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Consumer spending in U.S. sinks for first time in year

Written By Unknown on Sabtu, 31 Mei 2014 | 18.38

Consumer spending dropped for the first time in a year as shoppers kept their wallets in their pockets in April, leaving experts split on whether the economy is headed for a rebound.

The Commerce Department said yesterday that consumer spending dropped 0.1 percent in April after rising 1 percent the month before. Consumer spending accounts for 
70 percent of overall economic activity.

Economists laid much of the blame for the unexpected drop on a surprisingly strong March.

"There was a strong surge in March, said Chris Christopher, director of consumer economics at IHS Global Insight. "(Consumers) came out swinging and now have to take a breather."

Christopher said consumer spending will likely bounce back in May.

"Whatever negative we had in April was due to a very strong March," he said.

Lindsay Piezga, chief economist of Sterne Agee, agreed that March took the wind out of April's sails, but said there may not be another pick-up.

"Despite hopes of pent-up demand driving consumption and overall growth through the second quarter — and the second half — it appears after just two months any lingering demand for goods leftover from the winter months at the start of the year has since been satisfied," she said.

Still, other economic indicators show cause for optimism, said Nigel Gault, co-chief economist of the Parthenon Group.

"Most signals are that the economy has some underlying pick-up," Gault said.


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Drinking past 2 a.m. has shot

Extended bar and restaurant hours in Boston — part of Mayor Martin J. Walsh's push to make the Hub a late-night city — could be piloted as soon as August if things go as planned, according to a co-chairman of the task force leading the effort.

Lobbying is underway for House members to approve a budget amendment — included in the Senate's proposed version at Walsh's request — that would allow cities and towns serviced by the MBTA's late-night routes to sell alcohol after 2 a.m.

"This provision is a great opportunity for the communities serviced by the MBTA's extended late-night service," Walsh said in a statement. "Incorporating this measure into the state's final budget would support Boston's efforts to pilot and foster a vibrant culture."

The proposed legislation requires the eligible communities' governing bodies — in Boston's case, the mayor and city council — to opt in.

"Right now, our intergovernmental team is doing outreach to the House," said task force co-chairman Rory Cuddyer, who is special assistant to the mayor's chief of staff.

If the measure is included in the state's final approved budget, the next step would be a City Council hearing and vote, optimistically in July, he said.

The task force is looking at mostly nonresidential areas, where demand for extended bar and restaurant hours already is present, for the pilot program. Those broached include South Boston's Seaport District, Faneuil Hall, Lansdowne Street and the Bulfinch Triangle near the TD Garden.

Participating restaurants and bars would need city Licensing Board approval for the extended hours.

Task force member Bob Lutz, CEO of the Massachusetts Restaurant Association, said the trade group's members are "curious" about the possibility of extended hours.

"They're in a wait-and-see mode," Lutz said. "At the end of the day, there has to be a financial gain for a business to get involved in something like that. Today, there's a lot of people who have 1 or 2 a.m. licenses who don't even stay open that late now. It's really driven by the business need."


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Yesterday’s mews: Ex-stable charms

This unique Bedford house was built in 1836 as a racehorse stable for a nearby track, but has been expanded into a four-bedroom home with sensitively added rear additions.

The fieldstone stable with a slate roof retains its original charm, and the current owners undertook a major barnboard-sided addition in 1992, which added a new vaulted-ceiling kitchen with skylights and a large arched window, cherrywood cabinets, black appliances and a center island. Two other wings hold four bedrooms, including a master suite with sliding-glass doors that open onto a rear wood deck.

The two-acre property, filled with large old trees, lots of grass and nicely tended gardens, sits at the end of a private lane lined by stone walls.

The original part of the house holds a family room with beamed and wood-lined walls and ceiling as well as a brick fireplace. There's also a ceramic-tiled dining room, a home office area with a 1992-added half bath, and a large living room with knotty pine floors and a Vermont Castings wood stove. A South-facing greenhouse is attached to the original stable.

Behind a stone wall is a pantry/kitchenette area, a workbench nook and a closet with a Maytag washer and dryer and sink.

The master bedroom in the 1992 wing has knotty-pine walls and carpet, and there's a walk-through closet with built-in wardrobe and a master bathroom with a whirlpool tub. The other three bedrooms are children-sized, and have folding-door closets. A second full bathroom has small ceramic tile floors and a one-piece Fiberglas shower.

The house has five-zoned forced gas heating system, but doesn't have central air conditioning.

A detached two-car garage sits at the end of the private lane and there's an unpaved area that holds two additional vehicles.

Home Showcase

• Address: 278B Old Billerica Road, Bedford
• Bedrooms: Four
• Bathrooms: Two full, one half
• List price: $818,000
• Square feet: 2,844
• Price per square foot: $288
• Annual taxes: $8,962
• Location: Two miles to retail 
and restaurants along Great Road 
in Bedford
• Built in: 1836; major addition and upgrades in 1992
• Broker: Suzanne Koller of Keller Williams at 617-799-5913

Pros:

  • Two-acre property with old trees, grass and gardens
  • Large living area with wood stove and pine floors
  • Master bedroom suite has sliding glass doors to rear deck
  • Attached South-facing greenhouse

Cons:

  • Kitchen, bathrooms could use some upgrading
  • No central air conditioning

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Car Smart: Infiniti coupe puts you in loop of luxury

A coupe always catches my eye and is refreshing to spot among the more practical autos that clog the roads these days. It's the well-proportioned wheel base and the balance of only one door per side along with muscular lines that combine to give the two-door car a fast and fun-to-drive character.

The 2014 Infiniti Q60 embodies these attributes and with all-wheel drive, the Q60 provides an interesting option for the New England driver uninterested in practicality and not willing to compromise on appearance, luxury or performance. The low-to-the-ground Q60 may not be not be the best choice for an unplowed route during a nor'easter, but the Q60's snow-driving mode gives a driver the ability to confidently travel on snow-covered roads.

In addition to all-wheel-drive, our $52,055 tester included a sport package comprised of a sport-tuned suspension and steering. The Q60's suspension was smoother and more forgiving than its cousin, the Nissan 370Z. Handling was swift and athletic on windy secondary roads. However, the Q60's steering was excessively heavy.

Our tester's 330-hp 3.7-liter V-6 engine hustled the coupe off the line and provided a smooth flow of power as it shifted through a seven-speed automatic transmission. Magnesium paddle shifters located behind the steering wheel were also part of the sport package. Rear wheel drive is available on both the $42,000 base model and the more powerful, top shelf, Q60 IPL (Infiniti Performance Line), which is also available with a 6-speed manual transmission. Fuel economy for our AWD tester was 18 city, 25 highway and does improve slightly with the rear-wheel drive models.

Blue ambient lighting set the mood for the Q60's dark cockpit. High gloss maple accents around the center console, dash and doors, along with Infiniti's signature analog clock provided an upscale feel.

A 7-inch infotainment screen was well proportioned within the recess of the dashboard and was easy to use. A Bose sound system with a speed sensitive volume control virtually eliminated any road noise when I was cranking the tunes.

Leather front seats were large and comfortable with ample adjustability. Cramped rear seats had my four-year-old complaining about the lack of space. Ditto for the trunk, you must follow a diagram under the lid in order to cram two golf bags inside.

Our tester also included a $1,250 technology package highlighted by intelligent cruise control with brake assist and rain-sensing windshield wipers. The laser-based intelligent cruise control manages the Q60's speed and maintains a safe distance from the car in front. The brake assist also uses the laser to help the vehicle brake faster if an emergency arises.

While not the most practical with regard to traveling with more than one passenger, a coupe in my book is what a car should be and once you start adding doors, it's a compromise. Similar coupes to consider are the Audi A5, the BMW 428i or Mercedes Benz C-Class. The Infiniti Q60 is also available as a convertible.


