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Home Showcase: This colonial has drive-in appeal

Written By Unknown on Sabtu, 28 Maret 2015 | 18.38

Less than an hour's drive from Boston, this updated contemporary colonial in Medway looks unusual at first, with an attached, two-car garage that juts out of the front, but the inside is well lit and spacious with hardwood floors, four bedrooms and plenty of bathrooms.

"It's a bright, welcoming home with a floor plan that is wonderful for entertaining, as well as for raising children," said broker Paul Yorkis of Patriot Real Estate in Medway.

Built in 1988 on 1.11 fenced-in acres on a quiet suburban street, the first floor includes a living room with a wood-burning fireplace, a dining room, and a remodeled kitchen with an informal dining area. There is plenty of cabinet space in the kitchen, along with granite countertops, an island, a pantry, a five-burner Bosch stove and a hood, and stainless steel appliances, including a microwave, a combination oven-confection oven, and a Bosch refrigerator.

A laundry area is off the kitchen, which leads to a large family room with a cathedral ceiling, exposed beams, skylights, a wood-burning fireplace and access to the garage. A slate patio with a fire pit can be accessed from both the family room and the kitchen. Off the family room, is a half bath and a hallway with ample closet space.

Upstairs, each of the four bedrooms has recessed lighting, a ceiling fan and closet space. The master bedroom has a walk-in closet and a full bath with a jacuzzi/soaking tub and a shower. A second full bath upstairs has a tub and shower and a double vanity with a granite top. In the hallway is a linen closet.

The finished basement is carpeted and has a half bath and two rooms, one of which has a door to the yard. There are also two mechanical rooms in the basement.

The house has central air conditioning and four heating zones: three oil and one electric.

HOME SHOWCASE

  • Address: 14 Rockwood Road
  • Bedrooms: Four
  • Bathrooms: Two full and two half
  • List price: $629,900
  • Square feet: 3,128
  • Price per square foot: $201.37
  • Annual taxes: $9,870 in 2014
  • Location: About 20 minutes to the Norfolk commuter rail station if you drive to Medway Middle School, where you can park for free and take the shuttle bus
  • Built: In 1988
  • Broker: Paul Yorkis of Patriot Real Estate at (508) 533-4321

THE APPRAISAL

Pros:

  • Ample storage space
  • Modern kitchen
  • Fenced-in yard

Cons:

  • Suburban location, driving distance to shops

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Lawmakers to debate eliminating film tax credit

Lawmakers will hold what promises to be a heated and contentious hearing next week to discuss eliminating the film tax credit in favor of expanding the earned income tax credit — a move officials say would add more than $100 million to the state's economy 
every year.

"We can put more money in the hands of our working families and just by doing that we can create more jobs than the film tax credit delivers," said Paul McMorrow, a spokesman for the state Executive Office of Housing and Economic Development. "That's a really simple choice."

Gov. Charlie Baker's budget proposes doubling the state's earned income tax credit to 30 percent of the federal credit. To offset the cost of the tax break for families, Baker would phase out the $80 million film tax credit.

McMorrow said a Department of Revenue analysis conducted on behalf of the Baker administration found the proposal would add $125 million per year to the state's economy and create between 1,000 and 2,000 jobs every year. It would also increase disposable income by about $200 million — money that people would spend to boost the state's economy.

Still, the proposal has come under fire from the film industry, which says the credit is vital to Massachusetts jobs.

"There are thousands of people whose jobs have been created by the Massachusetts film tax credit," said a spokesman for the Massachusetts Production Coalition. "Several of them will be testifying at the hearing about how the strong and growing film industry in Massachusetts has changed their families' life. If the film tax credit goes away, their jobs will go away."


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Fenway Remy's: Play ball

Jerry Remy's Sports Bar & Grill, the Fenway restaurant that abruptly closed earlier this month, is slated to reopen under new ownership and management on April 13 — the day of the Red Sox home opener against the Washington Nationals at Fenway Park.

The Boston-based Cronin Group is buying the restaurant from Red Sox Nation president and NESN color analyst Jerry Remy and his partners, founder Jon Cronin confirmed yesterday.

Cronin, who had been an investor in the restaurant, owns and operates the Jerry Remy's location in the Seaport District under a licensing agreement with Remy. The Fenway restaurant also will operate under a licensing agreement.

"It's a good area with a lot of development going on, so we see big potential there for a nice restaurant," Cronin said. "We're going to do a quick makeover, implement a whole new made-from-scratch menu and upgrade the food and beverage offerings."

Cronin hopes to sign a new lease with the building's owner, a Boston Red Sox affiliate, next week. He is also applying to have the restaurant's liquor license transferred to his company.

Remy's namesake restaurant closed without warning March 3, and Remy and his primary partner, John O'Rourke, have been silent about what happened.

Reached yesterday, Remy still wouldn't talk about why it closed, but said he "couldn't be more ecstatic" that Cronin is taking over.

"We feel like it's going to be in very stable hands now that he's going to be the owner and operator," Remy said. "John was our major investor, and I'm glad it is in his hands. We're pleased that it turned out the way it did."

Jerry Remy's Sports Bar & Grill opened in the shadow of Fenway Park in March 2010 after a $5 million build-out. A large roof deck was later added.

There's a lot of work before it reopens, including hiring 200 employees, according to Cronin, who encouraged former employees to apply. The revamped menu will include business lunch options for small and large groups.

The Cronin Group owns a string of other restaurant/bars in Boston, including Tia's Boston, Market, the Atlantic Beer Garden and Whiskey Priest in the Seaport District, and the Playwright and Boston Beer Garden in South Boston. It also owns Temazcal Tequila Cantinas in the Seaport District and Lynnfield, and Tony C's Sports Bar & Grill in Somerville and Burlington.


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Car Smart: Murano gives more features for less money

Newly redesigned for 2015, the Nissan Murano is an attractive mid-sized crossover that has almost everything you could want for less money.

While it doesn't wow you with its power, it earns some nice style points for its features and upscale appearance.

The Murano has a 3.5-liter V6 engine with a continuously variable-speed automatic transmission (CVT). The CVT takes awhile to get used to as it seems to feel like a slipping clutch, revving hard but not taking off. Drivers looking for a fast hole-shot will find this feature lacking. For others, the transmission is something they may notice at first, but soon forget.

The one-speed CVT does pay dividends — it helps this car achieve 21 miles per gallon in the city and 28 mpg on the highway.

The Murano has the look and feel of a higher-priced luxury vehicle without the expensive price tag. The aerodynamic exterior is sleek and sharp with nice lines along the side complemented by a chrome accent at the base of the door. The Murano looks somewhat like a spaceship from a few vantage points.

The SV AWD trim level, with an MSRP of $37,305, has a classy interior even though it is equipped with cloth, not leather, seats. It also did not have a heated steering wheel or heated seats, which in winter seems a bit of a must here in the Northeast.

The all-wheel drive performs very well in the snow, with the Murano starting and stopping with predictably good results. The vehicle is also equipped with a remote start feature, which is necessary in the cold weather.

