Samsung seeks smart watch trademarks in US, SKorea

SEOUL, South Korea — Samsung Electronics Co. has applied for U.S. and South Korean trademarks for a watch that connects to the Internet in the latest sign that consumer technology companies see wearable devices as the future of their business.

Samsung described "Samsung Galaxy Gear" as a wearable digital electronic device in the form of a wristwatch, wrist band or bangle in its July 29 application with U.S. Patent and Trademark Office. A month earlier, it applied for a "Samsung Gear" trademark in South Korea.

The trademark applications did not show the shape of the products. But drawings from a Samsung design patent approved in May show a watch-like design with a flexible screen that curves around the wrist.

The U.S. trademark application said the device will be "capable of providing access to the Internet, for sending and receiving phone calls, electronic mails and messages" as well as "for keeping track of or managing personal information."

The trademark filings in the U.S. and in South Korea show that Samsung is deep in preparations for what tech industry experts expect will be a new generation of mobile technology that dramatically expands the utility of single-function objects such as watches and glasses. The South Korean consumer electronics giant was caught flatfooted by Apple's invention of the smartphone but through what turned out to be a legally risky strategy of imitation was able to capture a dominant share of the global smartphone market within a few years.

Apple Inc. applied June 3 for a trademark in Japan for "iWatch." Industry watchers have long speculated that Apple is working on a smart watch that uses a version of the operating system that powers the iPhone and iPad. The company has not confirmed those rumors but CEO Tim Cook has hinted it may be developing a wearable computing device.

Google Inc. is testing an early version of Internet-connected spectacles called Glass. It uses a small screen above the right eye that displays information and imagery retrieved from the Internet.

The South Korean patent office said the Gear trademark will not be approved this year as it takes seven to eight months to start reviewing applications due to a waiting list. Samsung applied for the South Korean trademark on June 21.

It was not clear if Samsung would use the "Samsung Gear" trademark for a Smart Watch. The trademark application covers 38 possible products including mobile telephones, bracelets, glasses and software interfaces that monitor human vital signs.

South Korea's patent office said in June that Samsung had patented watch designs in which more than three quarters of the device is covered by a flexible display that curves around the wrist. Illustrations showed 'back' and 'home' buttons at the bottom of the screen. Another illustration shows a rectangular screen with an edge that tapers toward the top.

The product is made of metal, synthetic and glass materials, Samsung's patent document said.

Samsung executive vice president Lee Young Hee said in March interview with Bloomberg that the company's mobile division has been working on a smart watch. Samsung declined to confirm the report then.

Company spokeswoman Chenny Kim declined to comment on the patent applications.

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Oil price wavers but remains above $105

BANGKOK — Crude prices vacillated between gains and losses Wednesday as traders waited for the U.S. Energy Department to release its latest oil supply data.

Benchmark crude for September delivery was up 25 cents to $105.55 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.26, or 1.2 percent, to close at $105.30 on Tuesday.

Traders were waiting for the U.S. government's Energy Information Agency to release its weekly inventories report later Wednesday. Last week, crude supplies grew 400,000 barrels, or 0.1 percent, to 364.6 million barrels, which is 2.4 percent below year-ago levels.

The International Energy Agency and the Organization of Petroleum Exporting Countries will also release their latest assessments of energy markets, including forecasts for worldwide demand for oil. Analysts are anticipating some downward revisions, given a slowdown in China's economy.

The dollar, however, is underpinning oil prices. It has fallen into a 97-98 yen range, weaker than July when the greenback was worth about 100 yen. A weak dollar tends to boost commodities, which become more attractive investments for holders of other currencies.

"The dollar also not strong enough to suppress the interest in oil so that is why oil prices will hover around the current levels," said Kwong Man Bun, chief operating officer at KGI Securities in Hong Kong.

Brent crude, traded on the ICE Futures exchange in London, was down 21 cents at $107.97 a barrel.

In other energy futures trading on Nymex:

— Heating oil fell 0.2 cent to $3.006 a gallon.

— Natural gas fell 0.3 cent to $3.315 per 1,000 cubic feet.

— Wholesale gasoline fell 0.3 cent to $2.913 a gallon.

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World stocks down, Fed official flags stimulus end

BANGKOK — World stock markets fell Wednesday, led by a plunge in Japan's benchmark index, as expectations mounted that the U.S. central bank will begin to phase out its monetary stimulus next month.

