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Economic data up, but weather stalling recovery

Written By Unknown on Sabtu, 01 Maret 2014 | 20.25

A slew of economic data released yesterday pointed to a recovery that is still struggling to take off, experts said.

"The numbers we had today show a continuation of a recovery, although it's subpar and it's anemic," said Christine Armstrong, senior vice president at Morgan Stanley.

The Commerce Department said the economy grew at 2.4 percent in the fourth quarter of 2013, revised down from its previous estimate of 3.2 percent. Also yesterday, the National Association of Realtors said its pending home sales index inched up 0.1 to 95 last month, while the University of Michigan's consumer sentiment index rose to 81.6 in February, up 0.4 from January.

"We continue to be in an environment of recovery and modest growth," said James Abate, chief investment officer at Centre Asset Management.

Many economists have blamed subpar economic data on poor weather across the country, and say the GPD will temporarily dip because of the cold and snow.

"Due to Mother Nature, quarter one is not going to be anything worth writing home about," said Jennifer Lee, senior economist at BMO Capital Markets, in a research note. "The rebound ... and all of that pent-up demand won't show up until the second quarter.

Earlier this week, Eric Rosengren, president of the Boston Federal Reserve, said data have been difficult to interpret because of the weather.

Herald wire services contributed to this report.


20.25 | 0 komentar | Read More

Expert: HubSpot IPO will boost region

Cambridge-based marketing software company HubSpot is on the verge of an initial public offering, a move that will likely pay dividends for the company and the region.

HubSpot has begun the IPO process, working with Morgan Stanley, according to the Wall Street Journal.

Scott Johnson, managing director of Cambridge-based New Atlantic Ventures, said a successful IPO will have a trickle-down effect for local startups.

"These IPOs are as important as winning a championship is for a sports team," Johnson said. "Strong exits attract talent and capital."

Anand Sanwal, co-founder of CB Insights, a venture capital and IPO research firm, said the timing is good for an upcoming IPO.

"The public markets look fairly receptive," Sanwal said. "The window has to be open. That is the case right now."

In January, Care.com became the first Boston tech company to go public in more than a year.

A HubSpot spokeswoman declined to comment on the company's IPO plans.


20.25 | 0 komentar | Read More

Water views grace Wellesley Colonial

This contemporary Colonial in Wellesley, built in 2001, sits on Morses Pond and almost every room overlooks the water.

The three-bedroom house at 9 Bacon St. slopes down to a pond and has three levels of living space, including a basement finished in 2008 with a large family room, home office and full bathroom.

The 2,860-square-foot home down the road from Wellesley College is on the market for $1,195,000.

The gabled house is set down from street level and steps down two stories to the pond. The exterior has gray clapboard on the front and gray vinyl siding in the rear with two rear decks on stilts. There's a large covered front porch whose wooden deck was recently redone.

You enter the house into a large Absolute black granite foyer, added in 2007, off which is a large coat/storage closet. There's a stylish staircase with flared bottom steps and custom newel posts. On one side of the foyer is a light brown marble and black granite built-in bar with two wine coolers below.

Straight ahead is the home's showpiece space, a cone-shaped glass atrium used as the dining room, with 13 windows and radiant-heated marble floors. Glass doors lead out to a rear deck with pond views and has a gas grill.

Off the foyer to the left is a recessed-lit living room with oak floors, windows overlooking the pond and a gas fireplace set into a faux-marble finish wood mantel.

To the right is the updated recessed-lit kitchen with curved custom cherrywood cabinets and Uba Tuba granite counters. There's a bi-level island with a Wolf gas cooktop on one side and a breakfast bar that seats three. There are black DCS double wall ovens and a Kitchen Aid dishwasher. The current owners added a Wolf gas stove and a Sub Zero double drawer refrigerator in 2009. In an adjacent pantry/mudroom area is a cherrywood-encased Sub Zero refrigerator.

There's also a full bathroom off the kitchen with a beige ceramic tile floor, a pedestal sink and a one-piece Fiberglas shower.

The turning oak staircase with clerestory windows leads up to three bedrooms on the second floor, off an oak hallway.

The oak-floored master bedroom suite was expanded in 2009 with a sitting room and a uniquely designed pullout closet with built-in wardrobe and storage bins. The master bedroom is decent sized and has glass doors to a back deck overlooking the pond. The en-suite bathroom has beige marble floors and a marble-topped wood vanity with two antique sinks. There's a marble-surround raised whirlpool tub and a marble-lined walk-in shower with a glass door.

There are two hardwood floored bedrooms suitable for children and a full bathroom with beadboard walls, ceramic tile floors, a Fiberglas tub/shower and double-sink vanity. This bathroom also has two large linen closets.

