The extraordinary folk-art collection of Jean and Howard Lipman will be auctioned in two sessions Saturday at Sotheby Park Bernet's York Avenue galleries (at 72d Street). The Lipmans, pioneer collectors in this field, acquired about 450 selections over 40 years and earlier this year sold the assemblage to the Museum of American Folk Art for $1 million. They did this so that the museum would be able to select the examples it wished for its permanent collection and sell the rest, possibly at a profit. Thirty-two pieces were retained by the museum and the rest will be auctioned.

''The museum did not skim all of the greatest things from the collection,'' said Mrs. Lipman. In fact, she added, fewer than one dozen of the museum's selections are major pieces. That leaves many more examples of important folk art than many people had expected in the sale. She said that every selection illustrated in color in the catalogue (15) is a major work.

The Lipmans - she was the editor for 30 years of Art in America, is the author of about a dozen books on folk and modern art and is a trustee emeritus of the museum; he was an investment banker and is now board chairman of the Whitney Museum of American Art - purchased the majority of works in this sale from the early 1950's on. This was after they had sold about 300 examples of folk art, including major paintings, cigar store indians, sternboard carvings, ship's figureheads, to the New York State Historical Association at Cooperstown, N.Y. It was then that they became interested in painted furniture, several of which are outstanding.

The most important offering in the sale is a Pennsylvania dower chest, dated 1816, in shades of brown and yellow with some red decoration on the spread-winged eagle embellishing its front panel. It was one of the stars in the spectacular exhibition, ''The Flowering of American Folk Art,'' which Mrs. Lipman and Alice Winchester, former editor of Antiques magazine, organized in 1974 at the Whitney. The auction house expects it may sell for up to $20,000. Dower and blanket chests abound in this collection, which offers three other major examples - a Pennsylvania Chippendale chest, dated 1823, awash with red, yellow and orange arcs, up to $15,000; a Chippendale Pennsylvania German 1799 chest covered with sponge decoration in blue and green framing panels of stylized flowers and leafage, up to $15,000, and a red Connecticut blanket chest with stylized foliage standing on flaring feet, up to $10,000.

Other notable examples of painted furniture are a Federal Connecticut tall-case clock, its crest adorned with brass finials and scrolled wires, its case dressed up with graining and sponge decoration, up to $9,000; a red pine slant-front desk from the early 19th century, up to $9,000, and a rare Federal New England tall chest of drawers, painted and grained in shades of red and yellow, up to $10,000.

''It wasn't until well after the Revolution that folk art took on its own Declaration of Independence,'' Mrs. Lipman said. Indeed, all of the finest weathervanes in the sale are 19th century. These include a molded copper sea captain weathervane from Newburypot, Mass., wearing a black top hat and carrying a telescope. It may sell for as much as $18,000. Then there are a molded zinc and copper peacock with a painted gilt tail, up to $15,000, and an Indian warrier wearing a feathered headdress on horseback, a vane that dates from around 1875 and may sell for as much as $15,000.

''The head of that horse is as exciting as the one in Guernica,'' Mrs. Lipman said of the tense steed with spiked mane going at full gallop on that weathervane. ''Looking at it right now sends chills down my spine. If A's had to be a 10, I rate this Indian 11-plus.''

Important, too, is a painted-wood seahorse vane carved in New England more than a century ago, a mythical beast with a scrolling tail. ''The head is clearly a domestic cow,'' said Mrs. Lipman, marveling at the naive conception of the anonymous artist. The estimate is up to $12,000.

Mrs. Lipman attributes their strong interest in three-dimensional folk art to the fact that her husband was a sculptor in his youth and frequently dominated in selecting weathervanes and other sculptural works such as whirligigs. Two notable 19th-century whirligigs up for bidding are an Uncle Sam in his traditional costume, with elephantine arms to move in the wind, up to $10,000, and a carved and paintedwood Indian, the arms holding sheet-metal tomahawks. ''It's a monumental miniature,'' said Mrs. Lipman of the one-foot-tall Indian, which may sell for up to $3,000.

''Jean Lipman is the reason a lot of us are in the field,'' said Nancy Druckman, Sotheby's folk-art specialist. ''Through her books and other writings she is responsible for forming the public awareness of the field.'' Comparing this sale with the Stewart Gregory sale in 1979, Miss Druckman said that this sale has far fewer paintings, 10 as compared with 30. The Gregory sale, which was estimated to total $800,000, was $1.3 million. The Lipman sale is estimated to total up to $900,000.

What the museum has done in purchasing the entire collection, removing the works it wishes to keep, and selling the rest at auction is exactly what the Lipmans did decades ago with the Horace Davis collection of folk paintings. To purchase the four paintings they wanted from the estate of the Pittsfield, Mass., collector, they bought all 300 examples that he had assembled. Then they put the rest up for sale at Parke-Bernet in February 1946.

''The entire enterprise cost us $17,'' Mrs. Lipman recalled. The 32 selections which will be on view at the museum, 49 West 53d Street Feb. 24 through May 16 were chosen chosen to expand and enhance its permanent collection and dovetail with promised future gifts.

Illustrations: photo of weathervane from 1875


THEATER ROW, applauded as a gift to Midtown and hailed as a boon to Off Off Broadway, is threatened with collapse. Seven of the eight companies that make up Theater Row, on 42d Street west of Ninth Avenue, have fallen behind in their rents. Simultaneously, they have found that their operating costs are exceeding their incomes, and that the money they had planned to use for plays and musicals must now be used to pay the operating costs of their small theaters. The consequence is that while the companies are unable to mount the plays and musicals, their incomes are declining even further; so is their ability to pay the rent. Only Playwrights Horizon is up to date.

Fred Papert, president of the nonprofit 42d Street Development Corporation, the theater companies' landlord, said, ''Our expectation, certainly our hope, is that the companies will find a way to catch up.''

And if they do not? ''The companies on Theater Row have to pay rent,'' Mr. Papert said. ''I hate to speculate, but they have to pay rent.'' Meanwhile, many of the companies have been told that they must pay their arrearages in the next 90 days. Failure to do, presumably, would lead to their eviction.

''Our overhead is extraordinary,'' Al Reyes, the director of the Nat Horne Theater, said. ''In the cold weather, the fuel bill is in excess of $1,200 a month. Under a new lease - the lawyers are butting heads about it - we're to pay $2,500-plus rent a month. We've laid off people, and our staff is down to three.''

The Nat Horne is unable to use its own theater because of the renovation work going on there, and has been functioning primarily as a school. On April 10, it is supposed to open its production of ''The Legend of Frankie and Johnny.'' Mr. Reyes, however, said he did not know where. He also said the Nat Horne needed almost $20,000 to continue operations.

''Our poverty has been chronic,'' Jean Sullivan, the director of the South Street Theater, said, ''but now there's a certain cumulative effect.''

''A small theater can only raise a certain amount of money,'' Miss Sullivan continued. ''We had to raise $45,000 for capital accoutrements, and that used up our money for staff and productions. It could be that something will happen and we'll be cured overnight. But I don't know. We're trying to do a production of 'The Possessed' now with 22 people. It's a nightmare even thinking about it.''

Meanwhile, Theater Row Inc., the umbrella organization for the companies, each of which already has invested between $15,000 and $45,000 in their own renovations, has announced a $200,000 fundraising drive. The object is to find enough money to allow the companies to repay their capital-improvement costs. They hope that free of that burden they will be able to pay their rent. Party to Honor T. at 70

Everyone in theater knows T., who is T. Edward Hambleton, and who, in the 28 years he has been running the Phoenix Theater, has pretty much lost the last two parts of his name. T., an amiable, pipesmoking man, will be honored on his 70th birthday next Tuesday with a party at the Saint, a new club on Second Avenue and Sixth Street, and everyone, or very nearly everyone, in the theater will be there. Why not? Mr. Hambleton gave an awful lot of them their start.

What's life all about? Mr. Hambleton was asked. ''Gosh, I don't know,'' he said. ''When a play is really going well, and the house is really loving and enjoying it, and ...'' Anyway, T.'s black-tie party will have dinner and dancing, and entertainment directed by Patricia Birch and written by Wendy Wasserstein and Christopher Durang. Appearing in the entertainment, among others, will be Jessica Tandy and Hume Cronyn, Tammy Grimes, Sigourney Weaver, Jack Gilford, Swoosie Kurtz, Fritz Weaver, Ellis Rabb and Rosemary Harris.

Tickets are $150 each, and can be reserved by calling Bill Hicks at 730-0268. The proceeds go to the Phoenix's playwright commission program. 'Teddy' Opening Oct. 27

''Teddy,'' whose gestation period began in the early 1960's, and which has had seven major rewrites, not to mention 85 songs, is now scheduled to open on Oct. 27. The musical is about Theodore Roosevelt, of course, and Oct. 27 is the 123d anniversary of his birth. The director is Stan Raiff. The book and lyrics are by Marshall B. Breeden, who has been with ''Teddy'' since the beginning, and the music is by Richard Cummins. The producers, who are called Power Productions, would like to get Robert Morse for the lead.

Meanwhile, whatever else it may be, ''Teddy'' is a tribute to perseverance. The late Vincent J. Donehue was once to direct it. Then, briefly, Joseph Hardy was to direct it. Elliot Martin, the producer, once had ''Teddy'' under option, and for a while the late Kermit Bloomgarden seemed to be interested in it. Nothing happened.

