The exchange of ideas between nations is not easily controlled through export fees and licenses. So, while the Reagan Administration is raising the alarm over the flow of America's advanced scientific information to the Soviet Union, it is not clear how the Administration can stop it, or that it merits stopping. Indeed, many American scientists consider attempts to curb scientific interchange unpardonable, and dangerous, censorship.

Administration officials have been arguing that unclassified sources, including scientific journals and meetings, exchanges of students and scholars, and Government depositories of technical data, are gold mines of information with potential military importance for the Soviet Union. Thus, last week the State Department p l aced Stanford University off-limits to a visiting Sovie tscientist, Nikolay Umnov, when the university said it coul d not enforce restrictions on his movements and access to inform ation as required by the Government.

Other Government voices are becoming more insistent. Speaking at the annual meeting of the American Association for the Advancement of Science (A.A.A.S.) earlier this month, Adm. Bobby R. Inman, Deputy Director of the Central Intelligence Agency, warned: ''In terms of harm to the national interest, it makes little difference whether the data are copied from technical journals in a library or given away by a member of our society to an agent of a foreign power.'' Frank C. Carlucci, Deputy Secretary of Defense, warned the association that Russia is exploiting scientific communications and exchanges in an ''orchestrated effort'' aimed at ''gathering the technical information required to enhance its military posture.''

Such statements suggest that what Admiral Inman called a ''confrontation between national security and science'' is at hand. If so, it will be a conflict in which battle lines are not easily drawn. Restricting trade in high technology goods alone is a thorny problem, raising questions of whether export prohibitions will do more harm to Western economies or to the Soviet Union. Such issues took center stage last week when the United States urged its allies, represented in Paris at the Coordinating Committee for Multilateral Export Controls, to increase the types of high technology equipment banned for export to the Communist world, including items needed by the Soviets to build their natural gas pipeline from Siberia to Western Europe.

A comparable effort to block the flow of ideas and data raises not only questions of practicality and national self-interest, but strikes at the very structure of scientific communication and, in the United States, involves constitutional issues of free speech.

Interestingly, the extent to which scientific communication can threaten national security has never been established. In a letter to the A.A.A.S., for example, Mr. Carlucci pointed to the potential for harm in scientific exchanges, but gave few examples of actual damage. He noted that American scientific articles are published in journals for all the world to read, whereas Soviet articles are subject to censorship before publication. He also complained that the United States sends humanities students to Russia on academic exchange, while the Russians send over physicists whose work is of potential military value.

The most dramatic information leak Mr. Carlucci cited, however, occurred in the late 1970's and involved Russian scientists who studied fuel-air explosives and an advanced aerodynamic vehicle at American universities, and then, he said, pursued similar studies on returning home. There was also the case of a Hungarian researcher who reportedly gave the Soviet Union information on magnetic bubble memories, important in advanced computer designs, gleaned from visits to American laboratories.

Many American scientists doubt that the information leak is quite the hemorrhage portrayed by defense and intelligence officials. They point out that the Federal Government has restricted scientific exchanges in the past -in 1980, for example, the Carter Administration denied visas to Soviet bloc scientists who wanted to attend conferences on bubble memories or lasers - and will do so in the future to express disapproval of Soviet diplomatic or military maneuvers. Federal regulations already prohibit disclosure of technological data that have direct military application. ''Any suggestion that universities are behaving irresponsibly or are a source of leakage of scientific or high-technology information is a distortion of the facts,'' said Marvin L. Goldberger, president of the California Institute of Technology.

Frank Press, president of the National Academy of Sciences, disputes the notion that the Soviet Union gains disproportionately from bilateral exchanges. ''I couldn't get American scientists to waste their time educating a Soviet counterpart,'' Dr. Press said. ''So by and large, we cooperate only in areas where we are equal or almost equal. And these are not areas involving classified material.'' In a letter to Mr. Carlucci, William D. Carey, executive officer of the A.A.A.S., said the United States has much to gain through bilateral exchanges, since American scientists can in this way keep posted on ''Soviet excellence in fields that matter to us, including metallurgy, condensed matter physics, theoretical physics, astrophysics, geophysics and cancer research.''

More important, many observers argue that the Soviet Union's main sources of Western scientific data are articles in journals and trade publications. And the dissemination of these materials, they note, would be extraordinarily difficult to restrict without infringing free speech. The National Security Agency and academic mathematicians have launched an experimental program of voluntary restraints in the field of cryptography. The small community of specialists in this field submit their papers to the agency for comment before publication. There is an appeals procedure, with the final decisio n on whether to disseminate a paper remaining with the scientist. Th us far, some 25 papers have been reviewed. Bu t the system has not really been put to the test, since no paper has been deemed a security problem.

Admiral Inman believes that a similar voluntary system might work in fields such as computers and other electronic gear, lasers, crop projections and manufacturing procedures, where, he suggests, potential harm to national security should be examined from the moment a scientific undertaking is considered. Admiral Inman has urged the research community to devise remedies before Congress imposes legislative restrictions.

The nation's leading scientists, however, doubt the need for or legality of mandatory restrictions on unclassified information. ''If you want to protect information, you have to classify it,'' says Dr. Press. ''If you try to restrict it in other ways, it's probably unconstitutional.''

Illustrations: photo of Soviet and American scientists


Fortune — Last week, Morgan Stanley’s CEO James Gorman called those who had bought shares in Facebook’s IPO expecting it to pop “naive.” But it now appears it wasn’t just individual investors who gambled on the social network’s shares and lost. Wall Street was all-in as well.

Late Friday, Swiss bank UBS confirmed that it, too, had lost money trading Facebook’s shares in the days after the company’s IPO. The bank wouldn’t say how much. But the Wall Street Journal and CNBC put the loss at $350 million, making it the largest Facebook loser so far by far. Originally, Wall Street’s Facebook trading loss was estimated to be around $100 million. But in the past week or so, some were putting it at double that. Add in UBS’s previous unknown losses and Wall Street’s Facebook hit could be more than half a billion.

MORE: Who really won in Facebook’s IPO mess

UBS is a market maker, and like other brokers was trying to help its clients get Facebook’s FB stock. But it’s hard to believe that UBS UBS could lose this much money just buying and selling the stock for others. The company said it tried to sell the Facebook shares it had bought at $35, but ended up exiting some of its shares at below $30.

Facebook’s shares opened at $42. So if you assume that UBS bought at the open – it wasn’t an underwriter on the deal so no preferred pricing – and sold at an average $30, that would give the bank a per share loss of $12. Compare that to a total loss of $350 million, and what you get is that UBS bought just over 29 million shares of Facebook on the day of its IPO. Meaning UBS bet $1.2 billion that Facebook’s IPO would pop. And that’s if it got out at an average $30. If UBS instead sold at an average of $35, more likely, then the firm’s bet on the stock could have been as big as $2.1 billion.

Some of that buying could have been for clients who the firm assumed would want to buy, but never materialized. But more likely a good chunk of it was by some trader at the firm, or many, who tried to goose their book on the assumption that Facebook’s IPO would shoot up.

MORE: Facebook IPO Blunder Adds to Morgan Stanley’s woes

UBS says that it suffered its losses because of glitches, and that it is considering suing the Nasdaq. But Nasdaq says it has gone over every Facebook trade in detail, and that it has only found $40 million in losses that can be attributed to problems at the exchange. Of course, it’s likely that Nasdaq is low-balling. But it’s unlikely that its figure is off by a factor of ten. And even if you assume the actual amount attributable to Nasdaq is some where in the middle, say $200 million, it still means that Wall Street firms placed huge bets that Facebook’s IPO would soar.

For me, the interesting thing here is what this says about the Volcker rule, which is supposed to stop firms from making the type of huge risky gamble that UBS seems to have made on Facebook, and how much gambling is still going on on Wall Street in general. A number of Wall Street firms say they have wound down their so-called proprietary trading desks, but given the large losses in Facebook, that doesn’t seem to be the case. What’s more, UBS is saying it sustained its loss in its market making unit, which is a business that is allowed under Volcker. The rule is not in effect yet. But it’s clear that even after it is, Wall Street will continue to be able to hide a good deal of its risky trading from regulators.

Summary: UBS may have gambled more than $1 billion on Facebook's IPO.


Theodore W. Kheel, arbitrator of maritime labor‐industry disputes, held separate talks yesterday with the National Maritime Union and American Export‐Isbrandtsen Lines, in an effort to end the three‐day tie‐up of 11 of the company's cargo ships.

The maritime union men refuse to sail on the ships, contending that the company is violating its union contract by employing rival Seafarers International Union men on three tankers owned by Western Tankers, Inc. The tanker company is controlled by the Isbrandtsen, Company Inc., which also controls American Export Isbrandtsen.

On Friday the company requested Mr. Kheel to take the issue under arbitration. The separate informational talks that he held with both sides are expected to continue. and probably will lead to formal arbitration action.

When the three ships were bought last fall by Western Tankers, all of the unlicensed seamen aboard them were members of the seafarers union.

The N.M.U. contends that with a new Isbrandtsen agency now operating the tankers for Western Tankers, members of its union are the only seamen eligible under its labor contract to be employed on the ships.

American Union Transport Seeks Exchange of Ships

American Union Transport, Inc., has filed an application with the Maritime Administration for the exchange of two C-1 cargo ships for two larger and faster Navy surplus ships.

The company, which operates weekly cargo ship service between here and Puerto Rico. has proposed to turn in the 14-knot freighterts Transmariner and Transborinquen for the laid‐up 18.4-knot Navy submarine tenders Apollo and Anthedon.

According to a spokesman for the Federal ship agency, American Union Transport is to submit plans and specifications soon for the two Navy vessels.