There's also a laundry room with stacked front-
facing Kenmore washer and dryer and a stainless-steel sink.

A spiral staircase from the foyer leads down to the basement, refinished in 2008, with a large oak-floored family room with glass doors out to a rear deck. There's an adjacent home office, which could serve as a fourth bedroom. And there's a Tuscan-style full bathroom with black ceramic tile floors, salmon-colored marble walls and surround for a tub/shower and a white vessel sink on a dark wood vanity table. Each of these rooms has
radiant-heated floors and there is also built-in surround sound speakers.

There's an additional closet room with floor-to-ceiling built-in storage cabinets.

The unfinished areas of the basement hold a gas-fired heating and central air-conditioning system as well as a stainless-steel water heater. There's also a workroom area with glass door leading out to a small back yard and down to the pond.

The home has space for two cars in the driveway and there are two additional spaces in an easement across the street, above which runs the MBTA commuter rail train.

  • Address: 9 Bacon St., Wellesley
  • Bedrooms: Three
  • Bathrooms: 
Four full
  • List price: $1,195,000
  • Square feet: 2,860
  • Price per square foot: $418
  • Annual taxes: $11,712
  • Features: Waterfront home with views of Morses Pond from almost every room; hardwood floors throughout; glass atrium in dining room; kitchen with custom curved cabinets and upgraded appliances; gas fireplace in living room; master bedroom suite with sitting area and custom pullout closet; basement gut renovated in 2008 adding a family room, home office, bathroom and built-in storage units, all floors radiant heat; new central vacuum system in 2013; new washer and dryer in 2012; driveway for two cars plus deeded parking area across the street for additional vehicles.
  • Location: About a mile from shops and restaurants in Wellesley center and Linden Square; about a mile from commuter rail station.
  • Built in: 2001; updated 2007-2014
  • Broker: Lisa Berger of William Raveis Realty at 617-388-5751

20.25 | 0 komentar | Read More

Slots parlor to spin ahead

Penn National Gaming is moving quickly on plans to build a slots parlor at a Plainville racetrack now that it has been awarded a state license, despite the possibility of a ballot question this fall to repeal the casino law.

"We're not going to slow down our construction process with this threat out there and we're going to fight for the right outcome," Tim Wilmott, Penn National's chief executive, said. "We have a lot of experience in political battles with gaming in other parts of the United States and we feel confident we're going to get the right outcome."

The state Gaming Commission voted unanimously yesterday to award the state's sole slots parlor license to Penn National, and company officials said they would begin construction planning next week at Plainridge Racecourse with a goal of opening next spring. Company officials celebrated the awarding of the license with workers at the track yesterday.

But a group working to strike down the casino law, Repeal the Casino Deal, is petitioning the Supreme Judicial Court to get on the November ballot over the objection of Attorney General Martha Coakley, who argues the question would violate the implied contractual rights of license applicants. The SJC is expected to hear the case in May.

John Ribeiro, chairman of Repeal the Casino Deal, said he is confident the question will get on the ballot in November and that voters will turn against gambling.

"The casino industry's empty promises may have bamboozled the governor, Legislature, Gaming Commission and a handful of struggling cities, but convincing voters across the state that any of this amounts to 'destination resort casinos' is vastly different," Ribeiro said.

Wilmott said the company's most recent election battles involved ballot measures in Ohio. The fights there involved an intense campaign with fliers, direct mail, television, radio and newspaper ads, said Eric Schippers, Penn National's vice president for public affairs.

Penn's ad blitz worked in both 2008 and in 2009, said Rick Lertzman, who was on the losing end of the measure in 2008.

"We've had a lot of interaction with Penn in the past," said Lertzman, chairman of Quest Gaming, which operates rival gaming facilities in Ohio. "We've had a lot of conflict with Penn in the past."

No date has been set for groundbreaking at Plainridge, but Penn National is promising to create 1,000 construction jobs as well as 500 permanent jobs. The facility will have 1,250 slot machines, and will help preserve roughly 100 harness racing jobs at the track.


20.25 | 0 komentar | Read More

Wilmington tops for buying home

Considering buying a home in Massachusetts but unsure where to look? How does Wilmington, Franklin or Reading strike you?

They're the top three of the 20 best places to own a home in the Bay State, according to consumer finance website NerdWallet, which based its recommendations on U.S. Census data for the 77 communities with more than 15,000 residents. The website chose that as the cutoff because not all of the data for smaller communities were available and even when it was, the smaller the population, the greater the possibility that the data could be skewed, said Jaime Ortiz, senior analyst for strategy.

For each municipality, NerdWallet looked at three main criteria: whether homes were available, how affordable it was to live there, and whether the area was growing — a signal of a robust economy, Ortiz said.