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Venture group taps Jack Hart to push non-compete pact ban

Written By Unknown on Jumat, 30 Mei 2014 | 18.38

The New England Venture Capital Association has hired a former state senator as a lobbyist as it ramps up its effort to ban non-compete agreements and lawmakers take up Gov. Deval Patrick's proposal to eliminate the practice in Massachusetts.

Former Sen. Jack Hart has been working for about a month to guide the NEVCA through the legislative process, and has secured meetings with key lawmakers, said C.A. Webb, the association's executive director.

"He's helped open many doors," Webb said.

Yesterday, Webb and dozens of others testified before the Joint Committee for Economic Development and Emerging Technologies. Senate chairman Gale Candaras (D-Wilbraham) said their version of the bill will "certainly" include a change to the law governing non-compete agreements, although she was unsure what that would be.

There will be "some sort of modification if not elimination," she said. "I am very concerned about the impact on our economy."

Bijan Sabet, a venture capitalist with Spark Capital who has made early investments in companies including Twitter and Tumblr, told the committee that eliminating non-compete agreements is crucial for Boston's tech future.

"Every company has a connective tissue with companies before it. We've cut this off," he said.

But the Greater Boston Chamber of Commerce and Associated Industries of Massachusetts spoke in support of the agreements.

"We know from members that non-competes are used in a wide range of industries," said Jim Klocke, Chamber executive vice president. "If we were to ban them, we would put those industries at a competitive disadvantage."


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Panel sees nothing odd on casino vote

The state Gaming Commission yesterday brushed off concerns that Chairman Stephen P. Crosby's decision to recuse himself from discussions over the Boston area's sole casino license could result in a tie vote.

"We're not the first board to have an even number of members (without Crosby)," said Commissioner James F. McHugh. "It's inconceivable to me that we won't reach a decision."

Because of ties to an owner of the Everett land that's the site of Wynn Resorts' proposed casino and his attendance at an opening day party at Suffolk Downs, where Mohegan Sun wants to build, Crosby recused himself earlier this month, leaving the commission with only four members to vote on the Boston-area license.

Yesterday, the commission's general counsel, Catherine Blue, suggested those members discuss ground rules for deliberations and consider what questions they might have for staff and what additional information they might want from the applicants.

The commissioners may even say they have a preference, but still come to a consensus, McHugh said. If they don't, he said, they have the option of telling Wynn and Mohegan Sun to come back with their "best and final offer" to improve their applications.

Although host community hearings are scheduled for June 24 in Revere and June 25 in Everett, a vote on the Boston-area license is not expected until Aug. 29, unless the city goes to arbitration over how much money it's entitled to from Wynn and Mohegan Sun as a surrounding community. In that case, the license may not be awarded until Sept. 12.

A spokeswoman for Mayor Martin J. Walsh yesterday said he met this week with both casino developers, hoping to cut mitigation deals that would preempt a June 16 deadline, after which an arbitrator will decide what Boston deserves. However, she would not provide details of the discussions.

The full commission, including Crosby, expects to award the state's first casino license as early as June 13 in Western Massachusetts, where MGM has proposed an $800 million development in Springfield.

By July, the state's highest court is expected to rule on whether to allow a referendum to repeal the state's 2011 casino law on the November ballot. If the court does allow it, the commission "would have to cross that bridge," said spokeswoman Elaine Driscoll. "But at this point, our licensing process is proceeding."


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Gap filled in downtown

Gap Inc. is seeking workers for a new Gap Outlet that will open in Downtown Crossing — the latest evidence of a looming revival for the Boston shopping district.

The Gap is in talks to open the outlet on Washington Street, across from the Millennium Tower site, in the space previously occupied by the F.Y.E music and video store.

Downtown Crossing has seen heightened interest from retailers and investors in the wake of Millennium Partners starting work on the $630 million Millennium Tower and Filene's building redevelopment — particularly since it announced Arnold Worldwide will relocate its advertising headquarters there in September, and a 30,000-square-foot Roche Bros. supermarket and four-floor Primark store will open in 2015.

"There's clearly more interest," said Ron Druker, a major Downtown Crossing property owner with buildings on Winter, Washington and Bromfield streets, including the Corner Mall. "We get inquiries from brokers and from tenants as to whether or not we have space. We get interest from national and international (companies). It has picked up."

And retail lease prices will only go one way, Druker said — up.

The F.Y.E store closed in January 2012. Next door, the building that once housed a Barnes & Noble has been vacant since the bookseller moved out in the summer of 2006.

"In general, I think there's more activity than we've seen in recent years," said Robert Posner of Commonwealth Holding LP, which owns the former Barnes & Noble space at 395 Washington St.

Since 2010, 35 Downtown Crossing properties have changed hands. In the past year and a half alone, 17 buildings have sold, according to the Downtown Boston Business Improvement District.

"The real estate market is hot, and I think it means people are looking at the district and seeing that it has great value and great potential," BID president Rosemarie Sansone said.

As for retail interest, "there's a lot of movement," according to Sansone. "We see many more people showing spaces every day than we ever have before," she said.

San Francisco-based Gap Inc. did not respond to Herald inquiries.

"The Gap is a well-known brand, and that's exciting," Sansone said. "They have a loyal following."


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How Google got states to legalize driverless cars

MOUNTAIN VIEW, Calif. — About four years ago, the Google team trying to develop cars driven by computers — not people — became convinced that sooner than later, the technology would be ready for the masses. There was one big problem: Driverless cars were almost certainly illegal.

And yet this week, Google said it wants to give Californians access to a small fleet of prototypes it will make without a steering wheel or pedals.

The plan is possible because, by this time next year, driverless cars will be legal in the tech giant's home state.

And for that, Google can thank Google, and an unorthodox lobbying campaign to shape the road rules of the future in car-obsessed California — and maybe even the rest of the nation — that began with a game-changing conversation in Las Vegas.

The campaign was based on a principle that businesses rarely embrace: ask for regulation.

The journey to a law in California began in January 2011 at the Consumer Electronics Show in Las Vegas, where Nevada legislator-turned-lobbyist David Goldwater began chatting up Anthony Levandowski, one of the self-driving car project's leaders. When talk drifted to the legal hurdles, Goldwater suggested that rather than entering California's potentially bruising political process, Google should start small.

Here, in neighboring Nevada, he said, where the Legislature famously has an impulse to regulate lightly.

It made sense to Google, which hired Goldwater.

"The good thing about laws is if they don't exist and you want one — or if they exist and you don't like them — you can change them," Levandowski told students at the University of California, Berkeley in December. "And so in Nevada, we did our first bill."

Up to that point, Google had quietly sent early versions of the car, with a "safety driver" behind the wheel, more than 100,000 miles in California. Eventually, government would catch up, just as stop signs began appearing well after cars rolled onto America's roads a century ago.

If the trigger to act was a bad accident, lawmakers could set the technology back years.

Feeling some urgency, Google bet it could legalize a technology that though still experimental had the potential to save thousands of lives and generate millions in profits.

The cars were their own best salesmen. Nevada's governor and other key policy makers emerged enthusiastic after test rides. The bill passed quickly enough that potential opponents — primarily automakers — were unable to influence its outcome.

Next, Nevada's Department of Motor Vehicles had to write rules implementing the law.

At the DMV, Google had an enthusiastic supporter in Bruce Breslow, then the agency's leader.

Breslow had been fascinated by driverless cars since seeing an exhibit at the 1964 New York World's Fair. Seeing a career-defining opportunity, Breslow shelved other projects and shifted money so he wouldn't have to ask for the $200,000 needed to research and write the rules.

At first, DMV staff panicked — they only had several months to write unprecedented rules on a technology they didn't know. But Google knew the technology, and was eager to help.

"Very few people deeply understand" driverless car technology, said Chris Urmson, the self-driving car pioneer lured from academia who now leads Google's project. Offering policymakers information "to make informed decisions ... is really important to us."