This article can be viewed in its original form. Please send questions and feedback to archive_feedback@nytimes.com

Summary: Amer Union Transport applies to exch 2 cargo ships for surplus USN ships


07/01/2015 AT 11:15 AM EDT

went highbrow Tuesday night at the distinguished

and discussing her concerns about how her biracial children will be treated in the U.S.

The 34-year-old reality star also went lowbrow. She revealed that she was wearing Spanx and said that sexy selfies "can be empowering."

retired state Judge LaDoris Cordell and promoted her coffee-table book,

, at the prestigious education organization, founded more than 100 years ago. The group has played host to speakers such as

After admitting that she was wearing maternity Spanx under her dress to hide cellulite, the starlet discussed a variety of topics, ranging from gun control to the

reports. Cordell acted as an interviewer to kick off the hour-long discussion and then turned it over to questions from Twitter and the audience, which was largely young and female.

Cordell asked the entrepreneur how she explains her popularity, to which she responded, according to the AP, "I really do love social media. I credit it to a lot of my career. â¦ My career is based on openness – openness and honesty."

Another likely draw for her nearly 100 million social media followers, Kardashian West said, could be her "bikini selfies."

"I think I definitely overshare, but I'm really engaged," she continued.

But when asked whether she thinks her frequent sultry photos are objectifying, she answered, "I don't think it's a bad thing."

"I think there's power in that and I think I have the control to put out what I want so even if I'm objectifying myself, I feel good about it."

And you bet that the selfie queen gave the judge some of her snapshot tips. She told her interviewer that "the key to a good selfie is lighting. If you do it in the mirror, you get a better reflection off the mirror. I like up-to-down with a little angle,"

But the chat hit more serious notes when the conversation turned to the issue of raising her biracial children. Kardashian, who is

with baby number two with husband

, said the rapper is "very vocal and open with what's occurred in his own life," adding that she plans to "talk to our kids the way my father spoke to us."

"I think that when I was a teenager, my father knew or somehow put together that I was going to inevitably end up with a black guy and would make sure to tell me story after story about racial difficulties and how he always fought for the better," she said. "We always had friends of different races while growing up."

Cordell also asked Kardashian West on whether she thinks Democratic candidate

should be the country's first female president, to which she replied, "I hope so."

At one point, the pair discussed

, who has grabbed headlines after making her

in New York City over the weekend.

"We all as a family prayed and hoped that people could understand it," Kardashian West said of

. "Unless you're actually going through it, you'll never 100 percent understand it. Caitlyn is so grateful for all of that."

Before the event, the club's decision to invite the media mogul raised eyebrows among its members. But the speaking engagement was just one of several unexpected events that Kardashian West has attended recently.

earlier this month and presented at Re/code's Code/Mobile Conference in October 2014.

Summary: "My career is based on openness, openness and honesty," she told a crowd at a speaking event in San Francisco


U.S. Defense Secretary Ash Carter

07/14/2015 AT 10:35 AM EDT

Defense Secretary Ash Carter said the Pentagon is taking steps to allow transgender troops to serve openly in the United States Armed Forces.

Carter said Monday that he has ordered a six-month study on the issue, with the goal of removing barriers currently preventing transgender people from enlisting.

"The Defense Department's current regulations regarding transgender service members are outdated and are causing uncertainty that distracts commanders from our core missions," Carter said in a statement, per the Associated Press. "At a time when our troops have learned from experience that the most important qualification for service members should be whether they're able and willing to do their job, our officers and enlisted personnel are faced with certain rules that tell them the opposite."

and surveys show that as many as 15,000 people who identify as transgender currently serve in the military, but generally in secret – although their unit commander or peers might be aware.

The issue of transgender soldiers serving in the military came to the fore in 2013 when U.S. Army private Chelsea Manning announced, "I am female,"

She had been arrested three years earlier as Bradley Manning for leaking thousands of classified and sensitive documents to WikiLeaks.

Manning must be referred to as "she" or in gender-neutral terms. Manning was also the first military prisoner to request hormone therapy, which the Army approved under pressure from a lawsuit, the AP reports.

In Monday's statement, Carter said the working group tasked with the study "will start with the presumption that transgender persons can serve openly without adverse impact on military effectiveness and readiness, unless and except where objective, practical impediments are identified."

Summary: Carter said the plan "will start with the presumption that transgender persons can serve openly"


Market watchers are split over whether the Federal Reserve and other central banks around the world would be able to combat a sharp escalation in Ukraine, should one arise, following Sunday's vote by pro-Moscow Crimea to break away and join Russia.

With U.S. stocks sharply higher Monday despite that referendum, investors seem to have faith that the Fed does indeed have the firepower, said Morgan Stanley Wealth Management Vice Chairman Gary Kaminsky. "The Fed has shown the ability to since 2008 to be able to counter anything with easy money."

Kaminsky, formerly CNBC's capital markets editor, said in a "Squawk Box" interview on Monday, "There's a belief out there, for better or worse … anything that's bad is good for the U.S. capital markets because the easy money policy stays around longer."

In a separate CNBC interview, Barry Knapp—head of U.S. equity portfolio strategy at Barclays—said: "It's not shocking that we'd get to Monday morning and you'd get a little bit of a relief rally. I'm not sure why markets should be all that sanguine about the outlook for this."

(Live blog: Latest developments in Crimea crisis)

In a sign of the rhetoric surrounding the crisis in Ukraine, a leading news anchor on Russian state television warned the U.S. about Moscow's nuclear capabilities, as the White House threatened sanctions over Crimea's vote.

"Russia is the only country in the world that is realistically capable of turning the United States into radioactive ash," Dmitry Kiselyov said on his weekly current affairs show.

(Read more: Kremlin reporter: Russia could turn US to 'ash')

"There's a very hot geopolitical situation in the Crimea in the Ukraine. If that went in an ugly direction that would obviously trigger downside risks to economic activity," Paul Sheard, chief global economist at Standard & Poor's, told CNBC on Monday.

"There are limits to what monetary policy can do if things get out of hand," added Sheard. "I think asking it to deal with a major economic fallout from geopolitical risk is perhaps a bridge too far."

Summary: Market watchers are split over whether the Fed and other central banks would be able to combat a sharp escalation in Ukraine, following the vote by Crimea to break away.


Supporters of Greece's bailout terms have taken a wafer-thin lead over the "No" vote backed by the leftist government, hours before a referendum that may determine the country's future in the euro zone, a poll showed.

The opinion poll by the respected ALCO institute, published in the Ethnos newspaper on Friday, put the "Yes" camp on 44.8 percent against 43.4 percent for the No" vote. But the lead was within the pollster's 3.1 percentage point margin of error, with 11.8 percent saying they are still undecided.

With banks shuttered all week, cash withdrawals rationed and commerce seizing up, the vote could decide whether Greece gets another last-ditch financial rescue in exchange for more harsh austerity measures or plunges deeper into economic crisis.

Read MoreGreek crisis: Concerns grow ahead of key vote

It could also determine whether Greece becomes the first country to crash out of the 19-nation European single currency area, membership of which is meant to be irrevocable.

The survey found that 74 percent of Greeks want to stay in the euro, while just 15 percent want to return to a national currency, with 11 percent undecided.

Prime Minister Alexis Tsipras has urged Greeks to reject the "humiliating" terms offered last week by international creditors in a deal that is no longer on the table, and accused lenders of "blackmail" by withholding credit.

As discontent has mounted over long queues for pensions and at cash machines, Tsipras promised voters that banks would reopen as soon as the government clinched a fresh loan from its euro zone partners.

Credit ratings agency Fitch said the banks were already effectively bust and would go to the wall within days unless the European Central Bank increases emergency liquidity assistance to help them cope with a wave of withdrawals.

There has been little time for campaigning but Tsipras is due to address a mass rally of "No" supporters in Athens' central Syntagma Square outside parliament on Friday evening, while "Yes" campaigners plan a rally at the old Olympic Stadium.

The "No" campaign has directed much of its venom at Germany, the euro zone's dominant power and Greece's biggest creditor.

One poster plastered in central Greece shows a picture of German Finance Minister Wolfgang Schaeuble with the slogan: "For five years he's been sucking your blood. Tell him NO now."

The Council of State, Greece's highest administrative court, is to decide on the constitutionality of the referendum at a hearing on Friday. The Council of Europe, a pan-European democracy and human rights watchdog, has said the vote does not meet its minimum standards.

Two Greek citizens are seeking the suspension of the vote as unconstitutional and illegal, arguing that it was called at too short notice, that the constitution bars questions relating to fiscal policy, and that the question is unclear and too complex.

Many Greeks may be unable to cast ballots, either because they are abroad and have to return to the country to vote, or because they do not have the money to return to their home constituencies because of the cash restrictions.

Summary: Greek voters are torn on taking the bailout, with the 'yes' camp only marginally outweighing the 'no' voters, a poll showed.


When adjusted for inflation, spending dipped 0.1 percent, the weakest reading since April of last year, after rising 0.2 percent in January.

Investors on Wall Street largely ignored the data, focusing attention on a raft of biotechnology merger deals. U.S. stocks were trading higher.

The dollar gained against a basket of currencies and prices for U.S. government debt also rose.

Consumer spending, which grew at its quickest pace in more than eight years in the fourth quarter, has lost momentum in part because of bad weather and a greater propensity by households to save money and reduce debt.

February's soft report prompted economists to further cut their first-quarter GDP growth estimates.

Forecasting firm Macroeconomic Advisers lowered its estimate by two-tenths of a percentage point to a 0.9 percent annual pace. Barclays cut its forecast to a 1 percent rate from 1.2 percent, while Morgan Stanley now sees a 0.8 percent growth pace instead of 0.9 percent.

