New Hub report denies a ‘brain drain’ exodus

A new BRA report debunks what Hub officials have long bemoaned as Boston's "brain drain" — the mass exodus of the young and college educated who flee the area soon after graduation and take their talents to high tech jobs in other cities.

The report, which analyzed census data, labor statistics and two studies over the past decade, found that the number of newly minted college graduates leaving the city is a normal turnover for what you would expect from a region where higher education is a major industry. The analysis also found that the area boasts a healthy level of young, college-educated residents.

"We are not saying we shouldn't concentrate on retaining young people and graduates. But there is no brain drain in Boston. That's what we found," said Alvaro Lima, research director at the Boston Redevelopment Authority.

"I think that the main argument is that higher education institutions in Boston are an export industry," said Lima. "We bring in people — lots of people — and bring in money by charging them for education."

Lima and researchers at the University of Massachusetts Donahue Institute also found there are not enough jobs in the area labor markets to hire anywhere near the number of graduates each year.

"There is no way we are going to retain 60,000 people a year," Lima said. "You cannot produce jobs at the same rate you produce graduates."

A recent study released by think tank City Observatory seems to back up the BRA report. Boston is one of only four cities, including San Francisco, San Jose and Washington, D.C., where half or more of all 25- to 34-year-olds have a college degree, that study showed.

City Observatory found that the number of 25- to 34-year-olds with college degrees in the Boston area grew by nearly 12 percent from 2000 to 2012. San Francisco, the Hub's chief rival in luring high-tech pros, posted nearly the same spike in that time.

"We are not saying that Boston should not double every effort to retain more young people," said Lima. "What we're saying is we don't have young people leaving by droves right now."

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Land Rover made to go off-road

The Land Rover LR4 HSE is the luxury SUV for those who actually go off-road.

More than just a boxier, gussied-up Jeep, the LR4 is equally at home on any surface. This upscale vehicle does it in style, with a straight-grained walnut-trimmed dashboard surrounded by leather. Leather seats and a leather-wrapped steering wheel work in harmony to polish this off-road beast.

The solidly built LR4 has an integrated body frame made with a boxed steel-ladder foundation and sports permanent four-wheel-drive. Everything about this midsized SUV suggests it is a machine that is well-made.

The flip of a paddle switch causes the electronic air suspension to lift and lower the vehicle. The same system also automatically adjusts to speed and terrain. This is all complimented by the torsion-differential terrain system, independent front and rear suspension, and dynamic stability control which all work in conjunction to keep the LR4 in control and its 19-inch alloy wheels in contact with the road or wherever you're driving.

A tight turning radius allows the LR4 to navigate anywhere, so it is nimble in the densely populated city as well as the country.

An eight-speed electronically controlled transmission uses a single-speed transfer gearbox to accelerate very smoothly, but put the pedal to the medal and you'll pay for it! The LR4 does have an ECO mode that stops and starts the engine at stoplights. While annoying, the ECO mode tries to save you some money on gas. But ultimately, the LR4 averages just 16 mpg.

Another gas saving measure is the speed alarm that alerts you when you exceed a predetermined speed. This feature limits gas consumption — as well as costly speeding tickets.

For comfort and entertainment, the 825-watt Meridian 17-speaker sound system sounds great, but the 7-inch touchscreen display is smallish and the Bluetooth audio streaming is hard to configure. The LR4 is also hampered by a cryptic control layout in an oversized center console that has undersized and needlessly compact buttons.

The console also takes up a lot of space, creating a narrow footwell only compounded by its bulky doors. The dash and console would have more room if it weren't for the ashtray (yes, ashtray) and the somewhat useful powered cooler box. But the cramped feeling is washed away a bit with plenty of headroom and three sunroofs. Two of the "alpine" roofs are fixed, but they let in lots of light.

The LR4 seats five comfortably and there's plenty of storage in the rear. An asymmetrical split tailgate allows great access to the cargo area.

The bottom line is that the LR4 is worth looking into if you are interested in a tony but tough all-terrain SUV.

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The Ticker

N.H. co. settles with Apple

A New Hampshire company that was manufacturing synthetic sapphire glass has reached a settlement with Apple, but at the expense of layoffs at its facilities in Salem and New Hampshire.