The task fell primarily to David Estrada, at the time the legal director for Google X, the secretive part of the tech giant that houses ambitious, cutting-edge projects. Estrada would trek from San Francisco to Nevada's capital, Carson City, for meetings hosted by DMV staff.

Breslow credited Estrada with making suggestions that made the regulations far shorter, and less onerous, than they would have been. "We quickly jumped in ... to help figure out what the regulation should look like," recalled Estrada.

While others attended the meetings, Google seemed to have a special seat at the table.

Bryant Walker Smith, who teaches the law of self-driving cars as a fellow at Stanford University, described one rule-drafting session where Google — not the DMV — responded to suggestions from auto industry representatives.

"It wasn't always clear who was leading," Smith said. It seemed to him that both Google and the DMV felt ownership of the rules.

By the end of 2011, Nevada welcomed the testing of driverless cars on its roads. Google, however, was focused on its home state, where its Priuses and Lexuses outfitted with radar, cameras and a spinning tower of laser sensors were a regular feature on freeways.

In many ways, Google replicated its Nevada playbook: Frame the debate. Wow potential allies with joy rides. Argue that driverless cars would make roads safer and create jobs.

In January 2012, Google met with state Sen. Alex Padilla, a Massachusetts Institute of Technology engineering graduate. Padilla was intrigued, and agreed to push a bill. Padilla said Nevada's law helped him sell colleagues on the need to act.

"California is home to two things. Number one is the hotbed of innovation and technology. And second, we love our cars. So it only made even more sense to say, 'OK we need to catch up and try and lead the nation,'" Padilla said.

Nevada's swift action, he said, "sent the signal to a lot of colleagues that, 'No, this is not one we want to overthink and study for five years before we take action.'" After all, who in California government wanted a flagship company moving jobs out of the state.

In March 2012, Padilla rode in the driver's seat of a Google car with Levandowski riding shotgun to the news conference announcing his legislation.

In the months that followed, various groups tried to shape Padilla's bill.

One was the Alliance of Automobile Manufacturers, which objected that automakers would be liable for the failure of Google technology strapped onto one of their cars. Trial lawyers, a powerful constituency in the state, successfully lobbied to keep automakers on the hook.

Some inside the Capitol concluded that Padilla was most attuned to Google.

One thing that troubled Howard Posner, then the staffer on the Assembly Transportation Committee responsible for analyzing the bill and suggesting improvements, was that Padilla's legislation would let cars operate without a human present.

Posner argued that lawmakers shouldn't authorize this last step until the technology could handle it. The response, he said, was that Padilla didn't want to do that — "which in my mind meant Google was not willing to do that."

Padilla said that while Google's high profile helped the bill succeed, his office made the decisions. "We're always going to have the final say," he said.

In September 2012, Gov. Jerry Brown went to Google's headquarters and signed Padilla's bill.

Now, California's motor vehicles officials face an end-of-year deadline to write regulations that will allow driverless cars to go from testing to use by the public in June 2015.

At a DMV hearing in March, two Google representatives sat next to DMV staff at the head tables. Their message: Now that self-driving cars were legal, the state should not regulate them too strictly.

___

Follow Justin Pritchard at https://twitter.com/lalanewsman


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The Ticker

Written By Unknown on Kamis, 29 Mei 2014 | 18.38

Apple aims for street cred with $3B Beats buy

Apple is striking a new chord with a $3 billion acquisition of Beats Electronics, a headphone and music streaming specialist that also brings the swagger of rapper Dr. Dre and recording impresario Jimmy Iovine.

Yesterday's announcement comes nearly three weeks after deal negotiations were leaked to the media. It's by far the most expensive acquisition in Apple's 38-year history, a price the company is paying to counter a threat posed to its iTunes store.

The price consists of $2.6 billion in cash and $400 million in Apple stock that will vest over an unspecified time period. The deal is expected to close before October.

World Cup lifts winning country's stocks

Winning the soccer World Cup can bring rewards to the winning nation's stock market investors. But they better be quick as the post-victory rally doesn't last long.

That's the conclusion of investment bank Goldman Sachs, which published a wide-ranging report on the World Cup and its economic impact.

Goldman Sachs analysts found "a clear pattern of outperformance by the winning team in the weeks after the World Cup final." On average, the victorious country's stocks outperform the global market by 3.5 percent in the first month, the investment bank's strategy team said.

Media execs top CEO pay lists

Once again, media company CEOs are among the highest paid executives in the nation, with six of the top 10 earning spots in an Associated Press/Equilar study.

Compensation experts say a variety of factors are at play, including the gain in media stocks, the intangible value of talent in a hit-or-miss business, the control of shareholder power in very few hands and the decline of the financial sector.

TODAY

  • Labor Department releases weekly jobless claims.
  • Commerce Department releases first-quarter gross domestic product.
  • Freddie Mac, the mortgage company, releases weekly mortgage rates.
  • National Association of Realtors releases pending home sales index for April.

TOMORROW

  • Commerce Department releases personal income and spending for April.
  • Harvard Pilgrim Health Care has named Mary Ann Tocio, left, as chairwoman of its board of directors. Tocio is president and chief operating officer of Bright Horizons Family Solutions, a provider of employer-sponsored childcare, early education and work/life solutions.
  • TheLocker, a social media community and e-commerce platform, announced three additions to its employee roster with marketing director Jesse Morgan, marketing manager Kristin Robinson and social media director Melanie Thompson.

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Target tests same-day delivery

Target Corp. will pilot same-day delivery in Boston next month as the latest retailer to enter the online shipping fray.

The retailer's test of "rush delivery" in select parts of Boston, its hometown of Minneapolis and Miami will allow customers to order eligible items online by 1:30 p.m. and receive them between 6 and 9 p.m. that same day for an extra $10 charge.

A Target spokesman declined to reveal the pilot's start date, which parts of Boston will be able to get the deliveries, or how deliveries would be made. "This is all about delivering products and services more flexibly — and serving­ guests on their terms by providing more options," Jason­ Goldberger, senior vice president of Target.com and mobile, said in a Target blog post.

But Norwell retail analyst Michael Tesler said he believes same-day delivery makes more sense for a luxury retailer such as Neiman Marcus than discounter Target, where many customers shop just for the basics.

"Ten dollars additional on a Neiman Marcus item isn't very significant," Tesler said. "And that cus­tomer, for an important event or an important meeting or their lifestyle, expects every­thing exactly when they want it, and they're willing to pay for that."

Same-day delivery likely will be practical for Target only in urban centers, where customers have money, but no cars, he said.

Target also plans to add standard shipping from 135 stores in 38 markets later this year, a move that would allow for faster, one- to two-day delivery and give online shoppers access to store-only merchandise that can't be found on its 
e-commerce site.


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Google gets ready to rev up driverless cars

Google announced its latest "moonshot" yesterday — a fully autonomous, driverless car — saying it hopes to have hundreds of prototypes on the roads a year from now.

The cars have no steering wheels, gas pedals or brake pedals, Google said. Instead, the cars will rely on a combination of sensors, cameras and software to start, stop and navigate traffic.

"We'll have two seats (with seat belts), a space of passengers' belongings, buttons to start and stop, and a screen that shows the route — and that's about it," the company wrote in a blog post. The cars' speed is capped at 25 mph, and drivers will start testing prototypes that do have manual controls later this summer.

Still, MIT professor John Leonard, who works on autonomous vehicles, said driver­less cars weaving in and out of traffic across the country are probably decades away.

"The technical challenges are pretty big in terms of what remains," Leonard said. "There's a lot of questions, but what they've done is amazing."


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8 vehicles earn top rating for collision warning

DETROIT — The 2014 Chevrolet Impala was the only non-luxury car to earn the highest safety rating in new tests of high-tech crash prevention systems.

