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Jobs report has Wall St. reeling

Written By Unknown on Sabtu, 06 April 2013 | 16.30

Wall Street took one of its biggest beatings of the year yesterday, courtesy of a mediocre March jobs report that left experts divided over how well the country will fare economically moving forward.

The United States added only 88,000 jobs last month, the nation's worst employment growth since June 2012. Nearly half a million people also dropped out of the workforce, bringing the unemployment rate down to 7.6 percent.

"That's clearly not a good sign at all and certainly a cause for concern that the recovery, which was already slow, may be stalling," said Michael Goodman, a public policy professor at the University of Massachusetts at Dartmouth. "The decline in the labor force and the decline in the participation in the labor force are both very troubling signs."

Goodman added that initial federal government sequester effects, payroll tax increases and "continued drama and uncertainty" in Europe were all culprits in dragging hiring and confidence down last month.

"When you miss the expectation by half, it certainly is a big surprise," he said.

Though subject to revision, March's poor jobs figures took a major toll on the financial markets yesterday. After plummeting nearly 170 points, the Dow Jones industrial average recovered to close down about 41 points at 14,565.25, while the S&P 500 dropped 6.7 points to close at 1,553.28. The Nasdaq Composite dropped 21.12 points to close at 3,203.86.

Several sectors, including retail, financial services and manufacturing, all shed significant numbers of jobs, according to the report.

Yet Christine Armstrong, senior vice president at Morgan Stanley, said positive housing data, low energy prices and strong corporate profitability will offset the shock waves generated by the low numbers.

A boost in jobs in January and February didn't hurt either, Armstrong added. February's job gains were revised to 268,000, while January gained 29,000 more jobs than previously estimated.

Northeastern University economist Alan Clayton-Matthews said job growth will likely be slower in the months ahead due to the automatic federal budget cuts caused by the sequester.

"What we're seeing is just the simple math of positive growth on one side and negative effects on growth on the other and here's the net — slow to moderate growth," he said. "I don't think we have to be overly worried, but we have to trim our expectations a bit."


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Tech cos. lead startup competition for ’13

The deadline for the MassChallenge competition and accelerator passed this week, with "well over" 1,000 startups applying for spots, but the need to push back the date and the addition of an Israeli branch of the program had organizers still tabulating the number of applications.

MassChallenge Founder and CEO John Harthorne said he expects the total number to come in close to the 1,237 received last year from 35 countries.

"I'm pleased it's going to be another outstanding class," Harthorne said.

Organizers pushed back the deadline from noon Wednesday to noon Thursday after multiple people requested more time.

The Israel deadline is April 10, because MassChallenge launched that branch of the competition a month after the rest of the program's Feb. 13 launch and because of Passover, he said.

High-tech startups lead the pack in the number of applicants this year, followed by "social impact," health care and life sciences and clean technology, Harthorne said.

Judges will spend roughly a month reviewing the applications and providing written feedback, and then MassChallenge will invite about 330 startups to the semi-final round, where they'll do in-person pitches.

On May 22, 125 finalists will be invited to take part in the program's four-month accelerator, which includes mentoring, training, legal advice and free office space.

Winners will be announced on Oct. 30 and awarded a total of more than $1 million in no-strings-attached cash, with no equity taken and no restrictions applied.

In 2011, President Obama honored MassChallenge as one of the nation's best organizations for supporting high-growth entrepreneurs, and the program was the youngest inaugural affiliate of the Startup America Partnership.

The 361 startups supported in the three previous MassChallenge accelerator classes have generated nearly $100 million in revenue, raised more than $362 million in outside funding and created nearly 3,000 new jobs.


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Vertex, Bristol-Myers Squibb partner on oral hepatitis C treatment

Vertex Pharmaceuticals Inc. said today it has entered into a non-exclusive agreement with Bristol-Myers Squibb Company to conduct second, all-oral studies of the former's VX-135 drug with the latter's drug, daclatasvir, for the treatment of hepatitis C.

As part of the agreement, Vertex plans to conduct two of these studies of the combination, including an initial study in treatment-naive people with genotype 1 HCV infection planned for the second quarter of this year.

Vertex will also begin a subsequent study in treatment-naive people infected with genotype 1, 2 or 3 of hepatitis C, including those with cirrhosis, in the second half of the year, pending data from the initial study.

