SERVICO INC., which runs Holiday Inns and other motels and hotels, has tried to retire its outstanding shares twice. Now it seems resigned to public ownership, only to find that its shares have languished.

Servico was 8 3/4 bid in the over-the-counter market last Friday. Yet the company's fans believe its intrinsic worth is several times that. Servico owns 24 of 40 properties outright and has major equity interests in six more.

Servico ran into criticism when it tried to buy back the public's 1.5 million shares. Management and the company's Employee Stock Ownership Plan own the remaining 1.1 million shares.

In each attempt, the price was far less than some believed the company to be worth. In late 1978 the management planned a cash offer of $3.25 a share, but by the time the proxy statement was ready the shares had reached almost twice the proposed price, and the plan was withdrawn.

Then, in mid-1979, the management was going to offer $10 worth of 12 percent debentures estimated to be worth $7 to $8 a share. Again, the shares climbed materially higher, and Servico dropped its plan.

In a report dated last Wednesday, Richard Lilly, senior vice president and director of research for Raymond, James & Associates, values Servico on a replacement basis at several times the current price.

He noted that Servico owns outright 6,000 of the 8,500 rooms it manages for an indicated replacement value of $30,000 to $35,000 a room, or a total of $182 million to $212 million.

''From those figures I subtract mortgage debt of $135 million and come away with a net replacement value of $46 million to $77 million,'' he said. ''Adding the value of Servico investments, working capital, future hotel-motel sites and a management fee valuation, I come away with an aggregate break-apart value of $68 million to $98 million. That translates to $26 to $38 a share.''

Mr. Lilly thus concludes that Servico offers ''one of the greatest discrepancies between market price and apparent worth.'' Servico, he said, is using its cash flow to amortize debt and is building up greater values continually. He said that even if management did not add properties or in any way enhance the return on the current properties, its intrinsic value ''would at least double in eight years.''

In fact, Servico is one of the best operators in the business, in Mr. Lilly's view. ''The company is expert in taking distressed properties off the hands of insurance company lenders and dramatically upgrading them,'' he said.

A second strategy seems promising, too. Servico's new Royce Group will build hotel rooms and office space joined through a common atrium. Each of nine properties is to have 200,000 to 300,000 square feet of office space and 200 to 300 hotel rooms, half of them suites.

The first two properties are to be adjacent to airports. One of those is under construction in Houston. Another is planned for West Palm Beach, Fla., where Servico is based.

Servico's management hopes for high occupancy in the Royce hotels and premium office rentals - assuming Servico can raise an estimated $500 million in construction costs. Given the turbulence in the capital markets, the company's stated net worth of $15 million and its debt of $148 million, where is the money to come from?

A group of insurance company lenders is offering construction financing at rates below market levels, with the financing to become permanent upon completion of each project. In return, the insurance companies are to receive 25 to 50 percent of the equity in each of the properties.

At the end of the five years required to build the nine properties, Servico could have a new $250 million asset base, all without contributing a dime of its own capital, Mr. Lilly said.

The properties would, of course, be encumbered with heavy mortgages. But the cash flow could repay the debt in 15 to 30 years, he said. The Royce strategy, Mr. Lilly believes, will raise Servico's values to about $100 a share. ''That's what prompted me to write this report,'' he said.

So far Servico has lined up less than a fifth of the required Royce capital, and it is not clear whether the company will get the rest of the money in the depressed capital market.

The company's past success has reflected its acquisition of properties at distress prices. Servico may find fewer such properties as institutional lenders recognize their long-term prospects. Efforts to reach Servico's executives for comment were unavailing.


Cumberland Farms is selling its Gulf Oil wholesale fuel distribution business to a Boston private equity firm for more than $800 million, a person involved with the deal said.

The buyer is ArcLight Capital Partners, which specializes in energy businesses and has invested $13 billion in companies since its inception in 2001. ArcLight has retained Joe Petrowski, the former chief executive of Gulf and a longtime energy industry veteran, to help with the business.

ArcLight did not return a call seeking comment Thursday, but Petrowski said that, “Gulf is a great collection of assets and a tremendous group of people. I know there are many firms that would be interested in it.”

Cumberland Farms said it does not comment on “ongoing strategic and operating matters.” But the person involved in the deal said Cumberland Farms is selling the petroleum business to concentrate on upgrading its convenience stores, which total nearly 600 outlets in eight states.

Founded in 1901, Gulf was one of the nation’s leading oil and gas companies. Finding itself a target of corporate raider T. Boone Pickens, Gulf in 1984 agreed to sell itself to Standard Oil of California for $13.3 billion, at the time the largest merger in US corporate history. The newly combined company was renamed Chevron, which in 1986 sold the Gulf Oil naming rights to Cumberland Farms. The Framingham company then acquired the petroleum business outright a decade ago and hired Petrowski to run that business.

Petrowski left Cumberland in 2013 and founded Mercantor Partners, an energy investment company. He has partnered with ArcLight Capital in a number of other investments.

The deal will essentially split Cumberland’s retail and fuel business, which was owned by the Haseotes family and known as the Cumberland Gulf Group. In addition to convenience stores, the company supplied fuel to more than 3,500 gas stations. About 2,500 of the stations, most of which are owned by franchisees, are operated under the Gulf brand. The source said ArcLight Capital will distribute gasoline and take over Gulf’s 12 fuel terminals in Pennsylvania, New Jersey, Connecticut, Massachusetts, and Maine.

Cumberland Farms will continue to run the retail business. It will also retain ownership of the gas stations that are connected to the convenience stores, acting as a Gulf franchisee.

The deal, which is expected to close this summer, was previously reported by Convenience Store News.

Summary: Cumberland Farms is selling its fuel distribution business Gulf Oil to a Boston private equity firm for more than $800 million. Joe Petrowski, the former chief executive of Gulf and a longtime energy industry veteran, is also involved in the deal and said to be partnering with ArcLight Capital Partners, the local buyer.


The mega trade pact between the US, Australia, New Zealand and nine other Pacific Rim nations remains alive, after being just a heartbeat, or one vote, from possible death.

US President Barack Obama secured fast-track authority for the Trans-Pacific Partnership in Washington on Wednesday.

The US Senate voted 60-38 after weeks of backroom deals.

To secure the win, Mr Obama aligned himself with his habitual combatants, Republican Party members in congress, and upset many of his Democrat allies, unions and environmentalists.

Australia and other member nations, fearing the US may not be part of the TPP because of interference from the US Congress, breathed a sigh of relief and announced they were keen to hammer out the final details.

"This would pave the way for the relevant ministers from the respective countries to come together in the near future with the aim of concluding these long-running negotiations," Australian Trade Minister Andrew Robb told AAP.

The past month brought tense moments in the White House and congress, with Democrats revolting against Mr Obama and torpedoing an earlier version of the fast-track bill in the House of Representatives.

On Tuesday, a procedural vote for fast-track in the US Senate passed by just one vote.

Fast-track protects the TPP from being altered and delayed by amendments when it is brought back to congress for final approval.

With fast-track, congress can approve or reject, but not alter, the bill.

Democrats, bruised from the battle, have vowed to stand in the way of the TPP when it is sent to congress for review and approval later this year, if it is deemed not good for Americans.

Apart from some partial leaks, most of the TPP remains secret.

"We all recognise that the next debate will be over (TPP) itself and all members, on both sides of this debate, will shine a bright light on the provisions of TPP," House Minority Leader Nancy Pelosi, a Democrat, said.

Politicians in Australia are also cautious.

Independent senator Nick Xenophon fears the deal will be a "one-way street" and bad news for Australia.

"It is not so much a partnership, but an assault on Australian sovereignty," he told reporters in Canberra.

Senate crossbencher David Leyonhjelm has some concerns about the deal's impact on intellectual property rights, patents and copyright.

China is not included in the TPP and Mr Obama has said the pact will prevent China from writing the rules in the Asia-Pacific - the world's fastest-growing region.

The TPP is planned between the US, Australia, New Zealand, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore and Vietnam.

The nations represent 40 per cent of the world economy.

"We had plenty of bumps along the road," Senate Majority Leader Mitch McConnell, a Republican and frequent Obama antagonist, said.

"Frankly, a few big potholes too.

"But we worked across the aisle to get through all of them."

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Summary: The huge Trans-Pacific Partnership trade pact remains alive after US President Barack Obama aligned himself with usual enemies in US Congress.


Bill Cosby and his attorney Monique Pressley (inset)

vigorously defended the entertainer in an

Wednesday, chastising the media for "misrepresenting"

for a lawsuit he settled in 2006.

"There are a thousand-plus pages that are available of Mr. Cosby in his own words, and what we're seeing so far are headlines that are grabbing one excerpt or two and misinterpreting them," Monique Pressley told the morning show.

"The deposition said that there was use of Quaaludes, which was done often in the '70s," she said.

"It was considered a party drug called

and it was something that was done frequently, not just by Mr. Cosby but other entertainers," Pressley said.

She also addressed the allegations of the nearly 50 women who say Cosby drugged and sexually assaulted them.

"I'm not making conclusions – and you know that I can't – about whether someone is lying or not," she says.

"What I am saying is that Mr. Cosby has denied the accusations that have been lodged thus far," she says. "The sheer volume or number of people who are saying a particular thing does not make it true."

Last December, Pressley made that same point about the "sheer volume of accusers" when she spoke

"You'll have some people who will come forward and join the bandwagon," she says. "If you know the police department messed up in a certain park on a certain day, you'll have 30 people who'll come forward to cash in who weren't even there, who were at lunch across the street, who were looking from the window."

So "just because people come forward and say, 'Thirty years ago he [Bill Cosby] put something in my cup,' " doesn't mean he did it, she said.