''A lot of things killed us,'' Mr. Breeden said. ''I even left town and thought: There's got to be more in life than this. But I was wrong. There wasn't.'' 'Rose' and 'Glasshouse'

Jessica Tandy will play Glenda Jackson's mother in ''Rose,'' the British play by Andrew Davies that will open at the Cort Theater on March 26. Miss Tandy, whose Broadway career is loosely bounded by her two Tonys -one for her appearance in ''A Streetcar Named Desire'' in 1947, the other for her appearance in ''The Gin Game'' in 1977 - will be joined in the cast by John Cunningham, J.P. Walsh, Beverly May, Jo Henderson and Margaret Hilton. ... Lucille Lortel and Haila Stoddard, in association with St. Peter's Church, will present ''Glasshouse,'' by the South African playwright Fatima Dike. The play, which had its American premiere last summer at Miss Lortel's White Barn Theater in Connecticut, is scheduled to open at St. Peter's on March 22 for an 18-week run. Maggie Soboil and Mary Alice will do the roles they did last summer, and Rina Yerushalmi, an Israeli director, again will direct.

Illustrations: Photo of T. Edward Hambleton


Headache. Backache. ''Job burnout.'' Emotional problems. Whatever ails an employee, his employer is likely to feel worse when the bills have to be paid.

Americans spent more than $245 billion on health care in 1980, according to the Government's Health Care Financing Administration, and the United States Chamber of Commerce says employers paid nearly half that.

By 1983 the national health bill could equal 10 percent of the gross national product, according to a study commissioned by the Health Insurance Association of America and prepared by the former chief medical director of the United States space program, Dr. Charles A. Berry.

Confronted with these expenses, more than 400 companies have set up preventive programs for their employees over the past decade. Programs may deal with mind or body, treating conditions from alcoholism to hypertension, and dealing with stress or cardiac rehabilitation. All are designed to promote ''wellness,'' supplementing, rather than replacing, the usual medical benefits. Cost to the Employers

''One way or another, a company will pay for troubled employees,'' said Linda B. Nielson, director of counseling services for Insight, the employee assistance program at the Kennecott Corporation's Utah Copper division. ''They may pay in supervisory time spent trying to improve job performance, or in exorbitant medical costs, or the costs of absenteeism and turnover. Or they can pay for preventive services like Insight.''

Miss Nielson recalled an employee who, after 12 years on the job, assaulted several of his co-workers without warning, and seemingly without reason. His therapist at Insight suspected a serious mental illness.

The company took expensive steps to save this employee, including psychiatric care, transfer to a more structured job and a year of therapy for one of the man's children. Most of the bill was picked up by Insight and the man's insurance company. Prevention Pays Its Way

That case was extreme, Miss Nielson said, but the program still pays its own way. According to a 1972 cost-effectiveness study that the company says is still applicable, Insight returns $5.78 for every dollar invested in the program by averting losses in productivity, lessening the cost of hiring and training new personnel and holding down absenteeism.

Even a relatively inexpensive counseling staff of just one person can refer employees to proper help, says the Health Insurance Association's study, which estimates that 10 percent of all employees have ''serious'' personal problems.

Other companies reward employees for staying healthy. The Hospital Corporation of America pays its employees by the mile to swim, jog or bicycle, an incentive that earned one man $565 over six months. Second to him was the company's president and chief operating officer, Dr. Thomas F. Frist Jr., a marathon runner whose sport earned him $562. Incentives to Stop Smoking

Similarly, the Dow Chemical Company's Texas division offers cash incentives for their employees to stop smoking. And in California's Mendocino County Office of Education, a cash credit is offered to employees who file medical claims of less than $500 in a year.

Among the most successful ''wellness'' programs is that of the New York Telephone Company, the largest employer in the state. The overall economic effects of ill health cost New York Telephone about $200 million each year, about 12 percent of the company's total wage payments.

Forty physicians form the staff of its comprehensive Health Care Management program, which costs $8 million a year and covers 80,000 employees in more than 1,000 locations.

The emphasis is on prevention, but medical treatment is also provided. The company boasts a 90 percent success rate in treating hypertension, for example, and employees are urged to take company workshops to stop smoking and control stress and hypertension. Treating Alcoholism

The program also treats alcoholism, a disease that affects 6 to 10 percent of all workers nationwide, according to the National Council on Alcoholism. The Health Insurance Association study found that alcoholics' use of health insurance is three times that of nonalcoholics.

''We'll take on the total job for alcoholic treatment,'' said Dr. Gilbeart H. Collings, corporate medical director for New York Telephone. ''We'll put the alcoholic in the hospital, dry him out, put him in a program with counselors, get him a psychiatrist. We're with him night and day.'' Again, Dr. Collings cites a 90 percent success rate - ''well worth the cost.''

New York Telephone ran a study covering only nine of its health promotion projects and found a net gain of $2.7 million annually. Dr. Collings estimated that over all, the company saved about three or four times the $8 million it spent on the program each year. Health Maintenance Organizations

Such programs differ from H.M.O.'s - health maintenance organizations - which many companies and unions make available to provide unlimited medical services for a fixed monthly fee. H.M.O.'s are alternatives, not additions, to medical benefits.


DAR ES SALAAM, Tanzania, Feb. 26— For the third year in a row, Tanzania is importing food donated by outsiders to feed mainly those city dwellers who do not have access to their country's own produce.

Of the vessels moored at Dar es Salaam last week, two were unloading corn onto rickety trucks, themselves in such short supply that it takes, on average, 20 days to transfer the food from ship to shore.

However, Westerners who have recently toured parts of inland Tanzania, away from the debilitating heat of the Indian Ocean coast, say that food shortages outside the cities are limited to some pockets of hunger.

The contrast between town and country is part of a tale of mismanagement, inefficiency and corruption that outsiders increasingly attribute to President Julius K. Nyerere's dogged commitment to a kind of socialism that his country does not have the manpower to sustain.

The discontent that flows from Tanzania's parlous economic conditions found its most graphic expression when a group of Tanzanians hijacked an Air Tanzania Boeing 737 and flew it to Kenya, Saudi Arabia, Greece and Britain, broadcasting on the way a demand for President Nyerere's resignation.

The hijacking was led by an army officer, apparently substantiating the argument of a senior Western diplomat here that if discontent is to crystalize it will do so in the military.

The authorities' attempts to belittle the impact of the hijacking augmented popular dissatisfaction. The officially controlled news organizations here, while reporting the hijacking, made no reference to the demand for the President's departure. Many Tanzanians clustered around shortwave radios or a Western news agency ticker in the lobby of the Kilimanjaro Hotel learning what their own newspapers and radio refused to tell them.

President Nyerere has in the past attributed much of his country's economic misfortune to outside factors. As an eloquent spokesman for what is called the third world, he has complained that adverse terms of trade, burgeoning oil prices and his war against the Ugandan dictator Idi Amin have strangled the economy. 'The Future Is Ominous'

Unpublished figures, compiled by Scandanavian and Western embassies, however, show a different picture. According to one such analysis, whose authors requested anonymity, the losses incurred by Tanzania because of falling agricultural output are more than double those created by high oil prices. Another analysis, noting that ''the future is ominous,'' said that, even if Tanzania received all of its oil free, there would still be a huge gap between imports and its exports of agricultural commodities, mainly coffee.

Ever since 1967, when President Nyerere charted a socialist course for his country, Tanzania has been organized on highly centralized lines that give a huge slice of the economy to state-controlled companies, called parastatals, which have generally proved unable to meet their obligations and have cost more to run than they have earned.

Professor Simon Mblinye, the President's economic adviser, said in a recent interview, ''We moved to the socialist approach and then we created institutions, and maybe we were overzealous in creating institutions.'' Lack of Experience Cited

''There are too many for the quality and quantity of the people we can generate to run them,'' he said. ''We created 300 parastatals in 10 years. You cannot do this in 10, 20 years of independence. There is a lack of experience. Most of the executives are young and they need leadership.''

Some of the companies, he said, are now to be dismantled and replaced by cooperatives. Tanzania's woes are not simply a result of socialist mismanagement; adverse prices for export crops, grandiose foreign aid schemes that cost the country too much to run, or were unsuitable in the first place, and a costly stab at industrialization all took their toll.

But the upshot, according to Tanzanian and Western economists, seems to have been the creation of a society where many people live outside the formal economy, as subsistence farmers, or peasants selling their crops on the black market, or senior officials augmenting their meager salaries with vegetable plots at home, or bribes in the office. Backyard Farming Helps

''When the worst comes to the worst,'' Professor Mblinye said, ''the modern sector shrinks, but the subsistence sector cannot stop. Many people forget that the power in country like ours lies in the subsistence sector.'' Thus, he said, senior officials like himself would leave their offices at the end of the working day and return home to cultivate food crops in their yards ''so the kids get something to eat.''

This argument seems flawed by one of Tanzania's most marked achievements - a big increase in literacy and universal, free education. Students of African affairs have argued that education is incompatible with subsistence existence since it creates aspirations that the subsistence way of life cannot fulfil.

The importation of food this year displays some of the interaction between the official economy and reality. According to Western agronomists, farmers in the countryside are holding back their crops for the black market where they can get much higher prices. So the cities go short of food and famine warnings are issued, despite the availability of food in the interior. Food Shortages Predicted

As long ago as March 1981, Tanzania's food supply specialists warned the Ministry of Agriculture that shortages were imminent and that food would need to be imported. The country, bedeviled by drought and other natural misfortunes, had called on the international community to help in previous years but Ministry of Agrivulture officials declined to make a similar appeal when the alarms began to sound in 1981.