GT Advanced Technologies said in a statement yesterday it will "wind down" its sapphire production in Salem and Mesa, Ariz., under a settlement with Apple that is part of the company's ongoing Chapter 11 bankruptcy proceedings.

GT has laid off 650 workers in its Arizona plant and six employees in Salem. The Salem facility will remain open, but a number of positions will be transferred to its Merrimack, N.H., headquarters.

MBTA launches Green Line tracking

The MBTA began providing real-time information on the Green Line yesterday for the first time in the line's 
117-year history. Real-time data on the location of Green Line trains is now fed to the dozens of MBTA real-time apps. This will mark the completion of the first phase of a multi-phase project to provide real-time information and predictions to the Green Line's 227,000 daily riders.

Raytheon reports $515M in net income

Raytheon Co. yesterday reported third-quarter net income of $515 million.

On a per-share basis, the Waltham company said it had a profit of $1.65, beating Wall Street expectations.

The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.

The defense contractor posted revenue of 
$5.47 billion in the period, which missed Street forecasts. Analysts expected $5.62 billion, according to Zacks.

Lynch donates $50G to foundation

The New England Chapter of the Network for Teaching Entrepreneurship announced it has received a $50,000 donation from the Barbara Lynch Foundation. The Hub restaurateur's donation will be used to specifically expand NFTE's programming within Boston schools, including Charlestown High School, the Josiah Quincy School, Boston International High School and West Roxbury Academy.

Today

• Commerce Department releases new home sales for September.
• State Street Global Advisors, the asset management business of State Street Corp., has announced the appointment of Lori Heinel as chief portfolio strategist. In this newly created position, Heinel will oversee a global team of 20 investment professionals dedicated to communicating information about investment strategies and solutions to prospects, clients and consultants. A 30-year industry veteran, Heinel most recently served as chief investment strategist for OppenheimerFunds Inc., where she oversaw product management, product development and investment thought leadership.

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Amazon’s new Kindles a perfect read

The new Kindle Voyage is the perfect binge-reader.

It proves that the iPad isn't for bookworms anymore, because even the most old-school lover of dead trees should take a look at the Voyage, which takes all the best aspects of Amazon's previous e-readers and rolls them into the best digital book experience on the market.

While the iPad is still king of the tablet market with about 30 percent marketshare, Amazon has steadfastly catered to people who love to read. It's a strategy that should pay off this holiday shopping season with impressive sales of this impressive product.

The ultra-thin, 7 mm device starts at $200 and costs $290 for the 3G model, a price reflective of a super-luxe and refined style.

Like the excellent Kindle Paperwhite, the Voyage has a unique lighting system that directs light from the screen itself down onto the ink — just like a light in the room would reflect off a piece of paper — very cool technology that doesn't strain your eyes.

At 300 pixels per inch, the same as the printed page, reading on the Voyage is literally like reading a book.

The Kindle Voyage is an electronic reading device that melts away, with alerts and annoyances muted while you read, excellent battery life and very little bezel. The buttons for the next and last page are capacitive, so you can hold the Kindle anywhere without fear of triggering them.

A magnetic latch cover with a built-in stand makes it easy to take a book to bed.

A particularly awesome feature is Kindle X-Ray, which helps with instant word definitions and information about obscure characters and themes.

It's worth noting that Amazon also has a winner with the Kindle Fire HD Kids Edition, the first tablet for children that's worth a try. It costs $149 for the 6-inch version and $189 for the 7-inch base model. The price includes a one-year subscription to 5,000 games, videos, and books for kids. A rugged protective case and two-year, no-questions-asked warranty rounds out that excellent offering.

Both the Voyage and Fire for kids are evidence that Amazon should stick to the things that made it great — namely, books.

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Mayor Martin J. Walsh seeks global partnerships, startups

Mayor Martin J. Walsh, hosting attendees from 14 countries at a State House conference yesterday, said Boston can't just rely on home-grown businesses to fuel its economy.

"Boston and Massachusetts cannot operate in silos," Walsh said. "It's so important to build relationships."

Walsh said the city has received 16 initial pro­posals for its startup incubator in the soon-to-be unveiled Ferdinand Building in Dudley Square. The building will house the new headquarters for the Boston Public Schools, but will include up to 4,000 square feet for startups.