The Insurance Institute for Highway Safety tested cars equipped with collision warning and automatic braking systems. It gave a "superior" rating to cars that both warned the driver of a potential collision and applied the automatic brakes to significantly slow the cars.

The BMW 5 Series, BMW X5, Mercedes-Benz E-Class, Buick Regal, Cadillac CTS, Cadillac XTS and 2015 Hyundai Genesis also earned "superior" ratings in the test results released Thursday.

Collision warning and automatic braking systems use radars, cameras and lasers to determine if a vehicle is getting too close to the car in front of it. Most of the systems warn the driver — audibly, with vibrations in the seat, or both — and prepare the brakes to maximize their effect when the driver presses them.

In some cases, the vehicles brake themselves. That action may not prevent a crash, the institute said, but reducing the speed before the car hits something can help make crashes — and injuries — less severe.

The Impala's rating wasn't affected by a government investigation of one driver's report that the automatic braking system went off several times without warning, eventually causing an accident. Insurance Institute spokesman Russ Rader said the group is aware of the investigation but had no issues with the Impala in testing.

The Arlington, Virginia-based institute, which is funded by insurers, began testing and rating the systems last fall in hopes of pressuring automakers to adopt them as standard equipment. The institute said 40 percent of 2014 models now offer forward collision warning as an option, while 20 percent offer automatic braking. Acura, Mercedes-Benz and Volvo offer the systems as standard equipment on some cars.

Tests are conducted at 12 miles per hour and 25 miles per hour. In the highest-rated cars, the brakes slowed the cars to 2 or 3 mph or less.

Thirteen 2014 models earned "advanced" ratings, meaning they warned drivers but their brakes reduced the speed only moderately. Those vehicles were: the BMW 3 Series, Buick LaCrosse, Lexus IS, Audi A3, Audi A6, BMW 3 Series, Dodge Durango, Lexus GS, Mercedes-Benz CLA, Infiniti QX50 and Infiniti QX70. The BMW 5 Series and BMW X5, which won superior ratings when equipped with a radar and camera, earned "advanced" ratings when equipped with City Brake, a camera-only system.

Three models earned "basic" ratings, meaning they warned drivers of a potential collision but reduced the car's speed by less than 5 mph. They were: the BMW 3 Series (without City Brake), the Infiniti Q70 and the Toyota Avalon.


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The Ticker

Written By Unknown on Rabu, 28 Mei 2014 | 18.38

Jobless rate in N.E. falls to 6.1 percent

The unemployment rate in New England fell to 
6.1 percent in April, which is slightly below the U.S. average.

The New England information office of the U.S. Bureau of Labor Statistics announced the rate for the six-state region yesterday. It ticked down from 
6.3 percent in March. A year ago, it was 7 percent.

The U.S. unemployment rate for the month was 
6.3 percent.

Rhode Island had the worst jobless rate in New England, at 8.3 percent. That's also the highest rate in the nation.

Connecticut's rate was 6.9 percent, Massachusetts' was 6 percent, Maine's was 5.7 percent, New Hampshire's was 4.4 percent and Vermont's was 
3.3 percent.

S&P scores another record close

U.S. stocks rose yesterday as the S&P 500 scored a second straight record close, buoyed by the latest round of merger activity and as expectations for rate cuts by the European Central Bank stoked investors' appetite for equities.

ECB chief Mario Draghi said the bank must be "particularly watchful" for any negative price spiral in the euro zone. His comments increased bets that the bank was ready to cut rates next week to counter low inflation and weak lending in the euro zone, keeping asset purchases as an option.

The S&P 500 advanced 11.38 points or 0.60 percent, to 1,911.91, a record. The Dow Jones industrial average gained 69.23 points or 0.42 percent, to end at 16,675.50. The Nasdaq Composite added 51.26 points or 1.22 percent, to 4,237.07.

TOMORROW

 Labor Department releases weekly jobless claims.

 Commerce Department releases first-quarter gross domestic product.

 Freddie Mac, the mortgage company, releases weekly mortgage rates.

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


THE SHUFFLE

Waltham-based GMZ Energy, a provider of advanced high-temperature thermoelectric generation power solutions that convert waste heat to power to increase efficiency in internal combustion engines, has announced the appointment of Cheryl Diuguid as CEO. With more than 20 years of international business experience, Diuguid has held senior executive positions in the power and energy industries, including lighting/LED, sapphire, fuel cells and industrial batteries.


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Southie residents upset over Bastille’s valet parking plan

The newest entry to Fort Point's growing restaurant scene is putting further pressure on street parking — already at a premium in the South Boston neighborhood — with its plans to squeeze in valet services.

Bastille Kitchen, a 240-seat French bistro opening next week, wants to take over four residential parking spots in front of its Melcher Street location for a 6 p.m. to 2 a.m. valet zone.

It's the latest example of Fort Point's residential community being asked to make concessions to new restaurants, said Peter Agoos, who lives and works in Fort Point.

"Some of the amenities that residents have acquired, including residential parking, are things which the incoming restaurants should accommodate as opposed to the residents accommodating the restaurants," he said.

Bastille is just .05 miles away — a one-minute walk — from the Necco Street Garage. "So it's not a huge imposition for the restaurant customers to park their own cars," Agoos said.

Karen Stein, who also lives and works in Fort Point, said she sometimes is forced to pay for parking, despite having already paid for a residential parking sticker.

"Parking is becoming a premium, and I don't see the city as necessarily planning or innovating," she said. "As each new building is developed/completed, it grows harder."

Bastille would partner with Melcher Street restaurant Blue Dragon on valet services. Both now have deals with the Necco garage for $5 validated parking for their patrons. "We're trying to be neighborly and work it out," Bastille developer Seth Greenberg said.

Options could include moving the four residential parking spaces to metered or other spots on Melcher Street, said Joshua Lemay, president of Spin Valet. "We're working … to obviously ensure that we have at least as many spaces available for residents, and we don't displace anybody," he said.

Menton is the only Fort Point restaurant with a valet permit. Its Congress Street valet zone took over two previously unregulated parking spots in 2009.


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Vote set for Boston Convention & Exhibition Center expansion

State lawmakers are set to vote today on the 
$1.1 billion expansion of the Boston Convention & Exhibition Center, already the largest building ever constructed in New England.

The plan to add
1.3 million square feet of space, including meeting rooms, exhibition areas and ballrooms, would still need to be passed by the state Senate if approved by the House today. The project would need to be signed by Gov. Deval Patrick by July 31. But both House Speaker Robert A. DeLeo and Senate President Therese Murray have publicly backed the expansion.

The Herald first reported earlier this year on a slew of unusual provisions in the bill. The Massachusetts Convention Center Authority can keep secret any document that contains "financial information" on its private contractors — language that never appeared in the original 1997 bill to construct the mega-hall.

The project is also exempt from the city's zoning code, but would still need BRA approval. And officials could use the statewide hotel tax fund as collateral to secure the bonds for the expansion.

MCCA Executive Director James Rooney has argued the center is too small to attract large conventions and that the expansion won't require taxes or fees to be raised.


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Google: We're building car with no steering wheel

LOS ANGELES — Google will build a car without a steering wheel.

It doesn't need one because it drives itself.

The two-seater won't be sold publicly, but Google said Tuesday it hopes by this time next year, 100 prototypes will be on public roads. Though not driving very quickly — the top speed would be 25 mph.

The cars are a natural next step for Google, which already has driven hundreds of thousands of miles in California with Lexus SUVs and Toyota Priuses outfitted with a combination of sensors and computers.

Those cars have Google-employed "safety drivers" behind the wheel in case of emergency. The new cars would eliminate the driver from the task of driving.

No steering wheel, no brake and gas pedals. Instead, buttons for go and stop.

"It reminded me of catching a chairlift by yourself, a bit of solitude I found really enjoyable," Sergey Brin, co-founder of Google, told a Southern California tech conference Tuesday evening of his first ride, according to a transcript.

