BofA's Moynihan gets 73 percent pay increase in 2012

(Reuters) - Bank of America Corp's CEO Brian Moynihan was awarded a 73 percent pay increase in 2012, when the institution resolved crisis-era lawsuits and its stock was one of the sector's top performers.

The $12.1 million pay package likely means that Moynihan was one of the best paid CEO's on Wall Street in 2012, thanks in part to compensation cuts for rivals. Moynihan's base salary for 2013 also is due to rise by more than 55 percent, a person familiar with the situation said.

Analysts have said that Bank of America has not fully moved past the financial crisis. Still wrestling with losses from the bank's 2008 Countrywide Financial acquisition, Moynihan is under pressure to show the bank can increase earnings at a time of low interest rates and tighter regulations.

Moynihan received 926,238 shares of stock in three types of grants, including restricted shares and performance-based shares, according to a regulatory filing on Tuesday.

In 2012 Moynihan earned a $950,000 in salary but received no cash bonus, similar to 2011, the source said. The CEO's 2013 salary will increase to $1.5 million, the person said.

The stock grants for 2012 were worth $11.1 million at the closing price of $12.03 on Friday, the date they were awarded. Moynihan received grants worth about $6.1 million for 2011.

Bank of America's shares rose 109 percent in 2012, the best performance among stocks in the Dow Jones Industrial Average, as investors grew confident it had the capital it needed to meet new international guidelines.

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Moynihan's pay rose in a year in which other bank executives were not so fortunate. Morgan Stanley CEO James Gorman's total pay for 2012 fell 7 percent to $9.75 million, while JPMorgan Chase & Co awarded CEO Jamie Dimon $11.5 million after slashing his bonus in half after the bank lost billions on disastrous trades by its Chief Investment Office.

Moynihan made more than Dimon, even though his bank posted net income of $4.2 billion in 2012, compared to $21.3 billion for JPMorgan.

Bank of America's filings disclose only the stock portion of pay for Moynihan and other top executives in 2012. More details will be provided in the annual proxy filing this spring.

Moynihan's grants included 277,871 shares that will be paid out on a monthly basis in cash over the next year and 185,248 restricted shares that vest over three years. Half of the remaining 463,119 performance-based shares will vest if the company meets return on asset goals, and the other half will vest if the company meets goals for growth in adjusted tangible book value, both over a three-year period.

In 2011, the bank granted performance-based shares tied only to return on assets, a measure of profits compared to total assets.

The bank needed to reach a minimum return on assets of 0.5 percent over a four-quarter period by the end of 2015 to pay out at least partially. The bank's return on assets in 2012 was 0.19 percent, up from 0.06 percent in 2011.

The bank's tangible book value per share of common stock grew to $13.36 in the fourth quarter of 2012 from $12.95 a year earlier as the bank built capital. Tuesday's filings did not disclose the performance-based goals for the shares.

The bank also awarded restricted and performance-based shares worth nearly $30 million to six other top executives, according to the filings.

Tom Montag, the co-chief operating officer who runs global markets and banking businesses, received shares worth $8.3 million, the most of the six but less than Moynihan. In some years, Montag has made more than his boss. David Darnell, co-chief operating officer for consumer businesses and wealth management, received shares worth $5.2 million.

(The story corrects share numbers in 11th paragraph.)

(Reporting By Rick Rothacker in Charlotte, North Carolina and Ben Berkowitz in New York; Editing by Gary Hill, Andre Grenon and Leslie Gevirtz)

Source: http://news.yahoo.com/bofas-moynihan-gets-73-percent-pay-increase-2012-192022187--sector.html

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London?s Savile Row suits enjoy renaissance

LONDON: With a blazing fire, leather sofa and a half-empty bottle of single malt whisky by the door, London bespoke suit-maker Anderson & Sheppard feels more like a gentlemen?s club frozen in time than a 21st-century luxury retailer.

At the back of the shop a number of impeccably dressed tailors cut cloth on wooden work benches much like they have been doing for the last 100 years. One can almost imagine past customers like Charlie Chaplin, Pablo Picasso or some faded Victorian gentleman turning up at any moment.

This Savile Row tailor, where first names are banned and customers are always ?sir,? may feel like a museum to Britain?s faded imperial glory but the bespoke menswear business on ?the Row? is enjoying a great resurgence.

Anderson & Sheppard is just one of the names on London?s most renowned street for high-end tailors.

