High court limits suits over foreign abuses

WASHINGTON — The Supreme Court has limited the ability of foreign victims of human rights abuses to use American courts to seek accountability and monetary damages for their suffering.

The justices unanimously agreed Wednesday to shut down a lawsuit filed by Nigerians against Royal Dutch Petroleum, or Shell Oil, over claims that the company was complicit in murder and other abuses committed by the Nigerian government against its citizens in the oil-rich Niger Delta in the 1990s.

The suit is one of several pending claims against U.S. and international companies that invoke the 1789 Alien Tort Statute. Human rights lawyers have used the law to sue individuals who allegedly took part in abuses and, more recently, companies that do business in the United States as well as places where abuses occur.

While all the justices agreed that the Nigerians claims could not go forward, the court split sharply on the issue of whether the 224-year-old law generally could be used to sue over claimed human rights abuses in another country. Chief Justice John Roberts, writing for five justices, said that it could not.

Roberts said the law does not allow claims "seeking relief for violations of the law of nations occurring outside the United States."

Justice Stephen Breyer, in a separate opinion for four justices, agreed that the Nigerians' claims must not be accepted, but said he would leave the courthouse door open to lawsuits where alleged abuse "adverserly affects an important American national interest." Breyer said that category "includes a distinct interest in preventing the United States from becoming a safe harbor...for a torturer or other common enemy of mankind."

Energy and mining companies have been among the most frequent targets of these lawsuits in recent years following efforts by the military in Indonesia, Nigeria and elsewhere to clamp down on protests against oil and gas exploration and development.

The Alien Tort Statute, adopted in part to deal with piracy claims, went unused for most of American history until rights lawyers dusted it off beginning in the late 1970s. The Supreme Court cautiously endorsed the use of the law in 2004, but left unanswered precisely who could be held liable and in what circumstances.

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Samsung Galaxy S 4 sales start next week in US

NEW YORK — U.S. wireless carriers have started revealing prices for Samsung's new flagship phone, the Galaxy S 4, which goes on sale starting next week.

AT&T Inc. has started taking advance orders and says phones will ship starting April 30. It's charging $200 for the base model, with 16 gigabytes of memory, under a two-year contract. Staples says it will start selling the AT&T model on April 26.

Sprint Nextel Corp. starts taking advance orders Thursday and says in-store sales start April 27. It charges $250 for the base model, or $150 if the buyer is coming over from another carrier.

T-Mobile USA starts taking advance orders next Wednesday, and in-store sales start May 1. It's charging $150 up front and $20 per month for two years under its new installment plans. Those plans replace two-year service contracts that most carriers require. T-Mobile has abandoned them in favor of cheaper month-to-month plans.

Verizon Wireless has said it will sell the phone, but hasn't announced a release date or price. Smaller carriers U.S. Cellular, Leap Wireless' Cricket and C Spire will also sell the phone.

Samsung Electronics Co.'s Galaxy S 4 is the successor to the Galaxy S III, which has been the biggest competitor to Apple Inc.'s iPhone.

The Galaxy S 4 has a slightly bigger screen, a larger battery and a faster processor than its predecessor.

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Apple stock falls to one-year low on supplier news

NEW YORK — Shares of Apple Inc. hit their lowest levels in a year and half on Wednesday, after a supplier hinted at a slowdown in iPhone and iPad production.

The stock was down $20.37, or 4.8 percent, at $405.87. Apple's shares hit $403.67 earlier, the lowest level since Dec. 2011. The decline means Apple has —for now— lost its position as the world's most valuable publicly traded company to Exxon Mobil Corp.

Late Tuesday, Cirrus Logic Inc., which supplies audio chips for the iPhone and iPad, said sales of a particular chip are slowing down as a customer moves to a newer component.

Analyst Peter Misek at Jefferies & Co. said Cirrus' news suggests a big decline in Apple sales in the April to June period. That supports his view that Apple is unlikely to launch a new iPad Mini in the quarter, and that the next version of the full-size iPad may launch late in the quarter rather than early. In the last three years, Apple has launched a new iPad in March or April.

