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‘Hunger Games’ attractions coming to Atlanta, China

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NEW YORK — “Hunger Games” fans in the U.S. and China may get to find out for themselves if the odds are forever in their favor.

Lions Gate Entertainment Corp. confirmed Monday that the blockbuster movie franchise has been licensed for development in a theme park in Atlanta and an indoor entertainment center in Hengqin, China.

The New York Times, which earlier reported the news, said the Atlanta park is targeted to open by 2019, while the Chinese center aims to open by late 2018.

Fans are already getting to interact with the story featuring heroine Katniss Everdeen through attractions such as the travelling display “The Hunger Games: The Exhibition,” which is now in Discovery Times Square in New York. An immersive theatrical show is to open in London next summer and a theme park featuring a “Hunger Games” zone is planned to debut in Dubai late next year.

The franchise’s finale, “Mockingjay Part 2,” is set to hit the big screen this month.

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Hopes are on the rise for Ex-Im Bank loan revival

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The House last week approved a bill reauthorizing the Export-Import Bank’s charter, which expired June 30. The agency has been unable to make or guarantee new loans to exporters since then.

The bank has been in limbo because members of Congress have been unable to agree about whether the bank is needed. Conservative lawmakers and groups say most exports are made without government help and that large Fortune 500 companies are the primary beneficiaries of the bank. But supporters, which include the U.S. Chamber of Commerce and National Association of Manufacturers, say many small businesses get help in exporting through the bank.

The Senate must now agree to revive the charter for the bank to start lending again.

You can learn more about the bank at www.exim.gov.

 

Crowdfunding getting closer

The Securities and Exchange Commission approved rules that will allow individuals to invest in small companies through Internet portals and brokerage firms, a process known as crowdfunding. The rules also allow the companies to get up to $1 million in individual investor money annually without having to register with the SEC as larger companies must.

The rules are part of the Jumpstart Our Small Business Startups Act that Congress passed in 2012 to help small companies get financing. They are expected to become final, and for investors to start buying the stock, next year. The rules must first be made available for public comment.

You can learn more about the crowdfunding rules at the SEC’s website, www.sec.gov.

 

SBA lending

The number of loans guaranteed by the Small Business Administration in its biggest lending program, 7(a) loans, rose by nearly a quarter in the fiscal year that ended Sept. 30.

The SBA reported that it backed 63,000 loans, an increase of 22 percent over the previous fiscal year, and they totaled $23.6 billion, up 23 percent. The agency interpreted the increase as indicating that many companies are still struggling to get conventional bank loans. Government-backed loans are generally available to businesses that are unable to get credit elsewhere.

A separate program, the 504 program, made fewer loans — 5,787 compared to 5,885 the previous year. But in terms of loan amounts, 504 lending was up; loans in the latest fiscal year totaled $4.3 billion, compared to $4.2 billion.

You can learn more about SBA loans at www.sba.gov.

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EPA: Volkswagen cheated again

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WASHINGTON — Volkswagen cheated a second time on emissions tests, programming about 10,000 cars with larger diesel engines to emit fewer pollutants during testing than in real-world driving, according to the U.S. government.

The German automaker installed software designed to defeat the tests on VW, Porsche and Audi vehicles with six-cylinder diesel engines, the Environmental Protection Agency and California Air Resources Board said Monday. While on the road the cars emit up to nine times more nitrogen oxide pollution than allowed by EPA standards, the agency said.

The latest charges follow VW’s admission in September that it rigged emissions tests for four-cylinder diesel engines on 11 million cars worldwide, including almost 500,000 in the U.S. The so-called defeat device in the six-cylinder engines was discovered by EPA and CARB with tests put in place in late September.

In a notice of violation sent to VW, EPA officials said the automaker “knew or should have known” that by employing the software, the cars were not in compliance with Clean Air Act emission standards.

In a statement, Volkswagen said “no software was installed in the 3-Liter V6 diesel motors to change the emissions values in any impermissible way.” It pledged to “fully cooperate with the EPA to clarify this situation.”

VW officials have claimed only a small number of software developers in Germany were responsible for the computer code that enabled the cars to trick U.S. government emissions tests. On Monday, analysts said the latest charges call those claims into question.

“Volkswagen would do well to immediately and completely disclose all people and products involved in this deception, no matter how far-reaching,” said Karl Brauer, a senior analyst for Kelley Blue Book, a widely used car valuation and research service.

Monday’s announcement makes the notion that only a limited number of people were involved in the deception appear “even more outrageous,” Brauer said.

Members of Congress reacted sharply. The House Energy and Commerce Committee said an investigation of VW will continue.

“The latest revelations raise the question, where does VW’s road of deceit end?” said a joint statement by full committee chairman Fred Upton of Michigan and senior Democrat Frank Pallone of New Jersey, along with oversight and investigations subcommittee Chairman Tim Murphy of Pennsylvania and senior Democrat Dianna DeGette of Colorado.

“It’s time for Volkswagen to fully come clean,” the statement said.

The new charges also suggest even more financial pain for VW. The company faces fines of up to $37,500 per vehicle, which means up to $375 million could be added to penalties already projected in the billions of dollars. The company has set aside about $7.38 billion to pay for recalling and fixing the affected cars. VW officials have also hinted at possible compensation to owners.

The EPA said Monday that the software on the six-cylinder diesels has a timer that turns on pollution controls when testing begins, including fuel injection timing and pressure, and changes the exhaust gas recirculation rate. All cause the cars to emit less nitrogen oxide pollution by operating at high exhaust temperatures, the agency said in the notice. One second after the first phase of the test ends, the cars return to normal operation.

The violations cover models including the 2014 Touareg, 2015 Porsche Cayenne and the 2016 Audi A6 Quattro, A7 Quattro, A8 and Q5. As with the smaller engines, the EPA says the cars are safe to drive.

With the scandal spreading to include some of the best-sellers from Audi, VW’s most profitable brand, as well as Porsche, VW could face greater pressure on sales.

Michelle Krebs, a senior analyst for Autotrader, said the latest revelations were particularly bad for Audi, “which has been on a roll in terms of sales, reputation and image of late,” but “now is being drawn deeper into the quagmire.”

