Loss of Cape Wind sinks bid for marine terminal

A major port operator is no longer competing to run the state's New Bedford marine terminal — a $113 million taxpayer-­funded boondoggle — after the Cape Wind project folded.

"They had a good plan with the wind energy and that's really what we were banking on," said Frank Vannelli, senior vice president for commercial and business development at Logistec Corp. "But when the deal fell through, we just stepped back and we said, 'Let's take a look here at how we're spending our resources' and we decided to put it in a holding pattern."

Without Cape Wind as the main terminal tenant, a bid no longer made sense for Logistec, Vannelli said.

Executives with Cape Wind, who are planning to plant 130 turbines in Nantucket Sound, backed out of a two-year, $4.5 million deal to rent the 28-acre terminal after National Grid and Eversource terminated contracts to buy power from the wind project.

State officials have said a new lease is expected to fetch a lower price for the terminal, which is overbudget and months behind schedule.

Vannelli said the South Coast Marine Commerce Terminal could be conducive to smaller vessels with refrigerated goods, such as frozen fish and fresh fruit, because the area isn't optimal for larger container ships.

"Our organization is still very interested in what's going on in the port of New Bedford and I do think it has a role to play," he said. "I don't think that it's realistic to think that any of these smaller-sized ports would attract large container cargoes. The containers will go to the larger ports. They will go to New York. They will go to Boston."

The quasi-public Massachusetts Clean Energy Center plans to name a port operator by summer, but has yet to make public the three finalists.

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Seattle CEO to cut his pay so every worker earns $70,000

SEATTLE — A Seattle CEO who announced that he's giving himself a drastic pay cut to help cover the cost of big raises for his employees didn't just make those workers happy.

He's already gained new customers, too.

"We've definitely gained a handful of customers in the last day or two," said Stefan Bennett, a customer relations manager at Gravity Payments, a credit card payment processing firm. "We're showing people you can run a good company, and you can pay people fairly, and it can be profitable."

Dan Price, chief executive of the company, stunned his 100-plus workers on Monday when he told them he was cutting his roughly $1 million salary to $70,000 and using company profits to ensure that everyone there would earn at least that much within three years.

For some workers, the increase will more than double their pay. One 21-year-old mother said she'll buy a house.

At a time of increasing anger nationally over the enormous gap between the pay of top executives and their employees, the announcement received immense attention. But corporate governance professor David Larcker of the Stanford University Graduate School of Business said it's unclear if Price's unusual gesture will start a trend.

"It's an alternative way to think about a tough problem, and I give these guys a lot of credit for laying it out there," Larcker said. "Whether this would scale to a bigger organization, it's hard to know. But it's clever, it's interesting and it's fun to think about."

Washington state already has the nation's highest minimum wage at $9.47 an hour, and earlier this month Seattle's minimum wage law went into effect. It will eventually raise base hourly pay to $15.

Labor unions and workers in the Seattle area on Wednesday joined national protests for better pay. Drivers for Uber and Lyft — the app-based car-hailing services — gathered in Seattle, while airport workers rallied at Seattle-Tacoma International Airport. In Seattle, police arrested 21 demonstrators who opted for civil disobedience to dramatize their point, refusing to move out of an intersection at the conclusion of their march.

Gravity's CEO launched the company from his dorm room at Seattle Pacific University when he was just 19. He's long taken a progressive approach that included adopting a policy allowing his workers to take unlimited paid vacation after their first year.

"I think this is just what everyone deserves," Price told workers in a video of Monday's announcement released by the company.

But he also acknowledged it won't be easy: The increased pay will eat into at least half the company's profits, he said, and he has no plans to simply raise rates on clients.

"It's up to us to find a way to make it work," he said.

Bennett, 28, went to college with Price and has worked for Gravity since graduation. He said he was already happy to work for a company that treats its employees and customers well in what he otherwise considers a predatory industry. For him, the raise will amount to about $10,000.

"I don't care as much about the money," he said. "But if I look at my colleagues, and what they talk about on a day-to-day basis and what their concerns are — just looking at their faces when Dan announced the pay increase, it was pretty phenomenal."

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Biogen, Danish company 
in patent spat worth billions

Biotech giant Biogen is locked in a fight with a Danish company over a crucial patent that protects a nearly $3 billion multiple sclerosis drug.

Cambridge-based Biogen is battling with Copenhagen-based Forward Pharma, and both have filed a patent for treating multiple sclerosis with daily doses of 480 mg of dimethyl fumarate. The U.S. Patent Trial and Appeal Board declared an "interference" yesterday — signalling it will address overlapping patents filed by separate parties.

"It is essentially enormously important to have that protection," said Josh Lerner, a professor at Harvard Business School. "When you look at the price trajectory of what happens when you have drugs go off-patent, you typically get a dramatic drop in terms of price, in your ability to monetize the drug."

Forward Pharma's patent was filed in 2005. Biogen's patent was filed in 2012, and is the basis for Tecfidera, Biogen's blockbuster drug that was responsible for 
$2.9 billion in sales last year.

Still, the filing date of the patent is less important than when the actual invention was made. The PTAB will hold a hearing to determine which company invented the treatment first, and award them the patent.

Catherine Falcetti, a spokeswoman for Biogen, said the company's sales, along with its customers and patients, are not affected.

"Our ability to market it is not impacted, and patients can still get Tecfidera," Falcetti said. "We intend to aggressively defend 
this portfolio."

Forward Pharma's patent has led to the creation of its own MS drug, which is still in development.

"This is a key step in advancing our intellectual property in the U.S. covering the use of 480 mg per day of DMF in MS," said Peder Andersen, chief executive of Forward Pharma, in a statement. "We look forward to the start of the interference proceeding and additional progress with our five other pending patent applications in the U.S. and in Europe covering the 480 mg daily dose of DMF."

Lerner said the dispute will likely not reach a conclusion.

"In many of these cases, there's some sort of settlement reached," he said. "There's some sort of licensing deal and payments made."

Other industry analysts said an acquisition of Forward Pharma by Biogen or other companies is among the potential resolutions.

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Asia shares mostly lower as China GDP data disappoints

TOKYO — Shares were mostly lower in Asia on Wednesday as investors absorbed the news that China's economy grew at its slowest pace in nearly six years in the first quarter.

KEEPING SCORE: Japan's Nikkei 225 stock index fell 0.01 percent to 19,905.78, while Hong Kong's Hang Seng index lost 0.1 percent to 27,547.60. The Shanghai Composite Index dropped 1.1 percent to 4,089.52. South Korea's Kospi rose 0.2 percent to 2,115.08 on positive news for electronics makers, but in Australia, whose resource sector is vulnerable to fluctuations in Chinese demand, the S&P ASX200 fell 0.8 percent to 5,899.40. Shares in Taiwan, New Zealand and most of Southeast Asia were also lower.

CHINA DATA: China's economy cooled further as manufacturing and retail sales slowed in January-March, raising pressure on Beijing to keep the world's second-largest economy on track. Growth fell to 7 percent from the previous quarter's 7.3 percent, the weakest performance since growth tumbled to 6.1 percent in the first quarter of 2009.

THE QUOTE: "China remains an attractive equity market," James Griffiths of Citi Research said in a commentary Wednesday. But he added, "If the Chinese market were to double from here it would indeed be in bubble. The same is true for Asia."

ON WALL STREET: The Dow Jones average rose 59.66 points, or 0.3 percent, to 18,036.70 on Tuesday. The Standard & Poor's 500 climbed 3.41 points, or 0.2 percent, to 2,095.84. Gains in share prices were capped by expectations that earnings may drop from the quarter before, sapped by such factors as labor strife at West Coast ports and the stronger dollar.

ENERGY: Oil prices rose on indications that U.S. oil production in places like North Dakota is beginning to slip due to reduced drilling activity in recent months. Benchmark U.S. crude rose 29 cents to $53.58 a barrel in electronic trading on the New York Mercantile Exchange. It rose $1.38 to close at $53.29 a barrel on Tuesday. Brent crude, a benchmark for international oils used by many U.S. refineries, rose 39 cents to $60.20 a barrel in London.

CURRENCIES: The dollar rose to 119.60 yen from 119.45. The euro fell to $1.0627 from $1.0648.

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FAA blows off Boston flight path complaints

Residents complained at a City Council hearing yesterday of an apparent change in flight patterns out of Logan International Airport they say has planes jarring people awake before dawn in neighborhoods they hadn't flown over before, but the agency that controls flight patterns was a no-show.

The Federal Aviation Administration sent no representative to answer questions and would not comment on the complaints when contacted by the Herald.

"It's disappointing they didn't have enough respect for us," Councilor Timothy McCarthy (D-Hyde Park), who sponsored the hearing with Councilor-at-Large Michelle Wu (D-South End). "This is an important issue."

Athena Yerganian of West Roxbury said that starting last fall, she began to hear planes passing over her house as early as 5:30 a.m. and as late as midnight.

"On some days, one can hear the planes take off every minute," Yerganian said, "and on other days, the planes are so low that they sound like they will land short of the runway and land in, say, Franklin Field."

Massport, which owns and operates the airport and its runways, coordinates with the FAA, but the flight paths are the FAA's decision, said Flavio Leo, Massport's deputy director of aviation, planning and strategy.

Boston has lost $18 million in fuel taxes this year, said McCarthy, who wondered whether the loss was due to planes "cutting over our neighborhoods," due to the FAA's implementation of navigation routes that use GPS technology for runway approaches and departures. Boston also has higher rates of asthma, which could be exacerbated by pollution from the planes, he said.

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The Ticker

BRA gets bids 
on garage project

Eight development teams submitted proposals to redevelop the city-owned Winthrop Square garage in Boston's Financial District by yesterday's due date.

The groups are Trans National Properties, Lend Lease Development Inc. and the Hudson Group, the Fallon Co., Millennium Partners, Accordia Partners, Trinity Acquisitions, Lincoln Property Co. and HYM Investment Group, according to the Boston Redevelopment Authority.

The Walsh administration in February issued a request for interest in the shuttered garage's redevelopment even after Trans National Group owner Steve Belkin — who originally planned a 1,000-foot tower at the site in 2006 — had reopened talks with the city about a scaled-down project.

Wage rally planned

Organizers expect thousands of low-wage workers and supporters to rally and march today through Boston as part of the "Fight for $15" movement.