Apple does not comment on its suppliers' announcements or its product plans. It's set to report results for the January to March quarter on Tuesday.

The latest decline in the stock comes after a bruising winter for Apple. The company's stock is down 42 percent from its all-time high of $705.07, hit on Sept. 21 when the iPhone 5 went on sale. Investors have concluded that with the demise of co-founder Steve Jobs, Apple may never again create another ground-breaking product of the magnitude of the iPhone or iPad.

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Global markets hit by growth concerns

LONDON — Global growth concerns and disappointing U.S. corporate earnings weighed heavily on stock markets Wednesday.

Economic indicators have been poor in recent weeks, particularly in Europe. This week, Germany reported a drop in investor confidence, France said its deficits would be higher than expected, and unemployment rose in Britain.

The International Monetary Fund, meanwhile, lowered its outlook for the world economy, predicting that government spending cuts will slow U.S. growth and keep the euro currency countries in recession this year.

Meanwhile, a string of bad news from big companies like Apple and Bank of America encouraged traders to sell.

Germany's DAX fell 2.3 percent to close at 7,503.03 while France's CAC-40 lost 2.4 percent to 3,599.23. The euro was down 1 percent against the dollar to $1.3049.

In Britain, the FTSE 100 ended 1 percent lower at 6,244.21 after Tesco, the country's largest supermarket operator, reported a sharp drop in profits. The company blamed costs at its Fresh & Easy U.S. operations, which it is trying to sell. It also sounded negative about Asian markets, announcing it would pull out of Japan and take a more measured approach to growth in China. Its shares fell 3.9 percent.

Labor market figures for the U.K. were also negative, showing unemployment rose by 70,000 in the three months to February. The figure suggests the British economy is unlikely to stage a significant recovery in coming months.

Wall Street opened lower and continued falling after Bank of America reported disappointing earnings, causing its shares to drop 3.8 percent. The Dow was down 1.2 percent to 14,580.76 while the broader S&P 500 shed 1.8 percent to 1,546.21.

Apple Inc. stock slumped 5.9 percent, dragging tech companies lower, after a key supplier warned that inventories were moving slowly. Elsewhere, a fall in commodity and energy prices contributed to the losses, causing a sharp drop in the share price of big oil companies and miners.

Corporate earnings reports had until Wednesday been one of the few bright spots for markets this week, so investors will hope for improvements in reports from other big names — such as American Express and eBay — later in the day.

Another point of focus will be the Federal Reserve's Beige Book, a regular report that is expected to show that activity in the world's largest economy is still only gradual.

Earlier, Asian stock markets mostly closed higher.

Japan's Nikkei 225 rose 1.2 percent to 13,382.89 as the yen weakened again, helping its many exporting companies. The dollar was up 0.4 percent to 97.91 yen.

Hong Kong's Hang Seng fell 0.5 percent to 21,569.67. Australia's S&P/ASX 200 advanced 1.1 percent to 5,004.60. Benchmarks in Indonesia, Malaysia and the Philippines also rose. South Korea's Kospi rose less than 0.1 percent to 1,923.84.

Benchmark oil for May delivery was down 32 cents at $88.39 per barrel in electronic trading on the New York Mercantile Exchange.

___

Pamela Sampson in Bangkok contributed to this report.

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Mexican architect Pedro Ramirez Vazquez dies at 94

MEXICO CITY — Mexican architect Pedro Ramirez Vazquez has died at the age of 94.

Ramirez Vazquez designed some of Mexico's biggest landmark modernist structures, including the new Basilica of Guadalupe, the Anthropology Museum and the Azteca Stadium, all in Mexico City.

Mexico's National Arts Council said Ramirez Vazquez died late Tuesday of pneumonia. He is survived by four children. No burial plans have been announced.

The sweeping, curvy lines of the basilica and the cantilevered central pavilion of the anthropology museum became hallmarks of Mexico's modernist architectural boom, led by figures like Luis Barragan from the 1940s to the 70s. He also designed a low-cost, pre-fab rural school.