The electric-powered car is compact and bubble-shaped — something that might move people around a corporate campus or congested downtown.

Google is unlikely to go deeply into auto manufacturing. In unveiling the prototype, the company emphasized partnering with other firms.

The biggest obstacle could be the law.

Test versions will have a wheel and pedals, because they must under California regulations.

Google hopes to build the 100 prototypes late this year or early next and use them in a to-be-determined "pilot program," spokeswoman Courtney Hohne said. Meanwhile, by the end of this year, California's Department of Motor Vehicles must write regulations for the "operational" use of truly driverless cars.

The DMV had thought that reality was several years away, so it would have time to perfect the rules.

That clock just sped up, said the head of the DMV's driverless car program, Bernard Soriano.

"Because of what is potentially out there soon, we need to make sure that the regulations are in place that would keep the public safe but would not impede progress," Soriano said.

___

Contact Justin Pritchard at https://twitter.com/lalanewsman.


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Union goes after water park developer

Written By Unknown on Selasa, 27 Mei 2014 | 18.39

FITCHBURG  — Unionized carpenters want the state to rescind a 20-year tax increment financing deal to the developer of a water park and resort in Fitchburg.

The New England Regional Council of Carpenters says Wisconsin-based Great Wolf Lodge failed to live up to its agreement to ensure contractors pay Massachusetts workers' compensation insurance.

The Telegram & Gazette reports that the union cited eight stop-worker orders at the site by the Department of Industrial Accidents for failure to carry the insurance before approval of $16.4 million in local tax relief and $680,000 in investment tax credits.

A spokeswoman for the Office of Housing and Economic Development, which oversees the incentive program, is looking into the matter.

A Great Wolf spokeswoman says the problems have been resolved. The park will open next week.


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CapeFlyer train riding high

More people rode the CapeFlyer this Memorial Day weekend than last, putting the seasonal weekend train service between Boston and Cape Cod on track to another year in the black, an official said.

A total of 1,037 passengers rode the rails to and from the Cape from Friday night through last night, said Thomas Cahir, administrator of the Cape Cod Regional Transit Authority.

That's up from 808 in 2013, the service's inaugural year, when it generated $17,863, Cahir said.

Cahir said the amount of revenue from this Memorial Day weekend won't be available until Wednesday — due to varying ticket rates — but the uptick in passengers from last year bodes well for the service.

"We're very happy, especially considering the weather on the Cape wasn't stellar," he said. "We anticipate a good year."

Last year, the CapeFlyer had 16,586 riders from Memorial Day weekend to Columbus Day weekend, generating a total of $290,756, Cahir said.

Officials initially planned for it to run only until Labor Day, but extended the service due to demand.

"We don't have any longterm objectives, other than to run an efficient, fiscally prudent service that gets people out of their cars," he said.

Fares cost $40 per person 13 or older, round trip, from South Station to Hyannis — with stops in Braintree, Middleboro/Lakeville, Wareham Village and Buzzards Bay. Children 12 or younger, as well as pets and bicycles, travel free, Cahir said, and seniors and people with disabilities ride for 50 percent off with a Senior CharlieCard or Transportation Access Pass Charlie­Card. Local bus service is coordinated with train arrivals to help people get to other destinations on the Cape.

"It's still very reasonable for the service you get," Cahir said, "especially when you factor in not having to pay for gas and deal with the stress of sitting in traffic for hours."

This year, the CCRTA is working with the organizers of the Pan-Mass Challenge, an Aug. 2 bike-a-thon to raise money for cancer research, to transport volunteers by offering a late morning and a late afternoon train that day, he said.

For more information, visit www.CapeFlyer.com.


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Bowman: Remembering names makes you look good

Most of us are challenged remembering names. When another person approaches us and says their name, we, as professionals, should be conditioned to respond by saying our name. While it may easier to forget and more tempting to ignore people, something as simple as remembering another person's name presents a big opportunity. Embrace this everyday occurrence as a chance to show respect and recognize others while earning respect and recognition, and stand apart. When you make the effort to learn and remember a name, you will be remembered positively.

The fact is people like to hear little more than the sound of their own names. As Dale Carnegie says, "Remember that a person's name is to that person the sweetest and most important sound in any language." Whenever we hear our name, we automatically perk up and are drawn to the voice. Therefore, remembering and using another person's (properly pronounced!) name is critical to cultivating relationships.

If your own name is a challenging one, think of a clever association and share it. This also serves as a natural ice-breaker that will immediately help launch you into conversation.

To remember others' names, it is good practice to:

•     Repeat a name as soon as this is said, and use often in conversation.

•     Look at the person. Concentrate, focus, listen.

•     If you are unsure, ask people to pronounce their names again for you. You may also want to ask people to spell their names.

•     Make an association or mental image immediately (but be careful with some associations!).

•     Ask for a business card and use the opportunity to make yet another visual "imprint" of a person's name.

•     Use honorifics — "Doctor, Judge, Professor."

•     Ask how someone prefers to be addressed … you need to earn the right to get to the "Jack and Judy" stage.

You will have researched and learned business and personal information you can use in conversation.

When introduced, you say — with engaging smile — "I'm pleased to meet you (perfectly pronounced name). I was interested to read (yes, you read, you research) the news of your exciting product launch!"

You just popped!

Judith Bowman is an author and president of her own consulting company.


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Median CEO pay crosses $10 million in 2013

NEW YORK — They're the $10 million men and women.

Propelled by a soaring stock market, the median pay package for a CEO rose above eight figures for the first time last year. The head of a typical large public company earned a record $10.5 million, an increase of 8.8 percent from $9.6 million in 2012, according to an Associated Press/Equilar pay study.

Last year was the fourth straight that CEO compensation rose following a decline during the Great Recession. The median CEO pay package climbed more than 50 percent over that stretch. A chief executive now makes about 257 times the average worker's salary, up sharply from 181 times in 2009.

The best paid CEO last year led an oilfield-services company. The highest paid female CEO was Carol Meyrowitz of discount retail giant TJX, owner of TJ Maxx and Marshall's. And the head of Monster Beverage got a monster of a raise.

Over the last several years, companies' boards of directors have tweaked executive compensation to answer critics' calls for CEO pay to be more attuned to performance. They've cut back on stock options and cash bonuses, which were criticized for rewarding executives even when a company did poorly. Boards of directors have placed more emphasis on paying CEOs in stock instead of cash and stock options.

The change became a boon for CEOs last year because of a surge in stocks that drove the Standard & Poor's 500 index up 30 percent. The stock component of pay packages rose 17 percent to $4.5 million.

"Companies have been happy with their CEOs' performance and the stock market has provided a big boost," says Gary Hewitt, director of research at GMI Ratings, a corporate governance research firm. "But we are still dealing with a situation where CEO compensation has spun out of control and CEOs are being paid extraordinary levels for their work."

The highest paid CEO was Anthony Petrello of oilfield-services company Nabors Industries, who made $68.3 million in 2013. Petrello's pay ballooned as a result of a $60 million lump sum that the company paid him to buy out his old contract.

Nabors Industries did not respond to calls from The Associated Press seeking comment.

Petrello was one of a handful of chief executives who received a one-time boost in pay because boards of directors decided to re-negotiate CEO contracts under pressure from shareholders. Freeport-McMoRan Copper & Gold CEO Richard Adkerson also received a one-time payment of $36.7 million to renegotiate his contract. His total pay, $55.3 million, made him the third-highest paid CEO last year.

The second-highest paid CEO among companies in the S&P 500 was Leslie Moonves of CBS. Moonves' total compensation rose 9 percent to $65.6 million in 2013, a year when the company's stock rose nearly 70 percent.

"CBS's share appreciation was not only the highest among major media companies, it was near the top of the entire S&P 500," CBS said in a statement. "Mr. Moonves' compensation is reflective of his continued strong leadership."

