The Ticker

Expansion at Patriot Place

The Kraft Group has secured approval for an expansion at Patriot Place that would add a 122-room hotel, quick-service restaurant and CVS to the Foxboro shopping center next to Gillette Stadium. There's no word on a construction timeline or cost of the project endorsed by the Foxboro Planning Board last week.

The development will replace 600 parking spaces between the North and South Markets of Patriot Place, which opened in 2007 and features 1.3 million-plus square feet of stores, restaurants and entertainment venues.

Unemployment rate up in region

The unemployment rate in New England ticked up in May but remains considerably lower than the national rate. The New England Information Office of the U.S. Bureau of Labor Statistics said yesterday the rate for the six-state region was 6.9 percent, up from 6.8 percent in April. A year ago, the rate in New England was 7.3 percent. The national unemployment rate for May was 7.6 percent.

Rhode Island and Connecticut had the highest jobless rates in the region in May, 8.9 percent and 8 percent, respectively. Maine's rate was 6.8 percent, Massachusetts' was 6.6 percent, New Hampshire's was 5.3 percent and Vermont's was 4.1 percent.

Oil prices highest in 14 months

The price of oil rose to its highest level in 14 months yesterday on concerns about possible disruptions to Middle East supplies and signs of an increase in U.S. demand for fuel. U.S. benchmark oil gained $1.64 to $101.24, its highest close since May 3, 2012. Brent crude, which is used to price oil used by many U.S. refineries to make gasoline, rose $1.76 to finish at $105.76.

TODAY

• U.S. stock and bond market is closed for Independence Day.
• European Central Bank's governing council meets to set monetary policy for the eurozone.

TOMORROW

• Labor Department releases June employment data for June.

THE SHUFFLE

• Cherrytree Group, a diversified real estate services company headquartered in Newton, has named Melina Ambrosino, left, as operations manager/tax credit professional. In this dual role, Ambrosino oversees operations of the company, working with all aspects of the various tax credit incentive programs in Massachusetts. Her primary focus since joining the Cherrytree Group has been on the Massachusetts Brownfields Tax Credit program.

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Upbeat US jobs report buoys Asian stocks

BANGKOK — Encouraging news on the US economy boosted most Asian stock markets Thursday as investors followed Wall Street's lead in shrugging off political turmoil in Egypt and worrying developments in Europe's debt crisis.

Hong Kong's Hang Seng led the modest rally, jumping 1.8 percent to 20,508.02 after reports that fewer Americans sought unemployment benefits last week and ADP, a payrolls processor, said that businesses added more jobs last month than analysts had expected.

China's Shanghai Composite rose 1 percent to 2,013.49. Australia's S&P/ASX 200 was up 0.9 percent to 4,786.60. Jakarta's JSX was up 1.3 percent to 4,638.11 while South Korea's Kospi edged up 0.3 percent to 1,830.52.

The employment news, added to a muted report on U.S. manufacturing growth, was good enough to restore confidence that the American economic recovery s is on track — but probably not strong enough yet for the Federal Reserve to pull back on its stimulus program.

With Wall Street closed on Thursday for the Independence Day holiday, investors will be watching the U.S. government's jobs report Friday in hopes of figuring out what the Federal Reserve will do next.

Over the past few weeks, markets have sputtered amid speculation that the Fed might taper off its policy of buying $85 billion in bonds every month to keep interest rates low and encourage spending.

"We have had a period of extreme volatility, and now we have some settling going on," said Lorraine Tan, director at Standard & Poor's equity research in Singapore. "I think there's a realization that the reaction may have been overdone."

Tokyo's Nikkei 225 bucked Thursday's trend, edging down 0.1 percent to 14,046.85. Taiwain's TAIEX was also nearly flat, up 0.1 percent to 7,914.35.

Asia's mild rally came after Wall Street also entered positive territory, despite Egypt's political crisis and worries over Europe's dormant debt crisis erupting again.

In Europe, stock markets slumped as Portugal's government teetered on the edge of collapse. Investors worried about the future of the bailed-out country and its efforts to get a handle on its debt after two Cabinet members quit.

Investors around the world were also keeping a close watch on the oil price after Egypt's military overthrew the country's first democratically elected president, Mohammed Morsi, who had defied calls to resign despite the demands of millions of protesters.

