Boston Herald - Boston Herald

http://bostonherald.com/feed/4 en http://bostonherald.com/business/business_markets/2013/09/uk_charges_4_in_cyber_theft_from_barclays_bank <p>LONDON — British police have charged four men in connection with the theft of 1.3 million pounds ($2.1 million) from a Barclays Bank branch.</p><p>The men — aged between 26 and 47 — were arrested Friday and accused of installing a device on the bank's computer system made it possible to carry out the cyber theft.</p><p>Police said cash, jewels and thousands of credit cards were found in related searches of addresses in the greater London area.</p> Business & Markets Sat, 21 Sep 2013 04:59:08 -0400 Associated Press 1063305441 http://bostonherald.com/business/business_markets/2013/09/bay_state_defense_firms_get_work_despite_cuts <p>Massachusetts companies that work with the U.S. Defense Department are still getting contracts in spite of federal budget cuts, but the firms say those contracts tend to be smaller.</p><p>The Defense Department this week announced more than $865 million in contracts, including $9.9 million to Boston Dynamics of Waltham for work on the Legged Squad Support System, or LS3, a legged robot to help service members carry their gear, following them through rugged terrain and interpreting verbal and visual commands.</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Marie Szaniszlo 1063304391 http://bostonherald.com/business/real_estate/2013/09/cambridge_penthouse_could_be_your_castle <p>This four-bedroom duplex penthouse condo, the home of former Channel 4 meteorologist Mish Michaels, features a dramatic sweeping staircase that joins what were two separate units.</p><p>Part of the 113-unit Bay Square condo complex built in 1989, Michaels and her husband, Wes Atamian, combined two units in 2006 to create a showpiece custom-designed penthouse highlighted by a dramatic two-story vaulted turret with a living area overlooking a great room connected by a curving metal staircase.</p> Real Estate Sat, 21 Sep 2013 00:00:00 -0400 Paul Restuccia 1063304401 http://bostonherald.com/business/business_markets/2013/09/mit_study_us_needs_to_step_up_manufacturing <p>The nation's booming innovation economy is in danger of losing steam and moving overseas unless there is a significant increase in manufacturing in the U.S., according to a new study from the Massachusetts Institute of Technology, but Massachusetts is poised to take advantage of such an increase, a state official says.</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Jordan Graham 1063304411 http://bostonherald.com/business/business_markets/2013/09/colonial_drug_departs_from_harvard_square <p>Another vestige of the much lamented Harvard Square of old will close its doors today.</p><p>Colonial Drug, known for its stock of more than 1,000 fragrances, is relocating after 66 years on Brattle Street to combine with the Stoddard's cutlery store in Newton at month's end.</p><p>"We did business with (Stoddard's owner David Marks') father, and his grandfather did business with our father," co-owner J.P. Botindari said. "We said someday we should get together, and we are. We complement each other."</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Donna Goodison 1063304531 http://bostonherald.com/business/automotive/2013/09/magnificent_jag_is_a_treat_for_all <p>It's the chicken or the egg conundrum: Do you want to be the driver of the sleek 2013 Jaguar XJL or the passenger in the elegant cabin?</p><p>The long wheelbase of the XJL affords rear passengers a playground of luxurious creature comforts. Start with the reclining soft leather seats, drop-down glass trays and personal remote controls for the headrest-mounted entertainment centers. Add a whisper-quiet ride, a footrest to leisurely stretch out your legs, cooled and heated massaging seats and you arrive at work or the weekend estate in style.</p> Automotive Sat, 21 Sep 2013 00:00:00 -0400 Jim Mahoney 1063304386 http://bostonherald.com/business/business_markets/2013/09/pipe_had_leak_1_year_before_hawaii_molasses_spill <p>HONOLULU — A state inspector saw molasses dripping last year from the same spot where a pipe leaked up to 1,400 tons of the sugary substance into Honolulu Harbor earlier this month, killing more than 26,000 fish and other marine life.</p><p>Department of Transportation Deputy Director Randy Grune said Friday he sent a letter in July 2012 to Matson Navigation Co. notifying the company of the leak. The letter, provided to reporters Friday, asked Matson to tell the state when the pipeline was repaired.</p> Business & Markets Fri, 20 Sep 2013 22:27:32 -0400 Associated Press 1063303856 http://bostonherald.com/business/business_markets/2013/09/scheme_to_snag_iphones_leads_to_chaos_in_calif <p>PASADENA, Calif. — An overnight campout for the new iPhone turned chaotic Friday morning when two men were arrested for fighting outside an Apple Store and a man's plan to hire homeless people to wait in line for the coveted devices backfired, authorities said.</p><p>Dozens of people recruited at a downtown Los Angeles homeless shelter to buy iPhones at a Pasadena store were left unpaid, and they mobbed the man who had hired them, Pasadena police Lt. Jason Clawson said.</p> Business & Markets Fri, 20 Sep 2013 21:22:17 -0400 Associated Press 1063302971 http://bostonherald.com/business/business_markets/2013/09/blackberry_slashes_jobs_in_face_of_1b_2q_loss <p>TORONTO — It was once so addictive it inspired the nickname "CrackBerry." President Barack Obama confessed to being among the millions of devotees who couldn't bear to stop tapping feverishly away on its tiny keyboard. Madonna once said she slept with hers under her pillow.</p><p>Then came the iPhone.</p><p>Users newly addicted to Facebook and photo-sharing and Angry Birds started flirting with the opposition. And as more smartphones flooded the market with their supersize Samsung screens and thousands of apps, the BlackBerry failed to keep up with the flash.</p> Business & Markets Fri, 20 Sep 2013 20:06:10 -0400 Associated Press 1063303256 http://bostonherald.com/business/business_markets/2013/09/navy_suspends_company_implicated_in_scheme <p>WASHINGTON — The Navy suspended a Singapore-based company and its president from contracting with the federal government after the arrests earlier this week in a bribery conspiracy scheme.</p><p>The president and chief executive officer of Glenn Defense Marine Asia Ltd., Leonard Francis, and his company and its affiliates are barred from federal contracts and can't receive benefits from federal assistance programs.</p> Business & Markets Fri, 20 Sep 2013 19:52:00 -0400 Associated Press 1063304181 http://bostonherald.com/business/business_markets/2013/09/allegiant_delays_cancels_flights_to_check_md_80s <p>LAS VEGAS — Allegiant Air officials said Friday that delays and cancelations could continue for several days as more than half of the airline's MD-80s remain grounded for overhauls of emergency slides like the ones deployed in an evacuation this week.</p><p>The inflatable chutes worked properly Monday when smoke was reported in the cabin of an Allegiant MD-80 at McCarran International Airport in Las Vegas, company officials said. An incident review, however, found that fleetwide maintenance hadn't complied with the slide manufacturer's recommendations.</p> Business & Markets Fri, 20 Sep 2013 19:51:00 -0400 Associated Press 1063302331 http://bostonherald.com/business/business_markets/2013/09/gop_house_keep_government_open_hit_obamacare <p>WASHINGTON — Charting a collision course with the White House, the Republican-controlled House approved legislation Friday to wipe out the 3-year-old health care law that President Barack Obama has vowed to preserve — and simultaneously prevent a partial government shutdown that neither party claims to want.</p> Business & Markets Fri, 20 Sep 2013 19:35:48 -0400 Associated Press 1063301316 http://bostonherald.com/business/business_markets/2013/09/stocks_drop_as_investors_fret_over_budget_fight <p>Washington's budget fight jolted investors on Friday, reminding them that the next few weeks could bring a lot of uncertainty. Wall Street hates uncertainty.</p><p>Stocks fell in an afternoon sell-off that wiped out most of the gains from a rally earlier this week, when the Federal Reserve decided to keep its huge economic stimulus program intact.</p><p>Major indexes were mixed in morning trading, but turned lower around midday after the U.S. House of Representatives voted to defund President Barack Obama's health care law.</p> Business & Markets Fri, 20 Sep 2013 17:50:51 -0400 Associated Press 1063302201 http://bostonherald.com/business/technology/technology_news/2013/09/senator_concerned_about_apples_fingerprint_tech <p>NEW YORK — Sen. Al Franken is asking Apple for more clarity on privacy and security concerns he has with its use of fingerprint recognition technology in the new iPhone 5S.</p><p>The iPhone 5S, which went on sale Friday, includes a fingerprint sensor that lets users tap the phone's home button to unlock their phone, rather than enter a four-digit passcode.</p> Technology News Fri, 20 Sep 2013 17:39:16 -0400 Associated Press 1063302701 http://bostonherald.com/business/business_markets/2013/09/oil_falls_as_another_us_budget_battle_looms <p>NEW YORK — Oil fell more than 1 percent Friday as fears of a disruption to Middle East supplies eased while concerns about a shutdown of the U.S. government grew stronger.</p><p>Benchmark oil for October delivery dropped $1.72, or 1.4 percent, to close at $104.67 per barrel on the New York Mercantile Exchange. For the week, oil dropped $3.54, or 3.3 percent. That's despite a 2.5 percent increase on Wednesday, when the U.S. Federal Reserve announced it would keep its stimulus policy in place.</p> Business & Markets Fri, 20 Sep 2013 17:14:39 -0400 Associated Press 1063303601 http://bostonherald.com/business/business_markets/2013/09/moodys_established_gambling_markets_faltering <p>LAS VEGAS — Established gambling towns like Las Vegas and Atlantic City are hurting as more states start welcoming bettors' dollars, Moody's Investors Service warned this week.</p><p>The credit rating agency issued a report describing a shift in casino tax revenues away from New Jersey, Indiana and Nevada to new markets in places like Pennsylvania, Illinois and Ohio.</p><p>The recession crushed gambling revenues across the county, and casino towns have been slow to bounce back.</p> Business & Markets Fri, 20 Sep 2013 16:13:19 -0400 Associated Press 1063303041 http://bostonherald.com/business/business_markets/2013/09/obama_moves_to_limit_power_plant_carbon_pollution <p>WASHINGTON — Linking global warming to public health, disease and extreme weather, the Obama administration pressed ahead Friday with tough requirements to limit carbon pollution from new power plants, despite protests from industry and Republicans that it would dim coal's future.</p> Business & Markets Fri, 20 Sep 2013 16:02:01 -0400 Associated Press 1063301306 http://bostonherald.com/business/healthcare/2013/09/ag_rides_for_dead_people_billed_to_medicaid_program <p>A medical transportation company billed the government for rides for dead people, according to the attorney general's office, which today indicted the owner of the Webster-based business for allegedly defrauding a Medicaid program of more than $470,000.</p><p>Cynthia J. Keegan, 50, of Webster and her company, Cross Roads Trolley, were indicted yesterday by a Worcester County grand jury for multiple counts of larceny and Medicaid false claims.</p> Healthcare Fri, 20 Sep 2013 12:21:00 -0400 Ariel Rodriguez 1063302521 http://bostonherald.com/business/business_markets/2013/09/employers_cut_jobs_in_20_us_states_in_august <p>WASHINGTON — Employers cut jobs in 20 states last month, suggesting modest improvement in the U.S. job market this year is not enough to benefit all areas of the country.</p><p>The Labor Department said Friday that 29 states added jobs, while Montana showed no net gain or loss in August. Unemployment rates rose in 18 states, fell in 17 and were unchanged in 15.</p><p>"The picture is decidedly mixed," said Jim Diffley, chief US regional economist at IHS Global Insight. "We're still optimistic about the improvement (in hiring), but it's been slow."</p> Business & Markets Fri, 20 Sep 2013 11:59:51 -0400 Associated Press 1063302231 http://bostonherald.com/business/real_estate/2013/09/much_needed_hub_condos_on_the_way <p> </p><p>For the past year, Bay State homeowners and potential home buyers competed in bidding wars as they targeted a dwindling supply of properties for sale. Massachusetts' housing market rebounded strongly in the first two quarters as the median sale price for single-family homes and condos jumped at double-digit rates and sales reached levels not seen since 2006.</p><p>But has the market cooled with mortgage rates up by a full percentage point over the past four months? And if so, what will the fall and winter markets look like?</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Jennifer Athas 1063300131