"A lot of these places — 13 of the top 20 — were clustered around Boston," she said. "That definitely tells me they benefit from their proximity to Boston, including its jobs, its universities, its arts and entertainment."

Wilmington also had a homeownership rate of 89.8 percent — the highest in the state — as well as monthly costs that took up only 27 percent of the median monthly household income.

Franklin had a homeownership rate of 79.3 percent and monthly costs that took up 29.2 percent of the median monthly household income, while Reading's 
homeownership rate was 82.2 percent and monthly costs were 30.9 percent.

NerdWallet's other top places were, in order, Burlington, Hudson, Wakefield, Randolph, Lexington, Methuen, Longmeadow, Winchester, Braintree, Saugus, Abington, Danvers, Dedham, Milton, Somerset, Wellesley and Milford.


20.25 | 0 komentar | Read More

‘Moneyball’ event playing in Hub

Written By Unknown on Jumat, 28 Februari 2014 | 20.25

A "who's who" of the professional sports world — from owners, coaches and athletes to business leaders, researchers and other supporting players — converges on Boston today to examine the increasing role that analytics play in the industry.

Some 2,000 attendees are registered for the eighth annual MIT Sloan Sports Analytics Conference, which runs through tomorrow at the Hynes Convention Center. Speakers include NBA commissioner Adam Silver, former Los Angeles Lakers coach Phil Jackson, Red Sox owner John Henry, Boston Celtics coach Brad Stevens, Kraft Group president Jonathan Kraft and Indianapolis Colts QB Matt Hasselbeck.

A 1,000-strong waiting list, cut off a month ago, speaks to the growth of the conference since 2006, said co-chairman Jessica Gelman, vice president of customer marketing and strategy for the Kraft Group.

"At the beginning, sports analytics wasn't very widely used and, basically today, if you're not doing analytics either on the team or the business side, the question is 'why?'" she said.

Sports analytics reached a mainstream audience through the 2011 film "Moneyball" starring Brad Pitt. The Kraft Group, owners of the New England Patriots and Revolution, are longtime proponents.

"Analyzing athletes in a non-cap era was about your experience in watching them and working with them as opposed to the numbers related to their contracts," Kraft said. "As salary caps and luxury taxes came into the major sports leagues, analytics became more important on the personnel side and, as these businesses turned into larger and more complex businesses, analytics were needed on the business side."


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The Ticker

Commission says Hub
 Olympics feasible

A special commission examining the possibility of hosting the Summer Olympics in the Bay State released a report yesterday saying that it would be feasible to host the 2024 Summer Olympic Games based upon its initial assessment that the state meets many of the International Olympic Committee's criteria.

But the commission recognized that pursuing a bid would be an enormous task, and that infrastructure and venue requirements would need to be addressed. The commission said the Olympics could accelerate the economic development and infrastructure improvements necessary to ensure that the Bay State can compete globally now and in the future.

Mass. fisheries get $33M from feds

The Patrick administration yesterday announced that nearly $33 million will be allocated to the New England Multispecies Groundfish Fishery by the National Oceanic and Atmospheric Administration following the federal disaster declaration for the region's ground-fishermen. The state's groundfish industry makes up approximately 90 percent of the New England groundfish fishery.

The funding is part of $75 million appropriated by Congress for six fishery disasters nationwide declared by the Secretary of Commerce in 2012 and 2013. The U.S. Department of Commerce declared commercial fishery failure for the Northeast groundfish fishing industry in September 2012.

Smarterer raises $1.6 million

Smarterer, a Boston company that offers online skill assessments through quizzes, has raised $1.6 million for its new product for businesses, Flock.

With the investment led by Rethink Education, an education technology venture capital firm, Smarterer will continue to grow and develop Flock, a shift from the company's existing consumer-focused skills quizzes.

Today

 Commerce Department releases fourth-quarter gross domestic product.

 National Association of Realtors releases pending home sales index for January.

THE SHUFFLE

Jones Lang LaSalle announced the firm has hired Jason Fivek to lead its Mass Pike/Route 128 brokerage team as a managing director. He will specialize in representing tenants and investors in the leasing and sale of office, research and development space in Waltham and the surrounding marketplace. Fivek joins JLL from Boston Properties and brings 15 years of commercial real estate experience.


20.25 | 0 komentar | Read More

MFA director Rogers retiring after 20 years

Malcolm Rogers, director of the Museum of Fine Arts, announced his plans to retire yesterday after nearly 20 years with the museum.

Appointed in 1994, Rogers helped to open the Art of the Americas Wing in 2010, which features 53 galleries and the glass-enclosed Shapiro Family Courtyard. He was also focused on "opening doors" to communities around Boston, eliminating admission fees for children and extending the museum's hours, the museum said in a statement.

