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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