Read MoreFed Lockhart: Rate hike may come after midyear

While households appear to have pocketed the bulk of their savings from lower gasoline prices or used the money to pay down debt, economists expect improved household balance sheets and a tightening labor market to boost consumer spending this year.

Income rose 0.4 percent last month after a similar gain in January.

Savings jumped to $768.6 billion, the highest level since December 2012, from $728.7 billion in January.

The saving rate rose to 5.8 percent, also the highest since December 2012, from 5.5 percent in January.

"Consumers have a lot of pent-up spending power once the economy gets past the winter doldrums," said Chris Rupkey, chief financial economist at MUFG Union Bank in New York.

There already are signs that a thaw is underway.

In a separate report, the National Association of Realtors said its Pending Home Sales Index, based on signed contracts, rose 3.1 percent in February to its highest level since June 2013. That indicated a pick-up in home sales.

Harsh winter weather has hurt parts of the housing sector.

There was a slight uptick in prices last month, suggesting a recent disinflationary trend had run its course, but inflation remains well below the Fed's 2 percent target.

Fed Chair Janet Yellen signaled on Friday that the U.S. central bank would likely start raising interest rates later this year, even amid low-running inflation. The Fed has held its key short-term interest rate near zero since December 2008.

A price index for consumer spending increased 0.2 percent in February after falling 0.4 percent in January. In the 12 months through February, the personal consumption expenditures (PCE) price index rose 0.3 percent.

Excluding food and energy, prices edged up 0.1 percent after a similar gain in January. The so-called core PCE price index increased 1.4 percent in the 12 months through February.

"This should reassure the Fed that recent low headline inflation readings are the result of transitory energy price declines and that inflation is likely to rise toward the Fed's target over time," said John Ryding, chief economist at RDQ Economics in New York.

Summary: Consumer spending barely rose in February as households boosted savings to their highest level in more than two years.


(Adds analyst comments, broadband subscriber numbers, shares)

Aug 7 (Reuters) - Cablevision Systems Corp lost more video subscribers in the second quarter as cable TV customers continued to "cut the cord", shifting to lower-priced bundled services from telecom carriers and Internet streaming service providers.

The company's shares fell as much as 4.5 percent in early trading on Friday.

Cablevision has lost video subscribers for about three years as it struggles to fend off competition from telecom companies such as Verizon Communications Inc and AT&T Inc as well as internet streaming providers such as Netflix Inc and Hulu.

Cablevision, controlled by New York's Dolan family, has said it would offer HBO's standalone streaming service, HBO Now, and Hulu's video streaming service to its broadband customers as part of a shift to what it terms a "connectivity" company.

Data, not video subscribers, were Cablevision's "most valuable" customers, Chief Executive Jim Dolan said on a conference call.

Indeed, the company reported net additions of 14,000 customers for such high-speed data services, the highest in more than two years, in the second quarter ended June 30. That resulted in 5,000 overall net customer additions.

Even the 16,000 net video subscribers Cablevision lost in the quarter was less than the 30,000 analysts had expected, according to market research firm FactSet StreetAccount.

Still, it was "nothing to write home about," said Craig Moffett, a senior analyst at MoffettNathanson Research.

Nagging investor concerns over viewers cutting the cord on cable television turned into a rout in the sector's shares over the past two days after results from Walt Disney Co and other cable companies showed their fears were real.

"As media stocks have melted down in recent days, the narrative of cord-cutting has taken on a life of its own, said Moffett. "No need to wait for the data. Netflix has won and traditional Pay TV has lost."

Cablevision had about 2.6 million video subscribers as of June 30, down about 5 percent from the 2.8 million a year earlier.

Still, cable revenue rose 1.8 percent to $1.48 billion, as the company raised rates. Average monthly cable revenue per customer rose 3.8 percent to $158.52.

Net revenue rose 1.6 percent to $1.65 billion, in line with analysts estimates.

Cablevisions' net income attributable to stockholders fell nearly 20 percent to $75.6 million, or 27 cents per share.

Analysts on average had expected a profit of 25 cents per share, according to Thomson Reuters I/B/E/S.

(Editing by Don Sebastian and Savio D'Souza)

Summary: Aug 7- Cablevision Systems Corp lost more video subscribers in the second quarter as cable TV customers continued to "cut the cord", shifting to lower-priced bundled services from telecom carriers and Internet streaming service providers. Cablevision has lost video subscribers for about three years as it struggles to fend off competition from telecom...


Sherman said drinks he ordered at bars often tasted watered down and unsatisfying. The culprit? Ice.

He said he wanted to stir things up. So he founded his start-up Beyond Zero, which makes a machine that turns any liquor into ice. Pour the liquid booze in one end and within minutes the machine freezes and dispenses it as cubes of ice. Sherman says he's literally putting liquor "in the rocks." And compared to a regular ice cube, the Beyond Zero cubes are up to 76 degrees colder.

"Once you mix the ice cubes with more liquor or a mixer, they melt and you have this incredible drink that has removed the ethanol bite leaving behind great flavors regardless of the type of spirit," the founder told CNBC.

For now, Sherman plans to get his machines in restaurants and bars. But Benchmarc Restaurants wine and beverage director David Lombardo said his main issue is keeping up with customer demand. "My concern with this machine is how long does it really take for these ice cubes to freeze and to be able to be served to the guests?"

According to the founder, the start-up's fully automatic machine produces enough ice for a single drink every two minutes. But Sherman added, "it constantly makes ice throughout the day and can keep up with the demand."

In addition to its fully automatic machine, the start-up has created two other models. These smaller devices both work as single-serving units and only hold one bottle of liquor. He has also built storage units to keep ice.

Currently, Sherman projects the fully automatic unit will cost $10,000, while the single serving and storage units will run between $3,000 and $5,000. He said that all units will be for sale for commercial-use by the end of 2015.

The founder told CNBC he expects the price to drop as volume ramps up. Once that happens, he said he may go after retail customers in 2016.

Summary: Beyond Zero founder Jason Sherman pitches his start-up to a panel of experts on CNBC.


Some CMT Awards 2014 Gift Bag Goodies

Courtesy: Loveless Cafe; Nashville Toffee Company; Title Boxing

06/04/2014 AT 03:00 PM EDT

Even if they don't snag one of the eight trophies that will be handed out Wednesday night during the live broadcast of the CMT Music Awards hosted by

, none of the 74 celebrities on the show will go home empty-handed. In fat, they'll probably need help toting home all the goodies in the jam-packed gift bag! (Literally jam-packed: The bags include a jar of

made by Nashville-based Bathtub Gin.)

If Bell – in her

– needs a sugar boost mid-show, she can dig into her bag of

might swap her bag of

from the famous Loveless Cafe for The Band Perry's

Should sparks fly between any of the single stars – Brett Eldredge and Cassadee Pope? Kacey Musgraves and Brantley Gilbert? – there's a candle, matches and bottle of Crown Royal to help set the stage for romance.

On the other hand, with

both vying for the top prize of video of the year, their

might better be left in the dressing room â¦

Summary: Everybody wins at the CMT Music Awards – even if they don't actually win


A more workable number, according to the thinking from Popejoy, who has been a Pimco trustee for 23 years, would look more like the reported $20 million a year Larry Fink gets to run investment giant BlackRock, which at $3.8 trillion manages twice the assets of Pimco.

Gross' salary, reported in 2012 by The New York Times, "seems to be out of line, way out of line," Popejoy said.

The comments come at an awkward time for Pimco, which manages about $1.9 trillion for clients and runs the largest bond fund in the world—the Total Return Fund, which has $236.5 billion under management.

A recent unflattering Wall Street Journal profile painted a picture of dysfunction at the firm, recalling battles between Gross and former co-CEO Mohamed El-Erian and showing Gross as a controlling, dominating presence who was prone to impose draconian office conditions.

More recently, Reuters reported that several key institutional investors have put Pimco on a "watch list" of firms that could be heading for trouble.

"As far as behavior, dressing down people, including Mohamed, in front of a group of executives—that is not the kind of behavior that works in a corporate situation," said Popejoy, who said Gross may be a "genius" who needs to rein in his behavior.

"Most geniuses have idiosyncrasies, but that doesn't mean he's the only person at Pimco," he said. "They have hundreds of very able people that help with their management of funds."

Popejoy's criticisms were first reported in the Los Angeles Times, in which he called Gross "mediocre" and rebuffed a quote, reported in the Journal piece, in which Gross compared himself to horse racing legend Secretariat.

"You could hire 2,000 schoolteachers for that money," Popejoy told the newspaper in a story published Tuesday. "I don't know what Bill should be paid, but $200 million is not appropriate."

(Read more: Tell-all on Pimco was 'overblown,' Gross says)

"I don't know if Secretariat made $200 million a year," he added.

For the firm's part, it insists that conditions are business as usual. Pimco tweeted Tuesday:

Go here for the full Times story.

—By CNBC's Jeff Cox. Follow him on Twitter @JeffCoxCNBCcom.

Summary: Not so long ago known as the untouchable Bond King of the investment world, the Pimco founder now finds himself the subject of intense scrutiny.


"The country was living on the high commodity prices," said Collyns. The decline in prices, along with the crisis, have "laid bare the fundamental issues" of the Russian economy.

Russia is a major producer of oil, but not much else. It is reliant on energy prices remaining high, but the price of oil has marched lower over the last few months.

To make matters worse, the number of eurobond issuances from Russia has also plunged, as the chart below shows, indicating that it's likely becoming more difficult for bond issuers to borrow.

Summary: New data show just how dramatically investors began abandoning Russia after the Kremlin began working to destabilize Ukraine.


Wal-Mart came under similar criticism last year, when an employee held a food drive for one co-worker who had lost their home in a fire, and for another who had stopped receiving child support from her ex-husband.

