Boston Herald - Boston Herald

http://bostonherald.com/feed/4 en http://bostonherald.com/business/business_markets/2013/09/russia_warns_ukraine_against_eu_deal <p>YALTA, Ukraine — A top Russian official has warned Ukraine against signing a landmark trade and cooperation agreement with the European Union, saying Moscow would retaliate with trade restrictions that could push this ex-Soviet republic toward default.</p> Business & Markets Sat, 21 Sep 2013 10:53:08 -0400 Associated Press 1063305806 http://bostonherald.com/business/business_markets/2013/09/microloans_surging_in_silicon_valley <p>SAN JOSE, Calif. — A daycare provider needed cribs and high chairs. A coffee truck needed a generator. A couple renting party supplies needed to move into a storefront.</p><p>When these Silicon Valley small businesses needed cash, and fast, they didn't find help at a bank. They turned instead to a type of financing more commonly associated with buying a sewing machine for a Guatemalan tailor or a tractor for an African farmer.</p><p>Microlending, a decades old form of financing for the world's poorest, is now booming in Silicon Valley.</p> Business & Markets Sat, 21 Sep 2013 10:51:07 -0400 Associated Press 1063305801 http://bostonherald.com/business/business_markets/2013/09/chiquita_seeks_dismissal_in_colombian_case <p>MIAMI — Faced with potentially billions of dollars in legal liability, Chiquita Brands International is asking a federal appeals court to block lawsuits filed against it in the U.S. by thousands of Colombians whose relatives were killed in that country's bloody, decades-long civil war.</p> Business & Markets Sat, 21 Sep 2013 10:49:00 -0400 Associated Press 1063305776 http://bostonherald.com/business/business_markets/2013/09/uk_charges_4_in_cyber_theft_from_barclays_bank <p>LONDON — British police have charged four men in connection with the theft of 1.3 million pounds ($2.1 million) from a Barclays Bank branch.</p><p>The men — aged between 26 and 47 — were arrested Friday and accused of installing a device on the bank's computer system made it possible to carry out the cyber theft.</p><p>Police said cash, jewels and thousands of credit cards were found in related searches of addresses in the greater London area.</p> Business & Markets Sat, 21 Sep 2013 04:59:08 -0400 Associated Press 1063305441 http://bostonherald.com/business/business_markets/2013/09/bay_state_defense_firms_get_work_despite_cuts <p>Massachusetts companies that work with the U.S. Defense Department are still getting contracts in spite of federal budget cuts, but the firms say those contracts tend to be smaller.</p><p>The Defense Department this week announced more than $865 million in contracts, including $9.9 million to Boston Dynamics of Waltham for work on the Legged Squad Support System, or LS3, a legged robot to help service members carry their gear, following them through rugged terrain and interpreting verbal and visual commands.</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Marie Szaniszlo 1063304391 http://bostonherald.com/business/real_estate/2013/09/cambridge_penthouse_could_be_your_castle <p>This four-bedroom duplex penthouse condo, the home of former Channel 4 meteorologist Mish Michaels, features a dramatic sweeping staircase that joins what were two separate units.</p><p>Part of the 113-unit Bay Square condo complex built in 1989, Michaels and her husband, Wes Atamian, combined two units in 2006 to create a showpiece custom-designed penthouse highlighted by a dramatic two-story vaulted turret with a living area overlooking a great room connected by a curving metal staircase.</p> Real Estate Sat, 21 Sep 2013 00:00:00 -0400 Paul Restuccia 1063304401 http://bostonherald.com/business/business_markets/2013/09/mit_study_us_needs_to_step_up_manufacturing <p>The nation's booming innovation economy is in danger of losing steam and moving overseas unless there is a significant increase in manufacturing in the U.S., according to a new study from the Massachusetts Institute of Technology, but Massachusetts is poised to take advantage of such an increase, a state official says.</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Jordan Graham 1063304411 http://bostonherald.com/business/business_markets/2013/09/colonial_drug_departs_from_harvard_square <p>Another vestige of the much lamented Harvard Square of old will close its doors today.</p><p>Colonial Drug, known for its stock of more than 1,000 fragrances, is relocating after 66 years on Brattle Street to combine with the Stoddard's cutlery store in Newton at month's end.</p><p>"We did business with (Stoddard's owner David Marks') father, and his grandfather did business with our father," co-owner J.P. Botindari said. "We said someday we should get together, and we are. We complement each other."</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Donna Goodison 1063304531 http://bostonherald.com/business/automotive/2013/09/magnificent_jag_is_a_treat_for_all <p>It's the chicken or the egg conundrum: Do you want to be the driver of the sleek 2013 Jaguar XJL or the passenger in the elegant cabin?</p><p>The long wheelbase of the XJL affords rear passengers a playground of luxurious creature comforts. Start with the reclining soft leather seats, drop-down glass trays and personal remote controls for the headrest-mounted entertainment centers. Add a whisper-quiet ride, a footrest to leisurely stretch out your legs, cooled and heated massaging seats and you arrive at work or the weekend estate in style.</p> Automotive Sat, 21 Sep 2013 00:00:00 -0400 Jim Mahoney 1063304386 http://bostonherald.com/business/business_markets/2013/09/pipe_had_leak_1_year_before_hawaii_molasses_spill <p>HONOLULU — A state inspector saw molasses dripping last year from the same spot where a pipe leaked up to 1,400 tons of the sugary substance into Honolulu Harbor earlier this month, killing more than 26,000 fish and other marine life.</p><p>Department of Transportation Deputy Director Randy Grune said Friday he sent a letter in July 2012 to Matson Navigation Co. notifying the company of the leak. The letter, provided to reporters Friday, asked Matson to tell the state when the pipeline was repaired.</p> Business & Markets Fri, 20 Sep 2013 22:27:32 -0400 Associated Press 1063303856 http://bostonherald.com/business/business_markets/2013/09/scheme_to_snag_iphones_leads_to_chaos_in_calif <p>PASADENA, Calif. — An overnight campout for the new iPhone turned chaotic Friday morning when two men were arrested for fighting outside an Apple Store and a man's plan to hire homeless people to wait in line for the coveted devices backfired, authorities said.</p><p>Dozens of people recruited at a downtown Los Angeles homeless shelter to buy iPhones at a Pasadena store were left unpaid, and they mobbed the man who had hired them, Pasadena police Lt. Jason Clawson said.</p> Business & Markets Fri, 20 Sep 2013 21:22:17 -0400 Associated Press 1063302971 http://bostonherald.com/business/business_markets/2013/09/blackberry_slashes_jobs_in_face_of_1b_2q_loss <p>TORONTO — It was once so addictive it inspired the nickname "CrackBerry." President Barack Obama confessed to being among the millions of devotees who couldn't bear to stop tapping feverishly away on its tiny keyboard. Madonna once said she slept with hers under her pillow.</p><p>Then came the iPhone.</p><p>Users newly addicted to Facebook and photo-sharing and Angry Birds started flirting with the opposition. And as more smartphones flooded the market with their supersize Samsung screens and thousands of apps, the BlackBerry failed to keep up with the flash.</p> Business & Markets Fri, 20 Sep 2013 20:06:10 -0400 Associated Press 1063303256 http://bostonherald.com/business/business_markets/2013/09/navy_suspends_company_implicated_in_scheme <p>WASHINGTON — The Navy suspended a Singapore-based company and its president from contracting with the federal government after the arrests earlier this week in a bribery conspiracy scheme.</p><p>The president and chief executive officer of Glenn Defense Marine Asia Ltd., Leonard Francis, and his company and its affiliates are barred from federal contracts and can't receive benefits from federal assistance programs.</p> Business & Markets Fri, 20 Sep 2013 19:52:00 -0400 Associated Press 1063304181 http://bostonherald.com/business/business_markets/2013/09/allegiant_delays_cancels_flights_to_check_md_80s <p>LAS VEGAS — Allegiant Air officials said Friday that delays and cancelations could continue for several days as more than half of the airline's MD-80s remain grounded for overhauls of emergency slides like the ones deployed in an evacuation this week.</p><p>The inflatable chutes worked properly Monday when smoke was reported in the cabin of an Allegiant MD-80 at McCarran International Airport in Las Vegas, company officials said. An incident review, however, found that fleetwide maintenance hadn't complied with the slide manufacturer's recommendations.</p> Business & Markets Fri, 20 Sep 2013 19:51:00 -0400 Associated Press 1063302331 http://bostonherald.com/business/business_markets/2013/09/gop_house_keep_government_open_hit_obamacare <p>WASHINGTON — Charting a collision course with the White House, the Republican-controlled House approved legislation Friday to wipe out the 3-year-old health care law that President Barack Obama has vowed to preserve — and simultaneously prevent a partial government shutdown that neither party claims to want.</p> Business & Markets Fri, 20 Sep 2013 19:35:48 -0400 Associated Press 1063301316 http://bostonherald.com/business/business_markets/2013/09/stocks_drop_as_investors_fret_over_budget_fight <p>Washington's budget fight jolted investors on Friday, reminding them that the next few weeks could bring a lot of uncertainty. Wall Street hates uncertainty.</p><p>Stocks fell in an afternoon sell-off that wiped out most of the gains from a rally earlier this week, when the Federal Reserve decided to keep its huge economic stimulus program intact.</p><p>Major indexes were mixed in morning trading, but turned lower around midday after the U.S. House of Representatives voted to defund President Barack Obama's health care law.</p> Business & Markets Fri, 20 Sep 2013 17:50:51 -0400 Associated Press 1063302201 http://bostonherald.com/business/technology/technology_news/2013/09/senator_concerned_about_apples_fingerprint_tech <p>NEW YORK — Sen. Al Franken is asking Apple for more clarity on privacy and security concerns he has with its use of fingerprint recognition technology in the new iPhone 5S.</p><p>The iPhone 5S, which went on sale Friday, includes a fingerprint sensor that lets users tap the phone's home button to unlock their phone, rather than enter a four-digit passcode.</p> Technology News Fri, 20 Sep 2013 17:39:16 -0400 Associated Press 1063302701 http://bostonherald.com/business/business_markets/2013/09/oil_falls_as_another_us_budget_battle_looms <p>NEW YORK — Oil fell more than 1 percent Friday as fears of a disruption to Middle East supplies eased while concerns about a shutdown of the U.S. government grew stronger.</p><p>Benchmark oil for October delivery dropped $1.72, or 1.4 percent, to close at $104.67 per barrel on the New York Mercantile Exchange. For the week, oil dropped $3.54, or 3.3 percent. That's despite a 2.5 percent increase on Wednesday, when the U.S. Federal Reserve announced it would keep its stimulus policy in place.</p> Business & Markets Fri, 20 Sep 2013 17:14:39 -0400 Associated Press 1063303601 http://bostonherald.com/business/business_markets/2013/09/moodys_established_gambling_markets_faltering <p>LAS VEGAS — Established gambling towns like Las Vegas and Atlantic City are hurting as more states start welcoming bettors' dollars, Moody's Investors Service warned this week.</p><p>The credit rating agency issued a report describing a shift in casino tax revenues away from New Jersey, Indiana and Nevada to new markets in places like Pennsylvania, Illinois and Ohio.</p><p>The recession crushed gambling revenues across the county, and casino towns have been slow to bounce back.</p> Business & Markets Fri, 20 Sep 2013 16:13:19 -0400 Associated Press 1063303041 http://bostonherald.com/business/business_markets/2013/09/obama_moves_to_limit_power_plant_carbon_pollution <p>WASHINGTON — Linking global warming to public health, disease and extreme weather, the Obama administration pressed ahead Friday with tough requirements to limit carbon pollution from new power plants, despite protests from industry and Republicans that it would dim coal's future.</p> Business & Markets Fri, 20 Sep 2013 16:02:01 -0400 Associated Press 1063301306