"Hopefully it's the beginning of many incubators we're going to have in and around the Boston area," he said. "We are looking to continue to start and develop businesses here in Boston."

But, he said, Boston needs to continue growing its "global economy. We must be willing to form partnerships with like-minded cities," he said.

One of those cities is Belfast, where Walsh traveled in September and signed a sister city agreement.

As in Boston, health care is one of the leading industries in Belfast, said the Lord Mayor of Belfast, Nichola Mallon.

"We will be discussing the economics and skill sectors of both of our cities, and e-health will feature highly," she said. "We are committed to making that sister city agreement work."

The conference is Mallon's first international visit.

State Senate President Therese Murray agreed. "To continue to grow, collaboration is key," she said.

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China lowballs MBTA bid

The controversial train manufacturer run by the repressive Chinese government submitted an extraordinarily low bid to make new Orange and Red line subway cars that was hundreds of millions of dollars lower than its rivals, records show.

But while that may be a coup for the Patrick Administration, angry human rights and labor activists say it's a raw deal for Chinese workers forced to toil on the cheap by their totalitarian overlords — and U.S. companies that have to compete against them.

"This happens every day," said Charles Kernaghan of the Institute for Global 
Labour and Human Rights. "If those bids are so wildly apart, we can imagine these trains (will be) made with cheap labor in the manufacturing part of China. ... China doesn't play on a level playing field. It has no respect for its own workers. They have zero rights. ... It's really a rotten deal."

The MassDOT Board of Directors is expected to vote today on whether to award China CNR Corp. the $566.6 million deal in what would be the first rail contract the company has landed­ in the United States. Other bidders included Hyundai Rotem at $720.6 million, Kawasaki at $904.9 million and Bombardier at $1.08 billion.

The Alliance for American Manufacturers — a national labor group — blasted the deal in a letter yesterday to Gov. Deval Patrick, warning that he will put other companies across the country at a competitive disadvantage in future contracts if the China contract is signed.

"By making CNR's entry into the U.S. market possible, this procurement opens the door to unfair, state-owned competition on other rail and transit procurements throughout the United States," executive director Scott Paul wrote. "Government-backed entities are able to undercut market prices that privately owned businesses are able to offer. It is cheating, plain and simple, and should not be rewarded using taxpayer dollars."

MBTA officials yesterday insisted their own investigation "revealed no record of violations of human rights against workers by China CNR Corporation Limited," known as CNR MA Corp. in the Bay State subway deal.

State officials claim the project will be an economic boon for Springfield, creating 250 new manufacturing and construction jobs at a new 150,000-square-foot factory. CNR MA will invest $60 million of its own money in the facility, said MBTA spokesman Joe Pesaturo.

State officials have issued conflicting figures about the deal over the past year. Patrick told the Greater Boston Chamber of Commerce last October that the project was a "$1.3 billion procurement to replace decades-old Orange and Red Line trains with new and modern equipment."

Even the T's own press 
release last year referred to it as a "$1.3 billion procurement to replace ... Red Line cars and ... Orange Line cars."

But Pesaturo yesterday walked back the cost of the subway cars, saying the $1.3 billion figure also includes necessary upgrades to subway signal systems and an expansion to maintenance 
facilities in Medford and South Boston.

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Business Protocol: Quit smoking to get ahead

Long gone are the days when people would smoke in cubicles, on a plane or in restaurants.

Today, smokers evoke high emotions, and whether we like to admit it or not, we possess very real prejudices against smokers that affect the bottom line — jobs, promotions and opportunities.

There has been tremendous progress adding warnings to tobacco products, including graphic pictures of cancer victims, with Canada, Australia and even Thailand leading the way in that stark approach.

Smoking perceptions (and I hope they are enough to make you quit) suggest dependency, low self-esteem, lack of self-control and discipline, and not working to capacity.

The benefits of not smoking include better health, greater social acceptance, more acute taste buds (reason enough to quit) and saving money.

Quitting is freeing and enables you to be fully present and not preoccupied with thoughts about the next cigarette.