While less well-known than Barragan, architects such as Ramirez Vazquez and Mario Pani designed the biggest projects of the era.

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Top Dem sees 'train wreck' for Obama health law

WASHINGTON — A top Democrat who helped write President Barack Obama's health care law says he fears it is headed for a "huge train wreck."

Democratic Sen. Max Baucus of Montana confronted Obama's health secretary Wednesday during a routine budget hearing that turned tense.

Baucus, who chairs the Senate Finance Committee, said he is "very concerned" that new health insurance marketplaces going live next year in every state will be a flop. Consumers and small business owners are not getting enough information, and the administration has not been forthcoming with lawmakers, he said.

Health and Human Services Secretary Kathleen Sebelius blamed Congress for blocking implementation funding for the law, which is supposed to bring coverage to nearly 30 million uninsured Americans.

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Nonprofits, restaurants rally to raise money for victims

Local businesses and nonprofits are rallying to raise money for the victims of Monday's deadly Boston Marathon bombings.

Technology Underwriting Greater Good has already raised more than $26,000 from local tech startups and investors for the cause.

Twin Focus Capital and Terrible Labs are among the groups that have supported the campaign on Fundraise.com.

Meanwhile, six nonprofits involved with the upcoming Friends With Benefits Gala — LONGWOOD Giving, The Boston Bruins Foundation, College BOUND Dorchester, The Doug Flutie Jr. Foundation for Autism, The Ellie Fund and The International RETT Syndrome Foundation — also will be donating 50 percent of all the event proceeds to The One Fund Boston.

The event will take place April 25 at The State Room, and tickets can be purchased by visiting https://longwoodgiving.ticketbud.com/2013gala.

Local Boston restaurants that are donating their time and food for this fund-raising event include Abby Park, Darryl's Corner Bar and Kitchen, Deuxave, Farmstead Table, Local 149, Posto Restaurant, Restaurant dante, The State Room, Tresca and Turner Fisheries.

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Boston Fed chief Rosengren calls for crackdown on broker-dealers

Federal Reserve Bank of Boston President Eric Rosengren called for more regulation of broker-dealers and money market mutual funds in a speech at a New York conference today, but he began his remarks by acknowledging the victims of Monday's Marathon attack.

"I want to take a moment to acknowledge that I join you from a community in Boston that on Monday endured a terrible and profoundly cruel tragedy at the Marathon," Rosengren told the audience at the 22nd annual Hyman P. Minsky Conference on the State of the U.S. and World Economies. "My thoughts are with the many people who were wounded, with those — including Boston Fed staff — who were uninjured but at the scene, and most of all with the families and friends of those whose lives were lost."

Rosengren told conference-goers that maintaining financial stability has been a key focus since the mortgage meltdown.

"The financial crisis of 2008 and its aftermath have significantly increased the attention policymakers devote to financial stability issues. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) and a variety of new bank regulatory initiatives, including the Basel III capital accord, are intended to reduce the risk of similar problems in the future," the Boston Fed chief said. "For commercial banks, the policy changes stemming from the crisis have been increases in bank capital, stress tests to ensure capital is sufficient to weather serious problems, increased attention to liquidity and new measures intended to improve the resolution of large systemically important commercial banks."

But Rosengren said tougher regulations have not been applied to money market mutual funds and broker-dealers, whose failure was at the center of the financial crisis.

Specifically citing the failure of prominent broker-dealers Bear Stearns and Lehman Brothers at "critical junctures during the crisis," Rosengren said: "Despite the central role that broker-dealers played in exacerbating the crisis, too little has changed to avoid a repeat of the problem, I am sorry to say. In short, I firmly believe that a reexamination of the solvency risks of large broker-dealers is warranted."

Because little has changed with regard to broker-dealers, Rosengren direly concluded: "The status quo represents an ongoing and significant financial stability risk."