http://bostonherald.com/feed/4 en http://bostonherald.com/business/business_markets/2013/09/russia_warns_ukraine_against_eu_deal <p>YALTA, Ukraine — A top Russian official has warned Ukraine against signing a landmark trade and cooperation agreement with the European Union, saying Moscow would retaliate with trade restrictions that could push this ex-Soviet republic toward default.</p> Business & Markets Sat, 21 Sep 2013 10:53:08 -0400 Associated Press 1063305806 http://bostonherald.com/business/business_markets/2013/09/microloans_surging_in_silicon_valley <p>SAN JOSE, Calif. — A daycare provider needed cribs and high chairs. A coffee truck needed a generator. A couple renting party supplies needed to move into a storefront.</p><p>When these Silicon Valley small businesses needed cash, and fast, they didn't find help at a bank. They turned instead to a type of financing more commonly associated with buying a sewing machine for a Guatemalan tailor or a tractor for an African farmer.</p><p>Microlending, a decades old form of financing for the world's poorest, is now booming in Silicon Valley.</p> Business & Markets Sat, 21 Sep 2013 10:51:07 -0400 Associated Press 1063305801 http://bostonherald.com/business/business_markets/2013/09/chiquita_seeks_dismissal_in_colombian_case <p>MIAMI — Faced with potentially billions of dollars in legal liability, Chiquita Brands International is asking a federal appeals court to block lawsuits filed against it in the U.S. by thousands of Colombians whose relatives were killed in that country's bloody, decades-long civil war.</p> Business & Markets Sat, 21 Sep 2013 10:49:00 -0400 Associated Press 1063305776 http://bostonherald.com/business/business_markets/2013/09/uk_charges_4_in_cyber_theft_from_barclays_bank <p>LONDON — British police have charged four men in connection with the theft of 1.3 million pounds ($2.1 million) from a Barclays Bank branch.</p><p>The men — aged between 26 and 47 — were arrested Friday and accused of installing a device on the bank's computer system made it possible to carry out the cyber theft.</p><p>Police said cash, jewels and thousands of credit cards were found in related searches of addresses in the greater London area.</p> Business & Markets Sat, 21 Sep 2013 04:59:08 -0400 Associated Press 1063305441 http://bostonherald.com/business/business_markets/2013/09/bay_state_defense_firms_get_work_despite_cuts <p>Massachusetts companies that work with the U.S. Defense Department are still getting contracts in spite of federal budget cuts, but the firms say those contracts tend to be smaller.</p><p>The Defense Department this week announced more than $865 million in contracts, including $9.9 million to Boston Dynamics of Waltham for work on the Legged Squad Support System, or LS3, a legged robot to help service members carry their gear, following them through rugged terrain and interpreting verbal and visual commands.</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Marie Szaniszlo 1063304391 http://bostonherald.com/business/real_estate/2013/09/cambridge_penthouse_could_be_your_castle <p>This four-bedroom duplex penthouse condo, the home of former Channel 4 meteorologist Mish Michaels, features a dramatic sweeping staircase that joins what were two separate units.</p><p>Part of the 113-unit Bay Square condo complex built in 1989, Michaels and her husband, Wes Atamian, combined two units in 2006 to create a showpiece custom-designed penthouse highlighted by a dramatic two-story vaulted turret with a living area overlooking a great room connected by a curving metal staircase.</p> Real Estate Sat, 21 Sep 2013 00:00:00 -0400 Paul Restuccia 1063304401 http://bostonherald.com/business/business_markets/2013/09/mit_study_us_needs_to_step_up_manufacturing <p>The nation's booming innovation economy is in danger of losing steam and moving overseas unless there is a significant increase in manufacturing in the U.S., according to a new study from the Massachusetts Institute of Technology, but Massachusetts is poised to take advantage of such an increase, a state official says.</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Jordan Graham 1063304411 http://bostonherald.com/business/business_markets/2013/09/colonial_drug_departs_from_harvard_square <p>Another vestige of the much lamented Harvard Square of old will close its doors today.</p><p>Colonial Drug, known for its stock of more than 1,000 fragrances, is relocating after 66 years on Brattle Street to combine with the Stoddard's cutlery store in Newton at month's end.</p><p>"We did business with (Stoddard's owner David Marks') father, and his grandfather did business with our father," co-owner J.P. Botindari said. "We said someday we should get together, and we are. We complement each other."</p> Business & Markets Sat, 21 Sep 2013 00:00:00 -0400 Donna Goodison 1063304531 http://bostonherald.com/business/automotive/2013/09/magnificent_jag_is_a_treat_for_all <p>It's the chicken or the egg conundrum: Do you want to be the driver of the sleek 2013 Jaguar XJL or the passenger in the elegant cabin?</p><p>The long wheelbase of the XJL affords rear passengers a playground of luxurious creature comforts. Start with the reclining soft leather seats, drop-down glass trays and personal remote controls for the headrest-mounted entertainment centers. Add a whisper-quiet ride, a footrest to leisurely stretch out your legs, cooled and heated massaging seats and you arrive at work or the weekend estate in style.</p> Automotive Sat, 21 Sep 2013 00:00:00 -0400 Jim Mahoney 1063304386 http://bostonherald.com/business/business_markets/2013/09/pipe_had_leak_1_year_before_hawaii_molasses_spill <p>HONOLULU — A state inspector saw molasses dripping last year from the same spot where a pipe leaked up to 1,400 tons of the sugary substance into Honolulu Harbor earlier this month, killing more than 26,000 fish and other marine life.</p><p>Department of Transportation Deputy Director Randy Grune said Friday he sent a letter in July 2012 to Matson Navigation Co. notifying the company of the leak. The letter, provided to reporters Friday, asked Matson to tell the state when the pipeline was repaired.