Deutsche Bank net profit falls 34 percent

FRANKFURT, Germany — Deutsche Bank AG said Tuesday that net profit fell 34 percent in the first quarter as slower trading of bonds and foreign exchange weighed on revenues.

Germany's biggest bank made 1.10 billion euros ($1.52 billion) compared with 1.66 billion euros a year ago. The figure was nevertheless better than the 981 million euros expected by analysts surveyed by financial data provider FactSet, and shares in the bank rose in early trading. Net revenues fell 11 percent to 8.39 billion euros.

Earnings at the investment banking division fell as the bank saw less demand from clients for trading debt such as bonds. Debt markets have suffered from turbulence in emerging markets and from concerns about the eventual withdrawal of monetary stimulus by the U.S. Federal Reserve and other central banks.

Revenue from foreign exchange trading was significantly lower "due to lower client activity and challenging trading environment."

The bank also had 532 million euros in losses from its non-core unit, where it keeps assets that it intends to sell or wind down. That unit suffered from losses at its special commodities group, which took a 151 million-euro hit on U.S. power trading due to a price spike caused by severe winter weather.

Co-CEOs Anshu Jain and Juergen Fitschen called it "a resilient performance" and said the bank was making progress in strengthening its finances. The bank is shedding risky investments in order to strengthen its capital levels to meet new regulatory requirements aimed at making the global and European banking systems more robust.

Still, the bank's core Tier 1 capital ratio, a key measure of financial strength, slipped to 9.5 percent during the quarter from 9.7 percent from the previous quarter, due in part to more rigorous regulations. The bank cautioned that its capital level could fluctuate but that it remained committed to its 10 percent goal by the end of March 2015.

"The regulatory bar is getting higher," Jain said in a conference call with analysts.

Deutsche Bank shares were 2.2 percent higher at 32.12 euros in morning trading in Europe.

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Users bemoan e-cigarette bans in NYC, Chicago

NEW YORK — Laws in New York and Chicago making electronic cigarettes subject to the same regulations as tobacco are taking effect, and their sellers and users are steadfast in their opposition.

The New York ban — along with the measure in Chicago, one that previously went into effect in Los Angeles and federal regulations proposed last week — are keeping debate smoldering among public health officials, the e-cigarette industry and users.

Proponents of the bans which began Tuesday say they are aimed at preventing the re-acceptance of smoking as a societal norm, particularly among teenagers who could see the tobacco-free electronic cigarettes, with their candy-like flavorings and celebrity endorsers, as a gateway to cancer-causing tobacco products.

Dr. Thomas Farley, the New York City health commissioner under former Mayor Michael Bloomberg, says allowing electronic cigarettes in bars and restaurants would undermine existing bans on tobacco-based products.

"Imagine for a moment you're at a bar and there are 20 people who are puffing on something that looks like a cigarette and then somebody smells something that smells like tobacco smoke," Farley says. "How's the bartender going to know who to tap on the shoulder and say, 'Put that out'?"

Makers of the devices say marketing them as e-cigarettes has confused lawmakers into thinking they are the same as tobacco-based cigarettes. They say the bans ostracize people who want an alternative to tobacco products and will be especially hard on ex-smokers who are being lumped into the same smoking areas as tobacco users.

Their defenders also say they're a good way to quit tobacco, even though science is murky on the claim.

Peter Denholtz, the chief executive and co-founder of the Henley Vaporium in Manhattan, says electronic cigarettes "could be the greatest invention of our lifetime in terms of saving lives" by moving smokers away from traditional cigarettes.

"This law just discourages that," he says.

Chris Jehly, a 31-year-old Brooklyn resident, also defended the devices as a vehicle for quitting.

"The tougher they're going to make it on vapers, the tougher it is people are going to find an actual vehicle for quitting or as a supplement to cigarettes," Jehly said from his perch at the counter at Henley. "There's no need for it. This is working so much better than patches or gum or prescription drugs."