The Murano's 11-speaker Bose audio system has good sound and there's a touch screen on the head unit that also controls the GPS and Bluetooth. The electronics layout needs some tweaking, however. The volume controls are hard to find on the steering wheel and even after a week of driving, the layout failed to make sense.

This crossover sports a quiet cabin that insulates highway noise pretty well, but engine noise somehow still manages to get through. The ride is very comfortable.

With 69.9 cubic feet of cargo space, the Murano has plenty of storage, even more than the previous model year. The Murano seats five comfortably with front seats that employ zero gravity technology and back seats that fold flat. The cabin feels even roomier with its super-sized panoramic moonroof.

Overall, the Nissan 
Murano SV AWD is a great buy as long as you are looking for features and comfort over performance.

2015 Nissan Murano SV AWD

  • MSRP: $35,105
  • As Tested: $37,305
  • MPG: 21 city, 28 highway

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New Balance gives Boston its sole

Written By Unknown on Jumat, 27 Maret 2015 | 18.38

New Balance is releasing a new running shoe with a distinctive Boston flavor just in time for next month's 119th Boston Marathon.

The limited-edition Fresh Foam Zante Boston sneaker features the Boston skyline on its insole and the word "Fastah" on the sole — that's "faster" in Boston parlance. New Balance also inscribed its logo with "Boston."

"With its extraordinary culture of both sports fanatics and fitness fanatics, it's safe to say that nobody runs like Boston," the company said in a statement.

The sneakers go on sale for $114.95 at New Balance's Boston store and on newbalance.com on April 6.


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Uber, insurance companies agree on bill

Ride-sharing company Uber has reached an agreement with major insurance companies on a model bill that would cover drivers anytime they are working.

"It's a national agreement with a number of major insurance carriers to come together and agree on some negotiated insurance language for state legislation of transportation network companies," said Meghan Joyce, general manager of Uber East Coast. "We can use (the agreement) to provide clarity to insurance across the nation."

Uber and Lyft — which also signed the agreement — have been criticized for gaps in insurance coverage, as well as blurring the line between personal and commercial insurance policies. The agreement, which will be sent to state legislators across the country, provides lawmakers with a compromise both sides have already agreed to.

"Auto insurance carriers, Transportation Network Companies, and trade associations stand together in support of this insurance legislation, and encourage you to utilize this language," the letter to legislators says.

Uber and Lyft have faced scrutiny from cab drivers and local governments that want regulations for ride-sharing companies to put them on a level playing field with taxi companies.

Gov. Charlie Baker's administration is in the middle of its own regulatory process, and expects to file a bill in the coming weeks.

Bill Pitman, a Baker spokesman, said: "The administration continues to engage with municipalities, industry leaders and public safety advocates as it works to draft a statewide regulatory framework that embraces innovation and enhances the safety of riders and drivers."


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The Ticker

House votes Suffolk Downs simulcast race extension

With just days until a license is set to expire for Suffolk Downs, the House passed a bill yesterday giving the racetrack another month to simulcast races while lawmakers continue work on legislation allowing live racing to continue for the next two years at the track.

Suffolk Downs' license to simulcast is due to expire March 31 and the bill passed in the House gives the track until April 30.

Suffolk Downs announced in late February that it had reached an agreement with the New England Horsemen's Benevolent and Protective Association on a two-year deal to lease the East Boston track to the horsemen. The agreement, which would allow for live horse racing in 2015 and 2016, is subject to approval by the Massachusetts Gaming Commission and the Legislature. The House and Senate both passed measures in a midyear spending bill that would authorize simulcasting and up to 50 days of live horse racing at Suffolk Downs through July 31, 2016. That bill has bogged down over disagreements between Democratic legislative leaders on other policy matters.

Treasurer wants pension fund changes

Treasurer Deborah Goldberg yesterday proposed using the $61 billion pension fund to make a stand on corporate diversity, environmental stewardship and wage equality issues.

A subcommittee of the Pension Reserves Investment Management Board signed off yesterday on a new policy developed by Goldberg that would direct the Pension Reserves Investment Management (PRIM) Board to use its proxy vote as an investor to oppose nominees to corporate boards unless at least 25 percent of a board's membership is made up of women and minorities.

Goldberg's policy would also direct PRIM to vote for corporate policies that invest in renewable energy and would ask companies in which PRIM invests to provide energy efficiency policies, to stop "misleading advertising" to young people, to increase health warnings on cigarettes, to adopt formal recycling policies, and to implement human rights standards and workplace codes of conduct.

PRIM holds stock in roughly 9,000 companies, and can vote on corporate policies and board appointments as a shareholder.

Baker names new revenue commissioner

The Baker administration yesterday introduced a former managing director of Bain Capital as the state's next revenue commissioner.

Mark Nunnelly next week will take over the post from Amy Pitter. Nunnelly was also named as special advisor to Baker for technology and innovation competitiveness.

Nunnelly, who joined Bain Capital in 1989 as a managing director, has held a number of leadership roles as part of the firm's growth and global expansion, and worked extensively in the business services and technology industries. Nunnelly became a special limited partner of Bain Capital in 2014 and serves on several not-for-profit and for-profit boards of directors.

  • ROI Corp. has announced the appointment of Denis Mezheritskiy of Concord to the position of business broker. Mezheritskiy will assist individuals interested in selling their businesses as well as potential buyers.

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Spruce up home for spring rush

With the busy spring real estate season starting, it's time for sellers to spruce up their property.

The work can go a long way toward luring potential buyers clicking through the photos that accompany online listings as well as bump up a home's selling price.

For sellers on a limited budget, painting can work wonders.

"Paint is our No. 1 go-to tip and trick before we do anything," said Peter Souhleris, co-star of the A&E TV show "Flipping Boston" and co-owner of CityLight Homes of Peabody. "Just $200 in paint has given us back $20,000 to $30,000 versus if you left it and you thought to yourself, 'Oh well, someone is going to come in and paint it the way they want.' It's just the biggest bang."

For those with bigger budgets, stagers are an option for empty homes.

"Every builder, every flipper is watching every penny they have, so the fact that so many of them do stages attests to the fact that it obviously brings added value to the house," said Betsy Konaxis of BK Classic Collections Home Stagers in Beverly. "I basically can bring in furniture for empty homes so that ... each room is identified for what it is. It helps create that image of how (buyers) want to live."

Stagers also will work with a sellers' own decor, laying out furniture and redistributing wall art.

"The process starts online," Konaxis said, referring to photos illustrating home listings.

"You don't know who you eliminated because they didn't like what they saw online. I look at everything through the camera lens."

De-cluttering a home is something that owners can tackle on their own. "It's packing up as much as necessary, making your space look as big as possible," said Rosalee DiScipio of McGeough Lamacchia Realty in Waltham. "Knickknacks, personal items, excessive family pictures — stuff like that we always recommend to put away."

Buyers should be able to picture themselves in a home.

"If they see your family in this house, it's going to be harder for them to imagine being (there)," DiScipio said. "It's a mental thing."