Alongside Gieves & Hawkes, Dege & Skinner, Henry Poole & Co and others, tailors on ?the Row? have been dressing royalty, aristocrats, statesmen, great warriors and the wealthy since British dandy Beau Brummel first introduced trousers to fashionable London society at the start of the 19th century.

Behind the fusty facade ?the Row? is attracting a new generation of less exclusive young clientele despite suit prices starting at 3,800 pounds ($5,900) with a combination of client discretion, a subtle online presence and absolute attention to detail and quality.

Anderson & Sheppard had a 2012 turnover of 4 million pounds and growth has been over 13 percent every year since 2009.

A number of other houses on Savile Row have also enjoyed over 10 percent growth in recent years with total revenue for the informal group of suitmakers now estimated to be 30-35 million pounds.

?We?re doing very well actually. We?ve found that business has picked up in the last few years, and we couldn?t be busier,? Anderson & Sheppard manager Colin Heywood said as he showed Reuters around the shop.

The renaissance of classic British menswear is a dramatic turnaround for an industry that was left on the ropes by the rise of decent quality ready-to-wear suits and shirts in shops during the 1970s and 1980s.

Clothes that were then dismissed as old fashioned, over-priced and going the way of bowler hats, are now the subject of renewed interest reflected in sartorial blogs and forums from India to the United States.

?We?ve noticed that we get a lot more younger customers coming in. I think that?s particularly the result of the Internet. There?s so much more written about bespoke tailoring now in books, magazines and online,? Heywood said.

The celebration of Savile Row?s handcrafted suits in online forums, top men?s magazines and promoted by its own association on the Savile Row Bespoke website has allowed tailors on the Row to make a centuries-old tradition irresistible to well-off modern men seeking top quality.

?People find it a lot more accessible and I think it takes away that fear element of people coming in for the first time,? Heywood said.

One customer, 38-year-old James Massey who runs a public relations firm, said a bespoke suit was impossible to match.

?I could probably go and spend the same amount of money in Selfridges on a Zegna suit that?s made in a factory in Italy with a bit of hand stitching, but this is actually made specifically for me,? he said.

Dylan Jones, editor at GQ U.K., puts the renaissance of British tailoring down to the way men now shop for clothes.

?It?s a generational shift. Men today consume far more like women. They?re far more sophisticated consumers than they used to be and they expect very good produce at every entry level,? he said.

?Menswear is starting to approach 50 percent of a lot of people?s business. It?s a real growth industry.?

Savile Row is particularly popular in international circles where the classic British look is increasingly fashionable.

?One thing that plays fantastically well with foreign press and buyers is the heritage aspect of what we do and there is so much interest in Savile Row,? Jones said, referring to the events he runs as chair of the menswear committee for the British Fashion Council.

Within this overall growth market where men are spending more on clothes and demanding higher quality, Savile Row remains uniquely placed in a global industry which luxury consultants Bain & Company estimated was worth more than $34 billion in an Oct. 2012 note.

?London is the home of menswear. We invented the suit and Savile Row is the most important men?s shopping street in the world which offers a quality and aspect of heritage that you simply can?t get anywhere else,? Jones said.

While big fashion brands such as Tom Ford, Dior, and Paul Smith, invest heavily in marketing, distribution and staff, Savile Row tailors remain a cottage industry employing only a few dozen people who produce suits on site.

With fewer overheads and an international reputation from generations of suit-making which does not cost a penny in advertising, Savile Row is a surprisingly competitive and durable business model.

?Any of these big fashion brands will have a much bigger markup than the Savile Row tailors. No one goes into bespoke tailoring to get rich,? said James Harvey-Kelly the menswear designer for French brand Vicomte A who also runs his own made-to-measure company.

?The quality is sensational and that?s what Savile Row trades off. They use sensational cloths and it?s sewn together by absolute experts. They last for generations.?

On the other side of Piccadilly the manager of traditional shirtmaker Budd, Andrew Rowland, said his company was reaping rewards for sticking by its principles through the tough times.

?We?ve never done anything different, but the others have weakened,? he said in the cozy shop just off Jermyn Street above which bespoke shirts are still scissored by hand.

Jermyn Street used to be the home of London?s bespoke shirt-making industry, but many of the old stores such as T.M. Lewin and Hawes & Curtis expanded into mass sales, pushing down the price by producing shirts in Vietnam and Turkey.