"It's unfortunate that when a store in those situations, when they want to give back to the local community or to others that they work with based on maybe finding out that they aren't able to work…that they would be criticized for wanting to help," Whaling said.

Read MoreBetter move fast! Amazon pushing deals to Snapchat

As the nation's largest retailer, critics argue changes made at Wal-Mart will trickle to other retailers and help improve conditions for low-wage workers. That is one belief expressed by the Making Change at Walmart group.

However, they are not the only critic. On Thursday, public health attorney Michele Simon issued a report on Wal-Mart that said the retailer is contributing to the hunger crisis in the United States.

"In addition to paying workers so little that too many rely on public assistance, Walmart and the Waltons are building their wealth with income from food stamps," the report said.

According to Wal-Mart's website, it pays an average, full-time hourly wage of $12.92, which is above the federal minimum wage.

Summary: Wal-Mart came under fire from a labor group, which posted an image to its Facebook page of a food drive for employees.


Dark pools are broker-run electronic trading venues, and several big banks have one. They allow investors to trade anonymously and only make trading data available after a trade, reducing the chance that others in the market will know about the buyer's or seller's intentions and move the price against them.

Dark pool venues have come under scrutiny amid concerns their unlit markets may drive too much volume away from traditional exchanges and make it hard for investors to see demand and potentially distorting prices.

Read MoreThe 'dark pool'debate—here's what you need to know

Last month, Citigroup said it would shut down its alternative stock trading venue LavaFlow, at a time when regulatory scrutiny has increased around broker-run trading platforms, forcing banks to rethink the costs. Wells Fargo shut its dark pool in October, citing a lack of customer demand.

Banks' "costs are skyrocketing and our job is figuring out how we can help them solve that problem," Greifeld told the Journal.

Using its technology, surveillance software and regulatory expertise, Nasdaq can manage dark pools on behalf of banks, still allowing them to trade at lower prices than they do on exchanges and letting bank customers trade anonymously, the newspaper reported.

A final business product hasn't been completed and plans may change, the Journal said.

Read MoreDark pools draw trade away from stock exchanges

Representatives at the Nasdaq were not immediately available for comment outside regular U.S. business hours.

The U.S. Securities and Exchange Commission Chair Mary Jo White announced last year that she planned to propose new rules that would require alternative trading platform operators to disclose more details to the public about the way they operate.

Summary: Nasdaq has approached several big banks with a proposal to take over the operation of their so-called "dark pools."


(Adds executive comments, details on timing and volume of crude oil swap)

MEXICO CITY, Aug 14 (Reuters) - An historic crude oil swap between the United States and Mexico is "great news" for both countries, and Mexico's national oil company Pemex expects the permit by the end of this month, the head of its commercial arm said on Friday.

Reuters reported earlier on Friday that the Obama administration will allow limited sales of U.S. crude to Mexico for the first time, marking another milestone in loosening a contentious ban on exporting domestic oil.

Jose Manuel Carrera, CEO of Pemex's commercial arm PMI Comercio Internacional, said the crude swap could bring up to 100,000 barrels per day (bpd) of light U.S. crude to Mexico's domestic refineries, boosting gasoline output, in exchange for Mexican heavy crude.

He said the first U.S. crude imports will likely ramp up from a much lower level, and that Mexico could begin receiving the crude shipments later this year.

"This is great news," said Carrera. "It will allow refining in both countries to be more efficient."

The shipments from the United States of light crude will help Pemex's aging refineries, configured to run a lighter crude mix than the country's increasingly heavy crude production, and boost the output of higher-value refined products like gasoline and diesel. U.S. refiners will continue to get Mexican heavy oil, a better match for them than the deluge of light oil coming from Texas and North Dakota.

Carrera emphasized that integrating U.S. light crude into Mexico's refining sector would be gradual.

"These processes will begin bit by bit because when you add new crude to your refineries it has to start on a small scale," he said.

Pemex should know by the first quarter of next year which light U.S. crudes will work best, following test runs, he said.

The imports could come from either onshore or offshore production in the United States, he added, including both shale or conventional oil.

"Once we see the license, we will then be able to decide exactly which kind of crude we'll choose," he said.

He added that Pemex has already asked for several price quotes from U.S. crude producers, though he declined to name them.

The first Pemex refineries to process the imports will be the Tula refinery in Hidalgo state, and the Salamanca refinery, in Guanajuato state.

(Reporting by David Alire Garcia; editing by Simon Gardner and Bill Rigby)

Summary: MEXICO CITY, Aug 14- An historic crude oil swap between the United States and Mexico is "great news" for both countries, and Mexico's national oil company Pemex expects the permit by the end of this month, the head of its commercial arm said on Friday. Reuters reported earlier on Friday that the Obama administration will allow limited sales of U.S. crude to Mexico for...


It was always going to end this way, of course. We all knew that. When people in America accrue enough fame, they enter the realm of folklore, which means they get turned into media. They get a movie made about them, or a TV show, or a song. This is how it works. Even if you kill a dozen people, give or take.

“Black Mass” opens on Friday, and with the movie’s release, the pop-culture mythification of James “Whitey” Bulger is complete. It’s a process that began in the streets of South Boston four decades ago, gained velocity through years of mayhem and life on the lam, and finally punched through the sound barrier with Bulger’s 2011 arrest and 2013 trial. After that, it was only a matter of time before someone got a movie made, whether it was Matt and Ben or some other Hollywood tag team. (“Black Mass” is directed by Scott Cooper, with Johnny Depp starring as Bulger.)

That’s what we do as a culture. That’s how we explain a sociopathic little thug. We build him up until he’s legendary, and then we get a movie star to play him. We send our heroes to Disneyland, but the villains go to the big screen and to our memory banks, where they turn slowly into cartoon boogeymen and lose the dimensions of human evil. The specific awfulness of what they’ve done gets smoothed away, along with the names of their victims.

I’ve seen “Black Mass,” but this isn’t a review of the film; that will be coming soon enough. Rather, it’s a meditation on the ways in which we reward infamy.

It’s hardly a new thing. Actually, I’d argue that we’re hardwired as a species to tell stories around the campfire — actual or digital — about both heroes and villains.

“Black Mass,” the movie based on the book of the same title by former Globe reporters Dick Lehr and Gerard O’Neill, had its world premiere at the Venice Film Festival.

The heroes show us what’s possible if we’re strong enough, or smart enough, or lucky enough. The villains push more complicated buttons.

On one level, their stories tell us what we can and can’t get away with if we want to live as part of a functioning society. You can be ambitious, aggressive, even brutal, but these narratives remind us that you have to play within the laws, that greed will always bring you down, and that Thou Shalt Not Kill.

Brad Pitt as Jesse James.

The folklore of our criminals and outlaws is predicated on endings, which involve either jail or — more viscerally satisfying and better for drama — a bloody and fatal comeuppance. The Whitey “story” didn’t wind down violently, but it couldn’t be satisfyingly told until Bulger was dragged in from the cold and put on trial for his crimes. The parenthesis needed to be closed for there to be a moral, for the values of society to be reestablished. You can’t make a decent movie about the criminal equivalent of Bigfoot.

But we’re also drawn to outlaw sagas because we dream, however subconsciously, about the power that the unrepentant have, to go where they want, grab what they want, kill anyone in the way. The murder of a fellow criminal is fine in this context, even adds to the myth; innocent passersby, by contrast, detract from it. That’s one of the many reasons “Black Mass” will go down with a sour taste to many in the Boston area who remember the names of the unlucky: Deborah Hussey, Michael Donahue, Michael Milano, Debra Davis, among others.

Robert De Niro as Al Capone.

A crime movie lets us fantasize about being the good guys but more often the bad guys. They’re literally our projected monsters, acting out everything we’re too decent or law-abiding or timid to try. That’s why there are more movies about Al Capone than about Elliot Ness, why people remember John Dillinger more than G-Man Melvin Purvis.

The American frontier is the great gray area where this first played out in our country’s popular imagination. Tales were swapped, newspaper stories were written, and pulp novels churned out in which sociopaths were remade into “legendary” gunslingers, and when the movies were invented, the folk antiheroes took naturally to them, too. The first film to tell the story of Billy the Kid came out in 1911; the character would go on to be played by Paul Newman, Kris Kristofferson, and Emilio Estevez, among many others. Jesse James has been, if anything, more popular: He has been played by Robert Duvall, Rob Lowe, Kris Kristofferson (again), Colin Farrell, Roy Rogers, Tyrone Power, and Brad Pitt.

Warren Beatty and Faye Dunaway won the hearts of the rebellious 1967 youth audience as “Bonnie and Clyde.”

So it is with the bad men and women of the Depression. Warren Beatty and Faye Dunaway won the hearts of the rebellious 1967 youth audience as “Bonnie and Clyde,” and no matter that their portrayals had little in common with the actual Clyde Barrow and Bonnie Parker. Mickey Rooney played “Baby Face” Nelson, Charles Bronson played “Machine Gun” Kelly, Martin Sheen and Channing Tatum have played “Pretty Boy” Floyd. Dillinger has been portrayed, with sympathetic menace, by Warren Oates and Johnny Depp, among others; you could argue that Humphrey Bogart was doing Dillinger in 1941’s “High Sierra.” In 1991 alone, there was Dustin Hoffman as “Dutch” Schultz in “Billy Bathgate” and Beatty as “Bugsy” Siegel.

And Al Capone? Who hasn’t played him? Robert De Niro in “The Untouchables” (1987) is the modern reference point, bashing in an unlucky associate’s head with a baseball bat, but Rod Steiger, F. Murray Abraham, Jason Robards, Eric Roberts, and Ben Gazzara have also played the role. That’s not even counting actors who played characters based on Capone.