On Tuesday, Cosby's attorneys filed a motion Tuesday asking for sanctions against Dolores Troiani, who represents former Temple employee

, with whom Cosby settled the 2005 lawsuit.

On July 8, Troiani filed a motion asking First U.S. District Court Judge Eduardo Robreno to allow the release of Cosby's deposition and release both Troiani and Constand from the confidentiality agreement that came with the settlement of Constand's 2006 lawsuit.

Troiani and Pressley did not respond to requests for comment.

The Cosby scandal, dormant for nearly a decade, exploded into the public domain again last fall after comedian Hannibal Buress joked about the accusations in a Philadelphia comedy club appearance, and a video of the joke got posted online.

Buress, who has rarely commented on the scandal since,

he had no way of knowing how everything would play out.

"You can't predict s--- like that," he tells the magazine.

Meanwhile, Simon & Schuster confirmed on Wednesday that it has no plans to revise or issue future editions of the 2014 bio

, written by Mark Whitaker, which has come under fire for not exploring the scandal.

Although the publisher is not planning to pull the biography entirely, it is not scheduling a paperback edition of the book, vice president and executive director of publicity Cary Goldstein told PEOPLE.

He adds that, "in light of recent events," the publisher and the author have decided to remove any celebrity endorsements of the book that were received prior to its publication last fall.

told PEOPLE they asked to have their blurbs removed.

Simon & Schuster told the

that it also pulled blurbs from

Summary: Monique Pressley addressed accusations against Bill Cosby after newly released documents reveal he admitted giving a woman Quaaludes before having sex


China stocks fell another 1.6 percent Tuesday, a day after tanking more than 8 percent, and many analysts have been quick to point out how Chinese consumers are unlikely to take a hit. But experts who spoke to CNBC say that this time, it could be different.

Stocks account for only about 9 percent of household wealth in China, and major market indices are still higher on the year, so relatively few regular Chinese were severely burned by Monday's move. Still, the fallout from July's downturn—and the unsuccessful government interventions that followed—could damage Beijing's credibility when it comes to exerting control over markets. And that's a threat to China's real economy.

"Normally we would say that the Chinese stock market is not that connected to its real economy, as firms don't use it to raise that much money, and it's a small percentage of household wealth," said David Dollar, a senior fellow at the Brookings Institution's Thornton China Center. "By coming in with all these measures, the central authorities on the one hand seemed a little panicky ... and the real worry is that this undermines Chinese people's confidence in the real economy and the government's ability to make policy."

Beijing instituted several measures to prop up equity prices, and they temporarily stymied stocks' fall. But that strategy appeared to break down on Monday. Local, state-controlled media and regulators both suggested that Chinese markets may be under attack by malicious (possibly foreign) sellers.

Read More What's fueling the frenzy in China stocks?

"The idea that the government will support asset prices or prevent losses or prevent negative outcomes is not unique to the stock market ... it is pervasive" in the Chinese economy, said Patrick Chovanec, managing director and chief strategist at Silvercrest Asset Management, who listed real estate, shadow banking and a host of other industries among the areas where Beijing's support is considered a given.

"Any kind of crack in that edifice of confidence that the government can fix economic outcomes the way it wants to may inject thoughts or doubts into a whole host of things," he added.

Still, for now, the vast majority of China's small, retail investors are fine after Monday's carnage. "For a lot of people, it was paper gains and paper losses," Chovanec said.

Summary: The plummet in Chinese stocks may not directly harm the country's real economy, but it could have wide-ranging effects.


The global jeans market was worth over $108 billion last year, according to data from market research firm Euromonitor. It is estimated to grow to $115 billion this year and is set to top $122 billion by 2016.

In its analysis of the market over the past 12 months, EDITD concluded that boyfriend jeans were the most popular women's style in the U.S., whereas in the U.K., high-rise skinny jeans topped sales.

Read MoreFashion Week is bigger than the Super Bowl for NYC

The U.S.'s luxury denim market grew by 9 percent between November 2014 and January this year, compared with the same period a year ago, the report said, Meanwhile, the mass market -- with an average retail price of $69 per pair of jeans – fell around 2 percent.

The trend was reversed in the U.K., however, where the luxury denim market declined by 24 percent between November 2014 and January 2015, while the discount market ballooned some 52 percent.

Online retailer ASOS was ranked the largest "mass" and "value" retailer of denim in both the U.S. and U.K. in EDITD's report. While on the luxury front, denim brand 7 for All Mankind was named the most-stocked brand of jeans in the U.S.

This was despite its parent company, VF Corporation, warned that falling sales of premium denim had hit revenue, as it reported earnings on Friday.

The apparel group, which and also counts Wrangler and Lee brands in its denim portfolio, said there was "continuing challenging consumer trends" in premium denim, and wrote down the value of brand 7 For All Mankind, along with two other contemporary lines, by $396 million.

Follow us on Twitter: @CNBCWorld

Summary: So-called "boyfriend" jeans are the bestselling style of denim in the U.S., according to a new report.


Following is the unofficial transcript of a CNBC interview with Minister of Finance for Netherlands, Jeroen Dijsselbloem, by Julia Chatterley at the IMF Spring Meetings, Washington, on Monday 20th April 2015.

Julia Chatterley (JC): You've warned that we shouldn't go into a game of chicken over the negotiations with Greece – isn't that exactly what we are doing at this stage?

Jeroen Dijsselbloem (JD): Well, that's the reason why I warned not to go there. I think we need to find a compromise which we can, we've said in February and agreed with the new Greek government that we could redesign the current program, put in their new political priorities, and of course, still maintain the program on track. I think that's possible and we should get it done.

JC: Progress is very, very slow.

JD: It is very slow, yup. We started, of course, directly after the Eurogroup agreement of February but a lot of time was lost on the organization side, on getting the right data put together and we really need to organize it better.

JC: Is that still a problem? Are we still having trouble getting hold of the right information, actually getting into the finance ministry, pulling out the facts and figures that we need?

JD: Well as you know we did some adjustments to the, the regular process of the Troika and fact-finding missions etc. The Greeks asked us to do it differently and we were willing to do that but in the end we still need hard data to understand the situation in Greece. We need to have realistically designed reforms and plans so we can work out what they will do and how they will work into the budget and what they will do in economic terms. We still need those basics to put an agreement together and that's proven to be quite difficult.

JC: Because you've given them more flexibility actually it's complicated the issue?

JD: Um, the redesign of the process has been a complicating factor. The very strong political will of the new government wanting to go in a completely different direction, which is only in part possible. I mean, some of the issues are real issues in the Greek economy and in the functioning of the public sector of course haven't changed because there is a new government. We still need to deal with those so they're still on the table.

JC: No deal expected in Riga next week, is the best that we can hope for that we get some kind of agreement on May 11th at that Eurogroup?

JD: Erm, it's hard to say. I think we should certainly work more concentrated, 24-7 as far as I'm concerned, really pick up pace. Also because the situation in Greece and the real economy is of course deteriorating, awaiting the new deal, awaiting the new approach and we need to deliver that quick.

JC: And what about the financing? I mean, for many people we weren't expecting them to be able to make the payments to the IMF that they've made – what about them pushing to May?

JD: Um, it's hard to predict, new money seems to be found in different places - in government, in public sector. But there comes an end to that approach, at one point. So that also stresses the urgency that we should feel and should put into the process to get it done.

JC: There's a talk of a potential gas deal between Russia and Greece and locking in a few billion euros for Greece. Are we happy to see them get short-term funding from, from other countries, particularly Russia in the current set-up?

JD: All I know is that the Greek government, the Greek people want to have a solid future inside the Eurozone. And that's a great motivator for them but also for us. That is exactly the same kind of perspective we have – We want a financially stable and independent Greece within the Eurozone.

JC: Would it be preferable to sort these problems out ourselves?

JD: We have to sort it out. We have to sort it out within the Eurozone. We stand ready to support them further but it has to be a credible program and it has to really solve the key issues in the Greek economy and in the functioning of government. So it's not going to be easy, there is no easy way out, and I think, as always, the politicians have to be brave enough to tell their electorate that there are also tough measures to be taken.

JC: I mean, that's part of the problem here, because there's no sense in the communications that we're seeing from the government, actually that they're preparing the people for an agreement with the Eurogroup. And as you keep saying, there's tough decisions that still have to be made. Are we prepared that they're not willing to compromise here?

JD: I think Prime Minister Tsipras has a very strong mandate and still a very high level of trust in his country. And sometimes as a politician, to lead, you must also use the mandate that you have. You must sometimes lead your people into a future, even when that means taking tough measures in the short-term. There has to be a perspective in the longer-term and I think Prime Minister Tsipras has already proven when he came to an agreement with the Eurogroup in February that he is that kind of politician that can lead Greece into that kind of future. And I think that's the way to progress.

JC: Some of these reform decisions could ultimately fracture this government and what we see behind the scenes there is the third largest party in the country is, is Golden Dawn, that's a very difficult decision for him to make. How strong is that mandate when, ultimately, we could see a third of Syriza party fracture?

JD: I can't speculate on what the different fractions within parties do or feel or what they will support or will not support.

JC: But it's influencing his decision making process, surely?

JD: Of course. So maybe he will have to broaden his support in parliament from other parties also. When the future of Greece is at stake I think that is a legitimate political stance to say "I need broader support. I'm also going to call on other parties to get this done." I mean there are big interests here at stake, we're talking about the future of Greece, so I think that should strengthen our commitment.

JC: Nomura said this week that we are closer to a Grexit that we've ever been. Is that right?

JD: No, I don't think so.