Positive U.S. trade data and comments by a Federal Reserve bank regional president increased speculation that the Fed could begin reducing its monthly $85 billion in asset purchases in September. The program has helped keep interest rates super-low in order to spur growth. But it also had the unintended effect of pushing up stock markets, where investors have fled in search of returns that outpace bonds.

Charles Evans, who votes on the Fed's policy as president of the Federal Reserve Bank of Chicago, told reporters Tuesday the Fed was "quite likely" to start reducing purchases this year and didn't rule out a decision being made at the Fed's next meeting in September. That is a sign that Fed officials believes the U.S. economy is strengthening.

On top of that, a sharp decline in the U.S. trade deficit for June suggested the U.S. economy grew this spring at a faster pace than previously estimated, helped by a record level of exports.

Those factors combined have led analysts to conclude that a reduction in the Fed's asset purchases will take place sooner rather than later, and that stock markets could be affected.

"In our view, this will continue to put a lid on risk appetite, at least until tapering actually begins," said Anthony Lam at Credit Agricole CIB said in a market commentary.

In early European trading, Britain's FSTE 100 fell 0.5 percent to 6,574.34 and Germany's DAX lost 0.6 percent to 8,250.52. France's CAC-40 fell 0.5 percent to 8,250.44. Futures augured a lower open on Wall Street. Dow Jones futures fell 0.5 percent to 15,404 while S&P 500 futures shed 0.5 percent to 1,686.30.

Japan's Nikkei 225 index suffered sharp losses, partly attributed to a rise in the yen. The benchmark closed 4 percent lower to 13,824.94.

South Korea's Kospi fell 1.5 percent to 1,878.33. Australia's S&P/ASX 200 shed 1.9 percent to 5,011.30. Hong Kong's Hang Seng was 1.5 percent down at 21,588.84 in the absence of fresh buying incentives.

"Investor interest will continue to focus on individual shares, which depend on corporate news such as results announcements and also on policy news," said Kwong Man Bun, chief operating office at KGI Securities in Hong Kong.

U.S. stocks closed lower Tuesday after retailers disappointed the market with weaker profit forecasts.

Benchmark oil for September delivery was down 13 cents to $105.18 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.26 to close at $105.30 a barrel on the Nymex on Tuesday.

In currencies, the euro fell to $1.3279 from $1.3311 late Tuesday. The dollar fell to 96.95 yen from 97.16 yen.

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As with Amazon, Bezos may throw out the book

What could the billionaire founder and chief executive of Amazon.com possibly want with a dead-tree newspaper?

Jeff Bezos' historic 
$250 million acquisition of The Washington Post seems like a head-scratcher at first, but it's perfectly in line with what he's best known for: taking something old and dying, and turning it into something new and growing.

Why else would he have passed over the newspaper's online-only sister properties Slate.com and Root.com, along with Foreign Policy magazine? None of these three still toil in the world of newsprint and ink. It's that world that Bezos wants to disrupt (business lingo deems that a good word, by the way), just as he did the world of brick-and-mortar bookstores.

The good news for the Post is that Bezos — who has acquired the paper with his personal wealth, separate from Amazon — is unlikely to operate with a bean-counting mindset (but watch out, Marty Baron — he's reportedly a notorious micro-manager! The former Globe editor now heading the Post newsroom may be in for a daily earful). Bezos simply wouldn't be caught dead living in a world of annual layoffs punctuated by periodic buyouts and miscellaneous margin-driven cuts, as virtually all newspapers in America would concede as reality.

Though the Post will remain, at least for now, separate from Amazon, Bezos could easily team up the enterprises on projects, especially given the blind deference he commands from voting shareholders at his e-commerce powerhouse. Given that, I believe Bezos envisions his rein unfolding in three stages:

• Content: The Post is the ultimate content-generation organization, with its international reporting and home base in the capital. It is the perfect vehicle to produce exclusive material to feed into the Kindle e-reader ecosystem, which has struggled to compete with Apple.

• Delivery: Amazon's vision is to launch same-day delivery in every major city. From groceries to, yes, even your daily newspaper, Amazon wants to bring it to you.

• Expansion: If this is the start of cross-pollination between Amazon and the newspaper industry, the logical end result could be personally customized newspapers on demand to each Kindle.

Still, one can't ignore the Ghost of Partnerships Past. AOL was supposed to help reinvent the wheel at Time Warner Inc., and we all know how that story ends.

