T selling air rights over Seaport stop

The MBTA is taking advantage of the booming growth of Boston's Seaport District by selling the air rights above its Courthouse Silver Line Station for development.

"The Seaport District has experienced a great deal of growth and expansion around the Silver Line, and the MBTA would like to be a part of that economic success," spokesman Joe Pesaturo said. "By continuing to work closely with the (Boston Redevelopment Authority), the MBTA expects to identify an abutter or other party interested in advancing a project consistent with other new developments in the immediate area."

The air rights account for approximately 3,939 square feet of space above the MBTA station on Seaport Boulevard.

The station sits amid the sprawling $3.5 billion, 23-acre Seaport Square development taking shape on the South Boston waterfront.

Boston Global Investors, which is the master developer of Seaport Square with Morgan Stanley, couldn't be reached for comment on any potential interest in the air rights.

The MBTA has set a minimum bid of $1.2 million for the rights.

The property is zoned for innovation, hotel, office, retail, entertainment, restaurant, residential and transportation uses. Any building could not surpass 107 feet in height, according to the bid documents.

12.33 | 0 komentar | Read More

Gov.-elect names banker as labor chief

Gov.-elect Charlie Baker has tapped banker Ronald L. Walker as the state's next secretary of labor, adding the first African-American to his Cabinet.

Walker, 53, the co-founder and president of Next Street Financial, a merchant bank aimed at inner-city businesses, comes from a long career in banking, where he previously served as vice president at Sovereign Bank and worked at Fleet Financial Group, according to his Next Street bio.

Walker is the first minority tapped to helm a secretariat under the Republican, and adds to a growing list of Democrats that includes Jay Ash, the incoming housing secretary; chief of staff Steven Kadish; and chief secretary Carlo Basile, an East Boston state representative.

Walker also serves as board chairman for The Base, an urban baseball program whose founder, Robert Lewis Jr., campaigned heavily for Baker and is serving on the new administration's transition team.

"Ron's experience will serve him well as he takes on the job of connecting our administration's job training and workforce development services with employers ensuring they expand and grow here," Baker said in a statement.

Walker said in a statement that he shares the "governor-elect's emphasis on connecting education to work, (and) his commitment to workforce development."

12.33 | 0 komentar | Read More

Merger of Staples, Office Depot predicted

Activist investor Starboard Value's disclosure that it bought a 5.1 percent stake in Framingham's Staples Inc. and upped its Office Depot Inc. holding to 9.9 percent indicates the New York hedge fund will push for a merger of the two office supplies chains, according to analysts.

And while that would leave a single dominant U.S. office supplies retailer, Starboard is confident the Federal Trade Commission would approve it, Bloomberg reported, citing a person familiar with the matter. The FTC signed off on Office Depot's $1.2 billion merger with OfficeMax last year without imposing conditions.

Starboard did not return calls for comment. Its regulatory filings stated that Staples' and Office Depot's shares were "undervalued and represented an attractive investment opportunity" and outlined possible future actions including "making recommendations or proposals … concerning changes to the ... ownership structure ... industry consolidation or potential business combinations."

B. Riley & Co. analyst R. Scott Tilghman sees far more reluctance on the part of struggling Staples' to pursue an acquisition or merger than Office Depot. "Staples historically has had the belief that as the frontrunner of the industry, they understood how to operate and, over time, would continue to gain share over their rivals," he said. "Unfortunately, in recent years, especially after the Office Depot-OfficeMax merger announcement, that hasn't been the case."

Starboard's stakes in both retailers hint at a possible merger in the works given its involvement in the Office Depot/OfficeMax merger, Citi analyst Kate McShane said "If they cannot achieve this, due most likely to FTC concerns, we think they will push to have one or both of these companies sold," she said.

12.33 | 0 komentar | Read More

AstraZeneca to shut Westboro plant

The closure of a massive AstraZeneca drug manufacturing facility in Westboro next year is an outlier and doesn't signal trouble in the state's booming life sciences industry, one local industry watcher said.

