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The Ticker

Written By Unknown on Sabtu, 23 Maret 2013 | 16.30

Avid risks NASDAQ delisting

Avid Technology Inc. of Burlington said it's no longer in compliance with NASDAQ listing rules, which require the company to file reports with the Securities and Exchange Commission in a timely manner. Last month, the company postponed its most recent earnings report saying it needed more time to evaluate the company's "accounting treatment."

Avid must submit a plan to regain compliance with the NASDAQ by May 20.

Travel website makes Tiny acquisition

TripAdvisor has acquired Tiny Post, an app that lets users write over photos and turn them into stories, for an undisclosed amount. Tiny Post's staff will be based in TripAdvisor's Palo Alto office.

In October, TripAdvisor announced it had acquired travel inspiration site Wanderfly.

Drug firms announce EU decisions

Genzyme received a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use for its drug Aubagio, which is designed to treat adult patients with relapsing-remitting multiple sclerosis. However, the committee didn't recommend the drug receive a new active substance designation.

Ariad Pharmaceuticals also announced the EU gave a positive opinion on its marketing application for Iclusig, also known as ponatinib, for treating patients with specific forms of leukemia.

Raynham co. closes on $10M financing

Medrobotics Corp. said it has closed up to $10 million in new debt financing from Hercules Technology III, L.P., an affiliate of Hercules Technology Growth Capital Inc. The funding precedes the company's anticipated commercial launches in Europe and the United States.

TODAY

  • Newtown, Conn., natives living in Hub host fund-raiser at Fenway Park to benefit their hometown.

MONDAY

  • Mayor Thomas M. Menino to deliver his annual address to the Boston Municipal Research Bureau.

THE SHUFFLE

  • Boston-based real estate services firm Cassidy Turley has promoted Denise Orlando, above, from manager to vice president. Orlando has served as a member of the firm's corporate advisory services team for six years, working with the portfolio management and corporate advisory groups on a national and global level.
  • Shawmut Design and Construction has promoted Randy Shelly to vice president of the company's hospitality group. Shelly replaces veteran Paul Doherty, who has accepted a new position within Shawmut.
  • Bedford-based 1366 Technologies has appointed China expert Yasheng Huang to its board of directors. Huang is professor of political economy and international management.

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BRA pushing forward on Downtown vendors

Boston Redevelopment Authority officials will meet with Downtown Crossing pushcart operator Craig Caplan on Tuesday to discuss the future of the outdoor program after Mayor Thomas M. Menino intervened to prevent the vendors' ouster at the end of this month.

"This meeting is part of the ongoing conversation that is happening to determine the next phase of the Downtown Crossing pushcart program," BRA spokeswoman Melina Schuler said. "Talking and listening to the needs of pushcart operators is a crucial part of moving the pushcart program in Downtown Crossing forward."

Last week, Menino gave 26 pushcart operators in the Downtown Boston Business Improvement District a 60-day reprieve after the BID informed them they would be required to shut down at the end of this month. Vendors' permits now have been extended at least through the end of May.

The vendors, who have been hawking food and merchandise since the late 1970s, cried foul after receiving notice that the BID planned to implement a temporary, scaled-down pushcart program this spring for which they'd have to reapply — without guarantees of being accepted. The vendors argue that they've remained in business during Downtown Crossing's hard times and should be included in its revitalization.

The BID's long-term plan, which the BRA supported, was to upgrade and professionalize the vending program for 2014, with new merchandise and more permanent kiosks.

"We have communicated to all the vendors that their Public Works permits have been extended for another 60 days," BID president Rosemarie Sansone said by email. "The BID is continuing to work closely with the BRA and other city agencies in developing a plan for the coming year. In speaking to many of the vendors, we have let them know we are addressing this issue as thoughtfully and quickly as possible."

Caplan, who has forwarded a letter to Menino along with 1,000-plus names on a petition that supports the vendors, did not respond to Herald inquiries.


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It’s hip to be square in Cambridge

This architect-designed home may be the most unique in Cambridge, as much a work of art as a place to live.

The single-family detached house at 19 Clifton St. sits on commonly held land behind an 1886-built home and is technically part of a two-unit condo association. Designed in 2006 by local architects Beat Schenk and Chaewon Kim, the dwelling consists of three stacked boxes set at angles, with an exterior of stained Okoume plywood, the kind normally used on yachts.

The home looks unusual from the outside, but the interior consists of well-thought-out rooms and a masterful use of space. The two-bedroom, free-standing townhouse is on the market for $579,000.

From the front of the house you don't see any windows, but there are windows on the far side and in back, and many of the rooms get decent light from skylights cut into the exposed roof corners.

The first floor of the house has a skylit living/dining area with a white Carrara marble floor. A plywood staircase set at an angle divides this room from a kitchen area with four skylights that features a bottom row of stainless steel cabinets topped by brown granite counters.

Up above is a row of frosted glass lift-up cabinets. Stainless-steel appliances include a new Bosch dishwasher, a General Electric refrigerator and an Amana gas stove with a stainless-steel hood that vents to the outside. There's an additional wall for more kitchen storage and gadgets.

A glass door leads out to a crushed stone back yard with trees that provides parking for two vehicles.

The home's second floor has a guest bedroom, set off with sliding plywood doors, with polished plywood floors and knotty pine walls with two skylights and a window. Adjacent is a full bathroom with a white ceramic sink and a tub/shower with Carrara marble walls. Also on this floor is a small home office area with a window and a built-in bookcase.

The third floor is a sunny master bedroom suite with a large oak-floor bedroom, two windows, a wide skylight and recessed lighting. In one corner of the room is a two-door custom wardrobe with built-in drawers and hanging rods.

