Oxford American adds membership levels
Oxford American readers can now become members of the Oxford American Society under a new program the magazine unveiled Thursday.
Publisher Ray Wittenberg called the new effort an attempt to broaden the nonprofit enterprise's fundraising.
"We're more than just the magazine and what it represents to people and all the good literature we publish," Wittenberg said. "We have concerts and music, things we do and stuff on the website. We really give people a full plate."
While an annual subscription costs $25, a basic society membership is $100, which includes a subscription, a listing as a supporter on the Oxford American website, a personalized thank-you note from the staff, a gift subscription to give to someone else, and a 10 percent discount in the magazine's online store. The society has six more membership levels, each with added benefits, peaking at the "Publisher's Circle" for a $25,000 donation.
Wittenberg said a steady subscription base of about 14,000, combined with newstand sales and fundraisers are keeping the magazine on a sound footing. The Oxford American has an annual budget of about $1.6 million.
"We're in pretty good shape" financially, he said.
-- Glen Chase
T-Mobile surges on talk of Dish merger
T-Mobile US Inc. shares surged as much as 6.4 percent Thursday after a report that the fourth-largest U.S. wireless company is in talks to merge with Dish Network Corp.
The purchase price is unresolved, The Wall Street Journal reported, citing people familiar with the negotiations. John Legere, chief executive officer of T-Mobile US, would take the top role at the combined company, and Dish's Charlie Ergen would be chairman, according to the report.
Ergen has said as recently as February that he is interested in deals and intrigued by T-Mobile. A combination of Dish and T-Mobile could advance Ergen's plan for streaming mobile video to challenge cable companies.
T-Mobile shares increased 4.3 percent to $39.98 as of 11:20 a.m. in New York, after reaching $40.77, its highest intraday price since 2008. Dish gained 5.9 percent to $74.97. T-Mobile's parent, Deutsche Telekom AG, rose 1.4 percent in Frankfurt trading to $17.71.
-- Bloomberg News
HSBC to pay $43M in tax evasion probe
GENEVA -- HSBC will pay $43 million to settle an investigation by Geneva prosecutors over allegations the bank helped rich clients avoid taxes.
The bank and prosecutors said Thursday that the settlement ends the investigation into HSBC Private Bank (Suisse) SA and persons unknown for suspected aggravated money laundering. The investigation unfolded after an ex-employee leaked a list of thousands of suspected tax evaders to French authorities in 2008.
France shared the list with other governments and started investigations, and the International Consortium of Investigative Journalists and news organizations found that the bank hid millions of dollars for wealthy people.
In a statement, HSBC said it has improved practices to keep clients from using the bank "to evade taxes or launder money," and drastically reduced the number of accounts, from 30,000 to 10,000.
The Geneva prosecutor said Thursday's settlement "avoids the uncertainties of a long and complex legal case."
-- The Associated Press
Portugal fights block on airline's sale
LISBON, Portugal -- The Portuguese government said Thursday that it filed legal arguments at a court contesting an injunction that halted the privatization of national airline TAP Air Portugal.
Cabinet spokesman Luis Marques Guedes declined to detail the government's arguments but said Thursday that the sale of a 61 percent stake in the flag carrier is in the public interest.
The Supreme Administrative Court granted a civic group the injunction Wednesday, two days before the government intended to start analyzing offers from two Latin American bidders.
The legal wrangle is an unwelcome setback for the government in what has been a troubled privatization process. The government called off a 2012 attempt to sell the flag carrier after the sole bidder failed to provide necessary financial guarantees.
-- The Associated Press
30-year mortgage rate steady at 3.87%
WASHINGTON -- Average long-term U.S. mortgage rates were flat to slightly lower this week, remaining near their highest levels so far this year.
Mortgage giant Freddie Mac said Thursday that the average rate on a 30-year fixed-rate mortgage was unchanged from a week earlier at 3.87 percent. The rate on 15-year fixed-rate mortgages slipped to 3.08 percent from 3.11 percent.
Mortgage rates have risen in recent weeks amid signs of improvement in the economy. The economic strength has sparked speculation among investors that the Federal Reserve could move soon to raise short-term interest rates, after keeping them near zero for more than six years.
To calculate average mortgage rates, Freddie Mac, the Federal Home Loan Mortgage Corp., surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage was unchanged from last week at 0.6 point. The fee for a 15-year loan remained at 0.5 point.
-- The Associated Press
Suit: CVS told guards to target minorities
NEW YORK -- Four former store detectives employed by CVS in New York City say their supervisors ordered them to target minority shoppers.
They filed a federal lawsuit seeking class-action status against the drugstore Wednesday. The detectives say they were fired after complaining about the discrimination.
CVS spokesman Carolyn Castel said the company doesn't tolerate discrimination and is "shocked" by the allegations.
The lawsuit alleges that the workers' supervisors told them to racially profile black and Hispanic shoppers.
It claims CVS intentionally targets and racially profiles shoppers based on the "ill-founded institutional belief ... minority customers are criminals and thieves." The plaintiffs are all either black or Hispanic.
The detectives said they were subjected to increased scrutiny within weeks after complaining to CVS about the episodes.
-- The Associated Press
Business on 06/05/2015