Robin Koval, chief executive of the anti-smoking Legacy Foundation, said that while ingredients in electronic cigarettes are not as harmful as those in tobacco products, they are still a concern because they contain highly addictive nicotine. The National Institutes of Health said users could expose themselves to toxic levels of nicotine while refilling the devices or even use them to smoke other substances.

Since little evidence exists on the effect of the devices on smoking — whether as an aid in quitting, a gateway for non-smokers or a bridge to keep smokers hooked longer — she says she favors a legislative approach that balances public health with the development of safer alternatives.

"The right way forward will be a way that promotes innovation that helps us do everything we possibly can to get combustible tobacco to be history," Koval says. "We want a generation of Americans where, for them, cigarettes are a thing of the past — an artifact like a roll of film or a rotary telephone."

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Gas up 8 cents per gallon in Mass.

BOSTON — The cost of fueling a car in Massachusetts continues to soar, with gas up another 8 cents per gallon in the past week.

AAA Southern New England reports Monday that self-serve, regular jumped to an average of $3.68 per gallon.

That's 17 cents higher than just a month ago, but still 2 cents below the national per-gallon average.

Gas was 26 cents lower per gallon at this time last year.

AAA found self-serve, regular selling for as low as $3.56 per gallon to as high as $3.89.

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Tony Blair pressed on role he and George W. Bush played in growth of terrorism

Was the leadership of former British Prime Minister Tony Blair and President George W. Bush in the post-9/11 landscape in any way responsible for the growth of Islamic terrorism? That was the question posed by NBC's David Gregory to Blair on today's episode of Meet the Press, seen in the above video provided by The Daily Caller. 

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Conference touts industry changes

State officials and manufacturing execs hope to send the message that the industry's days of smoke-filled factories are being replaced by greater opportunities, higher salaries and cleaner technology.

"It not only pays well, but we're very competitive at it," Secretary of Housing and Economic Development Greg Bialecki told the Herald. "We make things in Massachusetts that a lot of other people don't make, and we make a lot of things we sell to China, like medical devices … because we're better than everyone else at making them."

Hundreds of manufacturing leaders and others are expected to descend on Worcester tomorrow to network and talk about the industry's future during the second annual Advanced Manufacturing Summit at the DCU Center.

Bialecki said starting salaries are often around $40,000, don't require college degrees — and the associated student debt — and average around $60,000 to $70,000, which is more than the state's median salary.

"The primary purpose is just to convey the message there are a lot of people that believe in the future of manufacturing in Massachusetts," said Bialecki. "It's a great career."

"We'll be talking about … how to promote manufacturing as a career for young people and remind people that manufacturing is not dirty, grimy factories as we imagine they were," said Marty Jones, the president and CEO of MassDevelopment. "They're high-tech, interesting places where people can earn a good living."

The keynote speaker will be Harry Moser, the founder of the Reshoring Initiative, and Gov. Deval Patrick will speak during a luncheon.

Speakers earlier in the day include Jones, INCOM President and CEO Michael Detarando and Worcester Regional Chamber of Commerce President and CEO Tim Murray, the former lieutenant governor.

Three separate panels and workshops also will be held, with experts from companies such as DePuy Synthes Companies of Johnson & Johnson, EMC, General Electric, Pratt & Whitney, Raytheon, Smith & Wesson, TE Connectivity and United Technologies.

Bialecki himself will moderate a morning session entitled "Our Workforce Future: What Do You Demand?"

The event is expected to draw about 150 manufacturers, and 500 people are already registered, said Jones.

"The purpose of this event is really to get together manufacturers and people who can provide resources to manufacturers to talk about really growing their business in Massachusetts," said Jones. "The sessions are how to supply to the life sciences industry, aeronautics, electronics, defense."

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Microsoft fan goes Pro

I was wrong.

In February, I wrote of the MacBook Air and Pro that "neither laptop has wowed me enough to stay away from the Microsoft Store just yet."

Fast-forward two months to yesterday, when I took the plunge and bought a MacBook Pro.