Instead, they spoke publicly of plans to buy food on the commercial market, despite a chronic lack of foreign exchange, and the inference was that some officials were hoping for a 10 percent cut on food contracts.

Potential Western donors, aware of the imminent crisis in the cities, expressed readiness to provide food. But, Western diplomats said, without a formal request from the Tanzanian authorities, they could not act.

The request was not forthcoming until October 1981, when President Nyerere, claiming ignorance of the earlier warnings, ordered his officials to request international assistance and thus halted the plan to buy on the open market. A confidant of the President said that, at the time, he suspected corruption as a prime cause of the delay. A Jet Plane for Official

Donors came forward with promises of 260,000 tons of relief food, and famine is expected to be averted. The Reagan Administration, which has little affection for Mr. Nyerere's socialism, contributed 25,000 tons of corn. The anomalies remain, however. At the same time as the food gifts began arriving at Dar es Salaam, news of another import began to leak out, though not in the official Tanzanian press. The country's Vice President, Aboud Jumbe, who is the leader of Zanzibar, a part of Tanzania with control over its own economy, has ordered a $5 million executive jet to wing his way from the island to the mainland, a 10-minute flight.

Illustrations: photo of released hostages


W. Graham Claytor Jr., a highly regarded former chairman of the Southern Railway, is the leading candidate to replace Alan S. Boyd as president of Amtrak, according to sources in the Administration. Mr. Boyd has resigned effective in July.

Mr. Claytor, who served briefly as Acting Secretary of Transportation during the Carter Administration and then as Navy Secretary and Deputy Defense Secretary, is a lawyer practicing in Washington.

Although he reportedly has expressed interest in the job, sources at Amtrak stress that no offer has yet been made and that other candidates are being interviewed for the job by a special search committee.

However, ''the betting around here is that he will get the offer,'' possibly as early as next week, one Washington source said. Mr. Claytor, a native of Roanoke, Va., is 70 years old. He was traveling yesterday and was unavailable for comment, his office said.

If Mr. Claytor, a Democrat, gets the appointment from the Amtrak board of directors, he would become the second top executive from the Southern to head a Government-sponsored railroad. L. Stanley Crane, also a former chairman of Southern, has been chairman of Conrail since 1980 and is credited with cutting that troubled freight carrier's annual deficits.

Mr. Claytor was president of Southern from 1967 to 1976 and chairman and chief executive officer from 1976 to 1977. He was graduated summa cum laude from Harvard in 1936 and was a clerk for Judge Learned Hand and Louis Brandeis in the late 1930's before he went into the railroad business


Kurt Enoch, a pioneer in the paperback publishing field in Europe and the United States and a co-founder of New American Library, died Monday while on vacation in Puerto Rico. He was 86 years old and lived in Manhattan.

Mr. Enoch was one of several important publishers, including such intellectuals with European publishing roots as Kurt Wolff, Jacques Schiffrin and Theodor Schocken, who established their own houses in the United States after fleeing from Hitler's racial laws and domination of the Continent. In both hard-cover and paperback publishing, they helped to expand the lists of trans-Atlantic literature.

Mr. Enoch was best known as co-founder with Victor Weybright of New American Library (publishers of Signet and Mentor Books) after World War II, but his publishing career began in his native Germany shortly after World War I. Enoch Brothers of Hamburg, started by his father, was one of the first houses to bring out the works of American and British authors there. President of N.A.L.

He served as president of New American Library, one of the major paperback publishers, from 1947 to 1960. After N.A.L. became a subsidiary of the Times Mirror Company of Los Angeles, Mr. Enoch served as president of its book division until 1967. In recent years he was an independent publishing consultant.

Martin Levin, president of the book-publishing division of the Times Mirror Company, who is also chairman of the Association of American Publishers, said yesterday of Mr. Enoch and his publishing role:

''New American Library was a brilliant concept well ahead of its time. Kurt Enoch broght his special skills to this line of books. He demonstrated that the classics, from Shakespeare to '1984,' and Mickey Spillane, William Styron and James Bond, could all live comfortably on one publishing list. His special pride was that this company flourishes today as it did when he was its first president.'' 'Man of Energy'

Marc Jaffe, now executive vice president and editor in chief of Ballantine Books, said that Mr. Enoch was one of his first mentors in publishing. ''He was a man of great energy - he was a skier and flew his own plane - and a wonderful friend personally,'' Mr. Jaffe said. ''He proved his adaptability by coming here from Europe and making N.A.L. an exciting place to work in and learn.''

Mr. Enoch was born in Hamburg on Nov. 22, 1895. He attended Friedrich Wilhelm University in Berlin and was commissioned a lieutenant while serving in the trenches with the German Army in World War I. After the war, he received a doctorate from Hamburg University.

He was a co-founder of the Albatross Modern Continental Library in Hamburg in 1932, an English-language paperback series. Subsequently, it was combined with the century-old ''Tauchnitz Editions'' - the forerunner in concept and format of modern mass-market paperback editions. Joined Penguin Books

After leaving Germany, Mr. Enoch organized companies in Paris, London and Amsterdam. Arriving in the United States in 1940, he became a vice president of Penguin Books and initiated its American publishing activities, becoming president in 1945. Two years later, he founded New American Library after separating from the British firm.

Mr. Enoch is survived by his wife, Margaret; two daughters, Ruth Gruenthal of Manhattan and Miriam Stevens of Woodstock, N. Y., and two grandchildren.


BOSTON, Jan. 29— When Franklin Delano Roosevelt was President, he was a figure of fierce controversy, loved and hated by many Americans.

But now, 100 years after his birth on Jan. 30, 1882, historians for the most part have come to agree that, despite flaws, he was on balance the greatest President of the 20th century. In hindsight, they say Roosevelt's faults have receded as his strengths have loomed larger.

''If anything, time seems to have confirmed the view of his greatness,'' commented Joseph P. Lash, author of the book ''Eleanor and Franklin.''

''I am reminded of the remark Sam Rayburn made of him at a memorial service not long after Roosevelt died,'' Mr. Lash added, referring to the Texan who was Speaker of the House. ''Rayburn said, 'He saved the country twice: in the Depression and then again in World War II.' ''

'Towering Figure of the Century'

William E. Leuchtenburg, a professor of history at Columbia University and author of a 1963 study, ''Franklin D. Roosevelt and the New Deal,'' said, ''I take a more positive view of Roosevelt now than I used to.''

''This comes from watching other Presidents and the fact that we are approaching the end of the century,'' he went on. ''I see F.D.R. as the towering figure of the century and the New Deal as its great divide.

''I don't know when in our history there has ever been such an imaginative response to such a crisis as by Roosevelt in the 1930's.''

At the time Roosevelt was elected in 1932, national income had shrunk to less than half what it had been when Herbert Hoover became President, dropping to $41.7 billion from $87.4 billion. Nearly 13 million people, or a quarter of the labor force, were out of work. Hundreds of banks had failed. Large parts of the rich farmland of the Middle West had turned into a dust bowl. Treatment of the Jews Is Questioned

The Roosevelt legacy is not entirely positive. His decisions to limit the immigration of Jews trying to escape Hitler's Europe, to intern Japanese-Americans in World War II and to try to pack the Supreme Court with political supporters continue to be criticized today, even by Roosevelt admirers.

Moreover, Professor Leuchtenburg conceded that some of Roosevelt's reform initiatives had failed and that others, like the National Recovery Administration and the Works Progress Administration, had been dismantled or had faded away.

But he cited other New Deal ideas that became a permanent part of American life: social regulation and farm price supports. President Reagan has embarked on an ambitious effort to reduce the nation's social programs, abolishing some, cutting others and turning some over to the states. But he has left intact the basic New Deal programs. Republican Role in Centennial

In fact, in accepting the 1980 Republican Presidential nomination, Mr. Reagan quoted Roosevelt. The President and conservative members of his Administration are taking part in centennial activities as if Roosevelt were one of their own. ''What make s Roosevelt so great, like other Presidents we remember as great, is that he stood for something,'' said Prof. James MacGregor Bur ns of Williams College, author of a two-volume biographyof Roosevelt.

''He could be a fox who was deceptive and he could be breezy and superficial,'' continued Professor Burns. ''But he really stuck with his principles under adversity.''

On the whole, Roosevelt has been fortunate in his biographers. Men like Professor Burns, Arthur Schlesinger Jr. of the City University of New York, author of the three-volume ''Age of Roosevelt,'' and Frank B. Freidel, a professor at the University of Washington, author of ''Franklin D. Roosevelt,'' of which four of eight volumes have been published. Like many historians, they are liberal and Democratic in their political persuasion. Roosevelt Re-evaluated

But in the late 1960's and early 1970's, in the course of a leftward swing of intellectuals induced by th e Vietnam War and Watergate, there was a wave of revisionist wr iting that accused Roosevelt of being too conservative, or even counterrevolutionary. Roosevelt had talked of helping ''the forgott en man,'' but to revisionist critics had neglected the poor, b lacks and women.

In later years, however, younger historians have re-examined these issues and given Roosevelt higher marks. Susan Ware, a visiting professor at Harvard who is the author of ''Beyond Suffrage,'' has concluded that ''Roosevelt was a pioneer in opening opportunities for women in Government.''