Egypt is not an oil producer but its control of the Suez canal — one of the world's busiest shipping lanes, which links the Mediterranean with the Red Sea — gives it a crucial role in maintaining global energy supplies.

Benchmark crude for August delivery was up 7 cents to $101.31 a barrel in electronic trading on the New York Mercantile Exchange. The day before it climbed to nearly $102, its highest level in more than a year.

In currencies, the euro rose 0.2 percent to $1.2993. The dollar slipped to 99.75 yen from 99.97 yen.

____

Pan Pylas in London contributed to this report.

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Asia stocks slide as oil jumps on Egypt crisis

BANGKOK — Asian stocks slid on Wednesday as Egypt's unfolding political crisis pushed the price of oil to its highest level in more than a year, adding to an uncertain global economic outlook.

Benchmark crude for August delivery was up $2.20 to $101.80 a barrel in electronic trading on the New York Mercantile Exchange, the highest since early May last year.

Japan's Nikkei 225 edged down 0.1 percent to 14,081.35 and Hong Kong's Hang Seng dropped 1.8 percent to 20,281.62. Seoul's Kospi was down 1 percent to 1836.24. In China, the Shanghai Composite lost 1.3 percent to 1,979.98. Australia's S&P/ASX 200 fell by 2.1 percent to 4,732.40.

The sell-off came as embattled Egyptian President Mohammed Morsi vowed not to resign despite the demands of millions of protesters and a threat by military to suspend the constitution, disband parliament and install a new leadership.

Egypt is not an oil producer but its control of the Suez canal — one of the world's busiest shipping lanes, which links the Mediterranean with the Red Sea — gives it a crucial role in maintaining global energy supplies.

"Crude oil prices rallied up, and now some airline shares are down quite significantly," said Dickie Wong, executive director of research at Kingston Securities Ltd. in Hong Kong.

Airlines are most immediately affected by changes in energy prices since fuel accounts for a large share of their expenses, but a sustained rise in oil prices could have a ripple effect on the global economy which is already beset by a recession in Europe and a shaky recovery in China.

"It definitely depends on the situation in Egypt now," Wong said.

The Egyptian crisis offset positive signs that the U.S. economy is slowly rebounding, causing American stocks to end slightly lower Tuesday after a morning rally.

The Standard & Poor's 500 closed down 0.88 point, or 0.1 percent, at 1,614.08 The Dow Jones industrial average fell 42.55 points, or 0.3 percent, to close at 14,932.41. The Nasdaq slipped 1.09 points, a fraction of a percentage point, to 3,433.40

In currencies, the euro fell slightly to $1.3000 from $1.3020 late Tuesday in New York. The dollar slipped to 100.69 yen from 100.77 yen.

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Officials say 3rd day of strike likely

SAN FRANCISCO — Transit officials say San Francisco Bay area commuters should prepare for a third day of transit disruptions as labor discussions with rail workers have not yet yielded an agreement.

With talks going on throughout evening, the Bay Area Rapid Transit agency said late Tuesday there was no indication striking workers would return Wednesday.

Talks resumed after political pressure mounted for a settlement.

The governor sent two of the state's top mediators — the chair of the Public Employment Relations Board and the chief of the State Mediation and Conciliation Service — to facilitate further talks.

Still, commuters faced a third day of heavy traffic, and crowded buses and ferries.

The striking unions and management reported being far apart on key issues including salary, pensions, health care and safety.

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Fenway plays defense

The Red Sox are beefing up perimeter security at Fenway Park to defend the historic ball field from terrorist car-bomb attacks.

Fifty-four security bollards will be installed in front of Gates B and C to prevent explosive-laden vehicles from being driven into the park during events.

"The weapon of choice for terrorists is still … to (take) a vehicle laden with explosives and drive it into a building," said Charlie Cellucci, Fenway's director of security and emergency services. "That happens quite frequently in other parts of the world. It's just steps to prevent that at Fenway Park."

The concrete-encased steel barriers, in the planning stages before April's Boston Marathon bombings, were among recommendations that emerged from a December security assessment of Fenway conducted with the U.S. Department of Homeland Security.

Gates B and C are considered Fenway's most vulnerable areas for threats, according to Cellucci. Car traffic on Ipswich Street, for example, flows directly at Gate B. "(It) could continue on a straight path right into that gate," he said. "Gate C was selected because of the large number of fans that would be affected by an incident at that ... gate."