The question, then, with “Black Mass” is whether it’s “too soon.” Whether Whitey Bulger’s crimes are still so fresh from their airing in court that no movie about him can in any way qualify as “entertainment.” (There was Jack Nicholson in “The Departed,” of course, but that was a safely fictionalized version.) It’s an argument primarily rooted in geography, I think, because while a lot of people (I’m one) in the Boston area are bothered by the notion of Bulger finally and firmly entering the pantheon of mediated devils, that sense of acknowledging his real, human damage — of not wanting to lionize a creep — probably fades as you move away from the epicenter. In Minneapolis or Tucson, Whitey is just another Famous American Badass.

Time will take care of the rest. It always does. Whitey Bulger will be dead soon enough, and so, eventually, will everyone who knew him, or wrote about him, or read the news about him, or got tired of reading the news about him. And then, like it or not, he’ll be a pure American myth, up there with Capone and Dillinger and even a make-believe figure like Paul Bunyan, just a murderous variant thereof, and the movies and TV shows will keep coming.

This has nothing to do with who Jimmy Bulger is, or ever was. It has everything to do with the darker appetites of our imaginations.

Correction: An earlier version of this story made an incorrect reference to Johnny Appleseed.

Summary: It was always going to end this way, of course. We all knew that. When people in America accrue enough fame, they enter the realm of folklore, which means they get turned into media. They get a movie made about them, or a TV show, or a song. This is how it works. Even if you kill a dozen people, give or take. “Black Mass” opens on Sept. 18, and with the movie’s release, the pop-culture mythification of James “Whitey” Bulger is complete.


NEW YORK — Wal-Mart Stores Inc. expects its profit to take a hit as the world’s biggest retailer works to fend off intensifying competition by perking up customer service and adapting to changing shopping habits.

The company, known for its low prices and sprawling supercenters, also forecast sales for its full fiscal year to be flat, hurt by unfavorable currency exchange rates. Walmart had previously forecast sales growth of 1 to 2 percent. For its next fiscal year, it said profit could fall by as much as 12 percent.

Its shares tumbled 10 percent to $60.03, their steepest one-day fall since January 1988.

The disappointing guidance comes as Walmart works to fix its US business amid pressure from rivals including traditional grocers, dollar stores, and Amazon.com. At its annual meeting in New York Wednesday, chief executive Doug McMillon sought to reassure investors that the company is changing to keep up with a rapidly evolving retail landscape.

‘‘We all know that retail has changed and will continue to change at an accelerating pace,’’ said McMillon, who took the job in February 2014.

Under McMillon, Walmart has opened more smaller stores, which tend to be more conveniently located and let customers get in and out faster. The company is also stepping up its e-commerce efforts. On Wednesday, it said it was expanding its online grocery with free pickup to 10 additional markets, making the service available in a total of 20 US markets.

Such moves, along with a push to improve the cleanliness of its US stores, are expected to help attract more higher-income customers. But McMillon noted the company would also remain focused on shoppers who are driven by value.

Walmart is under pressure on that front, as well, with smaller discounters posing a greater threat. The company said its store brands will play a key role in addressing the ‘‘price gap’’ between itself and discounters.

For its fiscal 2017, Walmart expects earnings per share to be down 6 to 12 percent. The company attributed a big portion of the decline to its investment in raising wages and providing more training, which it hopes will improve service.

Walmart, facing pressure from worker groups, increased its minimum wage for US employees to $9 per hour in April. The figure will rise to $10 per hour by February 2016.

While the company’s increased investments have helped to perk up sales and traffic, they’ve squeezed profits. In early October, 450 workers at corporate headquarters were laid off. More than 18,000 people work at the headquarters in Bentonville, Ark.

Last year, McMillon replaced the US chief executive, Greg Foran, who was previously head of Walmart China. Foran is spearheading a major overhaul of the US business, which accounts for 60 percent of its the total.

By fiscal 2019, the company expects earnings per share to be up 5 to 10 percent from this year.

The company had lowered its profit forecast for this fiscal 2016 in August, saying it expects earnings to be between $4.40 and $4.70 per share, down from $4.70 to $5.05 per share.

The company also authorized a $20 billion share buyback program for the next two years.

Summary: Walmart expects its profit to take a hit as the world’s biggest retailer works to fend off intensifying competition by perking up customer service and adapting to changing shopping habits.


11/26/2015 AT 03:15 PM EST

urged Americans on Thanksgiving to show compassion for Syrian refugees, comparing them to pilgrims who fled persecution when they came to America in 1620.

"In 1620, a small band of pilgrims came to this continent, refugees who had fled persecution and violence in their native land," Obama said.

"Nearly 400 years later, we remember their part in the American story – and we honor the men and women who helped them in their time of need."

Obama has announced a plan to accept 10,000 refugees from Syria.

"Nearly four centuries after the Mayflower set sail, the world is still full of pilgrims – men and women who want nothing more than the chance for a safer, better future for themselves and their families," Obama said.

Obama's stance has drawn opposition that has intensified in the wake of the

More than 30 state governors have said they will attempt to block refugees from settling in their states. Several Republican presidential candidates have also said that refugees pose a security risk. The Republican-controlled House of Representatives passed a bill to suspend Obama's refugee plan and ramp up refugee screening.

Obama, 54, has said the refugees will be thoroughly screened, and that he will veto the House bill. On Wednesday, the Obama administration, via the HHS Office of Refugee Resettlement, said that states cannot legally block the resettlement of refugees.

In his Thanksgiving address, Obama said, "What makes America America is that we offer that chance. We turn Lady Liberty's light to the world, and widen our circle of concern to say that all God's children are worthy of our compassion and care. That's part of what makes this the greatest country on Earth."

Summary: "We turn Lady Liberty's light to the world," Obama said


12/11/2015 AT 05:30 PM EST

The mistress of a married U.S. Army medic pleaded guilty on Thursday to stabbing the medic's wife to death with a kitchen knife as she slept and then waiting a half-hour to make sure she was dead, PEOPLE confirms.

, admitted in court to meeting Sgt. Michael Walker on an online dating site and to allegedly conspiring with him to kill his wife, Catherine Walker, U.S. Attorney Thomas Brady, who prosecuted the case, confirms to PEOPLE.

As part of her plea agreement, Jackson is expected to be sentenced to 30 to 33 years in prison and will testify against Walker at his trial scheduled for Aug. 30, 2016, Brady confirms. Walker has been charged with first-degree murder by way of aiding and abetting and conspiracy to commit murder. He has pleaded not guilty and is being held without bail in the Federal Detention Center in Honolulu until his trial, Brady says.

Jackson admitted in court that Walker told her that he couldn't divorce his wife but that his "deepest desire" was to have her gone, Brady says.

Last November, Jackson said that they met in the parking lot of the Aliamanu Military Reservation in Hawaii and devised a text messaging coding system to indicate how she would enter the Walker home, Brady confirms: If Walker texted "good," Jackson would enter through the window. If he texted "bad," she would use a key left near the back door.

After Walker texted "bad," Jackson said using a key enter the house, grab a knife, and stab Catherine to death, Brady confirms. Jackson stayed in the house for a half-hour to make sure Catherine was dead, Brady confirms.

At the time of the murder, Jackson was living with her family on the military reservation because her father served in the army, Brady tells PEOPLE.

Summary: Ailsa Jackson will testify against Sgt. Michael Walker at his murder trial scheduled for next August


Disunion follows the Civil War as it unfolded.

Disunion follows the Civil War as it unfolded.

During the first two months of 1862 the finances of the federal government were in dire straits. The pressing question was, given the strength of special interests, would Congress have the courage to adopt the necessary legislation?

The financial situation could not have been more grim. The War Department could no longer pay the country’s soldiers and sailors; generals hounded Washington for money. Government revenues, which came chiefly from the tariff, fell from an annual average of $60 million during the prewar years to $42 million once the war began. At the same time government spending, which typically had matched income, soared. By the summer of 1861 Salmon P. Chase, the secretary of the Treasury, needed $1 million a day to cover expenses; by the end of the year he needed twice that amount.

The secretary’s first recourse, in the spring of 1861, was to borrow from bankers at home and abroad. But foreign bankers spurned the beleaguered republic, while institutions in New York, Boston and Philadelphia subscribed only $100 million of the $150 million loan that Chase floated. In July 1861 Congress issued $50 million of unsecured Treasury notes, but their value fell when banks refused to accept the money at face value. Angered, Chase proposed a system of national banks. But he mapped out no plans for the immediate crisis.

Instead, leadership came from a small group of Congressional Republicans, including representatives Elbridge Spaulding and Thaddeus Stevens and Senator John Sherman of Ohio. Before the war these men had been strong advocates of the economic measures – such as a protective tariff and internal improvements – that marked the Republican Party. They now set forth a bold program: It began with printing $150 million of legal tender Treasury notes, which bankers and soldiers alike would receive in payment for their services. These bills would be supported by extensive taxes, including an income tax. Once those initiatives were in place, Congress would implement Secretary Chase’s plan for a national banking system.

Spaulding, Sherman, Stevens and others who worked with them had a broad vision of American growth, built on a vibrant national economy with a strong central government. They extolled a harmonious nation of free farmers and manufacturers, with special interests kept in check by national laws. And they emphasized the need for sacrifice in the common cause: Spaulding, for example, made clear that the next step – heavy taxation – must soon follow the emission of Treasury notes. “Direct taxation, excises, and internal duties are new features within the United States,” he remarked. “They will be heavy burdens on the people, but essential to sustain the circulation of demand Treasury notes. The tax-gatherer will be an unwelcome visitor to most people, but his face must soon be familiar.”