An angled frosted-glass window shields the bedroom from a large en-suite master bathroom. This space features Carrara marble floors and walls and an open shower area. There's also an area for a stacked Kenmore washer/dryer.

The 150-square-foot finished basement, with a window, is outfitted as a family room. The home has a heat-pump-based multi-zoned central heating and air-conditioning system.


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Take these jobs and love it

Written By Unknown on Jumat, 22 Maret 2013 | 16.30

Patrick administration officials touted yesterday's jobs report, trumpeting that the state has returned to pre-recession employment levels, but the anemic 500 jobs created last month could be one indication that Massachusetts is not out of the woods yet, economists told the Herald.

Statistics for the Bay State show 18,900 jobs were created in January, compared to the 16,100 initially estimated.

Robert Nakosteen, a professor of economics and statistics at the UMass Amherst Isenberg School of Management, questioned the enormous gap between the January and February jobs numbers, which are gleaned from a survey of employers.

"If the numbers are accurate, it's a strange pattern," Nakosteen told the Herald. "It's certainly not part of any trend I can imagine."

There are now 3,318,500 people working in Massachusetts, compared to 3,304,300 in April 2008, when the recession took hold here, according to the state Executive Office of Labor and Workforce Development.

Last month, the state unemployment rate ticked down to 6.5 percent from 6.7 percent in January. But initial estimates show that only 500 jobs were created in February, with five of 10 sectors losing jobs.

Both Nakosteen and Northeastern University economist Alan Clayton-Matthews said the Massachusetts economy has improved, but they forecast modest growth in the months ahead.

"I expect the state's economy to grow, but the growth to slow a bit because of the increase in the payroll tax and sequestration," Clayton-Matthews said, referring to the across-the-board cuts in federal spending that took effect this month.

Those cuts stand to have a greater impact here than in other states because Massachusetts receives a disproportionate amount of federal funding for research, health care and defense, Nakosteen said.

Frank Conte of the Beacon Hill Institute at Suffolk University said the state should also be worried about the loss of 2,900 manufacturing jobs since February 2012.


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Walmart ad chops Stop & Shop

Walmart takes aim at competing local grocery stores in a new price-comparison advertising campaign, but a Somerville consumer advocate warns such ads are "inherently deceptive."

The Bentonville, Ark.-based retail giant specifically targets Quincy-based Stop & Shop, showing how a shopper saved 14 percent at its Walpole store on items that she had purchased at a Stop & Shop in the same town.

Walmart launched the price-comparison campaign more than a year ago in Charlotte, N.C., and now is shooting commercials in some 50 markets across the country.

"We've had a lot of positive customer feedback, and we think that reflects how much customers appreciate learning about the price differences that exist in their communities and where they can find the most affordable prices," spokesman Bill Wertz said.

In a TV commercial shot Tuesday in Walpole, shopper "Grey" from Wrentham, who was compensated for her appearance, saved a combined 14.3 percent, or $14.75, on 24 items, ranging from Cabot Extra Sharp Cheddar Cheese (8 oz.: $2.28 at Walmart and $3.04 at Stop & Shop) to Tide Clean Breeze Laundry Detergent (100 oz., 64 loads: $11.97 at Walmart and $14.49 at Stop & Shop). Some items were duplicates, but all except four were cheaper at Walmart, whose comparison excluded non-identical items and random-weight meat and produce on Grey's original Stop & Shop receipt.

But Somerville consumer advocate Edgar Dworsky urges shoppers to "take such comparisons with a grain of salt," noting they generally don't include a big enough sample of random items to mimic the average consumer's shopping experience.

"Do your own comparison for the items you buy," said Dworsky, a former director of consumer education at the state Executive Office of Consumer Affairs and Business Regulation and former state attorney general in consumer protection. "The best shopper is the 'specials' cherry picker. The one who buys the best sales items from a variety of stores is going to save the most. You cannot save the most just going to one store."

Walmart's campaign runs through Monday and includes print, radio, TV and online elements at www.walmart.com/boston.

A Stop & Shop spokeswoman said "we continually strive to bring our customers savings every day." The chain offers weekly specials, "Real Deals" items on sale for multiple weeks and a gas rewards program. It also recently has provided clip coupons in its circulars, according to spokeswoman Suzi Robinson.


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Saudi buyer has new Ames for Hub mansion

Brokers wrapped up a blockbuster deal in Boston's Back Bay this week, finalizing the $14.5 million sale of the Ames-Webster mansion.

But it took three years and a hefty 37 percent price cut before a deep-pocketed Saudi businessman snapped up 306 Dartmouth St., one of the largest properties in the neighborhood.

The grand 26,000-square-foot property — with 50 rooms and 28 fireplaces and parking for up to six cars — hasn't been serving as a home but rather the offices of owner Raymond Property Co., a Hub real estate developer.

Originally listed in January 2010 for $23 million, then transferred to broker Campion & Co. in May 2011, the property had one price reduction to $18 million in November 2011.

306 Dartmouth was built as the home of Stephen Van Rensselaer Thayer and his wife, Alice. The wealthy Thayer was president of the Institute of 1770, Hasty Pudding Club and the Harvard Boat Club. But during construction, Thayer died at the age of 24. The home was bought by Charles Whitney, who sold it to prominent capitalist Frederick L. Ames in 1880.

Ames was born into great wealth in the 1830s. His great-grandfather founded the Ames Shovel Works and Ames invested heavily in railroads, becoming one of the principal owners of the Union Pacific Railroad.

Ames was determined to give this home his personal stamp, so he hired the architectural firm Sturgis and Brigham to extensively renovate the home and add a four-story, off-center tower — highly fashionable at the time.