http://bostonherald.com/feed/4 en http://bostonherald.com/business/business_markets/2013/09/uk_charges_4_in_cyber_theft_from_barclays_bank <p>LONDON — British police have charged four men in connection with the theft of 1.3 million pounds ($2.1 million) from a Barclays Bank branch.</p><p>The men — aged between 26 and 47 — were arrested Friday and accused of installing a device on the bank's computer system made it possible to carry out the cyber theft.</p><p>Police said cash, jewels and thousands of credit cards were found in related searches of addresses in the greater London area.</p> Business & Markets Sat, 21 Sep 2013 04:59:08 -0400 Associated Press 1063305441 http://bostonherald.com/business/business_markets/2013/09/bay_state_defense_firms_get_work_despite_cuts <p>Massachusetts companies that work with the U.S. Defense Department are still getting contracts in spite of federal budget cuts, but the firms say those contracts tend to be smaller.</p><p>The Defense Department this week announced more than $865 million in contracts, including $9.9 million to Boston Dynamics of Waltham for work on the Legged Squad Support System, or LS3, a legged robot to help service members carry their gear, following them through rugged terrain and interpreting verbal and visual commands.</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Marie Szaniszlo 1063304391 http://bostonherald.com/business/real_estate/2013/09/cambridge_penthouse_could_be_your_castle <p>This four-bedroom duplex penthouse condo, the home of former Channel 4 meteorologist Mish Michaels, features a dramatic sweeping staircase that joins what were two separate units.</p><p>Part of the 113-unit Bay Square condo complex built in 1989, Michaels and her husband, Wes Atamian, combined two units in 2006 to create a showpiece custom-designed penthouse highlighted by a dramatic two-story vaulted turret with a living area overlooking a great room connected by a curving metal staircase.</p> Real Estate Sat, 21 Sep 2013 00:00:00 -0400 Paul Restuccia 1063304401 http://bostonherald.com/business/business_markets/2013/09/mit_study_us_needs_to_step_up_manufacturing <p>The nation's booming innovation economy is in danger of losing steam and moving overseas unless there is a significant increase in manufacturing in the U.S., according to a new study from the Massachusetts Institute of Technology, but Massachusetts is poised to take advantage of such an increase, a state official says.</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Jordan Graham 1063304411 http://bostonherald.com/business/business_markets/2013/09/colonial_drug_departs_from_harvard_square <p>Another vestige of the much lamented Harvard Square of old will close its doors today.</p><p>Colonial Drug, known for its stock of more than 1,000 fragrances, is relocating after 66 years on Brattle Street to combine with the Stoddard's cutlery store in Newton at month's end.</p><p>"We did business with (Stoddard's owner David Marks') father, and his grandfather did business with our father," co-owner J.P. Botindari said. "We said someday we should get together, and we are. We complement each other."</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Donna Goodison 1063304531 http://bostonherald.com/business/automotive/2013/09/magnificent_jag_is_a_treat_for_all <p>It's the chicken or the egg conundrum: Do you want to be the driver of the sleek 2013 Jaguar XJL or the passenger in the elegant cabin?</p><p>The long wheelbase of the XJL affords rear passengers a playground of luxurious creature comforts. Start with the reclining soft leather seats, drop-down glass trays and personal remote controls for the headrest-mounted entertainment centers. Add a whisper-quiet ride, a footrest to leisurely stretch out your legs, cooled and heated massaging seats and you arrive at work or the weekend estate in style.</p> Automotive Sat, 21 Sep 2013 00:00:00 -0400 Jim Mahoney 1063304386 http://bostonherald.com/business/business_markets/2013/09/pipe_had_leak_1_year_before_hawaii_molasses_spill <p>HONOLULU — A state inspector saw molasses dripping last year from the same spot where a pipe leaked up to 1,400 tons of the sugary substance into Honolulu Harbor earlier this month, killing more than 26,000 fish and other marine life.</p><p>Department of Transportation Deputy Director Randy Grune said Friday he sent a letter in July 2012 to Matson Navigation Co. notifying the company of the leak. The letter, provided to reporters Friday, asked Matson to tell the state when the pipeline was repaired.</p> Business & Markets Fri, 20 Sep 2013 22:27:32 -0400 Associated Press 1063303856 http://bostonherald.com/business/business_markets/2013/09/scheme_to_snag_iphones_leads_to_chaos_in_calif <p>PASADENA, Calif. — An overnight campout for the new iPhone turned chaotic Friday morning when two men were arrested for fighting outside an Apple Store and a man's plan to hire homeless people to wait in line for the coveted devices backfired, authorities said.</p><p>Dozens of people recruited at a downtown Los Angeles homeless shelter to buy iPhones at a Pasadena store were left unpaid, and they mobbed the man who had hired them, Pasadena police Lt. Jason Clawson said.</p> Business & Markets Fri, 20 Sep 2013 21:22:17 -0400 Associated Press 1063302971 http://bostonherald.com/business/business_markets/2013/09/blackberry_slashes_jobs_in_face_of_1b_2q_loss <p>TORONTO — It was once so addictive it inspired the nickname "CrackBerry." President Barack Obama confessed to being among the millions of devotees who couldn't bear to stop tapping feverishly away on its tiny keyboard. Madonna once said she slept with hers under her pillow.</p><p>Then came the iPhone.</p><p>Users newly addicted to Facebook and photo-sharing and Angry Birds started flirting with the opposition. And as more smartphones flooded the market with their supersize Samsung screens and thousands of apps, the BlackBerry failed to keep up with the flash.</p> Business & Markets Fri, 20 Sep 2013 20:06:10 -0400 Associated Press 1063303256 http://bostonherald.com/business/business_markets/2013/09/navy_suspends_company_implicated_in_scheme <p>WASHINGTON — The Navy suspended a Singapore-based company and its president from contracting with the federal government after the arrests earlier this week in a bribery conspiracy scheme.</p><p>The president and chief executive officer of Glenn Defense Marine Asia Ltd., Leonard Francis, and his company and its affiliates are barred from federal contracts and can't receive benefits from federal assistance programs.</p> Business & Markets Fri, 20 Sep 2013 19:52:00 -0400 Associated Press 1063304181 http://bostonherald.com/business/business_markets/2013/09/allegiant_delays_cancels_flights_to_check_md_80s <p>LAS VEGAS — Allegiant Air officials said Friday that delays and cancelations could continue for several days as more than half of the airline's MD-80s remain grounded for overhauls of emergency slides like the ones deployed in an evacuation this week.</p><p>The inflatable chutes worked properly Monday when smoke was reported in the cabin of an Allegiant MD-80 at McCarran International Airport in Las Vegas, company officials said. An incident review, however, found that fleetwide maintenance hadn't complied with the slide manufacturer's recommendations.</p> Business & Markets Fri, 20 Sep 2013 19:51:00 -0400 Associated Press 1063302331 http://bostonherald.com/business/business_markets/2013/09/gop_house_keep_government_open_hit_obamacare <p>WASHINGTON — Charting a collision course with the White House, the Republican-controlled House approved legislation Friday to wipe out the 3-year-old health care law that President Barack Obama has vowed to preserve — and simultaneously prevent a partial government shutdown that neither party claims to want.</p> Business & Markets Fri, 20 Sep 2013 19:35:48 -0400 Associated Press 1063301316 http://bostonherald.com/business/business_markets/2013/09/stocks_drop_as_investors_fret_over_budget_fight <p>Washington's budget fight jolted investors on Friday, reminding them that the next few weeks could bring a lot of uncertainty. Wall Street hates uncertainty.</p><p>Stocks fell in an afternoon sell-off that wiped out most of the gains from a rally earlier this week, when the Federal Reserve decided to keep its huge economic stimulus program intact.</p><p>Major indexes were mixed in morning trading, but turned lower around midday after the U.S. House of Representatives voted to defund President Barack Obama's health care law.</p> Business & Markets Fri, 20 Sep 2013 17:50:51 -0400 Associated Press 1063302201 http://bostonherald.com/business/technology/technology_news/2013/09/senator_concerned_about_apples_fingerprint_tech <p>NEW YORK — Sen. Al Franken is asking Apple for more clarity on privacy and security concerns he has with its use of fingerprint recognition technology in the new iPhone 5S.</p><p>The iPhone 5S, which went on sale Friday, includes a fingerprint sensor that lets users tap the phone's home button to unlock their phone, rather than enter a four-digit passcode.</p> Technology News Fri, 20 Sep 2013 17:39:16 -0400 Associated Press 1063302701 http://bostonherald.com/business/business_markets/2013/09/oil_falls_as_another_us_budget_battle_looms <p>NEW YORK — Oil fell more than 1 percent Friday as fears of a disruption to Middle East supplies eased while concerns about a shutdown of the U.S. government grew stronger.</p><p>Benchmark oil for October delivery dropped $1.72, or 1.4 percent, to close at $104.67 per barrel on the New York Mercantile Exchange. For the week, oil dropped $3.54, or 3.3 percent. That's despite a 2.5 percent increase on Wednesday, when the U.S. Federal Reserve announced it would keep its stimulus policy in place.</p> Business & Markets Fri, 20 Sep 2013 17:14:39 -0400 Associated Press 1063303601 http://bostonherald.com/business/business_markets/2013/09/moodys_established_gambling_markets_faltering <p>LAS VEGAS — Established gambling towns like Las Vegas and Atlantic City are hurting as more states start welcoming bettors' dollars, Moody's Investors Service warned this week.</p><p>The credit rating agency issued a report describing a shift in casino tax revenues away from New Jersey, Indiana and Nevada to new markets in places like Pennsylvania, Illinois and Ohio.</p><p>The recession crushed gambling revenues across the county, and casino towns have been slow to bounce back.</p> Business & Markets Fri, 20 Sep 2013 16:13:19 -0400 Associated Press 1063303041 http://bostonherald.com/business/business_markets/2013/09/obama_moves_to_limit_power_plant_carbon_pollution <p>WASHINGTON — Linking global warming to public health, disease and extreme weather, the Obama administration pressed ahead Friday with tough requirements to limit carbon pollution from new power plants, despite protests from industry and Republicans that it would dim coal's future.</p> Business & Markets Fri, 20 Sep 2013 16:02:01 -0400 Associated Press 1063301306 http://bostonherald.com/business/healthcare/2013/09/ag_rides_for_dead_people_billed_to_medicaid_program <p>A medical transportation company billed the government for rides for dead people, according to the attorney general's office, which today indicted the owner of the Webster-based business for allegedly defrauding a Medicaid program of more than $470,000.</p><p>Cynthia J. Keegan, 50, of Webster and her company, Cross Roads Trolley, were indicted yesterday by a Worcester County grand jury for multiple counts of larceny and Medicaid false claims.</p> Healthcare Fri, 20 Sep 2013 12:21:00 -0400 Ariel Rodriguez 1063302521 http://bostonherald.com/business/business_markets/2013/09/employers_cut_jobs_in_20_us_states_in_august <p>WASHINGTON — Employers cut jobs in 20 states last month, suggesting modest improvement in the U.S. job market this year is not enough to benefit all areas of the country.</p><p>The Labor Department said Friday that 29 states added jobs, while Montana showed no net gain or loss in August. Unemployment rates rose in 18 states, fell in 17 and were unchanged in 15.</p><p>"The picture is decidedly mixed," said Jim Diffley, chief US regional economist at IHS Global Insight. "We're still optimistic about the improvement (in hiring), but it's been slow."</p> Business & Markets Fri, 20 Sep 2013 11:59:51 -0400 Associated Press 1063302231 http://bostonherald.com/business/real_estate/2013/09/much_needed_hub_condos_on_the_way <p> </p><p>For the past year, Bay State homeowners and potential home buyers competed in bidding wars as they targeted a dwindling supply of properties for sale. Massachusetts' housing market rebounded strongly in the first two quarters as the median sale price for single-family homes and condos jumped at double-digit rates and sales reached levels not seen since 2006.</p><p>But has the market cooled with mortgage rates up by a full percentage point over the past four months? And if so, what will the fall and winter markets look like?</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Jennifer Athas 1063300131