Lighting is an easy way to modernize and brighten up a home for short money, said Souhleris, who suggests fixtures that are simple and clean. "Get rid of anything that has brass and oak in it or any of the old ceiling ones that have brass and gold," he said.

Curb appeal also is key. Clear gutters, make sure downspouts drain water away from the house, clean up yard debris, mow the lawn, weed, and trim overgrown bushes.

"If the front is looking bad, it becomes a 'drive-by,'" Souhleris said.

But in a tight real estate market, with not as much inventory of homes for sale, do sellers really have to bother with a spruce-up?

"We see some houses sitting that are bruised and abused," DiScipio said. "Had they done some upgrades, maybe they wouldn't be sitting for as long. But if you just want to be done, list it at the right price, and it will sell."


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The Ticker

Written By Unknown on Kamis, 26 Maret 2015 | 18.38

Smart meters come to Hub

Boston will replace all 8,000 parking meters in the Hub with "next generation" smart meters.

The Back Bay and Innovation District will get multispace meters, which allow more vehicles to fit in a block of spaces, the city said. The rest of the parking meters will be replaced by meters that will accept change, credit cards and cell phone payments. The smart meters also will collect real-time data about whether a space is occupied.

The move, announced yesterday as part of Mayor Martin J. Walsh's transportation initiatives, is expected to cost $5 million. Replacement of the parking meters will begin by the end of the year.

Heinz buy of Kraft just latest merger

Wall Street's deal-making renaissance shows no sign of ending.

Heinz's $45 billion acquisition of Kraft Foods, announced yesterday, has helped maintain the momentum in the market for mergers and acquisitions.

So far this year, companies globally have struck deals worth $802 billion, according to data provider Dealogic. That compares with $733 billion in the first quarter of 2014 and makes it the best first quarter for deal-making in at least five years.

Other big deals in the works include Simon Property's bid to buy rival Macerich, and AbbVie's deal to buy Pharmacyclics.

  • Tufts Health Plan announced the appointment of Marc Backon, left, to senior vice president and chief sales and marketing officer for its commercial products division. Backon brings more than 25 years of health care ex­perience to this position.

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Rates drop for summer

The price of electricity is going down this summer for National Grid cus­tomers, but rates will remain higher than a year ago — with no relief in sight.

"It's a little higher than last summer," said Jake Navarro, a spokesman for National Grid. "This is a market-­based phenomenon and over time, because of the natural gas constraints in the region, these power supply prices are going to continue to creep up."

National Grid this week announced a 26 percent rate cut for its electric customers, or about $32 on a typical bill, and a 25 percent to 30 percent cut for natural gas customers, or $9 to $12 on a typical bill, starting May 1. The Department of Public Utilities yesterday approved the new rates.

Eversource, the state's major electricity delivery company, has said it hopes to be able to file for a rate decrease in a few months.

Last fall, the DPU approved a 37 percent rate hike for National Grid electric customers. At the time, National Grid blamed the increase on insufficient natural gas pipeline ca­pacity to fuel power plants. Gov. Charlie Baker has thrown his support behind efforts to add a new natural gas pipeline in the region.

"The region as a whole has become more reliant on natural gas, but without building the highways to get natural gas here," Navarro said. 'We need additional gas capacity in the region and until we get it, it looks like the power supply prices will continue to trend up."

A legislative committee is investigating the increases in electricity prices in Massachusetts, and a DPU spokeswoman said it has started looking into "ways to improve the retail electric competitive supply market."


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$17M fraud penalty rocks state biotech co.

A Bay State biotech company will pay more than $17 million to settle charges that its executives lied to investors and used their money for personal expenses, including massages and leasing a BMW.

"They were lying about what they had to sell, how soon it was likely to get to market, how and whether it was under the governmental approval processes and how much their company might be worth," said Paul Levenson, regional director of the Securities and Exchange Commission's Boston Regional Office.

Danvers-based BioChemics was accused of defrauding investors from 2009 until mid-2012, falsely claiming that:

• The company had partnerships with other drug companies.

• Two drugs were under FDA review.

• The company had been valued at more than $1 billion when it had an internal valuation of $200 million.

BioChemics raised more than $15 million from at least 70 individual investors for a transdermal drug delivery system it claimed it was developing.

John Masiz, the founder of BioChemics, Gregory Kroning and Craig Medoff also were named in the initial SEC complaint.

"Investor funds were used to pay for personal expenses of Masiz (such as meals, massages, clothing and sporting goods) and Kroning (such as a leased BMW automobile)," the complaint said.

BioChemics must pay more than $17 million to the SEC, including "ill-gotten gains," interest and a $750,000 penalty, the SEC said. The SEC will then seek to repay investors.

A lawyer representing BioChemics did not respond to requests for comment.


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Toyota outlines growth architecture after lull from recalls

TOYOTA, Japan — Toyota Motor Corp. is ready to ramp up its growth again, emerging from an intentional soul-searching lull brought on by its massive global recall scandal that began in 2009.

The world's top-selling automaker outlined a new "architecture" Thursday centered on product development and manufacturing initiatives it hopes will be more fail-proof against quality problems, and allow it to keep growing in a "sustainable" way.

The first cars under the system, medium-sized front-wheel drive cars, will roll out later this year, and be expanded to half its lineup by 2020, the Japanese automaker said.

Executive Vice President Mitsuhisa Kato acknowledged that managing the company's global scope and model lineup had become an increasing challenge.

"It is making our effort to come out with ever better cars increasingly difficult," he told reporters at headquarters in Toyota city, central Japan.

He pointed to how President Akio Toyoda had decided to taken an "intentional pause" in rapid growth to strengthen the automaker's competitiveness.

The recall fiasco resulted in more than 10 million vehicles being recalled around the world, mostly in the U.S., for a range of problems, spanning faulty brakes, sticky gas pedals and ill-fitting floor mats. Toyota paid penalty fines in the U.S. and faced a number of lawsuits.

Before the scandal, Toyota had a reputation for high quality, centered around its super-lean production methods that empowered workers to hone in on quality control. Toyota has acknowledged repeatedly that it had tried to grow too fast.

There was no single massive change being pushed at Toyota under the new program, but rather a combination of efforts to guard against quality flaws while maintaining an edge in product appeal, such as cool-looking exterior designs and safety technology.

The plan that Kato kept calling "TNGA," short for Toyota New Global Architecture, is similar to solutions being pursued by other global automakers, such as Japanese rival Nissan Motor Co. and Volkswagen AG of Germany, which are grappling with balancing quality and growth.

Toyota is facing the challenges of addressing the complexity of developing cars while costs were ballooning for new needs such as compliance and safety features, and consumers weren't willing to pay more, said Deutsche Securities senior analyst Kurt Sanger after hearing Kato's presentation.

"It's impressive in its aspirations and frankly the scale," he said of Toyota's plans.

In 2014, Toyota sold 10.23 million vehicles, beating out Volkswagen and General Motors Co.

In a demonstration at one of Toyota's plants, it showed a variety of technologies it had developed to grow ever leaner while making good cars, ranging from better synthetic leathers to shinier paint jobs.

