The Ticker

Menino to get lifetime award from biz council

Retiring Boston Mayor Thomas M. Menino is picking up a prestigious honor from a regional business organization.

The New England Council plans to present Menino with a lifetime achievement award at its annual dinner Wednesday in Boston.

The city's longest-serving mayor will leave office at the end of the year. He's battled health problems in recent years.

TOMORROW

• Columbus Day — Bond market closed; stock markets, commodities markets open.

TUESDAY

• Coca-Cola Co., Johnson & Johnson and Citigroup Inc. report quarterly financial results before the market opens.
• Yahoo Inc., Intel Corp. and CSX Corp. report quarterly financial results after the market closes.

WEDNESDAY

• National Association of Home Builders releases housing market index for October.
• Federal Reserve releases Beige Book.

THURSDAY

• Labor Department releases weekly jobless claims
• Freddie Mac, the mortgage company, releases weekly mortgage rates.
• Treasury Secretary Jacob Lew says the government's borrowing authority will expire Oct. 17.

FRIDAY

• Conference Board releases leading indicators for September.

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Site lets buyers haggle for goods

After his menswear business "took it on the chin" when the economy went sour, Shawn Harris was approached by fashion websites such as BuyWithMe and Gilt City that offered to promote his clothes, but he demurred.

They would have slashed his prices by half right from the outset, he said, and then he would have had to split the profits with them.

"I felt there had to be a better way," said Harris, 37. "I thought, 'What if I let the consumer tell me what they're willing to pay, and I give them a reward?'"

That seed of an idea grew into Nyopoly, the women's fashion business that he founded in Boston in 2011 and that will compete against 127 other MassChallenge finalists from around the world on Oct. 30 for a share of $1 million in prize money.

Since the website went live 11 months ago, it has registered 3,000 members, who negotiate for current-season clothes, shoes and accessories ranging in price from $65 for a pair of small-brand ballet flats to $1,300 for a Prada bag.

Members can make up to three offers on any item and receive an answer in seconds. If their first offer is accepted, they get a 
20 percent cash-back credit to use toward a future purchase. If their second offer is accepted, they get a 10 percent cash-back credit. And if their third is accepted, they get only the item — but at the discounted price they offered.

If that offer is rejected, they can either pay full price or wait 48 hours to make a new round of offers on the item. In the meantime, they can still negotiate for other Nyopoly goods.

Harris can afford to use all this haggling as a business model because he buys goods at wholesale either directly from the brands or through distribution, he said.

"It beats going to the store," said Stacie Calixte, 35, of Brockton, who's bought about a half-dozen things from Nyopoly since she first heard about the site from her mother in January. "It's more convenient, and it gives you more flexibility than sites that say, 'This is our price; take it or leave it.'"

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Davis Cos. nabs building in Seaport

The Davis Cos. is the new owner of Tower Point @ A Street, and CEO Jonathan Davis has a long list of reasons why the Fort Point office complex in the Seaport District is a great buy at $43.4 million.

The six-story, brick-and-beam 154,143-square-foot office property at 27-43 Wormwood St. is "in the most dynamic redevelopment area in the city," according to Davis.

"When you walk to the Seaport District, the change is palpable," he said. "The property was a little bit on the fringe, historically ... but the development that's going on … is clearly moving in our direction."

Formerly owned by Scarsdale, N.Y.-based Meritage Properties, which purchased it for $32 million in 2008, Tower Point is
77 percent leased in a market that's 90 percent leased, according to Davis.

"So there's an opportunity for some value-add there," he said. "With additional investment and improvement, we should be able to improve the performance of the property."

The Davis Cos. owns and manages a real estate portfolio totaling about 10 million square feet. Its Tower Point purchase was made under the 
$414 million Davis Investment Ventures Fund II, a second real estate investment fund that it finished raising in November.

Tower Point is the third Seaport District property bought by the Boston company. It first acquired the Boston Design Center for $36 million in 1998 and sold it for $96 million in 2006. Last year, it purchased the 75,000-square-foot building at 24 Farnsworth St. for about $14 million. The Unitarian Universalist Association next year will move its headquarters there from Beacon Hill.