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Boston Herald - Boston Herald

http://bostonherald.com/feed/4%2039%2037%2038%2041%2036%2040 en http://bostonherald.com/business/real_estate/2013/09/much_needed_hub_condos_on_the_way <p> </p><p>For the past year, Bay State homeowners and potential home buyers competed in bidding wars as they targeted a dwindling supply of properties for sale. Massachusetts' housing market rebounded strongly in the first two quarters as the median sale price for single-family homes and condos jumped at double-digit rates and sales reached levels not seen since 2006.</p><p>But has the market cooled with mortgage rates up by a full percentage point over the past four months? And if so, what will the fall and winter markets look like?</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Jennifer Athas 1063300131 http://bostonherald.com/business/real_estate/2013/09/price_y_offices_rise_in_seaport <p>Shovels were ceremoniously lifted yesterday to mark construction already under way on the first office tower in Seaport Square, one of the largest mixed-used, master plan developments in the nation in one of the fastest growing areas of the city.</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Donna Goodison 1063300231 http://bostonherald.com/business/technology/technology_news/2013/09/3_mayoral_candidates_who_understand_innovation <p>In a race focused heavily on schools, jobs and crime, mayoral candidates John R. Connolly, John F. Barros and Michael P. Ross have emerged as the tech trio – the ones who understand the critical role that innovation could play in the next administration.</p> Technology News Fri, 20 Sep 2013 00:00:00 -0400 Jessica Van Sack 1063300636 http://bostonherald.com/business/business_markets/2013/09/mit_prez_fed_budget_cuts_killing_growth <p> </p><p>Massive federal budget cuts are threatening Boston's innovation economy, and could significantly derail the industry's momentum years from now, education and business leaders say.</p><p>"It would be hard to overstate the negative impact on the people, the businesses and the future of Greater Boston and our nation," MIT President Rafael Reif yesterday told the Greater Boston Chamber of Commerce.</p> Business & Markets Fri, 20 Sep 2013 00:00:00 -0400 Jordan Graham
, Chris Cassidy 1063300641 http://bostonherald.com/business/business_markets/2013/09/the_ticker_5 <p><strong>Logan to get Dubai flights</strong></p><p>The Massachusetts Port Authority yesterday announced that Emirates Airlines will begin daily nonstop flights from Dubai to Boston starting March 14.</p><p>The Emirates service comes with a $1.5 million sweetener, a Massport incentive program that includes landing fee credits and joint advertising opportunities.</p><p>The flights on Emirates follow announcements in the past 18 months of new international service between Logan and Tokyo, Panama City and Istanbul.</p> Business & Markets Fri, 20 Sep 2013 00:00:00 -0400 herald.staff 1063300696 http://bostonherald.com/business/automotive/2013/09/california_adopts_ride_hailing_service_regulations <p>SAN FRANCISCO — Web-based ride-hailing companies will have to make sure drivers undergo training and criminal background checks and have commercial liability insurance under rules approved Thursday by California regulators.</p><p>The state Public Utilities Commission voted unanimously in favor of those rules and others for such companies as Lyft and Sidecar. Both companies rely on smartphone applications to connect riders and drivers who use their own vehicles.</p><p>Commissioners said the rules were needed to ensure public safety.</p> Automotive Thu, 19 Sep 2013 22:17:13 -0400 Associated Press 1063298791 http://bostonherald.com/business/business_markets/2013/09/senate_passes_bill_to_avert_helium_shortage <p>WASHINGTON — Break out the balloons.</p><p>Congress moved a step closer Thursday to averting an impending shutdown of the federal helium reserve, a key supplier of the lighter-than-air gas used in a products ranging from party balloons to MRI machines.</p><p>The Federal Helium Program, which provides about 42 percent of the nation's helium from a storage site near Amarillo, Texas, is set to shut down Oct. 7 unless lawmakers intervene. The shutdown is a result of a 1996 law requiring the reserve to pay off a $1.3 billion debt by selling its helium.</p> Business & Markets Thu, 19 Sep 2013 19:17:22 -0400 Associated Press 1063299126 http://bostonherald.com/business/business_markets/2013/09/jpmorgan_admits_fault_pays_920m_in_trading_loss <p>WASHINGTON — The financial penalty is staggering. JPMorgan Chase &amp; Co. will pay $920 million for trading losses that shook the financial world last year.</p><p>But the bigger price may be a few words rarely uttered in settlements with U.S. regulators: The nation's largest bank is also admitting wrongdoing.</p><p>JPMorgan's acknowledged failure of oversight in the $6 billion trading loss is a first for a major company since the Securities and Exchange Commission reversed its longstanding practice of allowing firms to pay fines without accepting fault.</p> Business & Markets Thu, 19 Sep 2013 18:27:41 -0400 Associated Press 1063297606 http://bostonherald.com/business/business_markets/2013/09/ex_halliburton_manager_charged_in_gulf_spill_probe <p>NEW ORLEANS — A former Halliburton manager was charged Thursday with destroying evidence following BP's 2010 oil spill in the Gulf of Mexico, a case that coincides with a guilty plea to a related charge by the Houston-based oilfield services company.</p><p>Anthony Badalamenti, who had been the cementing technology director for Halliburton Energy Services Inc., was charged in federal court with instructing two other employees to delete data during a post-spill review of the cement job on BP's blown-out well.</p> Business & Markets Thu, 19 Sep 2013 17:12:15 -0400 Associated Press 1063297266 http://bostonherald.com/business/business_markets/2013/09/man_accused_in_bogus_phone_bill_scheme_indicted <p>HELENA, Mont. — A Montana man being sued by the federal government over $70 million in charges to unsuspecting phone customers' bills nationwide is now facing criminal counts of wire fraud, conspiracy and money laundering.</p><p>The 35-count indictment against Steve Sann was unsealed Wednesday during a settlement conference in a separate civil lawsuit filed by the Federal Trade Commission over the allegations.</p> Business & Markets Thu, 19 Sep 2013 16:40:21 -0400 Associated Press 1063298406 http://bostonherald.com/business/business_markets/2013/09/americans_increasingly_hungry_for_hipster_foods <p>So maybe the chance to taste the flaky spawn of a doughnut and croissant won't get you lining up at the crack of dawn. Maybe you're holding out for a burger nestled between fried ramen noodles. Or perhaps it's the elusive McRib that moves you.</p><p>Whatever flies your foodie flag, it's hard to deny that Americans love feeling part of something deliciously exclusive, that they clamor to taste trendy, hard-to-get morsels.</p> Business & Markets Thu, 19 Sep 2013 16:30:14 -0400 Associated Press 1063298871 http://bostonherald.com/business/technology/technology_news/2013/09/tj_maxx_lets_customers_shop_online <p>NEW YORK — Deal hunters have a new online option: This week, off-price retailer T.J. Maxx has quietly begun letting its customers shop online.</p><p>Off-price retailers like T.J. Maxx buy excess clothing and home goods from other merchants and sells them at about 20 percent to 60 percent off regular prices.</p> Technology News Thu, 19 Sep 2013 15:59:17 -0400 Associated Press 1063298891 http://bostonherald.com/business/business_markets/2013/09/postmaster_says_usps_may_need_emergency_rate_hike <p>WASHINGTON — Postmaster General Patrick Donahoe said Thursday his agency is in "the midst of a financial disaster" and may need an emergency increase in postage rates to keep operating.</p><p>"The Postal Service as it exists today is financially unsustainable," he told the Senate Homeland Security and Governmental Affairs Committee. It's a message that the postmaster general has been delivering to Congress with regularity over the past several months.</p> Business & Markets Thu, 19 Sep 2013 15:18:47 -0400 Associated Press 1063297716 http://bostonherald.com/business/business_markets/2013/09/pandora_boosts_stock_offering_as_shares_hit_high <p>LOS ANGELES — Pandora stock hit an all-time high Thursday in the wake of a court ruling that should help the Internet radio giant trim its songwriter royalty costs.</p> Business & Markets Thu, 19 Sep 2013 13:54:35 -0400 Associated Press 1063298411 http://bostonherald.com/business/business_markets/2013/09/google_releases_digital_wallet_app_for_iphones <p>SAN FRANCISCO — Google is bringing its digital wallet to the iPhone in its latest attempt to upstage Apple on its own popular device.</p><p>Thursday's release of the Google Wallet app represents a challenge to the Passbook program that Apple has built into the iPhone's operating system.</p><p>Both Google Wallet and Passbook allow iPhone users to store loyalty cards from some merchants and scan coupons offering discounts.</p> Business & Markets Thu, 19 Sep 2013 13:43:30 -0400 Associated Press 1063298446 http://bostonherald.com/business/business_markets/2013/09/mass_unemployment_rate_flat_despite_7500_new_jobs_in_august <p>Massachusetts added 7,500 jobs in August but the unemployment rate stayed flat at 7.2 percent, officials said today.</p><p>The private sector added 6,700 jobs in August, as education and health services, leisure and hospitality, manufacturing, construction, information and financial activities all added to their ranks, the preliminary Bureau of Labor Statistics estimates show. Government added 800 jobs over the month and 1,600 over the year.</p> Business & Markets Thu, 19 Sep 2013 12:00:00 -0400 Marie Szaniszlo 1063298086 http://bostonherald.com/business/technology/technology_news/2013/09/mass_computer_contact_had_many_problems <p>BOSTON — A state contract for a computer system to process unemployment claims provided few protections for taxpayers and little oversight of consultants, resulting in a system that arrived years late, millions of dollars over budget, and riddled with problems, according to review of contract documents.</p> Technology News Thu, 19 Sep 2013 11:02:04 -0400 Associated Press 1063297341 http://bostonherald.com/business/media_marketing/2013/09/mass_adds_jobs_but_jobless_rate_remains_steady <p>BOSTON — The Massachusetts unemployment rate held steady at 7.2 percent last month even though the state added 7,500 jobs.</p><p>The state Executive Office of Labor and Workforce Development announced Thursday that most of the job additions came in the private sector, with the education and health services sector leading the way with about 4,100 new jobs. Leisure and hospitality, manufacturing, and construction also gained jobs.</p><p>The agency says the state has added more than 45,000 jobs in the past 12 months. Revised statistics show the state lost 300 jobs in July.</p> Media & Marketing Thu, 19 Sep 2013 09:48:39 -0400 Associated Press 1063297696 http://bostonherald.com/business/business_markets/2013/09/us_unemployment_benefit_applications_rise_to_309k <p>WASHINGTON — The number of people seeking U.S. unemployment benefits rose 15,000 last week to a seasonally adjusted 309,000. But the data was distorted for the second straight week by reporting delays.</p><p>The Labor Department says the less volatile four-week average fell 7,000 to 314,750, the lowest in nearly six years.</p><p>Applications plummeted two weeks ago when California and Nevada were unable to report all their data because of computer upgrades in both states.</p> Business & Markets Thu, 19 Sep 2013 09:22:34 -0400 Associated Press 1063297546 http://bostonherald.com/business/business_markets/2013/09/mit_president_sequester_choking_innovation_economy <p>"Drastic" federal budget cuts caused by sequestration threaten to derail major innovative breakthroughs — like an AIDS vaccine, 3D printing and digital learning — unless the Hub's business leaders lobby Congress for change, the president of MIT told the Greater Boston Chamber of Commerce this morning.</p> Business & Markets Thu, 19 Sep 2013 09:00:00 -0400 Chris Cassidy 1063297631