</p> Business & Markets Fri, 20 Sep 2013 22:27:32 -0400 Associated Press 1063303856 http://bostonherald.com/business/business_markets/2013/09/scheme_to_snag_iphones_leads_to_chaos_in_calif <p>PASADENA, Calif. — An overnight campout for the new iPhone turned chaotic Friday morning when two men were arrested for fighting outside an Apple Store and a man's plan to hire homeless people to wait in line for the coveted devices backfired, authorities said.</p><p>Dozens of people recruited at a downtown Los Angeles homeless shelter to buy iPhones at a Pasadena store were left unpaid, and they mobbed the man who had hired them, Pasadena police Lt. Jason Clawson said.</p> Business & Markets Fri, 20 Sep 2013 21:22:17 -0400 Associated Press 1063302971 http://bostonherald.com/business/business_markets/2013/09/blackberry_slashes_jobs_in_face_of_1b_2q_loss <p>TORONTO — It was once so addictive it inspired the nickname "CrackBerry." President Barack Obama confessed to being among the millions of devotees who couldn't bear to stop tapping feverishly away on its tiny keyboard. Madonna once said she slept with hers under her pillow.</p><p>Then came the iPhone.</p><p>Users newly addicted to Facebook and photo-sharing and Angry Birds started flirting with the opposition. And as more smartphones flooded the market with their supersize Samsung screens and thousands of apps, the BlackBerry failed to keep up with the flash.</p> Business & Markets Fri, 20 Sep 2013 20:06:10 -0400 Associated Press 1063303256 http://bostonherald.com/business/business_markets/2013/09/navy_suspends_company_implicated_in_scheme <p>WASHINGTON — The Navy suspended a Singapore-based company and its president from contracting with the federal government after the arrests earlier this week in a bribery conspiracy scheme.</p><p>The president and chief executive officer of Glenn Defense Marine Asia Ltd., Leonard Francis, and his company and its affiliates are barred from federal contracts and can't receive benefits from federal assistance programs.</p> Business & Markets Fri, 20 Sep 2013 19:52:00 -0400 Associated Press 1063304181 http://bostonherald.com/business/business_markets/2013/09/allegiant_delays_cancels_flights_to_check_md_80s <p>LAS VEGAS — Allegiant Air officials said Friday that delays and cancelations could continue for several days as more than half of the airline's MD-80s remain grounded for overhauls of emergency slides like the ones deployed in an evacuation this week.</p><p>The inflatable chutes worked properly Monday when smoke was reported in the cabin of an Allegiant MD-80 at McCarran International Airport in Las Vegas, company officials said. An incident review, however, found that fleetwide maintenance hadn't complied with the slide manufacturer's recommendations.</p> Business & Markets Fri, 20 Sep 2013 19:51:00 -0400 Associated Press 1063302331 http://bostonherald.com/business/business_markets/2013/09/gop_house_keep_government_open_hit_obamacare <p>WASHINGTON — Charting a collision course with the White House, the Republican-controlled House approved legislation Friday to wipe out the 3-year-old health care law that President Barack Obama has vowed to preserve — and simultaneously prevent a partial government shutdown that neither party claims to want.</p> Business & Markets Fri, 20 Sep 2013 19:35:48 -0400 Associated Press 1063301316 http://bostonherald.com/business/business_markets/2013/09/stocks_drop_as_investors_fret_over_budget_fight <p>Washington's budget fight jolted investors on Friday, reminding them that the next few weeks could bring a lot of uncertainty. Wall Street hates uncertainty.</p><p>Stocks fell in an afternoon sell-off that wiped out most of the gains from a rally earlier this week, when the Federal Reserve decided to keep its huge economic stimulus program intact.</p><p>Major indexes were mixed in morning trading, but turned lower around midday after the U.S. House of Representatives voted to defund President Barack Obama's health care law.</p> Business & Markets Fri, 20 Sep 2013 17:50:51 -0400 Associated Press 1063302201 http://bostonherald.com/business/technology/technology_news/2013/09/senator_concerned_about_apples_fingerprint_tech <p>NEW YORK — Sen. Al Franken is asking Apple for more clarity on privacy and security concerns he has with its use of fingerprint recognition technology in the new iPhone 5S.</p><p>The iPhone 5S, which went on sale Friday, includes a fingerprint sensor that lets users tap the phone's home button to unlock their phone, rather than enter a four-digit passcode.</p> Technology News Fri, 20 Sep 2013 17:39:16 -0400 Associated Press 1063302701 http://bostonherald.com/business/business_markets/2013/09/oil_falls_as_another_us_budget_battle_looms <p>NEW YORK — Oil fell more than 1 percent Friday as fears of a disruption to Middle East supplies eased while concerns about a shutdown of the U.S. government grew stronger.</p><p>Benchmark oil for October delivery dropped $1.72, or 1.4 percent, to close at $104.67 per barrel on the New York Mercantile Exchange. For the week, oil dropped $3.54, or 3.3 percent. That's despite a 2.5 percent increase on Wednesday, when the U.S. Federal Reserve announced it would keep its stimulus policy in place.</p> Business & Markets Fri, 20 Sep 2013 17:14:39 -0400 Associated Press 1063303601 http://bostonherald.com/business/business_markets/2013/09/moodys_established_gambling_markets_faltering <p>LAS VEGAS — Established gambling towns like Las Vegas and Atlantic City are hurting as more states start welcoming bettors' dollars, Moody's Investors Service warned this week.</p><p>The credit rating agency issued a report describing a shift in casino tax revenues away from New Jersey, Indiana and Nevada to new markets in places like Pennsylvania, Illinois and Ohio.</p><p>The recession crushed gambling revenues across the county, and casino towns have been slow to bounce back.</p> Business & Markets Fri, 20 Sep 2013 16:13:19 -0400 Associated Press 1063303041 http://bostonherald.com/business/business_markets/2013/09/obama_moves_to_limit_power_plant_carbon_pollution <p>WASHINGTON — Linking global warming to public health, disease and extreme weather, the Obama administration pressed ahead Friday with tough requirements to limit carbon pollution from new power plants, despite protests from industry and Republicans that it would dim coal's future.</p> Business & Markets Fri, 20 Sep 2013 16:02:01 -0400 Associated Press 1063301306