Toyota said it had programmed robots to simulate the delicate hand movements of a craftsman to shape a car's body. It also created its own way of screwing with lasers that shortened the welding of each screw from 2 seconds to 0.3 seconds. It shortened the line for stamping a metal part from 20 meters (65 feet) to 2 meters (6 feet) by making the machines smaller.

Toyota said it will continue to focus on keeping costs down, while taking on the new steps such as using existing plants and facilities to carry out the changes.

Production lines will be simplified and slimmed down, downsizing facilities such as painting booths, and switching to equipment that sits on the plant floor, rather than suspended from above, as is standard today.

Among the other main measures:

— improving the basic vehicle parts such as platforms, which will become more sturdy and rigid for increased safety, as well as powertrains, such as gasoline engines, that will be in all the vehicles.

— boosting fuel efficiency it offers through an aggressive push in hybrids, which switch back and forth between a gas engine and an electric motor to deliver an efficient drive, such as the Prius.

— improved handling by lowering the center of gravity of vehicles.

— enhancing safety features through sensors, radars and cameras that avoid and detect crashes.

___

Follow Yuri Kageyama: http://twitter.com/yurikageyama


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Asia stocks drift lower as Fed, China weakness weigh

Written By Unknown on Rabu, 25 Maret 2015 | 18.38

NEW YORK — Asian stocks drifted mostly lower Wednesday as investor sentiment was kept in check by the prospect of higher U.S. interest rates following improved economic data as well as the lingering fears about China's weakening growth.

KEEPING SCORE: Japan's benchmark Nikkei 225 index slipped 0.4 percent to 19,638.90 and South Korea's Kospi lost less than 0.1 percent to 2,040.23. Hong Kong's Hang Seng climbed 0.4 percent to 24,490.77 while the Shanghai Composite Index in mainland China lost 1.1 percent to 3,652.57. Australia's S&P/ASX 200 was practically unchanged at 5,967.60, hovering near its highest level in more than seven years. Southeast Asian indexes were mixed.

INVESTOR INDECISION: Markets were mostly in a holding pattern as investors turned cautious following recent economic data on the world's two biggest economies. U.S. government data showed that in February consumer prices rose in for the first time in four months while new home sales climbed to their fastest pace in seven years. That was a good sign for the world's No. 1 economy that nonetheless also raises concerns the Fed could soon raise interest rates. The reports came after HSBC's preliminary purchasing managers' index showed Chinese manufacturing activity slumped to the lowest in 11-months, signaling further weakness in the second biggest economy.

MARKET VIEW: "It remains to be seen whether we are going through a period of equilibrium, where bulls and bears even each other out, or simply a period where traders are happy to ride out the end of a good quarter by staying on the sidelines," Nicholas Teo of CMC Markets in Singapore wrote in a commentary.

WALL STREET: U.S. stocks ended slightly lower Tuesday as latest report on consumer prices and signs of possible renewed strength in the dollar left investors indecisive. The Standard & Poor's 500 fell 0.6 percent to 2,091.50 while the Dow Jones Industrial Average slipped 0.6 percent to 18,011.14. The Nasdaq composite fell 0.3 percent to 4,994.73.

ENERGY: Benchmark U.S. crude futures lost 10 cents to $47.41 in electronic trading on the New York Mercantile Exchange. The contract rose 6 cents to close at $47.51 a barrel. Brent crude, a benchmark for international oils, slipped 3 cents to $55.08 in London.

CURRENCIES: The dollar slipped to 119.62 yen from 119.75 in the previous session. The euro strengthened to $1.0926 from $1.0914.


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The Ticker

MGM breaks ground on Springfield casino

MGM has broken ground on an $800 million casino in Springfield that represents the largest economic development project the region has seen in generations.

Hundreds attended yesterday's ceremony, held in front of an old school the casino plans to raze to make way for a parking lot.

MGM is trying to become Massachusetts' first resort casino as rivals in Connecticut and the Boston area are also trying to open casinos.

"We're No. 1 in Vegas, and we'll be No. 1 in New England, regardless of what Connecticut does," CEO Jim Murren declared.

MGM's casino is being developed on 14.5 acres in the downtown and South End neighborhoods, an area still recovering from a devastating 2011 tornado.

The casino will have 3,000 slot machines, 75 gambling tables and a 250-room hotel. It will also include shops, restaurants, meeting and office space and residential apartments.

It is expected to create at least 2,000 temporary construction jobs and about 3,000 permanent casino jobs. The company has also agreed to pay Springfield at least $17.6 million annually after the casino opens its doors.

The company said it expects to open the casino by 2017, after about 30 months of building.

Markey bill to repeal medical device tax

U.S. Sen. Edward Markey yesterday filed a bill to eliminate the 2.3 percent medical device tax. The tax was included in President Obama's 2010 health-care law.

While Markey supports the health-care law, he said the medical devices tax harms innovation.

Markey said his bill would make up for the lost revenue by ending more than $29 billion in what he described as tax breaks for oil companies, free-drilling loopholes and taxpayer subsidies for the oil and gas industry.

Google imports new CFO from Wall Street

Google has lured away Morgan Stanley's chief financial officer, Ruth Porat, to be its CFO at a time when the Internet search leader and its Silicon Valley peers are under fire for hiring and promoting too few women.

The appointment announced yesterday fills a void that opened earlier this month after Google's CFO of the past seven years, Patrick Pichette, announced plans to retire.

Porat, 58, will become Google's highest-ranking female executive when she starts her new job May 26. Her last day at Morgan Stanley will be April 30, ending a 28-year career at the New York investment bank.

TODAY

  • Commerce Department releases durable goods for February.

TOMORROW

  • Labor Department releases weekly jobless claims.
  • Rodman & Rodman P.C., a full service CPA firm based in Newton, has named Kevin Michaelan, a certified public accountant, as tax manager. Michaelan will also serve as a member of the firm's "Green Team" specialty practice serving renewable energy clients.

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HubSpot connects with Rekindle’s dating app

Cambridge marketing and sales software company HubSpot is turning to social and dating app Rekindle to help its customers make better connections.

"Instead of being in a romantic relationship, it's a business relationship," said Brad Coffey, vice president of product for HubSpot, which yesterday announced it had acquired Rekindle.

Rekindle uses phone contacts to connect friends who may have drifted apart or want to restart a relationship. Rekindle recently rolled out a way to understand connections between friends of friends.

At HubSpot, Rekindle's team will focus on making those connections work for salespeople by adding context to potential leads, including revealing connections to other leads. HubSpot recently jumped headfirst into sales after focusing on software for marketers for years.

"(Salespeople) get so much value out of understanding the relationships between their customers and their prospects," Rekindle co-founder Matthew Grace said. "There's so much value in those relationships."

Grace said his team will be doing more to integrate and connect all the information the HubSpot software already collects, including social media,

"All the data HubSpot has ... it's an order of magnitude bigger, it's kind of like a playground," Grace said.

Grace and Coffey both declined to say how much HubSpot paid for his company, but Grace said, "All my investors are happy, I'll leave it at that."