It would be worth it, they argued. Sherman explained how the new currency would benefit the nation, as well as allowing the government to pay its debts. “When you issue these $150,000,000 of currency,” he said, “it will permeate all over this country; it will be the blood of the whole system . . . It will enable men to carry on their business and make their exchanges all over the country.”

Opposition soon emerged to the first component of the program: the issuance of legal tender paper money. Democrats in Congress denounced the measure, fearing that the legislation encouraged the emergence of big government. It would “subjugate the States and the people perpetually to the Federal Government,” one Ohio Democrat complained. Still, Democrats and “Unionists” made up only a fourth of Congress, and so were in no position to block the legislation.

More worrisome for Spaulding and Sherman was the influence of the Eastern banks, and the Republicans who spoke for these institutions. The influence of the bankers was particularly marked in the congressional delegations from New York, Massachusetts, Rhode Island, Vermont and Maine. The new legislation, financiers declared, violated the sanctity of contracts. They wanted the government to continue paying the interest on bonds in silver and gold – not paper. Financiers also denounced any initiative that might restrict the right of local banks to issue paper money, a common practice at the time. It was big source of their profits, after all: the big banks discounted these notes, taking a cut from every transaction. The major banks also issued their own currency, expanding their capacity to make loans.

An unfolding history of the Civil War with photos and articles from the Times archive and ongoing commentary from Disunion contributors.

Congressmen who defended the interests of the banks argued that the law was unconstitutional and would “ruin the business prosperity of the country,” as one put it. Although the banking interest was beaten back in the House, financiers gained a partial victory in the Senate: The upper house accepted the legal tender clause, but insisted that interest on bonds be paid in gold. “A doleful sound came up from the caverns of bullion brokers, and from the saloons of the associated banks,” reported Thaddeus Stevens. “Their cashiers and agents were soon on the ground, and persuaded the Senate, with but little deliberation, to mangle and destroy what it had cost the House months to digest, consider and pass . . . It makes two classes of money – one for the banks and brokers and another for the people.” When delegates from the two houses conferred, the Senate version prevailed. The bill that Lincoln signed on Feb. 25, 1862, issued $150 million in legal tender notes but provided that the interest on bonds would be paid in gold.

The new bills, soon called “greenbacks” from the distinct color of their ink, were widely accepted. This measure, however, was but the first act of an economic drama that would continue during the war – and in the years that followed. In July 1862 the Income Tax Act became law, and in February 1863 Lincoln signed the National Banking Act. In 1866 punitive taxes finally forced local banks to withdraw their notes.

So did Congress in early 1862 have the courage and will to adopt the needed legislation? Clearly, only in part. The lawmakers had addressed the issue and taken an important step forward. The battle to shape the nation’s finances had been joined, not concluded.

Follow Disunion at twitter.com/NYTcivilwar or join us on Facebook.

Sources: Heather Cox Richardson, “The Greatest Nation on Earth: Republican Economic Policies during the Civil War”; Leonard P. Curry, “Blueprint for Modern America: Nonmilitary Legislation of the First Civil War Congress”; Marc Egnal, “Clash of Extremes: The Economic Origins of the Civil War”; Congressional Globe.

Marc Egnal is a professor of history at York University, Toronto, and author of “Clash of Extremes: The Economic Origins of the Civil War.” See www.clashofextremes.com., which also presents citations for quoted material in this essay.

Summary: To pay for the Civil War, Congress created the modern American currency.


01/18/2016 AT 03:10 PM EST

A two-year-old Tennessee boy has gone missing after being separated from his family while they were hiking through the woods last Thursday.

Authorities do not suspect foul play at this time in the disappearance of Noah Israel Chamberlin, a spokesperson for the Chester County Sheriffs Office tells PEOPLE.

Noah has blonde hair and blue eyes, according to an

He is two feet tall and was wearing a gray shirt and blue jeans.

Members of the community and volunteers with the Tennessee Bureau of Investigation have been searching for Noah throughout his hometown of Pinson daily. Noahâs parents have been cooperating with authorities, the Sheriffâs spokesperson said.

At a press conference Monday, Sheriff Blair Weaver said that he believes Noah is still in the search area and that all registered sex offenders have been interviewed.

Authorities have also spoken with the entire Chamberlin family, including Noahâs four-year-old sister who was on the nature walk with Noah when he disappeared.

When asked why authorities remain optimistic with their search, Sheriff Weaver said, "faith."

Anyone with information is encouraged to call the TBI at 1-800-TBI-FIND or the Chester County Sheriffâs Office at (731) 989- 2787.

Summary: Noah Chamberlin was last seen with his grandmother and sister


01/19/2016 AT 12:00 PM EST

has some serious criteria when it comes to her

In an exclusive sneak peek at Tuesday's

, Gosselin goes on a blind date, but she isn't shy about telling him exactly what she demands in a suitor.

"I do know that the person that comes around and sticks around – like if you are willing to take on

, you have to be pretty darn tough, like, from the get-go," the 40-year-old mom of twins and sextuplets tells her date over dinner.

"I think that in itself will be the ready-made test."

Gosselin hasn't been doing much blind dating since her very

, but the mom of eight says she left her marriage with a very important lesson for herself and her children.

"I think from the experience that I have been through, my main message to my kids is to never settle," she says. "Do be comfortable with yourself enough that you are not just, like, marrying the first person that comes along," she says.

"I think that's a big mistake that a lot of people make, and this time around I have to be extra choosey not only for myself. The bar is set very much higher."

airs Tuesdays (10 p.m. ET) on TLC.

Summary: The TLC star says she has to be "extra choosey" when it comes to finding a partner


A China-based employee of MKS Instruments, an Andover company that makes measurement and control systems for manufacturing facilities, was arraigned in US District Court in Boston Tuesday for conspiracy to violate US export laws.

The employee, Qiang Hu, also known as Johnson Hu, is a Chinese national and is based in the company’s Shanghai offices. MKS is in the process of terminating Hu, according to a company spokesman. MKS itself is not being targeted for investigation.

The US attorney’s office in Boston confirmed that Hu was arrested and charged, but had no other comment.

Since 2007, Hu had conspired to sell equipment known as pressure transducers from MKS to unauthorized purchasers in China for illegal purposes, according to court filings. MKS sells the transducers for use in medical device sterilizers and other products, but they can also can be used in centrifuges to enrich and produce weapons-grade uranium, according to court documents.

A statement from MKS said the company is cooperating with the investigation and “is conducting its own investigation into these matters and the individual’s suspected violation of corporate policies.”

Summary: A China-based employee of MKS Instruments, an Andover company that makes measurement and control systems for manufacturing facilities, was arraigned in US District Court in Boston Tuesday for conspiracy to violate US export laws. The employee, Qiang Hu, also known as Johnson Hu, is a Chinese national and is based in the company’s Shanghai offices. MKS itself is not being targeted for investigation. The US attorney’s office in Boston confirmed that Hu was arrested and charged, but had no other comment.


Abigail Johnson has taken another big step toward being the next leader of Fidelity Investments after the company said she will add the title of chief executive to her duties.

Johnson, 52, will continue to report to her 84-year-old father, Edward C. Johnson III, Boston-based Fidelity's chairman. The elder Johnson had been chairman and CEO of the company since taking over from his father in 1977. The announcement was contained in a memo distributed on Monday to employees.

Read MoreFidelity hack points to JPMorgan link

"Abby Johnson has agreed to become Chief Executive Officer of Fidelity, reflecting a further step forward in our leadership succession plan. Abby will retain her role of President and I will continue to serve as Chairman of the Board," Ned Johnson wrote the internal memo. "Along with our senior team, we will work together to strengthen Fidelity's industry leadership and to innovate in ways that enhance the experience we provide to our customers."

According to her corporate biography, Abigail Johnson began her tenure at the company as an equity research analyst in 1988. She has held several leaderships positions including, most recently, heading Fidelity's retail, workplace, and institutional businesses.

Fidelity is the second-largest U.S. mutual fund company behind Vanguard Group. It runs a stable of actively managed mutual funds including the $100 billion-plus Contrafund .

Summary: Abigail Johnson will take over as CEO of Fidelity Investments from her father Ned Johnson.


is pulling the trigger on his marriage -- just days after cops were called to his home to break up an epic blowout argument with his wife ...

Rosenhaus filed divorce docs in Miami yesterday -- seeking to end his 13-month marriage to real estate agent

According to the docs, obtained by TMZ Sports, Rosenhaus says he has claim to their Miami home -- and wants her out of the house, ASAP.

Rosenhaus also says Lisa signed a prenup before the marriage -- and wants the judge to honor it. The terms of the prenup were not disclosed in the divorce docs.

We broke the story ... Thomson

and told them she was verbally attacked by Drew and his brother at their Miami home.

Cops eventually calmed everyone down -- no one was arrested ... but we're told Drew gave Lisa five trash bags and told her to get her stuff out of the house.

Rosenhaus and Thomson tied the knot in 2013 -- they have no kids together.

As we previously reported, Thomson recently

(pictured below) -- and sources tell us the situation may have contributed to the split.

We spoke to Rosenhaus who had no comment on the story.

Summary: Sports mega-agent Drew Rosenhaus is pulling the trigger on his marriage -- just days after cops were called to his home to break up an epic blowout…


05/25/2016 AT 10:50 AM EDT

's dog-smuggling fiasco just keeps getting stranger.

Australian deputy prime minister and agriculture minister Barnaby Joyce responded to Depp's claims that he looks like "somehow inbred with a tomato" made on

"I think I'm turning into Johnny Depp's Hannibal Lecter, aren't I?" Joyce told the

through a spokesman Wednesday morning, referencing the villain of the 1991 film

. "I'm inside his head, I'm pulling little strings and pulling little levers. Long after I've forgotten about Mr Depp, he's remembering me."