I think I'd be remiss if I didn't deliver a Mac mea culpa, or at the very least, an update letting you know that in fact I did go to the Microsoft Store. Several times. After looking far and wide for the perfect laptop for work and life, yesterday I ponied up and purchased a 13-inch MacBook Pro with Retina display (refurbished). Thanks to a 12-month financing plan, I'll be paying it out over the next year with zero percent interest.

"Welcome to Mac. It's amazing here," texted my best friend, a professor of graphic design in Miami who epitomizes everything that's wrong with Mac-lovers with her frequent refrain, "If Apple made a toaster, I would buy it."

My husband is the other extreme — a Microsoft-loving software architect who winces if he should happen to touch my iPhone 5S.

And somewhere between those two is me: happy to try out the next new iDevice, but knowing full well that Apple's advantage stems as much from excellent self-promotion as it does from true innovation.

What pushed me over the edge was the ecosystem. Multimedia apps for photo- and video-editing have driven me to own an iPhone and iPad. So I've already partially invested in the world of iTunes and apps. After considering several touchscreen laptops, and even the Surface Pro 2 (biggest problem: it doesn't work on your lap), I couldn't find a Windows offering that wowed me enough to justify the inconvenience of straddling both worlds.

If I were what Microsoft terms a "power user" — someone who deals in the dense world of spreadsheets and databases — my considerations would have been different. In that case, there's little doubt I'd be rocking out with the Windows ecosystem and all its Microsoft Excel and Access glory. But if I don't need 30 years of legacy features, why buy 30 years of legacy features? Same goes for if I were a PC gamer — I'd be all Windows, all the time.

But I think I'm like most people in that my three main considerations were battery life, portability and price. Whether it was Toshiba or Lenova or Dell, Apple won in every head-to-head matchup on those three fronts.

The cost-benefit analysis also included the fact that we're an Xbox One household. But Microsoft made that one easy for me: I have the SmartGlass app and my iPhone becomes a remote. My choice of laptop doesn't make a difference in that equation.

And there's the fact that I love being able to peruse the headlines early in the morning, save articles to my "reading list" and go through them at my leisure on any device later in the day. A ton of these little conveniences come with choosing one ecosystem and sticking with it. It's no longer a question of "which laptop is for me," but which world do I live in?

And much like when a person decides which town to live in and house to buy, you're not saying that other places are bad.

Circumstances led you there, and I just joined a little town of Mac.

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With ethanol fuel, no gas line antifreeze needed

This past winter I added gas line antifreeze and water remover when I refueled my car. Is this really necessary since gasoline is 10 percent ethanol?

No, adding a gas line antifreeze is not necessary when using ethanol-blended fuel. The ethanol — ethyl or grain alcohol — is an effective antifreeze/moisture remover so no additional additive is necessary. In fact, adding a gas line antifreeze on a regular basis can be too much of a good thing — excess alcohol in the tank can cause driveability issues.

Several years ago, the state of Oregon mandated the addition of ethanol in our fuel. Since that time we have had engine trouble with our 1994 Ford van with 150,000 miles on it running rough or hesitating when accelerating. Fuel additives helped in the past but not anymore. I found a gas station that sells ethanol-free fuel, and the van appears to run normally after my first tank of ethanol-free. Are older engines just not designed to handle ethanol, or does the fuel system need a periodic cleaning from now on? When traveling, finding ethanol-free fuel could be challenging.

Challenging? That's an understatement. Welcome to the world of alcohol-blended motor fuels. You are not the first, nor will you be the last, motorist to experience fuel system and drivability issues when switching from pure gasoline.

In Minnesota, we experienced these problems back in the '90s when ethanol was mandated in our fuel. In Florida, the same issues cropped up a couple of years ago when ethanol was added to its 
fuels. In these two states, non-alcohol fuels are available only from limited sources and are for use in recreational vehicles, small engines and collector vehicles, which helps those of us with older equipment and vehicles.