http://bostonherald.com/feed/4%2039%2037%2038%2041%2036%2040 en http://bostonherald.com/business/real_estate/2013/09/much_needed_hub_condos_on_the_way <p> </p><p>For the past year, Bay State homeowners and potential home buyers competed in bidding wars as they targeted a dwindling supply of properties for sale. Massachusetts' housing market rebounded strongly in the first two quarters as the median sale price for single-family homes and condos jumped at double-digit rates and sales reached levels not seen since 2006.</p><p>But has the market cooled with mortgage rates up by a full percentage point over the past four months? And if so, what will the fall and winter markets look like?</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Jennifer Athas 1063300131 http://bostonherald.com/business/real_estate/2013/09/price_y_offices_rise_in_seaport <p>Shovels were ceremoniously lifted yesterday to mark construction already under way on the first office tower in Seaport Square, one of the largest mixed-used, master plan developments in the nation in one of the fastest growing areas of the city.</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Donna Goodison 1063300231 http://bostonherald.com/business/technology/technology_news/2013/09/3_mayoral_candidates_who_understand_innovation <p>In a race focused heavily on schools, jobs and crime, mayoral candidates John R. Connolly, John F. Barros and Michael P. Ross have emerged as the tech trio – the ones who understand the critical role that innovation could play in the next administration.</p> Technology News Fri, 20 Sep 2013 00:00:00 -0400 Jessica Van Sack 1063300636 http://bostonherald.com/business/business_markets/2013/09/mit_prez_fed_budget_cuts_killing_growth <p> </p><p>Massive federal budget cuts are threatening Boston's innovation economy, and could significantly derail the industry's momentum years from now, education and business leaders say.</p><p>"It would be hard to overstate the negative impact on the people, the businesses and the future of Greater Boston and our nation," MIT President Rafael Reif yesterday told the Greater Boston Chamber of Commerce.</p> Business & Markets Fri, 20 Sep 2013 00:00:00 -0400 Jordan Graham
, Chris Cassidy 1063300641 http://bostonherald.com/business/business_markets/2013/09/the_ticker_5 <p><strong>Logan to get Dubai flights</strong></p><p>The Massachusetts Port Authority yesterday announced that Emirates Airlines will begin daily nonstop flights from Dubai to Boston starting March 14.</p><p>The Emirates service comes with a $1.5 million sweetener, a Massport incentive program that includes landing fee credits and joint advertising opportunities.</p><p>The flights on Emirates follow announcements in the past 18 months of new international service between Logan and Tokyo, Panama City and Istanbul.</p> Business & Markets Fri, 20 Sep 2013 00:00:00 -0400 herald.staff 1063300696 http://bostonherald.com/business/automotive/2013/09/california_adopts_ride_hailing_service_regulations <p>SAN FRANCISCO — Web-based ride-hailing companies will have to make sure drivers undergo training and criminal background checks and have commercial liability insurance under rules approved Thursday by California regulators.</p><p>The state Public Utilities Commission voted unanimously in favor of those rules and others for such companies as Lyft and Sidecar. Both companies rely on smartphone applications to connect riders and drivers who use their own vehicles.</p><p>Commissioners said the rules were needed to ensure public safety.</p> Automotive Thu, 19 Sep 2013 22:17:13 -0400 Associated Press 1063298791 http://bostonherald.com/business/business_markets/2013/09/senate_passes_bill_to_avert_helium_shortage <p>WASHINGTON — Break out the balloons.</p><p>Congress moved a step closer Thursday to averting an impending shutdown of the federal helium reserve, a key supplier of the lighter-than-air gas used in a products ranging from party balloons to MRI machines.</p><p>The Federal Helium Program, which provides about 42 percent of the nation's helium from a storage site near Amarillo, Texas, is set to shut down Oct. 7 unless lawmakers intervene. The shutdown is a result of a 1996 law requiring the reserve to pay off a $1.3 billion debt by selling its helium.</p> Business & Markets Thu, 19 Sep 2013 19:17:22 -0400 Associated Press 1063299126 http://bostonherald.com/business/business_markets/2013/09/jpmorgan_admits_fault_pays_920m_in_trading_loss <p>WASHINGTON — The financial penalty is staggering. JPMorgan Chase &amp; Co. will pay $920 million for trading losses that shook the financial world last year.</p><p>But the bigger price may be a few words rarely uttered in settlements with U.S. regulators: The nation's largest bank is also admitting wrongdoing.</p><p>JPMorgan's acknowledged failure of oversight in the $6 billion trading loss is a first for a major company since the Securities and Exchange Commission reversed its longstanding practice of allowing firms to pay fines without accepting fault.</p> Business & Markets Thu, 19 Sep 2013 18:27:41 -0400 Associated Press 1063297606 http://bostonherald.com/business/business_markets/2013/09/ex_halliburton_manager_charged_in_gulf_spill_probe <p>NEW ORLEANS — A former Halliburton manager was charged Thursday with destroying evidence following BP's 2010 oil spill in the Gulf of Mexico, a case that coincides with a guilty plea to a related charge by the Houston-based oilfield services company.</p><p>Anthony Badalamenti, who had been the cementing technology director for Halliburton Energy Services Inc., was charged in federal court with instructing two other employees to delete data during a post-spill review of the cement job on BP's blown-out well.</p> Business & Markets Thu, 19 Sep 2013 17:12:15 -0400 Associated Press 1063297266 http://bostonherald.com/business/business_markets/2013/09/man_accused_in_bogus_phone_bill_scheme_indicted <p>HELENA, Mont. — A Montana man being sued by the federal government over $70 million in charges to unsuspecting phone customers' bills nationwide is now facing criminal counts of wire fraud, conspiracy and money laundering.</p><p>The 35-count indictment against Steve Sann was unsealed Wednesday during a settlement conference in a separate civil lawsuit filed by the Federal Trade Commission over the allegations.</p> Business & Markets Thu, 19 Sep 2013 16:40:21 -0400 Associated Press 1063298406 http://bostonherald.com/business/business_markets/2013/09/americans_increasingly_hungry_for_hipster_foods <p>So maybe the chance to taste the flaky spawn of a doughnut and croissant won't get you lining up at the crack of dawn. Maybe you're holding out for a burger nestled between fried ramen noodles. Or perhaps it's the elusive McRib that moves you.</p><p>Whatever flies your foodie flag, it's hard to deny that Americans love feeling part of something deliciously exclusive, that they clamor to taste trendy, hard-to-get morsels.