"That particular facility and the kind of manufacturing they did there is somewhat of an outlier," said Peter Abair, director of economic development and global affairs for the Massachusetts Biotechnology Council. "It's the type of manufacturing we don't really do a lot, it's more traditional pharmaceutical inhalants."

Yesterday, the drug giant said it will close its manufacturing facility in Westboro in late 2015, affecting roughly 180 employees and contractors. The facility makes Pulmicort Respules, an asthma treatment.

The biotech boom in Massachusetts is built largely on biologic drugs — treatments based on living organisms. That manufacturing process is still advancing incredibly quickly, "on a daily basis," Abair said. Because of that, companies are keeping their research and manufacturing close, he said.

12.33 | 0 komentar | Read More

LogMeIn won’t be logging out

Boston tech company LogMeIn will double the size of its Hub office thanks to a city tax break, a tool City Hall could use again to retain or lure other tech firms in the city, according to the mayor's office.

"It's an option that can be considered if we feel like it would result in shared success," said Melina Schuler, a spokeswoman for Mayor Martin J. Walsh. "These incentives are used on a limited, case-by-case basis."

Over the summer, Walsh said the city was working with another unnamed tech company to find a way to move them into Boston. Officials would not comment yesterday, and the status of the move is unknown.

LogMeIn, a public company with about 400 employees, will get a city real estate tax break to expand its Innovation District office on Summer Street across the street, a move that will essentially double the size of its Boston headquarters.

"Once upon a time, Greater Boston had a chance to keep Facebook. We can't afford to lose that kind of opportunity again," Walsh said at a Chamber of Commerce address yesterday. "We have to be in dialogue with these innovators from the moment their dreams take shape. And if there is something we can do to help them stay and grow in Boston, we shouldn't hesitate."

LogMeIn, which provides cloud access services, will receive a $2.5 million real estate tax break over 13 years, on the condition that it adds 450 jobs.

"It was clear that it was a shared vision, something we could partner on," said Craig VerColen, a spokesman for LogMeIn. "We've always had a pretty close relationship with the mayor's office."

The company plans to move into its new digs in 2016, after construction is completed to fix the building that saw an 8-alarm fire tear through the structure just over a year ago. The total cost of construction for the new office will be $37.7 million.

The City Council approved the tax break — technically a tax increment financing — proposed by the mayor yesterday.

LogMeIn's office was one of the first in what has become one of the fastest growing areas in the region, attracting startups and larger tech companies in droves.

"I think LogMeIn could go anywhere they want," said Chris Anderson, president of the Massachusetts High Technology Council. "There's an obvious inclination to make your community more attractive."

12.33 | 0 komentar | Read More

New BRA chief Brian Golden promises agency will ‘not play favorites’

Brian Golden, Mayor Martin J. Walsh's newly anointed BRA chief, told the Herald he hopes people will soon see the agency as a place that "does not play favorites."

"I believe that the backroom deals are a thing of the past," said Golden, 49, a former state rep from Brighton. "It's my commitment that nothing should be going on that we would not be comfortable talking about in a public proceeding."

Walsh named Golden — the Boston Redevelopment Authority's secretary and executive director for five years before the mayor tapped him in January to serve as its acting director — as the BRA's permanent chief yesterday.

"He has given me confidence that we can move ahead with deep reforms in the BRA, while still driving development forward," Walsh said. "Brian will work hand-in-hand with businesses and communities to make development work for everyone."

Golden thanked his staff yesterday, saying, "I have essentially risen to this position on your shoulders," though he added, "There are things here that need to be fixed."

In a scathing audit, the agency was accused of losing track of millions of dollars from gross mismanagement of its leases and payments from developers.

Golden has hired a four-person team and acquired new software to better manage the BRA's 200 leases and developer obligations. After the controversial $7.3 million Yawkey Way deal, in which the BRA quietly gave the Red Sox permanent rights to the street on game days, any sale of city land now requires a public hearing.

