Delegation: Delay flood zone hikes

The state's congressional delegation is urging House and Senate leaders on Capitol Hill to fix a federal law they say could result in "devastating" increases to flood insurance premiums, while the state attorney general is vowing to explore every option to block those rate hikes.

A letter yesterday, signed by all 10 Bay State congressmen, asks for an affordability study mandated by the Biggert-Waters National Flood Insurance Reform Act of 2012, which was designed to keep the National Flood Insurance program solvent.

The delegation also is asking for premium increases to be delayed for small businesses and
homeowners so that the Federal Emergency Management Agency can use that study's recommendations as FEMA adopts new flood zone maps.

"I want an affordability fix, not simply an affordability study about impacts of new flood maps," U.S. Sen. Edward J. Markey, who organized the letter, said in a statement. "The fear of rising flood waters should not be compounded by the fear of an unaffordable spike in insurance premiums. We need immediate action to ensure that business and homeowners who cannot afford these potential increases are helped."

The letter came as state Attorney General Martha Coakley vowed to explore every legal avenue to stop exorbitant premiums, including going to court.

"If we can, we will," Coakley said. "We're going to try to move on as many fronts as possible."

The lawmakers also want FEMA to improve its outreach to inform
homeowners how the new maps will affect them, and to change its appeals process.

The rate hikes go into effect next Tuesday and FEMA has been rolling out the new flood zone maps and meeting with local officials as the law phases in this year, but the changes have caught many
homeowners off guard.

Before Chase White and his wife bought their Scituate home in July, he checked FEMA's website and made sure it wasn't in a high-risk flood zone. But they decided to buy flood insurance anyway because it was only $350 per year. Now, according to FEMA's redrawn maps, their house is at greater risk of a flood, and they expect their insurance to soar to $5,500.

"I feel duped," said White, 33. "We wouldn't have bought the house if we'd known this would happen."

20.25 | 0 komentar | Read More

Bill to add FDA control over compounding pharmacies

A bipartisan committee on Capitol Hill has crafted a bill intended to prevent a public health crisis like the fatal meningitis outbreak last year that was linked to a Bay State compounding pharmacy.

The Drug Quality and Security Act would give the Food and Drug Administration greater authority over compounding pharmacies, which currently are regulated by states, by putting some in a separate category that would require them to register with the FDA, submit to inspections by the agency and notify authorities in the event of a problem.

"Compounding pharmacies have been governed by fragmented regulations for too long, leading to one of the worst public health disasters in recent memory," U.S. Sen. Edward J. Markey said, referring to the New England Compounding Center debacle, which led to the deaths of more than 60 people and the sickening of another 700 nationwide. "We need to end this regulatory black hole by giving the FDA new, clear authority to protect patients and oversee these companies, and this bill is an important step."

However, the bill leaves it up to compounders "who wish" to register with the FDA as outsourcing facilities, while others would continue to be regulated by state boards of pharmacy.

"It'll be incumbent on physicians and hospitals to purchase drugs made under a higher quality standard from FDA-registered facilities," said Allan Coukell, a drug policy expert at the Pew Charitable Trusts.

The bill also would replace the current patchwork of state prescription drug tracing laws by creating a uniform framework for tracking drugs from the manufacturer to the pharmacy.

20.25 | 0 komentar | Read More

A head turner on Marblehead Neck

Know a professional athlete or entertainer who is looking for that special waterfront getaway just a stone's throw from Boston?

Well this Hot Property just might be for them.

Located in the exclusive neighborhood of Marblehead Neck, this one-of-a-kind oceanfront estate offers 1.7 acres of combined lots (74,052 square feet), with expansive grounds and private access to a quiet beach.

This magnificently renovated home offers approximately 5,638 square feet of living space with all rooms facing the ocean. The five bedrooms, five full bathrooms and two half bathrooms make this property perfect for holding court with a full entourage or simply a very large family.

In addition, there are three fireplaces, a marble foyer centered on a grand spiral staircase, elegant formal living room and family rooms, as well as a professional grade kitchen.

Want your kids to be the envy of their friends? How about letting them hold weekend movie-marathons in their own private screening room?

Can't get to your gym in Boston while on the way to work? Not to worry. You have your own private exercise room.

There are multiple decks and porches and three attached garage parking 
spaces.

In addition, there is a private, lagoon-style pool, and basketball court.

So, what are you waiting for? All of this can be yours for a mere $7.99 million.

This home is being offered exclusively by Ricardo Rodriguez of Coldwell Banker Residential Brokerage. For more information or to schedule an appointment, please email Ricardo.Rodriguez@NEMoves.com.

20.25 | 0 komentar | Read More

Boston building boom creates 8,700 jobs

Greater Boston's development boom is putting more people to work, fueling one of the biggest recoveries in construction jobs in the nation, according to a new report.