JD: It is alarmist. I think we're all very motivated. The member states of the Eurogroup but also the Greek population, the Greek politicians. Greece's future is inside the Eurozone and that can be done but being a member of the Eurozone also means that you also have to comply to some of the agreements that we have and certainly to the basic rules that we have within the monetary union. You cannot be part of monetary union but have your own rules. I think that's the kind of reality that politicians also have to live up to and explain to their electorate. You cannot say to Brussels, "I will comply, I want to stay inside the monetary union" and tell your electorate at home, "We'll ignore the rules and go our own way" . And that goes for every country, not just for Greece.

JC: But that's exactly what they are doing.

JD: There is a tension between the two messages. Wanting to stay inside the Eurozone, wanting to continue the co-operation with the Eurozone countries and at the same time saying "We will do everything different". You can't do everything different. Some of the rules are also for new governments. They don't change because there have been elections. And some of the issues haven't changed, some of the key problems in Greece still have to be dealt with – whomever is in government, they will have to deal with it.

JC: You sound like all the conversations that I have in the Eurozone and that is, ultimately, that finance ministers believe that we'll reach a deal at the eleventh hour and that goes back to the game of chicken that we started talking about. And this is what the Greeks feel too, they believe ultimately, that someone will blink first. I just worry that there's complacency here, that this is what's going to happen.

JD: I worry about the same thing. And that's why I've said, um, on the basis of the old agreement, we've opened up and said, "Look, you want to put in your political priorities? Welcome, try and do that. Let's work on that." We are prepared to compromise. We've always compromised and redesigned programs as we go along, over the last couple of years and are prepared to do the same for Greece. So, sitting back and waiting for the other to change its position is not the right attitude and not for us. So we're ready to talk and to compromise seriously and also that has to come from the Greek side.

JC: Do you think there's a lack of willingness on their part to recognise the compromise that you're offering here because they're in some way fixated on proving that they're changing things and proving that they won't be cowards, in a way, like some of the other program countries, 'cos this is some of the terminology that's been used?

JD: Yup. But I think that if you look at the other program countries, they've gone through a very hard period, having to take very tough and unpopular measures and yet that has strongly contributed to their recovery. If you look at the way Ireland is performing now, or Spain, they are really showing great figures now. Investments going up, consumer trust going up, demand is returning, um, and that is the perspective that also Greek politicians could offer their people. But it has to be done by taking some measures which I still think are for a large part inevitable.

JC: You've presided over some very tough times for the Eurogroup. Is this the most challenging?

JD: I don't know, I think the, um, the surroundings are more easy at the moment, growth has returned to all the Eurogroup members, even for Greece, though they're facing a setback now but growth had returned, um, and all figures are picking up which makes it easier to deal with this present problem in Greece than a couple of years ago when the situation was of course much more tense, financial markets were nervous etc. So let's use that relative calm as an opportunity to get this back on track.

JC: It makes it easier to isolate Greece too?

JD: It is more isolated at the moment. As you know, at the beginning of 2013 we had five program countries – now we have two left. Cyprus is well underway, performing very well, much better than we had even expected. So that brings it really back to one major program country which still has a long way to go. And as I've said again and again, we will support Greece in that recovery, even if it takes a long time. But it also requires commitment from the Greek government to the European and the Eurozone project.

JC: Is that part of the leverage then that the Eurogroup and the IMF have here, in that the markets more broadly are very sanguine, we only really see fear in Greek asset prices right now. Is that the way to pressure them here into making a decision 'cos ultimately it could come down to that pressure?

JD: Yeah and I think also the fact that the markets are still very critical on the situation in Greece means that Greece needs further support. Um, they're not going to be out of a program or out of support at the end of June. Also after the summer, we'll have to consider how to support them further. In the current situation, financial independence is still a long way.

JC: You're not going to wait until after the summer to do that, surely, isn't that also going to have to happen in May?

JD: First we need to find an agreement on the package for these four months. I think it would be very difficult to talk about the future if we can't even agree on what has to happen in these extra four months, so that's top priority.

JC: As you quite rightly say, if we've had this much trouble extending the program and completing the last program, how on earth are we going to try and organize a new program for them? We're going to continue to have these issues, aren't we, for the next few months (at least)?

JD: It's all about, it's all about trust. I think…(cut off)

JD: But if it returns – and the way to get it back is to seriously get that deal – for these four months get their support flowing again, the financial support flowing again. If trust returns then it will be a lot easier to talk about the future. But it's crucial.

JC: Is Varoufakis the most challenging politician you've ever faced?

JD: He's certainly an interesting politician but I've met, I've met many interesting politicians.

JC: Is he a man you can work with?

JC: And you have to?

JD: We have to. I mean, I don't choose the colleagues in the Eurogroup, so I work with very different politicians from different countries, different political backgrounds and different convictions. And that's fine, that's Europe, we, we, we always succeed in the end to work together.

JC: There's a belief that, given the stance that Greece is taking here that actually if something bad does happen as far as the Eurozone is concerned, actually people could go, you know what, this is not about the Eurozone being unwilling to hold together, this is about a country that wasn't willing to remain. Do you buy into that?

JD: Um, no I think, as I said, Greeks, the Greek government, also the current Greek government is, is motivated to be part of the project and stay inside the Eurozone. But they have to come a long way in terms of the kind of reforms. They are probably more deep and more broad than in any other country. Dealing with the quality of government, public sector, sustainability, finance, trust in the financial sector. So the scope of the kind of reforms that are necessary in Greece are much wider and deeper than in any other country. We also have to be fair and give them credit for that. For them the situation is a lot tougher than for any of the other countries and again I think we should support them in that. Also if that takes a longer time.

JC: You said or agreed that trust has gone, confidence has been lost. What's the risk here particularly now that actually depositors, if anything, take the decision away from them and take the decision away from you and actually force the situation for Greece here?

JD: Ah, I think, um, once again it's in everyone's interests and certainly in the interest of the Greeks to stabilise the situation. And the best way to stabilize it is to get that deal, the short-term deal certainly on the next four months and also start talking about how to stabilise Greece in the future. It's going to be a long-term project and that requires trust for people to invest in that project and it has to come from two sides.

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 recognised 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.


Any number over 50 indicates that more builders view conditions as good.

"As the spring buying season gets underway, home builders are confident that current low interest rates and continued job growth will draw consumers to the market," said National Association of Home Builders Chairman Tom Woods, a home builder from Blue Springs, Missouri, in a press release.

Read MoreWeekly mortgage applications drop as rates tick higher

Builders in hot markets are feeling positive, but holding back construction on labor shortages. Oakwood Homes in Denver limits the number of lots it releases each week to make sure it can keep up with demand. "We released four of our home sites last Saturday and we had 44 pre-approved buyers that wanted those four home sites," said Pat Hamill, Oakwood's CEO. The builder did a drawing to pick who would buy the homes and hopes those not picked will stay interested.

CB Jeni Homes, which builds in the Dallas/Ft. Worth area, is finding strong sales and traffic for its lower priced townhomes, as sales for higher priced homes have softened slightly from a year ago. But it, too, is careful not to offer more than they can deliver.

Read MorePricey San Francisco housing tightens up even further

"We control sales and production very strictly because of the prolonged vendor shortage here in Dallas. It is a complete whipping getting a home built," said CB Jeni Homes founder Bruno Pasquinelli.

Housing starts have showed weakness, falling a sharp 17 percent in February. But the reading for March comes out of the Commerce Department Thursday is expected to show a 15.7 percent bump up to 1.038 million annualized rate.

Summary: Home builders are bullish on low interest rates and continued job growth as spring home buying season kicks into high gear.


09/09/2015 AT 11:20 AM EDT

Plus-size model Ashley Graham wants to be an inspiration for girls of all shapes and sizes.

"I think young girls need to have role models who are curvy, who are talking about their cellulite, who are talking about their backsides, because a lot of people are not doing that," Graham, 27, tells PEOPLE. "They're hiding behind retouching. I mean, I wear Spanx, but it's not something [other people] are very open about. I just really want to be open."

The body positive activist – who will be speaking at

in October – has broken barriers in the fashion industry by being the

to be featured in the

Swimsuit Issue, and by modeling in Lane Bryant's inspiring

. She hopes she is paving the way for the next generation of plus-size models.

"I believe that what I'm doing, and what other plus-size models of my generation are doing, is continuing to open that door for the next plus-size model to come in and to not be labeled as a plus-size girl, for her not to be judged by the number that's inside of her pants, for her to be able to be on the cover of American

and it not have the whole article be about, 'Are you fat and happy?' " she says.

Graham is about to break another boundary by showcasing and modeling her own lingerie line for Addition Elle during New York Fashion Week.

"I believe we're the only plus-size fashion show that will be in New York Fashion Week, which is truly exciting," she says.

While models of all sizes are slowly being included in fashion's biggest week, Graham thinks this is just the beginning.

"There are so many new opportunities that are coming up," she says. "I'm excited to see which designers actually put curvy, plus-size models in their show. Those designers will be groundbreaking."

Summary: 'I hope what I'm doing is creating an inclusive part of fashion for the next generation,' plus-size model Ashley Graham tells PEOPLE


* Yen, euro back in favour as soured risk sentiment hits dollar

* Overnight crude oil plunge weigh on Aussie, loonie

* Aussie struggles near 6-year low

TOKYO, Sept 2 (Reuters) - The dollar and commodity currencies like the Aussie were on the defensive on Wednesday as another stormy 24-hour session for financial markets forced investors to unwind well established trades, sending the euro and safe-haven yen higher.

The dollar was up 0.5 percent at 119.89 yen, off a low of 119.25 but still sharply down from an overnight high of 121.265. The euro was steady at $1.1299 after rallying 0.9 percent on Tuesday.