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Boston Herald - Boston Herald

http://bostonherald.com/feed/4 en http://bostonherald.com/business/business_markets/2013/09/obama_takes_on_coal_with_first_ever_carbon_limits <p>WASHINGTON — Linking global warming to public health, disease and extreme weather, the Obama administration pressed ahead Friday with tough requirements to limit carbon pollution from new power plants, despite protests from industry and from Republicans that it would mean a dim future for coal.</p> Business & Markets Fri, 20 Sep 2013 10:07:42 -0400 Associated Press 1063301306 http://bostonherald.com/business/technology/technology_news/2013/09/3_mayoral_candidates_who_understand_innovation <p>In a race focused heavily on schools, jobs and crime, mayoral candidates John R. Connolly, John F. Barros and Michael P. Ross have emerged as the tech trio – the ones who understand the critical role that innovation could play in the next administration.</p> Technology News Fri, 20 Sep 2013 00:00:00 -0400 Jessica Van Sack 1063300636 http://bostonherald.com/business/business_markets/2013/09/mit_prez_fed_budget_cuts_killing_growth <p> </p><p>Massive federal budget cuts are threatening Boston's innovation economy, and could significantly derail the industry's momentum years from now, education and business leaders say.</p><p>"It would be hard to overstate the negative impact on the people, the businesses and the future of Greater Boston and our nation," MIT President Rafael Reif yesterday told the Greater Boston Chamber of Commerce.</p> Business & Markets Fri, 20 Sep 2013 00:00:00 -0400 Jordan Graham
, Chris Cassidy 1063300641 http://bostonherald.com/business/business_markets/2013/09/the_ticker_5 <p><strong>Logan to get Dubai flights</strong></p><p>The Massachusetts Port Authority yesterday announced that Emirates Airlines will begin daily nonstop flights from Dubai to Boston starting March 14.</p><p>The Emirates service comes with a $1.5 million sweetener, a Massport incentive program that includes landing fee credits and joint advertising opportunities.</p><p>The flights on Emirates follow announcements in the past 18 months of new international service between Logan and Tokyo, Panama City and Istanbul.</p> Business & Markets Fri, 20 Sep 2013 00:00:00 -0400 herald.staff 1063300696 http://bostonherald.com/business/real_estate/2013/09/much_needed_hub_condos_on_the_way <p> </p><p>For the past year, Bay State homeowners and potential home buyers competed in bidding wars as they targeted a dwindling supply of properties for sale. Massachusetts' housing market rebounded strongly in the first two quarters as the median sale price for single-family homes and condos jumped at double-digit rates and sales reached levels not seen since 2006.</p><p>But has the market cooled with mortgage rates up by a full percentage point over the past four months? And if so, what will the fall and winter markets look like?</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Jennifer Athas 1063300131 http://bostonherald.com/business/real_estate/2013/09/price_y_offices_rise_in_seaport <p>Shovels were ceremoniously lifted yesterday to mark construction already under way on the first office tower in Seaport Square, one of the largest mixed-used, master plan developments in the nation in one of the fastest growing areas of the city.</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Donna Goodison 1063300231 http://bostonherald.com/business/automotive/2013/09/california_adopts_ride_hailing_service_regulations <p>SAN FRANCISCO — Web-based ride-hailing companies will have to make sure drivers undergo training and criminal background checks and have commercial liability insurance under rules approved Thursday by California regulators.</p><p>The state Public Utilities Commission voted unanimously in favor of those rules and others for such companies as Lyft and Sidecar. Both companies rely on smartphone applications to connect riders and drivers who use their own vehicles.</p><p>Commissioners said the rules were needed to ensure public safety.</p> Automotive Thu, 19 Sep 2013 22:17:13 -0400 Associated Press 1063298791 http://bostonherald.com/business/business_markets/2013/09/senate_passes_bill_to_avert_helium_shortage <p>WASHINGTON — Break out the balloons.</p><p>Congress moved a step closer Thursday to averting an impending shutdown of the federal helium reserve, a key supplier of the lighter-than-air gas used in a products ranging from party balloons to MRI machines.</p><p>The Federal Helium Program, which provides about 42 percent of the nation's helium from a storage site near Amarillo, Texas, is set to shut down Oct. 7 unless lawmakers intervene. The shutdown is a result of a 1996 law requiring the reserve to pay off a $1.3 billion debt by selling its helium.</p> Business & Markets Thu, 19 Sep 2013 19:17:22 -0400 Associated Press 1063299126 http://bostonherald.com/business/business_markets/2013/09/jpmorgan_admits_fault_pays_920m_in_trading_loss <p>WASHINGTON — The financial penalty is staggering. JPMorgan Chase &amp; Co. will pay $920 million for trading losses that shook the financial world last year.</p><p>But the bigger price may be a few words rarely uttered in settlements with U.S. regulators: The nation's largest bank is also admitting wrongdoing.</p><p>JPMorgan's acknowledged failure of oversight in the $6 billion trading loss is a first for a major company since the Securities and Exchange Commission reversed its longstanding practice of allowing firms to pay fines without accepting fault.</p> Business & Markets Thu, 19 Sep 2013 18:27:41 -0400 Associated Press 1063297606 http://bostonherald.com/business/business_markets/2013/09/ex_halliburton_manager_charged_in_gulf_spill_probe <p>NEW ORLEANS — A former Halliburton manager was charged Thursday with destroying evidence following BP's 2010 oil spill in the Gulf of Mexico, a case that coincides with a guilty plea to a related charge by the Houston-based oilfield services company.</p><p>Anthony Badalamenti, who had been the cementing technology director for Halliburton Energy Services Inc., was charged in federal court with instructing two other employees to delete data during a post-spill review of the cement job on BP's blown-out well.</p> Business & Markets Thu, 19 Sep 2013 17:12:15 -0400 Associated Press 1063297266 http://bostonherald.com/business/business_markets/2013/09/man_accused_in_bogus_phone_bill_scheme_indicted <p>HELENA, Mont. — A Montana man being sued by the federal government over $70 million in charges to unsuspecting phone customers' bills nationwide is now facing criminal counts of wire fraud, conspiracy and money laundering.</p><p>The 35-count indictment against Steve Sann was unsealed Wednesday during a settlement conference in a separate civil lawsuit filed by the Federal Trade Commission over the allegations.</p> Business & Markets Thu, 19 Sep 2013 16:40:21 -0400 Associated Press 1063298406 http://bostonherald.com/business/business_markets/2013/09/americans_increasingly_hungry_for_hipster_foods <p>So maybe the chance to taste the flaky spawn of a doughnut and croissant won't get you lining up at the crack of dawn. Maybe you're holding out for a burger nestled between fried ramen noodles. Or perhaps it's the elusive McRib that moves you.</p><p>Whatever flies your foodie flag, it's hard to deny that Americans love feeling part of something deliciously exclusive, that they clamor to taste trendy, hard-to-get morsels.</p> Business & Markets Thu, 19 Sep 2013 16:30:14 -0400 Associated Press 1063298871 http://bostonherald.com/business/technology/technology_news/2013/09/tj_maxx_lets_customers_shop_online <p>NEW YORK — Deal hunters have a new online option: This week, off-price retailer T.J. Maxx has quietly begun letting its customers shop online.</p><p>Off-price retailers like T.J. Maxx buy excess clothing and home goods from other merchants and sells them at about 20 percent to 60 percent off regular prices.</p> Technology News Thu, 19 Sep 2013 15:59:17 -0400 Associated Press 1063298891 http://bostonherald.com/business/business_markets/2013/09/postmaster_says_usps_may_need_emergency_rate_hike <p>WASHINGTON — Postmaster General Patrick Donahoe said Thursday his agency is in "the midst of a financial disaster" and may need an emergency increase in postage rates to keep operating.</p><p>"The Postal Service as it exists today is financially unsustainable," he told the Senate Homeland Security and Governmental Affairs Committee. It's a message that the postmaster general has been delivering to Congress with regularity over the past several months.</p> Business & Markets Thu, 19 Sep 2013 15:18:47 -0400 Associated Press 1063297716 http://bostonherald.com/business/business_markets/2013/09/pandora_boosts_stock_offering_as_shares_hit_high <p>LOS ANGELES — Pandora stock hit an all-time high Thursday in the wake of a court ruling that should help the Internet radio giant trim its songwriter royalty costs.</p> Business & Markets Thu, 19 Sep 2013 13:54:35 -0400 Associated Press 1063298411 http://bostonherald.com/business/business_markets/2013/09/google_releases_digital_wallet_app_for_iphones <p>SAN FRANCISCO — Google is bringing its digital wallet to the iPhone in its latest attempt to upstage Apple on its own popular device.</p><p>Thursday's release of the Google Wallet app represents a challenge to the Passbook program that Apple has built into the iPhone's operating system.</p><p>Both Google Wallet and Passbook allow iPhone users to store loyalty cards from some merchants and scan coupons offering discounts.</p> Business & Markets Thu, 19 Sep 2013 13:43:30 -0400 Associated Press 1063298446 http://bostonherald.com/business/business_markets/2013/09/mass_unemployment_rate_flat_despite_7500_new_jobs_in_august <p>Massachusetts added 7,500 jobs in August but the unemployment rate stayed flat at 7.2 percent, officials said today.</p><p>The private sector added 6,700 jobs in August, as education and health services, leisure and hospitality, manufacturing, construction, information and financial activities all added to their ranks, the preliminary Bureau of Labor Statistics estimates show. Government added 800 jobs over the month and 1,600 over the year.</p> Business & Markets Thu, 19 Sep 2013 12:00:00 -0400 Marie Szaniszlo 1063298086 http://bostonherald.com/business/technology/technology_news/2013/09/mass_computer_contact_had_many_problems <p>BOSTON — A state contract for a computer system to process unemployment claims provided few protections for taxpayers and little oversight of consultants, resulting in a system that arrived years late, millions of dollars over budget, and riddled with problems, according to review of contract documents.</p> Technology News Thu, 19 Sep 2013 11:02:04 -0400 Associated Press 1063297341 http://bostonherald.com/business/media_marketing/2013/09/mass_adds_jobs_but_jobless_rate_remains_steady <p>BOSTON — The Massachusetts unemployment rate held steady at 7.2 percent last month even though the state added 7,500 jobs.</p><p>The state Executive Office of Labor and Workforce Development announced Thursday that most of the job additions came in the private sector, with the education and health services sector leading the way with about 4,100 new jobs. Leisure and hospitality, manufacturing, and construction also gained jobs.</p><p>The agency says the state has added more than 45,000 jobs in the past 12 months. Revised statistics show the state lost 300 jobs in July.</p> Media & Marketing Thu, 19 Sep 2013 09:48:39 -0400 Associated Press 1063297696 http://bostonherald.com/business/business_markets/2013/09/us_unemployment_benefit_applications_rise_to_309k <p>WASHINGTON — The number of people seeking U.S. unemployment benefits rose 15,000 last week to a seasonally adjusted 309,000. But the data was distorted for the second straight week by reporting delays.</p><p>The Labor Department says the less volatile four-week average fell 7,000 to 314,750, the lowest in nearly six years.</p><p>Applications plummeted two weeks ago when California and Nevada were unable to report all their data because of computer upgrades in both states.</p> Business & Markets Thu, 19 Sep 2013 09:22:34 -0400 Associated Press 1063297546