The Wage Action Coalition of union, community, college and religious groups will kick off wage inequality protests set to start tomorrow in other cities here and abroad. The march starts at 4 p.m. on Huntington Avenue near Northeastern University and continues through downtown to Chinatown.

THE SHUFFLE

Blend Therapeutics, Inc. announced the 
appointment of Drew Fromkin as president, CEO and member of the Watertown biopharmaceutical company's board of directors. Fromkin previously served as president and CEO of Clinical Data Inc. until its acquisition by Forest Laboratories.

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Hospitals eye models to address disasters

Crisis plans that can take hospitals months to develop could be produced in seconds with the right mathematical modeling — cutting out much of the painstaking human analysis — according to Boston professors who hope to incorporate these algorithms into local protocol.

"What these models enable you to do is figure out a complex situation with a lot of interacting factors. The tools help you make the best decision," said Ozlem Ergun, an associate professor in Northeastern's Mechanical and Industrial Engineering department. "Boston is a very specific place, where almost all the big hospitals are research hospitals, so it could really benefit from this kind of thing."

According to Ergun, these systems can determine the most efficient way for hospitals to respond to incidents such as outbreaks of disease, natural disasters or tragedies like the Boston Marathon bombings, which cause an influx of patients concentrated in one area.

"If you're in a situation where many people need access to hospitals, there could be several issues — problems with transportation, congestion due to the number of people, access limitations for security reasons," she said. "There needs to be a plan for things like how to use certain EMS vehicles and where patients should be directed based on their needs."

Ergun, who is reaching out to local hospitals to team up on preparedness efforts, came to Northeastern from the Georgia Institute of Technology in September, and has worked on issues surrounding humanitarian crisis response for organizations including the Centers for Disease Control and Prevention and the Federal Emergency Management Agency.

Jarrod Goentzel, founder and director of the MIT Humanitarian Response Lab, has been using these methods to help West Africa cope with the Ebola outbreak, and said the same approach could be used in Boston to create a central point among its cluster of large hospitals to house supplies needed in crisis situations.

"We have lots of hospitals here. In a panic mode, everyone is trying to procure supplies," he said. "Basic human nature is to hoard and hoard and be prepared. But the more centrally you stock things, the more risk that can cover."

Paul Biddinger, chief of emergency preparedness at Massachusetts General Hospital, said each local hospital conducts a yearly analysis using tools like FEMA flood maps, but that potential coordination among hospitals is not analyzed.

He added that predicting the frequency and severity of pandemics is tricky, and any resources that could shed light on those events "would be of use."

"Anything that will more accurately predict stressors on the system will help us know how to deal with those stressors," he said.

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Inspector Gadget: MacBook a bit pricy, but lightweight and a beauty

MacBook ($1,299 and up, 
AppleStore.com)

The latest iteration of Apple's full-size notebook computer weighs in at two pounds, is 13.1 mm thin, and has a 12-inch so-called Retina display with edge-to-edge glass.

The good: If you like Apple design, you'll love this MacBook. Available in gold, silver or space gray, it's also got a great new trackpad and a wider keyboard.

The bad: Apple's new MacBook has just one USB port. So if you plan to connect a lot of devices to your laptop, this might not be for you.

The bottom line: If you're OK with just one USB port, this gorgeous Mac's for you.

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New wrinkles part of tax returns due on Wednesday

It's that time of year again, the dreaded last-minute dash to find your W-2, receipts and tax forms in order to file by Wednesday's deadline.

For the first time, due to the Affordable Care Act, you're required to report whether you, your spouse and your children had health insurance for all of 2014.

If you didn't, you'll have to pay a penalty of either $95 per uninsured person, up to $285, or 1 percent of your modified adjusted gross income — whichever is greater, said Lindsey Buchholz, a principal tax research analyst at The Tax Institute at H&R Block.

However, you may qualify for one of more than 30 exemptions, including health insurance coverage that became effective May 1, 2014; a gap in coverage of less than three months; an eviction; a foreclosure; or the shut-off of your utilities, Buchholz said.

If you bought your health insurance through a state or federal marketplace and got help paying the premium through an advance premium tax credit, you'll have to reconcile the advance on your tax return with your actual income in 2014, she said.

"Those are the big new things this year," Buchholz said.

If you're debating whether to itemize or claim the standard deduction, she said, remember that if you own a home and work, you usually benefit by itemizing because your mortgage interest, real estate taxes and state and local taxes, added together, would be more than the standard deduction. You can also itemize charitable donations, unreimbursed business expenses and medical expenses that you paid out of pocket, Buchholz said.

If you paid student loan interest in 2014, this also may reduce your taxable income up to $2,500 or the amount you actually paid, said Ashley L. Spina, a Boston-area tax attorney at CBIZ Tofias and author of the tax blog basisandboot.com.

"Typically, a taxpayer can deduct only interest on the loans they are legally obligated to repay," Spina said. "However, in circumstances where parents have made payments on their non-dependent children's student loan interest, the taxpayer may deduct the interest paid by the parents."

If you don't have all your documents, you can file for an extension, giving you until Oct. 15, Buchholz said, but you still have to make a good-faith estimate of how much you owe and pay that when you file for an extension. Otherwise, you'll have to pay a penalty of up to 25 percent of what you owe, plus interest, she said.

"If you're not sure, it's better to file for an extension and get help than file an incorrect tax return and have to correct it later," Buchholz said. "You may have failed to itemize and paid too much tax, for example. But you'd have to know that, and know that you have to file an amended tax return, in order for the IRS to refund what you overpaid."

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Library to tackle Boston's data

A new team of librarians will take the mountains of data that the city of Boston releases to the public and make it usable and understandable for everyone, thanks to a nearly half-a-million-dollar grant.

"(The grant) is focused on taking the incredible open data resources that the city makes available and make them more useful to people," said Jascha Franklin-Hodge, the city's chief information officer. "You'll have easier access to that data by working through our public libraries to get it."

The city and the Boston Public Library is hiring a team of librarians who will be charged with making data as easy to find and understand as books.

The project is being funded through a $475,000 grant from the Knight Foundation.

"Librarians are a workforce that specialize in information curation and pointing citizens toward the information when they need it," said John Bracken, vice president of media innovation for the Knight Foundation. "We were particularly taken with the possibility of leveraging the platform of the library, the physical space of the library, to accelerate the use of civic data coming out of open government."

The program will likely include training and reference materials for residents.

"This will have relevance for the individual on the street, any resident," said David Leonard, director of administration and technology for the BPL. "In some ways it's a natural evolution of our traditional reference services."

The data that is routinely released by the city includes Citizen's Connect requests, crime incident reports and food permit maps, information someone interested in moving to a new neighborhood may want to know.

Boston has published much of the city's data for more than a year, starting with an Open Data executive order from Mayor Martin J. Walsh.

But, data.cityofboston.com is overwhelming, and hard to use for people who do not have a data science background.

"Historically, open data has just been a website that we throw up, and we put the data up there and say OK, our job is done, the data is open," Franklin-Hodge said. "That's the equivalent of getting a room and just throwing a pile of books on the floor and saying here's your library."

Last month, Boston released much of its data to techies, challenging them to create apps and visualizations that explain what is happening in the city.

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Home Showcase: Brighton condos 
offer sneak peek

Across from the Green Line in Brighton, on a hill where a nursing home once stood, a new condominium complex is sprouting up in its place that will have 55 units priced between $400,000 and $800,000 when it opens late this summer.

"We're really excited about bringing it to market at this price point," said Michael DiMella of Charlesgate Realty Group in Boston. "It's a spectacularly designed building that's going to be a signature piece of architecture on Commonwealth Avenue."

Although it's difficult to imagine now with men in hard hats at work and Tyvek covering its facade, The Lancaster is designed in the English Jacobean style and, once completed, will have 40 two-bedroom, 13 one-bedroom and two three-bedroom condos.

The two-bedroom, two-bath model unit that's now open for viewing is 1,057 square feet and priced at $605,000, with a washer and dryer discreetly tucked in a closet facing the front door and one bathroom with a glass brick mosaic back-splash off to the right.

The unit has an open layout, with a kitchen that has the same style backsplash, Bosch appliances, countertops in your choice of light or dark granite, and Shaker-
style cabinets in either natural maple or espresso-colored wood.

The living area has hardwood floors in your choice of walnut or natural oak and enough space for a small dining area. It opens to a spacious patio.

To the left of the living area is the master bedroom, which has a walk-in closet, another smaller closet and a bathroom with a double vanity. To the right of the living area is the second bedroom, which can also be used as an office. Both bedrooms have taupe-
colored carpeting.

The five-story building's common areas will include a main foyer and elevator lobby, as well as a library that will open to a courtyard patio with a grill for resident gatherings and private parties.

The building also will have a fitness room and yoga studio, and a heated garage that will accommodate 55 vehicles and bicycle storage. One parking space is included in the price of each unit.

Home Showcase
• Address: 1501 Commonwealth Ave., Brighton
• Bedrooms: Two
• Bathrooms: Two
• List price: $605,000
• Square feet: 1,057
• Price per square foot: $572
• Annual taxes: about $4,500 if the unit is owner-occupied
• Fee: $400
• Location: Across from the Green Line and minutes from a Whole Foods
• Built: In 2015
• Broker: P.T. Vineburgh of Charlesgate Realty Group at (857) 383-3111

Pros:

• Central heating and air
• Patio, fitness room and yoga studio
• Heated garage
• Pets allowed

Cons:

• Building won't be completed until August

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Car Smart: Off-road combines with luxury

The Land Rover Discovery's boxy and utilitarian appearance of the 1990s has evolved into a sleek and versatile compact SUV, but despite its refined metamorphosis, the 2015 Discovery Sport still packs enough off-road capability to handle just about any New England driving condition.

The Discovery Sport's exterior blends a clamshell nose and a streamlined profile with a rugged stance emphasized by a generous amount of fender clearance over 19-inch wheels. My tester was painted in metallic gray with brightly polished stainless steel front and rear shields that protect the Land Rover's underside.

The Discovery Sport is offered in three trim levels. The well-equipped base level SE starts at $37,000, while the $41,570 HSE model that I tested features a panoramic roof, full leather seats and a power tailgate. The top-shelf HSE Lux at $45,570 adds premium leather, an 11-speaker sound system and adjustable mood lighting.