While the Red Sox conduct yearly risk assessments of Fenway, December's DHS assessment was a first. Major League Baseball has asked all clubs to obtain SAFETY (Support Anti-Terrorism by Fostering Effective Technologies) Act certification from the DHS, Cellucci noted.

The Red Sox, which are paying for the bollards, are going through city permitting with the goal of completing the first-phase installation by Aug. 15.

"We'll be looking at other vulnerable areas around the perimeter of the ballpark," Cellucci said.

Fenway also beefed up security after the Boston Marathon bombings, a Red Sox spokeswoman said. The Boston Police Department Bomb Squad sweeps the park before every home game and remains on hand with an explosives-sniffing dog.

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Asia stocks mixed as Fed, China slowdown weighed

BANGKOK — Asian stocks were mixed on Tuesday as speculation that lukewarm U.S. economic indicators would for now keep the Federal Reserve from ending its stimulus program partly offset pessimism linked to slowing Chinese growth.

Tokyo's Nikkei 225, the region's leading index, jumped 1.1 percent to 14,000.22 in morning trading, while Taiwan's Taiex was up 0.1 percent to 8,044.53.

Singapore's Straits Times Index rose 0.8 percent to 3,166.39.

In China, the Shanghai Composite Index fell for a second day. It was down 0.5 percent to 1,985.19 after reports on Monday that Chinese manufacturing weakened in June amid a credit crunch. Hong Kong's Hang Seng fell by 0.5 percent to 20,707.95.

Seoul's Kospi Index declined 0.1 percent to 1,853.27.

The gains in some Asian markets followed a rally on Wall Street after an ISM manufacturing survey for the U.S. that showed a weak rebound in June thanks to new orders and higher production. The survey boosted stock markets as investors estimated it was strong enough to show the recovery is on track, but not so strong as to encourage the Federal Reserve to start ending its monetary stimulus program ahead of time.

The Dow Jones industrial average gained 0.4 percent to 14,974.96 by day's end, while the broader S&P 500 index rose 0.5 percent to 1,614.96 and the Nasdaq composite rose 0.9 percent to 3,434.

"This rebound in the ISM and moderate employment growth in June would leave the Fed on track to start tapering" its bond purchases in September, said Paul Dales, analyst at Capital Economics.

U.S. economic indicators have been one of the main market drivers in recent weeks as investors gauge when the Fed is likely to wind down its stimulus.

After a volatile few weeks, Fed officials are trying to calm investors' concerns about the central bank's planned reduction in monthly purchases of financial assets. Those purchases are aimed at stimulating the economy by pushing down market interest rates, and investors worry that as the economy improves, a pullback could deprive them of cheap borrowing rates.

In that vein, the U.S. monthly jobs report due Friday will get huge attention as it is the most closely watched indicator for the world's largest economy.

Benchmark oil for August delivery was down 4 cents to $97.95 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.43 to close at $97.99 a barrel on Monday.

In currencies, the euro fell to $1.3062 from $1.3065 late Monday in New York. The dollar fell to 99.59 yen from 99.63 yen.

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The Ticker

Yahoo to close Maynard's AltaVista search engine

Yahoo is shuttering a dozen of its products and services, including the once-popular search engine AltaVista.
AltaVista was one of the Web's earliest search engines, having launched in 1995 in Maynard, but it lost ground to then-chief rival Yahoo and later Google after the burst of the dotcom bubble.
Yahoo bought AltaVista when purchasing the search engine's parent company, Overture.
AltaVista is slated to be closed on July 8.

Onyx rejects Amgen's buyout bid

Onyx Pharmaceuticals said yesterday it rejected an unsolicited takeover bid from Amgen for $120 per share, saying the offer "significantly undervalued" the company. Onyx also said that other companies have expressed interest in a buyout, and that its board authorized its financial adviser, Centerview Partners, to contact potential suitors. The company's Nexavar, which treats liver and kidney cancer, is approved in more than 100 countries, and injection medication Kyprolis is used as a treatment for multiple myeloma.

TODAY

• Institute for Supply Management releases its manufacturing index for June.
• Commerce Department releases construction spending for May.

TOMORROW

• Commerce Department releases factory orders for May.
• Automakers release vehicle sales for June.

WEDNESDAY

• Labor Department releases weekly jobless claims.
• Freddie Mac releases weekly mortgage rates
• Institute for Supply Management releases its service sector index for June.