http://bostonherald.com/feed/4 en http://bostonherald.com/business/business_markets/2013/09/obama_takes_on_coal_with_first_ever_carbon_limits <p>WASHINGTON — Linking global warming to public health, disease and extreme weather, the Obama administration pressed ahead Friday with tough requirements to limit carbon pollution from new power plants, despite protests from industry and from Republicans that it would mean a dim future for coal.</p> Business & Markets Fri, 20 Sep 2013 10:07:42 -0400 Associated Press 1063301306 http://bostonherald.com/business/technology/technology_news/2013/09/3_mayoral_candidates_who_understand_innovation <p>In a race focused heavily on schools, jobs and crime, mayoral candidates John R. Connolly, John F. Barros and Michael P. Ross have emerged as the tech trio – the ones who understand the critical role that innovation could play in the next administration.</p> Technology News Fri, 20 Sep 2013 00:00:00 -0400 Jessica Van Sack 1063300636 http://bostonherald.com/business/business_markets/2013/09/mit_prez_fed_budget_cuts_killing_growth <p> </p><p>Massive federal budget cuts are threatening Boston's innovation economy, and could significantly derail the industry's momentum years from now, education and business leaders say.</p><p>"It would be hard to overstate the negative impact on the people, the businesses and the future of Greater Boston and our nation," MIT President Rafael Reif yesterday told the Greater Boston Chamber of Commerce.</p> Business & Markets Fri, 20 Sep 2013 00:00:00 -0400 Jordan Graham
, Chris Cassidy 1063300641 http://bostonherald.com/business/business_markets/2013/09/the_ticker_5 <p><strong>Logan to get Dubai flights</strong></p><p>The Massachusetts Port Authority yesterday announced that Emirates Airlines will begin daily nonstop flights from Dubai to Boston starting March 14.</p><p>The Emirates service comes with a $1.5 million sweetener, a Massport incentive program that includes landing fee credits and joint advertising opportunities.</p><p>The flights on Emirates follow announcements in the past 18 months of new international service between Logan and Tokyo, Panama City and Istanbul.</p> Business & Markets Fri, 20 Sep 2013 00:00:00 -0400 herald.staff 1063300696 http://bostonherald.com/business/real_estate/2013/09/much_needed_hub_condos_on_the_way <p> </p><p>For the past year, Bay State homeowners and potential home buyers competed in bidding wars as they targeted a dwindling supply of properties for sale. Massachusetts' housing market rebounded strongly in the first two quarters as the median sale price for single-family homes and condos jumped at double-digit rates and sales reached levels not seen since 2006.</p><p>But has the market cooled with mortgage rates up by a full percentage point over the past four months? And if so, what will the fall and winter markets look like?</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Jennifer Athas 1063300131 http://bostonherald.com/business/real_estate/2013/09/price_y_offices_rise_in_seaport <p>Shovels were ceremoniously lifted yesterday to mark construction already under way on the first office tower in Seaport Square, one of the largest mixed-used, master plan developments in the nation in one of the fastest growing areas of the city.</p> Real Estate Fri, 20 Sep 2013 00:00:00 -0400 Donna Goodison 1063300231 http://bostonherald.com/business/automotive/2013/09/california_adopts_ride_hailing_service_regulations <p>SAN FRANCISCO — Web-based ride-hailing companies will have to make sure drivers undergo training and criminal background checks and have commercial liability insurance under rules approved Thursday by California regulators.</p><p>The state Public Utilities Commission voted unanimously in favor of those rules and others for such companies as Lyft and Sidecar. Both companies rely on smartphone applications to connect riders and drivers who use their own vehicles.</p><p>Commissioners said the rules were needed to ensure public safety.</p> Automotive Thu, 19 Sep 2013 22:17:13 -0400 Associated Press 1063298791 http://bostonherald.com/business/business_markets/2013/09/senate_passes_bill_to_avert_helium_shortage <p>WASHINGTON — Break out the balloons.</p><p>Congress moved a step closer Thursday to averting an impending shutdown of the federal helium reserve, a key supplier of the lighter-than-air gas used in a products ranging from party balloons to MRI machines.</p><p>The Federal Helium Program, which provides about 42 percent of the nation's helium from a storage site near Amarillo, Texas, is set to shut down Oct. 7 unless lawmakers intervene. The shutdown is a result of a 1996 law requiring the reserve to pay off a $1.3 billion debt by selling its helium.</p> Business & Markets Thu, 19 Sep 2013 19:17:22 -0400 Associated Press 1063299126 http://bostonherald.com/business/business_markets/2013/09/jpmorgan_admits_fault_pays_920m_in_trading_loss <p>WASHINGTON — The financial penalty is staggering. JPMorgan Chase &amp; Co. will pay $920 million for trading losses that shook the financial world last year.</p><p>But the bigger price may be a few words rarely uttered in settlements with U.S. regulators: The nation's largest bank is also admitting wrongdoing.</p><p>JPMorgan's acknowledged failure of oversight in the $6 billion trading loss is a first for a major company since the Securities and Exchange Commission reversed its longstanding practice of allowing firms to pay fines without accepting fault.</p> Business & Markets Thu, 19 Sep 2013 18:27:41 -0400 Associated Press 1063297606 http://bostonherald.com/business/business_markets/2013/09/ex_halliburton_manager_charged_in_gulf_spill_probe <p>NEW ORLEANS — A former Halliburton manager was charged Thursday with destroying evidence following BP's 2010 oil spill in the Gulf of Mexico, a case that coincides with a guilty plea to a related charge by the Houston-based oilfield services company.</p><p>Anthony Badalamenti, who had been the cementing technology director for Halliburton Energy Services Inc., was charged in federal court with instructing two other employees to delete data during a post-spill review of the cement job on BP's blown-out well.</p> Business & Markets Thu, 19 Sep 2013 17:12:15 -0400 Associated Press 1063297266 http://bostonherald.com/business/business_markets/2013/09/man_accused_in_bogus_phone_bill_scheme_indicted <p>HELENA, Mont. — A Montana man being sued by the federal government over $70 million in charges to unsuspecting phone customers' bills nationwide is now facing criminal counts of wire fraud, conspiracy and money laundering.</p><p>The 35-count indictment against Steve Sann was unsealed Wednesday during a settlement conference in a separate civil lawsuit filed by the Federal Trade Commission over the allegations.</p> Business & Markets Thu, 19 Sep 2013 16:40:21 -0400 Associated Press 1063298406 http://bostonherald.com/business/business_markets/2013/09/americans_increasingly_hungry_for_hipster_foods <p>So maybe the chance to taste the flaky spawn of a doughnut and croissant won't get you lining up at the crack of dawn. Maybe you're holding out for a burger nestled between fried ramen noodles. Or perhaps it's the elusive McRib that moves you.</p><p>Whatever flies your foodie flag, it's hard to deny that Americans love feeling part of something deliciously exclusive, that they clamor to taste trendy, hard-to-get morsels.</p> Business & Markets Thu, 19 Sep 2013 16:30:14 -0400 Associated Press 1063298871 http://bostonherald.com/business/technology/technology_news/2013/09/tj_maxx_lets_customers_shop_online <p>NEW YORK — Deal hunters have a new online option: This week, off-price retailer T.J. Maxx has quietly begun letting its customers shop online.</p><p>Off-price retailers like T.J. Maxx buy excess clothing and home goods from other merchants and sells them at about 20 percent to 60 percent off regular prices.</p> Technology News Thu, 19 Sep 2013 15:59:17 -0400 Associated Press 1063298891 http://bostonherald.com/business/business_markets/2013/09/postmaster_says_usps_may_need_emergency_rate_hike <p>WASHINGTON — Postmaster General Patrick Donahoe said Thursday his agency is in "the midst of a financial disaster" and may need an emergency increase in postage rates to keep operating.</p><p>"The Postal Service as it exists today is financially unsustainable," he told the Senate Homeland Security and Governmental Affairs Committee. It's a message that the postmaster general has been delivering to Congress with regularity over the past several months.</p> Business & Markets Thu, 19 Sep 2013 15:18:47 -0400 Associated Press 1063297716 http://bostonherald.com/business/business_markets/2013/09/pandora_boosts_stock_offering_as_shares_hit_high <p>LOS ANGELES — Pandora stock hit an all-time high Thursday in the wake of a court ruling that should help the Internet radio giant trim its songwriter royalty costs.</p> Business & Markets Thu, 19 Sep 2013 13:54:35 -0400 Associated Press 1063298411 http://bostonherald.com/business/business_markets/2013/09/google_releases_digital_wallet_app_for_iphones <p>SAN FRANCISCO — Google is bringing its digital wallet to the iPhone in its latest attempt to upstage Apple on its own popular device.</p><p>Thursday's release of the Google Wallet app represents a challenge to the Passbook program that Apple has built into the iPhone's operating system.</p><p>Both Google Wallet and Passbook allow iPhone users to store loyalty cards from some merchants and scan coupons offering discounts.</p> Business & Markets Thu, 19 Sep 2013 13:43:30 -0400 Associated Press 1063298446 http://bostonherald.com/business/business_markets/2013/09/mass_unemployment_rate_flat_despite_7500_new_jobs_in_august <p>Massachusetts added 7,500 jobs in August but the unemployment rate stayed flat at 7.2 percent, officials said today.</p><p>The private sector added 6,700 jobs in August, as education and health services, leisure and hospitality, manufacturing, construction, information and financial activities all added to their ranks, the preliminary Bureau of Labor Statistics estimates show. Government added 800 jobs over the month and 1,600 over the year.</p> Business & Markets Thu, 19 Sep 2013 12:00:00 -0400 Marie Szaniszlo 1063298086 http://bostonherald.com/business/technology/technology_news/2013/09/mass_computer_contact_had_many_problems <p>BOSTON — A state contract for a computer system to process unemployment claims provided few protections for taxpayers and little oversight of consultants, resulting in a system that arrived years late, millions of dollars over budget, and riddled with problems, according to review of contract documents.</p> Technology News Thu, 19 Sep 2013 11:02:04 -0400 Associated Press 1063297341 http://bostonherald.com/business/media_marketing/2013/09/mass_adds_jobs_but_jobless_rate_remains_steady <p>BOSTON — The Massachusetts unemployment rate held steady at 7.2 percent last month even though the state added 7,500 jobs.</p><p>The state Executive Office of Labor and Workforce Development announced Thursday that most of the job additions came in the private sector, with the education and health services sector leading the way with about 4,100 new jobs. Leisure and hospitality, manufacturing, and construction also gained jobs.</p><p>The agency says the state has added more than 45,000 jobs in the past 12 months. Revised statistics show the state lost 300 jobs in July.</p> Media & Marketing Thu, 19 Sep 2013 09:48:39 -0400 Associated Press 1063297696 http://bostonherald.com/business/business_markets/2013/09/us_unemployment_benefit_applications_rise_to_309k <p>WASHINGTON — The number of people seeking U.S. unemployment benefits rose 15,000 last week to a seasonally adjusted 309,000. But the data was distorted for the second straight week by reporting delays.</p><p>The Labor Department says the less volatile four-week average fell 7,000 to 314,750, the lowest in nearly six years.</p><p>Applications plummeted two weeks ago when California and Nevada were unable to report all their data because of computer upgrades in both states.</p> Business & Markets Thu, 19 Sep 2013 09:22:34 -0400 Associated Press 1063297546