Grace and the four other employees at Rekindle have already started at HubSpot.


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HJ Heinz buying Kraft in deal to create food giant

NEW YORK — H.J. Heinz Co. is buying Kraft Foods, creating one of the largest food and beverage companies in the world with annual revenue in excess of $28 billion.

The deal was engineered by Warren Buffett's Berkshire Hathaway and the company that owns Heinz, Brazilian investment firm 3G Capital. Berkshire and 3G will invest $10 billion in what will come to be known as The Kraft Heinz Co.

The company, the third largest of its kind in North America, will own Kraft, Heinz, Oscar Mayer, Ore-Ida and other brands. It will maintain headquarters in Pittsburgh, where Heinz is based, and also in the Chicago area, where Kraft resides.

Shares of Kraft jumped more than 14 percent Wednesday before the opening bell.

Kraft shareholders will receive stock in the combined company and a special cash dividend of approximately $10 billion, or $16.50 per share. Each share of Kraft will be converted into one share of Kraft Heinz.

Current Heinz shareholders will own 51 percent of the combined company, with Kraft shareholders owning a 49 percent stake.

Annual cost savings estimated to be $1.5 billion are expected to be booked by the end of 2017.

"This is my kind of transaction," said Buffett in a printed statement. "Uniting two world-class organizations and delivering shareholder value. I'm excited by the opportunities for what this new combined organization will achieve."

Heinz CEO Bernardo Hees will become CEO, Alex Behring, Heinz chairman and managing partner at 3G Capital, will be chairman. Kraft CEO and Chairman John Cahill will become vice chairman.

The deal still needs a nod from federal regulators as well as shareholders of Kraft Foods Group Inc., but the boards of both companies unanimously approved it. It is expected to close in the second half of this year.

Kraft Heinz plans to keep Kraft's current dividend per share once the transaction closes. Kraft has no plans to change its dividend before the deal closes.


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Councilors pitch paid parental leave

Written By Unknown on Selasa, 24 Maret 2015 | 18.38

Two city councilors have proposed a local law that would create Boston's first paid parental leave policy for city employees, a step that one expert said sends a strong message to other Massachusetts employers.

The proposal by City Councilors Michelle Wu and Tim McCarthy would grant up to six weeks of paid parental leave to both men and women, as well as same-sex couples, who have worked for the city for at least a year and do not belong to a union.

"This ordinance will help alleviate some pressure on working parents who have to make tough choices every day to do the best they can for their families," said Wu, a new mother.

Mayor Martin J. Walsh said he will sign the ordinance if the council passes it, and he hopes businesses consider adopting similar policies. A spokeswoman said the cost would depend on how many employees take advantage of it.

"It does send a strong signal," said Brad Harrington, executive director of the Boston College Center for Work & Family. "Everybody who operates around the city is going to observe what it does. ... It takes action at the level where action can best be taken, given the fact that Washington seems to be in gridlock over everything. Virtually every country in the world offers paid maternal leave, and about 75 countries have paid paternal leave. As a matter of national policy, the U.S. offers neither."

As a state representative, Walsh was the lead sponsor of a law that takes effect April 7 and broadens the state's 1972 maternity leave act to also give new fathers — at companies with as few as six employees — eight weeks of unpaid leave.


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The Ticker

Plymouth firm lands drone testing contract

Plymouth-based Avwatch Inc. will operate and manage unmanned aircraft system test ranges on Cape Cod and at other Bay State sites as part of a regional testing network selected by the Federal Aviation Administration in 2013.

MassDevelopment yesterday announced Avwatch's selection to oversee operations at the 22,000-acre Joint Base Cape Cod, delivering aerial reconnaissance, real-time, full-motion video and aerial systems testing and evaluation. Avwatch was founded in 2008.

The one-year contract is valued at $220,000, with $114,000 of that going toward building out a network to gather and transmit the test information to the FAA, according to MassDevelopment, which said the test ranges and center will offer new business opportunities in the areas of unmanned aircraft system platforms, control systems and payload/sensor development. Griffiss International Airport in Rome, N.Y., is the lead site in the Northeast UAS Airspace Integration Research (NUAIR) Alliance.

Merrill Lynch hit with $2.5M fine

State securities officials have ordered a $2.5 million fine against Merrill Lynch as part of a settlement stemming from an investigation into a January 2013 internal presentation to Merrill financial advisers in Boston. According to Secretary of State William Galvin's office, which oversees the state securities division, a portion of the two-day presentation to more than 300 people touched on training to double production by transferring customer assets from commission-based brokerage accounts to fee-based alternatives, but did not include language regarding client suitability or fiduciary requirements of Merrill Lynch financial advisers.

TODAY

  • Labor Deptartment releases Consumer Price Index for February.
  • Treasury releases foreign holdings of U.S. debt for January.
  • Commerce Department releases new home sales for February.

TOMORROW

  • Commerce Department releases durable goods for February.
  • A former executive at Liberty Mutual Insurance and Hanover Insurance has been named executive director of the Massachusetts Insurance Federation. John P. Murphy will succeed James Harrington, whom he called his "longtime friend and mentor."

The federation's 25 members write more than 
$7.5 billion in property and casualty insurance premiums in Massachusetts.

Murphy, of West Roxbury, has been president of the National Association of Mutual Insurance Companies since August 2012 and was regional vice president of the American Insurance Association from October 2005 until December 2010.

In 2011 and 2012, he worked as vice president and counsel at Hanover Insurance Co., which is based in Worcester. From 1987 until 2003, Murphy was assistance vice president and senior legislative counsel at Liberty Mutual in Boston.

He is also engaged in a civil law practice with Thaxter, Beckwith & Henderson of Cohasset and Stief, Waite, Gross & Sagoskin of Newton, Pa.


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Booting Up: New book of Jobs is Apple’s attempt to deify co-founder

Apple's bizarre attempt to burnish the memory of its deeply flawed co-founder Steve Jobs is an insult to his fans and consumers alike.

Just because Apple's slickly designed devices feature a carefully applied patina does not mean that the late CEO's legacy must also be buffed of all stains and blemishes. Memo to Tim Cook, Sir Jonathan Ive and all the Apple brass who have taken up the cause: We're too smart for that.

A new biography, unauthorized by Jobs himself but with heavy input from Apple insiders, goes on sale today. "Becoming Steve Jobs," by Brent Schlender and Rick Tetzeli, is going over like the official Apple hagiographic response to Walter Isaacson's even-handed, but often critical, blemishes-and-all Jobs bio. Jobs' complexities were reported by Isaacson and others — and confirmed by Jobs himself — including his past refusal to pay child support, his draconian and manipulative management style, his shirking of cancer treatments in favor of pseudo-science that likely shortened his life, and his zealotry for hallucinogenic drugs.

We live in the era that unmasks our idols as flawed humans: Tiger Woods, David Petraeus, Mel Gibson, and many more. We can compartmentalize the genius and the jerk, the good and the bad. And Steve Jobs embodied all those elements at once. Why is that concept so unsavory for Apple? Is it off-brand? Is Apple's confidence in its future so fragile as to require turning the late co-founder into some sort of deity? Apple fanatics do seem semi-
religious at times, I'll grant them that. But have the upper echelons of the company grown so weak and soft as to believe their own hype?