To remedy the situation, he suggested: "In my view, then, consideration should be given to whether broker-dealers should be required to hold significantly more capital than depository institutions, which have deposit insurance and pre-ordained access to the central bank's Discount Window."

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Pols, business leaders create fund for victims’ families

Massachusetts Governor Deval Patrick and Boston Mayor Menino today announced the formation of The One Fund Boston to raise money to help those families most affected by the tragic events that unfolded during yesterday's Boston Marathon.

"I am humbled by the outpouring of support by the business community and individuals who are united in their desire to help; The One Fund Boston will act as a central fund to receive much needed financial support," Patrick said. "At moments like this, we are one state, one city and one people."

According to Menino, support from the business community was immediate. "Within an hour, I had calls from business leaders and local philanthropists who, like me, were heartbroken by the impact this hideous tragedy has had on individuals, their families and friends. And they want to do everything they can to help these people physically and psychologically in the future."

The cornerstone donation to The One Fund Boston is a $1 million commitment from John Hancock. "John Hancock is honored to contribute to The One Fund Boston, aiding those who were affected by this terrible event," said President Craig Bromley. "The Boston Marathon is about courage and resilience and community. John Hancock, which has been headquartered in Boston for more than 150 years, will continue to stand by our city, the people of Boston, our community partners, the runners, and the Boston Athletic Association as we unite in recovery and in renewal of our commitment to the Boston Marathon."

Other individuals and corporations making commitments to The One Fund Boston include Jack Connors; John Fish, CEO of Suffolk Construction; Brian Moynihan, president and CEO of Bank of America; Paul Grogan, president of The Boston Foundation; Steve Pagliuca, managing director of Bain Capital and co-owner of the Boston Celtics; Larry Lucchino, CEO of the Boston Red Sox; and Mike Sheehan, CEO, and Karen Kaplan, president of Hill Holliday.

Boston law firm Goodwin Procter has volunteered to organize The One Fund Boston and has applied for 501(c)(3) status.

"We are one Boston. We are one community. As always, we will come together to help those most in need. And in the end, we will all be better for it," Menino said. To contribute to The One Fund Boston, go to onefundboston.org.

Greater Boston restaurants and retailers are also stepping up to the plate to support victims of yesterday's Boston Marathon bombings.

A growing list of restaurants — now numbering 21 — will donate from 10 percent to 25 percent of tomorrow evening's sales to the Greg Hill Foundation.

"All of the donations will go directly to the families," Greg Hill, a WAAF (97.7/107.3 FM) radio morning host who started the foundation in 2010 to respond to the immediate needs of families touched by tragedy, said in a statement. "There is no red tape, and we can give the donations out immediately."

Boston restaurants participating include Davio's Northern Italian Steakhouse, Cafeteria, Bella Luna, the Milky Way Lounge, Piattini Wine Cafe, and Salvatore's Restaurants in the Seaport and Theatre districts.

Also participating are Grafton Street, Bondir, Harvest, Ole Mexican Grill, PARK Restaurant & Bar, Russell House Tavern and Temple Bar in Cambridge, 62 Restaurant & Wine Bar in Salem, Blue on Highland in Needham, China Blossom in North Andover, Ristorante Olivio and Tryst in Arlington, Salvatore's Restaurant in Medford and Tuscan Kitchen in Salem, N.H.

Meanwhile, Boston men's clothing retailer Ball and Buck will donate 10 percent of next Monday's sales from its Newbury Street and online stores to aid the local chapter of the American Red Cross.

"As a brick and mortar retailer located just around the corner from the first blast, it was important for us to do whatever we could to help those affected by this senseless act," founder Mark Bollman said in a statement.

Bollman is encouraging other companies to aid the newly created Pats' Day Fund and display printed flyers in their stores or logo on their website. Further information is available at www.patsdayfund.org.

"The Pats' Day Fund was created to help other businesses like Ball and Buck make a meaningful contribution to those affected by this tragedy," Bollman said.

Donna Goodison contributed to this report.