Joyce thanked Depp, 52, for the free publicity on Australia's biosecurity laws.

in July 2015 with illegally importing their two Yorkshire terriers, Pistol and Boo, into Australia. Joyce then threatened to euthanize the dogs if the couple did not remove them from the country within a 72-hour window.

Heard pleaded guilty to the charge in April and filmed an odd

with Depp that was released on Joyce's Facebook page. Joyce poked fun at the video, telling

Depp looked like he was "auditioning for

appearance, Depp joked that the video was some of his best acting work yet, adding that he didn't watch it before posting because he "didn't want to kill [himself]."

Summary: Australian deputy prime minister and agriculture minister Barnaby Joyce responded after Depp continued to slam him over a dog-smuggling fiasco


After years of fits and starts, startups and big businesses are finally starting to pay attention to the solar market in rural corners of the developing world.

Over the past few months, a number of high profile investors have backed startups selling solar panels to off-grid customers across regions like Africa, India, and East Asia. Meanwhile, big solar companies have created divisions focusing on rural customers in the same areas.

That this market is now starting to mature shows how solar is increasingly affordable to people who earn less than $2 daily. At the same time, it highlights how business can lead social development—electrification, in this case—in ways that some non-profits have failed.

For the most part, wealthy countries like the U.S. and Germany have been the ones to adopt home solar panels. Home owners typically buy their solar systems out right or lease them from a third party like SolarCity SCTY . These solar systems tend to plug into the broader power grid.

But in regions like rural Africa, where the power grid is lacking, an entirely new strategy has had to be developed. These new solar products have relied on new types of financing, have ridden on the back of mobile technologies, and have depended on the emergence of cheap batteries. Will this type of solar product become the norm in rural off-grid areas?

One of the rapidly growing startups tackling this market is M-Kopa, based in Nairobi, Kenya. The company was founded nearly five years ago by Jesse Moore and Nick Hughes, who was one of the original creators of mobile payment system M-Pesa. If you haven’t heard of it, M-Pesa is one of the world’s most successful mobile payment services. By some estimates, 95% of Kenyan adults use it to buy goods and services, and a third of Kenya’s GDP flows through it every year.

Moore and Hughes’ idea was to use a mobile payment system like M-Pesa as the backbone for offering credit to people who didn’t have bank accounts or full-time jobs. They decided to use it to create a pay-as-you-go financing system for solar panels, efficient lights and other appliances that piggy backed on the existing payment system, wireless networks and software.

Customers pay for the solar system, which costs about $200, with a small up-front sum followed, usually, by daily micro-payments for a year. If the customer stops paying, M-Kopa can turn the solar system off remotely.

MORE: Goldman Sachs to invest $150 billion in clean energy

Because customers can pay in small increments, it ends up making solar panels more affordable than kerosene, the traditional source of energy in rural areas. Off-grid rural home-owners have little choice but to burn kerosene indoors at night to light homes after dark, leading to respiratory problems and fires.

The average off-grid Kenyan spends $272 a year on energy, which includes $164 on kerosene, $36 on charging a cell phone (often times at charging kiosks), and $72 on batteries, as Bloomberg reported. M-Kopa says that its customers can save $750 over four years by switching to its solar kit.

M-Kopa is a financing company more than anything else. The company buys solar kits from others like startup D.Light, which in recent years has also started to focus more on new financing methods.

They are not alone. Off Grid Electric, a startup founded in 2011 and based in Tanzania, has a similar plan to bring pay-as-you-go solar panels that run off of cell phone systems and networks to Africa as does Azuri Technologies. In India, Simpa Networks and Mera Gao Power are making a similar push.

In recent months, investors have started to place bets on some startups that have made solid progress. Earlier this month Generation Investment Management, a London-based fund started by investors David Blood and former Vice President Al Gore, led a round of $19 million for M-Kopa. Generation has invested in energy companies like solar installer SolarCity and smart thermostat maker Nest, now owned by Google parent Alphabet GOOG .

WATCH: To learn more about energy in developing regions, watch this Fortune video:

M-Kopa’s round also included funding from Virgin’s Richard Branson and Steve Case, founder of AOL. Using the funds, M-Kopa plans to expand its business to reach 1 million homes in East Africa by the end of 2017. To date, M-Kopa has sold solar to about 280,000 homes in Kenya, Tanzania, and Uganda.

D.Light, meanwhile, has raised $40 million over its lifetime from investors including Draper Fisher Jurvetson, Omidyar Networks, Nexus India Capital, and Acumen Fund. The company has sold 10 million solar lanterns, which are stand alone solar devices that store solar energy, in contrast to the pay-as-you-go solar panels, which electrify an entire home.

Last week, Off Grid Electric announced that it had raised $45 million in debt financing from the Packard Foundation, Ceniarth, Calvert Foundation and other family offices to deploy its pay-as-you-go solar system across Africa. Off Grid Electric says the debt funding was the first of its kind to help deploy off-grid solar in Africa.

The company’s funding comes on the heels of $25 million in equity backing led by DBL Partners, which has also invested in Tesla TSLA and SolarCity. Other investors in Off Grid Electric included SolarCity itself, Zouk Capital and Vulcan Capital, the fund of Microsoft co-founder Paul Allen.

It’s not just startups that are eying this emerging market. Clean energy giant SunEdison SUNE earlier this year hired Cathy Zoi, a former assistant secretary of energy efficiency and renewable energy with the U.S. Energy Department. She runs SunEdison Frontier Power, a division that focuses on electricity for developing countries. Challenges remain with finding banks that will provide debt financing for rural utilities customers that are at a higher risk of default on payments, Zoi said at Fortune’s Brainstorm E event earlier this year.

SIGN UP: Get Data Sheet, Fortune’s daily newsletter about the business of technology.

The market for solar panels in off-grid areas of developing countries is still relatively small. If M-Kopa hits 1 million customers in 2016 that will still be a tiny fraction of the 2 billion people that are estimated to need off-grid electricity.

But down the road, the power grid could be pretty helpful, too. Big cities in Africa are expanding the number of homes with electricity, transforming areas that had previously dependent on kerosene lamps.

Yet off-grid solar services like M-Kopa’s prove to be cheaper than expanding the power grid and the technology could be an example of what the future of electricity would look like in rural Africa, India and Asia. At the same time, many wonder whether these regions will bypass the power grid in the same way that many of them were connected to cell phones networks without first having landline phones.

Wireless communications was not only cheaper, but also better in many ways than wired communications. Will off-grid electricity and solar emerge the same way?

This article referred to Off Grid Electric as Off-Grid Solar in several places and was been updated on December 22 at 3:40 pm pst with the correct reference.

Summary: Will electricity in developing rural areas look more like cell phones than land lines? These startups think so.


Kraft's Singles cheese product slices are ditching artificial preservatives, substituing sorbic acid with natamycin as a mold-fighter.

A stack of Kraft's Singles and Velveeta slices on a New York supermarket shelf. Lucas Jackson / Reuters

The move comes as Americans are increasingly picky about their food's "naturalness," scrutinizing labels, dining at "organic" restaurants, and joining community supported agriculture groups.

Companies have noticed, especially now when one person's skepticism over an alien-sounding ingredient can quickly spread online.

Last week, Subway said it would remove azodicarbonamide from its breads, a widely-used FDA-approved food ingredient, after an online petition pointed out it was also used in yoga mats. PepsiCo Inc. last year said it would stop using brominated vegetable oil in Gatorade following a teen's online petition that gained over 200,000 supporters. And after a vegan barista noticed Starbucks used a red dye made from crushed bugs, the chain announced it would switch to one that was tomato-based.

Though not prompted by any uproar over its popular line of plastic-encased, yellow, processed cheese rectangles, Kraft's switch, announced Monday, is on trend.

But there's one thing you won't find on the new red circle on the Singles package touting their lack of artifical preservatives or flavors.

While organic in nature, natamycin isn't processed by the body. It passes through the intestines unabsorbed.

Summary: Kraft is tweaking the recipe for its iconic Singles cheese products, replacing an artificial preservative with a natural one.


Well, that might have been a mistake.

Jack Welch, the well-known former General Electric (GE) CEO who is best known for growing the company’s value to astronomical levels during his tenure, could have acquired Apple AAPL in 1996, one of his former top executives told The New York Post in an interview published on Thursday. What’s more, Bob Wright, a former NBCUniversal chief and GE vice chairman, says GE GE could have acquired Apple for just $2 billion.

“The stock price was $20, and [former Apple CEO Michael Spindler] was explaining he couldn’t get the company moving fast enough and the analysts were on his case,” Wright told The New York Post in an interview. “He was sweating like mad and everybody said, ‘We can’t manage technology like that.’ We had a chance to buy it for $2 billion.”

To put that into perspective, Apple’s current market cap is $617.5 billion. Some analysts have said that Apple could eventually reach a value of $1 trillion, if the company continues its upward progression. That wouldn’t have been a poor return-on-investment, eh?

Get Data Sheet, Fortune’s technology newsletter.

In the mid-1990s, Apple was at its low point. The company’s computer business was running on fumes, its market value was plummeting, and it seemed no one could fix the problem. It was a time when Apple tried out one of its biggest failures, the Apple Newton, and when it thought it could differentiate itself from the soaring Microsoft MSFT with help from an operating system project named Copland.

Spindler, who served as Apple’s chief executive between 1993 and 1996, was at the epicenter of the company’s troubles. And upon realizing that he couldn’t turn the company around, he sought out other companies to buy the struggling technology company. In 1995, Apple and IBM IBM held talks about a possible acquisition. Spindler is also said to have pitched an Apple buyout to Sun Microsystems and Philips, though those efforts fell apart.

