Health Connector site fix far off

A long-term solution to the state's failed Health Connector website is still months away, according to the Obamacare czar Gov. Deval Patrick put in charge of fixing it.

Sarah Iselin yesterday told the Health Connector board she'll present recommendations next month for how to achieve a functional site before the Nov. 15 start of the next federal open-enrollment period.

"The clock is ticking," Iselin said, "and we've got a lot of work to do."

The possibilities include reconstructing the site, which continues to have technical problems, or trying to use technology that has worked in other states, she said. Functions that may have to be postponed until next year include the ability to pay health insurance premiums through the website after people have selected a plan.

Iselin said she intends to ask the federal government for an extension until Sept. 30 to allow all 260,877 people in subsidized Commonwealth Care and temporary coverage to keep their plans until they can be switched to Affordable Care Act-compliant ones.

Herald wire services contributed to this report.

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At Locke-Ober Cafe, 
a tasteful makeover

You can't eat at Boston's Locke-Ober Cafe anymore, but you can live above it.

The storied 137-year-old restaurant closed two years ago and its six connected Greek Revival-style buildings dating back to 1832 were bought by local developer Origen Ventures for $3.3 million.

The developer has just unveiled the Winter Place Residences, six large condos on the upper three floors, ranging in price from $1.75 million to $3 million.

It's taken 18 months to rehab the building into condos. Three of the units have extensive period details, and the developer created more traditional-looking condos around them.

"Our goal was to keep all the details we could," said Jim Robertson, a partner at Origen.

One of these now available is Unit 3-2, a 2,234-square-foot, two-bedroom condo for $1.75 million. Its dining/living room is called the Camus Room — named after former Locke-Ober manager Emil Camus — and features 
restored Corinthian pilasters, dentil molding and original sconce lighting. The kitchen has white Shaker cabinets, River White granite counters and Wolf, Sub-Zero and Bosch appliances.

A unit on the second floor will feature the 
restored private dining room used by the Kennedy family, including original paneling and wallpaper and the bell used to ring for service.

A downtown financial executive who was a regular at the restaurant bought a unit that listed for $2.7 million and has a 900-square-foot living room that was one of Locke-Ober's 
upper-floor dining rooms.

"The Locke-Ober name is what drew the buyer here, but what got him to buy was the square footage, the quality of construction, and direct elevator access," said Valerie Post of Meridian Property Group, co-listing broker.

The three other units feature more contemporary design, with white quartz counters and striped rosewood cabinets. The 3,357-square-foot, fourth-floor penthouse Unit 4-1, listing for $3 million, has skylights, a private roof deck and two master bedroom suites.

Condo fees will range from $531 to $740 a month. The building doesn't have parking, but owners can buy garage spaces for $75,000 at nearby Tremont on the Common.

Robertson said negotiations are underway to bring a restaurant to the historic, first-floor former Locke-Ober main dining room, which could be announced by the building's mid-May opening.

"We're insisting that the new eatery will respect the grand interior of the restaurant," Robertson said. "Our goal with the entire project is to feel like we did the building justice."

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JPMorgan's first-quarter profit falls 20 percent

NEW YORK — JPMorgan Chase, the biggest U.S. bank by assets, said Friday its first-quarter earnings fell 20 percent, driven by a decline in investment banking and mortgage lending.

EARNINGS: The bank reported net income of $4.9 billion for the first quarter, after stripping out payments to preferred stockholders. That was down from $6.1 billion in the same period a year earlier.

MISSED EXPECTATIONS: On a per-share basis, the earnings amounted to $1.28. That was worse than estimates of analysts polled by FactSet, who had been expecting $1.39.

LOWER REVEUE: Revenue, after stripping out the effect of an accounting charge for credit losses, was $23.8 billion, down 8 percent from $25.8 billion a year earlier.

FIXED INCOME TRADING: Revenues at the bank's fixed income trading business, part of its investment banking unit, slumped 21 percent to $3.8 billion. Jamie Dimon, JPMorgan's CEO and Chairman said that the business was still performing well given the market environment.

"I look at it as doing fine, it's just not that predictable a business," Dimon said. "There's nothing wrong with that, you just have to deal with it over time."