Previously, only the low-volume A3 Audi model was under scrutiny.

U.S. Audi sales rose 16 percent in September, while Porsche sales gained 23 percent. By contrast, Volkswagen brand sales ended the month flat after news of the emission-rigging broke in mid-month.

About 25 percent of VW brand sales have diesel engines, so the scandal almost certainly will cut into the brand’s October sales. Dealers have few new diesels to sell because VW has quarantined the four-cylinder 2016 models at ports until their emissions status is resolved.

All major automakers report October sales Tuesday.

EPA officials said they tested VW and other vehicles for the presence of cheating software, and VW is the only one found with a violation. Officials wouldn’t say which other vehicles they tested.

The agency has the authority to order recalls of the VW vehicles, but has yet to do so. VW has said it is working on a fix for the four-cylinder models, which the EPA says can pollute up to 40 times more than emissions limits.

“We need to be sure that the fixes are appropriate and acceptable,” EPA Administrator Janet McCabe said.

Last month, the EPA said it was investigating different software on 2016 VW models that have yet to be certified by the EPA to go on sale in the U.S. But officials on Monday wouldn’t comment about that investigation, saying that testing is still under way.

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Latest charges follow September emission admissions
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  • A Volkswagen Touareg diesel is tested in the Environmental Protection Agency’s cold temperature test facility in Ann Arbor, Mich. The U.S. government says Volkswagen cheated a second time on emissions tests, programming about 10,000 cars with larger diesel engines to emit fewer pollutants during testing than in real-world conditions. - Associated Press file photo

State lawmakers hear Georgia casino pros, cons in Savannah

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State legislators met Monday in Savannah to talk gambling.

In a nearly seven-hour meeting at Armstrong State University, Georgia House and Senate members of study committees on preservation of the HOPE scholarship heard from proponents and opponents of building casinos and expansion of other gambling endeavors.

Right now, the scholarship program — which sends academically qualifying students to state colleges — is funded by the Georgia lottery. But it’s having trouble keeping up with demand.

“We’re at 71 percent right now and falling,” said state Rep. Ron Stephens, R-Savannah. “… We’ve already cut out books and fees and that kind of stuff. Our best and our brightest are staying home, and the revenues are flat.”

As one might imagine, most opponents raised moral issues and concerns of addictive behavior.

“For the record, I was in church yesterday morning,” Hard Rock International CEO James Allen told the audience.

He and other gambling proponents hawked the idea of job creation and corporate investment in several key areas of the state.

“You can attract the best gaming companies in the world,” Allen said. “There’s no doubt about that.”

The committees have held two other hearings in Atlanta, where casino development has been pushed, including a $1 billion investment in the city’s downtown area proposed by MGM Resorts International. Stephens said there will likely be one more hearing this year before recommendations are made to the House and Senate.

Gov. Nathan Deal, however, told the Atlanta Journal-Constitution last month that he will openly oppose the current gambling-expansion efforts being pushed in the state Capitol.

John Kindt, a professor emeritus of business and legal policy at the University of Illinois, was one of those who spoke at the hearing. In a column published last week in the Savannah Morning News, Kindt said that lawmakers in Georgia have “failed to open their eyes or their testimony beyond the propaganda promoted by the gaming industry.”

One thing people ought to worry about, Kindt wrote, is an increase in crime around gambling facilities.

That’s a theme the Rev. Dale Montgomery of Savannah River Baptist Church in Port Wentworth drew on twice during an appeal Monday.

“Crime in Savannah — it doesn’t need any help,” Montgomery said.

Attorney Kelly Duncan of Jones Walker, however, said Monday such concerns are “overstated.” The firm claims its gaming practice is the largest in the southeast.

Also heard was an appeal by John Damico, who represents the Georgia Horse Racing Coalition, who said he was tired of spending money on horse races outside the state.

During the closing days of 2015’s legislative session, Stephens proposed amending Georgia’s constitution to allow six casinos with a cap on how many can be in any area. Lawmakers also want to cap the profit gambling companies can make off establishments, he said.

While the larger investors are focusing on metro Atlanta, he said, smaller companies are eyeing the coast. The Savannah and St Marys areas are attractive because of their proximity to South Carolina and Jacksonville, Fla., he said.

“All of the smaller ones are looking for a tourism destination market,” Stephens said.

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UPDATED SEARCH: Chatham, Bryan and Effingham property transfers

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New property transfers in Bryan, Effingham and Chatham counties have been added to the database. 

Search here by buyer, seller, address, city, zip or month of sale for all 2015 property transfers. 

All data are public records and are obtained from each county or municipality, unless otherwise sourced. Information fields may vary. 

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ELECTION RESULTS: John Hall wins re-election to Savannah City Council District 3

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Alderman John Hall was re-elected to Savannah City Council’s Third District on Tuesday night with nearly 55 percent of the vote.

Hall, who works for the Savannah-Chatham County Board of Education, had campaigned on a platform of increasing education opportunities as a way to reduce poverty and crime. He also advocated giving businesses tax incentives to increase minimum wage to a living wage. He said as an alderman he would continue supporting Savannah-Chatham Police Chief Joseph Lumpkin’s recommendations for filling police department vacancies and reducing crime.

Before winning his seat on the Savannah Council in 2011, he served eight years as a member of the Thunderbolt Council.

His lone opponent, Kim Dulek, moved to Savannah in 2012 and runs her own business, Anchor Advocacy, which provides advocacy consulting services for the elderly and people with disabilities.

She lost with more than 45 percent of the votes, according to preliminary results Tuesday night.

Dulek said she was motivated to run after three bullets were fired through a window of her home.

In addition to working to improve public safety by supporting the Savannah-Chatham police, Dulek said she would have focused on economic development, tourism, increasing community involvement and developing more mentors for young people.

She also pledged to end fiscal irresponsibility and increase government transparency, especially when it comes to the spending of Special Purpose Local Option Sales Tax dollars.