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Five top vehicles that’ll get you there in style

As hundreds of motorists hit the road in the spirit of explorer Christopher Columbus this long holiday weekend, there's plenty of options for getting there in style, and in comfort.

As new vehicles continue to roar off dealers' lots, car expert Mike Magrath, features editor at Edmunds.com, has put together a list of five top cars capable of exploring anything, short of crossing an ocean.

"It's about getting there," Magrath said.

With plenty of cargo space and the power to get over rough terrain, these cars will be sure to find adventure all over the globe.

And if you're not so hot on exploring, check out Monday's Herald for a look at five top cars that are perfect for settling down and settling in.

A return to form for the crossover genre, the X1 will handle the rough roads and get you where you need to be. With the right options, Magrath said, "It's almost quicker than it needs to be, which is fun when you are exploring."

At the same time, the X1 is still a BMW, with a quality interior, Magrath said. "It's a good partner for whatever activity you'd like to do." (Base price: $30,900)

The Traverse is "one of the absolute best large crossover SUVs," Magrath said. With "immense" cargo space and a quiet ride, the Traverse will carry seven adults in comfort, and has plenty of ground clearance. (Base price: $30,795)

•  2014 Mercedes-Benz GL-Class

One of the most flexible cars in its class, the Mercedes-Benz GL-Class offers plenty of options, from a fully adjustable off-road suspension to a diesel engine.

"Where the GL really shines is the flexibility and power," Magrath said. "That diesel motor will pull you through any amount of muck and snow." Also available is a V8 engine in multiple sizes. (Base price: $63,000)

An incredibly drivable pickup, the 1500 is a truck you can drive every day, but is more than up to the task when it comes to hauling and towing, Magrath said. The 1500's rear-coil suspension, which replaced the antiquated, but still widely used leaf spring system, sets it apart "when you need this truck to be a truck," Magrath said. (Base price: $24,200)

Big and roomy, the Forester is a "traditional go out there and get things done" car, Magrath said. The flexible cargo space seems tailor-made for muddy boots and a dirty dog, he said.

"Every bit of the Subaru feels like it was designed for rough Vermont winters, and driving it proves that," he said. (Base price: $21,995)

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Providence offers buyers more home for the money

Providence is a small-town city with a lively culture and arts scene that has a lot to offer less than an hour from Boston.

Institutions of higher learning, including Brown University, the Rhode Island School of Design and Johnson & Wales, give this city an academic and artistic vibe. Unpretentious, charming and affordable, Providence continues to evolve, with its revived downtown and thriving food scene as well as cutting-edge restaurants and boutiques on the East Side.

When Kaitlyn Roberts and Jameson McNeill decided to get married a few years ago, they were living between Boston and Providence. The couple knew they could get a lot more for their money in Providence compared to Boston.

"We began our search within a half-mile of the Providence train station, which could take Jameson within 45 minutes direct to South Station," Roberts said. "We ended up with a stunning Victorian-style home with five bedrooms and three bathrooms, on one of Providence's most historic streets, Prospect Street. For the amount we invested in our current home, we would have been lucky to have gotten a one-bedroom in Boston's Back Bay."

The average price of a two-bedroom condo in the 1,500- to 2,000-square-foot range in the Back Bay is about $1.7 million. While in the South End, if there are even any larger two-bedroom homes available, the average price runs over 
$1 million.

The Providence housing market offers buyers a lot more home for their money without skimping on luxury or convenience.

Nancy Markham and Kevin Fox of Residential Properties Limited are the listing brokers of two remaining luxurious loft-style condominiums in the Wayland Square neighborhood of Providence's East Side at 77 South Angell St. that would rival any Boston boutique development.

Unit 301 is a 2,296-square-foot, two-bedroom-plus-study home with two-and-a-half baths and private balcony listed for $974,500. Unit 302 has a similar layout with 1,890 square feet listed for $665,000. Both homes have hardwood floors, a gas fireplace, a high-end kitchen appliance package, walk-in closets and heated garage parking for two cars.