In May, Rogers became the longest-
serving director in the MFA's 144-year history, bringing "innovative exhibitions," and expanding the museum's "encyclopedic collection," as well as expanding arts education and community outreach programs, and renovating the landmark building, the museum said.

"Malcolm's accomplishments over two decades have touched every aspect of the MFA — he has transformed the museum. He will forever be a part of the foundation of this museum and of an arts and culture renaissance in Boston," said MFA trustees chairwoman Grace Fey. "As we prepare to search for his successor, we will strive to build upon his legacy of community enrichment and global engagement — cultivating the future growth and evolution of this world-class museum and its collections."

The museum will celebrate Rogers' 20th anniversary this fall with a series of events. He will remain as director until a successor is chosen.


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MBTA won’t be capitalizing on station naming rights

The MBTA won't be putting corporate names on stations anytime soon as only one bid for naming rights was filed by yesterday's deadline, and it didn't meet the minimum qualifications, officials said.

"We have to figure out why it didn't work this time," said state Sen. Mark Montigny (D-New Bedford). "You have got to make this easy. We know the companies and nonprofits and individuals like to name things."

Montigny, who introduced the amendment to last summer's transportation bond bill, said he will continue to push for naming rights to be sold.

"Anywhere you can actually sell or lease something to the private sector to lessen the burden on riders, it's a no-brainer," he said.

The lone proposal for the Blue Line did not meet the minimum bid of $1.2 million per year, said MBTA spokesman Joe Pesaturo.

Supporters had estimated naming rights could generate up to $20 million, but the lack of bids won't leave a budget gap.

"The MBTA did not craft its budget with a reliance on potential revenue from corporate sponsors," Pesaturo said.


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Mass. may ditch Obamacare website

State officials still grappling with a backlog of 54,000 paper applications are considering scrapping Massachusetts' botched Obamacare website, which already has cost taxpayers about $15 million.

The state's options include continuing to try to fix vendor CGI's platform, using parts of health care exchanges set up by other states and the federal government, or starting over, Sarah Iselin, Gov. Deval Patrick's Obamacare czar, said at a meeting yesterday of the Health Connector board.

"We are frankly hedging our bets," she said.

Iselin told reporters afterward it's still unclear exactly how long it will take to fix the Health Connector website or how much it would cost. Of the $69 million the state budgeted, it has already paid about $15 million, said Jason Lefferts, a Connector spokesman.

Over the past two weeks, the Connector has made some progress, including enrolling 21,000 more residents into transitional coverage and reducing the average time it takes to enter paper applications from two hours to 39 minutes, Iselin said.

But it still has a paper application backlog of 54,000, 15,000 of which already have coverage and 39,000 of which have yet to be screened.

"There's clearly a sense of urgency," said state Rep. Carolyn Dykema (D-Holliston).

Dykema stopped short of saying that the website should be scrapped, but said the state "absolutely" should consider looking at what has worked in other states.

Connecticut, for example, has so far exceeded its own expectations for getting people to sign up for health insurance through its website that it is setting up a consulting practice to help other states.


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Nasty winter blamed for TJX Cos. net income drop

Written By Unknown on Kamis, 27 Februari 2014 | 20.26

The harsh winter weather plaguing retailers has even proved to be a speed bump for high-flying, off-price darling TJX Cos. Inc.

The Framingham owner of T.J. Maxx, Marshalls and HomeGoods posted fourth-quarter earnings that missed Wall Street estimates and reported markdown-induced lower merchandise margins for the first time in 10 quarters.

"It's not a huge deal at this point," Sterne Agee analyst Ike Boruchow said. But, he added: "For the company to disappoint on earnings and then guide (the first quarter) and next year below the Street, it's not a good thing when your stock is trading at a hefty premium.

TJX shares dropped 
1.15 percent yesterday to $60.29.

The company's net income fell 3.7 percent to $582 million for the period ending Feb. 1, or 81 cents per share. Analysts expected 82 cents per share. Sales rose 1 percent to $7.8 billion.

A very promotional retail environment forced TJX to get aggressive on pricing and make markdowns in January after a slower holiday period to clear inventory ahead of the new season, Boruchow said.

But Wall Street is giving retailers a "pass" right now in terms of missed earnings because of inclement weather, said analyst Ken Perkins of Retail Metrics.

"It's been so severe and so disruptive for so many retailers and particularly for TJX," he said. "They have a very strong presence in the Northeast, mid-Atlantic and Midwest."

But there is concern that TJX and competitor Ross Stores Inc. will have more difficulty buying merchandise this year because other retailers are ordering more cautiously, and manufacturers won't have excess product on hand for them to pick up, Perkins said.