If you smoke, you should make a commitment to work toward quitting and stick to it. Assume cigarette smoke is annoying to most people — it is. Try chewing gum, or use a vapor device instead.

For nonsmokers in the office, show tolerance. Many smokers really would rather quit, but their addiction has overtaken them. If your boss smokes and it bothers you, suggest he or she read this column. Rank and status should not factor into how someone must deal with smoking.

We've all worked with smokers — colleagues who mysteriously disappear for longer than the designated 15-minute break only to return reeking.

Smokers are prone to absenteeism, lost productivity, early retirement and premature death, according to the Centers for Disease Control and Prevention.

A vast majority of Americans polled on the subject say companies should ban smoking totally, and tobacco-free hiring policies are in place throughout the country. The nonsmoking revolution has circled the globe.

If possible, be the example. Don't smoke. Be the person who embraces the life ahead of you. Others just may follow.

Judith Bowman is the president of her own business consulting firm.

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China economy grows at slowest pace in 5 years

BEIJING — China's economic growth waned to a five-year low of 7.3 percent last quarter, raising concerns of a spillover effect on the global economy but falling roughly in line with Chinese leaders' plans for a controlled slowdown.

The third quarter figures, released Tuesday, put China on course for annual growth somewhat lower than the 7.5 percent targeted by leaders, though they have indicated there is wiggle-room in their plan. The world's No. 2 economy grew 7.5 percent from a year earlier in the previous quarter and 7.4 percent in the first quarter.

Communist leaders are trying to steer China toward growth based on domestic consumption instead of over-reliance on trade and investment, but the slowdown comes with the risk of politically dangerous job losses and policymakers bolstered growth in the second quarter with mini-stimulus measures.

Employment, however, remained strong through the third quarter and the service industries that leaders want to promote have done well this year despite the downturn, which has been focused largely in the property market, said economist Julian Evans-Pritchard of Capital Economics.

"There is still a lot of downward pressure on the economy," Evans-Pritchard said. Spending on infrastructure shored up growth in the second quarter but "once that fizzled out, the downward pressure has returned."

A further slowdown in China's economy would likely cause some damage to the U.S. economy, the world's largest, as well as commodity producers such as Australia, Indonesia and Brazil that have grown accustomed to strong Chinese demand.

Mark Zandi, chief economist at Moody's Analytics, estimates that each 1 percentage point drop in China's economic growth shaves 0.2 percentage point from annual U.S. growth — equal to the effect of a $20-a-barrel increase in oil prices,

Still, the third-quarter figure beat expectations by many economists of about 7.2 percent, or lower, which could have increased calls for a new round of major stimulus measures that the government can ill afford after a debt fueled investment binge in response to the 2009 global recession.

"Although growth has slowed, it reflects a welcome rebalancing away from excess investment in certain sectors of the economy and is not cause for significant concern," Evans-Pritchard said in a report.

"With policymakers now prioritizing employment and economic rebalancing over growth, we don't think they will feel the need to act aggressively to shore up the economy in response to today's data," he said.

China's growth in industrial production was largely stable, with a rate of 8.5 percent year-on-year in the first three quarters, down 0.3 point from the first half, the National Bureau of Statistics reported. Investment in factories, real estate and other fixed assets rose 16.1 percent year-on-year, but real estate investment lagged at 12.5 percent growth in the first nine months of 2014.

Growth in consumer spending cooled to 11.6 percent in September, the fourth monthly decline in a row.

China's overall economic growth reached a whopping 14 percent in 2007, but took a hit from the global recession of 2008-2009 and has declined steadily since 2012.

The International Monetary Fund said in July that China should lower its growth target to no more than 7 percent for next year, but some analysts expect an even deeper decline, to as low as 6.8 percent. That would be stronger than the United States, Japan or Europe, but it would be China's weakest annual growth in two decades.

On Monday, the Conference Board, a New York-based research group, predicted that China's economic growth would decelerate to 4 percent a year between 2020 and 2025, well below the widespread expectation of 7 percent to 8 percent growth over the next decade.

___

AP Economics Writer Paul Wiseman in Washington contributed.

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Council hearing set today 
on rent-raising landlords

A City Council hearing today is shaping up to be a showdown between Hub real estate owners and community groups who say the owners are unscrupulously pushing to evict longtime neighborhood residents so they can jack up rents.