The notion of Jobs as saintly has been shattered time and again, most notably in Isaacson's book for which Jobs himself submitted to dozens of interviews.

But if Jobs himself wanted to be portrayed as real and raw, his colleagues didn't care for Isaacson's account. So they more or less commissioned their own.

"I thought the Isaacson book did him a tremendous disservice," Cook says in the new, Apple-endorsed biography. "It was just a rehash of a bunch of stuff that had already been written, and focused on small parts of his personality. You get the feeling that (Steve's) a greedy, selfish egomaniac. It didn't capture the person. The person I read about there is somebody I would never have wanted to work with over all this time. Life is too short."

Ive joined the chorus recently by saying in a recent interview that his "regard couldn't be any lower," for the Isaacson take, while admitting he hadn't fully read it. Also chiming in was Apple software chief Eddy Cue, tweeting last week, "Best portrayal is about to be released — Becoming Steve Jobs (book). Well done and first to get it right."

Jobs had a well-documented dark side. But we couldn't deny that any more than his rescue of Apple from the brink of doom, his visionary achievements in consumer electronics and the passion he had for so many things … including that his own portrayal be accurate and unvarnished.


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New York Times close to content deal with Facebook

Facebook is in talks with at least half a dozen media companies including The New York Times, BuzzFeed and National Geographic to host content directly within the social media platform, instead of on their own individual websites.

The Times and Facebook are moving closer to a firm deal, a source told the Times, and Facebook intends to begin testing the new format over the next several months.

To make the proposal more appealing to publishers, the social media giant has discussed ways for publishers to make money from advertising that would run alongside the content, according to a report in the Times on Monday.

Currently news articles on Facebook are linked to the publisher's own website, and open in a web browser, typically taking about eight seconds to load. However, stories embedded within Facebook could offer faster load times and make the experience of consuming content online more seamless.

In addition to hosting content directly on Facebook, the company is also talking with publishers about other technical ways to hasten delivery of their articles, reported the Times.

The new plan is championed by Chris Cox, the top lieutenant to Facebook's chief, Mark Zuckerberg, on product matters, and it would remove the ads that publishers put around their content. One option would allow publishers to show a single ad in a custom format within each Facebook article.

2015 TheWrap news inc. All rights reserved.


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Card issuers all-in on chips

Written By Unknown on Senin, 23 Maret 2015 | 18.38

With a critical Oct. 1 liability deadline looming, the nation's 10 largest credit card issuers are in the process of switching to safer chip-based payment cards and expect to have the majority of them updated by year's end, according to a new report by CardHub.

The transition comes in the wake of an uptick in massive data breaches — at U.S. companies ranging from retailers Staples, Target and Home Depot to financial services firm JPMorgan Chase and health insurer Anthem Inc. — and MasterCard and Visa's deadline that shifts liability to those card issuers and merchants that don't make the change from the more vulnerable magnetic-strip-only swipe payment cards.

"Banks and merchants must enable these chip-card payments or else they will incur significant added liabilities for fraudulent transactions," said Jill Gonzalez, a spokeswoman for CardHub, a Washington, D.C.-based credit card comparison and financial literacy website. "The (credit card) networks are really washing their hands of having responsibility for any more fraudulent activity or breaches that occur (using the magnetic strip swipe cards)."

The chip cards — known as EMV cards because Europay, MasterCard, and Visa developed the security framework — have embedded microchips with encrypted card security information that's difficult to counterfeit. To use the cards, which are already standard in more than 80 other countries, consumers insert them into a point-of-sale terminal and sign their name or enter their personal identification number (PIN). Each time a chip-enabled card is used, a unique, one-time transaction code is created that can't be used again.

All of the 10 credit card-issuing banks — including American Express, Bank of America, Capital One, Chase, Citi, Discover and U.S. Bank — are issuing chip cards that require signatures. Barclays, USAA and WellsFargo also are issuing cards with PIN capabilities.

"(It's) even safer if a (chip) card requires a PIN in order for a transaction to be proceed," Gonzalez said. "If you don't have a PIN … a cashier can much more easily reject a transaction. A lot of times, these signatures are now done on electronic keyboards that a cashier doesn't look at or check with a card, and there's a lot more discrepancies … than hard-copy signatures (because of the difficulty in writing using the stylus pens)."

Those banks among the 10 that issue debit cards also will issue chip-enabled versions.

All 10 of the banks' cards also will continue to have the magnetic strips to ensure they work at merchants, particularly smaller ones, that don't upgrade or immediately upgrade to the chip-enabled point-of-sale systems.

"That's where your card would still be just as vulnerable," Gonzalez said.


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Starbucks baristas stop writing 'Race Together' on cups

NEW YORK — Starbucks baristas will no longer write "Race Together" on customers' cups starting Sunday, ending a visible component of the company's diversity and racial inequality campaign that had sparked widespread criticism in the week since it took effect.

The company had planned all along to end the cup messages on Sunday and continue the campaign more broadly, Starbucks spokesman Jim Olson said.

The cups were "just the catalyst" for a larger conversation, and Starbucks will still hold forum discussions, co-produce special sections in USA TODAY and put more stores in minority communities as part of the Race Together initiative, according to a company memo from CEO Howard Schultz said.

The campaign has been criticized as opportunistic and inappropriate, coming in the wake of racially charged events such as national protests over police killings of black males. Others questioned whether Starbucks workers could spark productive conversations about race while serving drinks.

The phase-out is not a reaction to that pushback, Olson said. "Nothing is changing. It's all part of the cadence of the timeline we originally planned."

He echoed the company memo, saying of the Race Together initiative, "We're leaning into it hard."

Schultz's note to employees acknowledged the skeptics as an anticipated part of the outreach.

"While there has been criticism of the initiative — and I know this hasn't been easy for any of you — let me assure you that we didn't expect universal praise," it read.

He said the campaign at its core aims to make sure that "the promise of the American Dream should be available to every person in this country, not just a select few."

But the campaign didn't sit well with some Starbucks customers. Many voiced on social media and elsewhere that they didn't want a debate with their brew.

At a Starbucks in Pittsfield Township, Michigan, near Ann Arbor, two customers said on Sunday they didn't think a coffee shop was the right place for race relations dialogue.

Ninette Musili, a junior bio-molecular science major at the University of Michigan, said the campaign seemed to her like an insincere publicity stunt that wasn't executed properly.

Like many who criticized Starbucks, she goes to the shops either before class or later in the day to study. At neither time does she want to discuss race relations.

"Most people come to Starbucks for coffee," said Musili, who is 19 and African-American. "Race is an uncomfortable thing to bring up, especially in a Starbucks."

She said such discussions are important, and that Starbucks should have set aside time during the evenings for race discussions and invited people to attend.

Another customer, Shane Mulholland, 46, of Ann Arbor, also said Starbucks isn't the venue to talk about race.

"They're here for coffee. They're not here to push their political agenda," he said. "I even contemplated not coming here because of it."