</p> Business & Markets Thu, 19 Sep 2013 16:30:14 -0400 Associated Press 1063298871 http://bostonherald.com/business/technology/technology_news/2013/09/tj_maxx_lets_customers_shop_online <p>NEW YORK — Deal hunters have a new online option: This week, off-price retailer T.J. Maxx has quietly begun letting its customers shop online.</p><p>Off-price retailers like T.J. Maxx buy excess clothing and home goods from other merchants and sells them at about 20 percent to 60 percent off regular prices.</p> Technology News Thu, 19 Sep 2013 15:59:17 -0400 Associated Press 1063298891 http://bostonherald.com/business/business_markets/2013/09/postmaster_says_usps_may_need_emergency_rate_hike <p>WASHINGTON — Postmaster General Patrick Donahoe said Thursday his agency is in "the midst of a financial disaster" and may need an emergency increase in postage rates to keep operating.</p><p>"The Postal Service as it exists today is financially unsustainable," he told the Senate Homeland Security and Governmental Affairs Committee. It's a message that the postmaster general has been delivering to Congress with regularity over the past several months.</p> Business & Markets Thu, 19 Sep 2013 15:18:47 -0400 Associated Press 1063297716 http://bostonherald.com/business/business_markets/2013/09/pandora_boosts_stock_offering_as_shares_hit_high <p>LOS ANGELES — Pandora stock hit an all-time high Thursday in the wake of a court ruling that should help the Internet radio giant trim its songwriter royalty costs.</p> Business & Markets Thu, 19 Sep 2013 13:54:35 -0400 Associated Press 1063298411 http://bostonherald.com/business/business_markets/2013/09/google_releases_digital_wallet_app_for_iphones <p>SAN FRANCISCO — Google is bringing its digital wallet to the iPhone in its latest attempt to upstage Apple on its own popular device.</p><p>Thursday's release of the Google Wallet app represents a challenge to the Passbook program that Apple has built into the iPhone's operating system.</p><p>Both Google Wallet and Passbook allow iPhone users to store loyalty cards from some merchants and scan coupons offering discounts.</p> Business & Markets Thu, 19 Sep 2013 13:43:30 -0400 Associated Press 1063298446 http://bostonherald.com/business/business_markets/2013/09/mass_unemployment_rate_flat_despite_7500_new_jobs_in_august <p>Massachusetts added 7,500 jobs in August but the unemployment rate stayed flat at 7.2 percent, officials said today.</p><p>The private sector added 6,700 jobs in August, as education and health services, leisure and hospitality, manufacturing, construction, information and financial activities all added to their ranks, the preliminary Bureau of Labor Statistics estimates show. Government added 800 jobs over the month and 1,600 over the year.</p> Business & Markets Thu, 19 Sep 2013 12:00:00 -0400 Marie Szaniszlo 1063298086 http://bostonherald.com/business/technology/technology_news/2013/09/mass_computer_contact_had_many_problems <p>BOSTON — A state contract for a computer system to process unemployment claims provided few protections for taxpayers and little oversight of consultants, resulting in a system that arrived years late, millions of dollars over budget, and riddled with problems, according to review of contract documents.</p> Technology News Thu, 19 Sep 2013 11:02:04 -0400 Associated Press 1063297341 http://bostonherald.com/business/media_marketing/2013/09/mass_adds_jobs_but_jobless_rate_remains_steady <p>BOSTON — The Massachusetts unemployment rate held steady at 7.2 percent last month even though the state added 7,500 jobs.</p><p>The state Executive Office of Labor and Workforce Development announced Thursday that most of the job additions came in the private sector, with the education and health services sector leading the way with about 4,100 new jobs. Leisure and hospitality, manufacturing, and construction also gained jobs.</p><p>The agency says the state has added more than 45,000 jobs in the past 12 months. Revised statistics show the state lost 300 jobs in July.</p> Media & Marketing Thu, 19 Sep 2013 09:48:39 -0400 Associated Press 1063297696 http://bostonherald.com/business/business_markets/2013/09/us_unemployment_benefit_applications_rise_to_309k <p>WASHINGTON — The number of people seeking U.S. unemployment benefits rose 15,000 last week to a seasonally adjusted 309,000. But the data was distorted for the second straight week by reporting delays.</p><p>The Labor Department says the less volatile four-week average fell 7,000 to 314,750, the lowest in nearly six years.</p><p>Applications plummeted two weeks ago when California and Nevada were unable to report all their data because of computer upgrades in both states.</p> Business & Markets Thu, 19 Sep 2013 09:22:34 -0400 Associated Press 1063297546 http://bostonherald.com/business/business_markets/2013/09/mit_president_sequester_choking_innovation_economy <p>"Drastic" federal budget cuts caused by sequestration threaten to derail major innovative breakthroughs — like an AIDS vaccine, 3D printing and digital learning — unless the Hub's business leaders lobby Congress for change, the president of MIT told the Greater Boston Chamber of Commerce this morning.</p> Business & Markets Thu, 19 Sep 2013 09:00:00 -0400 Chris Cassidy 1063297631

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Deval Patrick: Surplus no substitute for tech tax

Gov. Deval Patrick chided lawmakers yesterday for their plan to replace the revenue of the soon-to-be-repealed tech tax with surplus funds, slamming it as an irresponsible "roll (of) the dice" amid the state's still-stretched budget.

"I feel that the responsible thing, knowing what all the pressures are on this budget, is to plug the hole. There are others who say let's just repeal the tech tax and roll the dice, and I don't think that's the responsible thing," Patrick told the Herald yesterday after making the rounds with tech industry startups at a Seaport District event.

"I've heard all kinds of ideas being floated … one of them is to use the surplus," Patrick said. "The Legislature has already spent half that surplus. So that surplus is not enough."

Despite previously saying he had "ideas" of how to account for the $161 million the software services tax was expected to generate, Patrick was coy on what he viewed as a replacement.

House Speaker Robert A. DeLeo and Senate President Therese Murray have both vowed to not propose another tax, and instead pointed to excess revenue. Tax revenues, they argued, are currently $140 million beyond projections.

"The ball is in the Legislature's court right now," Patrick said.

Tech sector entrepreneurs greeted Patrick with open arms at yesterday's event celebrating seven startups that "graduated" from education technology accelerator, LearnLaunchX.

They're poised to join the tech industry that was slow to react to the tax, but rode a groundswell of opposition to pressure lawmakers to reverse their stance.

"I definitely need to keep an eye on Beacon Hill," said Matt Rantz, co-founder of Countdown, an online curriculum planning tool. "The whole tech sector (does)."