"With more than 170 million people infected worldwide, there is a critical need for new hepatitis C medicines that can offer people simpler and more tolerable treatment regimens that provide high cure rates," said Vertex's Chief Medical Officer Dr. Robert Kauffman.


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Home seller concerned about ‘3.8 percent tax’

Written By Unknown on Jumat, 05 April 2013 | 16.30

The tax deadline is fast approaching, and the Herald's TaxSmart experts are here every Friday to help.

Today, Art Ford of Sullivan Bille Group discusses the new "3.8 percent tax" on investment income.

If we sell our home, will we possibly have to pay this new "3.8 percent tax" on investments?

Don't despair, let's explain.

The Obama administration enacted legislation effective in 2013 imposing an additional 3.8 percent tax on investment income.

It kicks in at certain thresholds — $200,000 of income for singles and $250,000 for married couples. If you are at these levels and have unearned income, including interest dividends, capital gains and other types of investment income, the 3.8 percent can apply.

Now how could this possibly apply to your home?

A qualifying personal residence brings with it an additional $250,000 to $500,000 exclusion on its sale depending on whether you are single or married. The sale produces capital gain income.

Assume Maria and Mike are married. They paid $200,000 years ago for their home and spent $100,000 on improvements. It's snowing. Mike is reading tomorrow's weather. There are 12 more inches on the way. They just got off the phone with their family in Florida. What could be better, snow today and tomorrow. There's a knock on their door. It's the parents of their neighbors. They tell you they like your home and want to buy it. You tell them you like your home, too. They say they realize that. Would $1 million help change your mind? They can close in two weeks and they own a moving company.

Maria and Mike have a nice home. It may be worth $500,000 to $1 million. They call their CPA. They discuss their total cost of $300,000. He explains they are eligible for a $500,000 exclusion and proceeds of $1 million will produce a taxable gain of $200,000. He explains this will be a capital gain still taxed at 15 percent, just under the new 20 percent rate, plus the Massachusetts tax. However, with this gain and their other income they will be above the $250,000 threshold for married couples, so they will pay this additional 3.8 percent tax on the $200,000, or $7,600.

That's how the new tax could hit you where you live, or used to live.

Email your tax questions to bizsmart@bostonherald.com.


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Interactive ATMs lead Bank of America rebranding effort

Bank of America will roll out new interactive ATMs with video links to tellers in Boston later this month as the financial behemoth prepares to kick off a major rebranding campaign this weekend.

Charlotte, N.C.-based Bank of America, the largest bank in Massachusetts by assets, thanks to its 2004 merger with FleetBoston, is also revamping many branches to create a more lounge-like, warmer atmosphere.

CEO Brian Moynihan this week called together top bank execs to brainstorm on ways to boost revenue.

But Boston-based marketing chief Anne Finucane said earlier this year the rebranding effort, which will include banners in Times Square and a partnership with online website Khan Academy to teach financial literacy, shows "we have fundamentally reshaped who we are."

The bank's pricey marketing push was spearheaded by Lance Jensen, formerly of Modernista!, and now at Hub ad firm Hill Holliday.

"What advertising does is make a promise, but the company needs 
to keep that promise," said Tobe Berkovitz, a Boston University professor of advertising.


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Buyers lining up for fewer homes

"Buyers, buyers everywhere, but not a home for sale" could sum up the Bay State's first-quarter housing statistics. And the 
table could be set for a wild spring housing market, especially if more sellers
leave the sidelines and 
decide to cash in.

Across Massachusetts, there was a 26.5 percent 
decrease in inventory of 
single-family homes and condos for sale compared
with the first quarter of
last year, according to
data obtained from the
Multiple Listing Service Property Information Network.

"The inventory of homes for sale, both new construction and resale, is as low as it has been in years and I don't see a sudden surge of properties coming onto
the market," said Greg 
Vasil, president of the Greater Boston Real Estate Board.

The low inventory is starting to take a toll on sales growth. The Bay State saw first-quarter sales of condos and single-family
homes nudge up only 
1.8 percent compared with the first quarter of 2012, and transaction volume 
increase just 7.4 percent, a far cry from some of the double-digit gains of prev­ious quarters.

However, home and condo sales occurred at a greater pace, with prop-
erties on the market for 128 days in 2013, compared 
with 149 days in the first quarter of 2012.