Stocks and oil tumbled on Tuesday, and U.S. treasuries rose, as weak Chinese manufacturing data rekindled global growth fears.

A report showing softness in U.S. factories added to the gloom, sending the S&P 500 down 2.5 percent and U.S. crude tumbling 7.7 percent.

"Currencies will continue to closely watch equities, with the yen and euro boosted by unwinding of carry trades in such times of risk aversion," said Shinichiro Kadota, chief Japan FX strategist at Barclays in Tokyo.

Speculators and investors had sold low-yielding yen and euro to buy higher-yielding currencies and shares in a "carry trade" strategy that had to be suddenly unwound as a worsening outlook for global economy spelled weakness for equities.

"Short-term focus will be on the U.S. ADP employment report due later today and the European Central Bank meeting tomorrow. There are hopes that the ECB may ease further in light of recent developments, which could improve risk sentiment," Kadota at Barclays said.

The markets will study the ADP employment report as a rough predictor of the more comprehensive U.S. non-farm payrolls due on Friday.

The dollar index was steady at 95.542 after an overnight loss of 0.6 percent.

Struck down by the slide in oil and other commodity prices, the Australian dollar was down 0.2 percent at $0.7008 after hitting a six-year low of $0.6998 earlier in the session.

The Canadian dollar, another commodity currency buffeted by gyrations in oil prices, stood little changed at C$1.3186 per dollar after losing 0.9 percent overnight. The retreat put the loonie closer to an 11-year low of C$1.3353 struck last week.

Earlier in the week, the Canadian dollar had gained some respite as the price of crude oil - a key export for Canada - temporarily rebounded from recent lows amid a brief lull in global risk aversion.

Summary: TOKYO, Sept 2- The dollar and commodity currencies like the Aussie were on the defensive on Wednesday as another stormy 24- hour session for financial markets forced investors to unwind well established trades, sending the euro and safe-haven yen higher. The dollar was up 0.5 percent at 119.89 yen, off a low of 119.25 but still sharply down from an overnight high...


Women control more wealth than most financial advisors recognize.

That's the message Sallie Krawcheck, former president of the global wealth management division of Bank of America, told attendees at the Morningstar Investment Conference Thursday in Chicago.

"Women are not a niche market," said Krawcheck, who is now chair of Ellevate, a global women's professional network. Women are "the largest opportunity for our industry today."

In the U.S., women have decision-making power over $11.2 trillion, or 39 percent of the nation's estimated $28.6 trillion in investable assets, according to the Center for Talent Innovation.

"Women are on their way to be the majority of U.S. millionaires in the not-too-distant future," Krawcheck said.

Read MoreJPMorgan's Kelly: U.S. growth will be only 1.5%

But the financial services industry has served them poorly. Krawcheck said that two-thirds of women who have financial advisors are unhappy with them, and 70 percent of women leave their financial advisors after their spouses die.

Krawcheck offered five ways financial advisors can attract and retain more women clients:

Talk with women clients, not at them. Avoid the jargon, like basis points, alpha and beta. "I love the jargon," Krawcheck said. "But we have to ask ourselves how much our clients understand it or even interested in it."

Focus on risk. "Women value wealth preservation seven times more than they value upside risk," Krawcheck said.

Read MoreGMO's Grantham: Not a stock market bubble, yet

Take a holistic approach. Advisors should help women clients close the gender pay gap --women earn about 77 percent of what men do globally--in their careers. "That's a 30 percent return on her biggest asset that she gets year after year," Krawcheck said.

Frame investing around goals. "I talk to a lot of women about this: Not one of them can tell me what her portfolio did versus the market last year. Not one of them truly cares," Krawcheck said. "They truly care about, 'can I send my kid to college?' ... 'can I buy that home?'"

Offer values-based investing services. Krawcheck admits she has changed her mind on this. She used to think that social impact investing was "not real investing" because "you have to get the highest risk-adjusted return that you can and you just can't do that if you are doing good." But women really want to "have a fair return and have an impact."

Read MoreThese do-gooder investors are making money, too

Summary: Former big bank executive Sallie Krawcheck makes the case why financial advisors should focus on women.


Q: Elena's attorneys say the trusts were created to prevent her from receiving her share of wealth. How would you describe their purpose?

Bersheda: That argument was clearly shown to be baseless, contradictory with the facts and deeply flawed.

The trusts were established in 2005, long before Mr. Rybolovlev's now ex-wife initiated divorce proceedings in late 2008. Mr. Rybolovlev had no inkling that she would ever wish to do that. When, years later, he learned from third parties during the Christmas holidays of 2008 that his ex-wife had filed for divorce two days before Christmas to take him by surprise and freeze all the assets, he still tried to prevent the divorce in order to keep his family together.

So, on the contrary, rather than setting up the trusts with a divorce in mind, Mr. Rybolovlev established them to benefit his family and secure its future. The purpose was asset protection and succession planning. During that period around 2005, many leading Russian businessmen were creating foreign trusts to protect their assets from potential risks of corporate raiding in Russia—it was a common practice amongst the top cadre of entrepreneurs to which Mr. Rybolovlev belonged.

As far as succession planning was concerned, Mr. Rybolovlev believed that his assets had become so significant that it would have been indecent for them to be enjoyed by one generation. Therefore, it was critical to create a structure of which the beneficiaries would be not only the couple's two children, but also their future heirs.

By complete contrast, Mrs. Rybolovleva felt that she was entitled to multibillion corporate and other assets, even at the expense of her own children and future grandchildren.

Perhaps the saddest thing for the family is that this entire process could have been over long, long ago had she accepted the repeated settlement offers, which were generous and exceeded the amount awarded by the Cour of Justice de Geneva. Somehow she felt that only a multibillion settlement of her divorce would correspond to what she deserved or needed.

So, the award made by the court has now shown how fair and generous the settlement offers were: In applying Swiss law to the dispute the judges have now awarded Mrs. Rybolovleva a lesser amount than what Mr. Rybolovlev repeatedly offered her, offers he made for the sake of peace in the family and for the well being of the couple's children.

Q: This may be among the biggest (if not the biggest) reduction in a divorce award in history. How does it feel to have won such a legal and financial victory?

Bersheda: After seven long years of sometimes bitter legal dispute, it is a satisfying result for the entire team of lawyers who have worked together on the case in more than 10 jurisdictions where Mrs. Rybolovleva was attacking her ex-husband and the family trusts.

Above all, we are happy for Mr. Rybolovlev and his family. This has been a grueling and testing process for him and his children and he has conducted himself with great dignity throughout. On a personal note, my hope is that the judgment will now allow them to turn the page on this chapter and move forward with their lives.

From a legal standpoint, our team and I are happy that we finally have a victory for the application of law and the law is now being correctly applied in this case. The first judgment handed down in May 2014 was clearly erroneous—it did not consistently apply Swiss matrimonial law and ignored the provisions of The Hague Trust Convention in force in Switzerland.

The significantly reduced settlement was the result of those earlier errors being corrected and constitutes a victory of the law.

Q: Do you think the trust paid reasonable market prices for the assets it purchased? The $88 million price for the condo at 15 Central Park West, the Trump house in Palm Beach, etc.?

Bersheda: We are confident that the trust sought the appropriate professional advice before making any investment decisions and that it has made good investments, acquired at competitive valuations.

Summary: The most expensive divorce in history may soon become the most expensive divorce reduction in history.


Sex dolls are nothing new, but there is rising interest in robots that can be used for sexual purposes, with electronics and robotic companies hastily trying to get them to market.

For instance, Californian company RealDoll plans to sell an "artificially intelligent" rubber sex doll able to talk by 2017.

Then there's True Companion that has been designing what it claims is the world's first sex robot—called Roxxxy—for years. Male sex robots are also in development. Her price starts at $6,995.00 but approaches $75,000.00 for custom designs, the company told CNBC.

Roxxxy "knows your likes and dislikes, carries on a discussion and expresses her love to you and (can) be your loving friend. She can talk to you, listen to you and feel your touch. She can even have an orgasm," True Companion says on its website.

Asked whether sex robots like Roxxxy could have a detrimental effect on society, founder of True Companion and inventor or Roxxxy, Douglas Hines, defended his creation, telling CNBC that she has a useful role to play in society.

"Roxxxy provides physical and sexual pleasure but also provides social interaction and engagement," he said. "It's customizing technology to provide a perfect partner - she's not meant to replace a real partner but is meant as a supplement," he said.

He said the sex robot was a useful addition to society and could have therapeutic uses, such as sex therapy. He believed that, contrary to Dr Richardson's concerns, robots like Roxxxy help to reduce sex trafficking, sexual and domestic abuse. "As long as we're not hurting anyone, there's no problem with it," he said.

Summary: Activists are campaigning against the sale of so-called sex robots, which may be "harmful and contribute to inequalities in society."


For all the talk about the new Cadillac ELR driving a new chapter in plug-in cars for Cadillac and General Motors, one question hovers over those discussions: Is it a game changer?

More specifically, is the ELR a threat to the Tesla Model S?

The comparisons are inevitable since the new ELR will go on sale at a hefty starting price of $75,995. That's the neighborhood of the Tesla Model S, which has two versions starting at $72,000 and $82,000 (before a $7,500 federal tax credit).

Earlier this year, one Wall Street firm estimated the average transaction price for the Model S is $93,000.

In short, the ELR and Model S will be competing for sales in the rarefied air of models selling for more than $75,000.

The ELR is not a pure electric car, which is the case with the Model S. That difference is huge.

Cadillac took the battery/power system of the Chevy Volt and wrapped it in a luxury car with all the styling cues of the current generation of Cadillacs.