Media industry CEOs were, once again, paid handsomely. Viacom's Philippe Dauman made $37.2 million while Walt Disney's Robert Iger made $34.3 million. Time Warner CEO Jeffrey Bewkes earned $32.5 million.

The industry with the biggest pay bump was banking. The median pay of a Wall Street CEO rose by 22 percent last year, on top of a 22 percent increase the year before. BlackRock chief Larry Fink made the most, $22.9 million. Kenneth Chenault of American Express ranked second with earnings of $21.7 million.

Like stock compensation, performance cash bonuses jumped last year as a result of the surging stock market and higher corporate profits. Earnings per share of the S&P 500 rose 5.3 percent in 2013, according to FactSet. That resulted in an average cash bonus of $1.9 million, a jump of 12.9 percent from the prior year.

More than two-thirds of CEOs at S&P 500 companies received a raise last year, according to the AP/Equilar study, because of the bigger profits and higher stock prices.

CEO pay remains a divisive issue in the U.S. Large investors and boards of directors argue that they need to offer big pay packages to attract talented men and women who can run multibillion-dollar businesses.

"If you have a good CEO at a company, the wealth he might generate for shareholders could be in the billions," says Dan Mitchell, a senior fellow at the Cato Institute, a libertarian think tank. "It might be worth paying these guys millions for doing this type of work."

CEOs are still getting much bigger raises than the average U.S. worker.

The 8.8 percent increase in total pay that CEOs got last year dwarfed the average raise U.S. workers received. The Bureau of Labor Statistics said average weekly wages for U.S. workers rose 1.3 percent in 2013. At that rate an employee would have to work 257 years to make what a typical S&P 500 CEO makes in a year.

"There's this unbalanced approach, where there's all this energy put into how to reward executives, but little energy being put into ensuring the rest of the workforce is engaged, productive and paid appropriately," says Richard Clayton, research director at Change to Win Investment Group, which works with labor union-affiliated pension funds.

Investors have become increasingly vocal about executive pay since the recession. This has led to an increasing number of public spats between boards of directors, who propose pay packages, and shareholders, who own the company. These fights become public during "say on pay" votes, when shareholders have an opportunity to show they approve or don't approve of pay packages. Votes are non-binding, but companies sometimes act when there is clear disapproval from shareholders.

Petrello was the best-paid CEO largely because the board of directors of Nabors Industries' wanted to end his previous contract. Under that contract, Petrello could have been owed huge cash bonuses, and the company could have paid out tens of millions of dollars if he were to die or become disabled. The board changed his contract following "say on pay" votes in 2012 and 2013 that showed shareholders were unhappy with how Nabors paid its executives.

There have been other signs of shareholder concern about CEO pay. This month, 75 percent of Chipotle Mexican Grill shareholders voted against a proposed pay package for co-CEOs Steve Ells and Montgomery Moran. Ells earned $25.1 million in 2013 while Moran earned $24.3 million, a 27 percent rise in compensation for each. Chipotle spent $49.5 million on CEO pay last year, the fourth highest in the S&P 500.

"Companies are now taking the time to think through their pay practices and are talking more with shareholders," says Hewitt of GMI Ratings. "There's still a long way to go but pay practices are getting better."

To calculate a CEO's pay package, the AP and Equilar looked at salary as well as perks, bonuses and stock and option awards, using the regulatory filings that companies file each year. Equilar looked at data from 337 companies that had filed their proxies by April 30. It includes CEOs who have been at the company for two years.

One prominent name not included in the data was Oracle CEO Larry Ellison, who is typically one of the best paid CEOs in the country.

Oracle files its salary paperwork later in the year, so Ellison was excluded in the 2013 survey data. He was awarded $76.9 million in stock options for Oracle's fiscal year ending May 2013, according to proxy filings.

Among other findings:

— Female CEOs had a median pay package worth more than their male counterparts, $11.7 million versus $10.5 million for males. However, there were only 12 female CEOs in the AP/Equilar study compared with 325 male CEOs that were polled.

— The CEO who got the biggest bump in compensation from 2012 to 2013 was Rodney Sacks, the CEO of Monster Beverage. Sacks earned $6.22 million last year, an increase of 679 percent. Monster's board of directors awarded Sacks $5.3 million in stock options to supplement his $550,000 salary and $300,000 cash bonus.

____

Follow Ken Sweet on Twitter @kensweet


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Pilgrim protesters to gather at Sagamore Bridge

Written By Unknown on Senin, 26 Mei 2014 | 18.38

BOURNE — Protesters are planning to gather near the Sagamore Bridge on Memorial Day to highlight concerns about the safety of the Pilgrim nuclear power plant in Plymouth.

The protesters called the current emergency plan in the event of an accident at the power plant unacceptable for those on the Cape.

The protest comes two months after Gov. Deval Patrick wrote the Nuclear Regulatory Commission expressing concerns about the plant. Patrick said he was writing on behalf of 15 southeastern Massachusetts communities.

Patrick said he shares their concerns because of what he called the lack of a "viable evacuation route" off of Cape Cod.

The NRC relicensed Pilgrim through 2032. The plant's operators say it's safe and secure.

Patrick said the NRC should require the plant be decommissioned if it can't comply with safety regulations.


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These cars great for ‘staycations’

The family-vacation-turned-disaster is a meme that has spawned countless horror stories, from "National Lampoon's Vacation" trips to Walley World to several sorry sequels to Baby being put in a corner to Mitt Romney's dog.

What happened to this idyllic American rite of summer?

Well … we got busy. Busy with a career, a family. With life.

But the urge to jump into the Wagon Queen Family Truckster and hit the highway remains. Since we're all pinched for time, we typically truncate our summer vacations these days. The most likely choices are "day trips" — consisting of an overnight visit, or at most, a weekend away — or so-called "staycations," where we don't venture very far from home.

No time? No worries. Automotive Editor Mark Takahashi of Edmunds.com says there are good vehicular choices for whatever summer fun one has in mind.

Boston's career-minded dual income, no kids' population has the wherewithal, but not the time to get on a plane and get away for multiple days. These people need a vehicle that suits a life in the fast lane — even if only for a short time.

Audi A4

Audis are popular sellers here, and the attractive, drivable and fuel-efficient A4 tops the list. It has a luxurious feel and a smaller footprint ideal for city living. Buyers find this versatile car great for daily driving, but also ideal for quickie road trips. (Starting MSRP: $33,800)

Porsche 911

Of course, if you're really looking for style and panache, turn to what Takahashi calls "the classic sports car." Its iconic shape still turns heads, and maintains its legendary perform attributes. Unapologetically built for two, this car is the pick for a night out on the town. (MSRP: $84,300)

Tesla Model S

A game changer. A car Takahashi calls "sleek, sophisticated and utterly futuristic," the all-electric Tesla Model S redefines the green car. The P85 model ($93,400) provides up to 265 miles of travel on a single charge, along with jaw-dropping acceleration. People fearful of electric vehicles worry that they'll get stranded without a recharging station nearby. Chargepoint.com shows well more than 1,000 stations scattered throughout New England. (MSRP: $69,900)

Another major draw for New England travelers, said Mary Maguire, the director of public and government affairs for AAA Southern New England, is, "We have so many terrific vacation spots in close proximity. They're an easy drive and an easy proposition financially, because you can get there and back on a half a tank of gas. It makes the idea of day trip or weekend more appealing."