One long-term customer is British actor Edward Fox, who played the title role in ?Day of the Jackal.? Before sitting down to a cup of tea with Rowland, he explained why he has been coming back for 55 years.

?This is a Budd shirt. It must be at least 10 years old. Just as good today as it was 10 years ago. You don?t actually have to spend that much on clothes, you have to look after clothes and you have to buy well originally.?

However, traditional tailoring is not always ideal for more design-conscious people, according to Harvey-Kelly.

?Everything for them [Savile Row] is about it falling perfectly with no creases. But in the modern day people sometimes want it to look a bit uncomfortable. They want it to be slim and curl on the sleeve and a lot of tailors refuse to do that.?

Heywood at Anderson & Sheppard when asked about modern fashion trends said he had noticed a ?slight lean toward narrower trousers.?

?We?re not fashion-led. Fashions change very quickly and what we like to do is create a suit that?s a timeless classic that you can wear in any decade.?

Source: http://www.dailystar.com.lb/Culture/Lifestyle/2013/Feb-21/207257-londons-savile-row-suits-enjoy-renaissance.ashx

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TechCrunch Mobile Barcelona Meetup 2013 ? Here Are Our Shortlisted Startups

Barcelona is coming alive with preparations for Mobile World Congress and we are pumped about the super-international TechCrunch Mobile Barcelona meetup in the same week. With thanks to our local supporters in the shape of Barcelona.io and Wayra, we'll be bringing you a healthy round of startups, VCs and TechCrunch writers to while away your evening. The hashtag for the event will be #TCMB. Here's our line-up.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/FFB7NrGckIE/

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University of Iowa Saxophone Quartet to perform at Dordt College

University of Iowa Saxophone Quartet to perform at Dordt College

February 18, 2013

The University of Iowa Saxophone Quartet will perform a free concert on Friday, March 1, at 7:30 p.m. in the B.J. Haan Auditorium on the campus of Dordt College.

The quartet, featuring UI alumni and graduate students, will perform a repertoire that includes Fugue in G Minor by Johann Sebastian Bach, The Carnival of the Animals by Camille Saint-Sa?ns, and Three Preludes by George Gershwin.

The newly formed ensemble is led by UI?s Saxophone Instructor Kenneth Tse who has been called ?a brilliant saxophonist? and ?worthy of any stage in the world? by his former teacher, world-renowned saxophonist and pedagogue, Eugene Rosseau. After his Carnegie Hall debut in 1996 he was hailed ?a young virtuoso? by the New York Times. The Saxophone Journal said, ?The name of Kenneth Tse has become synonymous with excellence of the first order when it comes to playing the saxophone.? Learn more about Tse and hear music clips at www.kenneth-tse.com.

The quartet will also spend a portion of the afternoon working with Dordt College saxophone soloists and ensembles.

Media Access: Download Word Version

Source: http://www.dordt.edu/cgi-bin/news/get_news.pl?id=6171

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Aeris Communications certifies 'world's smallest M2M module' by ...

Aeris Communications has announced the certification of AnyDATA?s DTW-200D on the Aeris Network.

Together, Aeris and AnyDATA, a leader in the quality design and manufacture of high-performance wireless devices for network operators and OEMs worldwide, aim to provide device OEMs with the most reliable network experience in the world?s smallest M2M form factor.

The partnership will, say the companies, allow OEMs (original eqquipment manufacturers) to reduce their overall product footprint while providing the reliability, flexibility and control their machines demand from a cellular network.

?Certifying our modules with Aeris was a clear choice as it owns and operates its own cellular network, enabling us to increase our collaboration with major network carriers,? says Dr. Soon Shin, AnyDATA?s CEO.

In addition to its compact size, energy efficiency and affordability, the AnyDATA DTW modules reportedly reduce development cycles and approval process for many device OEMs.

Added benefits of the DTW-200 include 3-Axis Accelerometer for precise tracking and movement monitoring and GPS/AGPS/gpsOneXTRA for GPS connectivity and tracking.

The DTW-200 standardised USB interface with enabled Bluetooth supports new product development in verticals such as Asset & People Tracking, Fleet & Telematics, Healthcare and Insurance.

?As the future of M2M grows, we look forward to continuing to work with Aeris to innovate and improve cellular communications on mobile devices,? concluded Dr. Shin.