The Boston, Cambridge and Quincy metro area has added 8,700 jobs since August 2012, a 16 percent jump that was second only to the 8,900 jobs added in the greater Los Angeles area, according to a report released yesterday by the Associated General Contractors of America. The report was based on an analysis of federal employment data, the AGC of America said.

Local construction groups weren't surprised by the numbers, citing big projects with both residential and commercial components that are sprouting up all over the place.

"You look at Assembly Row, you look at the Seaport District, there are cranes everywhere. The growth is tremendous," said Gerry-Lynn Darcy, CEO of the Builders and Remodelers of Greater Boston. "The demand has far surpassed the supply."

And, she expects the increase in construction jobs to continue, thanks to the large number of projects that are in the works.

"Everything suggests that we are now going into an expansion mode," she said.

So far this year, the Boston Redevelopment authority has approved 38.9 million square feet of development worth an estimated $13.5 billion, according to BRA figures.

"We have great resources in Boston," said Darcy, adding that the kind of development taking place now bodes well for the future of the city.

"We have a lot of mixed-use development," she said. "We're very cutting edge, as a community, as a city."

Mary Gately, director of market services for the AGC of Massachusetts, said developments in Kendall Square, Quincy center and the Seaport District are especially encouraging for the industry.

"These are big projects going on, and they take a lot of manpower," she said. "We have seen a remarkable increase since 2011."

20.25 | 0 komentar | Read More

State Senate votes 38-0 to repeal tech tax

The state Senate followed the House's lead yesterday, unanimously voting to repeal the so-called tech tax and sending the bill to Gov. Deval Patrick for his signature.

"Today is corrections day," said Senate Minority Leader Bruce Tarr, (R-Gloucester). "We can correct this mistake of trying to impose a tax on our innovation economy, trying to impose a tax on one of our most promising sectors as we try to recover from a recession."

The Senate voted 38-0 to repeal the 6.25 percent tax on software services, which prompted an outcry from the tech industry after it was passed in July as part of the $500 million transportation financing bill.

20.25 | 0 komentar | Read More

US unemployment aid applications near 6-year low

WASHINGTON — The number of Americans seeking unemployment benefits fell 5,000 last week to a seasonally adjusted 305,000, the second-lowest level in six years. Steady declines in applications show that very few companies are laying off workers.

The Labor Department said Thursday that the less volatile four-week average declined 7,000 to 308,000, the lowest since June 2007.

All states reported their first-time applications on time, a department spokesman said. Applications plummeted three weeks ago because computer upgrades in California and Nevada prevented them from fully reporting their data. Those states have cleared their backlogs, the spokesman said.

Applications are a proxy for layoffs. Fewer layoffs suggest employers are confident enough to maintain their staffing levels. But companies have been reluctant to take the next step and ramp up hiring.

In fact, job gains have slowed in recent months. Employers have added an average of just 155,000 jobs a month since April. That's down from an average of 205,000 for the first four months of the year.

The unemployment rate dropped to 7.3 percent in August, from 7.4 percent in the previous month. But the drop mostly occurred because more Americans stopped working or looking for jobs. The government doesn't count people as unemployed unless they are actively searching for work.

The economy may be growing too slowly to generate stronger hiring. It expanded at a 2.5 percent annual pace from April to June, the Commerce Department reported today. That is up from a meager 1.1 percent annual rate from January through March. For the first six months of the year, the economy has grown at a rate of just 1.8 percent.

Economists worry that growth is slowing to an annual rate of 2 percent or less in the current July-September quarter. If correct, that would mark the third quarter in the last four that the annual growth rate has fallen to 2 percent or below, an abnormally low level of economic growth.

About 3.9 million Americans received unemployment aid in the week ended Sept. 7, about 23,000 more than the previous week. That total has fallen 32 percent in the past year. Some recipients likely found jobs, but many have simply used up all the unemployment benefits available to them.

20.25 | 0 komentar | Read More

World Bank to fund Myanmar power plant upgrade

YANGON, Myanmar — The World Bank is lending Myanmar $140 million to upgrade an aging power plant in southeastern Mon state in a small step toward overcoming the country's chronic power shortages.

Myanmar, which exports natural gas to neighboring Thailand under contracts signed by its former military government, has suffered an energy deficit for years.

The World Bank said Wednesday the interest free loan will fund a refurbishment of the Thaton gas-fired power plant, increasing its generating capacity by 250 percent without an increase in its gas consumption.

It is the first World Bank loan to Myanmar since the development lender forgave $440 million of unpaid debt in January.

Myanmar only recently emerged from a half-century of military rule and isolation, during which time its once promising economy withered. More than 70 percent of people are without electricity.