The building is new with state-of-the-art sound-proofed construction, and all 11 units in the building have high efficiency gas heating and central air conditioning.

Marc and Kathryn Dunkelman lived in Washington, D.C., for several years before moving to Providence's East Side last month. As a consultant, Marc Dunkelman could have chosen a number of cities to live in as long as they were a train ride away from New York City for meetings.

The Dunkelmans looked at New Haven, Boston, Baltimore, Philadelphia and Providence.

In the end, they chose Providence because it was a city where they could walk to restaurants, shops and the theater.

"We live in the Wayland Square neighborhood and it really has a small-town feel," said Kathryn Dunkelman.

"The week we moved in, six families welcomed us to the neighborhood with gifts and baked goods."

There will be an open house at 77 South Angell St. for Units 301 and 302 in Providence this Sunday from 2:30 to 4 p.m. Jennifer Athas is a licensed real estate broker. Follow her on Twitter @Jenathas.

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Asia stocks lifted as US inches toward debt deal

BANGKOK — Asian stock markets were boosted Friday by a glimmer of progress in resolving the U.S. budget row that has threatened to leave the U.S. unable to pay its bills.

The gains came after Republican leaders said Thursday they would vote to extend the government's borrowing authority for six weeks. A spokesman for President Barack Obama said he would "likely" sign a bill to increase the nation's ability to borrow money.

The Dow Jones industrial average soared more than 300 points Thursday, breaking a three-week funk in stocks.

The budget impasse has resulted in a partial shutdown of the U.S. government but the bigger worry has been a looming deadline for the U.S. to raise its borrowing limit. Without that authority from lawmakers, the government could default on its debts, sending shockwaves through the global financial system and economy.

Japan's Nikkei 225 stock average was up 1.6 percent at 14,427.45 and Hong Kong's Hang Seng added 1.3 percent to 23,236.71. Australia's S&P/ASX 200 climbed 1.6 percent to 5,226.60. China's Shanghai Composite Index rose 1.2 percent to 2,210.32.

Markets were higher in Singapore, South Korea, India and elsewhere in the region.

"The noises out of Washington have begun to sound a little more encouraging," said Alastair McCaig, market analyst at IG.

Among individual stocks, Toyota Motor Corp. rose 1.1 percent in Tokyo after a U.S. jury ruled that the automaker is not liable for the death of a woman who was killed when her 2006 Camry apparently accelerated and crashed despite her efforts to stop.

The outcome of the lawsuit could influence whether Toyota should be held responsible for sudden unintended acceleration as part of a larger group of lawsuits filed in U.S. state courts following a series of massive recalls for quality defects.

In energy trading, benchmark crude for November delivery was down 25 cents at $102.75 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.40 to close at $103.01 on Thursday.

In currencies, the euro rose to $1.3535 from $1.3526 late Thursday. The dollar rose to 98.45 yen from 98.16 yen.

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Gear needs to watch out for the competition

Samsung's new Galaxy Gear — the latest entrant to the nascent smartwatch wars — is a big win.

Not for Samsung — but for its chief rival, Apple.

That's because the Gear, debuting at $299 with a variety of color options, is just good enough to pique consumer interest in the new product category. But it's not good enough to justify a purchase at the current price. It just opens the door to a red-­carpet rollout for Apple's ex­pected Next Big Thing, the iWatch.

The Gear I tested is from AT&T, where it recently launched. It becomes available through Verizon today. To be sure, the Gear is a handsome piece of hardware. Understandably larger than conventional watches but hardly an eyesore, the Gear has a touchscreen interface and a single button on one side.

It pairs easily via Bluetooth with the Galaxy Note 3, currently its only compatible smartphone. This makes some sense due to the size of the Note, a smartphone/tablet hybrid that is too big to carry on a run. The third iteration Note is an excellent device unto itself, especially for business travelers.