20.26 | 0 komentar | Read More

The Ticker

SkillWorks gets $150,000 grant

SkillWorks, a multiyear initiative to improve workforce development in Boston and in Massachusetts, has been awarded a new $150,000 Social Innovation Fund grant by the National Fund for Workforce Solutions. SkillWorks brings together philanthropy, government, community organizations and employers to help low-income individuals attain family-supporting jobs and help businesses find skilled workers.

U.S. home sales rebound in Jan.

Sales of new U.S. homes rebounded in January to the fastest rate in more than five years. The strength in purchases followed a slowdown that had been linked to higher mortgage rates and severe winter weather.

The sales gain for new homes in January was led by a 74 percent surge in the Northeast. Sales were up 11 percent in the West and 10 percent in the South. The only region where sales declined was the Midwest, where they fell 17 percent. 


TODAY

 Labor Department releases weekly jobless claims.

 Commerce Department releases durable goods for January.

 Freddie Mac releases weekly mortgage rates.

THE SHUFFLE

Appel Insurance Advisors has added 40-year veteran lawyer Joseph H. Newberg to its "People InsuranceTM" business to increase the team's partnerships with legal and financial experts to benefit business and estate planning clients. Newberg recently retired as a tax partner at Weil, Gotshal & Manges LLP in Boston.


20.26 | 0 komentar | Read More

City may landmark markets

The historical significance of Faneuil Hall Marketplace's North Market and South Market buildings could impact redevelopment plans for the center.

The Boston Landmarks Commission has listed both buildings, which flank the domed Quincy Market, as priorities for reports on whether they're worthy of historic landmark status.

The municipal preservation agency received three petitions in the late 1970s to declare all three buildings historic landmarks. It moved only on Quincy Market — the "most important" of the three — designating it a landmark for its exterior and portions of it interior, including the first-floor main hall and rotunda, according to executive director Ellen Lipsey.

"This is kind of recognizing that they're an ensemble," she said of the decision to possibly study the North Market and South Market buildings this year.

Such designations affect proposed changes to buildings, plans for which are subject to the commission's review.

In the case of the North Market and South Market buildings, a landmark designation likely would apply to their exteriors, according to Lipsey.

The commission's decision to possibly move on petitions received decades earlier comes as Ashkenazy Acquisition Corp. — which leases and manages Faneuil Hall Marketplace — prepares to present a master plan for its redevelopment.

Quincy Market's landmark status came into play for the New York real estate investment firm when it recently floated plans to add a pair of two-story tenant additions encased in glass "sheds" and two escalators.

After an advisory design review, the commission expressed concern that escalators and proposed first-floor walls would disrupt the building's traditional east-west flow.

"Maintaining that historical public realm was cited as being an important part of the building," its letter to Ashkenazy stated.

The commission also suggested that general second-floor access, closer to the rotunda, would provide greater public benefit and could be served just as well by stairs, pointing to concerns that "individual tenants were driving the changes to an important landmark."

Ashkenazy could not be reached for comment.

The Boston Redevelopment Authority said it's working with the company and commission to "activate the marketplace" to make it more attractive to locals while "maintaining (its) historic qualities."


20.26 | 0 komentar | Read More

US safety agency to probe GM recall response

DETROIT — The U.S. government's auto safety watchdog is investigating whether General Motors acted quickly enough to recall 1.6 million older-model small cars in a case linked to 13 deaths.

The National Highway Traffic Safety Administration said Wednesday night that it opened the probe "to determine whether GM properly followed the legal processes and requirements for reporting recalls."

The agency has the authority to fine GM as much as $35 million under legislation that went into effect late last year. The previous maximum fine automakers faced per incident was $17.35 million. Automakers must report evidence of safety defects within five days of discovering it.

On Tuesday, GM doubled the number of cars in the recall for faulty ignition switches. The problem has been linked to 31 front-end crashes that caused the 13 deaths. The company also issued a rare apology, saying its process to examine the problem was not robust enough when it surfaced about a decade ago.

A chronology of events filed Monday with NHTSA by GM show it knew of the problem as early as 2004.

Since undergoing a painful bankruptcy in 2009, GM has removed layers of bureaucracy, improved the quality of its vehicles and is quicker to issue recalls when problems occur. However, the admission that its procedures were lacking 10 years ago shows how the old culture can still haunt the automaker.

"The chronology shows that the process employed to examine this phenomenon was not as robust as it should have been," GM North America President Alan Batey said in a statement Tuesday. "Today's GM is committed to doing business differently and better."

On Feb. 13, GM announced the recall of more than 780,000 Chevrolet Cobalts and Pontiac G5s (model years 2005-2007). Then on Tuesday, it doubled up, adding 842,000 Saturn Ion compacts (2003-2007), and Chevrolet HHR SUVs, Pontiac Solstice and Saturn Sky sports cars (2006-2007). Most of the cars were sold in the U.S., Mexico and Canada.