The Discovery Sport shares the same 2.0-liter turbocharged engine as Land Rover's smaller Evoque subcompact SUV that I reviewed late last year. The four-cylinder engine mated to a nine-speed automatic transmission churns out 240 horsepower and 250 pound-feet of torque. Steering-wheel mounted paddles allowed for manual shifting. My tester did 20 mpg in the city, and 26 on the highway.

Despite occasional turbo lag that resulted in delayed acceleration from a dead start, the Discovery Sport was easy and responsive to drive.

Tightly spaced gear ratios from the nine-speed transmission provided smooth overall acceleration and seamless downshifts. It was agile through the corners thanks in part to an all-new multilink rear axle and electronic power-assisted steering.

As expected, the Land Rover was remarkably quiet on the highway. The Discovery Sport can be switched from two-wheel to four-wheel-drive with the touch of a button on the center console. Additionally, Land Rover's Terrain Response system allows drivers to select four-wheel-drive modes to tailor the Discovery Sport's response to various conditions.

The Discovery Sport's well designed interior maximized space with ample visibility. Power adjustable front seats and a telescopic steering wheel made it easy to dial in a comfortable driving position. Second-row seats that comfortably fit three adults with ample head- and footroom were set two inches higher than the front to create a stadium-like view from the backseats. A third-row seating option boosts the Land Rover's passenger capacity to seven.

A push-button start, rotary knob transmission shifter and an electronic parking brake highlight the Discovery Sport's dashboard. Large buttons surrounding an 8-inch touchscreen help to reduce drilling down through multiple menus to access navigation, pair cellphones and tune the radio.

While the Discovery Sport yields to the competition when comparing performance and fuel economy, the Land Rover certainly compensates with outstanding all-terrain capability and overall luxury. Other compact luxury SUVs to consider are the Audi Q5, BMW X3 or Mercedes-Benz GLK.

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Prep Charter plans to build new $24.5M school

Boston Preparatory Charter Public School has filed formal plans with the city to build a permanent school in Hyde Park for an estimated $24.5 million.

The college preparatory middle and high school, which has been leasing the former Most Precious Blood parochial school in Hyde Park since its 2004 founding, plans a three-story, approximately 48,000-square-foot school about a mile away at 875 River St., across from the Shops at Riverwood plaza.

"The new building will provide many program areas and design features that BPCPS does not have in its current leased facility, including dedicated science labs, a library, small-group instructional spaces, a gym, cafeteria, outdoor athletic space and seamless technology integration," according to plans filed with the Boston Redevelopment Authority.

The school, which accepts students in grades 6 through 12 through a public lottery, has about 400 enrolled, primarily low-income minority youths from Hyde Park, Dorchester, Mattapan and Roxbury.

It is raising equity through a capital campaign and plans to finance the rest of the privately funded project through a bank, according to executive director Sharon Liszanckie.

"All public charter schools get a per-pupil rate (of funding from the Department of Education) ... and we get a small allocation for facilities spending, but we don't get any money at all to support the building and construction," she said.

Another Boston charter school, the 17-year-old music-oriented Conservatory Lab Charter School, also has plans for a new school in Roxbury that would replace two temporary locations in Brighton and Dorchester for about 450 pre-kindergarten through eighth-grade students.

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Parking fines go up for game days

Beginning Monday on Opening Day, people who park in resident-only spaces in the neighborhoods around Fenway Park during Red Sox games will have to pay more than double the usual fine.

Mayor Martin J. Walsh yesterday signed an ordinance — passed by the City Council Wednesday — that will pilot increasing the fine from $40 to $100 to discourage game attendees who don't live in those neighborhoods from parking in resident-only zones.

"This ordinance is a great step forward for residents of the Fenway, Kenmore Square and Audubon Circle," said City Councilor Josh Zakim, who sponsored the ordinance. "These changes will help restore the parking balance in the neighborhoods around Fenway Park during some of the busiest months of the year."

The increase in fines will take effect two hours before any Major League game at Fenway Park and extend to two hours after the game. Fines also may be hiked during other Fenway Park events on a case-by-case basis.

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Asian shares mixed; Hong Kong, Japan benchmarks surge

TOKYO — Asian shares were mixed Thursday, with gains supported by lower oil prices, firmness in U.S. markets and strong buying in Hong Kong by mainland Chinese investors.

KEEPING SCORE: Japan's Nikkei 225 stock index rose 0.7 percent to 19,917.47, tapping fresh 15-year highs as the Japanese yen softened against the U.S. dollar. Hong Kong's Hang Seng index jumped 2.2 percent to 26,811.02, breaching seven-year highs. South Korea's Kospi was almost flat, at 2,058.76, while Australia's S&P ASX/200 slipped 0.4 percent to 5,938.10. Shares in Southeast Asia were mixed, while China's Shanghai Composite fell 1.2 percent to 3,947.16.

HONG KONG: Hong Kong shares rose after mainland Chinese investors bought heavily, pushing the benchmark up 6.3 percent before it lost some ground on profit-taking. Chinese are shifting investments into Hong Kong, which is seen as a bargain following rallies in mainland Chinese markets that have made shares in Shanghai and Shenzhen relatively expensive.

THE QUOTE: "Money came flooding into Hong Kong's stock market Wednesday, and the market took flight trading at its highest since 2008 and setting record trading volumes," Stephen Innes, senior trader for OANDA Asia Pacific, said in a commentary.

GLOBAL DEALMAKING: Shares in health care stocks and energy companies rose after major deals were announced Wednesday, including an agreement by oil company Royal Dutch Shell to buy BG Group for $69.7 billion in cash and stock. A revival of major acquisitions has yielded almost $1 trillion in deals this year, according to data provider Dealogic, boosting shares.

WALL STREET: U.S. shares posted modest gains Wednesday as investors awaited company earnings and puzzled over the likely timing of a future interest rate hike, following the release of minutes from the latest meeting of the Federal Reserve. The Standard & Poor's 500 index rose 5.57 points, or 0.3 percent, at 2,081.90. The Dow Jones industrial average was up 27.09 points at 17,902.51.

ENERGY: Oil fell nearly 7 percent on Wednesday, its biggest drop in two months, after the Energy Department reported oil in storage was about triple what analysts had estimated. Benchmark U.S. crude rose 64 cents to $51.06 in electronic trading on the New York Mercantile Exchange. It lost $3.56 to close at $50.42 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, gained 67 cents to $57.36 after falling $3.55 overnight to close at $55.55 in London.

CURRENCIES: The euro was trading at $1.0776 versus $1.07797 on Wednesday. The dollar rose to 120.33 yen from its previous close of 120.15.

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State to streamline Rx medical marijuana pipeline

Medical marijuana companies yesterday welcomed the news that state health officials plan to streamline the way they issue dispensary licenses to prevent delays in treatment for those who qualify for it.

"Anything that can be done to facilitate getting medication to patients is something I'd support," said Dr. James Kurnick, a cancer researcher and CEO of Mass Medicum Corp., which received a provisional license in November to open a dispensary in Taunton and a cultivation site in Holbrook.

Department of Public Health Commissioner Monica Bharel yesterday said the licensing system has been "a confusing, overly lengthy process that has delayed appropriate patients from getting access" to medically needed marijuana — a sentiment Kurnick shares.

Under the new process, dispensaries will be licensed in a format similar to pharmacies and other health care facilities, Bharel said. The process, which will formally launch May 15, will set high safety and suitability standards for dispensaries to meet, particularly when it comes to security and background checks, she added.

"This change will create a more efficient, market-driven licensure process that allows the commonwealth to maintain the highest standards of both public safety and accessibility," Bharel said in a statement.

Herald wire services contributed to this report.

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Booting Up: Not-so-instant message:
App saves best for later

A new mobile app promises to allow anyone to send text, video and voice messages up to 25 years into the future, 
offering new, boundless communication potential — in life and after death.

Incubate, a new app for iOS, is a time capsule for sentiment. Imagine hearing your grandmother wish you a Merry Christmas years 
after she's gone. Or on your 21st birthday, a video of your parents finding out they were having you, a new baby boy. Or on your 50th wedding anniversary, receiving a video message from the spouse who didn't live long enough to share it with you.

Users can sign up for 
Incubate with a Facebook account or email address. They'll see the number of messages waiting for them in the future. But they won't know when the messages are coming or who has sent them.

"We've been blown away with the creative ways people have thought about using the app," said app founder Michael McCluney, a serial
entrepreneur based in 
Atlanta. "Some are comical, but some are extremely emotional. The range and possibilities are really limitless."

In fact, the app was 
inspired by one of those funnier possibilities: McCluney's friend had newborn triplets, and months of nearly zero sleep took a toll, resulting in obscenity-laced outbursts in the middle of those sleepless nights. McCluney suggested his friend record his own 
tirade and then send it to the kids — as a joke — in a future voicemail.

Recipients must own the Incubate app — or some future version of it — in order to receive the future message. A feature called The Nursery allows parents to create an account for their kids, and catalogue their lives as they grow.

But how to guarantee that 



Incubate, which is close to 
securing $500,000 in seed funding, even exists in 25 years? McCluney says his team believes that because users see the number of messages waiting for them, there's a natural need to hold onto them that will keep Incubate alive. And he says the desire to receive and send messages will always exist and therefore secure 
Incubate's long-term chances.

McCluney expects weddings to be a big draw, and is working on a way for guests to send messages to the bride and groom on their future anniversaries.

Incubate provides a great way to punk your friends, according to McCluney, who on a recent group outing decided that everyone would send a message to com- memorate the one-year anniversary of a friend refusing to do shots: "I want everyone to remember that on this day, 
so-and-so was a wuss."

And that's where things get weird. We all know about
drunk-dialing, but what about "drinkubating?" Would your adult self want to 
receive messages from some drunken college buddy who you haven't thought of in 
decades?

There's no way to know. But I think we're about to find out.

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Asian stocks mostly higher, Japan central bank keeps policy

TOKYO — Asian stocks were mostly higher Wednesday after Japan's central bank maintained its expansively easy monetary policy.