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http://bostonherald.com/feed/4 en http://bostonherald.com/business/technology/technology_news/2013/09/mass_computer_contact_had_many_problems <p>BOSTON — A state contract for a computer system to process unemployment claims provided few protections for taxpayers and little oversight of consultants, resulting in a system that arrived years late, millions of dollars over budget, and riddled with problems, according to review of contract documents.</p> Technology News Thu, 19 Sep 2013 11:02:04 -0400 Associated Press 1063297341 http://bostonherald.com/business/media_marketing/2013/09/mass_adds_jobs_but_jobless_rate_remains_steady <p>BOSTON — The Massachusetts unemployment rate held steady at 7.2 percent last month even though the state added 7,500 jobs.</p><p>The state Executive Office of Labor and Workforce Development announced Thursday that most of the job additions came in the private sector, with the education and health services sector leading the way with about 4,100 new jobs. Leisure and hospitality, manufacturing, and construction also gained jobs.</p><p>The agency says the state has added more than 45,000 jobs in the past 12 months. Revised statistics show the state lost 300 jobs in July.</p> Media & Marketing Thu, 19 Sep 2013 09:48:39 -0400 Associated Press 1063297696 http://bostonherald.com/business/business_markets/2013/09/us_unemployment_benefit_applications_rise_to_309k <p>WASHINGTON — The number of people seeking U.S. unemployment benefits rose 15,000 last week to a seasonally adjusted 309,000. But the data was distorted for the second straight week by reporting delays.</p><p>The Labor Department says the less volatile four-week average fell 7,000 to 314,750, the lowest in nearly six years.</p><p>Applications plummeted two weeks ago when California and Nevada were unable to report all their data because of computer upgrades in both states.</p> Business & Markets Thu, 19 Sep 2013 09:22:34 -0400 Associated Press 1063297546 http://bostonherald.com/business/business_markets/2013/09/mit_president_sequester_choking_innovation_economy <p>"Drastic" federal budget cuts caused by sequestration threaten to derail major innovative breakthroughs — like an AIDS vaccine, 3D printing and digital learning — unless the Hub's business leaders lobby Congress for change, the president of MIT told the Greater Boston Chamber of Commerce this morning.</p> Business & Markets Thu, 19 Sep 2013 09:00:00 -0400 Chris Cassidy 1063297631 http://bostonherald.com/business/technology/technology_news/2013/09/console_stars_of_tokyo_game_show_not_on_sale_yet <p>CHIBA, Japan — The Tokyo Game Show this year has two big stars, Sony's PlayStation 4 and the Microsoft Xbox One, the first new home consoles to go on sale in seven years.</p><p>But neither console will be on sale in Japan until next year, far behind November releases in the U.S and Europe, and also the first time a new PlayStation console has not been released in Japan first.</p> Technology News Thu, 19 Sep 2013 06:41:13 -0400 Associated Press 1063297196 http://bostonherald.com/business/automotive/2013/09/honda_recalls_odyssey_acura_mdx_for_airbag_defect <p>TOKYO — Honda Motor Co. said Thursday it is recalling 318,000 Odyssey minivans in the U.S. and 63,400 Acura MDX sport-utility vehicles in several nations for an airbag defect.</p><p>The Japanese automaker said there have been no crashes related to the problem. Honda is also recalling 23,300 Odyssey minivans in Canada.</p><p>Tokyo-based Honda said it received complaints recently that the airbag opened unnecessarily in the 2003 and 2004 model year Odyssey and the 2003 Acura MDX because the computer chip for airbag deployment was responding to electrical interference.</p> Automotive Thu, 19 Sep 2013 06:22:49 -0400 Associated Press 1063297216 http://bostonherald.com/business/business_markets/2013/09/slots_license_bid_clouded_by_sec_suit <p>The Gaming Commission yesterday grilled Penn National Gaming executives over what it called poor hiring decisions as it weighed the firm's suitability to apply for the sole slots parlor license.</p><p>Among the hires questioned was Daniel Mudd, the former CEO of Fannie Mae, who the Securities and Exchange Commission has accused of lying to Congress. Mudd was hired by Fortress Investment Group, a major investor in Penn National.</p><p>"That nobody had a concern about it is astonishing to me," commission chairman Stephen Crosby said.</p> Business & Markets Thu, 19 Sep 2013 00:00:00 -0400 Jordan Graham 1063295991 http://bostonherald.com/business/business_markets/2013/09/feds_stimulating_words <p>The Federal Reserve's surprise move yesterday to postpone reducing its economic stimulus program sent stocks soaring and could help the housing market, but it also signals the economy has not rebounded as the Fed hoped, experts said.</p><p>"(Outgoing Fed Chairman Ben) Bernanke clearly is suggesting the economy is not ready to walk on its own," said Evan Dangel, a private wealth adviser at Morgan Stanley. "Quite frankly, the last two quantitative easing programs have been largely ineffective in spurring economic growth."</p> Business & Markets Thu, 19 Sep 2013 00:00:00 -0400 Marie Szaniszlo 1063296221 http://bostonherald.com/business/business_markets/2013/09/deval_patrick_surplus_no_substitute_for_tech_tax Gov. Deval Patrick chided lawmakers yesterday for their plan to replace the revenue of the soon-to-be-repealed tech tax with surplus funds, slamming it... Business & Markets Thu, 19 Sep 2013 00:00:00 -0400 Matt Stout 1063296211 http://bostonherald.com/business/business_markets/2013/09/300m_ruling_due_from_judge_in_demoulas_case <p>The latest legal tug-of-war in the Demoulas family feud over their Market Basket grocery chain hits a Boston courtroom today, where a judge could decide whether to temporarily block a $300 million shareholder payout.</p><p>Shareholder and director Arthur S. Demoulas yesterday fired back against his rival cousin, CEO Arthur T. Demoulas, calling the latter's lawsuit seeking to unseat the board's interim chairman — and set aside some board votes taken under his leadership — as "malnourished by a severe lack of factual allegations."</p> Business & Markets Thu, 19 Sep 2013 00:00:00 -0400 Donna Goodison 1063295986 http://bostonherald.com/business/business_markets/2013/09/asia_stocks_jump_fed_refrains_from_stimulus_cut <p>BANGKOK — Asian stock markets surged Thursday after the U.S. Federal Reserve unexpectedly refrained from reducing its massive economic stimulus.</p><p>Not even dour data out of Japan showing a swelling trade deficit could dampen the rally sparked by the Fed's decision to keep in place its $85 billion in monthly bond purchases, part of its "quantitative easing" approach of pumping money into the financial system to help stimulate the U.S. economy.</p> Business & Markets Wed, 18 Sep 2013 23:14:20 -0400 Associated Press 1063292431 http://bostonherald.com/business/healthcare/2013/09/new_test_aims_to_better_detect_viral_infections <p>WASHINGTON — It happens too often: A doctor isn't sure what's causing someone's feverish illness but prescribes antibiotics just in case, drugs that don't work if a virus is the real culprit.</p><p>Now Duke University researchers are developing a blood test to more easily tell when a respiratory illness is due to a virus and not a bacterial infection, hoping to cut the dangerous overuse of antibiotics and speed the right diagnosis.</p> Healthcare Wed, 18 Sep 2013 21:12:13 -0400 Associated Press 1063294356 http://bostonherald.com/business/business_markets/2013/09/surprise_from_fed_no_pullback_in_bond_purchases <p>WASHINGTON — In a surprise that sent the stock market soaring, the Federal Reserve concluded Wednesday that the U.S. economy isn't yet healthy enough for the central bank to ease its stimulus even slightly.</p><p>The Fed's cautious message pleased investors, who had expected a slight cut in the bond purchases that have kept long-term interest rates low as the nation recovers from the Great Recession. Wall Street celebrated the prospect of continued low interest rates by lifting stocks to a record high.</p> Business & Markets Wed, 18 Sep 2013 18:57:33 -0400 Associated Press 1063294351 http://bostonherald.com/business/business_markets/2013/09/irs_targeted_tea_party_after_granting_tax_status <p>WASHINGTON — The Internal Revenue Service continued to target conservative political groups even after approving their applications for tax-exempt status, a key Republican lawmaker said Wednesday.</p><p>A May report by the IRS inspector general said the agency gave extra scrutiny to 298 groups when they applied for tax exempt status from the spring of 2010 to the spring of 2012. The vast majority of the groups — 248 — were conservative, while 29 were liberal and 21 were neither, according to an analysis by the Republican staff of the House Ways and Means Committee.</p> Business & Markets Wed, 18 Sep 2013 18:57:01 -0400 Associated Press 1063294466 http://bostonherald.com/business/business_markets/2013/09/starbucks_progressive_ways_draw_fire_on_guns <p>NEW YORK — Starbucks has always set itself apart by taking strong positions on progressive political issues. Now that reputation has landed the company in the middle of the heated national debate over gun laws.</p><p>On Thursday, the Seattle-based company will run full-page ads in major newspapers, telling customers that guns are no longer welcome in its cafes. But Starbucks is stopping short of an outright ban, exposing the fine line it needs to walk on a highly divisive issue.</p> Business & Markets Wed, 18 Sep 2013 18:56:17 -0400 Associated Press 1063292256 http://bostonherald.com/business/healthcare/2013/09/new_health_care_law_expected_to_spawn_scam_artists <p>WASHINGTON — Warning to seniors on Medicare: If someone asks for your personal information for a state insurance exchange under the new health care law, he's probably a crook. Those exchanges don't apply to seniors.</p><p>No consumer, young or old, should give out medical information or pay up-front "enrollment" fees, the government says.</p><p>Those are just two of the scams that federal officials anticipate as state insurance exchanges ramp up under the Affordable Care Act, the official name of the law many call Obamacare.</p> Healthcare Wed, 18 Sep 2013 18:50:26 -0400 Associated Press 1063292931 http://bostonherald.com/business/business_markets/2013/09/black_eye_for_beanie_babies_toy_creator_charged <p>CHICAGO — Felonies and potential prison stints haven't been the kinds of things associated with cute, cuddly Beanie Babies, but that changed Wednesday when the creator of the iconic stuffed toys was charged with tax evasion and agreed to pay a $53 million penalty.</p> Business & Markets Wed, 18 Sep 2013 18:40:57 -0400 Associated Press 1063293971 http://bostonherald.com/business/healthcare/2013/09/walgreen_moves_health_coverage_to_private_exchange <p>Walgreen Co. is joining a growing push from big businesses to shift more responsibility for finding insurance onto their employees as health care costs continue to climb.</p><p>The nation's largest drugstore chain said Wednesday that it will send workers to a private health insurance exchange where they will pick from as many as 25 plans instead of having the company give them two to four options.</p> Healthcare Wed, 18 Sep 2013 18:33:31 -0400 Associated Press 1063293021 http://bostonherald.com/business/technology/technology_news/2013/09/pandora_wins_court_battle_with_music_publishers <p>LOS ANGELES — Internet radio leader Pandora Media Inc. said Wednesday that it has won its court battle with the music publishing society known as ASCAP in a ruling that should help lower its royalty payments.</p><p>The win means that Pandora is entitled to license all songs in the catalog run by the American Society of Composers, Authors and Publishers, and that publishers such as Universal and BMG can't make separate deals to be paid higher royalty rates.</p> Technology News Wed, 18 Sep 2013 18:05:09 -0400 Associated Press 1063294321 http://bostonherald.com/business/business_markets/2013/09/biw_president_to_go_to_electric_boat <p>PORTLAND, Maine — The president of General Dynamics' Bath Iron Works is leaving to take the top job at the submarine division, Connecticut's Electric Boat, while the top executive at the defense contractor's West Coast shipyard will assume duties as president of both shipyards in Maine and California, officials said Wednesday.</p> Business & Markets Wed, 18 Sep 2013 17:59:13 -0400 Associated Press 1063294306