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Mass. computer contact had many problems

BOSTON — A state contract for a computer system to process unemployment claims provided few protections for taxpayers and little oversight of consultants, resulting in a system that arrived years late, millions of dollars over budget, and riddled with problems.

The Boston Globe (http://b.globe.com/16bkvjM ) reports that the deal allowed contractor Deloitte Consulting miss deadlines and still charge the state about $6 million more than planned.

When the new system went online July 1, two years behind schedule, it erroneously cut hundreds of jobless workers from their benefits, and required thousands of overtime hours by state employees to handle complaints about glitches.

The problems were outlined in state documents obtained by the Globe through a public records request.

Deloitte had no comment on the problems but described the project as "complex and challenging."

___

Information from: The Boston Globe, http://www.bostonglobe.com

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Fed's stimulating words

The Federal Reserve's surprise move yesterday to postpone reducing its economic stimulus program sent stocks soaring and could help the housing market, but it also signals the economy has not rebounded as the Fed hoped, experts said.

"(Outgoing Fed Chairman Ben) Bernanke clearly is suggesting the economy is not ready to walk on its own," said Evan Dangel, a private wealth adviser at Morgan Stanley. "Quite frankly, the last two quantitative easing programs have been largely ineffective in spurring economic growth."

Many analysts had expected the Fed to reduce the amount of bonds it buys per month from $85 billion to between $70 billion and $75 billion. But a spike in mortgage interest rates since the Fed said in May that it would reduce its bond-buying program toward the end of the year led Bernanke to hold steady. Until there is conclusive evidence the economy has improved, the Fed said, the amount will remain unchanged to keep long-term borrowing rates low to boost spending and economic growth.

The Fed also said it plans to keep its key short-term interest rate near zero, at least until unemployment falls to 6.5 percent. The rate was 7.3 percent last month.

"Conditions in the job market today are still far from what all of us would like to see," Bernanke said.

Christopher Geehern, executive vice president of Associated Industries of Massachusetts, said the Fed's downward pressure on interest rates should help the housing market and consumption.

The Standard & Poor's 500 index and Dow Jones Industrial Average rose to record highs on news of the status quo, a jump destined to be short-lived "because what the Fed clearly is signalling is that the economy isn't strong enough to taper off" on stimulus, said Max Wolff, chief economist and strategist for ZT Wealth in New York.

"When you stimulate an economy with policy, there's an element to which the economy becomes dependent on the crutch," Wolff said. "There already are and will be negative side effects — people taking stimulus monetary policy and bidding up the speculative price of assets."

Jeffrey Frankel, a professor at Harvard University's Kennedy School of Government, said the more of these assets the government holds, "the more of a challenge it will be to unwind them."

"It's sufficiently unknown territory," Frankel said. "They don't want to be in the business long term of holding onto mortgage-backed securities."

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Honda recalls Odyssey, Acura MDX for airbag defect

TOKYO — Honda Motor Co. said Thursday it is recalling 318,000 Odyssey minivans in the U.S. and 63,400 Acura MDX sport-utility vehicles in several nations for an airbag defect.

The Japanese automaker said there have been no crashes related to the problem. Honda is also recalling 23,300 Odyssey minivans in Canada.

Tokyo-based Honda said it received complaints recently that the airbag opened unnecessarily in the 2003 and 2004 model year Odyssey and the 2003 Acura MDX because the computer chip for airbag deployment was responding to electrical interference.

Honda said a part called an electrical noise filter needs to be installed to prevent the problem.

The Acura MDX recall covers 56,000 vehicles in the U.S., 1,000 in Japan, 4,800 in Canada and nearly 1,600 in Australia.

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Console stars of Tokyo Game Show not on sale yet

CHIBA, Japan — The Tokyo Game Show this year has two big stars, Sony's PlayStation 4 and the Microsoft Xbox One, the first new home consoles to go on sale in seven years.

But neither console will be on sale in Japan until next year, far behind November releases in the U.S and Europe, and also the first time a new PlayStation console has not been released in Japan first.

Sony and Microsoft both say tailoring the machines for the Japanese market takes more time but many in the gaming world see the delay as symbolic of Japan's loss of its pioneering and leading role in the industry.

With eyes on a comeback, the show at the Makuhari Messe convention center in Chiba, outside Tokyo, has a renewed focus this year on independent game software developers.

The media got a preview of the show Thursday. Sony and Microsoft's booths are huge, with several playable versions of PS4 and Xbox One games, already drawing long lines. The show opens to the public over the weekend.

Game insiders and experts say that encouraging a new breed of game creators is crucial for Japan to regain its status in the game world, ceded over the years to the U.S. and Europe, where startups face fewer obstacles. They lament that the broader stagnation witnessed in Japan Inc. also infected the game world where big success was followed by complacency, and even a stifling of newcomers.

A presentation Thursday by Sony Corp. executives featured that same message. Flashed on a giant screen was the slogan made up of the words "PS," which stands for PlayStation, and "indies," with a big red heart mark in the middle.

Both Sony and Microsoft are eager to woo independent developers to the PS4 and Xbox One, and are making it easier to do so by sharing the consoles' technology with them.

"We are welcoming the contributions of independent developers," said Masayasu Ito, senior vice president at Sony Computer Entertainment, the Tokyo-based electronics and entertainment giant's game division.

Star game producer Keiji Inafune believes Japan must first recognize its failure before it can move on, as most have become too comfortable and set in their ways, resting on the laurels of past success. Still worse, they have grown cautious, and churn out sequels of the old formulas, instead of taking risks, he said.

"Suddenly, Japanese games weren't selling, and they didn't look as good as they used to look, compared to foreign games," he told The Associated Press. "We need to first confront our own defeat, and we need to start learning from the world."

To show by example that he meant business, Inafune quit Capcom, where he had had a lucrative nearly three-decade career, rising to fame with hits such as "Mega Man" and "Dead Rising." His life up to then had been synonymous with Capcom's growth from a total unknown to a global company.

He started his own game company Comcept three years ago.

Taking his message for independence a step further, Inafune is now turning to crowd funding, or going directly to his fans around the world for money to work on his next major game, "Mighty No. 9," through Kickstarter, which allows the public to pledge cash online.

He has already raised more than $2.2 million, and is on his way to raise another million. The pledges are as low as $5, although a $20 minimum is needed to assure you a copy of the new game, and 1 million yen ($10,000) gets you a private dinner date with Inafune himself.

Inafune says he is determined to show Japan is ready to reinvent itself.

"Japan is going to rise again to the top," he said at his Comcept office in Tokyo. "We have to go back to our roots and rediscover what made Japan great."

The Family Computer, or FamiCom, from Nintendo drew fans around the world during the 1980s, kicking off the heyday of Japan's game industry. The games developed for that machine and others that followed, such as Super Mario, Sonic the Hedgehog and Street Fighter, are still iconic franchises.

People around the world who grew up on those classics are part of the new generation of Western game developers, who have learned from and overtaken the Japanese, according to Inafune.

But they are also his fans, waiting for what Inafune and other daring Japanese may produce next, said Inafune, folding his arms across his chest like a fighter and appearing much younger than his 48 years.

Both Sony and Microsoft insist the Japan delay of their machines is to give more time for preparation.

The PlayStation 4, which goes on sale Nov. 15 in the U.S. and Canada, and Nov. 29 in Europe, goes on sale in Japan Feb. 22, 2014 — the first time a major Sony console is not going on sale first in Japan. The PS4 will cost 39,980 yen ($400) in Japan. It will cost $399 in the U.S.

Microsoft Xbox One also isn't set to go on sale in Japan until next year although its global launch is set for Nov. 22. No date for the Japan sale is being announced. Microsoft Corp.'s machine costs $499, but it comes bundled with a Kinect motion-controlled sensor.

Nintendo Co., which makes Pokemon and Super Mario games, started selling the Wii U console last November. Wii U sales totaled 3.61 million units so far. Nintendo is targeting sales of 9 million Wii U units over the fiscal year through March 2014.

The Kyoto-based company generally does not take part in the Tokyo Game Show and hasn't broken with tradition this year.

The company announced late Thursday that President Hiroshi Yamauchi, who engineered Nintendo's growth from a traditional playing-card maker into a global video game maker, died. He was 85. Yamauchi also became principal owner of the Seattle Mariners major league club in 1992, but sold it to Nintendo's U.S. unit in 2004.

Phil Spencer, corporate vice president at Microsoft Game Studios, says tailoring Xbox One for the Japanese market is taking more time, such as making sure the voice recognition feature works and signing on partnerships for local content.

But he denied the importance of Japan was diminishing for Microsoft, and stressed more software titles were in the works for Xbox One, including "D4" from star developer Hidetaka Suehiro.

Instead, he said the changes were more about a growing diversity in types of games because they were being played on smartphones and tablets, as well as consoles.

"The creative capability here is without match," said Spencer.

___

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A guide to understanding Fed's actions Wednesday

WASHINGTON — When the Federal Reserve ends a policy meeting Wednesday, many investors expect it to announce a shift in course. What they don't want are any surprises.

Pretty much everyone expects the Fed to take its first step toward slowing the economic stimulus it's supplied since the financial crisis and the Great Recession swept through the economy five years ago.

Yet it's also assumed the Fed will do so gingerly: with a small cut in its monthly Treasury and mortgage bond purchases — from $85 billion to perhaps $75 billion. Those purchases have helped keep long-term loan rates ultra-low to encourage borrowing and spending.

The Fed is also expected to stress that while it's slowing its bond purchases, it plans no change anytime soon in its benchmark short-term rate. It's kept that rate at a record low near zero since 2008. Investors will be watching for anything the Fed says about this rate, which affects rates on countless business and consumer loans.