At Amazon, Bezos has had two main hallmarks: enchant and expand. Shareholders let him get away with razor-thin margins because they believe in his vision. And I can think of no industry in greater need of a visionary than newspapers.

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Australian central bank cuts rate to record low

CANBERRA, Australia — Australia's central bank cut its benchmark interest rate to a record low 2.5 percent Tuesday because of slower growth and weakening commodity prices.

The Reserve Bank of Australia's quarter percentage point rate cut at a monthly board meeting comes in the first week of a federal election campaign and was expected by economists.

The bank last cut the Official Cash Rate, which is a benchmark for commercial lending rates, by a quarter point in May, following four cuts in 2012.

Australia has enjoyed a decade-long boom in mining and related construction that helped it avoid recession during the global financial crisis. Growth, however, is now slowing as China's economy cools and drags down prices for commodities such as iron ore and coal. The government last week nearly doubled its budget deficit forecast for the fiscal year through June 2014 to 30.1 billion Australian dollars ($26.8 billion) as slowing growth weighs on tax revenues.

In a statement, the central bank's governor Glenn Stevens said growth was below the long-term trend level of 3 percent as the economy adjusts to lower levels of mining investment, but there was a "reasonable prospect" of it picking up in 2014.

Stevens said the Australian dollar was still quite high despite a fall of 15 percent since April. The currency was little changed at just below $0.90 immediately after the rate announcement.

"It is possible that the exchange rate will depreciate further over time, which would help to foster a rebalancing of growth in the economy," he said. "Commodity prices have declined but, overall, remain at high levels by historical standards."

The government last week downgraded its economic growth forecast for the current fiscal year from 2.75 percent to 2.5 percent and raised its unemployment forecast for the year from 5.75 percent to 6.25 percent.

Australian Retailers Association executive director Russell Zimmerman said the central bank was stepping in to "save the furniture" amid a lack of economic leadership.

"The RBA have provided some relief to Australian retailers, although it is concerning that this cut has come on the back of flat retail sales, predictions of rising unemployment and falling consumer and business confidence," he said in a statement.

The Australian Chamber of Commerce and Industry welcomed the rate cut as providing much-needed relief for struggling businesses.

But the government could not rely on the central bank alone to bolster the economy as it adjusts to the end of the mining boom, the chamber's chief executive Peter Anderson said.

"Clearly other areas of economic management are falling well short of the mark and dragging on confidence," Anderson said in a statement.

"That includes not delivering on budget undertakings, poorly targeted spending, and a series of tax increases," he said.

The conservative opposition seized on the rate cut as an indictment of the economic management of the center-left Labor Party government, which has forecast deepening deficits due to dwindling company tax revenue. Labor has ruled since 2007 and hopes for a third three-year term at elections on Sept. 7.

Opposition treasury spokesman Joe Hockey said interest rates were now even lower than during the global recession in 2009 when Prime Minister Kevin Rudd described a 3 percent central bank rate as an "emergency level."

"The Reserve Bank has cut interest rates to record low levels because the economy is struggling under Kevin Rudd," Hockey told reporters.

"Business and consumer confidence in the United States is in better shape than business and consumer confidence in Australia and one of the key reasons for this is that Australians are worried about their jobs," he said.

The government has defended it economic credentials, boasting the Australia is one of only eight countries with a triple-A credit rating from all three major ratings agencies. Australian government debt remains low compared with most Western countries.

"Australian families and business know that lower interest rates are a good thing, especially with the economy continuing to grow," Treasurer Chris Bowen said.

The 2.5 percent policy rate is the lowest since the central bank's inception in 1960.

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Oil dips to near $106 amid Iran leader change

BANGKOK — The price of crude fell Tuesday after the swearing-in of a new leader in Iran raised hopes for less tension between the oil-producing Islamic republic and the West.

Benchmark crude for September delivery was down 35 cents to $106.21 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 38 cents to close at $106.56 on the Nymex on Monday.

Michael Hewson, senior market analyst at CMC Markets, said the "softer" oil price could be attributed to an expected easing of tensions between the U.S. and Iran, whose new leader, Hasan Rouhani, took office Sunday. Rouhani is a moderate cleric who has called for a dialogue with the West.