Indeed, said Prof. Ware, ''it wasn't until the 1960's that as many women were active in Government again.'' There were limits to the power Roosevelt offered women. His inner circle included no women, Professor Ware cautioned. But in Labor Secretary Frances Perkins he appointed the first woman to a Cabinet post. She was one of only two Cabinet members to serve in all four of Roosevelt's terms. Another woman, Molly Dewson, became an active Democratic Party organizer. A Contribution by Eleanor

In part, Professor Ware feels, Roosevelt's ease in dealing with women can be credited to his wife, Eleanor, an intelligent, dedicated woman who became the conscience of the Administration. ''Roosevelt respected her,'' she said.

Also, in combating the Depression, Roosevelt recognized he needed trained social workers. Social work was one of the few professions that had been available to women.

In his book ''A New Deal for Blacks,'' Harvard Sitkoff has challenged a long-held assumption that Roosevelt did little or nothing to help blacks.


Of course “Fargo” is a movie that deserves to be obsessed over and endlessly quoted and even built upon by those with the right sort of appreciation for it. After all, its mix of dark comedy, sensationalistic crime, and uniquely regional satire is the Coen brothers’ crowning achievement. (Apologies to fans who’d cast their votes for “No Country for Old Men” or “The Big Lebowksi” — but we’re not sure that we agree with you a hundred percent on your policework there.) The FX network tried out one riff with its Emmy-winning “Fargo” ongoing series, slated to return with a new story line this fall. Now comes the festival-circuit curiosity “Kumiko, the Treasure Hunter” (2015), from another pair of arthouse-minded siblings, David and Nathan Zellner. Rinko Kikuchi stars as a hopelessly anti-social Japanese office drone who’s obsessed with “Fargo” in her own right — specifically, her belief that the Coens’ “true story” disclaimer is documentary-legit, and that she’s destined to find the movie’s hidden loot. (The scratchy old VHS tape that she scours for clues might have you momentarily thinking you’ve stumbled onto some new installment of “The Ring.”) Promising as this setup is, the ensuing portrait of Kumiko’s workaday existence trudges along — until she finds her way to America, dons a motel-bedspread poncho, and starts trudging along for real on the highway to wintry “Fago.” Her quiet culture-clash encounters with a lonely widow and a kindly sheriff (David Zellner doing double duty) have a dry humor worthy of the Coens, and a wistfulness uniquely their own. (Anchor Bay, Blu-ray, $34.99)

The intellectual caricatures are more excruciating than entertaining in Noah Baumbach’s story of a stagnating, childless couple (Ben Stiller and Naomi Watts) charmed to a fault by a quirky 20-something couple (Adam Driver and Amanda Seyfried) who enter their lives. The film is more worthwhile in the later going, when it delivers some resonant drama about life’s disappointments, sharp commentary on the nature of the iPhone generation, and a couple of careerist twists worthy of Budd Schulberg. Extras: Featurettes include segments on Baumbach, cast member Charles Grodin, and the hip-hop class that Watts’s character tries. Repeat: charmed to a fault. (Lionsgate, $19.98; Blu-ray, $24.99)

Will Ferrell plays an entitled finance millionaire so desperate to brace himself for an imminent prison stretch he hires Kevin Hart to coach him. Viewers will want to brace themselves, too — for a movie that refuses to recognize when it’s going too far, with its wince-eliciting jokes about jailhouse rape in particular. The frequent uncomfortable moments take an inordinate amount of fun out of what could have been an enjoyably loopy Ferrell-Hart dream-teaming. Extras: “Line-o-rama” improv, a gag reel, and — yikes — unrated footage. (Warner, $28.98; Blu-ray, $44.95)

Summary: New releases on disc include “Kumiko, the Treasure Hunter,” “While We’re Young,” and “Get Hard.”


If you’ve purchased anything on the Internet in the past two decades, it’s been impossible to avoid the juggernaut of e-commerce, Amazon.com, which celebrated its 20-year anniversary last week with a supercharged day of deals for its Prime members.

The push was seen as an effort to encourage more shoppers to sign up for a $99-a-year Prime membership, which allows for two-day free shipping and other perks, including streaming movies and music, plus access to its unlimited cloud storage.

A new site, Jet.com, which was officially launched on Tuesday, is seeking to outdo Amazon on prices and to recalibrate the way we shop online. Backed by several Boston investors, the company has raised $225 million and now has a $600 million private-market valuation.

Its chief executive and founder, Marc Lore, was behind Quidsi, the parent company of Diapers.com, which gained traction with parents for its subscription model — that is, until it was attacked by Amazon.

Lore and his team were tied up in a meeting with Amazon executives when the company announced the launch of its competing diaper service, Amazon Mom. Quidsi was ultimately acquired by the site for $450 million in 2010.

Lore’s current aim? To undercut all of Amazon’s prices, by using the Quidsi technique of bundling and a set of algorthims that emphasize cost-cutting measures to better serve customers.

Likening Amazon to Walmart, Jet pitches itself as a type of Costco — the membership-driven shopping club that has operated alongside the big- box behemoth for decades. The main difference, Jet says, is that it’s not about selling you vats of mayonnaise the size of a small house. Lore has said the plan is to generate all profits from the $49.99 annual membership fee, then use a series of smart Web-based tools to help cut prices further.

Say you want to buy toothpaste, a bathing suit, and a baseball bat. Jet’s online tools will find its nearest retail partner — it says it has a few thousand at launch — who can source all of those products at a single store or warehouse. Both the bundling and the proximity help to reduce shipping costs, Jet says, giving it an advantage over Amazon. Customers can choose to save further if they forgo returns or decide to pay with a debit card. As they make these decisions about their purchases, shoppers have the satisfaction of watching the prices chip away.

Jet’s goal is to target a different consumer, one who values cheap prices over urgency, said Elliott Rabinovich, a professor in supply-chain management at the WP Carey School of Business at Arizona State University.

“A lot of these products are bought on regular, routine basis — they’re not emergency purchases,” he said. And to get them at a lower initial cost — $50 versus $99 for Prime — might be what makes the difference, he said.

Of course, the deals have to actually be there to attract consumers.

On its first day of sales, Profitero, a Boston e-commerce analysis company, compared 16,028 matching products across seven categories on Jet, Amazon, and Walmart, and found that Jet’s products were priced an average of 9 percent lower than Amazon’s and 6 percent lower than Walmart’s. But they weren’t lower across the board, said Keith Anderson, the company’s vice president of strategy and insights.

“There was a percentage of products in every category,” Anderson said, particularly electronics and office supplies, “where Jet was more expensive.”

Jet has made headlines for its ruthless pursuit of low prices — the company is currently purchasing items from other retailers and re-selling them at a loss — all in the hopes of providing customers the full Jet experience.

“It’s not sustainable in the current form,” Anderson said. “But over time, they’re going to be forging more direct relationships with merchants and brand manufacturers. They are investing heavily in customer acquisition at the moment.”

And that investment comes, in part, from a pair of Boston venture firms that are bullish about the company.

Scott Friend is a managing director at Bain Capital Ventures, which has been the lead investor in the site, putting up more than $25 million over two rounds.

Before joining Bain, he was the founder of ProfitLogic, which used data and analytics to help companies optimize pricing. He said the missing link he saw in e-commerce over the past decade was the ability for retailers to use the same tools that online advertisers do to target customers: tapping into our shopping behavior and interests to help target lower prices.

“We need to make online shopping a sort of an online auction in reverse,” Friend said. “No one had thought of it, and no one had put the technology piece together, and if you’re able to do that, you’re able to take a lot of the inefficiencies out of the commerce system that ultimately consumers are paying for.”

Friend said the hype surrounding Jet, thanks to the huge valuation and fund-raising rounds, and the company’s freewheeling purchasing efforts don’t signal another dot-com bubble, but rather a reflection of the current market, and the fact that in order to fight Amazon in the space, Jet needs to move quickly.

Joel Cutler, a cofounder and managing partner at General Catalyst, another Jet funder, concurs.

“This is massive learning phase and today they’re making sure — and they’re always going to make sure — that their customers are leading them in the direction they should be going,” he said. “If it costs us a little bit of money, then that’s the cost of doing a startup. I’ll invest in that all day long.”

Summary: Jet.com, which officially launched on Tuesdaywith the backing of several Boston investors, is seeking outdo Amazon.com on prices and recalibrate the way we shop online.


The discussion over the 1989 logo underscores how carefully foreign businesses tread when engaging with the world's second-largest economy, particularly on issues the ruling Communist Party deems taboo. Chinese authorities can easily hurt companies' prospects given the control they have over many decisions that affect business.

Last month, Reuters reported that Sony Pictures Entertainment stripped scripted scenes from the Adam Sandler movie "Pixels" because they depicted the Great Wall of China being damaged. Executives were worried Chinese authorities might see their country being cast in a negative light.

Swift, who has 61.7 million followers on Twitter, is scheduled to play three shows in Shanghai on Nov. 10-12 as part of her May-December world tour, according to her official tour website. Tickets for the concerts in Shanghai are priced at 480-4,280 yuan ($77-$690).

Last year, she sold out the city's 18,000-seat Mercedes-Benz Arena in just one minute - a record for China.

Such limited China appearances are not a money-making proposition for Swift or most Western musicians, although it is a "huge potential growth market," according to Gary Bongiovanni, editor in chief of Pollstar, a trade publication covering the global concert business. According to the last annual report of the International Federation of the Phonographic Industry, China still provides just 1 percent of global recording industry revenue.