Alcohols are solvents. Thus the buildup over the years of moisture, varnish and other gunk in your vehicle's fuel tank is cleaned and carried through the fuel system. In addition, the lower energy content and higher volatility of alcohol may account for some of your drivability issues with your pre-OBDII engine management system. Modern vehicles are much more accommodating to these fuels.

I have a four-cylinder 2005 Hyundai Tucson I purchased new. It runs fine, but the mechanic suggested changing the timing belt at the recommended mileage interval or spend three or four thousand dollars in engine repair costs if it fails. What are the symptoms of impending timing belt failure?

There's the rub — there are no symptoms to impending timing belt failure. And since the 2-liter engine in your Hyundai is an interference engine — meaning the pistons can physically contact the valves if the timing belt fails — significant engine damage can occur.

Hyundai recommends timing belt replacement at 60,000-mile intervals under "normal" driving circumstances. Under "severe" service conditions, the replacement interval is 40,000 miles.

I bought a 2013 Nissan 370Z last November. The windshield and rear window have colors like glitter in the glass. The colors are brilliant like rainbow or diamond. It is very distracting on a sunny day. I've taken the car to the dealer twice and they said they cleaned the glass with glass cleaner but the colors remain. Any suggestions?

Nissan recommends the use of 0000-superfine steel wool to remove foreign material from windshield glass. They suggest fresh steel wool from an unopened bag to avoid contamination that could scratch the glass.

The fundamental issue is whether the "sparklies" are in, or on, the glass. While foreign matter on the glass is not a warranty item, defective glass may well be. Have the dealer try the Nissan-recommended cleaning procedure. If this doesn't "clear" the problem, ask them about warranty coverage for replacement.

Paul Brand, author of "How to Repair Your Car," is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at: Star Tribune, 425 Portland Ave. S., Minneapolis, Minn., 55488 or via email at paul brand@startribune.com.

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State seeks cyber aces

A series of high-profile cyber attacks over the past year has prompted Gov. Deval Patrick to invite an elite group of techies to compete next weekend in a Cyber Aces State Championship aimed at putting the best among them into desperately needed cyber-security jobs.

"The Cyber Aces program will help us create a pipeline of talent so we can build on our successes and lead the nation in the evolving innovation industry," Patrick said.

Sixty-seven participants culled from a pool of more than 1,000 who faced off in an online competition last fall will take part on May 3 at UMass Boston in a high-stakes digital defense simulation called NetWars, the same hands-on simulation of real-world scenarios used by the U.S. military to train officers in network warfare.

"The 21st century is confronting us with online threats that are difficult and dangerous," said L. Scott Rice, the adjutant general of the Massachusetts National Guard. "The world is increasingly interconnected as our commerce, national defense and education system are dependent on cyber security."

Information technology is the second-fastest growing field in the nation, according to a Cisco analysis, which projected the demand for elite cyber technicians at 10,000, and the need for operators and administrators at 55,000 nationwide.

Yet there is a shortage of qualified candidates to fill those positions — a shortage that has become critical in the wake of cyber attacks on media outlets, Target, Neiman Marcus and, most recently, Children's Hospital.

"Similar to our shortage of fighter pilots at the start of World War II, now we have a critical shortage of skilled cyber defenders," said Alan Paller, founder of Cyber Aces, a not-for-profit that trains people with a high aptitude for achievement in information technology so that they can contribute to the security of the U.S. and its enterprises.

"Like the pilot-training programs of that era, Cyber Aces initiatives like this state championship are how we'll create the specialists we need," Paller said. "You can't buy software and hardware that are foolproof. The only effective defense is people with great technical skills. That's who we're looking for."

Next weekend's event will challenge the most talented and ambitious contenders from local high schools, community colleges and universities, as well as job seekers, veterans and members of the armed forces.

"They'll be competing against the computer to find the malicious code, to find flaws, holes, things that are wrong with it," he said.