Iran has faced international oil and banking sanctions over its nuclear program and fears it is being used to develop atomic weapons. Having a new leadership in Tehran "has raised some optimism that this new relationship dynamic will augur a much less confrontational relationship between Iran and the US," Hewson said in an email commentary. "The reopening of a Libyan terminal has also helped to weigh on Brent prices as new supply comes on stream."

Meanwhile, the U.S. Energy Department, the International Energy Agency and the Organization of Petroleum Exporting Countries will this week release their latest assessments of the energy markets, including forecasts for worldwide demand for oil. Analysts are anticipating some downward revisions, given a slowdown in China's economy.

Brent crude, traded on the ICE Futures exchange in London, fell 20 cents to $108.50 per barrel.

In other energy futures trading on the Nymex:

— Heating oil fell 1.3 cents to $3.039 a gallon.

— Natural gas rose 0.6 cent to $3.325 per 1,000 cubic feet.

— Wholesale gasoline fell 1.2 cents to $2.938 a gallon.

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Apple losing innovative core?

Apple is in trouble on its own turf — innovative design paired with wow-inducing product releases — showing signs of critical weakness in the pending redesign of one of its signature devices, the iPad, with the iPhone in danger of following suit.

The new iPad due this fall is reportedly designed in the image of the iPad Mini. Not smaller, just with the screen filling more of the body, according to rumors that peg the announcement and release dates at sometime this fall, possibly September.

But here's the puzzling part: There is no indication that Apple has plans to add a major innovation to the fifth generation of its trailblazing tablet. An iPad without a gimmick is like a man without a country. We want something like Retina display, which the third generation tablet introduced. Or a front-facing camera, as was introduced with the second iteration.

And when the fifth generation of the iPad is unveiled, I'd like to see at least one of the following game-changers added to the mix:

• Instant iCloud: Microsoft helped pioneer the idea of instant cloud backup for consumers. When you save a document in Office 365, it's backed up automatically to the so-called SkyDrive cloud service. Apple should rip off this idea, as we know it's had no trouble doing in the past.

• Waterproofing: Taking a page from the Samsung Galaxy S4 Active, outfitting the iPad with a substance-fighting exterior would really help those of us who use our favorite tablet as a recipe card. Not to mention those of us with children who subject our household electronics to daily punishment. Or anyone who wants to work with it out in the weather. Or play with it on the boat.

• Wireless charging: Again, Apple could pretend it invented this technology that is being used in Nokia Lumias and devices in Japan. I truly wouldn't mind the shamelessness of such a move if it meant I could easily charge my iPad on-the-go.

But here's what I expect instead: lots of talk about how amazing the new iPad is because of its new operating system, iOS 7. I expect a similar price structure to today's iPad, and perhaps an iPad Mini with Retina display that will be announced simultaneously.

It's around that same time — just on the brink of the holiday season — that Tim Cook & Co. will release a new iPhone and the final version of iOS 7. They would be smart to follow through with long-rumored plans to introduce a cheaper iPhone. I think many of us are sick of dropping hundreds of dollars on a new smartphone that is guaranteed to be outdated in 18 months. If Apple stops making strides with its iPad, keeping current with the iPhone is the only way it will remain the world's most valuable company.

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The Ticker

Time Warner, CBS in feud

Three million Time Warner Cable customers in New York, Los Angeles, Dallas and other cities remained without access to CBS for a third day yesterday, after the cable provider dropped the network in a spat over fees. Time Warner cut off CBS for viewers in select markets on Friday, saying the network is demanding retransmission fees that are out of line with what it pays other broadcasters. CBS said it had asked the cable provider to continue negotiating while its programming was still on the air.
IBT buying Newsweek

Newsweek is being sold for the second time in just a few years. The owner of the International Business Times said it's buying what is now an online-only brand for an undisclosed sum from InterActiveCorp. The publication ran its last print edition at the end of 2012.

TODAY

 Institute for Supply Management releases its service sector index for July.

TOMORROW

 Commerce Department releases international trade data for June.

 Labor Department releases job openings and labor turnover survey for June.

 CVS Caremark, Walt Disney and 21st Century Fox report quarterly earnings.

 Bristol County Savings Bank has appointed Stephen M. Hardy to the position of commercial lender. He is responsible for developing new business.

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Google finds streaming gold

Google, which has tried to carve out market-share in the living room for years, finally may have found a winner in its sleek streaming stick, Chromecast.