KEEPING SCORE: Japan's benchmark Nikkei 225 rose 0.8 percent to 19,810.38 and Australia's S&P/ASX 200 was up 0.3 percent at 5,944.60. Hong Kong's Hang Seng gained 2.4 percent to 25,877.70 after a five-day long weekend. South Korea's Kospi added 0.5 percent to 2,057.70. Markets in Southeast Asia were mixed while benchmarks in Shanghai and India rose.

BANK OF JAPAN: The Bank of Japan maintained its policy of super-easy lending, which had been expected. Japan is trying to escape two decades of economic stagnation and deflation by massively expanding the supply of money in the world's No. 3 economy. Japan's main index had risen in anticipation that accommodative monetary policy would be maintained and held its gains after the decision was announced.

THE QUOTE: The aggressive monetary stimulus program in Japan has "provided a compelling backdrop for strong Japanese stock performance," said analyst Nicholas Teo at CMC Markets in Singapore. "Japanese equities have had a tough twenty years mostly languishing in the backseat," he said. "The Nikkei at around the 20,000 level now, is barely half of where it was in the early 1990s."

WALL STREET: The Dow Jones industrial average lost 5.43 points, or 0.03 percent, to 17,875.42 on Tuesday. The Standard & Poor's 500 fell 4.29 points, or 0.2 percent, to 2,076.33. The Nasdaq composite lost 7.08 points, or 0.1 percent, to 4,910.23.

ENERGY: Benchmark U.S. crude was down $1.06 at $52.92 a barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $1.84, or 3.5 percent, to close at $53.98 a barrel in New York on Tuesday. Brent crude, a benchmark for international oils, was down 83 cents at $58.27 a barrel in London.

CURRENCIES: The dollar fell to 120.10 yen from 120.30 yen Tuesday. The euro rose to $1.0839 from $1.0823.

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Business Protocol: In the office, just say ‘no’ to being like Joe Biden

Don't be the office Joe Biden.

Too much touching can land you in the human resources office faster than you can say, "Give me a hug."

The trend of having more open workspaces with big kitchens, free food and lots of "team spirit" doesn't mean you can intrude on personal space.

Colleagues still need their comfort zones. Biden felt the heat recently for getting too close to Stephanie Carter, the wife of Defense Secretary Ashton Carter. Nuzzling her neck from behind while grabbing her shoulders was, well, invading her space.

Comfort zones change from country to country, culture to culture, and there are different office cultures. For example, a Silicon Valley startup might encourage lighthearted casual physical contact versus a more professional setting in, say, a buttoned-down investment firm.

Generally speaking, we here in the U.S. prefer one arm's length distance for our comfort zone, while those in England prefer more like two arms' lengths of distance, and those in Asia and Arab countries prefer more like three arm's lengths of distance for their comfort zone. Latin countries prefer more like 3 inches. (American businesswomen: Please be aware of this. It's just their way.)

Remember, the all-embracing goal in business is to get to know, like and then trust. You need to earn the right to cross that line to kiss, hug and embrace and (technically) violate unspoken boundaries of personal space.

Be careful, as some advances are unwanted, and sexual harassment issues are real. Be conscious of this and condition yourself to read body language before it's too late.

If the action is already underway, go with it — you can't really push them away. Also, especially go with it after a big project completion, huge sale, a major life announcement or a personal loss.

Here's how to avoid unwanted intimacy:

• Take Control. Extend a rigid handshake to keep someone at arm's length.

• Just say you're not a touchy person.

• Maintain a barrier — a desk, even a portfolio — until the moment passes.

If you must, here's how to embrace, safely:

• Ask for a "big hug" and just give a warm squeeze.

•   Don't close your eyes.

•   Don't hug from behind.

Just ask Joe Biden how breaking that rule went.

Judith Bowman is president and founder of Protocol Consultants International and author of "Don't Take the Last Donut: New rules of Business Etiquette" and "How to Stand Apart @ Work … Transforming 'Fine' to Fabulous!" Email her at Judith
@protocolconsultants.com.

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Asia stocks gain after Fed official signals slow rate rises

BEIJING — Asian stocks rose Tuesday after Wall Street gained on a jump in crude prices and expectations the Federal Reserve will put off an interest rate hike until late in the year.

KEEPING SCORE: The Shanghai Composite Index rose 1.8 percent to 3,933.49 and Tokyo's Nikkei 225 added 1.3 percent to 19,653.15. Taipei, Singapore, Jakarta and Bangkok also rose. Seoul's Kospi was steady at 2,047.11 while Australia's S&P/ASX 200 climbed 1.1 percent to 5,961.10. Hong Kong was closed for a holiday.

U.S. ECONOMY: U.S. investors were reassured by a comment from William Dudley, president of the Federal Reserve's New York branch, that rate increases will be "shallow." That helped to buoy sentiment that was dented by Friday's weak employment numbers.

ANALYST'S TAKE: Dudley's comment that a negative reaction by stock markets to an interest rate hike would "slow us down" was confirmation the Fed has used monetary policy to create a "wealth effect," said Evan Lucas of IG Markets in a report. "It's a simple idea: make people feel wealthier and they will consume more," Lucas said. "It is why the market is pricing in an October move and why most now believe, as Mr Dudley himself stated, that the rate rise will be shallow."

WALL STREET: A jump in the price of U.S. crude set off a rally in energy stocks. Transocean, an operator of drilling rigs, soared 10 percent. The Standard & Poor's 500 index gained 13.66 points, or 0.7 percent, to close at 2,080.62. The Dow Jones industrial average rose 117.61 points, or 0.7 percent, to 17,880.85, and the Nasdaq composite rose 30.38 points, or 0.6 percent, to 4,917.32.

ENERGY: Benchmark U.S. crude sank 35 cents to $51.79 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1 on Monday to close at $52.14. Brent crude, used to price international oils, shed 57 cents to $57.55 per barrel in London after soaring $3.17 on Monday to $58.12.

CURRENCY: The dollar gained to 119.64 yen from Monday's 119.48 yen. The euro edged up to $1.0941 from the previous session's $1.0937.

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Pension board eyes diversity stipulation

The state's pension board is considering a plan to use its shareholder muscle to press companies to include more women and racial minorities on corporate boards. A board vote on the plan is expected in Boston tomorrow.

A committee of the Pension Reserves Investment Management Board oversees the state's $61 billion pension fund and has recommended the board adopt the guidelines. Under them, the board would use its shareholder status in a company to vote against all corporate board nominees unless at least a quarter of them are women and racial minorities.

The rule was proposed by Democratic state Treasurer Deb Goldberg, who chairs the nine-member board. The group's administration committee unanimously backed the policy last month.

It also seeks to use the board's proxy voting to push companies to adopt wage equality, renewable energy and human rights standards.

Additional items on the board's agenda tomorrow includes new committee members, a report from executive director Michael Trotsky, an investment report, an audit and tax services recommendation, a draft fiscal 2016 operating budget, and updates on legal and legislative matters, travel and staff development.

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Seth Moulton urges rollback of Obamacare device tax

U.S. Rep. Seth Moulton is joining the push to repeal the Obamacare tax on medical devices today, claiming it's a hit to small startups trying to develop the next big thing.

"So much of our innovation and new medical devices come from startups and small companies, the last thing we want to do is hurt them most," Moulton (D-
Marblehead) told the Herald. "It's important and it's the kind of innovative industry that will only grow in the future, it's the kind of innovative industry that we want to support and encourage."

The tax, implemented as part of Obamacare, levies a 2.3-percent excise tax on medical device revenue, regardless of whether the company is profitable or not. There are more than 400 medical device companies in Massachusetts with nearly 23,000 workers, Moulton's office said — many of them in his North Shore district. The state trails only California in medical device venture capital per capita, and medical devices account for 14 percent of all exports from the state.

"Our district is populated with medical device manufacturers that all share a common goal of delivering better health care solutions for patients, yet the medical device tax is stifling, especially for small companies," said Michael R. Minogue, CEO of Abiomed.

The medical device industry is already highly regulated, with many devices requiring FDA approval. But especially for small companies, the cost of compliance can be more than the tax itself.

"This is really having a disproportionate impact on small- to medium-sized companies, and that's because there are many regulatory requirements that come with enforcing the tax," Moulton said. "A small company or a startup face hiring a lot of lawyers and accountants just to manage the implementation of that."

The medical device tax has come under fire from Republicans and Democrats, including Sens. Edward J. Markey and Elizabeth Warren. Markey introduced a bill last month that would repeal the tax. Moulton is co-sponsoring the House bill. The bipartisan bill will hit the House floor soon, and is expected to pass. Still, with so much attention on the budget deficit, any bill that does not replace the revenue likely won't make it far.

Even if the tax is repealed, the medical device industry will have to try and rebound.

"There have been serious ramifications because of this tax, we've seen companies that have not fully expanded their facilities, they've cut R&D," said Tom Sommer, president of MassMEDIC, a medical device trade group.

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Verizon to contribute total of $1.5M to three local startups

Three local startups will receive a total of $1.5 million this month as winners of Verizon's Powerful Answers Award.

Vaxess Technologies of Cambridge will receive $1 million, and Aldatu Biosciences and School Yourself, both of Boston, will each receive $250,000 at the Saturday grand opening of Verizon's Boylston Street store for their part in a challenge that encourages entrepreneurs to develop innovative solutions in education, health care, sustainability and transportation.

"These winners were chosen by panels of industry experts based on their ability to leverage cutting-edge technology to create solutions that deliver social good," said Michael Murphy, a spokesman for Verizon Wireless New England.

Each year, about 2.4 million people around the world die from vaccine-preventable diseases. And every vaccine on the market has to be either refrigerated or frozen. Vaxess Technologies hopes to either eliminate the need for refrigeration — or expand the range of temperatures at which vaccines could be kept — by combining them with fibroin, a protein found in silk, via the work of Tufts University researchers David Kaplan and Fiorenzo Omenetto.

"The nice thing about the (Verizon) money is that it allows us to pursue vaccine candidates, such as ones for polio, that will be very impactful from a global health standpoint," said CEO Michael Schrader, who co-founded Vaxess in 2012.

Eventually, the company may also use the same silk protein to make orthopedic screws, instead of titanium ones, that could dissolve in the body over time, as well as a micro-needle patch, similar to a postage-stamp-sized piece of velcro, that could be used for drug delivery, eliminating the need for a needle and a syringe, Schrader said.