Users can answer, screen or make calls with the Gear. The sound quality is surprisingly good. And a tiny camera will make you feel like James Bond. Though more apps will come, the Samsung store has only 13 mobile apps for the Gear. One standout is our hometown's own Runkeeper, which logs your distance and workouts using the Gear's built-in pedometer. The only social networking app for Gear is a little-known but excellent service called Path. So while the watch will alert you to a pending notification from services like Facebook and Twitter, you have to take out the phone to see the content. Voice recognition is a bit shoddy.

At about half the price, many may prefer the Pebble Watch, the Kickstarter-­funded smartwatch that is compatible with both Apple and Android. But I wouldn't shell out the dough for either unless you're a hardcore gadget geek.

The world of smartwatches has much in store for con­sumers, especially those in the market for fitness-tracking wearable technology. The ability to read and dictate email, post to social networks and other­wise serve as a tiny, on-the-go smartphone are likely all part of that future.

But the Gear is clearly a first-generation device, and if Apple plays its cards right, it could end up pretty similar to the tablets that came before the iPad.

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Asia stocks mixed as US budget deadlock drags on

BANGKOK — Asian stock markets were mixed Thursday as a partial shutdown of the U.S. government dragged on and the threat of a possible default on its debt increased.

Many investors remained on the sidelines ahead of expected testimony by U.S. Treasury Secretary Jack Lew before lawmakers in Washington on Thursday.

Officials said he was expected to reiterate that Congress needed to raise the government's borrowing limit, the so-called debt ceiling, to preventing an unprecedented and potentially disastrous default.

President Barack Obama and Republican congressional leaders have failed to reach an agreement on raising the limit that the government can borrow.

The Treasury has warned it will run out of money if Congress does not agree to raise a $16.7 trillion cap on borrowing by Oct. 17 and allow it to issue more debt. That has raised the specter that the U.S. won't be able to pay interest on its debt.

The Treasury says a default on bond payments could freeze global credit, spike borrowing costs and trigger a collapse worse than the Great Recession.

Republicans say they won't allow more borrowing unless Democrats agree to restructure benefits programs or cut the deficit; the White House has ruled out negotiations tied to the debt cap.

Congress also hasn't taken any discernible steps to end the partial shutdown of the federal government.

The government was forced to furlough workers and halt some services after Congress, bitterly divided over Obama's health care law, refused to approve a short-term funding measure to allow the nation to pay its bills as it entered a new fiscal year this month.

"Lack of advance despite President Obama speaking with senior Republicans induces caution," said Vishnu Varathan of Mizuho Bank Ltd. in Singapore.

Japan's Nikkei rose 0.6 percent to 14,127.55. South Korea's Kospi fell 0.1 percent to 2,000.69. Australia's S&P/ASX 200 shed 0.2 percent to 5,143.10. Benchmarks in Singapore, Indonesia and Thailand rose while mainland China fell.

Wall Street stocks rose slightly on Wednesday. The Dow Jones industrial average rose 0.2 percent to close at 14,803. The Standard & Poor's 500 rose 0.1 percent at 1,656. The Nasdaq composite fell 0.5 percent, to 3,677.

Benchmark crude for November delivery rose 7 cents to $101.68 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.88 to close at $101.61 a barrel on the Nymex on Wednesday.

In currencies, the euro fell to $1.3497 from $1.3517 late Wednesday in New York. The dollar rose to 97.71 yen from 97.54 yen.

___

Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

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IMF: Weaker emerging markets to slow global growth

WASHINGTON — The International Monetary Fund on Tuesday cut its global economic growth forecasts and warned that the U.S. would harm the world economy if it fails to raise its borrowing limit.

The international lending agency said the global economy will grow 2.9 percent this year and 3.6 percent in 2014. Both are 0.2 percentage point lower than the group's July forecasts. The main reason for the downgrade was slower growth in China, India, Brazil and other developing countries.

