka.The company said Monday it was delighted to add the premium vodka brand to its assortment of drinks, after the Swedish government accepted its bid for Absolut’s parent company, Vin %26 Sprit.The Swedish government celebrated the higher-than-expected price tag for Vin %26 Sprit, but investors were less exuberant, sending shares in France-based Pernod Ricard down 4.3 percent to $103.03 in Paris.Sweden said it selected the Pernod Ricard bid on Sunday over three other offers, by U.S.-based Fortune Brands Inc., Bermuda-based Bacardi Ltd. and an investment group controlled by Sweden’s Wallenberg family.—Less corn could mean higher food pricesWASHINGTON (AP) - From chicken nuggets to corn flakes, food prices at grocery stores and dinner tables could be headed even higher as farmers cut back on the land they’re planting in corn this spring.Corn prices already are high, and a drop in supply should keep them rising. Combine that with the huge demand for corn-based ethanol fuel - and higher energy costs for transporting food - and consumers are likely to see their food bills going up and up.Farmers are now expected to plant 86 million acres of corn this year, the Department of Agriculture predicted Monday, down 8 percent from last year, which was the highest since World War II.Corn is almost everywhere you look in the U.S. food supply. Poultry, beef and pork companies use it to feed their animals. High fructose corn syrup is used in soft drinks and many other foods, including lunch meats and salad dressings. Corn is often an ingredient in breads, peanut butter, oatmeal and potato chips.—Merck, Schering-Plough sink on VytorinNEW YORK (AP) - Shares of Merck %26 Co. and Schering-Plough Corp. fell to record lows Monday, as analysts warned new clinical data would cause sales of their blockbuster cholesterol drug Vytorin to fall further.The companies market Vytorin through a joint venture, but earlier this year, partial results from a clinical study showed that it was no more effective at limiting plaque buildup than Merck’s Zocor, a drug that is already available in generic form. Full results of that study were released Sunday.Vytorin is a combination of Zocor and Schering-Plough’s drug Zetia.Schering-Plough shares plunged as low as $14, touching their lowest levels since August 1996. Merck shares fell as low as $36.82, their lowest since June 2006.Leading physicians are now recommending the use of older drugs called statins before putting patients on Vytorin. Many physicians had prescribed Vytorin in lieu of higher doses of statins because of what some said was an undue fear of side effects.— HUD chief resigns amid criminal probeWASHINGTON (AP) - HUD Secretary Alphonso Jackson, his tenure tarnished by allegations of political favoritism and a criminal investigation, announced his resignation Monday amid the wreckage of the national housing crisis.He leaves behind a trail of unanswered questions about whether he tilted the Department of Housing and Urban Development toward Republican contractors and cronies.The move comes at a shaky time for the economy when soaring mortgage foreclosures imperil the nation’s credit markets.Some Congressional Democrats had pushed for Jackson to leave.House Speaker Nancy Pelosi, D-Calif., said HUD will be called on to work with Congress on assisting refinancing for borrowers faced with imminent foreclosure.—Oil prices slide, retail gas hits recordNEW YORK (AP) - Prices surged at the gas pump, hitting a new record Monday even as crude oil accelerated its slide amid a broad-based commodities sell-off.The average price for a gallon of regular unleaded rose to $3.287, according to AAA and the Oil Price Information Service. Prices were highest in Hawaii and California, where the average price topped $3.60 a gallon.Gasoline prices are expected to keep rising as the summer driving season brings with it greater demand for the fuel. Last year, prices peaked in May before backtracking; with gasoline already at a record it will like only continue its advance.If crude oil prices, which set records of their own during March continue their advance, that will also add to the cost of gasoline at the pump.On Monday, however, light, sweet crude for May delivery dropped $4.04 to settle at $101.58 a barrel on the New York Mercantile Exchange, adding to a decline of nearly $2 a barrel on Friday. Even so, prices finished the first three months of the year 5.8 percent higher than where they started; crude set a record of $111.80 in March before giving up ground.—Citi splits consumer banking, card unitsNEW YORK (AP) - Citigroup named a veteran retail banker Monday to head its North American consumer banking unit, splitting it off from its credit-card business as Citi struggles to become profitable again after suffering its biggest quarterly loss in its 196-year history.The latest move is the biggest sign yet that CEO Vikram Pandit, appointed in December, wants to fix Citi’s major parts rather than sell them off to raise cash - at least for now.It also shows what steps Pandit would take to attract more consumers to Citi’s retail banking unit.Citi’s worst problems are in its investment banking segment, which made huge losing bets on the mortgage industry. But its bread-and-butter business of lending to and collecting deposits from average people has also been underwhelming shareholders.Citi is ubiquitous throughout the United States, but in recent years has lost customers to rival banks such as JPMorgan Chase %26 Co. and Wachovia Corp.—Major indexes rise, commodities slip as quarter endsOn the last day of the quarter, the Dow Jones industrial average rose 46.49, or 0.38 percent, to 12,262.89.Broader stock indicators also rose. The S%26P 500 index advanced 7.48, or 0.57 percent, to 1,322.70, and the Nasdaq composite index rose 17.92, or 0.79 percent, to 2,279.10.Light, sweet crude for May delivery dropped $4.04 to settle at $101.58 a barrel on the New York Mercantile Exchange, adding to a decline of nearly $2 a barrel on Friday. Even so, prices finished the first three months of the year 5.8 percent higher than where they started; crude set a record of $111.80 in March before giving up ground.In other Nymex trading, heating oil futures fell 5.58 cents to settle at $3.0492 a gallon, while gasoline futures sank 10.07 cents to settle at $2.6163 a gallon. Brent crude futures fell $3.47 to settle at $100.30 a barrel on the ICE Futures exchange in London.

Global chip maker Intel will invest more than USD one billion in India over the next three years as it seeks to prepare light-weight personal computers in partnership with Indian and foreign hardware firms.Intel is said to be collaborating with foreign and Indian computer hardware brands like Asus Technologies, HCL, Wipro and Zenith for the development of lightweight and easy-to-use Internet platforms.”We have committed to spend over a billion dollars spread over next three years plus. We are focusing on a number of new initiatives for enabling easy availability of personal computers (PCs) and broadband Internet in India,” Intel Technology India Director- marketing and operations John A McClure said.Intel is also working on different designs for specific market segments. It is also preparing to introduce Wimax technology in India, the fastest wireless BB technology available at lower cost than optical fibres.