MORTGAGE BUSINESS SLOWS: The bank's mortgage business continued to slow. The increase in bond yields since last summer has caused mortgage rates to rise, which in turn has slowed refinancing of home loans. Revenue at the bank's mortgage unit was $1.6 billion, down $1.1 billion from the same period a year earlier. The bank said mortgage originations plunged 68 percent to $6.7 billion, compared with the same period last year.

The bank doesn't expect the trend to change anytime soon. Chief Financial Officer Marianne Lake told reporters on a conference call to "expect that trend to be relatively consistent."

TRIMMING COSTS: Expenses at the bank fell 5 percent to $14.6 billion in the first quarter. JPMorgan said last month that it plans to eliminate 8,000 jobs this year as its mortgage business shrinks and it aims to control costs at branches.

BRIGHT SPOTS: Revenue from private banking rose 4 percent to $1.5 billion and auto loan originations rose 3 percent to $6.7 billion. Credit card sales volumes also grew.

THE QUOTE: Even though the bank had warned investors in February that trading revenues would be weak, the decline was still bigger than expected, said Jeff Morris, head of U.S. equities at Standard Life Investments.

"These results underscore that JPMorgan is a well-managed bank, but they can't decouple from the current economic and market environment," Morris said in emailed comments.

STOCK REACTION: JPMorgan fell $1.70, or 3 percent, to $55.70 in late morning trading Friday. The bank's stock has fallen 4.7 percent this year following a 33 percent rise in 2013.

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Wells Fargo's earnings rise 14 percent

First-quarter profit for Wells Fargo & Co., the biggest U.S. mortgage lender, surged 14 percent in the latest quarter as the bank continued to trim its losses on soured loans.

EARNINGS: Net income after dividends on preferred stock rose to $5.6 billion in the January-March period from $4.9 billion a year earlier, the bank reported early Friday. On a per-share basis, earnings were $1.05, well above the 97 cents forecast by Wall Street analysts. Revenue in the first quarter fell to $20.6 billion from $21.3 billion a year earlier, in line with analysts' estimates.

HOW IT HAPPENED: The rise in rates on U.S. mortgages in the latter part of last year continued to have a negative impact on Wells Fargo's mortgage business.

The San Francisco-based bank, which is the fourth-largest U.S. bank by assets, controls about a third of the U.S. mortgage market. Much of its lending business has been coming from mortgage refinancing, which was dampened by the spike in interest rates.

Wells Fargo funded $36 billion worth of mortgages in the first quarter, down sharply from $109 billion a year earlier.

At the same time, Wells Fargo slashed its losses on loans in the first quarter by 41 percent, to $825 million from $1.4 billion.

The bank trimmed expenses by $137 million compared with the fourth quarter to $11.9 billion, with lower costs for outside professional services and equipment offsetting higher employee pay and benefits.

EARNINGS ENVY: Wells Fargo's strong first-quarter results contrasted sharply with those of JPMorgan Chase, the biggest U.S. bank. JPMorgan's earnings dropped 20 percent, driven by a decline in bond trading and mortgage lending. Wells Fargo and JPMorgan were the first two big banks to report earnings for the latest quarter.

CAPITAL PLANS: The Federal Reserve last month approved Wells Fargo's plan to raise its dividend by a nickel to 35 cents per share starting in the second quarter and to boost its planned buybacks of shares. The central bank's OK was based on results of its so-called "stress tests," an annual check-up of the nation's biggest banks to determine if they have large enough capital buffers to keep lending through another financial crisis.

STOCK ACTION: Wells Fargo stock rose $1, or 2 percent, to $48.72.

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HubSpot goes down under

You may have noticed that comments look a little different on BostonHerald.com. We've switched to Disqus, a commenting system that we hope will give you more options to voice your thoughts and share your opinions with other readers.

You are still required to provide at least an email address to comment on our site, but now you can comment by connecting your Disqus, Facebook, Twitter or Google Plus accounts also. Comments not associated with a verified account will be held for review, so to keep the conversation flowing, you'll want to use one of the verified methods.