(Read more:Nissan's big drive for global growth)

That's not to say the ELR is simply a rebadged Chevy Volt. It's not. From the 20 inch wheels to the suede-like accents in the interior, to the Cadillac CUE infotainment system, the ELR is far different from the Volt.

It is also completely different from the Model S, and not just because the Model S is a pure electric car.

Summary: Cadillac's ELR and Tesla's Model S will be competing in the rarefied air of models selling for more than $75,000.


Finally, there is a matter of estate taxes. Federal estate taxes are not due if the estate is valued at less than $5.34 million in 2014. Moreover, a surviving spouse can inherit an unlimited amount of money.

That sounds like a lot, but check your state to see if it has a death or inheritance tax. Half of all states impose a tax on estates at thresholds much lower than the federal allowance, with many ranging between $1 million and $2 million.

Why is this important? If you're single, have a $500,000 401(k) plan account, $250,000 in home equity and a $1 million life insurance policy, you may not feel rich, but your estate is worth $1.75 million. In some states, your beneficiaries would have to write a check to the state treasury.

Read More3 reasons to court millennial investors

Fortunately, these circumstances can easily be avoided with the proper planning, and you'll likely sleep better at night when the process is complete. It's advisable to use an estate-planning attorney, as these matters require the attention of a specialist. While none of us will live forever, all of us—without question—should plan for a smooth transition upon our death.

—By Ivory Johnson, special to CNBC.com. Johnson is the founder of Delancey Wealth Management.

Summary: Many think estate planning is only for the rich, but it's recommended that everyone state their wishes in a will.


Simon Dawson | Bloomberg | Getty Images

An employee selects a HP EliteDesk desktop computer, produced by Hewlett-Packard Co., from a pallet of boxed HP computers in a warehouse in this arranged photograph taken in London, U.K.

Expected quantitative easing from the European Central Bank on Thursday will likely send the U.S. dollar even higher, hurting some big-name tech stocks such as Hewlett-Packard in the process, if history is any guide.

A "strong dollar is negative for any company with significant overseas business," said James Kelleher, director of research at Argus. "Companies like IBM and HP can't totally avoid a currency headwind at the cost of being a global company."

Historical analysis using Kensho, a quantitative data analytics tool used by hedge funds, shows that on 10 occasions since Jan. 1, 2005, when the dollar rose 5 percent or more over 60 trading days, tech names were among the worst performers for the next three months.

Summary: Expected ECB QE will likely send the U.S. dollar even higher, hurting some big-name tech stocks such as HP in the process, if history is a guide.


The White House, already badly stung by the recent Supreme Court's "Hobby Lobby" ruling that allows some businesses to avoid an Obamacare contraception-related rule for religious reasons, quickly responded to the latest blow to the Affordable Care Act.

White House spokesman Josh Earnest said the ruling "does not have any practical impact" on premium subsidies issued to HealthCare.gov enrollees now."

"We are confident" that the ruling will be overturned, Earnest said. "We are confident in the legal position we have . . . the Department of Justice will litigate these claims through the federal court system."

Earnest said "it was obvious" that Congress intended subsidies, or tax credits, to be issued to Obamacare enrollees regardless of what kind of exchange they used to buy insurance.

Justice Department spokeswoman Emily Pierce, said "We believe that this decision is incorrect, inconsistent with congressional intent, different from previous rulings, and at odds with the goal of the law: to make health care affordable no matter where people live."

"The government will therefore immediately seek further review of the court's decision," Pierce said. "In the meantime, to be clear, people getting premium tax credits should know that nothing has changed, tax credits remain available."

House Speaker John Boehner praised the DC ruling, saying it's "further proof that President Obama's health care law is completely unworkable. It cannot be fixed."

Michael Cannon, one of the intellectual godfathers of the court challenge and a director at the libertarian Cato Institute, said the ruling "was validating" to him.

"This is the first opinion that looked at all of the evidence," said Cannon, noting that the decision found the Obama administration does not have and never had the power to issue subsidies to enrollees on a federal exchange

"The Obama administration has been violating its own health care law," Cannon said.

Read MoreWhat's really surprising about Hobby Lobby ruling

Cannon's claim has been met with derision by Obamacare supporters, who argue that it relies on a narrow reading, or even misreading of the law.

"The clear intent of the Affordable Care Act was to give American families access to affordable coverage no matter where they live," said Anne Filipic, president of the Obamacare advocacy group Enroll America President.

Supporters argue that the legality of the subsidies to HealthCare.gov enrollee derives from the fact that the law explicitly anticipated the potential need to create such a federal exchange in the event that a state chose not to.

Jost, the law professor, said of Tuesday's decision by the DC panel, "I think this is a speed bump in the way to getting uninsured Americans coverage."

"It's unfortunate that it happened, but it's not going to ultimately undermine or destroy the Affordable Care Act," Jost said.

When the ACA was passed, most supporters believed that the vast majority of states would create their own exchange. But the opposition to Obamacare of many Republican governors and state legislators lead to most states refusing to build their own marketplaces, setting the stage for the challenges to the subsidies issued for HealthCare.gov plans.

Two separate federal district court judges—in D.C. and Virginia—had rejected plaintiffs' challenge to the subsidies. Those denials lead to the appeals in the D.C. federal circuit and in the Fourth Circuit.

Out of the more than 8 million Obamacare enrollees this year, fewer than 2.6 million people signed up in plans sold via an exchange run by a state or the District of Columbia. Of those people, 82 percent, or about 2.1 million, qualified for subsidies.

The subsidies are available to people whose incomes are between 100 percent and 400 percent of the federal poverty level. For a family of four, that's between about $24,000 and $95,400 annually.

In a report issued Thursday, the consultancy Avalere Health said that if those subsidies were removed this year from the 4.7 million people who received them in HealthCare.gov states, their premiums would have been an average of 76 percent higher in price than what they are paying now.

Another report by the Robert Wood Johnson Foundation and the Urban Institute estimated that by 2016, about 7.3 million enrollees who would have qualified for financial assistance will be lose access to about $36.1 billion in subsidies if those court challenges succeed.

Summary: In a dramatic split decision, two federal appellate panels disagreed on the legality of billions of dollars in government subsidies for Obamacare.


WILLIAMSBURG, Va., Sept. 10, 2015 (GLOBE NEWSWIRE) -- SoTHERLY Hotels Inc. (NASDAQ:SOHO) (the “Company”) announced today that it has completed the conversion of the DoubleTree by Hilton Jacksonville Riverfront. The hotel underwent an extensive $5.0 million renovation as part of the rebranding.

The 292-room hotel sits on the south bank of the St. Johns River, amidst downtown Jacksonville’s San Marco Historic District. The property features 12,000 square feet of meeting space, a Ruth’s Chris Steakhouse, and outdoor pool overlooking the city’s Riverwalk.

Drew Sims, Chief Executive Officer of the Company, commented, “We are very pleased to complete the renovation and upbranding of our Jacksonville hotel. We are confident the DoubleTree by Hilton flag will create value for our guests and shareholders alike.”

SoTHERLY Hotels Inc. is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale and upper upscale full-service hotels in the Southern United States. Currently, the Company’s portfolio consists of investments in twelve hotel properties and comprise 3,010 rooms. Most of the Company’s properties operate under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels and Resorts brands. SoTHERLY Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com.

Contact at the Company: Scott Kucinski Vice President – Operations and Investor Relations SoTHERLY Hotels Inc. 410 West Francis Street Williamsburg, Virginia 23185 (757) 229-5648

Summary: WILLIAMSBURG, Va., Sept. 10, 2015-- SoTHERLY Hotels Inc. announced today that it has completed the conversion of the DoubleTree by Hilton Jacksonville Riverfront. SoTHERLY Hotels Inc. is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale and upper upscale full-service hotels in...


As the midterm elections grow closer, Americans now have another big fear to add to a growing list and another government agency to distrust.

Ebola is very unlikely to become a major health crisis in the United States but the fact that the deadly disease reached our shores has quite understandably shaken American nerves and left people deeply concerned that the Centers for Disease Control and Prevention is not up to the job of keeping us safe.

The CDC is just the latest in a line of federal agencies viewed as bumbling and incompetent. First it was the botched rollout of Obamacare by the Department of Health and Human Services and the IRS seemingly targeting conservative groups for extra scrutiny. More recently, the Secret Service came under heavy criticism for allowing a knife-wielding intruder to burst in and run wild inside the White House, among other appalling lapses.

The CDC now is under heavy scrutiny for not moving more swiftly to ensure that Ebola patient Thomas Eric Duncan did not spread the disease to American nurses and for apparently unclear direction to one of those nurses, Amber Joy Vinson, about whether she could fly after treating Duncan.

Vinson, now being treated for Ebola, flew back and forth to Cleveland while carrying the virus, increasing the risk of its spread. A news report Friday morning said a Texas health worker who potentially had exposure to the virus was on a cruise ship.

Fairly or not, Americans are quickly souring on the Obama administration's Ebola response, with majorities favoring a travel ban from Ebola-stricken countries that the White House opposes.

And confidence in the CDC is plummeting.

Read MoreEbola 'fear factor' biggest threat: Goldman

A new CBS poll out Friday morning found that just 37 percent think the agency is doing an "excellent or good" job. That was down nearly half from a Gallup poll in May that found that 60 percent rated the CDC as excellent or good, the highest of any government agency.

CDC Director Tom Frieden came under withering criticism on Capitol Hill on Thursday—much but not all of it from Republicans—over his department's handling of Ebola thus far. And he has also been the recipient of the dreaded vote of "confidence" from the White House that often precedes an unceremonial sacking.