Price gains continued in the first quarter as the 
median home price rose 
6 percent to $276,900 in 2013, up from $260,000 in the previous year.

But Vasil said the numbers tell a larger story.

"Massachusetts hasn't seen the recent double-digit price spikes that former troubled markets have seen in places like 
Arizona, Nevada or Flor­ida," Vasil said. "Our growth has been slower and consistent, which is a much better base for a solid recovery."

In Boston, sales volume was up 12 percent compared with the first quarter of 2012, and the number of transactions was up 2 percent compared with last year.

The median price for a condo or single-family home in Boston was up 
7.5 percent from $379,000 to $410,000, according to data obtained from PIN.

The pace of sales continued to increase in Boston, with properties on the market an average of 73 days for the first quarter of 2013 compared with 118 days in 2012.

Inventory in Boston also tumbled, with the available condos and single-family homes on the market down 45 percent compared with the first quarter of 2012.

"In a truly healthy market, inventory would be low because of high demand. Buyers from all segments, not just the entry-level and the high end, would be 
entering the market to take advantage of record-low mortgage rates. But instead, sellers are slow to enter the market and middle 
segment, or 'trade-up buyers,' are feeling trapped," Vasil said.

Inventories have been truncated because new construction ground to a standstill for several years during the downturn. The unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and price jumps in certain parts of the city.

Looking around the Greater Boston area, cranes are abundant, with many of these projects slated for rental housing. It will be interesting to see which developments switch gears to condos to help fill the gap in inventory levels.

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


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Battle for historic manse

Written By Unknown on Kamis, 04 April 2013 | 16.30

South Boston residents' efforts to stop the destruction of an 1867 mansion in the City Point neighborhood to make way for condos reach a crucial juncture on Tuesday.

The Boston Landmarks Commission will consider whether a 90-day demolition delay is warranted for the James Collins Mansion and whether alternatives should be explored.

Residents have been collecting signatures to preserve the mansard mansion and will petition to have it declared a Hub landmark. If successful, any exterior changes by Middleton developer Rocco Scippa would require commission review and approval.

"It's a defining house on East Broadway," said Joanne McDevitt, chairwoman of the City Point Neighborhood Association. "It has a lot of historical significance."

But Suffolk University history department chairman and South Boston Historical Society President Robert Allison, who's preparing supporting documents for the landmark status petition, acknowledges an "uphill battle."

"Legislation does specify that something has to have local, regional or national importance, and the Boston Landmarks Commission does tilt toward national importance," Allison said.

Irish immigrant James Collins, who built the mansion, made money in the liquor trade and became a philanthropist in Boston and Ireland. His son, John J. Collins, was vice consul to London in the 1890s under Patrick A. Collins (no relation), who later became Boston's mayor.

"It was one of the most valuable properties in the city when built, and that helped to define City Point as an upscale area," Allison said. "And it's one of the real hallmarks in South Boston that people from the 'lower end' would move to City Point as they became successful. It's one of the things that contributed to South Boston's insularity and intense neighborhood identity."

McDevitt, who owns a nearby Victorian home on East Broadway, would like Scippa to build only a handful of condos within the existing 6,600-square-foot mansion and preserve its architectural integrity.

Scippa, who bought the half-acre, 928-930 East Broadway property in December for $2.2 million, says he's happy to consider alternatives to demolishing the mansion, which once was a rooming house, as long as he has 11 units to sell at market rate to make money on his investment.

"I have the right to build 11 units based on what I'm allowed by the city, so why would I lower the amount?" he said. "It doesn't make sense. It's probably the best property in South Boston besides the Seaport area."

City Councilor Bill Linehan, a lifelong Southie resident, supports preservation to the fullest possible extent. "There are certain buildings in a town that are iconic, and that one on Broadway is surely one of a very few," he said.


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Leno to leave NBC's 'Tonight Show' next spring

NEW YORK — NBC on Wednesday announced its long-rumored switch in late night, replacing Jay Leno at the "Tonight" show with Jimmy Fallon and moving the iconic franchise back to New York.

Fallon will take over in about a year, the switch coinciding with NBC's coverage of the 2014 Winter Olympics. Veteran "Saturday Night Live" producer Lorne Michaels also will take over as executive producer of "Tonight."