Source: http://www.m2mnow.biz/2013/02/19/10160-aeris-communications-certifies-worlds-smallest-m2m-module-by-anydata-corporation/

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Rare sight: Endangered chicks emerge from nest

Gerrit Vyn/Cornell Lab of Ornithology

A spoon-billed sandpiper. One of the world's most critically endangered species, the 6-inch-tall (15 centimeters) bird faces extinction within 10 years.

By Becky Oskin
LiveScience

This could be the first and last high-definition video of a spoon-billed sandpiper chick emerging from its nest.

One of the world's most critically endangered species, the 6-inch-tall (15 centimeters) bird faces extinction within 10 years, according to a statement from the Cornell Lab of Ornithology, which released the video. Only about 100 pairs were counted at its breeding grounds in the Russian Far East last year, and the population has declined 25 percent annually in recent years. (There were also 100 juveniles.)

The Cornell Lab sent videographer Gerrit Vyn to Chukotka, Russia, to document the sandpipers' sounds and behavior at a remote nesting site in 2011. The lab recently released the videos online to draw attention to the species' plight.

"The spoon-billed sandpiper is one of the most remarkable little birds on Earth, and it may go extinct before most people even realize it was here," John Fitzpatrick, executive director of the Cornell Lab of Ornithology, said in the statement. "We hope that with this priceless video footage we quickly connect people, conservation organizations and governments to these amazing birds, and galvanize an international conservation effort."

First moments of life
One video captures the first moments of life as the tiny, fluffy, brown-and-white chicks stumble out of the nest, pecking for food. "They feed themselves from day one," Vyn said in the video. [Watch the chick hatching.]

Vyn camped out in?a tent and a blind, with only a sleeping bag for warmth, waiting for the eggs to hatch. "It was an incredibly exciting time for me, exciting and nerve-wracking waiting for three days in this windstorm for these four eggs to hatch," he said. Vyn filmed the only nest with eggs in 2011: The other 20 eggs were bred in captivity and the chicks released in Russia to make their 4,971-mile (8,000 kilometer) migration to Southeast Asia.

Much of the?bird's decline is due to habitat loss from development?and subsistence hunting along its migratory path and winter home in Southeast Asia seacoasts, scientists think. For example, the 20-mile-long (32 km) Saemangeum seawall in South Korea cut off 170 square miles (440 square km) of estuary and tidal flats, feeding grounds for hundreds of thousands of migratory birds and a primary stopping site for spoon-billed sandpipers. And shorebirds are a food source for people living along the coastal mudflats of Myanmar and other nearby countries, the Cornell Lab said in a statement.

Documenting a disappearing species
Common foraging behaviors here on the breeding grounds are surprisingly different from the way they feed on the wintering grounds, according to the Cornell lab. On the breeding grounds, the birds feed on insects, especially midges, mosquitoes, flies, beetles and spiders, as well as grass seeds and berries. On the wintering grounds and during migration, they eat marine invertebrates, including polychaete worms and shrimp.

Another video?by Vyn shows a mated spoon-billed sandpiper pair foraging along the edge of a snowmelt pond in Chukotka.

Vyn also captured rarely seen courtship behavior between adult spoon-billed sandpipers. This video, shot during the first few days of a pair's seasonal courtship, includes an attempted copulation and a nest scrape display.

The spoon-billed sandpiper population in Russian has been tracked since 1977, when a survey estimated 2,500 breeding pairs in Chukotka. By 2003 the population had dropped to around 500 pairs. In 2008, the International Union for the Conservation of Nature listed the species as critically endangered on its Red List.

Reach Becky Oskin at boskin@techmedianetwork.com. Follow her on Twitter @beckyoskin.

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://science.nbcnews.com/_news/2013/02/19/17020472-rare-sight-endangered-chicks-emerge-from-nest?lite

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Sony PS Vita Gets Price Cut In Japan

Sony announced in today?s Vita Heaven conference that the PS Vita will be getting a price cut, but that?s only in Japan for now. The new price is ?19,980 or roughly US$214 for both WiFi and 3G bundles, the price will be effective in stores starting February 28th. In comparison the launch price of the PS Vita was ?29,980 and ?24,980 (3G and WiFi version respectively).

The price cut comes days before Sony?s supposed Playstation 4 announcement on the 20th of February. Along with the Playstation 4, rumors suggest that new Western prices for the PS Vita would also be announced at the event.

So will you be buying a PS Vita now or do you already own one? Let us know in the comments below.

Source: http://techdeville.com/2013/02/18/sony-ps-vita-gets-price-cut-in-japan/

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