But the IMF also lowered its outlook for U.S. economic growth this year to 1.6 percent and next year to 2.6 percent. Those are 0.1 percentage point and 0.2 percentage point lower than in July, respectively.

The fund's forecasts assume the U.S. partial government shutdown would last only a short period. But it warned that failure to raise the U.S. government's borrowing limit later this month could lead to a default on U.S. debt. That would push up interest rates, disrupt global financial markets and possibly push the U.S economy back into recession.

"Failure to lift the debt ceiling would be a major event," Olivier Blanchard, the IMF's chief economist, said at a news conference.

U.S. Treasury officials say the government would quickly run out of cash and could default on its obligations if Congress doesn't approve an increase in the borrowing limit by Oct. 17. U.S. Treasury bonds are a key part of the international financial system and a default would have global repercussions. For that reason, many analysts expect the borrowing limit will probably be increased on time.

The IMF's projections for the U.S. economy are slightly below many private-sector forecasts. The group expects growth to increase next year because government spending cuts and tax increases, which took effect earlier this year, won't drag nearly as much.

The U.S. is benefiting from steady consumer and business spending, the IMF said, fueled by a housing rebound, rising stock prices, and a greater willingness by banks to lend.

"Unless there are fiscal accidents, the recovery should continue," Blanchard said.

Europe's economy is also benefiting as government spending cuts and tax increases ease. The IMF forecasts the 17 nations that use the euro currency will expand 1 percent in 2014, after shrinking 0.4 percent this year. Those estimates are mostly unchanged from July.

Many developing countries, particularly India, have been hurt by expectations that the Federal Reserve will soon slow its $85-billion-a-month in bond purchases. That's caused investors to pull money from India, Brazil and other emerging markets as yields on U.S. assets picked up.

The fund slashed its forecast for India's growth 1.8 percentage points to 3.8 percent this year and 1.1 percentage points to 5.1 percent in 2014. It projects that Brazil's economy will expand 2.5 percent this year, the same forecast as July. But it no longer expects growth to accelerate in 2014. It now expects 2.5 percent growth next year, or 0.7 percentage point lower than its previous forecast.

India's central bank has raised interest rates in an effort to stem the flow of money leaving the country, a move that has also slowed growth.

Brazil's economy has been hampered by poor infrastructure and high inflation. That has forced its central bank to also raise interest rates..

The IMF called on the Fed to clearly communicate its plans as it moves toward scaling back the bond purchases. But at the same time, it said the Fed should continue its efforts to stimulate the economy.

"It is time to make plans to exit (bond purchases) and zero interest rates, though it is not yet time to implement those plans," Blanchard said.

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Starbucks promo prods lawmakers to 'come together'

Starbucks CEO Howard Schultz wants lawmakers to come together to resolve their political gridlock. And he's giving away free coffee to customers who set an example how to do it.

From Wednesday to Friday, the coffee chain is offering a free tall brewed coffee to any customer in the U.S. who buys another person a beverage at Starbucks.

The offer is a way to help fellow citizens "support and connect with one another, even as we wait for our elected officials to do the same for our country," Schultz said in a memo to staff on Tuesday.

Schultz wrote that he wants to do something about Americans' uncertainty over the federal government shutdown, the pending debt and default crisis and waning consumer confidence.

"In times like these, a small act of generosity and civility can make a big difference," says an ad being published in The New York Times, Washington Post and USA Today on Wednesday. "Let's see what can happen. #payitforward."

It's not the first time Schultz has waded into the national political debate. In 2011, he asked other chief executives to join him in halting campaign contributions until politicians stopped their partisan bickering. The CEOs of more than 100 companies, from AOL to Zipcar, took the pledge.

Marshal Cohen, chief retail analyst at The NPD Group, said the latest campaign won't likely have much political effect because it lacks the kind of punishment that makes lawmakers think twice, like an impeachment drive.

But it makes for great marketing, especially since many people, especially younger ones, care about brands that have a strong social conscience, Cohen said.

"Will it work on the political level? No. Won't make a dent. Will it work on the commercial end? Absolutely," he said.

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