 

District 3

Kim Dulek: 45.45 percent

John Hall: 54.39 percent 

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ELECTION RESULTS: Tony Thomas wins in Savannah City Council District 6

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Alderman Tony Thomas is returning for a fifth term as representative of Savannah’s sixth district.

With all seven of the precincts in District 6 reporting Tuesday night, Thomas had 58 percent of the vote.

After running unopposed the past two elections, Thomas had three challengers attempt to unseat him this time around.

Zena McClain, an attorney who specializes in criminal and employment law, had argued that Thomas was reactive in addressing issues such as crime, rather than proactive.

Stephen McElveen, who works for SafeTouch Security, and David Self, the vice president of operations for a specialty glass designer, also cited the increase in crime as being what drove them into the race.

Self ran second in the race with 18 percent of the vote.

Thomas has said there are a number of projects he wants to work on completing this next term, including improvements at Mohawk Lake and the reallocation the city’s Golden Age Center, which is located in a cramped Windsor Forest Elementary School.

 

DistRict 6

Zena McClain: 11.07 percent

Stephen McElveen: 11.75 percent

David Self: 18.36 percent

Tony Thomas: 58.77 percent

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  • Tony Thomas

ELECTION RESULTS: Julian Miller elected to City Council District 4

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Savannah City Council’s Fourth District has a new alderman.

Julian Miller, a former publisher of the Savannah Morning News and recent Savannah-Chatham police spokesman, won the seat Tuesday night with more than 70 percent of the vote.

His opponent, Mary Ellen Sprague, had been on City Council since 2008.

“It’s very gratifying,” Miller said late Tuesday. “It’s unnerving. Any time you replace, basically, a 16-year politician that’s a mandate. It tells me that this community wants to feel safe, they want to be safe, they want a good police department, they want a government that’s responsive to them...

“That’s a huge responsibility that we have to take very, very seriously.”

Miller centered his campaign on addressing the increase in crime. He advocated for filling Savannah-Chatham police vacancies, providing needed resources and getting politics out of the way.

He was critical of city projects such as the Cultural Arts Center and said there needs to be a long-term plan established before doing things like purchasing the Coastal Empire Fairgrounds.

Incumbent Sprague, meanwhile, garnered less than 30 percent of the Fourth District’s votes.

Sprague, a self-employed public accountant, joined the Savannah City Council in 2008 and was seeking her third term. She agreed the increase in crime was a problem but expressed confidence that actions such as pay raises and equipment purchases, along with a crime reduction program, would help bring the amount of violence down.

In addition to filling vacancies to address crime, she said the city needs to continue funding programs and job training opportunities for youth to prevent crime from happening.

She was criticized when she sent out a mailer with an image of herself and Police Chief Joseph Lumpkin that implied she had his endorsement, which she did not. She said she meant to show her support for the chief, not the other way around.

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BiS in brief: Job expo for veterans this week in Savannah

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Job expo for veterans this week in Savannah

A career expo for veterans featuring more than 30 employers offering more than 600 jobs will take place from 9 a.m. to 2 p.m. Thursday in Savannah.

The Georgia Department of Labor and Savannah Technical College will co-sponsor the expo in Eckburg Auditorium at 5717 White Bluff Road.

Potential employers include Bon Appetite Management Company, Burger King, Chatham County Sheriff’s Department, Cintas Corporation, Coastal State Prison, Dependable Staffing, Diamond Crystal Brands, ER Jahna Industries, Experience Works, FedEx Ground, Georgia Department of Juvenile Justice, Gulfstream Aerospace, Home Depot, Jars Residential Management, Kelly Services, Krispy Kreme Doughnuts, Krystal, Labor Ready, Landmark Hospital, McDonalds, Primerica, PTI Professional Transportation, Randstad Services, Savannah Fire & Emergency Services, Sizemore Staffing, Stage Front Presentation Systems, Telamon Corporation, The Reserves Network, UPS, U.S. Department of Veterans Affairs and Wagner Service Solutions.

While the expo is designed for veterans, non-veteran jobseekers are also welcome.

 

For more information, call 912-356-2773.

 

Hargray acquires Plantation Cablevision

HILTON HEAD ISLAND, S.C. — Hargray Communications announced Tuesday it has acquired Eatonton-based Plantation Cablevision, which serves resort communities surrounding Lake Oconee.

“We look forward to building upon the great communications network constructed by the Hall family over the last 27 years,” said Hargray Chairman and CEO Michael Gottdenker.

Joel Hall, Plantation’s general manager, said he will do everything he can to make the changeover a success.

“As we look toward the future of communications and entertainment services, it is our belief that Hargray’s unique combination of technological expertise and community focus makes them the best possible choice to provide advanced services to our community while maintaining the personal touch that our customers value,” Hall said.

For more information, go to hargray.com/about-us/welcome-plantation-cablevision-customers/ or call 888-274-5467.

 

Grand opening set for Dollar General in Bloomingdale

Dollar General will celebrate the opening of its new location at 208 E. Highway 80 in Bloomingdale at 8 a.m. Saturday with free prizes and special deals.

The first 50 adult shoppers will receive a $10 Dollar General gift card, and the first 200 shoppers will receive a Dollar General tote bag.

“Dollar General is committed to delivering a pleasant shopping experience that includes a convenient location, a wide assortment of merchandise and great prices on quality products,” said spokesman Dan Nieser. “We hope our Bloomingdale customers will enjoy shopping at Dollar General’s new location.”

Dollar General stores employ six to 10 people. Anyone interested in applying should visit the Career section at www.dollargeneral.com.

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Record year in sight as automakers post big sales gains

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DETROIT — The U.S. is speeding toward what could be a record year for auto sales.

Sales of new cars and trucks rose by double-digit percentages at most major automakers in October, and companies are raising their expectations for the rest of the year. Ford now expects total U.S. sales of 17.4 million this year, just topping the record of 17.35 million from 2001.

General Motors’s U.S. sales rose almost 16 percent over last October. Ford and Toyota reported 13 percent gains. Nissan sales rose 12.5 percent over a year ago, and Fiat Chrysler’s were up nearly 15 percent. Honda sales rose 8.6 percent. Volkswagen, mired in an emissions-cheating scandal, posted a small gain.