Aldatu Biosciences will use its award money to help grow the company as it prepares to move to Cambridge and develops a kit to detect HIV drug-resistance in Sub-Saharan Africa.

"It will not only improve health outcomes, but it will also help health care systems save money," said Iain MacLeod, Aldatu's co-founder and chief scientific officer.

The company hopes to start a clinical trial in Botswana by the end of this year, MacLeod said.

School Yourself, an online learning platform developed by MIT alumni Zach Wissner-Gross and John Lee, this spring launched AlgebraX and GeometryX, which have become the highest-rated interactive math courses on edX, with a combined 25,000 students enrolled.

"Personally, I think how a scrappy, four-person startup, rather than a huge university with unlimited resources, has created the top two math MOOCs (massive open online courses) is an interesting story," said Wissner-Gross, School Yourself's CEO. "We'll be using the prize money to release a public version of the powerful authoring tools we developed along the way, so that anyone can make interactive, personalized lessons like ours."

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Area hospital to use new security device

Newton-Wellesley Hospital will be rolling out new, non-lethal devices for its security staff in the coming weeks, as hospitals across the country have seen an increase in violent attacks by patients.

"As the services in the community decrease, more folks turn to the emergency room for their needs," said Dave Corbin, director of public safety at Newton-Wellesley. "(Hospitals are) all saying we're seeing more violence, and if any hospital turns around and says they're immune to it, they're either in the middle of nowhere or they're lying. It's certainly a trend across health care."

Violent crime in U.S. hospitals increased by 25 percent from 2012 to 2013, according to an International Healthcare Security and Safety Foundation report, and disorderly conduct has increased by 40 percent over the same time period. In January, a cardiovascular surgeon was shot and killed in his office at Brigham and Women's Hospital by the son of a former patient.

Newton-Wellesley is training its officers to use the Pro V2, a high-tech device designed specifically for security staff.

"It was built with this layered defense concept in mind, as the situation intensifies it is able to escalate and meet that threat, without getting carried away," said Paul Hughes, chief operating officer for Guardian 8, an Arizona-based company that sells the devices.

Guardian 8 will be at the ASIS International Boston Security Expo 2015 on Thursday in Boxboro to show off the Pro V2.

The Pro V2 has three phases to respond to escalating threats.

The first phase simply records audio and video — Newton-Wellesley will only record video thanks to the state's wiretapping laws. The second stage emits a strobe light and a siren, intended to catch an aggressive person off-guard. The last phase shoots a concentrated stream of pepper spray, which the company says is more reliable and precise than traditional pepper spray canisters.

"This is purely a defensive tool," Hughes said.

Corbin said the decision to use the device was not based on a single incident, but was part of a regular evaluation of the hospital security practices. Newton-Wellesley had planned to get pepper spray canisters for its security staff, but decided the Pro V2 was a better fit for the hospital.

"It takes the old-school pepper spray can, which is a dumb device," Corbin said, "and wraps it in technology."

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The Ticker

Report: Disney to give DraftKings $250M

Boston fantasy sports startup DraftKings reportedly is getting a $250 million shot in the arm from the Walt Disney Co.

In return for the investment, DraftKings will spend more than $500 million in advertising on ESPN platforms in the coming years, the Wall Street Journal reported yesterday, citing unnamed sources. The company is now valued at about $900 million, according to the report.

DraftKings lets fans play fantasy sports online and win money if the players they pick do well in games.

Fortune.com last month reported Disney and DraftKings were in talks. Both companies declined to comment on the Journal's report.

Previous investors in DraftKings, which launched in 2012, include Atlas Venture along with Boston Seed Capital, Hub Angels and Angel Street Capital.

DraftKings earlier this week announced a multi-year expansion of its exclusive partnership with Major League Baseball, making it the league's "Official Daily Fantasy Game."

Snow takes bite out of tax revenue

Roads, public transportation and patience weren't the only things stressed during this winter's punishing snowfalls.

The state's tax revenue also took a hit.

Revenue Commissioner Mark Nunnelly said yesterday that the state's sales and use taxes are lagging "undoubtedly due to weather-related sales losses."

Revenue collections for March totaled just over $2 billion. That's $82 million — or 4.2 percent — more than last March, but $99 million below projections.

Nine months into the fiscal year, revenues are $132 million above projections.

Nunnelly said that despite strong performance in estate tax collections, March revenue collections were more than offset by the release of tax refunds that had been held up in February for additional scrutiny.

He said corporate and business taxes were up $103 million over last March.

Tesla sets quarterly delivery record

Tesla Motors yesterday said it set a new company record for the most cars delivered in a quarter, with 10,030 vehicles in the first three months of 2015.

This is the first time the company has disclosed deliveries within three days of a quarter's end, a practice Tesla said it would continue. Most auto manufacturers report vehicle sales on a monthly basis.

The company said the first-quarter global delivery figure marks a 55 percent increase from a year earlier. But it is still a long way from Chief Executive Elon Musk's estimate of 55,000 deliveries in 2015.

"Ten thousand is the best he's done yet, but it's not going to get him to 55,000," said Karl Brauer, senior analyst at Kelley Blue Book. "He still needs to get the rate of production and sales improved to a pretty good chunk between now and the end of the year."

• Canton Co-operative Bank announced that Bela Vasconcelos, left, has been promoted to 
assistant vice-president/director of residential lending. 
Vasconcelos joined Canton 
Co-operative Bank in 2012.

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Church to host conversion

A landmark Beacon Hill church has been sold, and early redevelopment plans call for a conversion to residential condos and office space.

Boston real estate investment firm Ad Meliora and Rhino Capital managing principal Michael Olson bought the Church of St. John the Evangelist and rectory at 33-35 Bowdoin St. for $4.5 million.

Two condos and an office for Ad Meliora are under consideration for the church, along with three or four condos in the rectory, according to Ad Meliora president Jan Steenbrugge.

"It's a historical building, so we're working together with the Massachusetts Historical Commission and Beacon Hill Commission to find something that everybody can be happy about," Steenbrugge said. "We want to keep the church space as open and authentic as possible, so that limits what we can do there. We are absolutely not planning any high-density project. We want to use the space without causing a nuisance in the neighborhood with parking issues."

Members of the Church of St. John the Evangelist and Cathedral Church of St. Paul on Tremont Street voted to merge in 2013, and the combined Episcopal congregation is using the Bowdoin Street church for a few more months under a lease deal with Ad Meliora while St. Paul's undergoes renovations.

The Church of St. John the Evangelist was designated a national historic landmark in 1966. It was built in 1831 for the Bowdoin Street Congregational Society, which was led by the Rev. Dr. Lyman Beecher, the paternal grandfather of American abolitionist and author Harriet Beecher Stowe. Parishioners of note have included poet T.S. Eliot and Supreme Court Justice Oliver Wendell Holmes.

The granite Gothic Revival-style church was designed by architect Solomon Willard, who also designed the Bunker Hill Monument in Charlestown. The adjacent four-story brick Greek Revival row house that serves as the rectory was built around 1843.

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Marty Walsh, Stephen Lynch want feds to nix local pipeline OK

Boston Mayor Martin J. Walsh and elected officials representing West Roxbury are asking federal regulators to reconsider their approval of a natural gas pipeline proposed near an active quarry, saying it's a potential public safety nightmare and they won't stop fighting it until the plans are changed.

"We can't compromise the public safety, we've got to fight," U.S. Rep. Stephen Lynch said. "Most people, even a layperson, would understand that it's not a wise decision to locate a high pressure gas pipeline in an active blast zone."

The officials yesterday filed for a rehearing before the Federal Energy Regulatory Commission, which last month issued a final environmental impact statement to allow the expansion of Spectra Energy's Algonquin pipeline. In West Roxbury, the pipeline would run along Washington Street and Grove Street, with a metering and regulation station next to a quarry that uses dynamite.

"I think they've got a very dangerous three-legged stool between a high pressure pipeline in a residential neighborhood next to a highly active quarry," said Andrea Carlson, a West Roxbury resident and member of Stop the West Roxbury Lateral Pipeline.

Spectra Energy defended the safety of the pipeline.

"Spectra Energy takes safety very, very seriously," said spokeswoman Marylee Hanley. "Spectra Energy spends $1 billion a year on integrity management on our pipelines."

But Walsh said the pipeline "poses real public safety risks," and Lynch said he and the mayor have met with the attorney general to discuss legal options.

"I said (to Spectra), think of us as plaintiffs, because that's where we're going," Lynch said. "We know we're going to have to get lawyered up here."

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B.R.A. joins digital world

The Boston Redevelopment Authority has converted its 108 property leases into digital files and is preparing to audit if it has received all of the money it was owed after a scathing report last year faulted the agency for losing track of delinquent rent payments and having no centralized way to track them.

Some 100,000 pages of lease documents — most of them with tenants of BRA-owned property at the Marine Industrial Park in the Seaport District and the Charlestown Navy Yard — have been scanned and will be entered into a property management system the BRA has purchased.

The system will send agency staffers automatic reminders when lease payments are due, when deals are expiring, and if tenants owe money and are up to date on insurance. Previously, the complex lease agreements were only on paper and housed in a variety of locations.

"It's going to bring us into the 21st century," BRA Comptroller LeAnn Coleman said. "We're going to be able to proactively manage it to look at what leases have option dates that are upcoming, so we can make better decisions about what's happening with our lease portfolio."

The agency, for instance, will be able to use the system to ensure new rental rates are negotiated in advance of leases expiring, Coleman said.

In an audit last year, accounting giant KPMG found that the BRA and its subsidiary, the Economic Development Industrial Corp., had allowed a combined $5.1 million in delinquent rent to go uncollected as of last April because of the agency's lax, archaic record-keeping. By November, the BRA said it had brought the outstanding rents down to $950,000.

The audit also faulted the agency for not having a "central repository" for its documents and for lacking "internal controls" and standard business "document protocols."

The new system — which the BRA will pay $30,000 a year to license, in addition to startup costs — will also allow the BRA to easily track the hodgepodge of different payment clauses contained in leases.

Once the system is up and running, Coleman said the BRA will perform an audit to ensure it is properly billing for and collecting all payments.

"There will be no detail left unturned, believe me," Coleman said.

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Test drives city to expand ParkBoston

The city is expanding its ParkBoston app to all 8,000-plus parking meters, letting drivers pay remotely with their cellphones, after a successful pilot of the program in the Back Bay.