He said Starbucks should remain neutral on such topics because it's an established brand, rather than risk alienating customers. "There are other ways you can go about doing things to stimulate interest in what you're doing," said Mulholland, who is white and runs an edible mushroom-growing business. "They must be doing so well they don't have to worry about losing customers over that," he said.

The campaign, he said, didn't start any discussions about race with him.

Discussions about race are necessary, but getting a message about it on a coffee cup is silly, Stephanie Nelson, 45, said at a Starbucks in Seattle, the chain's home.

"That was pushing it a bit," she said. "The broader discussion is good. Why not use your platform (as a company) for positive?"

___

AP food industry writer Choi contributed from New York; Krisher from Pittsfield Township, Michigan, and Phuong Le from Seattle.


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Researcher is making a splash

Northeastern University could help develop the first underwater smartphone or wireless router after luring a highly cited researcher who is pioneering subaquatic Wi-Fi.

Tommaso Melodia, 38, came to Northeastern in August from SUNY Buffalo and brought with him his research and his lab — which sent the first underwater tweet a few years ago.

Less than a year into his stint at Northeastern, Melodia has already won a $300,000 grant from the National Science Foundation to expand his research, this time focusing on the possibility of real-time underwater video streaming.

In layman's terms, his technology allows for bits of data to be transmitted over acoustic waves. In historical terms, this is the newest frontier in the transmission of information — like what we were trying to do with wires 50 years ago. It was a matter of carefully modifying frequencies and amplitudes to get the most efficient transmissions. Melodia is working on ways to adapt data to transmit through sound waves in water — similar process, different medium.

The consequences are far-reaching, from unlocking mysteries of the ocean to enabling scuba divers and submarines to communicate via Wi-Fi.

"This technology enables you to have a signal on a boat saying this is the location on the scuba diver, to enable voice communications amongst divers and monitor underwater activities of small submarines smuggling illegal substances," said Melodia, associate professor in the department of electrical and computer engineering, and head of the Wireless Networks and Embedded Systems Lab (WiNES Lab).

"There are lots of environmental implications — you can monitor level of pollution and send warnings to the authorities, or even tweet directly to authorities."

Melodia's research progressed last year to allow the first files to be wirelessly uploaded to the Internet under water. He envisions these developments making search and rescue missions easier, especially when it comes to locating missing planes, and enabling an entirely new industry of underwater, Wi-Fi-enabled robotics.

"Having a better understanding of underwater acoustic propagation helps us make better devices to produce the pings of a black box," he said.

Sending data across water has another interesting application: the human body. The next phase of Melodia's work at Northeastern will likely encompass intra-body networks: the kind of Wi-Fi communication that would allow tiny implanted medical devices to detect and treat ailments in real time. The human body is made of 60 percent water, so it's not a leap to think that underwater Wi-Fi may soon change not just how we communicate, but how long we live as well.


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Buckle up for the innovative Swash

Swash ($499, BestBuy.com & Swash.com)

Not quite a washing machine, and not quite a dry cleaner, Swash is a new product category: a device that claims to extend the life of your clothes by cutting down on the number of wash-and-dry cycles and more or less replacing your iron altogether.

The good: This clever 53-inch clothes refresher from Whirlpool smooths and steam cleans your clothes in a 10- or 15-minute cycle. Retractable tension clips secure the shape of your clothes just so. I was even able to reshape some previously shrunken wool sweaters with the Swash.

The bad: Keep in mind that this thing weighs 80 pounds and is rather tall. Detergent "pods" are sold separately, with the going price about $7 for a 12-pack. And for heavily soiled clothes, you'll still need a conventional washer.

The bottom line: You never knew you needed a Swash. But if you're keeping your local dry cleaner busy, this will save you time and possibly cash.


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Fed rate hike to have big impact

Written By Unknown on Minggu, 22 Maret 2015 | 18.38

When the Federal Reserve finally raises interest rates, the ripple effect will hit everything from business investment to consumer borrowing, but that doesn't make it the wrong move, experts say.

"Short-term interest rates are going to go up, and that's going to affect a lot of things in the credit markets," said Paul Edelstein, director of financial economics for IHS Global Insight. "The Fed is going to make it more expensive to borrow."

Fed Chair Janet Yellen, has taken pains to be cautious, but the central bank last week gave signals that it will move slowly this year toward its first interest-rate increase since December 2008, when the economy was mired in the Great Recession and financial crisis.

One of the first and most notable ripple effects when the Fed raises rates will likely be on stock prices.

"When interest rates do go up, it is normal for that to have an effect on stock and bond markets," said Jeff Frankel, a professor at Harvard University and director of the Program in International Finance and Macroeconomics at the National Bureau of Economic Research.

The initial market reaction would likely be just a blip, but higher interest rates could lead to more volatile stock prices.

"Keeping interest rates so low for six years is part of what has sustained the rallies," he said.

Higher interest rates will spread to other loans, including mortgages, and eventually to credit cards as banks pass on higher borrowing costs to customers.

"If you want to borrow to buy a home, it's going to get more expensive," Edelstein said.

At the same time, it will become more lucrative to save, Edelstein said, as rising interest rates usually increase the yields on savings accounts.

For businesses, more expensive loans could take a bite out of investment plans.

"The more they have to spend to borrow money, the less they have to spend on other things," said David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, "and the less they'll have to spend on big capital expenses like factories."

The effects of raising interest rates may seem largely negative, but it is important to return to normal levels, analysts say.

"It's really, really unusual for interest rates to be at zero for more than six years," Wessel said. "Interest rates were cut to zero when things were really screwed up."

The Fed has said it will only raise rates when the labor market improves and it is absolutely sure the economy can weather the storm.

"No one likes to spoil a party," Frankel said, "but you do it because you think it's necessary to keep the economy on the long term."


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Techies snatching up more real estate in Southern California

LOS ANGELES — Internet moguls like Amazon's Jeff Bezos aren't the only techies snatching up real estate in Southern California.

While the mega rich from Silicon Valley have made headlines for their purchases of extravagant Los Angeles homes, the city has become increasingly appealing to a trove of angel investors and startup entrepreneurs as well.

The new buyers are drawn to the city for a mix of personal, financial and work-related reasons, the Los Angeles Times reports (http://lat.ms/1BYdMWD ). Los Angeles offers a growing tech scene, warmer weather and more space for less money.

"We've seen an uptick in buyers from the technology industry over the last several years — some moving to Los Angeles and some buying second homes here, as a kind of peaceful retreat," Charles Black, executive vice president of marketing and strategic development at Hilton & Hyland, told the Times.

The Los Angeles-Long Beach region broke into the top five metro areas by venture capital investment for the first time in 2014. There were 171 deals totaling $2.05 billion, according to National Venture Capital Association.

Some of the most high profile purchases in recent years include Bezos' $24.5 million Beverly Hills compound. Sean Parker, co-founder of Napster and an early leader at Facebook, purchased Ellen DeGeneres' Holmby Hills mansion for $55 million. Swedish tech billionaire Markus Persson, the creator of "Minecraft," topped them both when he spent $70 million for a Beverly Hills mansion fitted with a $200,000 candy room.