The renovation also doubled the size the home's dining room, and added some of the finest museum-quality finishes including a skylight by Jean-Joseph Benjamin-Constant. The French artist's work is housed in collections across the world including New York's Metropolitan Museum and Russia's Hermitage.

Campion's listing boasted that the mansion has an "embassy-worthy main floor with handsome carved wood and elegant detail at every turn. The main entry is covered in hand-applied tesserae glass mosaic and bordered in market. The great hall, with its elaborate staircase and tower, is 60 feet long.

According to real estate records, the buyer of the property was FAL Boston LLC, an entity managed by Fahad Al-Athel, a Saudi sheikh and head of FAL Holdings, a conglomerate based in Riyadh. FAL was represented by broker First Boston Realty.

It's unclear at this point what Al-Athel intends to do with the property — keep it as an office, convert it back to a single-family residence or divide it into condominiums. The property has duel permit status both commercial and residential.

One thing is certain: The powerful Neighborhood Association of the Back Bay will be watching closely.

Jennifer Athas is a licensed real estate broker. Follow her on Twitter @JenAthas.


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Managers have ball in their court

Written By Unknown on Kamis, 21 Maret 2013 | 16.30

Some companies blame March Madness for distracting workers and sapping office productivity, but other firms say the college basketball tourney actually boosts morale and can be a team-building tool.

ZeroTurnaround, a Hub-based Java productivity tools maker, is among the companies that uses the tournament to boost competition between sales staff to generate new opportunities and deals.

"Our 'March Madness' is about hitting our March numbers, and if people are hitting their numbers, I don't care if they check ESPN," ZeroTurnaround President and COO Alex Laats told the Herald. "If you just recognize that it's on people's minds and if you can turn that around and turn it to your advantage, then you can boost productivity and have fun with it."

At Jumptap, employees rally around March Madness through group polls and viewing parties after work. Later this month, Jumptap's MobileSTAT, a monthly report that shows mobile audience trends, will include March Madness-themed data, said spokeswoman Christina Feeney: "For Jumptap as a business, it's absolutely a positive."

The hoops competition heats up today and tomorrow as 64 teams face off on the road to the national championship.

A recent Challenger, Gray & Christmas study found that the tournament's first two days of play will cost American companies at least $134 million in "lost wages" as an estimated 3 million employees will spend one to three hours following the basketball games instead of working.

Even President Obama took time out of his busy schedule to release his tourney picks. The commander-in-chief has Indiana beating Louisville to win the national championship.

But Katie Loehrke, an editor at J.J. Keller & Associates, said March Madness can give workers with little in common something to bond over.

"One of the things that can really influence morale in a positive way is employees who feel like they're trusted," she said. "If they're trusted to get their work done and still be able to flip over to ESPN.com for five minutes ... that can boost morale."

Hub-based online fantasy sports startup DraftKings has an internal bracket challenge going on among its 13 employees that's designed to help them generate better products and experiences for customers.

"There's no better way to know what a sports fan wants than to live it," said CEO Jason Robins.


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Expo-sure is key for game makers at PAX

Thousands of gamers will be descending on the Seaport District tomorrow — many dressed as their favorite characters — as the highly anticipated PAX East extravaganza kicks off, offering a glimpse of the latest video games while giving independent developers unparalleled exposure and a chance to make it big in a rapidly changing $67 billion industry.

Nearly 80,000 people from around the world are expected to attend the three-day expo at the Boston Convention & Exhibition Center, making it the largest trade show in New England and the largest gaming industry event on the East Coast.

"The audience at PAX matters," said Monty Sharma of the Massachusetts Digital Games Institute, or MassDiGi. "When it comes to connecting with fans, PAX is really it. Indie developers — small guys — don't have large marketing budgets. So you get 80,000 people walking past your game, and that's a huge boost."

This year's PAX East comes at a time when the marketplace for video games has been expanding to include more women, but shifting away from big games for consoles such as Xbox and PlayStation and toward games for mobile devices including iPads and iPhones, MassDiGi execs noted.

The most high-profile indication of that shift was this week's departure of John Riccitiello as chief executive of Electronic Arts after the big console game producer's recent disappointing financial returns.

"Fifteen years ago, you couldn't play a game on your cellphone. There's a revolution that's been happening in the last five years in the industry with the rise of Facebook games and mobile," said Trevor Stricker, president of Boston-based developer Disco Pixel. Another major shift is toward digital distribution — meaning people can download games without going to a store.

In the past 18 months, Erik Asmussen, the founder of 82 Apps, a Cambridge-based independent developer, has launched three games, including "PWN: Combat Hacking," which was released March 14 and will be showcased at PAX.

"Games that cost $50 million to make means they're riskier," Asmussen said. "The advantage to being a small developer is I'm giving my own time, and I'm not incurring massive debt. It allows me to be a little more risky, a little more nimble. I can go to shows like PAX and talk directly to the audience and hear what they want."


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Sox hit deal out of park

The owners of the Boston Red Sox have snapped up a parking garage on Lansdowne Street opposite Fenway Park, paying $10.5 million for the potential redevelopment play.

"I'm not sure what exactly they have in mind for the property, but they could expand it, go up, a lot of different things," said John Rosenthal, the Hub developer who sold the garage that Sox sluggers sometimes hit with out-of-the-park home runs. "It has great potential."

The garage sale stems from a partnership Rosenthal struck six years ago with the Sox that paved the way for his $450 million Fenway Center project, set to break ground this year.

Under current zoning, the two-story garage could be converted into an eight-story building — about twice the height of the iconic Green Monster across Lansdowne.

The Sox were tight-lipped yesterday about what they'll do. "It will be operated as a parking garage for the foreseeable future," Sox spokeswoman Zineb Curran said.

Marc Ganis, a Chicago-based sports business expert, said it's a no-brainer for the team to take control of the 340-space garage.