U.S. sales rose 14 percent to nearly 1.5 million, according to Autodata Corp. It was the best October since 2001, when zero-percent financing offers after the Sept. 11 terrorist attacks pushed sales to 1.6 million, according to the LMC Automotive forecasting firm.

GM said sales have run at an annual rate of 17.8 million for the past six months, putting the year on track to break the annual record. And the pace likely won’t slow as holiday promotions begin in November.

“It’s going to be hard not to hit that record at this pace,” said Jeff Schuster, senior vice president of auto sales forecasting for LMC Automotive. Schuster said the industry roared back from weak sales in the early months of the year.

Sales have been greased by cheap financing, low gas prices and an improving economy. Schuster said buyers are using the extra cash to buy bigger vehicles loaded with features. Sales of the eight-seat Cadillac Escalade, for example, rose 47 percent.

Automakers induced buyers further by offering incentives on outgoing 2015 models. TrueCar said the car companies spent 14.1 percent more than last October on cash-back promotions and other deals. Chevrolet was offering zero-percent financing for up to 72 months on a 2015 Camaro, while Toyota advertised $2,000 cash back on a 2015 Avalon sedan.

The deals are expected to continue. On Tuesday, Ford said it will offer no-haggle prices below the standard retail price on most vehicles through the end of this year. The discounts vary, but on a 2016 Ford Explorer, the starting price drops by $1,121 to $29,929.

Whether Ford’s rivals will follow remains to be seen. Incentive spending usually declines in November and picks up again in December, but Mark LaNeve, Ford’s U.S. marketing chief, said he’s already seeing Black Friday car deals advertised on television.

“We’re in a strong market, but it’s a very competitive market with a lot of activity out there,” he said.

LaNeve reassured investors that Ford won’t spend more on incentives than it did in October, but will simply shift the money around.

Industry analysts worry that, as U.S. sales peak and eventually slow, automakers will fall into the trap they did a decade ago, resorting to heavy discounting in order to keep growing their sales. That lowered industry profits and slashed cars’ resale values.

Eric Lyman, TrueCar’s vice president of industry analysis, says pent-up demand from the recession should peter out in the middle of 2016. After that, automakers could face a period of declining sales. Deals popping up over the next few months are one hedge against that.

“This is probably the first we’re seeing automakers react to a possible decline in future demand,” Lyman said.

Volkswagen offered $2,000 to its customers last month to blunt the impact of its diesel emissions scandal, but the Volkswagen brand sold just 74 more cars in October than it did a year ago. VW’s other brands, Audi and Porsche, saw little impact because the scandal mostly affected four-cylinder diesels in Volkswagens. Audi sales rose 17 percent in October, while Porsche’s rose 11 percent.

That could change. The U.S. Environmental Protection Agency on Monday accused VW of cheating on six-cylinder Audi and Porsche models, a charge VW denies.

Among other automakers that reported Tuesday:

— GM sold almost 263,000 vehicles last month, led by a 10 percent increase in sales of the Chevrolet Silverado pickup to nearly 52,000. Sales of the Chevrolet brand rose almost 18 percent for its best October in 11 years.

— Ford’s sales jumped to nearly 214,000. The recently updated Edge SUV saw big gains, while sales of the sporty Mustang more than doubled. Ford’s biggest seller, the F-Series pickup, rose 3 percent to 65,500.

— Toyota’s sales totaled 204,045. Car sales rose 9.5 percent while SUV and truck sales jumped 19 percent thanks to strong sellers like the RAV4 SUV and the new Tacoma pickup. Sales of the Lexus luxury brand rose 13 percent.

— Fiat Chrysler saw its strongest October since 2001 with sales of about 196,000, led by Jeep’s 33 percent increase.

— Honda saw its best October ever with sales of 131,651. Honda’s SUV sales jumped 15 percent on strong demand for two recently updated SUVs, the Honda Pilot and the Acura RDX.

— Nissan sales rose to just over 116,000. Sales of the Nissan Rogue small crossover SUV jumped 70 percent.

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  • A car salesman works the telephone while searching through inventory at the certified used car lot at Brandon Ford in Brandon, Fla. on Tuesday, Nov. 3, 2015. Sales of new cars and trucks rose by double-digit percentages at most major automakers in October, and companies are raising their expectations for the rest of the year. Ford now expects total U.S. sales of 17.4 million this year, just topping the record of 17.35 million from 2001. (AP Photo/Chris O'Meara)

'Call of Duty' maker purchases 'Candy Crush' company for $5.9B

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NEW YORK — The company behind the hugely successful “Call of Duty” video games is launching an all-out attack on the mobile gaming market by shelling out $5.9 billion for the maker of “Candy Crush Saga.”

Activision Blizzard’s purchase of King Digital Entertainment will help it keep pace as video gaming continues to move away from TV-connected consoles to smartphones and tablets.

And it’s bound to add new players to Activision’s ranks, such as women, who haven’t been especially interested in the company’s violent games up to now.

But the move comes at a hefty price, especially for a company that has seen its sales and profit drop in recent years.

And while “Candy Crush” is notoriously addictive, it has waned in popularity for some time, and it’s unclear when or if King Digital’s next hit mobile game will come.

It’s becoming increasingly important for video game companies to make their products accessible in both console and mobile formats, making Activision’s move an expensive but necessary one, said David Lord, CEO of JumpStart, a Torrance, California, company focused on educational mobile games for kids.

“This gives them access to the mobile market at a time when the console market has had a tremendous year,” Lord said, “but we’re not sure where it’s going to go.”

And it’s not just console games that are moving over to mobile devices; mobile games are being played on consoles, too. It’s about being able to reach players wherever they may be, Lord said.

The takeover will create one of the world’s biggest entertainment networks, with a combined total of more than a half-billion monthly active users in 196 countries, by Activision’s count.

Activision said it sees tremendous potential in the mobile gaming market, predicting it will generate more than $36 billion in revenue by the end of 2015 and grow more than 50 percent by 2019.

But while people might not mind spending $60 for the latest “Call of Duty” game, many balk at the idea of handing over a few dollars on a game for their smartphone, making it tough to make money off such products.