But the purchases of the uber rich only tell half the tale.

Entrepreneur and investor Justin Yoshimura, 25, is one example: While he primarily lives in San Francisco, he recently purchased a $2.04 million three-bedroom, three-bath home in Santa Monica that he now spends weekends in.

"Compared to San Francisco in particular, it's very cheap," he told the newspaper. "I have a yard with a pool and a beautiful home for less than what I would pay for an equivalent-sized condo in San Francisco."

Real estate agent Tami Pardee says tech buyers from Silicon Valley make up about 10 percent of her current clients. Their budget, even at a smaller scale, is high: anywhere from $2 million to $5 million for a home.

"They're buying second homes — or third or fourth homes," she said. "We're seeing it a lot."


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Potent groups take sides on bipartisan House Medicare plan

WASHINGTON — A budding bipartisan deal to shelter physicians from Medicare cuts, championed by the House's two top leaders, is drawing powerful allies including the American Medical Association and a rainbow of conservative and liberal groups.

House aides released an outline of the emerging measure late Friday, and it confirmed what lawmakers, aides and lobbyists have described for days. The package is studded with provisions that draw many Democrats, including two more years of money for the Children's Health Insurance Program and community health centers, plus language boosting Medicare costs for some beneficiaries that appeals to Republicans eager to retool the costly program's finances.

The effort to resolve a problem that has exasperated Congress for years has been pressed by House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif. Their rare alliance has given the proposed deal momentum among lawmakers of both parties eager to be rid of the issue.

The proposal is also attracting powerful foes and its fate is not guaranteed. A House vote seems likely late next week, shortly before Congress begins a two-week spring recess, but what will happen in the Senate is less clear.

On Saturday, all 12 Democrats on the Senate Finance Committee released a letter suggesting they might oppose the plan unless House leaders change it.

They said a package extending the children's health program "would go a long way to achieving bipartisan support," and listed other concerns like its increased costs for some beneficiaries.

Without those changes, "there is no guarantee" the measure will pass the Senate, they wrote.

Citing the plan's increased Medicare premiums for high earners and other increased costs for beneficiaries, AARP — the senior citizens' lobby — said the package "is not a balanced deal for older Americans." With most of the measure financed with deeper federal deficits, the conservative Club for Growth urged lawmakers to vote "no" because it "falls woefully short" of being paid for.

The measure got a boost Friday from the liberal Families USA, which cited the importance of financing the children's health program and providing for the 8 million children it serves. "Keeping the program's funding extension is essential so we don't move backwards," said Ron Pollack, the group's executive director.

Also voicing support was Robert Wah, president of the American Medical Association, who said it was time for Congress "to seize the moment and finally put in place reforms" that would end the constant threatened cuts and strengthen Medicare.

At its core, the plan would block a 21 percent cut in doctors' Medicare fees looming April 1. It would replace a 1997 law that has threatened similar reductions for years — which Congress has repeatedly blocked — with a new formula aimed at prodding doctors to charge Medicare patients for the quality, not quantity, of care.

In a first hint of some of the measure's fine print, Friday's summary said it would let the government withhold 100 percent of any delinquent taxes providers owe from their Medicare reimbursements.

As for winners, the agreement would prolong federal payments to Tennessee hospitals that treat low-income people through 2025.

It would also help major producers of durable medical goods and prosthetic devices by penalizing low-ball bidders for Medicare business. That provision comes from a House-passed bill sponsored by Rep. Pat Tiberi, R-Ohio, whose state is home to Invacare Corp., one of the country's largest makers of home medical devices like wheelchairs.

The one-page document provides no price tags and few specifics. But as lawmakers, congressional aides and lobbyists have said for days, it would cost roughly $210 billion over a decade, with around $140 billion financed by adding to federal deficits, aides said Friday. The remaining $70 billion would be split about evenly between Medicare providers and beneficiaries.

In a letter to House Democrats on Friday, Pelosi hailed the measure for "providing certainty to our seniors and stability to providers." On Thursday, Boehner said it was a chance to "solve this problem once and for all."

According to the summary and aides familiar with details:

—About 2 percent of the country's highest-earning Medicare recipients would face higher premiums for doctor and prescription drug coverage. The higher premiums would apply to individuals earning between $134,000 and $214,000 and couples earning between $267,000 and $428,000.

—Starting in 2020, some people buying Medigap plans — they insure expenses Medicare does not cover — would pay higher out-of-pocket costs up to the Medicare deductible for doctors' coverage, currently $147 annually.

—A 3.2 percent increase in Medicare payments to hospitals in 2018 would instead be phased in over six years.

—Nursing homes, hospices and home health providers would be held to a 1 percent Medicare increase in 2018.

—Scheduled cuts in payments to states for hospitals treating poor patients would be delayed a year to 2018 but also extended through 2025.

—Programs that help poor seniors pay Medicare deductibles and help some families keep Medicaid coverage as they move from welfare to jobs would become permanent.


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Some slow to embrace FASTR

A new Congressional bill that would improve public access to the roughly $60 billion in research the federal government funds each year is drawing praise from researchers who say it will accelerate innovation, and criticism from some publishers who fear it will undermine their financial model.

The Fair Access to Science and Technology Research Act would require each federally funded researcher to submit an electronic copy of the final text of their peer-
reviewed work and ensure that manuscript is available free online within six months.

"We are supportive of any initiative that increases transparency and collaboration, and creates widespread access to the amazing work of our biomedical researchers," said Dr. Paul J. Anderson, chief academic officer and senior vice president of research at Brigham and Women's Hospital. "The FASTR Act has the potential to speed the pace of innovation, a goal that we are all focused on, as we work to translate our research breakthroughs to clinical therapies for the ultimate benefit of our patients."

Harry Orf, senior vice president for research at Massachusetts General Hospital, said MGH also supports full disclosure of peer-reviewed research.

Currently, federally funded study results are reported to the National Institutes of Health and submitted within a year of publication to PubMed Central, a freely accessible government database.
Orf's one concern is that any additional requirements the FASTR Act entails be handled through that system to prevent "increased bureaucratic burden" on researchers.

"Researchers with a final manuscript like as many people as possible to see it," said Dr. Roger K. Pitman, a psychiatrist at MGH and professor of psychiatry at Harvard Medical School. "The issue here is more one of interaction between the federal government and journals."

Opponents to the FASTR Act include the Association of American Publishers, whose president and CEO said the bill "undermines our scientific publishing system, prioritizing simplicity over sustainability."
"The bills' short, inflexible 6- and 12-month embargoes will damage the financial viability of many scholarly journals and weaken the quality and integrity of the system, including the vital peer review process," said Tom Allen. "A goal of free public access to the world must not be allowed to eliminate the financial incentives for scholarly publishers to invest in bringing cutting-edge research to public attention."

But Heather Joseph, executive director of the Scholarly Publishing and Academic Resources Coalition, said, "Being able to provide access to this layer of information is at the core of our mission."


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