"If you are the Red Sox and you are landlocked, so to speak, anytime a property adjacent to the stadium becomes available you have to buy it, even if you don't have any immediate uses for it," Ganis said. "It's both an offensive move to expand and a defensive move to prevent competing businesses from moving in."

Rosenthal bought the garage for $2.5 million in 1993 and planned to redevelop it. But, facing opposition from the Sox owners, who wanted to protect historic Fenway Park, Rosenthal shifted his project to Sox-owned parking lots and Pike air-rights parcels on the other side of Brookline Avenue.

Rosenthal and the Sox remain partners on a Pike air-rights parcel behind the garage, "so that could be a future development site."

Rosenthal's highly visible Stop Handgun Violence billboard covers the back of the garage along the Pike. An easement will allow the billboard to stay, but Rosenthal expects it to eventually find a new home.

Ganis said that with the salary savings alone from last year's big trade with the Los Angeles Dodgers, the Red Sox can afford to take it slow on the garage.

"The debt service on $10.5 million isn't very much," he said. "Getting rid of Carl Crawford for half a season took care of that ... and they got something that will last forever. They should send the Dodgers a thank-you card."


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Asia stocks mixed after Cyprus vote on bailout

Written By Unknown on Rabu, 20 Maret 2013 | 16.30

BANGKOK — Asian stock markets were mixed Wednesday after Cypriot lawmakers rejected a tax on bank deposits that would have partly funded an emergency bailout to save the Mediterranean country from financial collapse.

The vote in the Cyprus parliament Tuesday rejected a plan cobbled together by international lenders to provide the country with 15.8 billion euros ($20.4 billion) to bail out its heavily indebted banks and shore up government finances.

If it doesn't get the money, the banks could fail, Cyprus' government finances could be ruined for years and the country could face expulsion from the union of 17 countries that use the euro. That's a scenario European policymakers fought to avoid with Greece as its bailouts were negotiated because of fears it would splinter the currency union.

Hong Kong's Hang Seng rose 0.9 percent to 22,234.37. South Korea's Kospi fell 0.4 percent to 1,970.57. Australia's stock market was dragged lower by mining shares. The S&P/ASX 200 fell 0.3 percent to 4,972.50. Benchmarks in Taiwan, Indonesia and Singapore also fell. Mainland Chinese shares and New Zealand rose. Stock markets in Japan were closed for a public holiday.

"The trouble in Cyprus is going to cause risk aversion," said Daniel Martin of Capital Economics in Singapore. "It's a reminder of how precarious things are in Europe. At some point, we're expecting a nasty shock from Europe, probably in the second half of the year."

But strong housing data from the U.S. softened the damage to confidence. Government data showed U.S. builders stepping up construction of homes, while a private report showed the number of Americans with equity in their homes increased last year. That suggests one of the biggest drags from the housing crisis is easing.

Investors will also be monitoring the U.S. Federal Reserve, which ends a two-day policy meeting later Wednesday. The Fed is expected to keep borrowing costs at record low levels despite signs of a strengthening economy. The meeting will end with updated economic forecasts and a policy statement, and Chairman Ben Bernanke will hold a news conference.

Fears over Cyprus have also been contained by the European Central Bank's backstop to euro nations. The ECB said after the vote that it would continue to provide emergency liquidity to Cypriot banks to make sure they do not collapse.

Among individual stocks, Chinese property stocks rose sharply. Hong Kong-listed Evergrande Real Estate Group surged 5.8 percent. Australian mining giants BHP Billiton fell 2.5 percent and Rio Tinto Ltd. shed 2.1 percent.

Stocks were mixed Tuesday after Europe debt woes offset the encouraging housing data. The Dow Jones industrial average rose marginally to 14,455.82. The Standard & Poor's 500 index fell 0.2 percent to 1,548.34. The Nasdaq composite index dropped 0.3 percent to 3,229.10.

Benchmark oil for April delivery was up 20 cents to $92.36 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.58 to finish at $92.16 a barrel on the Nymex on Tuesday.

In currencies, the euro slipped to $1.2872 from $1.2875 late Tuesday in New York. The dollar fell to 95.03 yen from 95.09 yen.

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


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JPMorgan, MF Global trustee reach agreement

NEW YORK — JPMorgan Chase has agreed to a deal that will return $546 million to former customers of trading firm MF Global Holdings Ltd., which collapsed in 2011 with $1.6 billion missing from its accounts.

MF Global failed in October after a calamitous bet on European debt spooked its investors, partners and clients. The bankruptcy was the eighth-largest in the U.S. and the largest on Wall Street since the 2008 collapse of Lehman Brothers. Much of the missing money belonged to farmers, ranchers and other business owners who used MF Global to reduce their risks from fluctuating prices of commodities such as corn and wheat. A House panel has said credit rating agencies and federal regulators contributed to MF Global's collapse. But it pinned most of the blame on risky strategies by ex-CEO Jon Corzine, the former New Jersey governor.

JPMorgan Chase & Co. held MF Global funds in several accounts and also processed the firm's securities trades. The trustee tasked with getting customers' money back, James W. Giddens, threatened to sue the New York bank if it didn't return money that was transferred to the bank from MF Global. By June 2012, JPMorgan had returned $608 million to the firm.

Under a settlement agreement filed Tuesday in Manhattan bankruptcy court, JPMorgan Chase has agreed to pay $100 million to reimburse customers and will relinquish claims on $417 million that it previously returned. JPMorgan also will return over $29 million that it is holding as security on an MF Global credit line. The recovered money will eventually be passed along to customers.

The deal must be approved by Bankruptcy Court Judge Martin Glenn and District Court Judge Victor Marrero.