Most people play “Candy Crush” for free. The company makes money by charging them for more lives or other extras that allow them to play more often.

“It’s always harder to monetize on mobile, but on the same token you have many more people in mobile,” Lord said. He said that if only a small fraction of the millions of people playing a hit game pay for extras, it can be a windfall for the game’s owner.

Hits can be few and far between. None of King’s other games have been able to replicate the success of “Candy Crush.” King’s adjusted profit fell 18 percent to $155 million in the second quarter.

Jefferies analysts Brian Pitz and Brian Fitzgerald said repeating the success of Candy Crush is a daunting task.

“We expect a heavy dose of skepticism from investors, especially given the large deal size,” the analysts said in a research note.

Meanwhile, the deal will undoubtedly help Activision attract more women as customers.

Activision’s fortunes tend to hinge on its latest “Call of Duty” game. Launched in 2003, the violent, first-person shooter games generated $11 billion in sales through the end of the 2014 fiscal year. Activision also makes the “World of Warcraft” and “Skylanders” games.

While those kinds of games don’t traditionally appeal to women, Activision CEO Robert Kotick told CNBC on Tuesday that about 60 percent of King’s audience is female.

“Attracting women to gaming is a really important part of our strategy,” he said.

While Activision stock has tripled over the past three years, its profit has fallen from $1.15 billion in fiscal 2012 to $835 million in 2014. King’s stock hasn’t made much headway since the company went public in March 2014.

Activision, based in Santa Monica, California, will pay $18 in cash for each King share, 20 percent over its Friday closing price.

The boards of both companies have approved the deal, but King shareholders must still vote on it, and regulators in Ireland, where King is based, must also sign off.

King stock climbed 15 percent, or $2.31, to $17.85 Tuesday afternoon. Activision rose $1.25, or 3.6 percent, to $35.82.

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  • A man dressed as a zombie from the “Plants vs. Zombies” mobile app game plays a video game in 2012 at the Namco Bandai booth at E3 2012 in Los Angeles.
  • Associated Press file photos-This June 13, 2013 file photo shows the Activision Blizzard Booth during the Electronic Entertainment Expo in Los Angeles.
  • Lydia Winters, at podium, shows off Microsoft’s “Minecraft” built specifically for HoloLens during a live demo in June at the Xbox E3 2015 briefing ahead of the Electronic Entertainment Expo at the University of Southern California’s Galen Center in Los Angeles.

Track coaches and mentors avoid running in circles

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Mentoring budding companies is often nothing more than asking: “What are your revenue targets for next year?” And then breaking that down to “what are your revenue targets for next quarter, next month, next week?”

With that, we start to focus on the building blocks of the organization: “How are we going to reach these targets?”

These answers break down into questions about “what needs to be done today and this hour to get to the goal?” So, building a business is done like building anything: one step at a time.

Recently, I picked up a running magazine. Instead of saying “get out there and run two miles a day,” this magazine had a full-page breakdown with specific instructions each day over an eight-week plan.

They began with teensy steps like run one minute, walk two and repeat seven times. Not everyone I know thinks he or she can run a 10k. However, I know few people who can’t run for one minute.

That is the trick in mentoring startups. Begin with something the entrepreneur can do now: “Call a prospective customer.” I try to fend off the distracting questions at this stage: “Which is the right prospective customer to call first?” “Shouldn’t I wait until my product is perfect before I get their feedback?” “Will I have enough customers to call?”

Entrepreneurs often shirk off setting out a specific plan with excuses such as “no one ever sticks to the plan anyway,” Or “I don’t have time for that. There is so much to do.”

To the contrary, it is exactly because no startup ever sticks exactly to their plan that you need one. It is your road map. It is true that you may not stick exactly to the route planned, but you certainly need to know how far right or left you have gone so you can adjust and get back on course.

Similarly, I would argue that an entrepreneur doesn’t have time to ignore a road map. Staying focused on the course may be the key to survival. Whereas running in circles is the likely outcome when there is no plan and such circle running is surely to be the death of any entrepreneurial endeavor.

The importance of a plan is even more critical as the team grows and communication needs to streamline.

Savannah-based Oak.Works co-founders Rob Lingle and Steve Ross learned the importance of planning early on as they launched their strategy and software development company. Knowing where they are heading as a firm allows each partner to run full steam ahead independently but toward a common goal.

Tracking progress is important and can be revealing. I noticed in the running realm an inspirational song can make the three minutes on the stopwatch seem negligible. Yet later when my son called out that the minute of rest was up, I was sure he was kidding. My body’s rest timekeeper must have been lying to me.

Similarly, sometimes entrepreneurial timing is surprising, and the end of the month (payroll, rent, etc. become due) comes faster than the target of “sell X deals” is accomplished. In these cases, we need to really commit to getting ahead of the curve: Calling on, talking to, getting meetings with and signing contracts with even greater numbers of customers and, of course, watching expenses.

At The Creative Coast, we are blessed to have many great mentors who share their time, experience and expertise to encourage our growing community of entrepreneurs. Glenn Gibney is one who specifically helps build great sales practices. Perhaps not so coincidentally, Glenn is also a great cross country and track coach.

Currently, we are recruiting business mentors who brought their companies from $0 to $1 million in annual revenue. If that is you, please reach out so we can introduce you to Savannah’s vibrant and innovative entrepreneurial community.

You have a great deal to offer an emerging business, and the reward of helping someone else succeed is a better return on your time than any other activity imaginable.

 

Bea Wray is executive director of The Creative Coast, a not-for-profit organization that promotes the creative and entrepreneurial community within the region. Bea can be reached at 912-447-8457 or bea@thecreativecoast.org

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Ga. Power: Vogtle schedule won’t slip further with veteran builders

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ATLANTA — Further delays and cost overruns aren’t expected for the construction of two nuclear reactors at Plant Vogtle, Georgia Power executives said Tuesday, because the people in charge are the ones who learned from the earlier problems.

The assurances came amid multiple questions about news last week that Westinghouse Electric Corp. had bought the contractor, Stone & Webster.