GM says a heavy key ring or jarring from rough roads can cause the ignition switch to move out of the run position and shut off the engine and electrical power. That can knock out power-assisted brakes and steering and disable the front air bags. In the fatalities, the air bags did not inflate, but the engines did not shut off in all cases, GM said.

It was unclear whether the ignition switches caused the crashes, or whether people died because the air bags didn't inflate.

Margie Beskau, of Woodville, Wis., whose teenage daughter, Amy Rademaker, died in an October, 2006, crash involving a Chevy Cobalt, said she was relieved that GM agreed to the recall. The move finally gave her family answers about what happened in the crash that killed Rademaker, 15, and her friend, Natasha Weigel, 18.

"I feel like we're getting justice for Amy and Tasha because GM had to step forward and let people know what happened," she said. "That was huge."

According GM's chronology, the company knew of the problem as early as 2004, and was told of at least one fatal crash in March of 2007. GM issued service bulletins in 2005 and 2006 telling dealers how to fix the problem with a key insert, and advising them to warn customers about overloading their key chains. The company's records showed that only 474 vehicle owners got the key inserts.

GM thought the service bulletin was sufficient because the car's steering and brakes were operable even after the engines lost power, according to the chronology.

By the end of 2007, GM knew of 10 cases in which Cobalts were in front-end crashes where the air bags didn't inflate, the chronology said. GM's chronology also shows that NHTSA knew about the problem and a fatal accident in March of 2007. In its investigation, NHTSA likely will try to find out if GM withheld information or was slow to produce it.

In 2005, GM initially approved an engineer's plan to redesign the ignition switch, but the change was "later canceled," according to the chronology.

GM spokesman Alan Adler said that initially the rate of problems per 1,000 vehicles was too low to warrant a recall.

GM has hired an outside law firm to find out what went wrong in the ignition recall. But Adler wouldn't say whether the firm will look into other safety problems that occurred around the same time. "We are focused on this case," he said.

GM also said Wednesday that it will send letters to all 1.6 million owners globally starting March 10 telling them to use only the key in the ignition until repairs are made. Another letter will go out in April telling people they can take their cars in for repairs.

If General Motors Co. is fined, it will be the third automaker to face significant penalties for being slow to report safety problems. From 2010 through 2012, Toyota Motor Corp. paid a series of fines totaling more than $66 million for delays in reporting unintended acceleration problems. Ford Motor Co. last year paid $17.35 million for being too slow to report sticky gas pedals in some Escape SUVs.

____

AP Reporter Amy Forliti contributed to this report from Hammond, Wis.


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Escalating tensions in Ukraine roil global markets

LONDON — An escalation in tensions in the Ukrainian region of Crimea roiled global markets on Thursday.

As reports emerged that dozens of heavily armed pro-Russia gunmen have seized control of local government buildings in Crimea, stocks in Europe — and not just in Moscow and Kiev — took a pounding while the dollar and gold advanced. Investors are worried that the tensions in the strategically important peninsula may take the Ukrainian crisis into a new, more dangerous phase.

While Russia has raised questions over the legitimacy of the new Ukrainian authorities after President Viktor Yanukovych fled Kiev last week and has initiated surprise military drills, Ukraine has put its domestic security forces on high alert and urged Russian forces not to leave their base in southern Crimea.

Over the past couple of weeks, investors monitored developments in Ukraine with a degree of nonchalance. Now they are worrying that Russia may be drawn in. Geopolitical worries tend to prompt investors to search out the sanctuary of safe haven assets such as gold and the dollar.

"The perceived risk of military intervention by Russia has heightened," said Lee Hardman, an analyst at Bank of Tokyo-Mitsubishi UFJ.

In Europe, the main stock indexes, which had started the session flat, were trading sharply lower. Germany's DAX was down 1.5 percent at 9,518, while Britain's FTSE 100 fell 0.6 percent at 6,758. The CAC-40 in France was 0.7 percent lower at 4,368.

Unsurprisingly, markets in Ukraine and Russia were feeling the heat. Russia's RTS stock index was down 2.1 percent while the Ukrainian currency, the hryvnia, briefly touched another record low against the dollar, at 11.25 per dollar

"The Ukrainian hryvnia is off another 10 percent today, as the country is in desperate need of an aid package," said Benjamin Reitzes, an analyst at BMO Capital Markets.

Wall Street was poised for a lower opening, too, with both Dow futures and the broader S&P futures down 0.3 percent.

In other markets, the price of an ounce of gold has risen 0.3 percent to $1,333 while the euro has fallen 0.2 percent to $1.3658.