http://bostonherald.com/feed/4 en http://bostonherald.com/business/technology/technology_news/2013/09/mass_computer_contact_had_many_problems <p>BOSTON — A state contract for a computer system to process unemployment claims provided few protections for taxpayers and little oversight of consultants, resulting in a system that arrived years late, millions of dollars over budget, and riddled with problems, according to review of contract documents.</p> Technology News Thu, 19 Sep 2013 11:02:04 -0400 Associated Press 1063297341 http://bostonherald.com/business/media_marketing/2013/09/mass_adds_jobs_but_jobless_rate_remains_steady <p>BOSTON — The Massachusetts unemployment rate held steady at 7.2 percent last month even though the state added 7,500 jobs.</p><p>The state Executive Office of Labor and Workforce Development announced Thursday that most of the job additions came in the private sector, with the education and health services sector leading the way with about 4,100 new jobs. Leisure and hospitality, manufacturing, and construction also gained jobs.</p><p>The agency says the state has added more than 45,000 jobs in the past 12 months. Revised statistics show the state lost 300 jobs in July.</p> Media & Marketing Thu, 19 Sep 2013 09:48:39 -0400 Associated Press 1063297696 http://bostonherald.com/business/business_markets/2013/09/us_unemployment_benefit_applications_rise_to_309k <p>WASHINGTON — The number of people seeking U.S. unemployment benefits rose 15,000 last week to a seasonally adjusted 309,000. But the data was distorted for the second straight week by reporting delays.</p><p>The Labor Department says the less volatile four-week average fell 7,000 to 314,750, the lowest in nearly six years.</p><p>Applications plummeted two weeks ago when California and Nevada were unable to report all their data because of computer upgrades in both states.</p> Business & Markets Thu, 19 Sep 2013 09:22:34 -0400 Associated Press 1063297546 http://bostonherald.com/business/business_markets/2013/09/mit_president_sequester_choking_innovation_economy <p>"Drastic" federal budget cuts caused by sequestration threaten to derail major innovative breakthroughs — like an AIDS vaccine, 3D printing and digital learning — unless the Hub's business leaders lobby Congress for change, the president of MIT told the Greater Boston Chamber of Commerce this morning.</p> Business & Markets Thu, 19 Sep 2013 09:00:00 -0400 Chris Cassidy 1063297631 http://bostonherald.com/business/technology/technology_news/2013/09/console_stars_of_tokyo_game_show_not_on_sale_yet <p>CHIBA, Japan — The Tokyo Game Show this year has two big stars, Sony's PlayStation 4 and the Microsoft Xbox One, the first new home consoles to go on sale in seven years.</p><p>But neither console will be on sale in Japan until next year, far behind November releases in the U.S and Europe, and also the first time a new PlayStation console has not been released in Japan first.</p> Technology News Thu, 19 Sep 2013 06:41:13 -0400 Associated Press 1063297196 http://bostonherald.com/business/automotive/2013/09/honda_recalls_odyssey_acura_mdx_for_airbag_defect <p>TOKYO — Honda Motor Co. said Thursday it is recalling 318,000 Odyssey minivans in the U.S. and 63,400 Acura MDX sport-utility vehicles in several nations for an airbag defect.</p><p>The Japanese automaker said there have been no crashes related to the problem. Honda is also recalling 23,300 Odyssey minivans in Canada.</p><p>Tokyo-based Honda said it received complaints recently that the airbag opened unnecessarily in the 2003 and 2004 model year Odyssey and the 2003 Acura MDX because the computer chip for airbag deployment was responding to electrical interference.</p> Automotive Thu, 19 Sep 2013 06:22:49 -0400 Associated Press 1063297216 http://bostonherald.com/business/business_markets/2013/09/slots_license_bid_clouded_by_sec_suit <p>The Gaming Commission yesterday grilled Penn National Gaming executives over what it called poor hiring decisions as it weighed the firm's suitability to apply for the sole slots parlor license.</p><p>Among the hires questioned was Daniel Mudd, the former CEO of Fannie Mae, who the Securities and Exchange Commission has accused of lying to Congress. Mudd was hired by Fortress Investment Group, a major investor in Penn National.</p><p>"That nobody had a concern about it is astonishing to me," commission chairman Stephen Crosby said.</p> Business & Markets Thu, 19 Sep 2013 00:00:00 -0400 Jordan Graham 1063295991 http://bostonherald.com/business/business_markets/2013/09/feds_stimulating_words <p>The Federal Reserve's surprise move yesterday to postpone reducing its economic stimulus program sent stocks soaring and could help the housing market, but it also signals the economy has not rebounded as the Fed hoped, experts said.</p><p>"(Outgoing Fed Chairman Ben) Bernanke clearly is suggesting the economy is not ready to walk on its own," said Evan Dangel, a private wealth adviser at Morgan Stanley. "Quite frankly, the last two quantitative easing programs have been largely ineffective in spurring economic growth."</p> Business & Markets Thu, 19 Sep 2013 00:00:00 -0400 Marie Szaniszlo 1063296221 http://bostonherald.com/business/business_markets/2013/09/deval_patrick_surplus_no_substitute_for_tech_tax Gov. Deval Patrick chided lawmakers yesterday for their plan to replace the revenue of the soon-to-be-repealed tech tax with surplus funds, slamming it... Business & Markets Thu, 19 Sep 2013 00:00:00 -0400 Matt Stout 1063296211 http://bostonherald.com/business/business_markets/2013/09/300m_ruling_due_from_judge_in_demoulas_case <p>The latest legal tug-of-war in the Demoulas family feud over their Market Basket grocery chain hits a Boston courtroom today, where a judge could decide whether to temporarily block a $300 million shareholder payout.</p><p>Shareholder and director Arthur S. Demoulas yesterday fired back against his rival cousin, CEO Arthur T. Demoulas, calling the latter's lawsuit seeking to unseat the board's interim chairman — and set aside some board votes taken under his leadership — as "malnourished by a severe lack of factual allegations."</p> Business & Markets Thu, 19 Sep 2013 00:00:00 -0400 Donna Goodison 1063295986 http://bostonherald.com/business/business_markets/2013/09/asia_stocks_jump_fed_refrains_from_stimulus_cut <p>BANGKOK — Asian stock markets surged Thursday after the U.S. Federal Reserve unexpectedly refrained from reducing its massive economic stimulus.</p><p>Not even dour data out of Japan showing a swelling trade deficit could dampen the rally sparked by the Fed's decision to keep in place its $85 billion in monthly bond purchases, part of its "quantitative easing" approach of pumping money into the financial system to help stimulate the U.S. economy.</p> Business & Markets Wed, 18 Sep 2013 23:14:20 -0400 Associated Press 1063292431 http://bostonherald.com/business/healthcare/2013/09/new_test_aims_to_better_detect_viral_infections <p>WASHINGTON — It happens too often: A doctor isn't sure what's causing someone's feverish illness but prescribes antibiotics just in case, drugs that don't work if a virus is the real culprit.</p><p>Now Duke University researchers are developing a blood test to more easily tell when a respiratory illness is due to a virus and not a bacterial infection, hoping to cut the dangerous overuse of antibiotics and speed the right diagnosis.</p> Healthcare Wed, 18 Sep 2013 21:12:13 -0400 Associated Press 1063294356 http://bostonherald.com/business/business_markets/2013/09/surprise_from_fed_no_pullback_in_bond_purchases <p>WASHINGTON — In a surprise that sent the stock market soaring, the Federal Reserve concluded Wednesday that the U.S. economy isn't yet healthy enough for the central bank to ease its stimulus even slightly.</p><p>The Fed's cautious message pleased investors, who had expected a slight cut in the bond purchases that have kept long-term interest rates low as the nation recovers from the Great Recession. Wall Street celebrated the prospect of continued low interest rates by lifting stocks to a record high.</p> Business & Markets Wed, 18 Sep 2013 18:57:33 -0400 Associated Press 1063294351 http://bostonherald.com/business/business_markets/2013/09/irs_targeted_tea_party_after_granting_tax_status <p>WASHINGTON — The Internal Revenue Service continued to target conservative political groups even after approving their applications for tax-exempt status, a key Republican lawmaker said Wednesday.</p><p>A May report by the IRS inspector general said the agency gave extra scrutiny to 298 groups when they applied for tax exempt status from the spring of 2010 to the spring of 2012. The vast majority of the groups — 248 — were conservative, while 29 were liberal and 21 were neither, according to an analysis by the Republican staff of the House Ways and Means Committee.</p> Business & Markets Wed, 18 Sep 2013 18:57:01 -0400 Associated Press 1063294466 http://bostonherald.com/business/business_markets/2013/09/starbucks_progressive_ways_draw_fire_on_guns <p>NEW YORK — Starbucks has always set itself apart by taking strong positions on progressive political issues. Now that reputation has landed the company in the middle of the heated national debate over gun laws.</p><p>On Thursday, the Seattle-based company will run full-page ads in major newspapers, telling customers that guns are no longer welcome in its cafes. But Starbucks is stopping short of an outright ban, exposing the fine line it needs to walk on a highly divisive issue.</p> Business & Markets Wed, 18 Sep 2013 18:56:17 -0400 Associated Press 1063292256 http://bostonherald.com/business/healthcare/2013/09/new_health_care_law_expected_to_spawn_scam_artists <p>WASHINGTON — Warning to seniors on Medicare: If someone asks for your personal information for a state insurance exchange under the new health care law, he's probably a crook. Those exchanges don't apply to seniors.</p><p>No consumer, young or old, should give out medical information or pay up-front "enrollment" fees, the government says.</p><p>Those are just two of the scams that federal officials anticipate as state insurance exchanges ramp up under the Affordable Care Act, the official name of the law many call Obamacare.</p> Healthcare Wed, 18 Sep 2013 18:50:26 -0400 Associated Press 1063292931 http://bostonherald.com/business/business_markets/2013/09/black_eye_for_beanie_babies_toy_creator_charged <p>CHICAGO — Felonies and potential prison stints haven't been the kinds of things associated with cute, cuddly Beanie Babies, but that changed Wednesday when the creator of the iconic stuffed toys was charged with tax evasion and agreed to pay a $53 million penalty.</p> Business & Markets Wed, 18 Sep 2013 18:40:57 -0400 Associated Press 1063293971 http://bostonherald.com/business/healthcare/2013/09/walgreen_moves_health_coverage_to_private_exchange <p>Walgreen Co. is joining a growing push from big businesses to shift more responsibility for finding insurance onto their employees as health care costs continue to climb.</p><p>The nation's largest drugstore chain said Wednesday that it will send workers to a private health insurance exchange where they will pick from as many as 25 plans instead of having the company give them two to four options.</p> Healthcare Wed, 18 Sep 2013 18:33:31 -0400 Associated Press 1063293021 http://bostonherald.com/business/technology/technology_news/2013/09/pandora_wins_court_battle_with_music_publishers <p>LOS ANGELES — Internet radio leader Pandora Media Inc. said Wednesday that it has won its court battle with the music publishing society known as ASCAP in a ruling that should help lower its royalty payments.</p><p>The win means that Pandora is entitled to license all songs in the catalog run by the American Society of Composers, Authors and Publishers, and that publishers such as Universal and BMG can't make separate deals to be paid higher royalty rates.</p> Technology News Wed, 18 Sep 2013 18:05:09 -0400 Associated Press 1063294321 http://bostonherald.com/business/business_markets/2013/09/biw_president_to_go_to_electric_boat <p>PORTLAND, Maine — The president of General Dynamics' Bath Iron Works is leaving to take the top job at the submarine division, Connecticut's Electric Boat, while the top executive at the defense contractor's West Coast shipyard will assume duties as president of both shipyards in Maine and California, officials said Wednesday.</p> Business & Markets Wed, 18 Sep 2013 17:59:13 -0400 Associated Press 1063294306