Local music industry analysts say streaming of Swift's songs in China far exceeds those of many popular local artists, and Swift has hundreds of thousands more followers on China's Twitter-like Weibo than other Western artists such as Beyoncé.

The singer-songwriter showed her influence last month when she helped force Apple Inc to reverse a policy of not paying artists during a free trial of its streaming service. She earned around $80 million in the year to June from sales of her "1989" album, world tour and endorsement deals, according to Forbes.

Summary: Pop superstar Taylor Swift is set to launch her "1989" clothing brand in China, but has hit a snag with authorities.


Taronga Zoo Asian elephant Gung has had a GoPro camera strapped to his head, giving those of us with two legs a lesson on how to live life large.

Gung clearly knows how to work the camera, showing off his sporting prowess by kicking a soccer ball out of his enclosure.

He then reveals his skills with a different type of football, dropping it and punting it over his head behind him.

Zookeeper Steve Westnedge said he "loved the idea" of having the camera attached and wasn't at all disturbed by the headpiece.

"We showed the headpiece to Gung to see if he was interested in trying it on and he loved the idea," he said.

"We were surprised at how eager he was to wear it and he hasn't once tried to touch or remove the camera."

Mr Westnedge came up with the idea after seeing Gung playing with his toys, throwing them over his shoulder or wearing them on his head.

"It's been fascinating for us to watch the footage and observe Gung's thought processes," he said.

"We're always watching our elephants to see how they move and interact with one another, but for the first time we've been able to see how Gung is viewing us and interpreting the way we move and interact with him."

The video was released to promote World Elephant Day, in the hope of inspiring people to see the world through an elephant's eye.

It is estimated 100 elephants are killed by poachers in Africa each day.

Do you have any news photos or videos?

Summary: Tarona Zoo Asian elephant Gung has had a GoPro camera strapped to his head, giving those of us with two legs a lesson on how to live life large.


Sanctions placed on Russia by Europe and the U.S. have added to the country's economic decline, on the back of the falling oil price and Russian ruble. Russia is expected to enter a recession this year.

Despite political and economic chaos, public support for Putin remains strong, however. Up to 100,000 people gathered in Moscow on Wednesday to celebrate the anniversary of Crimea's annexation, chanting "Russia, Russia" as Putin addressed crowds, according to Russian media agency RIA Novosti.

Read MoreRussia needs oil at $102 a barrel to survive: Strategist

In a show of force on Wednesday, Russia held military drills across the country with 20 of its ships conducting drills in the Baltic Sea, Russian media reported. In addition, NATO's Baltic Air police intercepted Russian fighter jets over the Baltic Sea, the Lithuanian authorities said Wednesday.

Such moves were "saber rattling" according to Ash, and didn't mean that Putin was going to make any land grabs elsewhere.

"He is not that stupid," Ash said. "I think he understands that crossing the border in the Baltic countries, for example, would be a huge escalation, and actually risk conflict with NATO."

"He will make noises elsewhere - saber rattle etc, but the big prize is Ukraine. Pressure on NATO in the Baltics, for example, is to force the West to concede ground in Ukraine"

Summary: A show of force by the Russian military on the anniversary of its annexation of Crimea has led to fears that Putin could seek more "foreign distractions."


(ALL TIMES ARE IN ET) Thursday, 2/19/2015:

11:00 PM AMERICAN GREED #TBD (VIEWER'S CHOICE) (replaces AMERICAN GREED 73)

11:00 PM RESTAURANT STARTUP #206 - MOVIN' OUT (replaces AMERICAN GREED 100)

12:00 AM RESTAURANT STARTUP #205 - FROM THE STREETS (replaces AMERICAN GREED 99)

1:00 AM RESTAURANT STARTUP #202 - THE COMEBACK COOK (replaces AMERICAN GREED 98)

With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.

CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/.

Summary: CNBC Program Changes on 2/19 & 2/22


Nevertheless, some areas in Texas have already been hit hard by oil's fall, according to Parallel Petroleum's former CEO. "I live in Midland, Texas and it's been extremely difficult in all the service companies [in the area]," Larry Oldham told CNBC's "Power Lunch" on Friday. "[An oil price drop] has a major effect on the economy. There are a lot of other industries related to the oil industry."

Read MoreTexas may dodge worst of the oil bust

Oldham added that he believes it will take years for the oil industry to recover from this price plunge, unlike its recovery from the 2008-09 price plunge. "In 2008-09, the shape of the [oil] curve was like a 'V,' " he said. "We thought we had [oil] demand destruction, but the fundamentals of the oil industry were still in place, so oil snapped back pretty quickly. This is going to be, in my opinion, more of a U-shaped recovery. It's going to be long, drawn-out, protracted recovery."

U.S. crude settled at $52.72 per barrel, up almost 3 percent. Brent crude settled at $61.49 up about 4 percent.

Summary: One Texas-based CEO explained Friday how very cheap oil could hurt people.


Housing services activity rose 1.2 percent, benefiting from the country's booming real estate market, while financial and insurance services grew 1.1 percent on the back of increased banking activity.

Manufacturing activity rose 1.0 percent, boosted by petroleum, chemical and agricultural product processing.

The annual reading shows that New Zealand is outperforming many developed countries including Australia, Europe and Japan, which have been loosening monetary policy to shore up their economies.

Read MoreRate cuts: 24 so far and there's more to come

It suggests RBNZ will hold its official cash rate at 3.5 percent into 2016 as the economy remains in a sweet spot of buoyant growth and low inflation for now.

"For now, we think the RBNZ's inclination is to sit there on hold and allow the economy to recover and for that to gradually push up inflation," said Ben Jarman of JPMorgan.

Last week, the RBNZ kept rates unchanged following a series of monetary tightening last year, as it watches data, commodity prices, inflation and a still-elevated exchange rate.

The central bank expects the economy to grow 3.2 percent in the year to March 2015 and 3.5 percent in 2016, before slowing to about 3 percent the two following years.

Many economists say sustained growth will lift CPI from an annual 0.8 percent towards the mid-point of the RBNZ's 1 percent to 3 percent target range and prompt a rate increase in the first half of 2016.

The economy still faces risks in coming months because of slowing growth in China and Australia, its biggest trading partners.

In addition, many economists expect a drop in agriculture production to reduce growth slightly in the first half of the year as drought weighs on the dairy and meat industries, the country's largest export earners.

Summary: A boost in tourist spending lifted economic growth in New Zealand during the fourth quarter, a sign the pressure is off the RBNZ to move rates.


Buzzard is the single biggest contributor to the Forties crude stream, one of four crude grades underpinning the price of over-the-counter Brent, which is linked to Brent futures.

Brent's front-month August futures contract, due to expire later on Thursday, moved to a premium of 30 cents a barrel above the September contract on the Buzzard news, its highest premium for more than two months.

Read More'More pain coming' to oil sector: Energy investor

U.S. crude inventories fell by 4.3 million barrels last week, according to the Energy Information Administration (EIA), as refineries boosted throughput to a record level.

The data suggested demand in the United States, the world's biggest oil consumer, was holding up well and still absorbing fuel at a time of ample global production.

Olivier Jakob, head of Swiss energy consultancy Petromatrix, said U.S. oil demand remained strong, driven by gasoline consumption, which was helping keep U.S. refineries working at full tilt through the northern hemisphere summer.

But the market might not be quite as well balanced later in the year, when maintenance shuts some refineries.

"U.S. crude oil stocks are still at a high level and at risk of seeing increasing builds once refineries go into maintenance in the fall," Jakob said.

Read MoreOpinion: After Iran nuclear deal, what's next?

Oil prices have fallen steadily over the last two months and both crude benchmarks are down more than 15 percent from June peaks.

The Organization of the Petroleum Exporting Countries is now producing about 2.5 million bpd more crude than needed, analysts say, filling inventories worldwide.

OPEC oil supply may be about to rise as Iran increases output following a deal with six global powers over its nuclear program.

Summary: Oil prices diverged Thursday as a UK oilfield outage boosted Brent and a bearish industry report on inventories weighed on WTI.


Food is one area where businesses should focus their efforts. For instance, in predominantly-Muslim countries, volume sales of fresh meat have grown significantly. From 2009 to 2014, sales grew in Turkey by 11 percent, compared to a decline of about one percent in Western Europe.

Fast-food outlets are increasingly offering halal meat in response to demand from the Muslim community. In the U.K., where around 100 KFC stores serve halal-certified chicken, value sales of chicken fast food amounted to £2.1 billion ($3.26 billion) in 2014.

But the U.K. could do far more, according to Sadiq Mohammed, CEO of the Halal Food Authority, a non-profit organisation which checks whether products comply with halal requirements. It has certified several brands, including Kelloggs, Mars and Krispy Kreme.

"The U.K. food industry is still unable to claim its true and deserving share in the global halal market. Political, sociological and ethical concerns are some of the reasons with an element of Islamophobia and less focus on necessary PR and education," he told CNBC by email.

Read MoreIs a Halal food market boom on its way?

"Manufacturers in the U.K. are often nervous in marketing their halal certification and only take reactive approach when receive enquiries on halal trade. Since halal encompasses food safety, hygiene, animal welfare and environmental health, halal provides an equipped PR and marketing tool to the industry."