"This should not be a city that's only made up of million-dollar condos and million-dollar homes," said Councilor Tito Jackson, who organized the hearing. "The objective is to hear all aspects of what is going on, and then look at the possible solutions that would lead us to a city where people who have been here through the hardest times are here through some of the best times that are ahead of us in this city."

Groups that represent tenants from across the city will participate, including City Life Vida Urbana, the Chinese Progressive Association and Right to the City Boston. Owners are expected to largely be represented by City Realty, a rapidly expanding Brighton outfit that Jackson called "notorious" for displacing tenants.

Matt Whitermore of City Realty Group said the company "remains committed to being transparent and complying with all government regulations."

"Our company prides itself on providing high quality residential and commercial properties at affordable rates," Whitermore said. "We look forward to having a productive discussion with the City Council."

The hearing comes after the release of Mayor Martin J. Walsh's housing report, which found only 9 percent of the city's rental housing listings are within reach of households with incomes of $50,000, and only 1 percent are affordable to households earning $25,000.

Karen Chan of the Chinese Progressive Association said she is working with a family whose $1,110 unit in Chinatown is being advertised for $2,100 after City Realty purchased it and initiated eviction proceedings.

"People live in Chinatown not out of convenience, but out of necessity, because of the services that are available," she said. "But it's 
becoming more and more unaffordable."

Chan said her organization has worked with tenants facing displacement due to rent increases in more than 10 buildings in the last year, an outgrowth of the more than 3,000 luxury units approved or built in Chinatown.

Displaced tenants put strain on public resources such as shelters and subsidized housing programs, said Darnell Johnson of Right to the City Boston.

"The costs shift onto the public sector," Johnson said, "enabling the private sector to just continue to make money off the backs of working-class communities."

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Japan leads Asia stocks higher after US rebound

Asian stock markets rose Monday, led by a near 4 percent surge in Japan, after Wall Street's rebound eased nerves about the outlook for the world economy and investors looked ahead to a report on China's economic growth.

KEEPING SCORE: Japan's Nikkei 225 soared 3.8 percent to 15,083.91, helped by exporter stocks as the dollar resumed its rise against the yen and a report the Government Pension Fund will increase its domestic equity holdings to 25 percent from 12 percent. South Korea's Kospi was up 1.6 percent at 1,930.78 and Hong Kong's Hang Seng added 0.4 percent to 23,116.69. Australia's S&P/ASX 200 gained 0.9 percent to 5,321 and China's Shanghai Composite rose 0.2 percent to 2,347.03. India's Sensex jumped 1.3 percent to 26,437.88 after the ruling BJP performed well in state elections, which will increase its representation in the upper house of the national parliament.

THE QUOTE: "US stocks saw a meaningful rally on Friday. After many failed attempts to pick the bottom, buyers may have finally got it right with the Dow's bounce," said CMC market analyst Desmond Chua. "The recent sell-off in U.S. equity markets hasn't dented consumer confidence," he said. "Sentiment means little, however, if consumer spending doesn't follow."

CHINA ECONOMY: China, the world's No. 2 economy, is expected to release third quarter growth figures Tuesday that might be the weakest in five years. Some analysts predict the economy expanded 7.2 percent from a year earlier, slowing from 7.5 percent in the second quarter. The report will update views on prospects for the global economy at a time when Europe is flirting with recession again and doubts remain about the U.S. recovery. "China's GDP could be a win-win.," said IG strategist Stan Shamu. "If the number misses, there'll be calls for stimulus. If the number impresses, markets will feel things are not as bad."

FUEL RELIEF: The sharp drop last week in oil prices is relieving pressure on some Asian economies that rely on imported fuel by making it easier to withdraw budget draining subsidies. India lifted government controls on diesel prices on the weekend; almost half the country's $23 billion spent on fuel subsidies last year went for diesel. Indonesia's new president, who is inaugurated Monday, is likely to face less of a backlash if he pushes ahead with fuel subsidy cuts while the cost of imported oil is lower.