NBC made no announcement on who would replace Fallon at the 12:35 a.m. "Late Night" slot, although Seth Meyers of "Saturday Night Live" is considered a strong candidate.

The change at "Tonight," the longest-running and most popular late-night talk show, had been widely reported but not confirmed by the network until Wednesday. NBC reportedly just wrapped up negotiations with Fallon on a contract extension.

Steve Burke, chief executive officer of NBC Universal, said the network is purposefully making the move when Leno is still at the top of the ratings, just as when Leno replaced Johnny Carson at "Tonight" in 1992.

"Jimmy Fallon is a unique talent, and this is his time," Burke said.

Leno, in a statement, offered his congratulations to Fallon.

"I hope you're as lucky as me and hold on to the job until you're the old guy," he said. "If you need me, I'll be at the garage."

Fallon said, "I'm really excited to host a show that starts today instead of tomorrow."

Emotions were mixed among people waiting outside Leno's Burbank, Calif., studio to attend the taping of Wednesday's "Tonight" show.

"We love you, Jimmy!" said Natalie Renfro, 45, of Salt Lake City. But she gave a shout out to Leno, too: "I'll miss that big chin!"

Ryan Kelly, 39, of Los Angeles, said he's a Leno fan but added that the comedian has "had a good run. ... It's probably time for a fresh face. He's done a good job and I'm sure he'll pop up on TV somewhere else."

As for switching to Fallon, "I'll give it a shot," Kelly said.

Leno couldn't resist a jab at NBC in his monologue Wednesday, even as he as he lauded Fallon as "a hell of a guy" who is going to do a "great job."

"I just have one request for Jimmy: We've all fought, kicked and scratched to get this network up to fifth place. Now we have to keep it there. Jimmy, don't let it slip into sixth!" Leno joked, according to an NBC transcript.

Fallon took a puckish approach in his monologue.

"Welcome! This is 'Late Night with Jimmy Fallon ... for now," he said. "You guys probably heard the news: I'm going to be taking over the 'Tonight Show' next February! But don't worry. Until February, our focus is right here on whatever this show is called."

On his "Late Show" Wednesday on CBS, David Letterman feasted on NBC's announcement.

"Jay Leno now is being replaced, and this is the second time this has happened," he said in his monologue. "I mean, it's crazy. He's being replaced by a younger late night talk show host — what could possibly go wrong? Honestly. They had pretty good luck with this in the past."

Later, Letterman offered a backhanded salute to Leno that wished him well with his stand-up appearances.

"But good luck to Jay. I know he'll be out on the road, getting it done and taking care of business. And congratulations on a nice long run there at the 'Tonight Show,' if, in fact, you're not coming back," Letterman said, according to a CBS transcript.

He devoted his Top 10 list to "things we'll miss about Jay Leno," including this at No. 4: "Can't remember the name of the bit, but it's the one where Jay is walking."

NBC has been quietly building a new studio for Fallon at its Rockefeller Center headquarters. "Tonight" began in New York in the 1950s, but Carson moved it to California in 1972. Starting next year, Fallon, Letterman, Jon Stewart and Stephen Colbert will tape late-night shows in New York. ABC's Jimmy Kimmel and TBS's Conan O'Brien will be the top California-based shows.

"The 'Tonight' show will bring even more jobs and economic activity to our city, and we couldn't be happier that one of New York's own is bringing the show back to where it started, and where it belongs," said New York Mayor Michael Bloomberg.

New York state recently added a tax credit in its budget that seemed designed specifically to benefit NBC's move east with "Tonight."

While a storied part of television tradition, the network late-night shows find themselves with much more competition now with cable programs like "Adult Swim," smaller talk shows hosted by Chelsea Handler and the Comedy Central duo of Stewart and Colbert, and a device — a large number of people take that time to watch programs they had taped earlier on their DVRs.

NBC is worried that Kimmel will establish himself as a go-to late night performer for a younger generation if the network doesn't move swiftly to install Fallon. ABC moved Kimmel's time slot to directly compete with Leno earlier this year.

But the move also has the potential to backfire with Leno's fans, who did not embrace O'Brien when Leno was temporarily moved to prime time a few years ago.