"It should not be about politics. It's about people who bring quality ideas to us that should be embraced," Golden told the Herald. "I want people to know it does matter who you are, you will be treated fairly here and get a fair hearing with the BRA staff."

Golden's selection was lauded by developers and even longtime critics of the BRA. At-large City Councilor Michael Flaherty, who railed against the agency as a mayoral candidate in 2009, remarked: "Brian is not shy in tackling tough and thorny development issues. That's refreshing. He's clearly listening to the residents' concerns."

12.33 | 0 komentar | Read More

Mass. gas prices continue to drop

Bay State gas prices continued their downward slide yesterday, falling 8 cents over the last week — a trend that's expected to continue throughout the holiday season and could help fuel Christmas shopping — but look for the price plunge to end early next year, experts said.

The average price of a gallon of regular gas in Massachusetts was $2.80, down 63.7 cents from last year's average of $3.44, while the national average was $2.65, down 10 cents from last week and 61 cents from a year ago, according to GasBuddy.com, which tracks gas prices nationwide.

"This (continued decline) has been extraordinary," said Gregg Laskoski, a senior patroleum analyst at the website. "Nobody could have expected crude oil prices to drop this much when it was selling for more than $100 a barrel over the summer and now it's down to $63.14."

The main reasons for the decline have been that the U.S. this year became the world's largest oil producer, due largely to fracking, and globally, production has exceeded demand, which tends to be lower during the winter because people generally travel less, Laskoski said.

Since Thanksgiving Day, when the Organization of Petroleum Exporting Countries announced it was not cutting production, the price of crude oil has dropped by $10 per barrel, he said.

"It's a price war between OPEC and the U.S.," Laskoski said. "As a result, we're seeing lower crude oil prices and lower wholesale and retail prices of gasoline."

Winter-blend gas also is cheaper than summer-blend gas because it doesn't contain the additives the latter does to make the fuel burn cleaner and reduce pollution, as mandated by the Environmental Protection Agency, he said.

The continuing drop in price could give a needed boost to the economy during the holiday shopping season, said Mary Maguire, director of public and government affairs for AAA Southern New England.

"The less money people are putting into the gas tank, the more they have to spend on other things," Maguire said. "They're also more likely to travel. So there is a tremendous ripple effect."

The price of gas is likely to continue to fall, although not necessarily as precipitously as it has in the last two to three months, before it begins to inch back up, most likely in the first quarter of next year, Laskoski said.

12.33 | 0 komentar | Read More

AG fines TD Bank $625G for data breach

TD Bank agreed to pay a $625,000 fine after losing data tapes that contain the personal information of 90,000 Bay State customers, according to the state Attorney General's office.

"Massachusetts data breach law requires businesses to provide notice of a data breach promptly," Attorney General Martha Coakley said in a statement. "Businesses are required to secure the sensitive information that consumers entrust to them, and cannot subject consumers to unnecessary risk by failing to provide prompt notice when that information is compromised or lost."

Coakley's office said TD Bank lost two unencrypted data backup tapes when the bank attempted to ship them from Haverhill to Springfield in March 2012, but did not notify consumers or the attorney general until October 2012. The tapes contained customers' names, addresses, Social Security numbers, account numbers and other personal information.

"There has been no evidence of fraud or unauthorized access or use of the personal information involved in the incident," Coakley's office said in a statement.

Attempts to reach TD Bank late yesterday were unsuccessful.

12.33 | 0 komentar | Read More

Budget netbook: This one goes to 11

HP Stream 11 ($219 and up)

The latest addition to the netbook category of hyper-budget laptops, this no-frills offering is seeking to be a Chromebook-killer.

A laptop meant for low-power use and productivity in a pinch, these devices provide just basic Web-browsing and document-writing.

The good: This bargain of a device boasts excellent battery life and the ability to install Windows apps, such as Office or even iTunes.

The bad: Those aforementioned apps won't run well.