For a paltry $35, the tiny device just a bit bigger than a USB drive plugs into the back of your TV, ready to receive Netflix, YouTube and media from the Google Play store. Setup takes a couple minutes, and is simple through an app or a computer but can be frustrating without a reliable Wi-Fi connection.

The best part of Chromecast is how seamless the experience is. On a smartphone, a button shows up in the apps that support Chromecast — Netflix, YouTube and Google Play Music and Movies for now — when it detects Chromecast on the same Wi-Fi network. An iPhone that had never interacted with Chromecast before was able to play YouTube videos with zero setup. It even automatically changes the TV to the right input, eliminating the need to search for the right remote.

Technically, content is not streamed from a phone to the TV, Chromecast is instead fetching the URL for the content on its own. The distinction may seem inconsequential, but in practice it means the controlling device is not tied up streaming one thing. Because of this, the phone is freed up for other tasks, queuing up more YouTube videos, which play automatically when each one finishes. Still, the downside is a slight lag when you hit pause to process what just happened on "Breaking Bad."

The most disappointing aspect of Chromecast right now is the amount of content available. Netflix and YouTube are great, but Google Play videos and music are hardly the most popular options. Spokesmen for Hulu and HBO Go have said they have been looking into supporting Chromecast, and Pandora support should be arriving soon.

Right now, Chromecast does a few crucial things well in a cheap, simple package. The increasing likelihood of support from Hulu, HBO Go and such will be just icing on that sweet, $35, Internet streaming cake.

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BMW 328i is all about performance

A sports sedan traditionally includes a manual gearbox and rear-wheel-drive that provide drivers with a more intimate connection with the road, but the BMW 328i challenges that with an eight-speed automatic transmission and all-wheel drive — features that will give a sports sedan purist pause.

My first impression as I slid into the driver's seat of our 328i tester was that the sedan was more about performance driving than luxury and comfort. That's not to say that the 328i lacks a well-appointed cabin. It's extremely comfortable with eight-way adjustable firm leather seats with the right amount of padding on the doors and center console to keep a driver comfortable yet alert and awake.

Our test BMW had a turbocharged in-line four-cylinder engine that put out 240 horsepower. BMW brands its all-wheel-drive feature as xDrive, in which power is distributed with a rear-wheel drive bias — a hard-to-live-without ­option for year-round New England driving.

The 328i's modest turbo provided plenty of might for around town and back-road driving. The extra gears from the eight-speed automatic transmission provided smooth and instantaneous power for passing on the highway. The sedan also has an auto start-stop function that turns the engine off when the car stops to conserve fuel. The feature can be deactivated if it becomes annoying.

The sedan has three driving modes — a fuel-sipping eco pro, comfort and sport. Switching to sport mode distinctively increased engine RPMs and acceleration. Toggling between the modes also changed the feel of the electronic-controlled steering. Four-wheel independent suspension allowed for spirited cornering with the ability to smooth out bridge expansion joints and other road bumps. Ventilated brakes, stability and traction controls provided peace of mind.

BMW takes safety technology to another level with its lane departure warning function. The feature not only uses warning lights to alert drivers if they unintentionally exit their lane but also sends an additional alert by vibrating the steering wheel.

Our test model, which topped out at just over $52,000, returned 33 mpg highway and 22 mpg city. While those gas mileage numbers are respectable, they are offset by the ­sedan's premium fuel require­ment.

The 328i has four optional equipment lines — luxury, modern, sport and M sport. Our tester equipped with the modern package was elegantly styled. Under­stated aluminum trim on the grille, intakes, and front and rear bumpers played well against the mineral gray metallic ex­terior paint. And the 18-inch turbine-style alloy wheels served as a re­minder of the sedan's performance abilities.

A 6.5-inch flat screen display in the center of the dashboard highlights the 328i's cockpit. Navigation and radio functions were easily accessed via a large dial located beside the shift lever. I found the 328i had good front and rear legroom and a spacious trunk. A split folding rear seat-back helps to create more trunk capacity. However, I found the sedan had limited storage along the doors and the center console cup holders­ were on the small side and too close together.

The 328i's all-wheel-drive option is a must-have for Northeast driving,­ and I personally liked the eight-speed automatic trans­mission. Sports ­sedan purists can drop the xDrive feature and go with a six-speed manual. Not enough power? More power can be found with the BMW 335i turbocharged six-cylinder.

There are plenty of other­ sports sedans worthy of consideration, but few can match the resale value of the BMW.

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