And then there's the "staycation" — one of the most affordable vacation options available. People take time off, but don't stand still. For family outings, perhaps a trip to Fenway, a Little League tournament, or a trek to an amusement park, consider these conveyances:

Honda Accord Hybrid

"This is one of the rare cases where we prefer a hybrid adaptation over its gasoline-only origins," said Takahashi. "It drives just like a traditional Accord, but returns astounding fuel economy figures of 47 mpg in combined driving. AAA pegs gas prices this weekend at an average of $3.65 per gallon in Massachusetts, and those prices typically spike in summer, so 47 mpg equals a win. (MSRP: $29,155)

Lexus GS 350

Another fine choice for tooling about town is the Lexus GS 350. It has the luxury and comfort of its German competitors while keeping a couple thousand in your bank account — money you can spend on having fun. "It's capable, comfortable, and inside it showcases quality and cutting-edge technology," Takahashi said. (MSRP: $47,700)


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Newspaper’s ‘Innovation Report’ is underwhelming, unrealistic

As a chorus of sycophants throws its collective back out to deem the leaked New York Times' Innovation Report a seminal work of genius, allow me to tell you why the 96-page document needs to be shelved like every other blue-ribbon commission production in history.

(It's only fitting that we do this as a Buzzfeed listicle, since the report made so much of trying to turn the Grey Lady into a cross between Upworthy and Flipboard.)

Top five reasons The New York Times cannot be serious about the Innovation Report, even if it was the work of a team led by publisher Arthur "Punch" Sulzberger's son:

5) It suggests having journalists take the time to build and repackage an archive of their own work. Have these people ever been in a newsroom? Although the idea of unearthing archives and reusing them in new and different ways isn't entirely laughable, the notion that reporters themselves should spend time on this is.

4) The authors fail to correctly define industry "disruptors" — the innovators who supplant the old with the new, like Buzzfeed and Huffington Post. According to the report, one of the "hallmarks of disruptive innovators" is that the new product is "initially inferior to existing products." Like Uber was initially inferior to taxicab dispatchers? Or how Amazon paled in comparison to Borders? How bizarre … and false.

3) The report suggests that more personalization will draw readers, even suggesting that when a reader walks by a restaurant recently given a positive review by the Times, their phone should tell them. Memo to the authors: There's this new website called Yelp, and it's … well … never mind.

2) The entire report is about growing the Times' digital audience, but there's no talk of figuring out a way to make money from that audience. True, home page visits have plunged by half in two years. (That whole having a paywall thing, perhaps?) But even before the traffic downturn, talk of layoffs and financial peril persisted. The fact is that digital advertising and subscription models alike are inherently flawed — even with a large audience. Which brings me to the final item of this listicle:

1) There are nearly no new ideas, because the report was generated from interviews with folks who are already doing the stuff they're suggesting. Repackaging and re-purposing content, promotion via social media, connecting with audiences and envisioning the digital newsroom of the future are all themes within this puzzling document.

It's like a bunch of people got together to envision 2010 from 2005. And the resources to implement all these supposed innovations will be at the expense of real journalism.


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Regulations mulled for bitcoin

State regulators in Massachusetts and others around the country are taking a close look at virtual currencies as bitcoin continues to grow in popularity.

"We will be trying to come up with a model law or regulations states can use," said David Cotney, commissioner of the Massachusetts Division of Banks and chairman of the Emerging Payments Task Force. "This has gotten a lot of attention, and we want to make sure when we act, we get it right."

The task force is made up of nine state regulators from around the country, and will look at everything from bitcoin to mobile payments.

Last week though, the task force held a hearing on bitcoin and other virtual currencies, hearing testimony from bitcoin companies and regulators, include Barbara Anthony, undersecretary of the Massachusetts Office of Consumer Affairs and Business Regulation.

Anthony said one of the key issues is that average consumers may be interested in bitcoin, but are not aware of some of the risks.

"Consumers and average consumers need to know that there are certain drawbacks to trading in a virtual currency," Anthony said. "The kinds of consumer protections that we're used to, people have to understand they are not available to virtual currencies."

Things consumers should be aware of about bitcoin, Anthony said, include volatile worth and the fact there is no central authority that guarantees bitcoin's worth.

"You could buy $100 worth of bitcoin right now and over a period of time that value is not going to be $100," Anthony said.

Cotney said he is not planning on implementing any regulations on bitcoin immediately, but could down the road.

"We will certainly be looking at the efforts of this task force to help guide us," Cotney said.

Kyle Powers, co-founder of Liberty Teller, a company that makes bitcoin ATMs, said proper regulation will help carve out a place for the currency.

"Updated and streamlined regulations would help us grow our small business and would help Massachusetts maintain its leadership role in bitcoin," Powers said. "Bitcoin's biggest hurdle is educational, not technical. We work tirelessly everyday to increase access to and awareness of bitcoin, so we are on the same team when it comes to educating consumers."

Bitcoin had a busy week in the Boston area. Liberty Teller became one of the finalists for startup accelerator MassChallenge. And Circle Internet Financial, also based in Boston, announced its product, which aims to make bitcoin more accessible to consumers.


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Starting 2012 Chrysler van gives driver a jolting jump

Written By Unknown on Minggu, 25 Mei 2014 | 18.38

Recently I purchased a 2012 Chrysler Town & Country SXT V6 van with 39,000 miles. It is a one-owner vehicle with no Carfax issues. When starting out anytime, the accelerator pedal moves about an inch down before the vehicle responds from idle. When it does it jumps forward rather than a smooth reaction. This makes me let up on the pedal and then it jumps again when I reapply the throttle. This may be an inherent characteristic. I can describe the issue like this: If it is idling at 800 rpm at a stop, it jumps to 2500 rpm to get going, then adjusts to the pedal position. I called the dealership and they want to do a diagnostic and test drive for more than $100.

You are correct that some of the transmission's characteristics may be inherent. The software that controls the transmission is programmed to maximize fuel economy by tailoring shifts to specific driving conditions. The "ECO" button, for example, will cause the transmission to shift directly from first to third gear, softening acceleration to improve fuel economy.

Chrysler has issued two software updates that address shift quality from the 6-speed automatic transmission in this vehicle. One of these is called the "enhanced pedal" update which, according to the bulletin, "will make the vehicle more responsive with less pedal input and take less effort to maintain a constant cruising speed."

You didn't mention where you purchased the vehicle, but it's worth asking the dealer if your vehicle is affected by the bulletin, and if the update was done at no cost to the original owner. If not, even though the vehicle is just a few thousand miles out of warranty, this may be covered as a goodwill adjustment.

I have a 2007 Ford Focus with a trunk release issue. When I push the trunk release button on the dash and when I push the trunk release button on the remote, it sounds like a loud machine gun firing and always causes heads to turn in the parking lot. This occurs about 90 percent of the time. Usually the trunk does release, but occasionally it doesn't work and I have to repeat the process or unlock it with the key. Also, the dash light appears, indicating that the trunk isn't locked after I close it even though usually it is locked.

The most likely cause is a poor electrical connection or ground in the trunk release solenoid circuit. Ford issued service bulletin #10-5-9 in March 2010 outlining a diagnostic procedure for the trunk release. The bulletin deals with an inoperative solenoid and identifies the possibility of a poor connection between the trunk release harness connector and the solenoid. Even though your symptom is a bit different, this is the place to start.

I have a 2005 Mercury Mariner that I purchased new. The vehicle is in showroom condition with 47,000 miles on it. Here's the issue. The tachometer on the left has a little window that displays information such as direction, door open, oil change needed, etc. This has dulled to the point of being barely visible. The dealer states that the whole section of the dash must be replaced at a cost of around $700. Is there not a less expensive way? I like everything to be just right!

The dashboard on your vehicle is back-lit with a number of small light bulbs. The individual bulbs are replaceable by removing the dashboard to gain access. The real question is whether the "dulled" display is due to a burned-out bulb or failed module supplying the info to the display. If you can read the specific information displayed, even when dulled, I suspect the lamp behind it is burned out.

Paul Brand, author of "How to Repair Your Car," is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at: Star Tribune, 425 Portland Ave. S., Minneapolis, Minn., 55488 or via email at paulbrand@startribune.com. Please explain the problem in detail and include a daytime phone number.