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China Telecom profit falls 9.5 percent

HONG KONG — State-owned China Telecom Corp. said Wednesday that profit fell 9.5 percent last year because it spent more to market the iPhone as it battled rivals for higher-paying customers.

China Telecom, which is also the world's biggest fixed-line phone operator by subscribers, rolled out service for the Apple Inc iPhone in the first half of last year, becoming the second Chinese carrier to offer the popular smartphone.

Chairman Wang Xiaochu said the company stepped up spending on marketing to win over "high-end" subscribers following the launch of the iPhone. The spending will benefit the company in the longer term but put "short-term pressure on profitability," Wang said in a statement.

China's phone companies are facing intense competition and the high costs of upgrading their networks to support the latest mobile technology. China Mobile Ltd., the world's biggest mobile phone carrier by subscribers, reported last week that profit rose just 2.7 percent. The country's third state-owned carrier, China Unicom, is expected to report earnings later this week.

China Telecom said it earned 14.9 billion yuan ($2.4 billion) in 2012 or 18 yuan a share, down from 16.5 billion yuan or 0.2 yuan a share the year before. The decline came despite revenue climbing 15 percent to 283 billion yuan.

Mobile subscribers rose 27 percent to 161 million as the company added 34.1 million new customers, with 33 million of those for faster third-generation service. Broadband internet customers grew 13 percent to 90.1 million while fixed phone lines fell 6.6 million to 163 million.

China Telecom became the country's third big state-owned mobile phone company after it bought a mobile network from rival China Unicom Ltd. in a 2008 restructuring of the government-owned telecoms industry that formed three groups, each with mobile and fixed-line assets.

The restructuring was aimed at reviving competition after the popularity of mobile phones caused China Mobile to dominate the market.

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Online: http://en.chinatelecom.com.cn/


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Fidelity broker hopes buyers bite on block

Written By Unknown on Selasa, 19 Maret 2013 | 16.30

The Block has officially hit the block.

Fidelity Investments' former downtown Boston headquarters — five adjacent Financial District properties occupying an entire city block — is being marketed as "The Block on Congress" to prospective buyers.

With nearly 344,000 square feet of rental space on an acre-plus of land, it's the "last great" redevelopment opportunity in the center of the district, said Andy Hoar, president and co-managing partner of CBRE New England.

"We expect there to be aggressive pricing," Hoar said. "The fact that the site is attractive to both multi-family residential investment, as well as hotel and office — and combined with the fact that Boston is one of the top gateway cities in the country from an investment standpoint — makes it a very attractive time to sell."

As first reported by the Herald last month, Fidelity has hired CBRE to sell the properties: four buildings at 82 Devonshire St./35 Congress St., 68 Devonshire St., 19 Congress St. and 15 Congress St.s, and a parcel of land at 54 Devonshire St. The commercial real estate firm is marketing the portfolio to a broad group of local, domestic and foreign investors and developers.

Hoar declined to speculate on the potential selling price, but Hub real estate experts estimate the block could command $100 million to $140 million based on similar sales — or more because of its redevelopment potential.

Investors have various options for the buildings, from leasing them to repositioning them, to building a new mixed-use development in an area where several neighboring buildings are more than 400 feet tall. Fidelity will lease back the buildings for an undisclosed period of time — 600 of its employees work in the buildings — giving the new investor flexibility as it puts together development plans.

Fidelity announced in November that it was moving its headquarters to 245 Summer St., a 900,000-square-foot building near South Station that it acquired in 1999 and where 2,900 of its workers are based.


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Asia stocks bounce back after Cyprus scare

BANGKOK — World stock markets were mostly subdued Tuesday ahead of a vote in Cyprus on a contentious measure to help fund the European country's bailout by taxing bank deposits.

Stock markets dropped around the world Monday as jitters intensified over an agreement between cash-strapped Cyprus and its lenders to fund a 15.8 billion euros ($20.4 billion) rescue plan by taxing deposits in the country's banks. The country's parliament holds a vote on the plan Tuesday.

Some lawmakers favor lowering the tax rate on deposits under 100,000 euros. To do that, however, they have to raise the rate for the larger depositors, since the overall scheme has to raise a total of 5.8 billion euros.

European shares fell in early trading. Britain's FTSE 100 dropped 0.2 percent to 6,443.33. Germany's DAX lost 0.4 percent to 7,979.54. France's CAC-40 shed 0.4 percent to 3,811.57. Futures augured slight gains for Wall Street. Dow futures were up 0.1 percent at 14,401 and S&P futures add 0.1 percent to 1,547.80.

Benchmarks in Asia were mostly higher. Japan's Nikkei 225 index jumped 2 percent to close at 12,468.23 as the yen dropped against the dollar.

Hong Kong's Hang Seng shed morning gains to fall 0.2 percent to 22,041.86. South Korea's Kospi rose 0.5 percent to 1,978.56. Benchmarks in Singapore, Taiwan and Indonesia were also higher, while Thailand and the Philippines dropped. After opening higher, Australia's S&P/ASX 200 reversed course and fell 0.5 percent to close at 4,992.20.

Analysts said Monday's sell off might have been an overly strong reaction to problems in Cyprus.

"For yesterday, the whole Asian market had a big drop, but maybe dropped too much," said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. "Maybe there is overreaction in Hong Kong yesterday so today we have a rebound."

But some analysts said the crisis over Cyprus calls into question the viability of the euro common currency and could undermine those who favor regional unity. If implemented, the plan would represent the first time in the European debt crisis that bank deposits have been seized and has stoked fears of bank runs among the 16 other countries that use the euro.