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Correction: Thermo Fisher-Life Technologies story

In an April 15 story about Thermo Fisher Inc.'s plan to buy Life Technologies Corp., The Associated Press misidentified the gender of Morningstar analyst Charlie Miller, who is a woman. The story should have referred to Miller on second reference as a "she," not "he."

A corrected version of the story is below:

Thermo Fisher to buy Life Technologies for $13.6B

Thermo Fisher to buy Life Technologies in $13.6 billion cash deal

By TOM MURPHY

AP Business Writer

Thermo Fisher Scientific Inc. plans to pay about $13.6 billion for Life Technologies Corp. in a deal that will position the scientific instrument maker to benefit from the expected growth of personalized medicine, which uses genetic analysis to tailor treatments to patients.

The Waltham, Mass., company said Monday morning it has agreed to spend $76 in cash for each share of Life Technologies, which is based in Carlsbad, Calif. Shares of both companies then started climbing before markets opened and continued to rise into the afternoon.

Life Technologies offers more than 50,000 products and delves into genetic analysis and engineering, stem cell therapies and chemicals used in forensics and food safety. Its next-generation DNA sequencing, currently used in research labs, is designed to sequence a person's entire genome in one day for $1,000, which is faster and cheaper than previous forms of analysis.

DNA sequencing helps analyze a person's genetic predisposition for diseases like cancer and can potentially help doctors better understand how a disease will grow and spread, allowing them to focus on more effective treatments. Thermo Fisher CEO Marc N. Casper said they expect that technology to be a key driver of long-term growth.

"Over time, the expectation is there will be more and more clinical applications for that technology, meaning that doctors can then use the information to make determinations on disease state and what course of action they should take," he said.

Morningstar analyst Charlie Miller said DNA sequencing already is used in areas like oncology and prenatal diagnostic testing, and she expects "significant adoption" of the Life Technologies sequencing over the next five years.

The analyst wrote in a research note she considers that next-generation sequencing business to be "the best in the industry," and she said it will fill a major gap in Thermo Fisher's product portfolio.

"Life's core business has been stagnant for a while, so the hope is Thermo Fisher, being a better operator, will reinvigorate this unit," Miller wrote.

Life Technologies was formed in November 2008 through the combination of Invitrogen Corp. and Applied Biosystems Inc. It earned about $430.9 million, or $2.40 per share, last year on $3.8 billion in revenue.

Thermo Fisher expects the acquisition to add between 90 cents and $1 to its adjusted earnings per share in the first full year after it closes.

Analysts say the deal will give Thermo Fisher much more than DNA sequencing. They note that 85 percent of Life Technologies revenue is recurring, which will provide a steady source of cash.

Wallachbeth Capital analyst Difei Yang said the combined company also will have more leverage to negotiate better deals from suppliers, and the businesses complement each other.

The companies expect the deal to close early next year. The $13.6 billion price does not include $2.2 billion in debt that will be assumed as part of the deal.

Life Technologies shareholders and regulators still need to approve the acquisition, but the boards of both companies have already backed it. Thermo Fisher has obtained financing commitments for the deal from JP Morgan and Barclays.

Shares of Life Technologies have shot up more than 38 percent so far this year and set several record highs by the end of last week. Much of that climb started after the company said Jan. 18 that it had retained Deutsche Bank Securities and Moelis & Co. to help conduct a strategic review of its business, but it had not decided on a course of action.

Its shares then climbed again last month after The Wall Street Journal reported that investment manager KKR & Co. was thinking about pairing up with other private equity firms to pursue Life Technologies. The report, citing anonymous sources, also named Thermo Fisher as a possible bidder.

Following the announcement, credit rating agencies Moody's Investors Service and Fitch Ratings put Thermo Fisher on review for downgrade because the deal would significantly add to Thermo Fisher's debt.

Life Technologies shares jumped 7.5 percent, or $5.12, to $73.12 Monday afternoon, while Thermo Fisher climbed 62 cents to $80.21. Meanwhile, broader trading indexes fell more than 1 percent, and shares of KKR dropped about 2.7 percent, or 52 cents, to $19.03.

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