"The guys at NBC are not totally stupid and are not going to shoot themselves in the foot," said Gary Carr, senior vice president and executive director of national broadcast for the ad buying firm TargetCast. "I think it's a good move for them long-term. But it may have short-term ramifications."

NBC has long prided itself on smooth transitions, but that reputation took a hit with the short-lived and ill-fated move of O'Brien to "Tonight" and Leno to prime time. In morning television, the "Today" show has taken a ratings nose dive in large measure because of anger at how Ann Curry was treated when she was ousted last year as Matt Lauer's co-host.

The Leno-Fallon changeover didn't begin smoothly. Leno had been cracking jokes about NBC's prime-time futility, angering NBC entertainment chief Robert Greenblatt, who sent a note to Leno telling him to cool it. That only made Leno go after NBC management much harder.

The first public effort toward making the transition smooth came Monday night, when Leno and Fallon appeared in a comic video making fun of the late-night rumors. It aired in between each man's show.

John Dawson, general manager for five NBC affiliates that have extensive reach throughout Kansas, said it will be difficult to give up a program that wins its time period by 33 percent.

"Jay has always been a great friend to the affiliates," he said. "For that alone it will be hard to give up."

But he said he believes in Fallon and in NBC's corporate owner, Comcast Corp., the nation's largest cable company.

"Comcast certainly knows how to launch entertainment programming," Dawson said.

___

Associated Press television writers Lynn Elber in Los Angeles and Frazier Moore in New York, and AP writer Nicole Evatt in Los Angeles contributed to this report.


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Eyes on Facebook mobile event as company evolves

NEW YORK — Facebook is unveiling a new Android product Thursday, a move that comes as a fast-growing number of its 1.06 billion users access it on smartphones and tablet computers.

Advertisers are not far behind. Though mobile ads have been a big concern for Facebook's investors since before the company's initial public offering last May, some of that worry has subsided as Facebook began muscling its way into the market.

Last year, the company began showing ads to its mobile audience by splicing corporate sponsorships and content into users' news feeds, which also includes updates from friends and brands they follow. Among the challenges Facebook faces now is showing people mobile ads without annoying or alienating them.

The mobile advertisement market is growing quickly. That's thanks in large part to Facebook and Twitter, which also entered the space in 2012. Research firm eMarketer expects U.S. mobile ad spending to grow 77 percent this year to $7.29 billion, from $4.11 billion last year.

As for Thursday's event at the company's Menlo Park, Calif., headquarters, speculation has centered on a mobile phone, made by HTC Corp., that deeply integrates Facebook into the Android operating system. The move comes as Facebook works to evolve from its Web-based roots to a "mobile-first" company, as its mantra goes.

"What Facebook wants is to put itself at the front of the Android user experience for as many Facebook users as possible and make Facebook more elemental to their customers' experience," said Forrester analyst Charles Golvin.

EMarketer said Wednesday that it expects Facebook Inc. to reap $965 million in U.S. mobile ad revenue in 2013. That's about 2.5 times the $391 million in 2012, the first year that Facebook started showing mobile ads.

Clark Fredricksen, vice president at eMarketer, said it's "tough to speculate" how much effect Thursday's announcement would have on ad revenue.

At the same time, he says "there are some clear reasons why a deeper integration with mobile operating systems and handsets make sense for Facebook. At the end of the day, the more deeply Facebook can engage consumers, no matter what device or operating system or handset," the better.

Facebook's rival, Google Inc., makes the Android software that Facebook and HTC would be using under the widely speculated scenario. Google makes the software available on an open-source basis, meaning others including rivals are free to adapt it to their needs. Amazon.com Inc. does just that in modifying Android to run its Kindle tablet computers.

Facebook is No. 2 behind Google Inc. when it comes to mobile advertisements, and it isn't expected to surpass the online search leader any time soon. Google dominates the mobile search market with 93 percent of U.S. mobile search advertising dollars, according to eMarketer. Online music service Pandora Inc. is in third place when it comes to mobile ad dollars, followed by Twitter.


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Summit to probe poverty’s effect on learning

Written By Unknown on Rabu, 03 April 2013 | 16.30

Several of the speakers at this Friday's early childhood summit will focus on the science of how young children learn and thrive.

"There's new knowledge that's waiting to be used," said Jack P. Shonkoff, director of the Center on the Developing Child at Harvard University. He added that there have been new studies on how poverty affects young children.