WALL STREET: Investors rallied behind a group of corporate earnings results on Friday. General Electric rose 2.4 percent after its third-quarter earnings were better than expected, helped by improved performances at its aviation and oil and gas businesses. The Dow advanced 263.17 points, or 1.6 percent, to 16,380.41, its second-best day of the year. The Standard & Poor's 500 rose 24 points, or 1.3 percent, to 1,886.76 and the Nasdaq composite rose 41.05 points, or 1 percent, to 4,258.44.

ENERGY: Oil prices steadied after last week's dramatic slide. Benchmark U.S. crude was up 37 cents at $83.12 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 5 cents to close at $82.75 a barrel on Friday. Brent crude was up 15 cents at $86.31 a barrel.

CURRENCIES: The dollar rose to 107.36 yen from 106.92 yen on Friday. The euro was little changed at $1.2757 from $1.2760.

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Bake sales boost breast cancer fight

There's nothing like a dose of nostalgia to get co-workers to donate to a worthy cause, especially when there's food involved.

As part of Breast Cancer Awareness Month, the Boston-based nonprofit Bakes for Breast Cancer revisited the days of selling brownies in the school cafeteria with its Office Bake Sale fundraising campaign.

During October, participants bring homemade treats (or store-bought — no judging) to sell at their workplace. All proceeds go into donation jars for breast cancer research.

Bakers can go to the Bakes for Breast Cancer website to download a sign-up calendar to post in their office.

"I jumped right on the idea because I thought it was a fun way for our staff to do stuff together that's tasty, but also for a good cause," said Scott Bernstein, COO at the Needham-based marketing group Mittcom.

So far, five Mittcom employees have brought in treats, with three more in the works for later this month. Bernstein said he's seen cookies, cupcakes and Halloween-themed goodies (his own), but the most popular were fresh-baked pies from the Italian bakery A & L in East Boston.

Employees drop off baked goods in the office kitchen, along with their business card. As they come and go throughout the day, workers can grab a treat and leave a donation in the jar. "At first people were throwing in change or a buck, but as people are getting more committed to the cause, we're starting to see larger donations," said Bernstein, whose mother is a breast cancer survivor. He said Mittcom plans to match donations from the bake sale.

Local celebrity chef Todd English, whose sister, Wendy, passed away from breast cancer in 2006, is a devoted supporter of Bakes. His Boston restaurant Figs is participating in the sale, as well as promoting the nonprofit on its menus. English said the key to bake-sale treats is not to be too fancy.

"Stick to good, basic homemade desserts that everyone always loves," English said. "I'd encourage people to bake something that's a family favorite. Anything from a strudel, if you're German, to an old English pound cake. Those kinds of things work on all levels."

Through partnerships with restaurants and bakeries, Bakes has raised almost $1 million for the cause since its foundation in 1999.

"We need to do anything we can to spread awareness," said English. "Maybe one day we won't have to do this anymore."

Go to bakesforbreastcancer.org/bake-sale to download a calendar for your office.

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Dunkin’ to go mobile

Dunkin' Donuts customers will be able to skip the lines when the Canton coffee-and-doughnut chain starts piloting mobile ordering by year's end, in advance of a planned U.S. rollout next year.

"We are planning to test mobile ordering in the fourth quarter, and we anticipate adding the ordering feature to our existing mobile app in 2015," Scott Hudler, vice president of global consumer engagement, said in a statement. "For the consumer, there is a huge benefit to skip the line, and improve order accuracy and speed."

Dunkin' would not provide details on test locations for mobile ordering.

Its rival, Seattle's Starbucks, this week announced that it would debut its own mobile ordering application in Portland, Ore., this year, with a U.S. rollout also planned for 2015.

Dunkin' customers likely will have to place their mobile orders once they get to a Dunkin' location or close to one, rather than an hour before pickup, for example — at least for the initial rollout — to ensure items such as coffees and breakfast sandwiches remain hot.

"Our products are amazing, but they don't age particularly well if they're sitting in a bag," Hudler said at a Dunkin' investor and analyst conference in Dallas last month. "We want to crawl before we run in this area, so it'll be more of the guests will let us know that they're on the premises, and then we'll trigger the order, because we think our speed-of-service is so fast that that's probably the best way to deliver a great product."

The Dunkin' mobile app for payments and gifting was launched in August 2012, and has had more than 8.5 million downloads.

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