Here's what to look for from each of four key events Wednesday: a statement the Fed will issue when its two-day meeting ends; the Fed's updated economic outlook; Chairman Ben Bernanke's news conference; and the reaction of investors:

— FED STATEMENT

This is where the Fed would announce its first slowdown in bond purchases. Many economists expect the cut to come entirely from the Fed's $45 billion a month in Treasury bond purchases. That would leave untouched its $40 billion a month in mortgage bond purchases.

The reasoning: The mortgage bond buying is intended to keep downward pressure on mortgage rates. The Fed likely doesn't want to diminish its support for the housing market, whose gradual but steady comeback has been a pillar for the U.S. economic recovery.

The statement is also where the Fed could strengthen its commitment to keep its key short-term rate at a record low. In December, the Fed began saying it expects to keep this rate near zero at least until unemployment falls to 6.5 percent — as long as the inflation outlook remains mild. Unemployment is now 7.3 percent. And in the past 12 months, consumer prices are up 1.5 percent, below the Fed's 2 percent inflation target.

The Fed could stress anew that 6.5 percent unemployment is merely a threshold, not a trigger, for any rate increase. Which means it might choose to keep the benchmark rate at a record low for an extended period even after unemployment has dipped below 6.5 percent.

That's especially true if unemployment is dropping mainly because more people have stopped looking for work, rather than because employers are hiring lots of people. The government doesn't count people as unemployed once they stop looking for a job.

__ECONOMIC OUTLOOK

This is one of four meetings each year when the Fed updates its economic outlook, based on individual forecasts of board members and regional bank presidents. It's likely to downgrade its outlook as it takes account of reality: The U.S. economy hasn't grown as fast this year as the Fed had expected.

In their previous forecast three months ago, Fed officials predicted that the economy would grow between 2.3 percent and 2.6 this year and between 3 percent and 3.5 percent next year. Most economists think the economy will have grown 2 percent — at best — this year and roughly 2.6 percent next year.

The Fed will update its forecasts for unemployment and inflation, too.

Besides updating its outlook for 2013, 2014 and 2015, the Fed will offer its first economic predictions for 2016.

These numbers will be watched for any hint that the Fed has grown more or less optimistic. More optimism could mean the Fed feels the economy could handle future rate increases relatively soon. Less optimism could signal that any rate increases remain further off.

— BERNANKE NEWS CONFERENCE

This will be a major event — and not just because it will likely follow the Fed's announcement of a pullback in bond buying. It's also Bernanke's next-to-last news conference as chairman before his term ends Jan. 31. (His final news conference will follow the Fed's last meeting of the year in mid-December.) Early this week, Lawrence Summers withdrew from consideration for the chairman's job, leaving the Fed's vice chair, Janet Yellen, as the leading candidate. Obama could announce his choice later this month.

As always, Bernanke will use his news conference to try to clarify any decisions the Fed announces. He's surely hoping for a more positive response than he drew at his June news conference. There, he said he'd been "deputized" by his colleagues to describe a possible path toward slowing the bond purchases. Bernanke said the slowdown would likely start before year's end and be completed by mid-2014.

He stressed that any Fed moves to scale back its support would hinge on how the economy fares. But investors didn't hear such assurances. They responded in panic to the prospect that the Fed would soon reduce its support for the economy. The Dow Jones industrial average sank 560 points in two days.

— MARKET REACTION

Investor response to a pullback in bond purchases is expected to be mild if the Fed announces a slight reduction of around $10 billion a month. That's particularly true if the Fed balances its move by underscoring its commitment to keep its benchmark rate low far into the future.

Economists generally think the Fed has done enough, through comments from Fed officials, to prepare the markets for the start of a modest and gradual reduction in bond purchases.

Yet if the Fed's initial move to trim the purchases is larger than investors expect, watch out. The reaction could be turbulent. And if the Fed surprises everyone and decides against trimming its bond purchases at all?

The markets may just rally.

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Markets subdued ahead of expected Fed tapering

LONDON — The mood in financial markets Wednesday was subdued ahead of a crucial policy statement from the U.S. Federal Reserve.

The Fed is widely expected to begin reducing its monetary stimulus when it concludes its two-day policy meeting later. Since the 2008 global financial crisis, the Fed has pumped trillions into the U.S. economy in an attempt to get the economy going again.

Recent indicators have suggested that the U.S. economy has improved and that's prompted the central bank to consider unwinding down the program. The Fed is currently buying $85 billion worth of financial assets, such as bonds, every month to keep a lid on borrowing rates and get lending going.

Fed chairman Ben Bernanke put markets on notice in May that "tapering" was likely this year. Most economists think the Fed will announce a $10 billion reduction in monthly bond purchases and try to provide a roadmap for the months ahead.

Stock markets are hoping for a small reduction because the bond-buying has kept interest rates super-low, making it cheaper to borrow money. The low bond yields and flow of new money led investors to pile into stocks all round the world. Other repercussions have included gains in commodity prices and a broad-based fall in the dollar.

"What markets are seeking is a sense of direction," said Joshua Mahoney, research analyst at Alpari.

In Europe, the FTSE 100 index of leading British shares was up 0.1 percent at 6,576 while Germany's DAX rose 0.4 percent to 8,632. The CAC-40 in France was 0.5 percent higher at 4,167.

Wall Street was headed for a flat opening, with both Dow futures and the broader S&P 500 futures up 0.1 percent.

The mood was cautious in other financial markets as well. Among currencies, the euro was flat at $1.3353 while the dollar fell 0.1 percent to 99.02. In the oil markets, the benchmark New York crude contract was up 56 cents at $105.98 a barrel.

Earlier, in Asia, Japan's Nikkei 225 rose 1.4 percent to close at 14,505.36 but Australia's S&P/ASX 200 lost 0.3 percent to 5,238.10. Hong Kong's Hang Seng, which had gained more than 1,000 points so far this September by Tuesday's close, fell 0.3 percent to 23,117.45 as investors booked profits.

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Futures rising ahead of Fed's economic update

NEW YORK — Stock futures rose for the fourth consecutive day ahead of the latest economic outlook from the Fed.

Dow Jones industrial futures rose 7 points to 15,472. S&P futures gained 1.5 points to 1,699.80. Nasdaq futures added 8.50 points to 3,192.50.

The U.S. Federal Reserve on Wednesday may announce the first retreat in its massive bond-buying program which has flooded international markets with cash and kept interest rates low.

Most economists expect a pullback in bond purchases because the economy has exhibited consistent signs of a recovery, even though there are still millions of unemployed Americans.

That dynamic continues to play out.

The government earlier this month revised downward the number of jobs that were added in June and July. On Wednesday, the Commerce Department said that homebuilders sought permits for new projects at the fastest pace in five years. And ground was broken on more single-family homes than was seen in the past six months.

On the corporate front, Walgreen became the latest major employer to ditch its insurance coverage for workers, instead sending them shopping for their own.

It joins Sears and other major companies that are doing the same.

The nation's largest drugstore chain said Wednesday that it will start giving workers a contribution toward the cost of coverage and then send them to a private health insurance exchange where they will pick from as many as 25 plans.

Also on Wednesday, FedEx reported that its quarterly profit rose 7 percent.

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Manchester United's full year revenues hit record

LONDON — English soccer champion Manchester United PLC projected Wednesday that it will generate revenues over $650 million in the current financial year as it posted record full-year revenues.

United pointed to the enduring success of its commercial operation in helping to maintain the club as a force on and off the pitch.

However, United is currently in a transition period as David Moyes has replaced Alex Ferguson after more than 26 years as manager. Ferguson stood down in May after the club won its 20th English league title, two more than any other.

Moyes will be hoping the club's financial strength will help him replicate the success of his predecessor. Owned by the American-based Glazer family, United reported a 13 percent rise in revenue to 363.2 million pounds ($578 million) in the year to June 30. It expects that to soar to between 420 million pounds ($669 million) and 430 million pounds ($686 million) in 2013-14.

United reported a net profit of 17.2 million pounds ($27 million) from 4.5 million pounds ($7 million) the year before, while the cash balance rose by a third to 94.4 million pounds ($151 million),

The club's gross debt dropped by 11 percent to 389.2 million pounds ($622 million), although the cost of serving those liabilities rose to 71 million pounds ($113 million) in the year.

"We are comfortable with the leverage levels where we are," executive vice chairman Ed Woodward said on an investor call.

Woodward said the club delivered on its targets and objectives during its first year listed on the New York Stock Exchange.

Commercial income alone grew by 30 percent during the year to 152.5 million pounds ($244 million) as 20 sponsorship deals were announced.

"Our commercial business continues to be a very powerful engine of growth enabling the team to continue to be successful," Woodward said in a statement. "We won our 20th English League title last season and are delighted to have David Moyes lead our football team into a new and exciting chapter."

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Court decides if gay juror can be taken off case

SAN FRANCISCO — A multibillion dollar case between two giant pharmaceutical companies grappling over arcane antitrust issues has unexpectedly turned into a gay rights legal imbroglio that raises questions over whether lawyers can bounce potential jurors solely based on their sexual orientation.

The case before the 9th U.S. Circuit Court of Appeals in San Francisco on Wednesday centers on whether Abbott Laboratories broke antitrust laws when it increased the price of its popular and vital AIDS drug Norvir by 400 percent in 2007. But broader public attention likely will be given to the three-judge panel's look at whether Abbott wrongfully removed a juror in the case brought by competitor SmithKlineBeecham.

The cost increase angered many in the gay community. SmithKlineBeecham, meanwhile, claims it was meant to harm the launch of its new AIDS treatment, which requires the use of Norvir. And the company contends "Juror B" was removed simply because he was gay.

"It's a big deal," said Vik Amar, University of California, Davis professor. "The headlines from this case are going to be about antitrust law — it will be about sexual orientation in the jury pool."

Before trials, lawyers for both sides are allowed to use several "preemptory challenges" each to remove someone from the jury pool without legal justification.