A lack of funds, rising demand for energy , aging hydroelectric plants and poor grid infrastructure have resulted in frequent power cuts and rationing of electricity during the hot summer months when hydro power generators cannot operate at full capacity due to depleted reservoirs.

"It affects industries, it affects common people, kids cannot study at night because they do not have electricity," said Kanthan Shankar, World Bank country manager for Myanmar.

The bank said the 106 megawatt Thaton plant will provide 5 percent of peak power demand for the entire country and 50 percent of peak demand in Mon state.

Power shortages led to protests early last year in several cities. The government made an uncharacteristic appeal for understanding, saying that rationing was required to cope with greater demand.

20.25 | 0 komentar | Read More

Global stocks meander as US budget debate looms

BANGKOK — Worries about the U.S. economy and a looming budget battle in Washington kept global stock markets in check Thursday.

Data released Wednesday showed orders for long-lasting durable goods increased by only 0.1 percent in August after a sharp drop the month before, raising concerns that third quarter U.S. economic growth may not be as strong as anticipated.

Meanwhile, two financial deadlines for the U.S. government loom. Congress needs to pass a funding bill to keep the federal government operating after Oct. 1, when its new fiscal year starts. And the nation's borrowing limit needs to be raised before Oct. 17.

"The prospect of a U.S. Federal government shutdown is likely to undermine equity prices further in the coming days," said analysts at Capital Economics in an email commentary.

The White House and Republican lawmakers, who disagree on spending cuts and other key budget issues, have just days to reach a compromise. In 2011, a similar situation roiled markets at a time when Europe's debt crisis was flaring, and prompted Standard & Poor's to strip the U.S. of its triple A credit rating.

European stocks fell in early trading. Britain's FTSE 100 was down less than 0.1 percent to 6,547.49. Germany's DAX shed 0.2 percent to 8,646.49. France's CAC-40 lost 0.3 percent to 4,181.72.

Wall Street looked set to recover ground lost after five straight losing sessions. Dow Jones industrial future rose 0.1 percent to 15,231 and S&P 500 futures gained 0.2 percent to 1,688.90.

Japan's Nikkei 225 index overcame initial losses to advance 1.2 percent, closing at 14,799.12. South Korea's Kospi gained 0.5 percent to 2,007.32. Australia's S&P/ASX 200 index rose 0.4 percent to 5,294.50. Benchmarks in Indonesia and India rose, while those in Singapore, Taiwan, Thailand and the Philippines fell.

Hong Kong's Hang Seng shed 0.4 percent to 23,125.03 and the Shanghai Composite Index dropped 1.9 percent to 2,155.81. Chinese banking shares fell after reports showed a sharp drop in total yuan deposits.

"The banks in China lost about 200 billion in deposits. The money probably went into shadow banking, which means they created a liquidity problem for banks," said Francis Lun, chief economist at GE Oriental Financial Group in Hong Kong.

Hong Kong-listed China Construction Bank fell 1.3 percent while Industrial and Commercial Bank of China, the world's biggest bank by market value, lost 0.5 percent.

Benchmark oil for November delivery was up 15 cents to $102.78 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 47 cents to close at $102.66 a barrel on the Nymex on Wednesday.

In currencies, the euro fell to $1.3505 from $1.3517 late Wednesday. The dollar rose to 98.92 yen from 98.48 yen.

___

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

20.25 | 0 komentar | Read More

Nissan recalls 908,900 vehicles for sensor problem

TOKYO — Nissan Motor Co. recalled 908,900 vehicles around the world Thursday for defective accelerator sensors that could cause the engine to stall.

The recall affects the Serena minivan, Infiniti M luxury model, X-trail sport utility vehicle and other models, the automaker said. No accidents have been reported related to the problem.

Most of the vehicles being recalled are in Japan. Others are in North America, Europe and Oceania, Yokohama-based Nissan said.

Sensors, manufactured in Japan, can malfunction, causing the vehicle to slow down and at times stop, it said.

20.25 | 0 komentar | Read More

EBay to buy payments company Braintree for $800M

NEW YORK — PayPal parent eBay says it is buying online and mobile payments technology provider Braintree for $800 million in cash.

Braintree's payments technology is used by popular startups such as vacation rentals site Airbnb, cab-hailing app Uber and restaurant reservations site OpenTable.

The move comes as eBay's PayPal unit works to evolve from its roots as an online payments provider, expanding its offline, mobile and online offerings to stores, restaurants and other business.

San Jose, Calif.-based eBay Inc. says that it will operate Braintree as a separate business. Bill Ready, the CEO of the Chicago-based company, will report to PayPal President David Marcus.

Braintree's roughly 200 employees are staying with the Chicago-based company.

EBay says it expects to close the deal before the end of the year.

20.25 | 0 komentar | Read More