"The crisis creates further risks to the fragile pro-EU, pro-euro political consensus," said Tina Fordham, political analyst at Citigroup Global Markets. "We believe a proportion of the Europe-wide electorate will be disconcerted over the long-term by the implied threat to the deposit guarantee, and this sentiment will be promoted by anti-Europe politicians."

Among individual stocks, Japan's Sony Corp. surged 6.8 percent. Mazda Motor Corp. advanced 5.6 percent.

On Wall Street, the Dow dropped 0.4 percent to 14,452.06. The Standard & Poor's 500 index fell 0.6 percent to 1,552.10. The Nasdaq composite index dropped 0.4 percent to 3,237.59.

Benchmark oil for April delivery was down 9 cents to $93.65 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 29 cents to close at $93.74 per barrel on the Nymex on Monday.

In currencies, the euro fell to $1.2940 from $1.2948 late Monday in New York. The dollar rose to 95.46 yen from 95.42 yen.

___

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


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NC airman at center of rabies case was outdoorsman

TRENTON, N.C. — When William Edward Small told his father that he'd signed an organ donor card, it came as no surprise. "Little Ed" had been that way his whole life, his dad said.

"If he had it, he would give it to you," said his father, also named William Small. "Anything that somebody wanted, all they had to do was ask. And that's just the type of person he was."

Officials say that generosity of spirit may have inadvertently cost another man his life.

Health officials said last week that a Maryland man had died because the kidney he received from the 20-year-old airman in late 2011 was infected with rabies. As his eyes filled with tears in his living room Monday, it was as if William Small were losing his youngest child all over again.

"The bad part for me is knowing that someone actually died because of it — thinking that he thought he was doing everything right," the elder Small said of his boy, whose heart, liver and other kidney were transplanted into other recipients.

Alecia Mercer, the mother of the younger Small's 3-year-old son, confirmed Monday that the Trenton, N.C., man was the donor of the infected organs. The same casualty officer who informed her of his death in September 2011 came to deliver the news at her Trenton home last week.

"It was kind of a deja-vu," she said, sitting on the front porch swing Monday with her son, Shane.

A year and a half ago, officials told Small's loved ones that he had died of food poisoning or a stomach virus. Now, they must live with the knowledge that one man is dead, and several others may have been infected.

"I was very suspicious over that," Alecia Mercer said of the initial cause of death she received from military officials. "At first they said it was poison from a fish, and he fished a lot. I knew he knew all types of fish."

Small went through basic training in Texas before going to Florida to train as an aviation mechanic.

Small, who was training at Pensacola Naval Air Station, visited a base clinic in August 2011 for abdominal pain and vomiting, Defense Department officials said. Four days later, he was transferred to a civilian hospital, where he died.

During a telephone call shortly before he became ill, Small had told his father he got sick after eating a puppy drum he'd caught in the Gulf of Mexico, but had gotten better. By the time his father heard of the relapse, the younger Small was on a respirator.

The organs were offered for transplant by LifeQuest Organ Recovery Services of Gainesville, Fla., said Kathy Giery, the group's director of donor program development.

Giery said the hospital's diagnosis at the time of death was that his illness was caused by food poisoning from ciguatera, a toxin sometimes found in large saltwater fish, including grouper, red snapper and sea bass. The Defense Department had said the donor died of severe stomach and intestinal inflammation with complications including dehydration and seizure. The Florida Department of Health has said he died of encephalitis — a brain inflammation — of unknown origin.

Giery said the donor — an avid hunter and fisherman — wasn't tested for rabies because his symptoms didn't raise a red flag for infection.

"There was no testing done for rabies at any point in the process because nobody suspected rabies," she said.

As the "host organ procurement organization," LifeQuest was responsible for the quality of the organs it offered when it posted their availability on a national database maintained by the United Network for Organ Sharing.

Giery said every donor program does extensive testing of every potential donor, but rabies isn't part of the routine screening, partly because human cases are so rare. It causes just one to three deaths a year in the United States, according to the federal Centers for Disease Control and Prevention.

Federal guidelines published last year for evaluating organ donors with encephalitis urge "extreme caution" if the suspected cause is a viral pathogen, such as rabies. Giery said those guidelines weren't in place when the organs were offered in 2011.

"For our cases today and going forward, I think everyone would be looking at this through a different lens," she said.

When a Maryland man who had received one of Small's kidneys in 2011 died last week of rabies, further testing revealed Small had the infection. His heart, liver and another kidney went to recipients in Florida, Georgia and Illinois; those recipients started getting the vaccine this month, and none has rabies symptoms.

Neither William Small nor Mercer ever heard Will Small speak of being bitten by an animal during one of his many forays into the woods.

Small and Alecia Mercer met at Jones High School, where he was a year ahead of her. Small was 17 when he dropped out of high school, but got his GED at the local community college, his father said.

"It was something he knew he had to do, one way or the other," the father said. "So he did it."

Mercer said Small was kind to her at first, but changed. Her mother said Small didn't want to support his child.

Katie Small said her brother had a "pretty good relationship" with his son before he left for basic training, and he and Mercer went their separate ways.

"He was funny, outgoing," she said. "He was great with children. I have three girls, and he was perfect with them. He was smart. He had a good head on his shoulders. He may have messed around and done some crazy things, but he was an all-around great person, the kind that any girl would take home to momma. He was sweet and loving and just perfect."

Despite their differences, Alecia Mercer said Small wanted to do right, which is why he joined the Air Force.

"He kept on saying he wanted to do it for Shane," she said. "I think it was to set an example."

The single-wide mobile home in Trenton that Small and his father shared sits on the site of their former wood-frame home, which was torn down. The son's room is devoid of furniture, but the pelts of three raccoons, a beaver and a grey fox he trapped or shot hang on the wall, along with an unframed baby photo of Small's son.

Fishing rods stand in the corner.