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Chips still on web gambling

Online gaming proponents are vowing to push ahead despite a leading casino industry lobbying group's withdrawal of support for expanded Internet gambling, which has proved to be a divisive issue among Las Vegas gaming titans.

State Treasurer and gubernatorial candidate Steven Grossman said the reversal by the American Gaming Association does not chill his interest in exploring online gaming to boost the state Lottery.

"They can have their squabbles out there all they want," Grossman said. "We'll continue to move forward … to study this issue and how it can potentially affect us, one way or another. Any smart business of any kind, public or private, would study that. You have to change to survive and flourish."

The AGA announced this past week it would no longer push to expand online gaming into new states, an issue that has pitted opponents such as Sands chief Sheldon Adelson and Wynn Resorts head Steve Wynn against supporters such as MGM and Caesars Entertainment.

Grossman said the near $5 billion state Lottery still wants to explore if online gaming can help preserve its market share, so long as credit cards can't be used to play and if it doesn't increase gambling addiction or hurt Lottery retailers.

"I hear the differences of opinion out there," Grossman said. "We're not going to get dragged one way or another into that debate. We'll simply study and be very careful with any approach to online gaming that doesn't protect the people of this commonwealth appropriately."

A bill is pending in the Legisla-

ture that would clear the path for the Lottery to experiment with online gaming.

Adam Krejcik, managing director at Eilers Research, which tracks online gambling, said the AGA's move dampened the prospects for new states jumping into the arena, particularly in the wake of poor returns in New Jersey.

"I think a state would much rather have the AGA support … someone needs to be leading the charge," Krejcik said. "It's hard to put a positive spin on it."

Krejcik said online gaming revenue this year in New Jersey, where casinos run gambling sites, "will come in below the most conservative estimates out there," about $140 million. Projections were as high as $1.2 billion, he said.

The state Gaming Commission — whose chairman, Stephen Crosby, called a forum in March to discuss online gambling, saying "the time is now" to discuss legalizing it — said the AGA decision does not change its posture.

"The AGA's decision to withdraw from discussions regarding online gaming reinforces the commission's position on this topic," the commission said in a statement. "The commission believes that a slow and deliberate approach to this issue is the most responsible way to move forward given the significant varying opinions on this matter."


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New FHA rules making condos no-lending zones

WASHINGTON — For young first-time buyers, people with modest down payment cash, or seniors who want to tap their equity using a reverse mortgage, it's a growing problem: They cannot use Federal Housing Administration financing in condominiums.

It's not that these buyers and unit owners can't qualify on credit and income grounds for a loan personally — they often can. Instead, it's because the entire condominium development is ineligible. As the result of policy changes at the federal level and decisions by condominium boards of directors, thousands of communities have essentially become prohibited lending zones for FHA in the past several years.

The agency has banned so-called "spot" loans and will only insure mortgages on units in condo projects that have passed a certification process that examines budgets, reserves, insurance coverage, percentage of renters compared with owners in the development and delinquencies on payment of condo fees.

FHA says that its revised procedures weed out fiscally weak, poorly managed developments and reduce taxpayer exposure to future losses. Condominium boards, on the other hand, argue that some of FHA's evaluation criteria are too strict and that the certification process is bureaucratic and costs them money they'd prefer not to spend.

Since toughening its financing rules and requiring certification of entire projects four years ago, the number of condo developments approved for FHA financing has plunged by more than half. As of mid-month, it stood at just 10,020 communities, according to an FHA spokesman. Industry sources estimate the total number of condo projects nationwide is around 144,000.

FHA financing is important because of the special niches it fills. Among the three major federal lending intermediaries — Fannie Mae and Freddie Mac are the other two — FHA is the most flexible on credit issues. It is also lenient on debt ratios and allows down payments as small as 3.5 percent.

As a result, FHA for decades has been the go-to mortgage option for moderate-income purchasers and has been a key resource for African-American and Latino buyers, many of whom have made their first purchase in a condominium development.

FHA also plays an outsized role in the reverse mortgage market for seniors 62 and older. Its insured reverse mortgage product accounts for more than 90 percent of all borrowing in that field, allowing seniors to extract needed cash from their home equity to support their retirement expenses.

But with the sharp decline in FHA-approved condominium projects, many buyers and unit owners are finding themselves financially frozen out. Equally troubling, unit owners who want to sell find the pool of potential buyers reduced — along with the market value of their property — because FHA mortgages are banned.

Seth Task of Berkshire Hathaway HomeServices Professional Realty in Solon, Ohio, said a condo unit client his firm represented recently was forced to sell for $10,000 below what she had been offered by a buyer who was pre-qualified for an FHA loan — a loss solely attributable to the condominium's non-certified status. Situations like this are becoming more frequent, housing industry experts say, and the lack of FHA financing eligibility for entry-level-priced condo units is partially responsible for the decline in first-time buyer participation in the real estate market.

But now a movement is getting underway to reverse this shrinkage. At this month's spring legislative conference of the National Association of Realtors here in Washington, California brokers and agents unveiled a campaign to convince condo boards to re-think their objections to FHA certification — for their unit owners' sakes.

The primary focus, said Mike DeLeon, president of the Orange County Association of Realtors, which debuted an educational video at the Washington conference, is to show reluctant condo boards of directors "the positive benefits" of certifying with FHA. The video stresses "keeping condo unit values at their highest" by widening the pool of potential purchasers; helping existing unit owners tap their equities for retirement; and the relatively low risk of default presented by today's FHA buyers.

For most condo developments the message is this: Give some thought to the issue. FHA certification has its complications and costs, but it could be more than worth the effort for your current residents and future business.


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Private hospitals could take some pressure off VA

WASHINGTON — The Obama administration's decision to allow more veterans to get care at private hospitals could take some pressure off backlogged Veterans Affairs facilities struggling to cope with new patients from the wars on terrorism as well as old soldiers from prior conflicts.

Agreeing to recommendations from lawmakers, the administration said Saturday it will allow more veterans to obtain treatment at private hospitals and clinics in an effort to improve care.

Veterans Affairs Secretary Eric Shinseki also said VA facilities are enhancing capacity of their clinics so veterans can get care sooner. In cases where officials cannot expand capacity at VA centers, the Department of Veterans Affairs is "increasing the care we acquire in the community through non-VA care," Shinseki said.

Lawmakers from both parties have pressed for this policy change as the VA confronts allegations about treatment delays and falsified records at VA centers nationwide.

The department's inspector general says 26 VA facilities are under investigation, including the Phoenix VA hospital, where a former clinic director says as many as 40 veterans may have died while awaiting treatment.

Officials also are investigating claims that VA employees have falsified appointment records to cover up delays in care. An initial review of 17 people who died while awaiting appointments in Phoenix found that none of their deaths appeared to have been caused by delays in treatment.

The allegations have raised fresh concerns about the administration's management of a department that has been struggling to keep up with the influx of veterans returning home from the wars in Iraq and Afghanistan, and Vietnam veterans needing more care as they age.

The directive announced Saturday should make it easier for veterans to get medical care at non-VA facilities, according to an agency spokeswoman.

The VA spent about $4.8 billion last year on medical care at non-VA hospitals and clinics, spokeswoman Victoria Dillon said. That amounts to about 10 percent of health care costs for the Veterans Health Administration, the agency's health care arm.

It was not clear how much the new initiative would cost, Dillon said.

Rep. Jeff Miller, R-Fla, chairman of the House Veterans' Affairs Committee, welcomed Shinseki's announcement, but questioned why it took so long. Reports about the veterans at the Phoenix hospital surfaced more than a month ago.

Sen. John McCain, R-Ariz., has called for the VA to allow more veterans to receive medical care at private hospitals. House Minority Leader Nancy Pelosi, D-Calif., said this past week that she was open to the idea of medical care at private hospitals.

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Follow Matthew Daly: https://twitter.com/MatthewDalyWDC


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