"There is no question that the time that is the most vulnerable to the stresses of poverty is early childhood," said Shonkoff, who said it's appropriate that the summit is being held at the Federal Reserve Bank of Boston, since economic issues can directly affect young children's health and opportunities for success in life.

"There are new things to say about how poverty affects a developing brain," he said. "It's not the same old story."

Michael Yogman, board chairman of Boston Children's Museum, agreed that recent scientific advances have much to offer about early childhood development.

"We're learning a lot about the way the brain develops in the first three years of life. It's the 'how' of learning, as opposed to the content of learning," he said.

Yogman said he'll use his time at the summit to try to convince the audience of business and civic leaders that young children's playtime is not frivolous, but brain-building.

"Playtime has a certain gravitas to it," he said.

"It is much easier to lay a solid foundation in a young child's brain for long-term success than it is to try to go back and fix it later," Yogman added.

The Early Childhood Summit 2013 will also celebrate the 100th birthday of the Boston Children's Museum.


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Foreclosures fall as housing market springs back

A vastly improved Bay State real estate market helped foreclosures decline by nearly a third through February compared with 2012, and the downward trend is expected to continue through year's end.

"The trend with falling foreclosure numbers is so strong that it would take another deep recession to knock it off course," said Timothy M. Warren Jr., CEO of industry tracker The Warren Group.

Foreclosure deeds filed in February dropped nearly 69 percent to 240 from the same period last year, while combined filings for January and February dropped 66 percent, according to data released yesterday by The Warren Group.

People are out shopping for new homes, said Warren, noting anecdotes about multiple offers for homes, bids above asking prices and "almost a feeding frenzy kind of situation." Sales volume and median prices have increased, and what everyone wants is more inventory, he said.

"For some reason, homeowners haven't caught up that this is a good time to sell their houses," Warren added.

That also means it's easier for people who still have trouble paying mortgages to avoid losing their homes, he said. "Eager buyers find their way to distressed properties. When somebody is facing foreclosure, they may ... put their house on the market to see if they can get an offer that comes close to the outstanding balance on the mortgage. If they're getting bids above the asking price, that keeps the homeowner from going all the way through the foreclosure process."

The improved economy, a better jobs picture and higher incomes also make it easier for homeowners to catch up on delinquent mortgage payments, said Warren. As is state legislation that took effect last fall, requiring lenders to consider alternatives to foreclosure.

"This means that short sales, loan modifications and even principal reductions are now easier to do," Warren said.


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In India, dodging taxes is part of the game

NEW DELHI — In a country long defined by its poverty, it's easy now to find India's rich.

They're at New Delhi's Emporio mall, where herds of chauffeur-driven Jaguars and Audis disgorge shoppers heading to the Louis Vuitton and Christian Louboutin stores. They're shopping for Lamborghinis in Mumbai. They're putting elevators in their homes and showing off collections of jewel-encrusted watches in Indian luxury magazines. They're buying real estate in comfortable but unpretentious neighborhoods — neighborhoods thought of as simply upper-middle-class just a couple years ago — where apartments now regularly sell for millions of dollars.

They're just about everywhere. Unless it's income tax time. Then, suddenly, they barely exist.

The reality is simple: "There are very few people who are paying taxes," said Sonu Iyer, a tax expert at Ernst & Young in New Delhi. And tax dodging is everywhere. "It's rampant — rampant."

If the generalities of that have long been known here, Finance Minister Palaniappan Chidambaram stunned the country in late February when he proposed a new tax on India's top earners. The surprise wasn't the temporary 10 percent surcharge on those earning more than 10,000,000 rupees, or about $185,000, per year, but the number of Indians who fall into that category.

That number? Just 42,800 people.

"Let me repeat," Chidambaram told Parliament in his budget speech, making sure no one thought he had misspoken, "only 42,800" people say they earn that much.

In a country of 1.2 billion people, a country where years of staggering economic growth annually create tens of thousands of new millionaires and a recent slowdown has done little damage to a thriving luxury goods market, far less than one ten-thousandth of the population admits they are in the top tax bracket.

With so few Indians willing to come clean, the perennially cash-starved government has to scrabble every year for revenue.