“It’s the same people. It’s the same management team. We’re holding Westinghouse accountable to make sure that all of those lessons learned get implemented,” said David McKinney, vice president of nuclear development with Southern Nuclear Operating Co., the Georgia Power sister company that will run the reactors when they begin generating electricity.

He testified during the Public Service Commission’s hearing to review the $148 million that Georgia Power spent on construction in the first six months of the year. The five-man commission has approved the expenses in its 12 previous semiannual reviews, but it won’t decide until construction is complete if electricity customers will pay for any of the cost overruns caused by falling 39 months behind schedule.

Commission Chairman Chuck Eaton said he expects to hold a separate hearing on the settlement of a lawsuit Georgia Power filed against Stone & Webster over blame for the delay costs in the beginning of construction. The utility agreed to pay the builder $350 million, which was not included in the expenses for the period under review.

The company selling the contractor to Westinghouse, Chicago Bridge & Iron, said it is losing more than $1 billion on the deal.

“We have said all along that we wouldn’t do anything relative to resolving this litigation issue unless it was favorable to our customers, and when we come back to discuss it in detail, that’s what you’re going to see,” McKinney said.

He also said that the building contract had been responsible for the builder absorbing “several hundred million dollars’ worth of delay costs.”

More recently, the builder has made more progress in the last six to nine months than at any other period in the project, McKinney said. Coincidentally, the period had fewer so-called milestones that triggered payments to the contractor than any other semiannual period, meaning the next six months the commission reviews will include a much bigger price tag.

Construction is just 26 percent complete. When including the engineering and procurement phases, the total project is more than half finished.

The commissioners asked few questions. Most of their interactions were to dispute activists who argued that the whole project should be scrapped to avoid global warming, nuclear waste, excess generating capacity and further cost overruns.

Commissioner Lauren “Bubba” McDonald said a forecast that the state’s population will increase by 4 million people in the next five years requires building the reactors.

“The problem is you can’t wait until you get there and see that you’ve short-sheeted it and be without because the consumer wants the light to come on when he flips that switch,” he said.

Follow Walter Jones on Twitter @MorrisNews and Facebook or contact him at walter.jones@morris.com

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Savannah mayoral race heading to runnoff

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Savannah Mayor Edna Jackson will face Eddie DeLoach in a runoff on Dec. 1 after both failed to garner more than 50 percent of the votes Tuesday.

Jackson was the top vote getter, with 44 percent of the vote, while DeLoach received 42 percent, according to results posted by the Chatham County Board of Elections on Tuesday night.

Rounding out the four candidate race was Murray Silver, with 12 percent, and Louis Wilson with 2 percent.

DeLoach said that he was feeling good about his chances in the runoff, citing the total vote accumulated by him and the other two challengers.

“I think 60 percent of the people said they were looking for change,” he said. “I think with everybody else we can give them some change.”

Jackson could not be reached for comment in time for publication.

The mayor’s race began with the announcement by Murray Silver in January that he was going to challenge Jackson. DeLoach then made his own announcement in August and quickly raised about $100,000 by October for his campaign. Rounding out the four was Louis Wilson, who made a surprise entry in the race during the qualifying period in September.

DeLoach hit Jackson hard with criticism for the increase in violent crime that he claimed she and the council took too long to acknowledge and try to address. He also said the city lacked a plan for the future.

Despite the criticism and state of crime in the city, Jackson continued to receive strong support from business leaders and residents, accruing $106,796 in campaign donations by October.

Jackson scoffed at accusations of corporate cronyism and defended the council’s handling of the police vacancies by citing the hiring of Chief Joseph Lumpkin and approval of officer pay increases and equipment. She acknowledged the increase in crime was a problem, but expressed confidence that new technologies and violent reduction programs being implemented would curtail that rise.

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  • Carl Elmore/For the Savannah Morning News Incumbent Mayor Edna Jackson, left, greets supporters in her campaign headquarters Tuesday evening soon after the polls closed. Savannah mayoral candidate Eddie DeLoach, right, thanks his family, friends and supporters. Jackson and DeLoach will meet again in a runoff election on Dec. 1.
  • Incumbent Mayor Edna Jackson smiles with supporters Marlene Bragg-Adams, at left, and Jay Blackburn, at right, as vote results arrived Tuesday evening. (Photo by Carl Elmore/For the Savannah Morning News)
  • Incumbent Mayor Edna Jackson, standing, and supporters Jay Blackburn, from left, Marlene Bragg-Adams and Scott Center tally vote results Tuesday evening. (Photo by Carl Elmore/For the Savannah Morning News)
  • Photo by Ben Brengman for the Savannah Morning News - Savannah Mayoral Candidate Eddie Deloach and with his wife address family, friends and supporters.
  • Photo by Ben Brengman for the Savannah Morning News - Savannah Mayoral Candidate Eddie Deloach watches the election results.
  • Photo by Ben Brengman for the Savannah Morning News - Savannah Mayoral Candidate Eddie Deloach watches the first of the election results.
  • Ben Brengman/For the Savannah Morning News Savannah Mayoral Candidate Eddie Deloach thanks his family, friends and supporters.
Breakout Box: 

MAYOR’S RACE

Edna Jackson(I): 44 percent

Eddie DeLoach: 42 percent

Murray Silver: 12 percent

Louis Wilson: 2 percent

Richmond Hill approves Sunday package alcohol sales

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Folks thirsty for a beer, glass of wine or cocktail to enjoy at home while watching football or with a meal Sundays will no longer have to leave the city limits of Richmond Hill to purchase package alcohol soon.

A referendum to allow Sunday package alcohol sales in the city was approved by 75 percent of the voters who cast ballots Tuesday.

The issue was originally brought before the Richmond Hill City council in September of 2014 by Jeff and Kathy Nielsen, owners of two package stores in the city, Jeff’s Beverage on U.S. 17 and Jeff’s Super Beverage on Ford Avenue. Due to the timing of the request there was not enough time for the proposed referendum to go through the required two readings before city council in order to have it placed on the ballot last year, resulting in what was essentially the tabling of the issue until this year.