On Friday, President Barack Obama tapped Ron Klain, a longtime Democratic operative and advisor to Vice President Joe Biden and former Vice President Al Gore, as his Ebola "czar" in charge of coordinating the government response, not exactly a ringing endorsement of Frieden's work thus far.

Read MorePresident Obama to appoint Ron Klain as Ebola czar: Source

The Ebola scare is sure to have some impact on the 2014 midterms though it will be unpredictable and hard to quantify.

At the most obvious level, the outbreak will further undermine confidence in the Obama administration and make those inclined to cast a protest vote against the president and his party even more likely to do so.

That's especially troubling for vulnerable Democratic Senate incumbents such as Mary Landrieu in Louisiana, Kay Hagan in North Carolina, Mark Begich in Alaska and Mark Pryor in Arkansas. Non-incumbent Democrats like Michelle Nunn in Georgia are harder to tie directly to the president (and indeed rarely if ever mention his name) but Republicans will surely continue to step up their efforts to do so.

Summary: The CDC is the latest government agency in the cross hairs, not a good sign for Democrats heading into the midterms, Politico's Ben White says.


Perhaps most troubling of all for the White House, just 37 percent rate the president highly for "being honest and straightforward"—down from 47 percent in January and 63 percent at the outset of his presidency. Peter Hart, the Democratic pollster who conducts the NBC/WSJ survey with his Republican counterpart Bill McInturff, pointed toward the president's discredited promise that Americans could keep insurance plans they liked under the new health care law as a contributing factor.

Mr. Obama's struggles with the law help explain why he hasn't benefited from improved assessments of the economy in recent weeks. The proportion of Americans predicting the economy will get worse in the next year has fallen to 24 percent from 42 percent in early October, amid anxiety about the government shutdown and federal debt limit. Yet public approval of Mr. Obama's handling of the economy has declined to 39 percent from 45 percent in September.

(Read more: Budget deal rolls back automatic spending cuts)

Congress hardly fares well in the public's esteem. A 51 percent majority calls this year's Congress "one of the worst"; another 28 percent call it "below average."

But from that public opinion rubble, Republicans have gained a slight advantage heading into next year's mid-term elections. By 44 percent to 42 percent, Americans say they prefer Republicans to control Congress after election day, wiping out the 8-point edge Democrats opened up amid the government shutdown.

The results on health care show that 50 percent of Americans—the highest the NBC/WSJ poll has recorded—call the health care law a bad idea, while just 34 percent call it a good idea. Only slightly more encouraging to the Obama administration and Democrats is that only 26 percent say the law should be "totally eliminated". Another 31 percent say the law needs "a major overhaul."

(Read more: Obama shakes hands with Cuba's Castro)

Another policy priority of the White House fares much better. Fully 63 percent of Americans back an increase in the federal minimum wage to $10.10 from its current level of $7.25.

The telephone survey of 1,000 adults, conducted Dec. 4-8, carries a margin for error of 3.1 percentage points.

—By CNBC's John Harwood. Follow him on Twitter: @JohnJHarwood

Summary: President Obama has suffered serious political damage from the troubled first year of his second term, according to a new poll.


MIAMI GARDENS, Fla. (AP) -- Miami defensive end Derrick Shelby batted the pass in the air, caught it and sprinted to the end zone with quarterback Matt Schaub chasing him in vain.

Once Shelby and the Dolphins built a 15-point lead, the Baltimore Ravens couldn't quite catch them, either.

Miami intercepted a pair of deflected Schaub passes to score two touchdowns 20 seconds apart late in the first half, and held on to win 15-13 Sunday. The Ravens had the ball in Miami territory twice in the final six minutes, but the Dolphins turned them away.

"We had to grind it out today," Shelby said.

Miami (5-7) managed only eight first downs but improved to 4-4 under interim coach Dan Campbell, and ended a streak of five consecutive losses to the Ravens (4-8).

The score was 0-0 when Reshad Jones intercepted a pass batted by defensive tackle Jordan Phillips to set up the game's first score. On the next play, Ryan Tannehill hit a leaping DeVante Parker at the goal line for a 38-yard touchdown.

Three snaps later, the 280-pound Shelby batted a pass in the air, caught it and ran 22 yards to the end zone for his first NFL touchdown.

"I got free. I got my hands up. I got the tip," Shelby said. "Touchdown."

The pick-six was the second in as many games for Schaub since he replaced Joe Flacco, who is out for the season with a knee injury.

"It's part of the game, it happens, and that was the difference in the game," Schaub said.

After Miami's second touchdown, the Ravens committed consecutive penalties on the ensuing extra point to put the ball at the 1, and Jay Ajayi ran for a 2-point conversion. That became the margin of victory.

The Ravens' eight losses have been by a total of 34 points.

Miami mounted a goal-line stand in the second quarter, and repeatedly stopped the Ravens down the stretch. Olivier Vernon totaled 2 1/2 sacks, one on third down with the Ravens nearing field goal range and five minutes left.

Baltimore recovered a fumble to get the ball back but failed to pick up a first down, and Justin Tucker was wide right on a 55-yard field goal try. Tucker is the second-most accurate kicker in NFL history.

The Ravens again took over at their 20 with 20 seconds left and were unable to reach midfield.

"It felt good to make big stops in critical situations," cornerback Brent Grimes said.

Injury-plagued Baltimore lost despite outgaining Miami 375-219 and controlling the ball for nearly 38 minutes. Schaub threw for 308 yards -- and the two interceptions.

"Those are the two plays in the game that made the difference," Ravens coach John Harbaugh said.

Schaub appeared to be shaken up several times but didn't miss a snap.

"I was fine," he said. "I just need to put everything back in place."

The Dolphins' two scores off turnovers were the extent of their point production, and new play-caller Zac Taylor couldn't get the offense going.

Miami ran more than in recent games, and Lamar Miller rushed for 113 yards. But Tannehill went 9 for 19 for just 86 yards.

"We've got to be more productive," Campbell said. "But we did what we had to do to win the game. Our defense played lights out."

The biggest lapse came when Javorius Allen turned a screen pass from Schaub into a 41-yard play for the Ravens' touchdown. Baltimore drove 60 yards in the final minute of the first half to kick a field goal, and added another field goal early in the fourth quarter.

A disputed penalty against the Ravens cost them a touchdown in the first quarter. Schaub threw long to Daniel Brown for a 52-yard score, but it was negated by an offensive pass interference penalty on Brown, who had only minimal contact with the defender.

Harbaugh contended the defender was guilty of interference, and said a first-year official made the call.

"I think he got it backward," Harbaugh said. "He's a rookie, and he messed it up."

NOTES: Ravens TE Crockett Gilmore left In the second quarter with a back injury. ... Miami reserve DT Robert Thomas left in the fourth quarter with an elbow injury. ... Harbaugh's brother, Michigan coach Jim Harbaugh, watched the game from the Ravens' sideline and was in the locker room afterward.

Summary: The score was 0-0 when Reshad Jones intercepted a pass batted by defensive tackle Jordan Phillips to set up the game's first score. On the next play, RyanTannehill hit a leaping DeVante Parker at the goal line for a 38-yard touchdown.


Photo: Peter Morgan, Associated Press

New York Giants' Odell Beckham (13) stands on the sidelines during the second half of an NFL football game against the Carolina Panthers Sunday, Dec. 20, 2015, in East Rutherford, N.J. (AP Photo/Peter Morgan)

New York Giants' Odell Beckham (13) stands on the sidelines during the second half of an NFL football game against the Carolina Panthers Sunday, Dec. 20, 2015, in East Rutherford, N.J. (AP Photo/Peter Morgan)

Giants’ Beckham draws one-game suspension

Losing control during Sunday’s loss to the Panthers will cost Giants star receiver Odell Beckham Jr. one game.

The NFL on Monday suspended Beckham for next weekend’s visit to Minnesota for his conduct against Carolina, when he drew three personal-foul penalties. The league cited “multiple violations of safety-related playing rules.”

Beckham appealed the decision. His case will be heard by either James Thrash or Derrick Brooks, the hearing officers jointly appointed by the NFL and the players’ union.

Without Beckham, the Giants (6-8) would be missing their best offensive weapon as they try to stay alive in the NFC East race.

Beckham and Panthers cornerback Josh Norman tangled from the beginning of the Panthers’ 38-35 victory. At one point, Beckham delivered a diving helmet-to-helmet hit on Norman while blocking.

There was plenty of pushing, shoving, swinging, wrestling, late hits and trash talking between them.

Beckham, the 2014 Offensive Rookie of the Year, has 91 catches for 1,396 yards and 13 touchdowns, tied for the league lead. He has a base salary of $893,000 and would lose $55,813 for being suspended for Sunday night’s game.

The suspension was imposed by NFL Vice President of Football Operations Merton Hanks, who ruled that Beckham’s actions placed his opponents at unnecessary risk of injury and should have been avoided.

If the suspension is upheld, Beckham would not be permitted to be at the Giants’ practice facility this week. He would be reinstated Monday.

Mathieu’s season is over: For the second time in his three-year NFL career, Arizona’s Tyrann Mathieu is out for the season with a torn ACL.

The safety/cornerback — “Honey Badger” to his fans — injured his right knee after intercepting a pass in the final minutes of Sunday night’s 40-17 victory at Philadelphia. He tore the ACL and LCL in his left knee 13 games into his rookie season in 2013.

Mathieu was having an outstanding season and was the NFC defensive player of the month for November. He is third on the team in tackles with 89, and is tied with safety Rashad Johnson for the team lead in interceptions with five.