You can now respond directly to a specific comment by clicking "reply." All conversations stemming from one comment will have their own thread, making discussions neater and more focused. You can also vote specific comments up or down, and share them more easily on your favorite social network. Clicking "newest" in the top left of the discussion panel also sorts comments by newest, oldest, or best-rated.

Disqus has a help section and knowledge base if you'd like to learn more.

Happy Commenting,

The Boston Herald staff

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Jane Pauley to join CBS News as contributor to 'Sunday Morning'

Former "Today" anchor Jane Pauley has agreed to become a contributor to CBS News' "Sunday Morning." The news was disclosed at the start of a panel held as part of an annual symposium held at Texas Christian University's Schieffer School of Journalism by "Face the Nation" anchor Bob Schieffer.

Pauley may be best known for her 13-year tenure as co-anchor of NBC's "Today," where she held a seat from 1976 to 1989 alongside Tom Brokaw and Bryant Gumbel. She has also served as a host of NBC's "Dateline" and as a daytime talk-show host.

'We're really, we're really really happy to have you," Schieffer said during the panel, according to a transcript provided by CBS NEws. "And I can't think of a better place for you to tell a story. Because you're a great storyteller - and Sunday Morning is one of my favorite, favorite broadcasts."

A date for Pauley's first appearance on the program could not be immediately determined.

(C) 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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Applications for US jobless aid dip 32K to 300,000

WASHINGTON — The number of people seeking U.S. unemployment benefits dropped to the lowest level in almost seven years, falling 32,000 last week to a seasonally adjusted 300,000.

The Labor Department said Thursday that the four-week average of applications, a less volatile measure, fell 4,750 to 316,250.

Fewer Americans sought benefits last week than at any point since the Great Recession began at the end of 2007. Applications are at their lowest level since May of that year.

Applications are a proxy for layoffs. The decrease suggests that employers expect stronger economic growth in the coming months and are holding onto their workers.

But Ian Shepherdson, chief economist at Pantheon Macroeconomics, cautioned that the drop-off might be smaller than it appears. He noted that the Easter holiday, which moves from year-to-year, might have distorted the seasonal adjustments.

"We need to see a few more weeks' numbers before we can be sure where the trend now stands," Shepherdson said in a client note. "Our core view is that claims are drifting gently downwards."

Employers added 192,000 jobs in March, the Labor Department said last week. That follows gains of 197,000 in February, as the unemployment rate stayed at 6.7 percent for the second straight month.

Snowstorms and freezing temperatures in January and December shut down factories, kept shoppers away from stores, and reduced home buying. That cut into growth and hiring. Employers added 144,000 jobs in January and only 84,000 in December.

More jobs and higher incomes will be needed to spur better overall economic growth. For now, economists expect the bad weather contributed to weak growth of 1.5 percent to 2 percent at an annual rate in the January-March quarter. But as the weather improves, most analysts expect growth to rebound to near 3 percent.

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Internet VC funding in Mass. rises

Boston and the internet both made significant moves last quarter, at least in the world of VC funding.

More Boston companies raised venture capital funds than Cambridge last quarter, 32 companies compared to 17 in Cambridge, according to a report from CB Insights. Still, those 17 Cambridge companies raised $260 million, more than Boston's $204 million.

Also last quarter, internet companies raised more money than healthcare companies for the first time in five quarters.

VC money in Massachusetts rose 50 percent last quarter compared to a year ago, but dropped slightly from the last quarter of 2013. Top deals last quarter included $100 million for ActiFio and $45 million for Voyager Therapeutics.

The share of seed funding for small companies fell for the second straight quarter after a massive third quarter of 2013.

E-commerce company Wayfair raised $157 million in January, but was not included in the report because the investors were not venture capital firms.

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Family Dollar to cut jobs, close about 370 stores

MATTHEWS, N.C. — Family Dollar plans to cut some jobs and close about 370 underperforming stores as it tries to reverse sagging sales and earnings. The discount store operator will also lower prices on about 1,000 basic items.

Family Dollar did not provide details on how many jobs were expected to be eliminated.

The chain said the store closings and job cuts should reduce annual operating expenses by $40 million to $45 million, starting with the fiscal third quarter. Family Dollar Stores Inc. currently has more than 8,100 stores in 46 states.