Kathy Nielsen said she thought Sunday package alcohol sales would benefit the city by keeping tax dollars locally.

“We are hoping to get the votes to do this because we have so many tax dollars going across the county line on Sundays. Two miles down the road at Bradley Point. We are hoping to capture a little bit of that business,” Kathy Neilson said recently.

However Mark Harrison, owner of Hawg’s Liquors in the city, said he thinks Sunday sales will actually cost the package store owners money not put it in their pockets.

“It’s just not worth it; it would cost me money to open that day. The convenience and grocery stores will like it because they are already open Sundays but no part of my business is open on Sundays. I am not going to start with this,” Harrison said last month.

Harrison also operates a convenience store, gas station and auto repair shop.

The passage of the referendum means that not only will package stores be allowed to on Sunday; grocery stores and convenience stores would be able to sell alcohol as well.

Bryan County voters approved a similar referendum last November with 67 percent of the voters casting ballots in favor of the measure.

Pembroke remains the only jurisdiction in the county where neither Sunday package alcohol sales nor the sale of alcohol by the drink are allowed.

Sunday alcohol by the drink sales were approved by voters in Richmond Hill in 2008 and in unincorporated Bryan County two years later.

Also on the ballot were incumbent Richmond Hill City Council members Jan Bass and John Fesperman running unopposed. Both were reelected.

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Airport adds new bomb dog

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Travelers flying in and out of the Savannah/Hilton Head International Airport can feel doubly safe now that Officer Apollo has joined Officer Barney on bomb-sniffing duty, giving the airport around-the-clock access to explosive detection.

Both Barney, a 3-year-old German Shepherd on the job since August of last year, and Apollo, an 18-month-old Belgian Malanois, were purchased with seized drug money uncovered during a routine screening two years ago.

In November 2013, an alert TSA employee noticed a suspicious package in a checked bag. Further investigation revealed the package contained $91,000 in cash, wrapped and bundled into eight freezer bags. The passenger claimed she was only transporting the package and did not know its contents.

The money was turned over to the FBI, and the airport was awarded $73,000 of the seizure to be used for police purchases.

Barney was purchased initially and has been working the airport for the last 15 months. Apollo was introduced to the Savannah Airport Commission on Wednesday by his handler, Advanced Police Officer Sarah Lane, who joined the airport police department in 2011.

Like Barney, Apollo came from South Coast K9 Inc. of New Smyrna Beach, Fla., where he received his initial training. Both dogs received advanced training and certification from the Chatham County Sheriff’s Office Regional K-9 Resource Team.

Each dog initially cost $9,000, basically the tip of the iceberg in owning and maintaining a service dog, said airport executive director Greg Kelly.

Passengers will see both Barney and Apollo — who have their own credentials, including real passports — on patrol around the airport.

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Officer Apollo the second K-9 purchased with seized drug money
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  • Photo courtesy Savannah Airport Commission Officer Apollo, the Savannah airport’s second bomb-sniffing dog, poses with his handler, airport APO Sarah Lane, before being introduced at Wednesday’s Savannah Airport Commission meeting.

BiS in Brief: Ga. Southern breaks ground on military science building

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Ga. Southern breaks ground on military science building

STATESBORO — Georgia Southern University broke ground on the new 32,000-square foot military science building Tuesday to replace space the Eagle Battalion ROTCprogram has occupied for nearly a decade.

The new building, located on campus at the corner of Forest Drive and Old Register Road, will consist of a large auditorium, meeting rooms, classrooms, storage space and faculty and administrative offices.

“This is an extraordinarily wonderful day for Georgia Southern, as it is any time we have a new opportunity and space for our students,” said Jean Bartels, interim university president. “This, in particular, is special because of the connection we have with our ROTC program.”

In April 2014, Gov. Nathan Deal approved the state budget that included $9.5 million for the new military science building, which is scheduled to open in fall 2016.

 

Victory Haven Cafe to host lunch and learn

RICHMOND HILL — Victory Haven Café – Organic Juice & Smoothie Café will host the November Richmond Hill/Bryan County Chamber of Commerce Lunch & Learn from noon to 1:30 p.m. Tuesday, Nov. 10, at Victory Haven Café inside the new Georgia Game Changers Running Store at 8872 Ford Ave., suite 207

Naomi Havens, founder, CEO and co-owner of the Café, will share ways you can survive the fall and winter with minimal sick days and encourage more productivity.

A light lunch and beverage will be provided. Please RSVP by 5 p.m. Friday, Nov. 6. The lunch and learn will be in the breezeway between the running store and the bike shop.

For more information and to RSVP, contact Naomi Havens at 912-695-2369 or Naomi.VictoryHavenCafe@gmail.com.

 

Management firm named for new apartments

CampusWorks has awarded Greystar Student Living the management of The Blake, a new apartment development on a 1.12-acre site at 536 Selma Street near downtown Savannah.

The 270-bed student housing development will include underground parking and first-floor retail space and is a joint venture partnership with Kaplan Residential and The McKinney Fund & Company.

“The community will be designed to complement the area’s historic architecture and Southern charm,” said David J. Helfrich, president of CampusWorks. “We will incorporate an array of amenities and unique features that will appeal to the needs of today’s students.”

The Blake will offer one- to five-bedroom apartment homes ranging from 600 to 1,986 square feet.

The leasing center is at 216 West Broughton St. Construction is expected to be completed by fall 2016.

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CHISHOLM: Titling residence? Know your options

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Homebuyers have a number of considerations when they’re purchasing a home: how much to offer and when to continue negotiating, whether the mortgage will fit their budget and how taxes and insurance will affect their monthly costs, among others.

However, most do not give much — if any — thought to how to title their new home.

All homeowners should carefully consider their options when titling a new residence so their interest in the property goes where they want it to go at the time of their death. Decisions like this are especially important for aging residents of our coastal community.

Savannah has become a popular destination for retirees, and the percentage of older adults (60-plus) here will increase dramatically from 28 to 48 percent of the population over the next 15 years, according to Senior Citizens Inc.

There are a number of common ways to hold title to a home. There’s sole ownership, where you hold the title in your name alone even if you own the property with others.