Briefly: Tennessee quarterback Marcus Mariota will miss the Titans’ home finale Sunday with Houston with a sprained MCL in his right knee. Whether Mariota is done for the season has yet to be decided, though interim coach Mike Mularkey said the Titans will err on the side of caution. ... Former Rams and Falcons running back Steven Jackson announced via his Twitter account that he is joining the Patriots, whose Dion Lewis and LeGarrette Blount are out for the season. ... Chargers’ rookie running back Melvin Gordon has torn cartilage in his left knee and will miss the final two games of the season. ... Browns right guard John Greco will miss the final two games after spraining his medial collateral ligament on the second play of Sunday’s loss to the Seahawks. ... Bills wide receiver Robert Woods is likely to miss the remainder of the season because of a groin injury.

Stafford is superb in win over Saints

NEW ORLEANS — Matthew Stafford passed for 254 yards and three touchdowns, and the Detroit Lions held off a late surge by New Orleans to defeat the Saints 35-27 on Monday night.

Detroit raced to a 28-3 lead, but Drew Brees threw two touchdown passes — one shortly after a Lions fumble — to help New Orleans (5-9) pull to 28-20 with about 10 minutes left.

Brees passed for 341 yards and three touchdowns, becoming only the fourth quarterback to surpass 60,000 yards in a career. He also eclipsed the 4,000-yard mark for the 10th straight season. Brandin Cooks caught 10 passes for 124 yards and a touchdown.

But New Orleans’ loss guaranteed consecutive losing seasons for the first time since Sean Payton became coach in 2006.

Golden Tate caught two touchdown passes for Detroit. The Lions’ last-ranked running game accounted for 150 yards and two TDs against New Orleans’ last-ranked run defense.

Stafford played nearly mistake-free, completing 22 of 25 passes without a turnover.

Summary: Beckham, the 2014 Offensive Rookie of the Year, has 91 catches for 1,396 yards and 13 touchdowns, tied for the league lead.  The suspension was imposed by NFL Vice President of Football Operations Merton Hanks, who ruled that Beckham’s actions placed his opponents at unnecessary risk of injury and should have been avoided.  For the second time in his three-year NFL career, Arizona’s Tyrann Mathieu is out for the season with a torn ACL.  Mathieu was having an outstanding season and was the NFC defensive player of the month for November.  Tennessee quarterback Marcus Mariota will miss the Titans’ home finale Sunday with Houston with a sprained MCL in his right knee.  Former Rams and Falcons running back Steven Jackson announced via his Twitter account that he is joining the Patriots, whose Dion Lewis and LeGarrette Blount are out for the season. ...  Chargers’ rookie running back Melvin Gordon has torn cartilage in his left knee and will miss the final two games of the season. ...  Browns right guard John Greco will miss the final two games after spraining his medial collateral ligament on the second play of Sunday’s loss to the Seahawks. ...  Detroit raced to a 28-3 lead, but Drew Brees threw two touchdown passes — one shortly after a Lions fumble — to help New Orleans (5-9) pull to 28-20 with about 10 minutes left.  The Lions’ last-ranked running game accounted for 150 yards and two TDs against New Orleans’ last-ranked run defense.


Boris Schlossberg, managing director of currency strategy at BK Asset Management, told CNBC that Russia's fortunes were heavily tied to the price of oil next year.

"If you have oil staying at $50 for a year it's really going to create a tremendous amount of pressure over there," he said.

Read MoreTrack ruble prices live with CNBC

Nick Hungerford, the director and CEO of investment firm Nutmeg, said he was avoiding assets with exposure to Russia, both in his personal and professional investment portfolio, because of the "confused" political situation.

"We're not touching them; I don't think many people are," he told CNBC Monday. "Simply, you don't know what's going to happen."

—CNBC's Everett Rosenfeld contributed tot his report.

Summary: The Russian ruble tumbled to a one-week low on Monday, after new figures showed the country’s economy shrinking for the first time in over 5 years.


01/08/2016 AT 12:30 PM EST

The parents of a 22-year-old Illinois man are pulling together $35,000 to bail him out, mere days after his arrest for allegedly attempting to murder his mother.

Jeff Tomczak, the attorney for Michael Bernhard, tells PEOPLE his client's mother and father intend to get their son out of jail and into psychiatric counseling as soon as possible.

"In speaking to his parents, this is not the son they raised," Tomczak says. "And all of the evidence outside of his parents indicates he's a good kid."

On Monday, Tomczak says the Manhattan Township man attacked his 51-year-old mother, Mary, as the two were preparing to travel to a nearby train station so the son could return to college.

Authorities allege Bernhard attacked his mother with a steak knife inside her sport utility vehicle.

Mary Bernhard sustained several cuts and lacerations in the driveway attack, and Michael was charged with attempted murder, domestic battery and aggravated battery charges.

Tomczak says Bernhard recently began taking a prescription medication called Contrave, which is used by people with high blood pressure, Type 2 diabetes or high cholesterol.

Tomczak claims the drug's makers warn it can cause "serious side effects of suicidal thoughts or actions."

"We are laser focused on a psychological defense here," says Tomczak.

Summary: Michael Bernhard's attorney reveals he's mounting a "psychological" defense


France has honoured the victims of 2015 Islamist militant attacks with a thinly attended silent ceremony held almost a year to the day after more than a million people marched in Paris to protest killings at the satirical magazine Charlie Hebdo.

President Francois Hollande and Paris Mayor Anne Hidalgo on Sunday laid a wreath by the statue of Marianne, symbol of the French republic, in central Paris.

The statue has become a shrine to the 17 victims of the January 2015 attacks on Charlie Hebdo and a Jewish deli, and to the 130 people shot dead by militants on November 13 at a concert, and in bars and restaurants in Paris.

"To the victims of the terrorist attacks in January and November ... In this place, the people of France pay their respect," read a metal plaque unveiled by Hollande and Hidalgo under a newly planted memorial oak tree on Place de la Republique in eastern Paris.

Neither Hollande or Hidalgo spoke at the ceremony, but veteran French rock star Johnny Hallyday, accompanied only by a guitar, sang a song about the march on January 11 last year, which brought out the biggest crowds in Paris since the liberation of Paris from Nazi Germany in 1944.

The French army choir sang late Belgian singer Jacques Brel's Les Prenoms de Paris (the First Names of Paris) and Le temps des cerises, a song associated with the socialist Paris commune movement in 1871, while two young actors read a speech by 19th century writer Victor Hugo.

The huge square in eastern Paris, the focal point of the January 2015 march attended by dozens of world leaders walking arm in arm, was relatively empty during the ceremony.

Hidalgo invited Parisians to come to the square with candles from 5pm Paris time and said the Marianne statue - covered with flowers, candles and pictures of the victims - will be permanently lit from now on.

"Paris is scarred, but we are still standing," she told French television after the ceremony.

Hollande, who stood stony-faced through the ceremony, later met with the families of the victims on the square.

Interior Minister Bernard Cazeneuve said security forces remain on high alert as there is a real threat of more attacks.

"We are facing an extremely high level of threat, higher than it has ever been," Cazeneuve said on iTELE television.

Summary: President Francois Hollande and Paris Mayor Anne Hidalgo have layed a wreath by the statue of Marianne to remember the victims of 2015 terrorist attacks.


Investing in the stock market is not entirely different. Your competition includes the brightest investment minds in the world. You can play your own hand and make decisions on whether to trade shares of say Apple or Coca-Cola, or you can simply purchase an inexpensive index fund that tracks the market.

Fortunately for investors, there is a third alternative: to track what world class investors are buying. Regulators require all investors with over $100 million in U.S. listed stocks to reveal their hand on a quarterly basis in a filing called Form 13F. These filings offer a window into some of the market's best minds, such as Warren Buffett and David Einhorn.

Read MoreUniqueETFs to spice up your portfolio

Some observers have been quick to dismiss investment strategies that use 13F information. This is because 13Fs are filed with a 45-day delay and only show long stock positions of hedge fund managers, leaving out shorts, options, and swaps. Ignoring either of these limitations would be a grave error.

But when used correctly, the information is extremely valuable. With thousands of 13Fs filed each quarter and dozens of stocks listed on each form, the key question becomes, '"How can this information be used most effectively?" The devil is in the details, but the high level concepts are surprisingly straight forward.

Read MoreBoring is good! Why small gains benefit stocks

It's critical to pinpoint funds with lower turnover ratios, thereby limiting the impact of the 45-day delay. Analyzing these forms doesn't require a lot of guesswork. They clearly identify the manager and their long stock portfolios throughout consecutive quarters, which reveals how often the holdings are changed. Some of the best investors, such as Buffett's Berkshire Hathaway, turn their portfolio over a lot less than people assume, and publicly available information clearly identifies who they are.

Two additional crucial factors to account for in 13F tracking are the overall size of the portfolio, and size of the position.

In a co-authored paper by professors at York, Seoul National and Rutgers universities, researchers found that there is a statistically significant positive relationship for securities held by large hedge funds but not for those held by small hedge funds. The authors rationalized that "the return forecasting power of hedge funds is stronger when they possess more resources and hence have better access to expertise and talent." In other words, tracking the largest funds creates a more accurate picture of true alpha generators.

Read MoreThese catalysts should drive more upside: Pros

In a separate paper from Harvard Business School, London School of Economics and Goldman Sachs, researchers attempted to quantify the outperformance of a manager's "highest conviction picks," or stocks with the highest overweighting in a portfolio. After controlling for many factors, including market premium, momentum, size, growth, riskiness and short-term price reversion, the authors found that the "best ideas" portfolio generated excess returns of 0.82 percent per month. When they narrowed the index to include only the top 5 percent highest conviction picks, the alpha increased to 1.01 percent per month. The highest conviction picks among fund managers had proved to also be the best performing.