THURSDAY

• U.S. stock and bond market is closed for Independence Day.
• European Central Bank's governing council meets to set monetary policy for the eurozone.

FRIDAY

• Labor Department releases June employment data.

Coldwell Banker Residential Brokerage in New England has announced that Katherine McKnight has been appointed sales manager of the company's Salem office. McKnight will be responsible for the day-to-day sales and operations of approximately 20 sales associates serving Salem, Danvers, Peabody and the surrounding North Shore communities.

Fenway Sports Management, the sports marketing agency of Fenway Sports Group, announced that Jennifer Flynn has been named general counsel. She will continue to serve the Boston Red Sox as senior vice president and assistant general counsel. Flynn will oversee FSM's strategic legal initiatives.

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SF transit agency warns riders of possible strike

OAKLAND, Calif. — San Francisco's Bay Area Rapid Transit warned riders that the trains may not run Monday after two of the agency's largest union walked away from the bargaining table hours before a midnight deadline.

The agency has not received official word from the unions about a strike, but it must caution riders that a strike may begin after the end of Sunday night's regularly scheduled service, BART spokesman Rick Rice said in a statement.

He urged the unions to resume contract talks, noting that all parties had agreed on several issues when they returned to the bargaining table Sunday afternoon in an 11th hour attempt to avoid a walkout.

"We should use that momentum to reach a deal," the statement said.

Calls to the representatives from Service Employees International Union Local 1021 and Amalgamated Transit Union Local 1555 were not immediately returned.

A strike would cripple the region's Monday morning commute. Transportation officials say another 60,000 vehicles could be on the road, clogging highways and bridges throughout the Bay Area.

The unions' contracts are set to expire at midnight.

As the deadline neared, both sides said they were far apart on key sticking points including salary, pensions, health care and safety. Anticipated around-the-clock negotiations had fallen apart Saturday as the unions packed up and left after talks stalled amid claims that the parties met face-to-face once in 36 hours.

Sunday's last-ditch talks also came after Gov. Jerry Brown's secretary of the Labor and Workforce Development Agency, Marty Morgenstern, requested the parties continue negotiating to prevent a work stoppage of the nation's fifth-largest rail system.

"Our team is not encouraged by BART's proposal, but we are going to bargain at the request of the labor secretary in good faith as we have all along," said Josie Mooney, an SEIU chief negotiator. "But if BART continues to do 'surface bargaining,' then we will not come to an agreement."

Brown spokesman Evan Westrup said Sunday that the governor will not call for a "cooling off period at this time" as state mediators will continue assisting the negotiating parties.

"BART and its labor unions owe the public a swift resolution of their differences," Westrup said. "All parties should be at the table doing their best to find common ground."

The two unions, which represent nearly 2,400 train operators, station agents, mechanics, maintenance workers and professional staff, want a 5 percent raise each year over the next three years.

BART said that train operators and station agents in the unions average about $71,000 in base salary and $11,000 in overtime annually. The workers also pay a flat $92 monthly fee for health insurance.

Rice said BART's latest proposal offered a total of an 8 percent salary raise over the next four years, instead of its original offer of a total of 4 percent over the same period. The proposed salary increase is on top of a 1 percent raise employees were scheduled to receive Monday, Rice added.

The transit agency also said it offered to reduce the contribution employees would have to make to their pensions, and lower the costs of health care premiums they would have to pay.

Rice said Sunday that BART's latest proposal may not be its best last offer.

"We need to have some substantial discussions," Rice said. "I hope we can make some progress."

BART's last strike lasted six days in 1997. The transit agency handles more than 40 percent of commuters coming from the East Bay to San Francisco with the Bay Bridge handling another 50 percent said John Goodwin, a spokesman for the Metropolitan Transportation Commission.

Goodwin said commuters should consider carpooling, taking extra buses or ferries available and working from home if the trains stop. And, if commuters must drive to work, leave earlier or even later than usual, he said.

"We simply don't know what the status is," Goodwin said. "Unfortunately, we have to go with the assumption that BART will not be in operation."

Meanwhile, commuters such as Richard Graham, 43, of Pleasant Hill who works as a hotel banquet manager in downtown San Francisco, is left pondering his options, including a three-hour drive to work.