Joint tenancy, formally called joint tenancy with right of a survivorship, refers to a way to hold title in more than one person’s name. In a joint tenancy, if one person dies, the other person gets the property without having to pass through probate.

Tenants in common is yet another method of holding a title in several names. Upon the death of one owner, the interest is distributed according to their will or state law. Many people opt for joint tenancy with right of survivorship over a tenancy in common title because it allows you to avoid probate.

However, tenancy in common has one significant benefit that should be considered, something call “year’s support.”

Year’s support is designed to provide, for a limited time, “maintenance and support from the estate of the decedent for those individuals whom the decedent was legally bound to support during life.”

Before 1979, a widower could not apply for year’s support, but the Georgia legislature amended the code to make it gender neutral. The amended code now allows Georgians of both sexes to avoid property taxes for one year upon the death of their spouse.

A petition for a year’s support may be filed by either the surviving spouse, a minor child of the decedent or a guardian or other person acting on behalf of the spouse or minor child. If the decedent was a non-resident, but owned land in Georgia, the spouse may still apply for a year’s support for the property located in Georgia.

While a tenants in common title does require the survivor go through probate, not having to pay property taxes for one year can far outweigh this minor inconvenience. Changing a deed from right of survivorship to tenants in common is fairly easy and inexpensive.

A real estate attorney can evaluate the status of your property and assist with changes, if needed.

 

Attorney Dolly Chisholm is a partner with Bouhan Falligant specializing in estate planning, probate and real estate. She can be reached at dchisholm@bouhan.com or 912-644-5723.

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Facebook tops 3Q profit forecasts

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MENLO PARK, Calif. — Facebook Inc. on Wednesday reported third-quarter profit of $891 million.

The Menlo Park, California-based company said it had profit of 31 cents per share. Earnings, adjusted for one-time gains and costs, came to 57 cents per share.

The results topped Wall Street expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The social media company posted revenue of $4.5 billion in the period, also topping Street forecasts. Fourteen analysts surveyed by Zacks expected $4.39 billion.

Facebook shares have increased 33 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 2 percent. In the final minutes of trading on Wednesday, shares hit $103.93, a rise of 37 percent in the last 12 months.

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Pressure grows on Volkswagen as bad news piles up

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FRANKFURT, Germany — The fallout from Volkswagen’s emissions-cheating scandal intensified Wednesday, as investors bailed out and European regulators pressured VW to quickly disclose the findings of an internal investigation. In the U.S., the company halted sales of seven models that allegedly were part of the cheating.

On Tuesday, VW admitted that it had understated the carbon dioxide emissions for 800,000 cars, widening the scope of a scandal that has forced the ouster of a CEO and prompted investigations and lawsuits on several continents.

The company has been unable halt the flow of bad news since mid-September, when the U.S. Environmental Protection Agency said Volkswagen had installed software on 482,000 cars that enabled them to cheat on emissions tests for nitrogen oxide, a pollutant that contributes to smog and respiratory problems. The software reduced emissions when the car was on a test stand.

Volkswagen acknowledged that 11 million vehicles with small diesel engines worldwide have the software — but only after denying its use for more than a year.

On Monday, the EPA charged that Volkswagen also used cheating software in some cars with larger diesel engines, including Volkswagen’s elite Porsche brand.

Volkswagen has denied that claim, but over the past two days halted sales in the U.S. and Canada of the models involved: the Volkswagen Touareg, Porsche Cayenne, and the Audi A6, A7, A8, Q5 and Q7.

Late Tuesday, VW said it had also found “unexplained inconsistencies” in emissions from some of its vehicles of carbon dioxide.

The cars were sold under the Volkswagen, Audi, SEAT and Skoda brands, most of them in Europe and none in the United States.

The company said the carbon dioxide problem could cost it 2 billion euros ($2.2 billion), on top of 6.7 billion euros it had already set aside to cover the costs of recalls.

Analysts say the total costs in fines and lost sales could be several times that.

Amid concerns over the escalating costs, the German carmaker’s ordinary shares slid 9.5 percent to close at 100.45 euros. The shares have tumbled 23 percent since the scandal was revealed, and VW’s total value has fallen $26.3 billion to $57.21 billion at Wednesday’s euro-to-dollar conversion rate.

The EU’s executive Commission told Volkswagen to speed up its investigation, which is being led by law firm Jones Day.

“Public trust is at stake here,” spokeswoman Lucia Caudet told reporters on Wednesday. “We need all the facts on the table.”

The commission has enforcement powers to ensure that manufacturers respect their obligations in terms of carbon dioxide emissions, including the possibility of imposing fines.

Germany’s transport minister indicated that VW will be on the hook for the costs of higher car taxes following the revelation that carbon dioxide emissions were understated.

Transport Minister Alexander Dobrindt noted that Germany’s car tax is calculated on the basis of engine size and carbon dioxide emissions, and so “if these vehicles emit more CO2, over and above the respective limit, that makes a new calculation necessary.”

Dobrindt also said VW is responsible for finding a solution where “customers face neither extra costs nor effort.”

Of the 800,000 vehicles found to have excessive CO2 emissions, 98,000 had gasoline engines, Dobrindt said. Up until now, the scandal had only involved diesel engines.

The widening scandal also prompted Moody’s Investors Service to cut the rating on the Volkswagen’s debt, which could make borrowing money more expensive for the company.

The agency cited “mounting risks to Volkswagen’s reputation and future earnings” from this week’s new developments.

VW CEO Matthias Mueller has promised the company will “relentlessly and completely clarify the matter.”

He has said the company must re-examine its corporate culture to prevent such missteps from occurring again.

The news that Porsche vehicles might also have had the deceptive software is a potential embarrassment for Mueller, who headed Porsche before he became CEO.

Mueller has said that upper management would not have involved itself in the details of software development and has pointed to “a few” employees who altered the software code.

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  • Investors and regulators put more pressure on Volkswagen on Wednesday after the company said it had understated the carbon dioxide emissions for 800,000 cars, widening its scandal over cheating on U.S. engine tests. Photo Credit: AP
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