Other countries have been much more successful at certifying and promoting food as halal, Mohammed said, including UAE, Malaysia, Indonesia, Brazil, Singapore, Thailand, Australia and New Zealand, "where the right infrastructure, training and research are available leading to highly lucrative and competitive halal market place."

Summary: Businesses are missing out by not capitalizing on the growing Islamic population and offering more halal products, suggests research.


As the number of drones entering the skies increases, accidents, injuries and the potential for lawsuits are bound to follow. In the commercial marketplace, successful companies may not be the ones that simply use drones, but those that deploy drones most safely and effectively.

For airspace already crowded with commercial and military craft, regulators from the FAA have been working to develop a framework to integrate drones safely into the national airspace. The FAA currently permits businesses to use drones for commercial purposes on a case-by-case basis. To date, the agency has allowed companies to shoot films and television episodes, survey land and test package deliveries. It has also proposed new rules for small drones and approved six test sites across the country to conduct research.

Whatever form the final FAA rules take, federal regulation will provide only one measure of control. Businesses also need to consider how potential liabilities from injuries and property damage can be minimized. In a sphere without a long record of data, there have been some strong suggestions of risk. Last year, The Washington Post reported that more than 400 drones operated by the U.S. military have crashed in accidents around the world since 2001, with some hitting homes, farms, and highways and causing millions of dollars in damages.

Read MoreIn Game of Drones the battle is real, sort of

And exposures are not limited to blue skies; drones carry the potential to cause injuries indoors. Consider the woman who was hit by a drone in a restaurant last year, leaving her with facial abrasions. It's not hard to imagine how relatively minor incidents could soon lead to major lawsuits. Whether an event occurs indoors or outdoors, such incidents might also spark public relations nightmares that could prove costly for any business.

The good news is that businesses can take steps to prepare for the rise of commercial drone flights. Sound planning begins with an understanding of the capabilities and limits of drones, as well as the experience and level of control exercised by their operators.

Capabilities: What are the make, model and year of the drone? How high can it fly? How long can it remain in the air? If pressed to exceed its limits, a drone might malfunction and come crashing to earth, possibly colliding with a car, building, power line or person. How much weight can the drone safely carry? Has the drone been modified after manufacture? If overloaded, both the drone and the cargo could be lost and potentially damage property or harm bystanders below. It's also important to investigate whether a drone has been serviced and maintained according to manufacturer guidelines. That includes the drone's software and operating systems, which should be kept up to date to reduce the risk of malfunction.

Read MoreAre there enough drone laws for the coming drone wars?

The U.S. military uses three major categories of drones, according to a report issued by the federal government, and commercial operators will likely be flying aircraft with similar range and capabilities. The mini-drone flies at low altitude over short distances for periods lasting up to one hour. The tactical drone can remain airborne for several hours with a range of about 180 miles. The largest, known as the strategic drone, can remain aloft over long distances for hours or even days and is often operated remotely and far removed from a pilot's line of sight.

Uses: Each industry and function presents its own risks in using drones, distinct both in type and potential severity. Filming a battle scene, for example, with hundreds of extras on a windy field might pose different perils than a drone surveying thousands of acres of open farmland. Another risk involves potential exposures for those who misuse drones to capture and exploit images without consent of persons on private property.

Read MoreNew York airplane just misses drone: Report

Control: How will the drone be piloted? Will the operator use a remote-control device with a joystick or a mobile app? Preparation of the pilot will likely be a critical factor: How will the operator be trained, and what standards will have to be met? The FAA's currently proposed rules would require that a candidate be at least 17 years old and pass an aeronautical exam to obtain an operator's certificate. To maintain certification, an operator would have to pass additional FAA tests about every two years. Of course, businesses may want their commercial operators to undergo more extensive training. A number of universities already offer drone pilot courses, and before long there may be national standards to measure the quality of the related flight education each school provides.

Drones used in a commercial context present risks and rewards that may soon become much clearer to everyone at ground level. For businesses that seek to reap the potential benefits, it might be prudent to pause on the launch pad and conduct a due diligence review of drone risks.

Ron Beiderman is vice president of commercial lines coverage products at ISO Insurance Programs and Analytic Services, a Verisk Analytics business.

Summary: As the number of drones entering the skies increases, accidents, injuries, and the potential for lawsuits are bound to follow.


Photo: John Storey, Special To The Chronicle

The 49ers' Vernon Davis catches a pass from Alex Smith for the first touchdown of Sunday's game. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

The 49ers' Vernon Davis catches a pass from Alex Smith for the...

Hakeem Nicks catches a pass in the first quarter out of the reach of Chris Culliver. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Hakeem Nicks catches a pass in the first quarter out of the reach...

Vernon Davis catches a touchdown pass in the first quarter in front of the Giants sideline. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Vernon Davis catches a touchdown pass in the first quarter in front...

The 49ers' Vernon Davis poses in celebration after catching a pass from Alex Smith for the first touchdown of Sunday's game. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

The 49ers' Vernon Davis poses in celebration after catching a pass...

A 49er fan celebrates in the first quarter. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

A 49er fan celebrates in the first quarter. The San Francisco 49ers...

The 49ers' Ray McdDonald, right, forces a fumble by the Giants' Eli Manning during the first quarter of Sunday's game. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

The 49ers' Ray McdDonald, right, forces a fumble by the Giants' Eli...

The 49ers' Vernon Davis catches a pass from Alex Smith for the first touchdown of Sunday's game. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

The 49ers' Vernon Davis catches a pass from Alex Smith for the...

Vernon Davis runs in his touchdown in the first quarter. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Vernon Davis runs in his touchdown in the first quarter. The San...

Vernon Davis celebrates his touchdown with Alex Boone in the first quarter. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Vernon Davis celebrates his touchdown with Alex Boone in the first...

49ers fans braved the cold and rain to cheer their team. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

49ers fans braved the cold and rain to cheer their team. The San...

Javier Carbajal of Stockton cheers the 49ers as they take the field. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Javier Carbajal of Stockton cheers the 49ers as they take the...

Jace Goodwin, 3, son of the 49ers' Jonathan Goodwin (#59), talks to official Don Carlsen before the start of Sunday's game. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Jace Goodwin, 3, son of the 49ers' Jonathan Goodwin (#59), talks to...

Eddie Debartolo is announced as an honorary captain before the game. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Eddie Debartolo is announced as an honorary captain before the...

Tavares Gooden flexes his biceps as he comes out to the field. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Tavares Gooden flexes his biceps as he comes out to the field. The...

The Giants' Hakeem Nicks is brought down by the 49ers' Chris Culliver (behind) and Dashon Goldson (right) after a successful catch for 1st down in the 1st quarter of Sunday's game. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

The Giants' Hakeem Nicks is brought down by the 49ers' Chris...

The 49ers' C.J. Spillman fires up the crowd after their touchdown in the 1st quarter. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

The 49ers' C.J. Spillman fires up the crowd after their touchdown...

Alex Smith throws in the first quarter. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Alex Smith throws in the first quarter. The San Francisco 49ers...

Jim Harbaugh on the sidelines in the first quarter. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Jim Harbaugh on the sidelines in the first quarter. The San...

San Francisco fans cheer as the American Flag is draped across the field at the start of the NFC Championship game, Sunday January 22, 2012, in San Francisco,Calif.

San Francisco fans cheer as the American Flag is draped across the...

Ray McDonald gets a hold of Eli Manning in the first quarter and knocked the ball loose. The Giants recovered the fumble. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Ray McDonald gets a hold of Eli Manning in the first quarter and...

Alex Smith walks off the field in the first quarter after failing to get a first down. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Alex Smith walks off the field in the first quarter after failing...

Fans flood the gates to get into the stadium at the start of the NFC Championship game, Sunday January 22, 2012, in San Francisco,Calif.

Fans flood the gates to get into the stadium at the start of the...

San Francisco 49ers Anthony Dixon falls to the ground after the New York Giants defeated the 49ers 20-17, in the NFC Championship Game, Sunday January 22, 2012, in San Francisco,Calif.

San Francisco 49ers Anthony Dixon falls to the ground after the New...

49ers coach Jim Harbaugh looks dejected right before the Giants winning field goal during the San Francisco 49ers vs. the New York Giants in the Championship Playoff game at Candlestick Park in San Francisco, Calif., on Sunday, January 22nd, 2012.

49ers coach Jim Harbaugh looks dejected right before the Giants...

An emotional Kyle Williams (10) is consoled by Blake Costanzo (51) after he fumbled a punt in overtime. The New York Giants won the NFC Championship Game at Candlestick Park in San Francisco, Calif., 20-17 on Sunday, January 22, 2012

An emotional Kyle Williams (10) is consoled by Blake Costanzo (51)...

San Francisco 49ers Joe Staley reacts as the New York Giants win the NFC Championship game, 20-17, Sunday January 22, 2012, in San Francisco,Calif.

San Francisco 49ers Joe Staley reacts as the New York Giants win...

The football and the 49ers' Super Bowl hopes slip from Kyle Williams' hands during a punt return in overtime.

The football and the 49ers' Super Bowl hopes slip from Kyle...

Giants field goal kicker Lawrence Tynes (9) and holder Steve Weatherford (5) reacted after the game winning field goal. and holder San Francisco 49ers lost to the New York Giants in overtime 20-17.

Giants field goal kicker Lawrence Tynes (9) and holder Steve...

A 49ers fan watches the field after the 49ers' 20-17 overtime loss to the New York Giants. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

A 49ers fan watches the field after the 49ers' 20-17 overtime loss...