"Thousands of Bostonians have already embraced this new and convenient technology, and expanding this service throughout the city will make the experience of paying for parking easier for each and every user," Mayor Martin J. Walsh said in a statement.

More than 15,000 people downloaded the Park­Boston app — available for iPhones and Android devices — since the pilot program launched in January. Officials plan to roll out the app to all the city's meters in phases, beginning with the rest of the Back Bay and the Fenway/Kenmore area this week, with the goal of having it completed by the end of the summer.

"Certainly the more options you give someone to pay the meter, the more often they will pay the meter," said Gina Fiandaca, commissioner of the Boston Transportation Department.

The expansion of ParkBoston comes on the heels of Walsh's announcement last week that the city would replace all parking meters with new smart meters that accept credit cards and will collect data about space usage. That project, estimated at $5 million
to $6 million, is scheduled to start by the end of the year.

The smart meters will be able to detect whether a spot is in use.

"(It will) help us strategically manage curbside space by providing information on duration of parking sessions," Fiandaca said.

That data could also be used for demand-based pricing, she said, including the possibility of extending hours or raising pricing­ near the TD Garden or Fenway Park.

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Clouds on horizon for solar projects

Municipal and large commercial solar projects in Massachusetts are being stymied by caps on net metering, which gives a credit for any unused energy they provide to the electrical grid, and incentive to install new panel arrays, advocates said yesterday.

The caps for both large private and public solar projects in National Grid territory were hit within the past two weeks, putting the state's solar industry and its 12,000 jobs at risk, said Ben Hellerstein, of Environment Massachusetts.

"We have seen the number of kilowatts of solar energy in Massachusetts increase 127 percent annually for the last three years," Hellerstein said. "Unless the Legislature and the governor raise the caps, we could see that rapid growth slow down or come to a halt."

Small solar installations, such as those on homes, are exempt from the limits.

Solar energy advocates are lobbying for the passage of a House bill that would raise the caps to 1,600 megawatts and set a goal of getting at least 20 percent of the state's electricity from solar power by 2025. Raising the caps now also would allow the state to take advantage of a 30 percent federal investment tax credit, which expires at the end of 2016, said Emily Rochon, a fellow at Boston Community Capital.

A task force set up by the Legislature is reviewing alternatives, including requiring at least 1,600 megawatts of solar energy by 2020.

"The administration is committed to working with the task force and energy community to achieve continued solar growth ... and establish a framework for a sustainable program with reasonable ratepayer costs going into the future," said Katie Gronendyke, a spokeswoman for the Executive Office of Energy and Environmental Affairs.

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The Ticker

Dot proposal could aid ill with housing needs

A 39-unit apartment building that would allow people with multiple sclerosis and other neurological diseases to live independently is being proposed in Dorchester.

The Boston Home Inc., which operates a 96-bed nursing facility serving adults with progressive neurological diseases, hopes to build the mixed-income housing complex on its Dorchester Avenue campus.

The 134-year-old nonprofit is partnering with Boston-based Affirmative Investments Inc. on the $11 million project, which would include 30 units for people — and their families — with significant physical disabilities transitioning from long-term care, and people already living in the community who need additional support.

The goal is to create a national model for independent community living incorporating advanced technology and specialized support services, Boston Home said in documents filed with the Boston Redevelopment Authority.

Backers plead for film tax credit

Supporters of the state's film tax credit packed a State House hearing to argue against Gov. Charlie Baker's proposal to do away with the decade-old tax break for movie and TV production in Massachusetts.

Baker wants to use the money that would be saved to double the state's earned income tax credit that goes to low-income working families.

Secretary of Economic Affairs Jay Ash told the Legislature's Revenue Committee that for each dollar spent on tax incentives for the film industry, the state gets only 13 cents back in revenue. Administration officials also said nearly two-thirds of film production spending wound up in the hands of non-Massachusetts residents or businesses.

But supporters of the tax credit strongly disagreed, telling lawmakers it has helped create thousands of jobs and boost thousands of small businesses around the state.

Quincy clothing retailer J.Jill sold

Quincy-based women's clothing retailer J.Jill said yesterday that it is being acquired by an investment management firm. J.Jill has about 250 stores around the country that sell clothing, shoes and accessories. It is being acquired by TowerBrook Capital Partners L.P. which is buying it from the investment firm Arcapita and private equity firm Golden Gate Capital. Financial terms of the deal, which is expected to close in the second quarter, were not disclosed. TowerBrook owns high-priced denim brand True Religion and previously owned the high-end Jimmy Choo shoe company before selling it off in 2011.

TODAY

 Institute for Supply Management releases its manufacturing index for March.

 Commerce Department releases construction spending for February.

 Automakers release vehicle sales for March.

THE SHUFFLE

Cambridge-based GNS Healthcare, a provider of analytics solutions for matching health interventions to individuals, announced that Tom McNamara has joined the company as chief revenue officer. McNamara will shape the GNS sales organization to serve an expanding roster of clients, including health plans, health care providers, biopharmaceutical companies and foundations.

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Discount Chromebooks spur laptop war

The release of Google's cheapest Chromebook laptops yet — two versions priced at $149 each — is good news for students, and the cost will likely go even lower in the company's ongoing price war with Microsoft, analysts said.

"It really is excellent news for kids and for education," said Brad Reback of Stifel Nicolaus and Company in Atlanta. "You can now put computing power into the hands of many more kids. And (the price) will go lower. Google will continue to push pricing down to put pressure on Microsoft."

The newest versions of the Chromebook that Google announced yesterday are made by Hisense and Haier, PC manufacturers that have been working with Google to design lightweight laptops that run on the Chrome operating system.

Their arrival coincides with Microsoft's rollout of a lower-priced Surface tablet in an effort to reach students and budget-conscious families. Pre-orders for that device began yesterday, too. The cheaper version of the Surface Pro 3 sells for $499, compared with $799 to $1,949 for the higher-end models.

The Chromebooks don't have a hard drive and function as terminals dependent on an Internet connection to get most work done. The Chrome system is set up so users will automatically begin using Google's search engine and other services, such as Gmail and YouTube. Google also has used the Chromebooks as a prod to bring down the prices of all PCs.

"It has been good news for consumers, but not so good for vendors," said International Data Corp. analyst Jay Chou.

Herald wire services contributed to this report.

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Keolis trumpets return, silent on fine payments

The head of commuter rail operator Keolis yesterday ducked questions about whether his company will pay its fines for its delays and cancelled service this winter, letting MBTA General Manager Frank DePaola answer for him at a press event announcing the full restoration of service.

Asked whether the company would pay for its dismal record, Keolis General Manager Gerald C. Francis deferred to DePaola, who said the T is "working with Keolis to assess what's happened over the last couple of months." Keolis has racked up more than 
$3 million in fines since its "no excuses" contract started in July, including nearly $2 million for winter failures. The company has argued that the weather is beyond its control.

"There were extreme weather conditions, so we have to take that all into consideration," DePaola said. "Now that service is back, we need to meet internally and decide what the contract ramifications are."

The state Department of Transportation board approved a plan to provide a free day of service on the T — including commuter rail, buses and boats — for April 24, he added, and a 15 percent discount for weekly or monthly pass holders on their May passes. The commuter rail also is replacing single-level coaches with bi-level ones to ease crowding.

None of that satisfied Angelica Martinez, a South Shore commuter who said Keolis made her late to her paralegal job for an entire month, forcing her to make up the time in her lunch hour.

"Of course (Keolis) should pay a fine," said Martinez, 40. "I want a full month (free) to make up for that lost month."

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The Ticker

BU business school gets $50M gift from graduate

Boston University received $50 million, its largest gift ever, for its management school from retailing executive Allen Questrom and his wife, Kelli. The renamed Questrom School of Business will use the donation to endow 10 faculty positions and help pay for added facilities for the graduate program, the university said. Questrom, 74, who earned a bachelor's degree from BU in 1964 and is a trustee, has led retailers including Barneys New York Inc., J.C. Penney Co., Federated Department Stores and Neiman Marcus. He is currently a senior adviser to Lee Equity Partners LLC, a New York private equity firm.

McDonald's to test all-day breakfast

McDonald's Corp. will experiment with serving breakfast all day at some San Diego-area locations as CEO Steve Easterbrook seeks to pull the restaurant chain out of a U.S. sales slump.

The test, slated to begin next month, will keep hash browns, Egg McMuffins and other sandwiches on the menu beyond the standard breakfast hours. McDonald's is the fast-food breakfast leader, and the morning menu accounts for about 25 percent of its business. As more Americans eat breakfast away from home, competitors such as Taco Bell and Starbucks have tried to take market share from McDonald's with expanded offerings.

Woman denies defrauding One Fund

A Boston woman has pleaded not guilty to fraudulently receiving thousands of dollars by claiming she was injured in the Boston Marathon bombings.

Joanna Leigh was arraigned yesterday on charges of larceny and making a false claim to a government agency. She was released without bail and ordered to surrender her passport and not travel outside New England or New York. Her attorney said she's "a very fragile person."

Prosecutors say Leigh got $8,000 from The One Fund victims' charity; $18,000 from a state victims' compensation fund; $9,000 from an online fundraiser; and $1,700 raised by Boston school students.

Authorities say she was at the April 2013 marathon but wasn't hurt. Leigh, 41, says she suffered traumatic brain injuries, and the charges are retaliation for her criticism of The One Fund for not helping people with brain injuries.

TODAY

 Standard & Poor's releases S&P/Case-Shiller index of home prices for January.

 Conference Board releases the Consumer Confidence Index for March.

TOMORROW

 Institute for Supply Management releases its manufacturing index for March.

 Commerce Department releases construction spending for February.

 Automakers release vehicle sales for March.

THE SHUFFLE

North Andover-based Watts Water Technologies has named Todd A. Trapp as its chief financial officer, effective April 9. Trapp most recently was vice president of financial planning and analysis at Honeywell International Inc., where he was responsible for leading the annual strategic planning processes for the $40 billion conglomerate. Prior to his 12-year Honeywell career, he held several treasury and finance operational roles at United Business Media Inc. and Pearson Inc.