And without a touchscreen, those swipe-enabled Windows 8 shortcuts won't work.

Also, there's very little storage. You'll want to make heavy use of Microsoft OneDrive.

The bottom line: This is a solid netbook and one of the best bargains on the market.

12.34 | 0 komentar | Read More

Booting Up: ’Tis the season of tablets

Welcome to the first holiday season that has a tablet for everyone, whether you're a buying for a novice or dealing with a stocking-stuffer budget.

Fitting in one hand and starting at $99 for the 8GB model, the Amazon Fire HD 6 has the distinction of being the first tablet that could serve as a stocking-stuffer. It's perfect for a child's first tablet experience. This durable, no-frills device has great battery life and the ability to handle up to six user accounts. Buyers should beware of any of the no-name tablets that boast $50 price tags. The Fire HD is the best bang-for-your-buck tablet, and spending less on one of the no-names could turn out to be a total waste of money.

If you're buying for someone who watches lots of TV and reads lots of books, again look to Amazon. The Fire HDX 8.9, at $379 for the 16GB version, is a solidly designed media device with the incredibly helpful Mayday button — with 24/7 access to live, impossibly chipper customer service professionals right on your tablet. That makes this the go-to tablet for tech novices. With all the media that Amazon Prime offers, not many people think of the Fire as a productivity tablet — and it's not. But the WPS Office software suite, compatible with Microsoft Office, is a nice bonus for anyone who has to review the occasional document or spreadsheet.

This year I'm also partial to the Google Nexus 9, a premium Android tablet running the new Lollipop operating system, starting at $399. A nice size that sits in between Google's 7-inch and 10-inch Nexus models, this is a perfectly sized powerhouse of technology that is light, slim and easy to hold. Its supreme graphics make this the choice for the gamer in your life.

Microsoft has come much closer this year to producing a device that can replace your tablet and your laptop, and that's why the Surface Pro 3 makes the list. The thinner, lighter design along with the usual Windows features secures its place as the best productivity tablet on the market, starting at a price that reflects its laptop alter-ego: $799. And that's without the keyboard type-cover. This is a great gift for overachieving high school seniors on their way to college. They can buy the type cover in the fall and have all the fun that a premium tablet allows until then.

And that brings us to the Cadillac of tablets: the iPad. Starting at $499 and going all the way up to $829 for the highest storage option and a cellular connectivity, the iPad Air 2 is almost offensively sleek, thin and fast. Apple got rid of the air gap between the screen and the actual display, making this gorgeous high-res screen one of the best reasons to buy the Air 2. If you're looking to win "best gift" this year and you're not on a tight budget, look no further. It will not disappoint.

12.34 | 0 komentar | Read More

Mortgage-lending restrictions are finally easing

WASHINGTON — When it comes to buying a house, are you in the "no way I could possibly qualify" category? Not enough cash in the bank for a down payment or closing costs? Credit scores good, but not great? So much deferred student loan debt that you assume any lender would slam the door?

Join the crowd. Large numbers of Americans feel the same, in part because they read and hear that qualifying standards for mortgages are the strictest they've been in decades. A study based on a statistical sample of potential homebuyers conducted earlier in the year by the mortgage company loanDepot found that nearly 60 percent of people who say they want to buy a home aren't pursuing it because they think there's just no point — they are convinced their applications would be rejected. Three-quarters of them, however, concede that they haven't done a thing to check out current lender requirements.

But here's some good news for these folks: Changes are underway in the mortgage market that could give you a better shot at qualifying. Start with recent policy shifts at giant mortgage investors Fannie Mae and Freddie Mac, the two dominant funding sources for new loans. Late in November, both companies announced procedural changes that should encourage lenders to be less fearful that the mortgages they approve will be subject to costly "buy back" demands if borrowers go delinquent.