The elder Small, a military police officer in the Air Force for more than five years, said his son would be mortified to know that his final gift had brought death to some other family.

"He put his heart in everything he tried to do," he said, his voice cracking with emotion. "No father should have to bury their child. It's not right to bury your child."

He said he feels horrible for the family of the dead man.

"But then, too, looking back on the other part," he said through his tears, "there are three people still alive because of him."

___

Breed reported from Trenton, N.C. Waggoner reported from Raleigh. AP Correspondent David Dishneau contributed to this report from Hagerstown, Md.

___

Martha Waggoner can be reached at http://twitter.com/mjwaggonernc

Follow Breed on Twitter at http://twitter.com/(hash)!/AllenGBreed


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The Ticker

Written By Unknown on Senin, 18 Maret 2013 | 16.30

State: Please file online

Less than a month before the tax filing deadline, Massachusetts officials continue to urge taxpayers to file their state returns electronically if possible.

The state Revenue Department said it had processed nearly 1.4 million electronic returns as of Friday, compared with about 154,000 paper returns. The average turnaround for a refund was just under three and a half days for electronically filed returns and five days for those filed the old-fashioned way.

Maxim's up for sale

Racy men's magazine Maxim is up for sale, according to the publication's president, Ben Madden. The private equity owners of Maxim's parent, Alpha Media Group, have owned the business for more than six years, and that is the usual time for such investors to try to sell, he said. Madden added that the company's investment in online video and digital subscriptions is starting to pay off. Digital revenue is up 
45 percent so far this year, compared to a year ago, while print ad revenue is set to rise in the first half, he said.

Today

 The Boston Redevelopment Authority holds a community meeting for a convention center hotel project on D Street in South Boston.

 Moscow government officials and KPMG host conclude presentations of their "Destination Moscow Roadshow 2013" at the InterContinental Hotel in Boston.

TOMORROW

 The Commerce Department releases housing starts for February.

 Federal Reserve policymakers meet to discuss interest rates.

 Commerce Bank has promoted Alan Jenne, left, as senior vice president of consumer lending. Jenne, who is responsible for the bank's consumer lending and classic car divisions, joined the bank in 2009 as vice president of consumer lending.

 Welch's of Concord has appointed Geralyn R. Breig to its board of directors. Breig is a former executive with the Avon and Godiva brands and is currently a board director with 1-800-Flowers.com.

 Monster has hired Matt Anchin as senior vice president of global communications. Most recently, Anchin served as senior vice president of global marketing and communications for the media businesses of Nielsen, and vice president of online communications at American Express.


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Breakers raise money for educational video

The Boston Breakers are hoping a monthlong Kickstarter campaign will net the team $35,000 to finance an instructional video series for parents and coaches about the physical and emotional effects of soccer on young female players.

The Somerville-based professional soccer club is already a third of the way toward its goal, less than a week after kicking off its campaign. The project has a working title of "Beautiful: Teaching Girls Soccer the Boston Breakers Way."

"Beautiful," which features commentary from players, and coaching and sports medicine experts, will tackle such issues as concussions; how early prevention also can reduce risks of serious knee injuries; how girl players process coaching information differently than boys; and how girls mature socially faster than boys, making team dynamics critical.

"With this DVD, we want to enhance the game, enhance the education of young athletes and help grass-roots soccer develop," Breakers General Manager Lee Billiard told the Herald.

The Breakers have teamed up with Newton-based production company The Word Syndicate to tackle the project, which starts filming in mid-April. "Beautiful" is expected to be available in DVD and online by early summer.

"The emphasis on winning and competition actually prevents American youth soccer players from developing the way they potentially could," said Ralph Ranalli, The Word Syndicate's owner and executive producer, and president of Newton Girls Soccer. "(The Breakers) have got a vested interest in teaching soccer the right way because essentially that means better players will come out of the American system."

The team's Kickstarter campaign follows the recent creation of the Boston Breakers Academy, a program that focuses on developing young players technically, tactically and physically on the soccer field.

The project is also designed to enhance the Breakers brand, officials said. The Breakers currently play for the newly established, eight-team National Women's Soccer League, which draws star national team athletes from the United States, Canada and Mexico.

"It helps support youth soccer not only in Massachusetts, but it's going to help soccer all over the country," Billiard said. "We hope people see there is a need for it."

The Breakers kick off their 2013 season April 14 against the Washington Spirit at Somerville's Dilboy Stadium.


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Pro-Cape Wind group pushes project loan guarantee

Pro-Cape Wind group pushes project loan guarantee

BOSTON — Supporters of the Cape Wind offshore wind project say they've submitted a petition with nearly 1,200 signatures in support of a Department of Energy loan guarantee for the project.

The petition was posted online by Cape Wind Now. The group says Cape Wind's clean energy is badly needed and the Energy Department should immediately proceed with the loan guarantee. They say the project proposed in 2001 has been senselessly delayed for too long.

The $2.6 billion, 130-turbine Cape Wind project planned for Nantucket Sound aims to be the nation's first offshore wind farm.

The Alliance to Protect Nantucket Sound, a Cape Wind opponent, has also submitted comments to the Energy Department. It argues the project would violate laws that protect the environment and wildlife and has an uncertain future because of pending lawsuits against it.

Cape Wind — which has touted its intention to boost the local economy — has basically pulled a bait and...

Another significant portion of the Cape Wind project — due to be underwritten by taxpayers and ratepayers...


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PAX East goes for big game

Written By Unknown on Minggu, 17 Maret 2013 | 16.30

Bay State digital artists are taking their creations to a new level for this year's PAX East video gaming expo, which kicks off Friday.

Visible from a half-mile away on a digital canvas, six marquee artworks have gone live on an 80-foot-tall LED tower outside the Boston Convention and Exhibition Center. All the videos were designed by video game company employees or video game design teachers.