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Autodesk headed to Boston

Silicon Valley software design giant Autodesk is moving into Boston, and will open up its new Seaport District office to startups and researchers, focused on the construction industry's innovation needs.

"The Seaport area for us is a perfect location because of the creative activity that's going on right now," said Autodesk spokesman Paul Sullivan. "We really wanted to be in the heart of the academic community."

Autodesk and Mayor Martin J. Walsh will formally announce the move today.

"We're going to make sure we signal this is really important to the city," said John Barros, chief of economic development for Boston. "We want to try to bring (companies) back into the city and (Autodesk) symbolizes an important company coming in and saying to other companies, 'You should come to Boston.' "

Barros said a company such as Autodesk represents the kind of business the city is hoping to attract and retain.

"This is the kind of company we want, these are the kind of jobs we want. This is perfect," Barros said. "This is a company that's at the nexus of Boston's innovation economy and manufacturing, this is advanced manufacturing, this is exactly where we think the sweet spot is."

Autodesk, which makes design software, will move about 175 jobs to the new office at 23 Drydock Ave. from its current office in Waltham. The new office will span 70,000 square feet across three floors at the Boston Design Center, with an option to expand an additional 50,000 square feet. Autodesk plans to move in later this year.

The space will also include a "Building Innovation Learning & Design" space, complete with tools including laser scanners, robots and robotic manipulators, large-scale 3-D printers and water-jets.

"This particular facility is going to be focused more on our building and construction industry," Sullivan said. Autodesk makes a suite of software for architects and building engineers.

The company will also expand its startup in residence program, bringing in companies that fit with Autodesk.

"We're going to be looking around Boston for different creative minds that are out there looking to do great things but they need a little bit of help, they need a little space, they need a little technology," he said. The program has about seven companies right now.

Autodesk plans to start a similar program for researchers.

The company has strengthened its Boston connections recently, including acquiring local Web- and app-development company Terrible Labs and working with connected-office company Robin and 3-D printing company Voxel8.

City Hall has put emphasis on keeping technology companies in the city as well as attracting new companies. Late last year, LogMeIn received a tax break to expand its headquarters and stay in Boston. Autodesk is not receiving any tax incentives for the move to the city.

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Lincoln Continental, the car of presidents, is returning

DEARBORN, Mich. — Elvis Presley had one; so did Clark Gable. It was even the sedan of presidents. Then the name vanished amid an invasion of newer luxury cars from Europe and Asia.

Now, the Lincoln Continental is back.

Thirteen years after the last Continental rolled off the assembly line, Ford Motor Co. is resurrecting its storied nameplate. The new Continental debuts in concept form at this week's New York auto show. The production version of the full-size sedan goes on sale next year.

After more than a decade of toying with alphabetical names like LS and MKS to be more like its foreign rivals, Ford's 98-year-old Lincoln brand is embracing its heritage. It's a measure of the growing confidence at Lincoln, which is finally turning around a decades-long sales decline. And it's a nod to the importance of China, where customers know the Continental name and appreciate brands with a rich history.

Ford CEO Mark Fields says the Continental always represented the best of Lincoln. Resurrecting it sets higher expectations, both within the company and outside of it.

"When we get a chance to work on an iconic nameplate like that, it's a mixture of pride and a mixture of fear, because when you put that name out there, it's got to deliver," Fields told The Associated Press in a recent interview.

The Continental was born in 1938, when Henry Ford's son Edsel commissioned a convertible he could use on his spring vacation. Thrilled by the reception he got as he drove the elegant sedan around Palm Beach, Edsel made the Continental part of Lincoln's lineup.

The Continental soon became the pinnacle of American luxury. Warner Brothers gave Elizabeth Taylor a 1956 Continental with a custom paint color to match her eyes. A darker historical note: John F. Kennedy was riding in the back of a 1961 Continental convertible when he was assassinated in Dallas.

Continental sales peaked in 1990 at 62,732. But after that, Lincoln's sales began slipping.

Ford had acquired other luxury brands such as Jaguar and Volvo. Lincoln's designs got dull and failed to stand out from lower-priced Fords. The Continental was also squeezed by competition from the midsize Lincoln LS, which debuted in 2000, and the bigger Town Car.

Ford also underestimated the threat posed by German rivals, who were expanding their lineups, and newer Japanese luxury brands. By 2000, Lexus was the top-selling luxury brand in the U.S.; last year, BMW was.

To make its way back, Lincoln isn't trying isn't trying to be sporty like BMW or showy like Cadillac. Instead, Fields says, it wants to give drivers an experience that is elegant and serene.

"We want folks to get into our vehicles and — for lack of a better term — chill," Fields said.

It appears to be working. Lincoln's U.S. sales rose 16 percent last year, making it one of the fastest-growing luxury brands in the market. The midsize MKZ was the brand's top seller.

Full-size sedans like the Continental are a tough sell in the U.S., where buyers tend to prefer midsize sedans or SUVs. U.S. sales of Lincoln's current full-size sedan, the MKS, fell 24 percent last year.

But globally, the segment is growing, Fields says. Ford has high hopes for the Lincoln brand in China, where it's opening dazzling new dealerships complete with waterfalls. Ford began selling Lincolns in China late last year, and the company will open more than 20 dealerships there this year.

The concept car being unveiled Monday in New York is painted a deep Prussian blue, an homage to Continentals of the 1950s and 1960s. But there are few other references to its history.

Lincoln's split-wing grille, a feature that dates to the 1940s, has been replaced by a tight, rectangular mesh grille, its shiny chrome patterned with tiny versions of Lincoln's rectangular logo. The sides are smooth; even the door handles are hidden within a narrow strip of chrome at the beltline.

The concept is a technology showcase. The driver's seat has a patented split cushion, so if the driver holds one leg out further than another, it will support each leg separately. The moonroof glass turns opaque with the touch of a button. Another button automatically moves the front passenger seat forward and fully reclines the rear passenger seat. That's another nod to China, where luxury car owners often have their own drivers.

Under the hood is a 3-liter V6 EcoBoost engine that's unique to Lincoln. Ford isn't yet revealing more details, like whether the car is front- or rear-wheel drive. The Continental switched to a front-wheel-drive sedan in the 1980s, but many of its current competitors — the Infiniti Q70, Mercedes Benz S-Class and Lexus LS — are rear-wheel drive.

The Continental is expected to replace the seven-year-old MKS, which currently sits atop Lincoln's car lineup.

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Revamped prayer book offers 
modern take for Reform Jews

Hundreds of thousands of Reform Jews will celebrate the High Holidays of Rosh Hashana and Yom Kippur this fall with a revamped prayer book that puts a new emphasis on inclusiveness toward gays, lesbians and atheists, according to a Boston rabbi who was instrumental in the book's creation.

Mishkan HaNefesh, or "Sanctuary of the Soul," the Reform movement's first High Holidays prayer book in 37 years, includes gender-neutral blessings for transgender people and refers to God as both "Loving Father" and "Compassionate Mother," while leaving room for those who doubt that there is a God at all, said Rabbi Elaine S. Zecher of Temple Israel in Boston, who served as one of the editorial team's advisers.

"It's a monumental moment for the Jewish community because it's a beautiful work in lots of different ways," said Zecher, who also led the 2008 think tank that ultimately led to the consensus that a new prayer book for the High Holy Days was needed. "It is a recognition of the diversity of our community, a sense of welcoming for the lots of different people who come though our doors."

The prayer book — a major focus of this month's convention of the Central Conference of American Rabbis, the rabbinical arm of Reform Judaism — also includes poetry and artwork, and incorporates the writings of Henry David Thoreau and Langston Hughes with the Torah, transliterating Hebrew prayers into English so that anyone can participate, said Rabbi Denise L. Eger, who was installed as the group's first openly gay president.

"This book has had tremendous input — from rabbis, from lay people, from cantors," said Eger, the founding rabbi of Congregation Kol Ami in West Hollywood, Calif. "It takes the best of Jewish tradition and melds it with the hopes and anxieties and joys of today. The result is the product not of a top-down process, but really of a bottom-up one."

Of the first edition of 250,000 copies that will be available in June, about 150,000 already have been pre-ordered through the CCAR Press, she said, although she did not immediately have the dollar amount of sales because various discounts are available through April 1. After that, a two-volume set — one for Rosh Hashana, the other for Yom Kippur — will sell for $42, and a pulpit edition of the set will sell for $75.

"We're hoping it will go into multiple printing editions," Eger said, noting that there are about 1.5 million Reform Jews in more than 900 congregations in North America. Eventually, it also will be available electronically, she said.

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AG developing online claims system for consumers

The state Attorney General's office is working on an online system for people to file claims when its Consumer Protection Division obtains judgments or settlements calling for restitution to consumers.

The idea of an online claims system was broached as a way to make the claims process easier on consumers in a recent Boston Herald Radio interview with Attorney General Maura Healey.

Earlier this month, Healey announced a $260,000 settlement with Isis Parenting, the Needham-based prenatal and parenting retailer that abruptly shut down last year, leaving many parents and expectant parents in a lurch. Customers still owed money for unpaid merchandise, classes and other services have been advised to start a claims process to recoup money by calling the AG's consumer hotline.

"Isis (Parenting) is the jumping-off point," Healey spokeswoman Cyndi Roy Gonzalez said. "If we can do an online claims process for Isis, then our hope is that going forward, when we have settlements of the same nature, we can put in place the same online process."

"Given that we are in 2015, it makes perfect sense," Gonzalez said. "Our whole effort right now is meeting people where they are. So if it's easier for them to do it online, we want to make that accommodation."

Isis Parenting customers who may be entitled to restitution include those who prepaid for classes never held or completed; prepaid for annual memberships after July 27, 2013; or prepaid for consultations never delivered. Customers with unfulfilled gift cards or credits issued after July 27, 2013, also may be entitled to some reimbursement.

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The Ticker

Liberty Mutual re-org affects 80 Mass. jobs

Liberty Mutual is eliminating 1,100 field customer service positions, including 80 in Massachusetts, in its sales offices around the country, and replacing them with 1,000 customer service jobs that will be centralized in six call centers, including one in Springfield, the Boston-based insurance company said yesterday.

Employees whose jobs are being eliminated will be able to apply for positions in the call centers — which will also be in Arizona, Indiana, Texas, Florida and Pennsylvania — as well as positions elsewhere in the company, said Liberty Mutual Vice President John Cusolito. Workers who end up moving to a call center will be given relocation packages, Cusolito said. Other employees whose jobs are being eliminated will be given severance packages, he said.