Winners will be introduced at a career fair in June to government agencies, banks and tech, security and aerospace companies seeking cyber-security specialists.

"The field is growing, but it still requires people to demonstrate their skills," said Mike Micale, a 44-year-old technical trainer from Malden who was laid off last June and will be competing next weekend. "Companies need people who are going to be effective right away, and it's hard to show that you can do that without a competition like this."

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Workplace Diversity Job Fair Monday, April 28, 2014

Workplace Diversity Job Fair

Monday, April 28, 2014

10:00-4:00

Boston Marriott Copley Place

110 Huntington Ave., Boston

Job seekers, don't miss this exciting opportunity

The Boston Herald is hosting the 21st annual Workplace Diversity Job Fair on Monday, April 28. Companies from the Greater Boston area will be in attendance looking for candidates to fill positions in areas including sales, business, medical, technology and more!

Look for a special pull-out section on Thursday, April 24 for all the information you will need to make the job fair a success for you.

There is no cost or obligation for attending.

Proper attire is suggested.

The following companies are participating in the Monday, April 28 Workplace Diversity Job Fair:

• Arbour Health System
• Bay Cove Human Services
• Boston Marriott Copley Place
• BMC HealthNet Plan
• Commonwealth Worldwide
• Eliot Community Human Services
• G2 Secure Staff
• Harvard University
• Keolis Commuter Services
• Lincoln Technical Institute
• Massasoit Community College
• Mass Eye and Ear
• New England HERC
• New England Research Institute
• Northeastern University Bouve' College of Health Sciences School of Nursing
• Northeast Security
• Prudential
• Rockland Trust
• South Bay Mental Health
• U.S. Navy
• Verizon Wireless
• WGBH

The Workplace Diversity Job Fair is conducted in accordance with federal laws advocating employment for all individuals. The Workplace Diversity Job Fair is handicapped accessible. If special arrangements are required, please call 617-619-6168 no later than 2 days prior to the event.

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New look for the 4Runner

With a new-look exterior featuring new headlights, the 2014 Toyota 4Runner is all SUV, all the time. This rugged truck is built for anything you can throw at it and with an available locking real differential and selectable terrain modes, you will rule the off-road world.

Make no mistake about it, this is a truck, but it also handles well on the highway. The variable power, speed-sensitive steering is tight and the suspension keeps it glued to the road, even while accelerating on an exit ramp.

Rugged, round rubberized controls dominate the appearance of the interior and are laid out in an easily deciphered manner. Getting used to the controls took minutes. The test vehicle had a touch screen to control its GPS and audio, which was easy to use, but hard to fully customize. Switching from Sirius XM radio, to FM and AM was easy. In general, the navigation was easy to use, but using the voice commands was problematic.

The 4Runner's SofTex faux-leather trimmed seats seem comfortable even after a long ride. The interior does come up short when compared to luxury models, but when you are paying an MSRP of $39,505 for a Toyota you are paying for something that is well-built, not deluxe.

A 4-liter, double overhead cam V6 engine gives the 4Runner considerable pep, while the in-dash ECO mode display reminds you to keep your gas-guzzling foot lighter on the pedal. The 4Runner will burn through gas (17 mph city/21 highway) if you are not careful, but a light touch on the pedal did pay off.

Parking was a bit tough as the hood dimensions make it feel like a much bigger vehicle, but a standard back-up camera projecting the path helped on the back end.

The controls for off-road traction and suspension are cool but complicated. Shifting to 4x4 low was very mechanical and a bit tricky, especially for something you are likely to use once in a blue moon.

The split 20/40/20 seats provide great flexibility in loading cargo in the rear, as does the power rear gate window, which opens to help load gear or keep the air flowing, especially with the moon roof open.

My kids found climbing into the 4Runner a bit of a challenge, so I would recommend springing for the running boards if you have kids or need a little help climbing in yourself.

The bottom line is that this is a great truck that will most likely outlast its competitors such as the Jeep Grand Cherokee and Dodge Durango.

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