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Markets subdued ahead of expected Fed tapering

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

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

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

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

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

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

In Europe, the FTSE 100 index of leading British shares was down 0.3 percent at 6,553 while Germany's DAX rose 0.3 percent to 8,619. The CAC-40 in France was 0.3 percent higher at 4,159.

In the U.S., the Dow Jones industrial average was down 0.2 percent at 15,500 while the broader S&P 500 index fell 0.1 percent to 1,703.

The mood was cautious in other financial markets as well. Among currencies, the euro was flat at $1.3352 while the dollar fell 0.2 percent to 98.92. In the oil markets, the benchmark New York crude contract was up 88 cents at $106.30 a barrel.

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

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BlackBerry unveils new Z30 smartphone

NEW YORK — Struggling smartphone maker BlackBerry has unveiled its new Z30, touting it as the company's biggest, fastest and most advanced smartphone.

The all-touch smartphone comes with a 5-inch display and BlackBerry's largest battery so far. BlackBerry says it's designed for people looking for a smartphone geared toward communications, messaging and productivity.

The company's full Documents To Go suite comes preinstalled and the phone runs on the latest version of the BlackBerry 10 operating system.

The Z30 is set to initially launch next week in the U.K. and Middle East, along with the rest of the world before the holiday season.

The launch comes as the Canadian smartphone maker continues to ponder a possible sale of the company amid tough competition from fellow smartphone makers like Apple Inc. and Samsung.

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Obama: 'Locked up' Washington could hurt economy

WASHINGTON — President Barack Obama is touting positive gains in the economy but also warning that a "locked up" Washington is delaying progress on other issues that could build on that growth.

Obama says the most obvious example is his push for a comprehensive immigration bill. He says a Senate-passed bill would pass the House if brought up for a vote.

But that hasn't happened, he says, because a small faction in the House opposes the bill.

Obama says that opposition extends to a range of pressing issues, including passing a budget and increasing the government's ability to borrow money to pay its bills.

Obama spoke Wednesday to business leaders meeting in Washington. He has been using the fifth anniversary of the financial crisis to push his economic proposals.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

President Barack Obama, facing a budget showdown with Congress, is pushing his economic agenda to some of the nation's top corporate executives while cautioning Republicans not to precipitate a government shutdown or an unprecedented debt default.

Obama was to speak to the Business Roundtable on Wednesday, drawing attention to a modest economic recovery that he says would be hurt if Republican lawmakers can't work with Democrats to pass a stopgap spending measure to keep the government operating after the fiscal year ends Sept. 30.

After that, Congress must find a way to raise the current $16.7 trillion borrowing limit, expected to hit its ceiling sometime in mid- to late October.

Obama has been using the fifth anniversary of the nation's financial near-meltdown this week to make his case, delivering an economic address at the White House on Monday and scheduling a trip to a Ford Motor Co. plant near Kansas City, Mo., on Friday to illustrate the comeback of the auto industry.

Republicans in the GOP-controlled House want to tie continued spending to defunding or delaying Obama's signature health care law.

The White House said Obama would specifically ask the corporate leaders to deliver a message to Congress that a default would hurt businesses. Obama was expected to blame what the White House calls "extreme members of the Republican Party" for the threats.

The White House said Obama would note that during the last debt ceiling fight in 2011, the brinkmanship caused the stock market to plunge, prompted Standard & Poor's to downgrade the U.S. credit rating and resulted in a plunge in consumer confidence.

Obama insists he won't negotiate to raise the debt ceiling, though the talks in 2011 yielded a deficit-cutting bargain. The White House especially rejects any attempt to defund or delay the health care law.

Republican leaders note that it's not unusual for debt ceiling increases to be tied to budget deals, though several borrowing limits during past administrations have been raised with few or no strings attached.

"No one is threatening to default," said Brendan Buck, a spokesman for House Speaker John Boehner, R-Ohio. "The president only uses these scare tactics to avoid having to show the courage needed to deal with our coming debt crisis. Every major deficit deal in the last 30 years has been tied to a debt limit increase, and this time should be no different."

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Swisscom says paper got 4 files with internal data

GENEVA — Four of Swisscom's internal data files were leaked to a top newspaper in what appears to be a criminal act, the telecommunications company said Wednesday.

Zurich daily Neue Zuercher Zeitung reported that it received the leaked electronic files a few months ago, but it wasn't clear to the newspaper exactly how they were obtained or where they originated from. The newspaper said they took the files, which were difficult to read, to experts to see what they contained.

The files included company and customer information, including 600,000 phone numbers, the newspaper known as NZZ reported, and among those were agreements between Swisscom and some of its individual and business clients. The newspaper ran a picture of one of the allegedly stolen backup "tapes," which is said were recorded between October 2008 and May 2010, but had emails from 2002 to 2008.

Swisscom, the nation's leading telecom, said it has already recovered three of the four files from the newspaper, and that the fourth one "has been returned by NZZ to its source."

The company said it is pursuing criminal charges and doing everything it can to get the fourth file back. A spokesman for the Swiss prosecutor's office that is handling the case confirmed to The Associated Press that it has opened a criminal investigation.

Swisscom said the four backup files from 2008 to 2010 contained internal data, including emails, but that it wasn't yet clear to Swisscom whether they also contained customer data and was still analyzing the three returned files.

A publicly traded company in which the government has the majority stake, Swisscom said it also has launched internal probes and notified the Swiss Federal Data Protection Commissioner. Data protection laws in Switzerland are particularly strict.

"Swisscom is doing its utmost to clarify the incident as fast as possible. It is currently assumed that it was motivated by criminal intent," the company said. "Swisscom is working on the assumption that the data tapes were taken illegally and has therefore filed criminal charges against persons unknown with the public."

The company said the type of "data carriers" that were apparently stolen have not been used by Swisscom since last year.

"Swisscom has extremely stringent regulations governing the secure and sustainable disposal of such data carriers," it said. "Data carriers are transported in a convoy with two escort vehicles before they are destroyed (shredded). External partner companies are also involved in this process."

The company says it now mostly stores its data on hard disks, which are demagnetized — and the data deleted — before they are disposed of in data centers.

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CEOs less optimistic about the US economy

NEW YORK — A new survey shows U.S. CEOs are less optimistic about the economy's prospects for the next six months. The survey indicates that disagreements over the 2014 budget in Washington are making them cautious about hiring.

The Business Roundtable's index, which surveys CEOs about their outlook for the economy, fell to 79.1 in the third quarter from 84.3 in the previous quarter. Any reading above 50 suggests expansion.

The Business Roundtable says that 32 percent of its CEOs surveyed expect to increase hiring in the next six months. That percentage is unchanged from the survey in the previous quarter. Forty-four percent say that there will be no change in their hiring plans, while 24 percent say they expect to decrease hiring.

The survey results are based on 134 responses received between Aug. 16 and Sept. 6.

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Safeway adopts poison pill after big stock buys

NEW YORK — Safeway is adopting a plan to prevent a hostile takeover after learning of a significant accumulation of its stock.

The announcement Tuesday sent shares of the grocer spiking to an all-time high.

So-called "poison pill" plans allow existing shareholders to acquire more stock at a discounted rate to discourage a takeover by an outside entity.

Safeway's defensive plan becomes exercisable if a person or group acquires 10 percent or more of the company's common stock, or 15 percent by an institutional investor.

Safeway, which also operates Vons, noted that it has taken a number of strategic initiatives to increase value for shareholders, including the recent sale of its Canadian unit.

Shares of Safeway Inc., based in Pleasanton, Calif., jumped almost 8 percent to $30.26.

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Foreign holdings of US Treasury dip fall in July

WASHINGTON — Foreign holdings of U.S. Treasury securities fell for a fourth consecutive month, suggesting some buyers may be worried about the impact of budget fights in Washington.

The Treasury Department says total foreign holdings declined 0.2 percent in July to $5.59 trillion. Holdings have declined $110 billion since hitting a record high in March.

Still, the two largest buyers stepped up purchases in July. China boosted its holdings 0.1 percent to $1.28 trillion following a 1.7 percent decline in June. Japan increased its holdings 4.8 percent to $1.14 trillion.

Treasury debt held by foreigners is up 3.9 percent from a year ago. The recent declines come as Congress is at odds over how to fund the government past September and whether to raise the nation's $16.7 trillion borrowing limit.

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Slower holiday sales growth predicted for 2013

Coming off of a weak back-to-school shopping period, a research firm expects holiday sales growth will be slower this year during the crucial holiday season. Shoppers are also expected to visit fewer stores as they research purchases online.

Retail revenue in November and December should rise 2.4 percent during the biggest shopping period of the year, Chicago-based research firm ShopperTrak said Tuesday. That compares with a 3 percent increase in 2012 from 2011.

"Although the economy continues to recover slowly, consumers remain cautious about spending and are not ready to splurge," said ShopperTrak founder Bill Martin.

While the job picture has been improving in the U.S. and the turnaround in the housing market is gaining traction, the improvements have not been enough to sustain higher levels of spending for most Americans. Most continue to juggle tepid wage gains with a higher cost of living.

In August, revenue at stores opened at least a year — a measure of a retailer's health— rose 3.6 percent, according to a tally of 10 retailers by the International Council of Shopping Centers. That's up a tad from July's 3.5 percent gain, but below the 6 percent gain in August last year. The cautious spending last month capped a weak back-to-school selling season for retailers and raised questions about whether Americans would spend in November and December, a time retailers can make up to 40 percent of their revenue for the year.

ShopperTrak expects traffic will fall 1. 4 percent during November and December, compared with a 2.5 percent increase in 2012. That's partly due to people researching purchases more diligently before they go out shopping, Martin says.

"They're still purchasing the same amount and product they intended to, they're just not roaming from store to store looking for it," he said.

In addition, there's a shorter shopping window between Black Friday — the day after Thanksgiving, which is usually the biggest shopping day of the year — and Christmas. Last year there were 32 days during the period and this year there are 25.

Weekends are the busiest shopping period within that time frame. There are four weekends this year compared with five last year. Because of that, Martin expects stores to bring out their promotions and services like layaway early — Toys R Us and Wal-Mart Stores Inc. have both already announced their layaway plans. Layaway plans let consumers pay over time for holiday gifts.

"Retailers must have their holiday marketing and operations ready to go when November begins, as consumers will be ready to take advantage of those deals," said Martin.

The retail industry is still waiting for a widely watched holiday forecast from the National Retail Federation, the nation's largest retail trade group, which will be issuing its report early October. But the prediction from ShopperTrak, which counts foot traffic at 60,000 stores and blends it with government figures and its own proprietary sales numbers from stores, offers one of the first insights into how shoppers might spend during the season.

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