Sixty-five of the new positions will be added to the Springfield call center this year, followed by more next year, he said.

North Andover woman gets six months for stealing from employer

A North Andover woman has been sentenced to six months in jail after pleading guilty to stealing $1.7 million from her employer.

Attorney General Maura Healy said 44-year-old Dorothy Giard pleaded guilty to larceny and false bookkeeping charges yesterday in Superior Court in Salem.

Judge David Lowy imposed a six-month jail sentence followed by 10 years of probation and ordered her to pay $1.7 million in restitution.

Prosecutors say Giard stole the money while working as the officer manager for Diamond Ironworks in Lawrence, a steel fabrication company. Authorities say she spent the pilfered cash on international vacations, high-end cars, spa services and other luxury items.

Road funding bill heads to Senate

The Senate could pass a $200 million local road funding bill and deliver it to the governor by late next week, according to the chairman of a committee that reviewed the bill yesterday.

Senate Committee on Bonding, Capital Expenditures and State Assets Chairman John Keenan (D-Quincy) told reporters after a brief hearing that he expects it to come up Wednesday. Combined with a total of $130 million in local road and pothole funding released by Gov. Charlie Baker this year, the bill would bring the total aid for local roads to $330 million, according to Keenan.

"I think probably the winter highlighted how essential it is to get this money there, and also because Gov. Baker released the additional $100 million that was authorized last year — he released it in January — so municipalities are really looking to combine that with this authorization to get the work done that they have to get done," Keenan said.

The bill cleared the House unanimously Wednesday.

• Life Time Fitness announced health and fitness industry veteran Michael Diatelevi, left, as general manager of the company's first sports, professional fitness, family recreation and spa destination in the Boston area. Life Time Athletic Westwood at University Station is under construction with a planned opening in summer 2015.

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Snow-smashed Bay State 
lobbying feds for millions

The battery of snowstorms that slammed the Bay State this winter killed 25 people in less than a month and injured more than 1,500, the state revealed in its pitch to the White House for hundreds of millions of dollars in federal disaster aid.

The whopping total — believed to be the first public accounting of the winter's death toll — spanned a 28-day period between January and February, when state officials say it snowed all but three days and rung up an estimated $400 million in snow removal costs and damages. Boston also set a record for snowiest winter, eclipsing a two-
decade-old mark.

The four-week pummeling shuttered businesses and crippled the MBTA to the tune of $40 million in storm-related costs, Gov. Charlie Baker wrote to the White House. The T, he said, also estimated 
$4.7 million in lost revenue — though that number is likely to grow — after it shut its system down on three occasions and struggled for weeks to return to full service.

"We understand the unique nature of our request to FEMA to declare a prolonged period of snow as a federal disaster," Baker said at a State House press conference. "But taking into account the unrelenting snowfall over those 28 days and the freezing temperatures over that time ... we're confident our request meets 
the threshold."

Neither Baker nor Kurt Schwartz, the director of the Massachusetts Emergency Management Agency, could say how much money the state would ultimately seek. A declaration could open the door to 75 percent in reimbursements to the state, cities and towns, but Schwartz said it is "quite likely" the total costs will ultimately eclipse the state's $400 million estimate.

Of the 25 deaths tied to the record-breaking winter, eight people suffered "cardiac episodes" while shoveling, officials said. Seventeen others died from what the chief medical examiner's office called "blunt force trauma," either from being hit by snowplows or cars, falling from roofs while clearing snow or even slipping on ice.

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New Balance gives Boston its sole

New Balance is releasing a new running shoe with a distinctive Boston flavor just in time for next month's 119th Boston Marathon.

The limited-edition Fresh Foam Zante Boston sneaker features the Boston skyline on its insole and the word "Fastah" on the sole — that's "faster" in Boston parlance. New Balance also inscribed its logo with "Boston."

"With its extraordinary culture of both sports fanatics and fitness fanatics, it's safe to say that nobody runs like Boston," the company said in a statement.

The sneakers go on sale for $114.95 at New Balance's Boston store and on newbalance.com on April 6.

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Uber, insurance companies agree on bill

Ride-sharing company Uber has reached an agreement with major insurance companies on a model bill that would cover drivers anytime they are working.

"It's a national agreement with a number of major insurance carriers to come together and agree on some negotiated insurance language for state legislation of transportation network companies," said Meghan Joyce, general manager of Uber East Coast. "We can use (the agreement) to provide clarity to insurance across the nation."

Uber and Lyft — which also signed the agreement — have been criticized for gaps in insurance coverage, as well as blurring the line between personal and commercial insurance policies. The agreement, which will be sent to state legislators across the country, provides lawmakers with a compromise both sides have already agreed to.

"Auto insurance carriers, Transportation Network Companies, and trade associations stand together in support of this insurance legislation, and encourage you to utilize this language," the letter to legislators says.

Uber and Lyft have faced scrutiny from cab drivers and local governments that want regulations for ride-sharing companies to put them on a level playing field with taxi companies.

Gov. Charlie Baker's administration is in the middle of its own regulatory process, and expects to file a bill in the coming weeks.

Bill Pitman, a Baker spokesman, said: "The administration continues to engage with municipalities, industry leaders and public safety advocates as it works to draft a statewide regulatory framework that embraces innovation and enhances the safety of riders and drivers."

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The Ticker

Smart meters come to Hub

Boston will replace all 8,000 parking meters in the Hub with "next generation" smart meters.

The Back Bay and Innovation District will get multispace meters, which allow more vehicles to fit in a block of spaces, the city said. The rest of the parking meters will be replaced by meters that will accept change, credit cards and cell phone payments. The smart meters also will collect real-time data about whether a space is occupied.

The move, announced yesterday as part of Mayor Martin J. Walsh's transportation initiatives, is expected to cost $5 million. Replacement of the parking meters will begin by the end of the year.

Heinz buy of Kraft just latest merger

Wall Street's deal-making renaissance shows no sign of ending.

Heinz's $45 billion acquisition of Kraft Foods, announced yesterday, has helped maintain the momentum in the market for mergers and acquisitions.

So far this year, companies globally have struck deals worth $802 billion, according to data provider Dealogic. That compares with $733 billion in the first quarter of 2014 and makes it the best first quarter for deal-making in at least five years.

Other big deals in the works include Simon Property's bid to buy rival Macerich, and AbbVie's deal to buy Pharmacyclics.

• Tufts Health Plan announced the appointment of Marc Backon, left, to senior vice president and chief sales and marketing officer for its commercial products division. Backon brings more than 25 years of health care ex­perience to this position.

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Rates drop for summer

The price of electricity is going down this summer for National Grid cus­tomers, but rates will remain higher than a year ago — with no relief in sight.

"It's a little higher than last summer," said Jake Navarro, a spokesman for National Grid. "This is a market-­based phenomenon and over time, because of the natural gas constraints in the region, these power supply prices are going to continue to creep up."

National Grid this week announced a 26 percent rate cut for its electric customers, or about $32 on a typical bill, and a 25 percent to 30 percent cut for natural gas customers, or $9 to $12 on a typical bill, starting May 1. The Department of Public Utilities yesterday approved the new rates.

Eversource, the state's major electricity delivery company, has said it hopes to be able to file for a rate decrease in a few months.

Last fall, the DPU approved a 37 percent rate hike for National Grid electric customers. At the time, National Grid blamed the increase on insufficient natural gas pipeline ca­pacity to fuel power plants. Gov. Charlie Baker has thrown his support behind efforts to add a new natural gas pipeline in the region.

"The region as a whole has become more reliant on natural gas, but without building the highways to get natural gas here," Navarro said. 'We need additional gas capacity in the region and until we get it, it looks like the power supply prices will continue to trend up."

A legislative committee is investigating the increases in electricity prices in Massachusetts, and a DPU spokeswoman said it has started looking into "ways to improve the retail electric competitive supply market."

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Asia stocks drift lower as Fed, China weakness weigh

NEW YORK — Asian stocks drifted mostly lower Wednesday as investor sentiment was kept in check by the prospect of higher U.S. interest rates following improved economic data as well as the lingering fears about China's weakening growth.

KEEPING SCORE: Japan's benchmark Nikkei 225 index slipped 0.4 percent to 19,638.90 and South Korea's Kospi lost less than 0.1 percent to 2,040.23. Hong Kong's Hang Seng climbed 0.4 percent to 24,490.77 while the Shanghai Composite Index in mainland China lost 1.1 percent to 3,652.57. Australia's S&P/ASX 200 was practically unchanged at 5,967.60, hovering near its highest level in more than seven years. Southeast Asian indexes were mixed.

INVESTOR INDECISION: Markets were mostly in a holding pattern as investors turned cautious following recent economic data on the world's two biggest economies. U.S. government data showed that in February consumer prices rose in for the first time in four months while new home sales climbed to their fastest pace in seven years. That was a good sign for the world's No. 1 economy that nonetheless also raises concerns the Fed could soon raise interest rates. The reports came after HSBC's preliminary purchasing managers' index showed Chinese manufacturing activity slumped to the lowest in 11-months, signaling further weakness in the second biggest economy.

MARKET VIEW: "It remains to be seen whether we are going through a period of equilibrium, where bulls and bears even each other out, or simply a period where traders are happy to ride out the end of a good quarter by staying on the sidelines," Nicholas Teo of CMC Markets in Singapore wrote in a commentary.

WALL STREET: U.S. stocks ended slightly lower Tuesday as latest report on consumer prices and signs of possible renewed strength in the dollar left investors indecisive. The Standard & Poor's 500 fell 0.6 percent to 2,091.50 while the Dow Jones Industrial Average slipped 0.6 percent to 18,011.14. The Nasdaq composite fell 0.3 percent to 4,994.73.

ENERGY: Benchmark U.S. crude futures lost 10 cents to $47.41 in electronic trading on the New York Mercantile Exchange. The contract rose 6 cents to close at $47.51 a barrel. Brent crude, a benchmark for international oils, slipped 3 cents to $55.08 in London.

CURRENCIES: The dollar slipped to 119.62 yen from 119.75 in the previous session. The euro strengthened to $1.0926 from $1.0914.

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