"This is the future of public art," said George Fifield, president of Boston Cyberarts, a local nonprofit arts group that organized the display with the Massachusetts Convention Center Authority. "The first time (the artists) see something they made on something so humongous, you see their jaws drop and their eyes open wide."

The 30-second works on the digital billboard reflect gaming culture, either in vintage or modern forms. For example, a group of eight artists who work for Needham-based game design company Turbine Inc. created "Mists of Mortal Legends" featuring "high-flying intergalactic combat where issues of control are turned upside down."

Meanwhile, Fitchburg State College media professor Jeffu Warmouth's "1UP" shows a self-inspired character "moving through a shifting set of game environments drawn from the Golden Age of arcade games."

Warmouth, 42, a Groton resident, said he spent about 100 hours creating his video, which recalls scenes from the classic 8-bit games "Donkey Kong," "Joust" and "Dig Dug."

"I've always done work with kind of a popular bent to it and I've done a lot of work about pop culture, and I've always been interested in venues that are not white gallery space," said Warmouth, who has made two previous videos for the BCEC marquee. "There's something great about the marquee being in the public space where people are not expecting art. Definitely, it's expanded my audience."

Other digital works include "LARP" by Chris Florio; "Space Plants" by Fish McGill; "Tiger Training" by William Russell Pensyl; and "Growing Phones" by Joshua Pablo Rosenstock.

The artists and teams chosen to produce marquee art are paid a $500 honorarium for their work, which take about a month to complete.

PAX East, which attracts thousands of video game enthusiasts from around the globe, runs March 22-24.

"(The marquee's) become something of a landmark for the South Boston waterfront and reflective of the fact this is the Innovation District," said convention center chief Jim Rooney, adding the agency would consider calling for more videos geared toward future BCEC events.

A separate Boston Cyberarts gallery exhibition in Jamaica Plain titled "The Game's Afoot: Video Game Art" runs until April 14.

"The whole gaming industry has been in retreat these days as people change the game platforms they've been using," Fifield said. "When all gaming finds its feet again, Massachusetts is positioned to be a really important player."


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The Ticker

Gas spikes prices

A spike in gas prices drove a measure of U.S. consumer costs up in February by the most in more than three years. But outside the gain in fuel costs, inflation was mostly modest.

The consumer price index increased a seasonally adjusted 0.7 percent last month from January, the Labor Department said. It was the biggest monthly rise since June 2009.

Still, three-fourths of the increase in the index reflected a 9.1 percent surge in gas prices. That was also the largest monthly gain since June 2009. Gas prices had fallen in the previous four months. Since last month's increase gas prices have started to decline again.

TOMORROW

  • The Boston Redevelopment Authority holds a community meeting for a convention center hotel project on D Street in South Boston.
  • Moscow government officials and KPMG host concluding presentations of their "Destination Moscow Roadshow 2013" at the InterContinental Hotel in Boston.

TUESDAY

  • The Commerce Department releases housing starts for February.
  • Federal Reserve policymakers meet to discuss interest rates.

WEDNESDAY

  • FedEx and Oracle report quarterly financial results. 
  • Fed Chairman Ben Bernanke holds a news conference on interest rates and an economic forecast.

THURSDAY

  • Massachusetts releases the unemployment report for February.
  • Royal Dutch Shell CEO Peter Voser addresses the Boston College Chief Executives Club of Boston during a luncheon at the Boston Harbor Hotel.
  • The National Association of Realtors releases existing home sales for February.
  • Nike reports quarterly financial results.

FRIDAY

  • Tiffany & Co. reports quarterly financial results.

THE SHUFFLE

  • Cape Cod Biofuels has hired Ed Miles, left, as vice president of business development. Miles previously served as director of sales for the eastern New England region at Baker Commodities, and vice president of sales and marketing for North Carolina-based EcoPlus.
  • RBS Citizens Financial Group Inc. has hired John Rosenfeld as executive vice president for everyday banking. Rosenfeld joins RBSCFG from TD Bank, where he had headed up retail deposit and payment products.

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Cab lawyer eyes suit against SideCar

The lawyer who filed suit against on-demand-private-driver service Uber said he is now targeting the ride-sharing app SideCar, which last week added Boston to its growing roster of cities.

Calling itself a ride-sharing service is merely a way for SideCar to avoid taxi regulations, said Sam Perkins, who represents the Boston Cab Association.

"Both existing taxi companies and the hackney division need to pay attention to any private transportation company whose drivers don't meet hackney division standards and whose cars haven't passed safety inspections," Perkins said.

Just to apply for a hackney license in Boston, drivers have to meet 13 criteria, including undergoing criminal record and sex offender registry checks, he said.

Nick Allen, SideCar's co-founder, said drivers who offer rides to people through its app also undergo those checks and must have a valid license and registration.

Unlike cab fares, however, payment is up to the discretion of the passenger and made via the app, with 20 percent going to SideCar, Allen said, and both driver and passenger can rate each other at the end of the trip.

"We don't charge a metered fee," he said. "We are a technology platform, not a transportation company. We also take safety very seriously."

Since it launched in San Francisco last June, SideCar has facilitated more than 100,000 rides in eight cities, Allen said.

Last Tuesday, members of Boston's taxi industry filed a lawsuit in Suffolk Superior Court against the company's competitor, San Francisco-based Uber, accusing it of operating a car-for-hire service that violates state and city laws, and deceives consumers about fees, drivers, safety and insurance.

Michael Pao, general manager of Uber Boston, called the charges "baseless," adding Gov. Deval Patrick reversed a prior ban on the service in the Hub last summer.

Ira Kantor contributed to this report.


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