While keeping an eye on developments in Ukraine, investors will also be monitoring comments later from the Federal Reserve chair Janet Yellen to the Senate's Banking Committee. Stocks jumped on Feb. 11 when Yellen reassured Congress over the central bank's market-friendly, low-interest rate policies.

Earlier in Asia, shares were mixed with most of the news reports over Crimea coming after the close.

Hong Kong's Hang Seng gained 1.7 percent to 22,828.18 and Seoul's Kospi added 0.4 percent to 1,978.43. Markets in Southeast Asia were also mostly higher and China's Shanghai Composite added 0.3 percent to 2,047.35. Japan's Nikkei 225 stock index edged 0.3 percent lower to 14,923.11.


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Bitcoin crash may hurt Hub biz prospects

Written By Unknown on Rabu, 26 Februari 2014 | 20.25

The crash of one of the largest Bitcoin exchanges this week has sent Boston Bitcoin entrepreneurs scrambling to defend the digital currency's reputation and increase its stability.

Mt. Gox, a Tokyo-based Bitcoin exchange, halted trading this week and went offline, and a document reportedly leaked from the exchange said $365 million in bitcoins are missing. Bitcoin, an online currency that is not backed by a central authority, has gained momentum in recent months. Overstock.com and the Sacramento Kings both began accepting the digital currency recently.

The price of one Bitcoin on Mt. Gox fell from $330 on Sunday evening to $131.71 when transactions were halted. The average price of one Bitcoin across all exchanges has fallen by nearly $100 since the weekend to about $500.

"Despite the promise of digital currency, and Bitcoin in particular, we cannot ask consumers to foot the bill while the technology and the industry endures inevitable growing pains," said Jeremy Allaire, founder and CEO of Circle, a Boston startup building a payment system for Bitcoin.

Alex Peterson, CEO and co-founder of Vis Nova Ventures, said there will be fallout that will hamper Bitcoin's acceptance for consumers.

"It's a PR issue," he said. "Right now it's going to hurt what we're doing."

Vis Nova plans to install a Bitcoin ATM in Cambridge in the coming weeks.

Chris Yim, co-founder of Liberty Teller, a Bitcoin ATM company, said about 20 percent of customers asked about the Mt. Gox news at Liberty Teller's ATM in South Station.

"People are already interested in Bitcoin," Yim said. "We can help correct their perceptions of it."


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Biotech co. pushes FDA to OK drug for pregnancy disorder

A Framingham biotech firm is moving to expand the use of its blood clot treatment to become the first drug specifically for the pregnancy disorder preeclampsia.

REVO Biologics Inc. yesterday asked the U.S. Food and Drug Administration for approval to test its therapy, ATryn, in women with preeclampsia who are 24 to 28 weeks pregnant. The drug was approved in 2009 to treat serious blood clots in pregnant women.

REVO, a subsidiary of the European company LFB Group, believes the drug can prolong pregnancy in women with early preterm preeclampsia and postpone when they deliver their babies.

"There is currently no treatment for preeclampsia," said Tom Langford, a spokesman for rEVO. "The only thing doctors can do is to deliver the baby — which often results in severely premature births. The alternate is to try to keep the baby in vitro for as long as possible. But each day of waiting increases the danger to the mom's life."

Preeclampsia is a sudden spike in blood pressure that can be life-threatening. It affects 5 percent to 8 percent of all pregnancies, according to the Preeclampsia Foundation.

The condition is more common in developing countries than in the United States, but rEVO's target market for its drug is domestic, Langford said.

The FDA has 30 days to respond to rEVO's request. The company is seeking 120 women for its trial, which will continue throughout 2015.

The drug, which is derived from the milk of genetically engineered goats, will be given intravenously.


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Parking woes dog Logan

After a record number of passengers flew out of Logan International Airport last year, the airport has become a victim of its own success, struggling to find parking spaces for travelers' cars with little relief in sight.

Yesterday, the Massachusetts Port Authority diverted at least 1,500 cars to Suffolk Downs after Logan's 16,200 parking spots filled up, offering passengers free parking and shuttle service to Logan.

"We're out of options," Massport Director of Aviation Ed Freni said. "We are paying for the transportation back and forth. It's a considerable amount of money."

The diversions came after Massport used valets to cram about 2,000 cars into any available space at Logan, but no more cars could be squeezed in yesterday. The agency turned to the valet service during 40 weeks last year, Freni said.

Freni said back-to-back school vacation weeks in Massachusetts and New Hampshire brought about yesterday's crisis, but he said there is simply not enough parking for the rising number of passengers.

Use of the overflow lots is expected to continue during high- volume periods, such as the upcoming April vacation week, he said.

Part of the problem, Freni said, is travelers have not been willing to take alternate modes of transportation. Two weeks ago, Massport announced a discount for its Logan Express parking lots, and in 2012 it made Silver Line access free from Logan to South Station.