San Francisco 49ers Kyle Williams is consoled after fumbleing the ball in overtime which put the New York Giants in scoring possiton in the NFC Championship game, Sunday January 22, 2012, in San Francisco,Calif.

San Francisco 49ers Kyle Williams is consoled after fumbleing the...

Jim Harbaugh is upset by an official's early whistle which negated a possible fumble during the second half of the 49ers' NFC Championship game against the New York Giants at Candlestick Park in San Francisco, Calif. on Sunday, Jan. 22, 2012.

Jim Harbaugh is upset by an official's early whistle which negated...

Chelsea Mace of Foster City cheers the 49ers during the first half of the San Francisco 49ers vs. New York Giants NFC Championship game at Candlestick Park on Sunday, January 22, 2012 in San Francisco, Calif.

Chelsea Mace of Foster City cheers the 49ers during the first half...

Alex Smith under pressure from Jason Pierre-Paul in the third quarter. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Alex Smith under pressure from Jason Pierre-Paul in the third...

Jim McDonnell of San Francisco holds his hat as the National Anthem is sung during the preseason festivities at Candlestick Park at the start of the San Francisco 49ers vs. New York Giants NFC Championship game on Sunday, January 22, 2012 in San Francisco, Calif.

Jim McDonnell of San Francisco holds his hat as the National Anthem...

San Francisco 49ers fan Bernadette Monte reacts as the New York Giants take the lead and win the NFC Championship game, Sunday January 22, 2012, in San Francisco,Calif.

San Francisco 49ers fan Bernadette Monte reacts as the New York...

49ers quarterback Alex Smith is brought down by the Giants' Jason Pierre-Paul on a run during the second quarter of Sunday's game. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

49ers quarterback Alex Smith is brought down by the Giants' Jason...

Dashon Goldson checks on Tarrell Brown after Brown was injured in the third quarter. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

Dashon Goldson checks on Tarrell Brown after Brown was injured in...

49ers coach Jim Harbaugh reacts during the second half of Sunday's game. The San Francisco 49ers played the New York Giants in the NFC Championship game at Candlestick Park in San Francisco, Calif., on Sunday, January 22, 2012.

49ers coach Jim Harbaugh reacts during the second half of Sunday's...

Louis Perea, of San Jose, Calif., looks down as defeat seams inevitable for the San Francisco 49ers in the final moments of overtime against the New York Giants at Candlestick Park on Sunday January 22, 2012 in San Francisco, Calif. Final score was 20-17 and Niners lost their chance to go the the Super Bowl.

Louis Perea, of San Jose, Calif., looks down as defeat seams...

Impatient passenger uses emergency exit to leave bus and walk on freeway should to game.

Impatient passenger uses emergency exit to leave bus and walk on...

Summary: NFC CHAMPIONSHIP GAME Giants 20, 49ers 17 2 fumbles on punt returns lead to OT loss  Thanks to two fumbled punt returns by Kyle Williams - one in the fourth quarter and the other in overtime - the Giants beat the Niners 20-17 in a rain-soaked NFC Championship Game on Sunday at Candlestick Park.  Subbing for the injured Ted Ginn Jr., Williams, who had six career punt returns entering the game, was stripped by New York's Jacquian Williams on a return just over five minutes into overtime.  The Giants recovered at San Francisco's 24-yard line, and less than three minutes later, New York's Lawrence Tynes drilled a 31-yard field goal to send his team to its second Super Bowl in five seasons.  San Francisco's out-of-nowhere 14-4 season was marked by dominant defense, stellar special teams and mistake-free play.  After tying an NFL record low with 10 turnovers during the regular season, San Francisco had a negative-2 turnover margin, and Williams' miscues marked the only giveaways on special teams this season.  Running back Frank Gore, who was still in full uniform after many of his teammates had left the locker room, was at a loss for words.  With the score 17-17, they took possession at their 35 with 4:07 left ... and went three-and-out on a drive that ended when quarterback Alex Smith was sacked for a 10-yard loss.  After the Giants punted on their next possession, San Francisco took possession at its 29 with 1:47 remaining ... and went three-and-out after Smith threw three straight incompletions.  When asked about Williams' fumbles, Smith, who completed 12 of 26 passes for 196 yards with two touchdowns and no interceptions, noted there was plenty of blame to spread around.  On their eight drives after halftime, the Giants had six punts and scored on drives of 29 and 11 yards, both set up by Williams' fumbles.  In the second half, the 49ers registered four of their six sacks on Giants quarterback Eli Manning, who completed 16 of 31 passes for 135 yards after halftime.  On the Giants' second drive of overtime, they again reached the Niners' 46, but defensive tackle Justin Smith sacked Manning for a 10-yard loss on third down.


I'm a natural fan. I can't stand indifference. Yet for me the Turner prize is a hit-and-miss affair; there are years when it actually seems important who wins and years when I honestly couldn't care less.

This year, I care because Mark Leckey is on the shortlist. One of the most creative and worthwhile tendencies in contemporary British art is that of subjective anthropology. Artists who I would describe in this way are students of popular culture and modern life who amass information almost as a PhD researcher might, and yet they are not cool observers, they are eccentric participants.

Leckey is a fantastically creative example of this method. There's a quality of William Burroughs's cut-ups to his remorseless, frantic hybrid works of art, like his Soundsystem, which splices together fragments of high and low culture and everyday life, and his brilliant video The March of the Big White Barbarians, which weaves images of London's 20th-century public art - all those clunking metal sculptures by Eduardo Paolozzi - into a hypnotic, endlessly fascinating dream of the city's secret life.

I've nothing against Runa Islam, Cathy Wilkes or Goshka Macuga but in all honesty I don't see what marks them out from other artists as Turner prize contenders, let alone winners.

A couple of artists who have done brilliant work in London recently should have been shortlisted: Thomas Hirschhorn's installation at the Stephen Friedman Gallery last year was the most coruscating and pungent assault on taste in years, a neo-dadaist howl of rage at the invasion of Iraq, and where is Enrico David, a sublime pop genius of the same camp as Leckey?

As so often, this is a perverse and baffling Turner shortlist. But that's all right; it will make it easy for the best artist to win.

· Jonathan Jones is a Guardian art critic

Summary: Jonathan Jones: Mark Leckey is a fantastically creative example of subjective anthropology


HAVANA, July 9 (Reuters) - European officials and businesses are visiting Cuba in unprecedented numbers, attracted by its market-oriented reforms and hastened to act by Havana's improved relations with the United States.

Seventy-five companies accompanied Spain's Minister of Industry, Energy and Tourism Jose Manuel Soria during his visit this week, and 140 Italian firms also visited with Italy's deputy minister for economic development, Carlo Calenda.

German Foreign Minister Frank-Walter Steinmeier was also scheduled to lead a delegation of 100 businesses to Cuba, but that trip was postponed due to ongoing talks with Iran and the crisis in Greece.

Similar delegations from France, Britain and the Netherlands have arrived in recent weeks.

"No one wants to miss the train," said Herman Portocarero, the European Union's ambassador to Cuba.

Since U.S. President Barack Obama and Cuban leader Raul Castro announced last December they would restore diplomatic ties, scores of U.S. businesses have come calling, including conglomerates such as Johnson & Johnson, Dow Chemical , Microsoft, Google, Dell and U.S. airlines.

They remain largely shut out by a U.S. economic embargo, which Obama is asking Congress to lift, so the Europeans are attempting to seize the moment while they still have an advantage.

"The crowning glory was when President Raul Castro visited Rome (in May). He told us to hurry up and come with our companies, and we did so quickly," Mario Giro, Italy's under-secretary for foreign affairs, told reporters in Havana late on Wednesday.

Italian companies have 14 projects planned for Cuba's Chinese-style special development zone around the newly built container port at Mariel, he said.

Spain is Cuba's third economic partner after Venezuela and China and its hospitality companies led by Sol Melia manage dozens of hotels on the island.

"For the government of Spain and the majority of Spanish companies, a new moment full of opportunity has begun," Soria, the Spanish industry, energy and tourism minister, said.

The Mariel economic zone was especially attractive for investors, as it allows wholly owned foreign companies to repatriate profits under a favorable tax regime, he added.

(Reporting by Marc Frank and Jaime Hamre; Editing by Daniel Trotta and Miral Fahmy)

Summary: HAVANA, July 9- European officials and businesses are visiting Cuba in unprecedented numbers, attracted by its market-oriented reforms and hastened to act by Havana's improved relations with the United States. German Foreign Minister Frank-Walter Steinmeier was also scheduled to lead a delegation of 100 businesses to Cuba, but that trip was postponed due...


ATHENS, May 12 (Reuters) - Greece emptied an emergency IMF holding account to repay 750 million euros ($839 million) due to the international lender, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances.

With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month.

Member countries of the International Monetary Fund are required to keep a holding account which may be used for emergencies but the money can only be used with the lender's approval, a Greek central bank official said.

A government official told Reuters that Athens used about 650 million euros from the holding account and 100 million euros from its cash reserves to make the payment on Monday.

The Greek central bank official confirmed the account had been tapped after government officials met the central bank chief last week to figure out how to make the payment.

"The negative is that the account was emptied but in order to avert a default it was necessary to weigh the options," the Bank of Greece official said.