The job cuts and store closings are estimated to result in an approximately $85 million to $95 million restructuring charge during fiscal 2014's second half.

The Matthews, N.C., company also said it will slow new store openings beginning in fiscal 2015 to bolster its return on investment. It now anticipates opening 350 to 400 new stores. In fiscal 2014 it had about 525 new stores.

The announcement came as Family Dollar reported its profit and revenue declined in the fiscal second quarter, which was hampered by bad winter weather.

Chairman and CEO Howard Levine said in a statement that the poor weather led to numerous store closings, disrupted merchandise deliveries and higher-than-expected utility and store maintenance expenses.

The quarter that ended March 1 included the critical holiday shopping season, which Levine said was "challenged" because shoppers had tighter financial constraints and rivals were more promotional.

Family Dollar reported that its net income dropped to $90.9 million, or 80 cents per share, from $140.1 million, or $1.21 per share, a year earlier. Revenue fell to $2.72 billion from $2.89 billion. Analysts surveyed by FactSet expected earnings of 90 cents per share on revenue of $2.77 billion.

Last year's quarter included one extra week.

Family Dollar said it believes the bad winter weather hurt its earnings by at least 5 cents per share.

Sales at stores open at least a year, a key gauge of a retailer's health, declined 3.8 percent. This figure excludes results from stores recently opened or closed.

Levine said the company's quarterly performance was below its expectations and that it's started a review of the business to increase operational efficiencies and boost its financial performance. Levine said the price cuts, store closings and job eliminations are part of actions it is taking immediately to lift its performance during the review.

Looking ahead, Family Dollar anticipates third-quarter adjusted earnings of 85 cents to 95 cents per share. Fourth-quarter adjusted earnings are expected in a range of 75 cents to 85 cents per share. Fiscal 2014 adjusted earnings are predicted between $3.05 and $3.25 per share.

Wall Street is calling for third-quarter earnings of 98 cents per share, fourth-quarter earnings of 84 cents per share and full-year earnings of $3.38 per share.

Shares of Family Dollar rose 48 cents to $59.55 in morning trading Thursday.

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NBCUniversal names Alison Moore head of TV Everywhere, after shutting down DailyCandy

NBCUniversal has named Alison Moore -- previously GM of DailyCandy, the female-focused website the Peacock shuttered last week -- general manager and EVP of TV Everywhere in the company's content distribution group.

In the newly created role, Moore will be responsible for NBCU's TV Everywhere initiatives, including developing marketing and strategy to increase audience awareness, adoption and usage across the company's networks.

NBCU hired Moore in 2012 as exec VP and general manager of DailyCandy. She was previously with HBO, where as SVP of digital products she led development and operations of the premium cabler's digital platforms, including HBO Go, HBO.com and HBO On Demand. Prior to HBO, Moore worked at Cablevision Systems and Turner Broadcasting, and two startups, DatSat and Flooz.com.

Moore will work with NBCU exec VP Ron Lamprecht, whose duties will expand to focus on driving deals with current and future linear TV providers, operational delivery and the current season TV windowing strategy for the company's new media platforms. Moore and Lamprecht will both report directly to Matt Bond, EVP of content distribution.

"Alison's proven leadership in digital media -- from small startups to major media companies -- adds tremendous value to our rapidly evolving content distribution effort," Bond said. "With Alison's experience we're going to keep growing the amount of content available to consumers and take TV Everywhere to the next level."

In 2013, NBCU distributed 140 TV series via TV Everywhere authenticated services, up more than 50% from the previous year. Currently, 16 networks deliver 6,000 episodes per year to pay-TV partners. According to NBCU, over the last year it has reached distribution deals with pay-TV providers serving 80% of the market.

Comcast had acquired DailyCandy in 2008 for $125 million from investment firm Pilot Group. The idea at the time was that the fashion-and-lifestyle digital publication for women would mesh with Comcast cable networks like E!. Since then, Comcast acquired NBCU -- which has female-focused networks like Bravo and Oxygen -- but the hoped-for synergies with DailyCandy never materialized.

NBCU also pulled the plug on Television Without Pity, saying in a statement that the TV recap site and DailyCandy "are no longer viable businesses for our company."

(C) 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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