"People still continue to want to park close to the terminals," Freni said.

Last year, Logan saw more than 30 million passengers, and Freni said they could "possibly break 31 million in 2014."

"It's been progressing over the years," he said.

The increase in passengers is largely due to more international travelers. New flights to Tokyo and Panama City have driven up the number of international passengers, and more flights are coming soon. In March, Emirates Air will begin service, and Turkish Airlines will begin flying here in May. Within 10 years, Logan could be handling 40 million passengers a year, Freni said.

Massport spokesman Matthew Brelis said cars may be diverted to overflow lots at Suffolk Downs again today. Yesterday, officials said cars would be diverted until 4 p.m., but it continued until 6 p.m.

Massport is developing a "strategic plan" to help with the overflow, including adding 2,000 new spots to eliminate the valet parking. The plan is still in its initial phase, Freni said.


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Broke church gets court’s blessing

Dorchester's Greater Love Tabernacle Church won bankruptcy court approval yesterday for a fundraising campaign to help refinance its mortgage.

Donations raised will be protected from the church's creditors, including its Texas mortgage holder, VFC Partners 18 LLC. They'll be held in escrow and must be returned to donors if the church fails to refinance or restructure its approximately $700,000 loan.

Greater Love, which held a January interfaith service to raise community awareness about its troubles, already has raised nearly $61,000, according to its pro bono attorney, John Morrier. It has not set a fundraising goal, he said.

"My heart was overwhelmed when I saw the amount of support and people that came to our interfaith service," Pastor William E. Dickerson II said. "It's refreshing to know the work and labor of this church has not gone in vain."

Another fundraiser/service is set for March 30, and Dickerson said he's confident the financial issues will be resolved.

The 24-year-old church filed for bankruptcy protection in December with about $803,000 in debt after being threatened with foreclosure. It fell into financial trouble after signing a 2010 lease for a nearby site on which it hoped to build a community center. But the church was unable to raise needed funds for the project, and the monthly lease payments — which ran as high as $4,800 — caused it to fall behind on mortgage payments for the church, court documents state.

Phoenix Management Services is working pro bono to stabilize the church's financial management, Morrier said. The lease for the undeveloped land expired at the beginning of the year, and is "no longer an issue," he said.


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Airbus posts higher 2013 profit

TOULOUSE, France — European jetmaker Airbus Group said Wednesday record demand for its civilian jetliners from airlines around the world drove higher sales and profits last year.

The Boeing Co. rival, known until this year as EADS, said net profit rose 22 percent to 1.47 billion euros ($2 billion) in 2013, up from 1.2 billion euros the previous year.

The company, which competes with Boeing in the multi-billion-dollar market for large civilian aircraft, forecast jet deliveries to remain at about the same level this year as last year when it sold 626 aircraft.

"We're not planning new adventures in 2014, the focus is on execution, execution, execution," Chief Executive Tom Enders said at a press conference.

Enders said that while Airbus will "take a little break" this year in terms of production, after 11 straight years of growth, he predicted orders will remain higher than deliveries. Last year Airbus took in a record 1,619 new orders.

In a statement, Airbus also announced plans to ramp up production of its single-aisle jets to 46 a month by 2016, from 42 now.

The A320 single aisle family of jets competes with Boeing's 737, and has seen high demand in recent years alongside exceptional growth in the air travel market in developing countries in Asia and the Middle East.

Airbus' earnings came in below the 1.97 billion-euro consensus forecast of analysts surveyed by Factset. The 2013 accounts were dented by higher costs connected to Airbus' new A350 twin-aisle jet, which Airbus hopes to start delivering to customers by the end of this year.

Airbus has received over 820 orders so far for the wide body A350, with around 30 percent coming from Asian airlines. The region is a crucial market for plane makers because its economic growth is driving rapid expansion of jet fleets.

Airbus shares rose 1.5 percent in early trading Wednesday on the Paris stock exchange, as investors applauded the group's hitting financial targets including higher operating profit and better-than-expected free cash flow.

Airbus says the A350 program "remains challenging," after it took a 434 million-euro charge against the program in the fourth quarter last year. Development of the jet, an intended rival to Boeing's 787 Dreamliner, has cost around 10 billion euros over the last decade. Qatar Airways expects to take delivery of the first A350 in the fourth quarter of this year.

Airbus is in the midst of a corporate restructuring that will see it cut 5,800 jobs over two years. A failed merger with British defense firm BAE Systems scuttled Airbus' plans to grow its own defense business, which now accounts for about 30 percent of the group's total sales.

A slowdown in U.S. and European military spending has forced Airbus and Boeing to overall their defense businesses.


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