For its part, Abbot argued, it bounced "Juror B" for three reasons, none having anything to do with his sexual orientation. Lawyers said they felt the juror's impartiality was compromised because he was the only potential juror who had heard of the SmithKline treatment in question, that he was also the only prospective juror who had lost a friend to AIDS and that he worked for courts.

The U.S. Supreme Court in 1986 prohibited lawyers from using their challenges to bounce a potential juror from a case because of race.

Eight years later, the high court added gender to the prohibition of potential jurors lawyers can remove from a trial without a legal reason.

But the high court has never ruled on sexual orientation. The California Supreme Court has barred the removal of gays from jury pools without justification since 2000, but its rulings aren't binding on federal courts.

In July, the three appeals court judges asked the drug companies what effect the U.S. Supreme Court's striking down of the federal ban on same-sex marriage benefits had on the antitrust case. It's the latest high-profile gay-rights issue the court has heard. The 9th Circuit had earlier struck down California's ban on same-sex marriages and ordered the same-sex partner of a court employee to receive the same benefits as married colleagues.

Unsurprisingly, Abbott lawyers argued that the U.S. Supreme Court's ruling striking down a portion of the Defense of Marriage Act had no effect on its legal fight with SmithKline.

Abbott argues that the high court's DOMA ruling doesn't mean anything in the antitrust case because it didn't put gays in the same class as minorities and women who need special protection during jury selection. The company's lawyers urged the judges to stay focused on the antitrust laws and procedural issues at the center of the appeal.

SmithKline is joined by gay rights activists Lambda Legal and other public interest groups who filed their own legal argument urging the court to protect gays from getting bounced from juries for no reason.

"The discrimination at issue here is particularly harmful, because it reinforces historical invidious discrimination within the court system and undermines the integrity of the judicial system," Lambda wrote the court.

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Peabody man charged with defrauding seniors

PEABODY, Mass. — The secretary of state's office has charged a Peabody man with defrauding four elderly clients out of about $500,000.

Secretary of the Commonwealth William Galvin says in an administrative complaint Monday that John Michael Babiarz transferred his victims' assets to his personal and family accounts without their consent. Galvin says in his complaint that the 39-year-old Babiarz used the money for personal reasons, including at stores, restaurants and pharmacies, to pay taxes, and even to pay a bankruptcy attorney.

The alleged victims are all in their 70s and 80s.

According to the complaint, Babiarz worked for three broker-dealers from 2004 to September 2011 when he was fired due to customer complaints that he misrepresented the features of a certificate of deposit.

Babiarz tells The Salem News the allegations are false.

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Futures edge higher as Fed kicks off 2-day meeting

NEW YORK — Stock futures edged higher in very light trading Tuesday as Federal Reserve policymakers gathered for a two-day meeting.

Most expect some drawdown of a monthly $85 billion bond-buying program that has kept interest rates low, despite sketchy job numbers released earlier this month.

Dow Jones industrial futures rose 6 points to 15,423. S&P futures have gained less than a point to 1,691.30. Nasdaq futures rose 3 points to 3,164.

There was some early pressure on specialty retailers, who were all but ignored during the crucial back-to-school shopping season.

People appear increasingly unwilling to spend money on clothing or on almost anything in a shopping mall, favoring big ticket items like vehicles and appliances.

Part of that is being driven by tremendously low interest rates, which have allowed people to buy homes or to finally replace a vehicle that may have been kept around for longer than is usual due to the tepid economy.

The research firm ShopperTrak on Tuesday projected that the weak school shopping season will be followed by more of the same during the holidays, suggesting that the sour trend for retailers may go on.

Americans, while not losing as many jobs as before, are not seeing their pay keep up with expenses. That appears to be weighing on families, who are more hesitant to drop much money in retail stores.

The lack of consumer spending, which drives 70 percent of the nation's economic activity, has occurred during a period of tame inflation.

On Tuesday, Labor Department reported that consumer prices ticked up 0.1 percent in August.

Prices have risen just 1.5 percent over the past 12 months. That's down from 2 percent year-over-year gain in July and below the Federal Reserve's 2 percent inflation target.

Yet core prices had the largest 12-month gain since March, coming in at 1.8 percent compared with the same period last year.

If taken alone, the consumer price index report would send mixed signals to the Fed and to Wall Street.

Rising core prices would suggest the Fed could ease back on its stimulus programs. But if inflation remains significantly below target, the Fed could move in the opposite direction.

The Fed releases its officials statement after 2 p.m. Eastern on Wednesday.

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Oil slips to near $106 ahead of Fed policy meeting

The price of oil slipped to near $106 a barrel Tuesday as investors got ready for an expected reduction in the U.S. Federal Reserve's monetary stimulus.

By early afternoon in Europe, benchmark oil for October delivery was down 51 cents to $106.08 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.62 to close at $106.59 on Monday.

The central bank has been buying financial assets, such as bonds, over the past few years in an attempt to push down interest rates and make loans more easily available. Global stocks and commodities surged as the new money generated by the program — currently running at $85 billion a month — flowed through the financial system.

But recent data have shown the U.S. is slowly recovering from the severe downturn that followed the collapse of Lehman Brothers in 2008, convincing Fed members that it might be time to wind down the stimulus program. Oil markets have reacted negatively to the prospect that the stimulus will start to be reduced — so-called tapering — at the end of the two-day policy meeting on Wednesday.

"Tapering might derail the recovery, and if that happens, there is less growth and then less demand for commodities like oil," said Stan Shamu, market analyst at IG in Melbourne, Australia.

Prices were also under pressure from the deal on Syria's chemical weapons and reports signaling the return of Libyan crude to the market, where production and exports had slowed to a trickle due to labor conflicts and technical glitches.

"The Middle East risk premium has started to dissolve in the crude oil prices after concerns about a possible military action in Syria eased," analysts at Sucden Financial Research in London said in a note. "Libyan oil production is expected to increase to 400,000-450,000 barrels a day in the next few days as the El Sharara field has restarted."

Investors will also be monitoring fresh information on U.S. stockpiles of crude and refined products.

Data for the week ending Sept. 6 are expected to show a draw of 1.5 million barrels in crude oil stocks, while gasoline stocks are expected to remain unchanged according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Wednesday.

The contract for November delivery for Brent crude, the benchmark for international crudes used by many U.S. refineries, was down 55 cents to $109.52 a barrel on the ICE Futures exchange in London.

In other energy futures trading in New York:

— Wholesale gasoline fell 0.5 cent to $2.7015 per gallon.

— Natural gas rose 1.9 cents to $3.757 per 1,000 cubic feet.

— Heating oil declined 1.29 cents to $3.0508 per gallon.

___

Pamela Sampson in Bangkok contributed to this report.

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US consumer prices rise just 0.1 pct. in August

WASHINGTON — U.S consumer prices barely rose last month, the latest sign that slow economic growth is keeping inflation tame.

The consumer price index increased just 0.1 percent in August, the Labor Department said Tuesday, after a 0.2 percent increase in July. Excluding volatile food and energy costs, core prices also rose just 0.1 percent.

In the past 12 months, prices have risen 1.5 percent. That's down from the 2 percent year-over-year gain in July and below the Federal Reserve's 2 percent inflation target. Core prices are 1.8 percent higher than a year ago, the largest 12-month gain since March.

The increase in core prices could help persuade the Fed to start pulling back on its low interest rate policies. But significantly lower inflation would pressure the Fed to keep stimulating the economy.

Most economists expect that the Fed will begin to reduce its bond buying by about $10 billion on Wednesday, according to a survey by The Associated Press. The bond purchases are intended to lower longer-term interest rates and encourage more borrowing and spending. Fed Chairman Ben Bernanke first signaled in late May that the Fed could begin slowing its purchases before the end of the year.

On Tuesday, many economists stuck with that predicting after seeing the report on consumer prices.

"We don't think this will prevent the Fed from tapering ... the danger of very low core inflation has passed," Paul Dales, an economist at Capital Economics, said in an email to clients.

Falling apartment vacancy rates will likely keep pushing rents higher, Dales said, and higher cotton costs should also lead to higher clothing prices. Last month, the cost of renting an apartment or home rose 0.4 percent, the most in 10 months.

Some Fed officials have objected to reducing the purchases when inflation is below the 2 percent target. A small amount of inflation can be good for the economy, because it encourages consumers and businesses to spend and invest before prices rise further.

Tuesday's report showed gas prices slipped 0.1 last month, the first drop since April, giving drivers some relief. Food prices ticked up 0.1 percent, pushed higher by more expensive fruits, vegetables and meats.

New-car prices were unchanged. Travel costs eased: Air fares plunged 3.1 percent, the third straight drop. Hotel prices fell 0.7 percent.

The economy grew at a 2.5 percent annual rate in the April-June quarter, up from just a 1.1 percent rate in the first three months of the year. But since then, consumer spending has been modest and businesses have spent less on big-ticket items such as industrial machinery and computers. That's led many economists to lower their forecasts for the July-September quarter to a 2 percent annual rate or less.

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Advocacy group cites Turkey press freedom crisis

ISTANBUL — A prominent press freedom advocacy group is asking Turkish Prime Minister Recep Tayyip Erdogan to take steps to end what it calls a crisis for journalists in Turkey.

In a letter to Erdogan dated Sept. 16, the New York-based Committee to Protect Journalists outlines a rash of new concerns. It cites particularly the government's attempts to control the coverage of recent events, including anti-government protests in June.

In a report last year, the group raised concerns about the prosecution and imprisonment of journalists in Turkey. The new letter, signed by CPJ Executive Director Joel Simon, says that since then the Turkish government has engaged in heated anti-press rhetoric. It notes that senior officials, including Erdogan, have accused media organizations of publishing false reports to destabilize the government.

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