Made a day early, the payment calmed immediate fears of a Greek default, but Finance Minister Yanis Varoufakis said on Monday the liquidity situation was "terribly urgent" and a deal to release further funds was needed in the next couple of weeks.

Central bank chief Yannis Stournaras met Deputy Prime Minister Yannis Dragasakis and Deputy Foreign Minister Euclid Tsakalotos, a top negotiator in talks with lenders, on two occasions last week on how to meet the May IMF repayment, the central bank official said.

"The central bank governor put forth the idea to tap the 650 million euros in the holding account, which needed IMF approval," the official said, declining to be named.

"Governor Stournaras made the arrangement with the IMF and on Saturday we got their okay and the account was unlocked."

Greece's IMF holding account - which is held at the Bank of Greece - has been in existence for 30 years for emergency needs, the official said.

A second Greek official said on Tuesday that the reserves the government tapped must be replenished in the IMF account in "several weeks."

Following legislative changes, Greece has meanwhile gathered 600 million euros of local government and other public entity money to help it deal with the cash crunch, the government's spokesman said on Tuesday.

Euro zone finance ministers said on Monday that more work was needed to reach a cash-for-reform deal between Athens and the IMF, the European Commission and the European Central Bank.

Created in 1945, the IMF is accountable to the 188 countries that make up its near-global membership. Each member is assigned a quota, based on its relative size in the world economy, which determines its contribution to the fund's financial resources.

(1 dollar = 0.8943 euro)

(Reporting by Lefteris Papadimas and George Georgiopoulos, editing by Deepa Babington and Anna Willard)

Summary: ATHENS, May 12- Greece emptied an emergency IMF holding account to repay 750 million euros due to the international lender, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances. With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about...


Sandy Lincoln, chief market strategist at BMO Asset Management, told CNBC Asia that he thought concerns about a potential rate hike from the Fed were overdone.

"The U.S. equity market is flat year-to-date but it has withstood exogenous factors -- we have good consumer confidence, balance sheets that are in good shape, payrolls that are strong, so we have the stage set for a solid economic recovery," he said.

In addition to the JOLTS report, wholesale inventories numbers are released at 10 a.m. and there will also be the NFIB small business survey.

The Treasury is scheduled to auction $24 billion 3-year notes. The 3-year note was yielding 1.067 percent in early London trade, while the 10-year was yielding 2.368 percent.

Elsewhere, the Wall Street Journal reported that Greece and its international creditors were discussing an extension of the cash-strapped country's bailout program through to March 2016.

Greece could get bailout extension to March 2016: Report

Most European stock markets were down, with HSBC in focus after the bank announced plans to cut costs by as much as $5 billion within two years and lay off as many as 25,000 staff. It also said it would sell its Turkey and Brazil operations.

Asian shares closed broadly lower, with Japan's blue-chip Nikkei down 1.76 percent as soft inflation data from China and jitters about higher U.S. interest rates weighed on sentiment.

Early on Tuesday, yogawear retailer Lululemon Athletica reported that its quarterly profit had more than doubled, thanks to a 6 percent rise in total comparable-store sales.

Other companies reporting earnings this session include Hovnanian,Quiksilver, Burlington Stores, HD Supply Holdings and Greif.

General Motors holds an annual meeting at 8:45 a.m. and Tesla holds its annual meeting at 5 p.m.

Summary: U.S. stocks were expected to open a little lower on Tuesday, with focus on data that could offer clues on the U.S. interest rate outlook.


Retail investors should be buying into initial public offerings, Ernst & Young's global IPO markets leader said Friday.

"Relative to equity indices overall, people are investing in IPOs because they're significantly outperforming the market, both in the short term and in the long term," Jackie Kelley told CNBC''s "Squawk Box."

Kelley made her comments one day after fitness tracker maker Fitbit put up the eighth best IPO performance of 2015.

Read More Fitbit opens 52% higher in market debut

She warned that there is "fine nuance" involved in playing short-term pops in the technology sector, but said the majority of IPO buys are long-term investments.

As for valuations, Kelley said she doesn't believe the IPO market is in a bubble, but said investors must keep in mind the long-term prospects for the stock.

"Obviously the markets are at highs right now. Any time anyone's going public and having valuations at this level it's very exciting at the IPO date, but the issue becomes sustainability of that price," she said. "Obviously you're going to be a little bit more subject to market fluctuations."

Read MoreAre hot start-ups available to retail investors?

While fewer IPOs have hit the market this year, those that have priced are collectively up more than 20 percent. Ernst & Young reports that global IPO offerings have declined 57 percent in terms of number of deals and capital raised in the first six months of 2015, compared with the same period last year.

Kelley is expecting Fitbit's performance to create momentum in the IPO market, noting there are about 20 companies lined up to price. While total volume will probably be down from last year, Kelley forecasts the second half will be much stronger for IPOs.

"We're probably going to end this first half of the year with 100 IPOs. All of us are going, 'Wow, the markets are so slow.' That's still 100 IPOs," she said.

Summary: "People are investing in IPOs because they're significantly outperforming the market," Ernst & Young's global IPO markets leader tells CNBC.


Cigna believes a merger with Anthem would create a health insurance powerhouse, but the Connecticut-based insurer is still rejecting a $53.8 billion takeover bid from its larger rival, saying the offer is not in the best interest of shareholders.

"We are deeply disappointed with your recent actions," the company wrote in a letter signed by Cigna CEO David Cordani and Chairman Isaiah Harris, rebuking Anthem's board for taking their discussions public over the weekend.

"We have been engaged in good faith discussions with Anthem to determine whether a potential strategic combination is in the best interests of Cigna's shareholders," the letter added.

On Saturday, Anthem confirmed the two had been in serious talks since late May, even as it declared it was "frustrated" with Cigna's demands. The company revealed it had raised its offer to $184 a share, after Cigna rejected three prior offers starting on June 3rd. The offer represents more than a 35 percent premium to Cigna's May 28th close, when the firms began discussions in earnest.

Anthem CEO Joseph Swedish pointed the finger at Cordani and Cigna's board for insisting on retaining control of the combined firm—demands he was actually willing to meet. Swedish said Cordani would be named Chief Operating Officer of the combined firm, and Cignas would get 6 seats on the 14-member board.

"Despite the compelling aspects of these proposals, you continued to insist that Mr. Cordani be immediately appointed CEO of the combined company, or that we reach an acceptable position for his specific roles and responsibilities as well as the timing for a transition to CEO," Swedish wrote in a letter released Saturday.

In addition, Cigna demanded "that there be an almost equal Board split of directors in the combined company and that certain changes related to senior leadership changes," he added, a request that was apparently unacceptable to Anthem.

"I certainly have heard this from shareholders of both Anthem and Cigna, that most obvious successor to Swedish in an Anthem/Cigna combination is Cordani," said Leerink analyst Ana Gupte. "He has to just trust himself that would get that role," she said.

Read More'Frustrated' Anthem makes new offer to Cigna as Aetna moves in on Humana

Summary: Cigna on Sunday rejected an increased $53.8 billion bid from Anthem as inadequate.


(Recast with ministers dismissing rumors that Levy was leaving)

BRASILIA, Sept 3 (Reuters) - The Brazilian government dismissed market rumors on Thursday that Finance Minister Joaquim Levy was quitting because of disagreements over his austerity plan.

Brazil's currency rebounded from 12-year lows on news that Levy was staying in the job and attending a budget meeting with President Dilma Rousseff.

Levy, an orthodox economist who enjoys the trust of financial markets, canceled a trip to the G20 summit in Turkey on Thursday to attend the last-minute meeting, on the 2016 budget bill.

"Levy is a valuable minister in this administration who canceled his trip abroad to attend an important budget discussion," Institutional Communications Minister Edinho Silva told Reuters, adding that Levy continued to lead the government's macro-economic strategy.

Speculation about Levy's departure was not discussed at the meeting, Rousseff's chief of staff, Aloizio Mercadante, told reporters.

In an interview published online by El Pais, Levy said to the Spanish newspaper on Wednesday night: "I have no intention of leaving the government."

Earlier in the day, the real currency fell as much 1.5 percent against the dollar after newspapers Folha de S.Paulo and Valor Economico reported that Levy was isolated and frustrated by a budget bill submitted on Monday.

Fiscal revenue has plummeted as Brazil's economy enters a severe recession, complicating efforts led by Levy to plug a widening fiscal gap that has undermined the credibility of Rousseff's administration among investors.

The budget bill, sent to Congress on Monday, was Brazil's first-ever to forecast a primary deficit, highlighting Levy's failure to shore up federal accounts to save the country's investment-grade rating.

Planning Minister Nelson Barbosa, who has gained influence in economic policy as Levy's austerity agenda makes enemies in Congress and other ministries, has defended the deficit projection in recent days as a sign of transparency and realism.

Levy, a University of Chicago-trained economist, disagreed with Rousseff's decision to propose a budget for next year with a deficit. He argued for deeper cuts in public spending.

(Reporting by Alonso Soto and Anthony Boadle; Additional reporting by Bruno Federowski, Brad Haynes and Caroline Stauffer in Sao Paulo; Editing by Bernard Orr, Dan Grebler and Steve Orlofsky)

Summary: Brazil's currency rebounded from 12- year lows on news that Levy was staying in the job and attending a budget meeting with President Dilma Rousseff. The budget bill, sent to Congress on Monday, was Brazil's first-ever to forecast a primary deficit, highlighting Levy's failure to shore up federal accounts to save the country's investment-grade rating.