"I can't stop thinking about it," Graham said Sunday as he got off a train. "It would make take me 2 ½ to 3 hours if I drive in to work. Then I've got to find parking, and that might cost me another 40 bucks, if there are any spots left."

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New rule targets drug shortages

Federal regulators, trying to head off drug shortages, are poised to release a proposed rule that would require manufacturers to notify them if they stop or delay production of critical drugs.

The rule would require manufacturers to give the Food and Drug Administration six months' notice before discontinuing or interrupting the production of drugs that are life-sustaining, or that treat or prevent debilitating diseases.

"Early notification of supply disruptions or other potential problems that could lead to a shortage will enable the FDA to work with manufacturers and stakeholders to prevent a shortage or mitigate its impact," said FDA spokesman Christopher C. Kelly.

The FDA will consider public comments before finalizing the rule by Jan. 9.

Last year, there were 117 drug shortages, Kelly said, and the FDA was able to prevent another 282, up from 195 in 2011.

Shortages can be agonizing for patients whose lives hang in the balance.

"For many patients, these drugs are life-saving, so the impact (of a shortage) can be tremendous," said Dr. Jack Erban, clinical director of the Tufts Medical Center Cancer Center and professor of medicine at Tufts University School of Medicine. "We don't have the luxury of delaying. It's already extremely stressful to go through chemotherapy. Any deviation is a major source of anxiety and distress for the patient. Occasionally, drugs have to be substituted, sometimes with ones that are not as effective or that have more side effects."

About two years ago, there was a nationwide shortage of Doxil, which is used to treat ovarian, breast and endometrial cancer.

"It affected a lot of women," said Dr. Michael Birrer, director of gynecologic medical oncology at Massachusetts General Hospital and professor of medicine at Harvard Medical School. "We switched to prescribing a parent compound, which is more toxic and not as effective."

Birrer doesn't believe the proposed FDA rule goes far enough.

"Why do we have only one company producing a drug?" he said. "Either we need to stimulate the market by providing a bigger profit margin on generic drugs, or the federal government gets into the drug-making business, which I don't think is smart."

Marjorie Moeling, a spokeswoman for Bedford Laboratories, which makes generic injectable drugs, said, "I can tell you that we understand the urgent need for critical medicines and, in partnership with the FDA, are committed to addressing drug shortage and ensuring our products are safe, effective and reach the people who need them."

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A taste of the real world

Faced with a difficult job market and employers demanding more than a traditional skill set, entrepreneurial programs at colleges and universities have more value than ever, students, professors and officials say.

Dozens of student-founded companies take part in business incubators, accelerators and challenges organized by schools, including Harvard University, Emerson College and Babson College.

"I know I would not be this far without the program," said Emerson College senior Jon Allen, winner of this year's E3 Expo at Emerson. Allen is getting ready to launch his line of natural Shirley Temples.

Allen, like many who go through accelerator programs, started with an idea for a business and spent the next two semesters fine-tuning and perfecting it. While improving the business plan, the budding entrepreneurs get exposure to professionals who are able to offer advice about key business skills, such as marketing, presenting to investors and legal issues.

For many involved in these programs, the skills learned are just as important as any potential money students can win.

"It's this concept of getting direct and relatively easy access to resources they need," said Andrew Corbett, faculty director of John E. & Alice L. Butler Venture Accelerator program at Babson College.

"Even people that don't win end up doing great things," said Paul Bottino, founder and executive director of Harvard's I3 challenge.

James DiSabatino, owner of the Roxy's Grilled Cheese food truck in Boston, went through the E3 program when he was an Emerson student, but with a different business idea. Through the program, he figured out that his idea — an environmentally focused shuttle company — was not viable.

"That was the learning experience I needed," he said. "It helped me make those really essential mistakes first."

Sara Gragnolati of Boston was in Babson's accelerator program while pursuing her MBA and launched her soon-to-expand gluten-free food company Cocomama thanks to the program. She said the best part of the program was being surrounded by others who were also trying to start a business.

"When you're looking at and evaluating other business, it also teaches you about your own" she said. "You know people are giving you feedback because they want to help you."

Many students and professors recognize that a new kind of skill set is necessary post-graduation, regardless of the kind of job.

"The reality of working has changed," said Karl Baehr, director of the E3 program. "If you're going to prepare a student for a career today, they have to learn how to think entrepreneurially about their career."

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