In the last 20 years, there’s been no word that GE and Welch were approached to acquire Apple, so it’s unknown for sure whether those talks were serious or just held to gauge interest. It’s perhaps also worth noting that in 1995, it was reported that Apple was attempting to fetch about $7.3 billion for an acquisition—far above the $2 billion Wright says Spindler was seeking.

But even if GE or any other company had acquired Apple in 1996, who knows if Apple would have achieved the same heights under different leadership.

Apple’s success after the doldrums of the mid-1990s has been largely attributed to late co-founder Steve Jobs, who, after returning and canceling a slew of projects, went on to rebuild his ailing company. Without Jobs and his executive team, including design chief Jony Ive, it’s unknown whether Apple could have ever been revived.

Still, it’s an interesting tidbit in what has been 40 years of innovation, intrigue, and everything in-between. And if Spindler was indeed looking to sell Apple to GE, today’s technology world might look much, much different.

Cantor Fitzgerald sets Apple’s market value at $1 trillion

Neither Apple nor GE immediately responded to a request for comment.

Summary: But Jack Welch said no.


BEIRUT, Lebanon, March 26— Senior Arab officials said today that they were determined to push ahead with a Saudi-proposed peace initiative, even though the absence of two crucial participants, Yasir Arafat and President Hosni Mubarak of Egypt, diminished what had been promoted as a sweeping Arab commitment to transforming relations with Israel.

Mr. Arafat announced that he was staying away from the Arab League meeting here after Israel determined he had not met its conditions for allowing him to travel. Mr. Mubarak's withdrawal was seen largely as a protest directed at Washington for failing to bolster Arab peace efforts by exerting greater pressure on Prime Minister Ariel Sharon.

Arab officials were quick to question the Bush administration's ability to restore calm in the Middle East if it could not even get the Sharon government to allow Mr. Arafat to attend a meeting.

Prince Saud al-Faisal, the Saudi foreign minister, said his country's leader, Crown Prince Abdullah, planned to go ahead Wednesday with the main thrust of this meeting -- a speech calling for all Arabs to commit to peace with Israel if it withdraws to its 1967 borders and paves the way toward a Palestinian state.

Not to do so because Mr. Arafat was barred from attending would only be allowing Israel veto power over Arab actions, he said.

''I hope this sends a signal to the Israelis to show the collective seriousness of the Arab world toward peace,'' Prince Saud said in a brief interview. ''The correct response to the Arab initiative from Israel would be a response in kind.''

Prince Saud suggested that the Israelis were fooling themselves if they thought that keeping Mr. Arafat in detention would promote peace and stability. He said it was Mr. Arafat who ''will have to deal finally with the Palestinian question.''

While noting American efforts to lobby Israel to allow Mr. Arafat to attend, Prince Saud said, ''Could they have exerted more pressure? Certainly they could.''

Other officials said the United States' failure to ensure Mr. Arafat's attendance was the reason that Mr. Mubarak had canceled, although the reason stated publicly by Egypt's foreign minister, Ahmed Maher, was unspecified domestic concerns. Mr. Mubarak's action seemed to come as a surprise -- just an hour earlier, the foreign minister had described him as ''very eager to come.''

''Egypt is deeply concerned and disappointed because of the failure of all efforts to end the captivity of Arafat in Ramallah,'' another Egyptian official said.

Mr. Maher tried to dismiss the widespread perception that Mr. Mubarak might not want to attend because Saudi Arabia, with its initiative, had suddenly eclipsed Egypt's role as Middle East peacemaker.

''We strongly support the initiative by Prince Abdullah,'' Mr. Maher said. ''Our politics are not dictated by such petty considerations.''

Muhammad M. Sobeih, the Palestinian ambassador to the Arab League, said the entire imbroglio reflected badly on the ability of the Bush administration to restore calm in the Middle East.

''President Mubarak is disappointed, so why would he come?'' Mr. Sobeih said. ''If America could not pressure the Israelis as promised to come, then how can we expect the Americans to help implement the initiative. The initiative would be completely in vain.''

Some analysts said that despite moderate Arabs' public statements of disappointment, they might be served by a gathering without Mr. Arafat. Given Mr. Arafat's penchant for sudden theatrics, his absence allows states like Saudi Arabia and Jordan to shepherd a straightforward peace initiative without worrying about any potentially damaging, unscripted moves on his part.

At the same time, he remains a hero for staying on Palestinian territory and is likely to address the gathering by a television link. By keeping him away, Arab commentators noted, the Israelis are only strengthening his position. A few months ago Arab leaders were barely calling Mr. Arafat. Now they are all lauding him as a living symbol of Palestinian resistance.

''The Israelis gave him an extra life, although this is probably his ninth life,'' said Abdel Rahman al-Rashed, editor in chief of the Asharq Al-Awsat newspaper, a pan-Arab daily published in London.

Arab states were also concerned that Mr. Sharon might have made good on his threats to bar Mr. Arafat from returning if he made any kind of incendiary speech in Beirut.

Officials feared that would have instantly withered the peace initiative. ''You can't on the one hand be launching a very forthcoming initiative and on the other hand be faced with Israel's refusal to let him back,'' said Marwan Muasher, Jordan's foreign minister. ''The two don't go together.''

About half the heads of state from the 22-member Arab League will not be present, with the poor attendance likely to damage the initiative by making it appear as less than a concerted effort. Its proponents wanted to give the Israeli public the sense that all Arabs were willing to change the dynamics of the relationship. Mr. Sharon's action and the absence of a moderate like Mr. Mubarak might inspire hard-line states to resurrect attacks on Israel in the communiqué to be approved by the Arab leaders.

Photo: Crown Prince Abdullah of Saudi Arabia, left, with President Ãmile Lahoud of Lebanon at a welcoming ceremony yesterday in Beirut. (Agence France-Presse)


There may be a reason why people have trouble seeing while driving at night, and it's not their eyesight. A new rating of the headlights of more than 30 midsized car models gave only one model a grade of "good."

Of the rest, about a third were rated "acceptable," a third "marginal" and a third "poor." The difference between the top- and bottom-rated models for a driver's ability to see down a dark road was substantial, according to the study released Wednesday by the Insurance Institute for Highway Safety, an industry-funded organization that evaluates automotive safety.

FOLLOW DAILY NEWS AUTOS ON FACEBOOK. 'LIKE' US HERE.

The LED headlights in the top trim level Toyota Prius V - the only one of 31 models tested to get the "good" rating - were able to illuminate a straight roadway sufficiently to see a pedestrian, bicyclist or obstacle up to 387 feet ahead. At that distance, the vehicle could be traveling up to 70 mph and still have time to stop.

But halogen headlights in the BMW 3 series, the worst-rated ones, were able to illuminate only 128 feet ahead. At that distance, the vehicle couldn't be traveling at more than 35 mph and still have time to stop, according to the study.

That's important because of the more than 32,000 traffic deaths last year, about half happened at night or during dawn and dusk when visibility is lower.

The reason for the big performance gap is that there's a lot more to how well headlights help drivers see than merely the brightness of the bulb or even what type of bulb is used, said David Zuby, the institute's executive vice president and chief researcher.

"We found the same light bulb, depending upon what reflector or lens it's paired with and how it's mounted on the vehicle, can give you very different visibility down the road," he said.

It gets more complicated. Consumers can't buy a more expensive model or add an expensive technology package and necessarily expect to get better headlights, the report said. The halogen headlights in the economically priced base model 4-door Honda Accord, for example, earned an acceptable rating while halogen and LED headlights in two pricier Mercedes-Benz models were rated poor.

Zuby said with no reliable clues such as the price of the car or the type of light, it's hard for consumers to figure out which vehicles will provide the safest visibility. He recommended car buyers check the institute's ratings at http://www.iihs.org.

The report comes as halogen lamps are being replaced by high-intensity discharge (HID) and LED lamps in many vehicles. Headlights that swivel with the car's steering to help see around curves are also becoming more widespread. While these changes can have advantages, they don't guarantee good performance, the report said.

Researchers tested the headlights after dark at the institute's test track in Ruckersville, Virginia. A special device measured the light from both low beams and high beams as the vehicles were driven on five different approaches: traveling straight, a sharp left curve, a sharp right curve, a gradual left curve and a gradual right curve. Researchers also evaluated headlights for excessive glare.

They were surprised to find how much headlights varied from the base model to higher trim or accessory packages, Zuby said. Eighty-two different headlight systems were available for the 31 2016 models assessed in the study. To get the top-rated headlights in the Prius V, consumers would have to purchase the advanced technology package, which is only available in the top trim level. Standard halogen lights without high-beam assist in less expensive Prius V trim levels received a poor rating.

High-beam assist automatically adjusts the headlamp range for the distance of vehicles ahead or oncoming traffic.

Toyota officials declined to comment.

BMW said in a statement that the company was disappointed by the ratings, but remains confident that its headlight systems are "very effective" for a variety of differently priced models.

Mercedes-Benz said in statement that it was "greatly surprised" by the test, and remains "confident our lighting systems provide important safety benefits for real world conditions."

Government standards for judging the performance of headlights "are essentially unchanged" since they were set back in the 1960s, Zuby said.

"In the standard, they are measuring the light coming out of the light source - right in front of the light bulb, in essence - and not looking at how the light is projected down the road, which is what our tests do," he said.

The institute hopes its study will encourage the National Highway Traffic Safety Administration to improve standards, or inspire automakers to make better headlights on their own, Zuby said.

Did you find this article helpful? If so, please share it using the "Join the Conversation" buttons below, and thank you for visiting Daily News Autos.

Summary: An IIHS study shows that many car headlights are mediocre when they need to perform most.