In a buy back, an investor such as Fannie Mae requires the lender who originated the mortgage to repurchase it because of alleged defects in underwriting that ultimately led to the borrower's non-payments. To avoid buy backs, lenders in recent years not only have ratcheted up their underwriting requirements, but have added extra fees — so-called "overlays" — that are designed to compensate them for losses on loans to borrowers who have below-average credit scores, small down payments and minimal assets in reserve.

Though the technical details of the recent changes would glaze most consumers' eyeballs, their intended net effect is important. They tell lenders: OK guys, you can loosen up a little on mortgage applicants, give some breaks on credit scores and other criteria that you wouldn't have previously. David Lowman, a Freddie Mac executive vice president, was explicit about the desired end result. The policy revisions "should encourage 'lenders' to serve a broader range of qualified borrowers," he said. His counterpart at Fannie Mae, Andrew Bon Salle, said he expected lenders to make "mortgages available to more borrowers."

Another big change in the wings: Fannie and Freddie plan to resume lending to buyers who can make down payments as low as 3 percent. Currently their minimum is 5 percent down. The Federal Housing Administration requires 3.5 percent down payment, but its insurance premiums often make its loans more expensive than Fannie's and Freddie's. So cutting the minimum back to just 3 percent could prove helpful for many cash-short borrowers, even if the two companies impose other requirements such as pre-purchase financial counseling.

Lenders and private mortgage insurers strongly support Fannie's and Freddie's recent moves to open the lid on the credit box a little wider. They want to make more mortgages, especially to qualified first-timers, but don't want to be penalized for doing so.

Major insurers such as MGIC are telling realty agents, banks and personal-financial advisers that they should get the word out to consumers who are sitting on the sidelines. Borrowers need to know that gifts can cover 100 percent of their down payment. They need to know that minimum credit score standards may no longer be as high as they feared. The average FICO score for all types of closed loans during October was 726, not the widely assumed 750-760, according to the software firm Ellie Mae. At FHA, the average for successful purchasers was just 683 during the same month. Vance Edwards, marketing program manager for MGIC, the large home loan insurer, said "there are many 'people' who can now afford to buy a home and qualify for a mortgage, but simply don't realize it."

The message here: Getting a mortgage can still be tough — you still have to be able to make the payments — but there is an easing process underway that you shouldn't ignore.

12.33 | 0 komentar | Read More

Expert: Expect more TV programming blackouts

TV viewers in Boston should get used to programming blackouts caused by showdowns between networks and cable and satellite providers, a local expert says, as CBS and TV provider Dish Network announced yesterday they had reached an agreement that ends a dispute that affected thousands of Hub customers.

"We're likely to see more, rather than fewer, of these play out over time," said Daniel Lyons, a Boston College law and telecommunications professor.

The fees that providers pay networks to rebroadcast their copyrighted content, Lyons said, has become increasingly important for their bottom line due to thinning subscriber numbers.

"Cable companies are more price sensitive than they used to be," he said.

In the latest dispute, CBS had blocked Dish from carrying the local channels of CBS-owned TV stations for about 12 hours starting around 7 p.m. Friday. The 18 markets affected included New York, Chicago, Los Angeles, Dallas, Boston and Miami.

In a joint statement yesterday, the companies said they had ended their skirmish by reaching a deal that will allow Dish to carry CBS-owned TV stations nationwide as well as various cable channels.

"We are pleased to continue delivering CBS programming to our customers while expanding their digital access to Showtime content through Showtime Anytime," Warren Schlichting, a Dish senior vice president, said in a statement.

Ray Hopkins, president of television networks distribution for CBS, said the deal met the company's economic and strategic objectives.

"We look forward to having Dish as a valued partner for many years to come," he said.

The brief blackout was the latest skirmish between television companies that are seeking higher payments for their programming and the cable and satellite companies that distribute the programming and say the higher programming costs will lead to higher bills for their customers. Verizon and Cox Media Group, the owner of Fox 25, settled a similar dispute last week after Verizon Fios customers lost access to the Fox channel for several days.

The Associated Press contributed to this report.

12.33 | 0 komentar | Read More