Utilizing 13F filings as a wellspring for alpha-like returns is no easy feat, and missteps are easy to make. At the same time, it would be a mistake to throw the baby out with the bathwater. A discerning investor looking for alpha will find that publicly available information can help construct a successful portfolio. In fact, it may be the closest way to long-only equity hedge fund returns without the fees.

Commentary by Bruno del Ama, CEO of Global X Management Co., which manages 40 exchange-traded funds. He is also portfolio manager of a strategy which seeks to generate alpha by tracking 13F filings. Follow Global X on Twitter @GlobalXResearch.

Summary: Imagine you're at a poker table, surrounded by some of the world's greatest professional players. Investing in the stock market is not entirely different.


Top venture capital firm Sequoia Capital is losing three partners, Fortune has learned. They are Todd Cozzens, Warren Hogarth and Timothy Lee.

Cozzens joined Sequoia in 2012 as the Silicon Valley-based firm’s first-ever hire in the Boston area, but now is leaving to form a direct investment effort for healthcare investment bank Leerink Partners. He previously had founded and led Picis, which was acquired in 2010 by a subsidiary of UnitedHealth Group UNH . His Sequoia portfolio companies included AirStrip Technologies, Health Catalyst, Lifecode and Natera Inc. NTRA .

Warren Hogarth has been with the firm since 2008, working on investments for such portfolio companies as C12 Energy, Carbon3D, Comprehend,FutureAdvisor, Lifecode and SunRun NTRA . He also is on the board of FutureAdvisor, a wealth management company that recently announced it would be acquired by BlackRock BLK .

Tim Lee had been at Sequoia since 2009, after having spent time with both Google and McKinsey & Co. His board seats included App Annie and Shopular.

None of the three is listed as a “managing member” of Sequoia Capital in recent SEC filings.

A Sequoia spokesman declined comment.

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Summary: Todd Cozzens, Warren Hogarth and Tim Lee are moving on from venture capital firm Sequoia Capital.


To the surprise of everyone but Jonah (Ben Feldman), Dina (Lauren Ash) announces she's stepping down as assistant manager at a staff meeting, prompting a search for her replacement. Though Amy (America Ferrera) is Glenn's (Mark McKinney) first choice, she refuses the offer, but agrees to help Glenn interview candidates. Mateo (Nico Santos), meanwhile, prepares a glitzy presentation - with help from Garrett (Colton Dunn) - to make his case. But by the time he gets the chance to show it to Glenn, Amy's had a change of heart, especially after learning that the assistant manager role comes with compensation for taking college courses.

At the same time, Jonah tries to figure out how to let Dina down easy without being the bad guy, but every time he delays telling her the truth, Dina's flirtations get even bolder, including showing Jonah the condoms and lingerie she plans to purchase. Finally, Jonah decides to record a breakup message and play it back for Dina. But when he invites her into a fitting room, Dina mistakes the situation for a hookup and kisses Jonah. The breakup message goes off as she presses against him, prompting Dina to run out, mortified. Jonah tries to clear the air with her at the end of the day, but as it turns out, he doesn't need to - Dina's already moved on.

Summary: Jonah struggles to tell Dina he doesn't reciprocate her feelings, while Glenn chooses a new assistant manager.


Vivendi’s quest to return to the video game sector, which was pretty ugly to begin with, is getting even more unsightly.

The French media conglomerate has launched a hostile takeover bid for mobile game company Gameloft gloff , making a blanket offer of €6 ($6.67) per all outstanding shares. The move comes after Vivendi vivef once again increased its ownership stake in the company, this time to 30%.

According to French law, once a buyer owns more than 30% of a company’s shares, they must make an attempt to purchase a controlling stake for a reasonable price. Investors can reject that, of course, but the €6 offer is a 50.4% premium over the stock’s value on Oct. 14, 2015 – when Vivendi first bought shares.

Gameloft, which says it learned of the offer when its trading of its shares were halted, classified the bid as hostile and issued a brief statement.

“A meeting of the Board of Directors has been convened for next week,” it wrote. “The company will publish a statement after the meeting of the Board. Until then no further comments will be made regarding this unsolicited bid.”

Beyond the fate of Gameloft itself, the bid raises questions about what Vivendi’s intentions are regarding Ubisoft. Last October, the company surprised both companies by purchasing ownership stakes of more than 6% in each company. Two weeks later, it increased its position in Ubisoft to 10.39% and in Gameloft to 10.2%.

At present, Vivendi owns a nearly 15% stake in Ubisoft – significantly more than CEO Yves Guillemot and his family, whose ownership stake is roughly 9%, according to the Financial Times.

Both Gameloft and Ubisoft were founded by the Guillemot brothers. And both companies at the time said they, frankly, would rather be left alone. Ubisoft publicly declared that Vivendi’s involvement was unsolicited and, as described it in an internal email, “unwelcome“.

Since Vivendi has bought into the company, Ubisoft has attempted to better position itself to fend off a takeover attempt. During an investors meeting this week, Ubisoft said it planned to triple its operating income over the next three years – an unusual projection for a company that tends to only publicly forecast for the coming 12 months.

Share prices were up 22% this week but are still below their three-month highs.

Vivendi sold its 85% stake in Activision-Blizzard in July 2013 for over $8 billion, saying at the time it wanted to focus on the TV and movie side of its business.

But the video game world has changed substantially since Vivendi bowed out. Several publishers, including Ubisoft, have partnered to create theme parks or theme park attractions based on their IP. Mobile gaming companies, such as Gameloft, are booming. And there’s increased interest from Hollywood in creating film and television shows spinning off of games. (Ubisoft itself will release an Assassin’s Creed feature film this December.)

As a multimedia company, that seems to be of interest to Vivendi – especially since it eluded them with their last game company holding.

“This proposed acquisition would create value for both companies,” the company said in a statement announcing the Gameloft offer. “Vivendi and Gameloft share many commonalities, including French roots, an international dimension and a similar understanding of cultural diversity to meet the expectations of consumers in each country.”

Summary: Up next, Ubisoft?


A year after opening its incubator for early-stage biotechs in Kendall Square, Mass Innovation Labs is preparing to add six new “innovation suites” for smaller companies and bench space for up to two dozen researchers.

The new space, which is currently being built out, will open in July within the 124,000 square feet of shared lab space Mass Innovation Labs leases at 675 West Kendall St. in Cambridge, said Amrit Chaudhuri, the incubator’s cofounder and chief executive.

Much of the site is currently subleased to 10 biotech startups, employing between 15 and 80 researchers and scientists. They include gene-editing pioneers Editas Medicine Inc. and CRISPR Therapeutics, and Radius Health Inc., a biotech developing treatments for the bone-depleting condition osteoporosis. Some of Mass Innovation Labs tenants have their headquarters at other locations, but run research programs at the Kendall Square location.

The new modular innovation suites and shared bench space will attract companies at different stages of research and development, enabling smaller companies that meet their scientific milestones to move into larger space within the incubator, Chaudhuri said.

“We’re pioneering a new way to look at infrastructure,” he said. “There will be top-tier scientists from different companies working side by side. We’re building in the utmost modularity because it’s important to succeed fast or fail fast. We anticipate companies will do proof-of-concept [research] work here before moving to larger space or moving on to the next project.”

Tenants in the innovation suites, each of which could house up to five scientists, will have access to shared rooms dedicated to viral, bacterial, RNA and DNA, and mammalian cell research, as well as animal research labs and on-site contract research support.

The innovation suites and shared bench space could prove attractive as a scientific launching pad for biotech startups hatched and initially housed at local life sciences venture capital firms such as Atlas Venture, Flagship Ventures, and Third Rock Ventures, said Chaudhuri.

“It’s the first stop for these companies to go from being virtual to nonvirtual,” Chaudhuri said.

Chaudhuri, who started Mass Innovation Labs last year with cofounders PC Zhu and Seth Taylor, is backed by the private investment group Breeds Hill Capital.

Mass Innovation Labs isn’t the only organization providing shared lab space in Cambridge, a life sciences research hub. The nonprofit Lab Central, which opened in 2013 across from Technology Square, houses about 25 startups and groups of scientists in a 28,000-square-foot building owned by the Massachusetts Institute of Technology. Cambridge Innovation Center, the largest incubator, is home to hundreds of high-tech and life sciences startups at One Broadway.

Mass Innovation Labs, the newest entrant, is looking to expand aggressively. Its Kendall Square building also leases space to biopharma companies Sanofi Genzyme and Momenta Pharmaceuticals Inc., so Mass Innovation Labs has signed a letter of intent for an additional 100,000 square feet of shared lab space at another site in Cambridge. It is also looking at potential sites to launch a West Coast biotech incubator in California.

Summary: The Cambridge operator of biotech research space is preparing to add six new “innovation suites” for smaller companies and bench space for up to two dozen scientists.


50 Cent isn't going to lose his biggest boxing star ... despite the fact his promotions company filed for bankruptcy this week ... with Yuriorkis Gamboa vowing to ride with 50 all the way 'til the end.

We broke the story ... SMS Promotions filed for Chapter 11 this week ... claiming it wants to reorganize and keep the boxing business 50 started back in 2012 afloat.

Well, Gamboa -- a former WBA and IBF featherweight champ -- says he's not concerned AT ALL about the company's financial situation ... saying, "I will support 50. He has always been a good friend and supporter."

Gamboa says he's actively trying to get as much information as he can about the situation -- like any good businessman would -- but says, "Regardless 50 can count me in his corner no matter what."

Summary: 50 Cent isn't going to lose his biggest boxing star ... despite the fact his promotions company filed for bankruptcy this week ... with Yuriorkis…