Among the rich, dodging taxes has become second nature, said Jamal Mecklai, CEO of Mecklai Financial, a Mumbai-based financial consulting firm. About 158,000 Indians are thought to be dollar millionaires, according to a 2012 Credit Suisse estimate, though some analysts believe the number is far higher.

"It's just taken as the reality" that most wealthy Indians are cheating, he said, adding that he pays everything he owes. India's top tax rate is currently 30 percent.

It's not just the rich evading their taxes. Less than 3 percent of Indians file income tax returns at all, and officials say only about 1.5 million taxpayers say they earn more than 1,000,000 rupees per year — about $18,000.

Most of those not paying have legitimate reasons. Well over half the population earns so little they don't have to pay income taxes. Despite its ever-growing population of nouveau riche, more than 400 million Indians still live below the poverty line.

Millions more people are exempt because regulations exclude agricultural income from taxes, no matter how much is earned. Since India has hundreds of millions of small farmers, and a powerful bloc of wealthy farmers, that's a tax break few politicians dare challenge. Various other tax breaks legally keep many more people off the tax rolls.

The bulk of those paying income taxes, experts say, are salaried employees whose companies are responsible for making their tax payments. While those taxpayers can fudge their numbers to an extent, using inflated receipts to magnify tax breaks on expenses like housing, it's extremely difficult for them to completely escape tax authorities.

But most everyone else — from the barons of family-owned businesses to doctors, lawyers and small traders — operate in largely cash economies that enable them, if they want, to hide most of their income.

The size of India's underground economy and the amount of lost taxes is widely debated, but even the lowball figures are immense in a country with a nearly $2 trillion GDP. In recent studies, experts estimated that anywhere from 17 percent to 42 percent of the economy operates beneath the official radar.

Billions of dollars are widely thought to be hidden in Switzerland, Singapore and other tax havens.

Then there is the strange case of Mauritius. More than 40 percent of foreign direct investment in India comes through this tiny island in the Indian Ocean. In part, that statistic reflects an India-Mauritius tax treaty that legally eases the flow of investment funds into India. But, experts say, it also allows Indians to launder vast amounts of untaxed wealth by sending their illegal cash to Mauritius, then "round-tripping" it back to India in the form of legal investments.

If it would take concerted effort to shut down complex, international money-laundering operations, catching at least some of India's high-end tax dodgers should be ridiculously simple. This is, after all, a country where flaunted wealth often seems as common as traffic jams.

How about targeting the buyers of the 25,000 luxury cars sold last year in India? Or the buyers and sellers of big-budget apartments? What about the people racking up thousands of dollars a month in credit card bills? Maybe tax investigators could go to those high-end malls, looking to see who is buying all the expensive shoes.

While the government says it recently has begun targeting some big spenders, mailing notices to tens of thousands of people they say may have underpaid their taxes, few believe officials have truly become aggressive.

"It's not really that difficult to chase down the tax dodgers," said Mecklai, the consulting firm CEO. "It's just a matter of putting the machinery in place."

So why isn't the government doing that?

The answers range from sheer incompetence to corrupt tax bureaucrats to a political class accustomed to making vast wealth on the side, and unlikely to do anything that might jeopardize its ill-gotten gains.

Certainly the Indian public sees official corruption as a major part of the equation.

"Of course I don't pay all my taxes," said a New Delhi businessman who spoke on condition he not be named because he was admitting to breaking the law. "Why should I pay my taxes while the politicians are getting richer and richer every day?"

Such talk is, experts say, the most commonly heard rationale for tax evasion, one entrenched by decades of political corruption and waves of official scandals.

But it doesn't explain everything. Iyer, the Ernst & Young tax expert, notes that the culture of tax-avoidance runs deep in India. She points particularly to the way buyers and sellers of real estate openly discuss how much of the price will be paid in "white" declared money, and how much will be paid under the table in "black."

"No one thinks of it as something to be ashamed about," she said. "In a country of holier-than-thou's, no one thinks that it's a blatant lie" to cheat on your taxes.

Embarrassment, she said, may be what India needs most of all.

"The moment this society establishes a stigma to it, I think you'd see a change."


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The Ticker

Written By Unknown on Selasa, 02 April 2013 | 16.30

R.I. agency hits Schilling

Rhode Island's economic development agency says there is "crushing evidence" that former Red Sox pitcher Curt Schilling, right, and others concealed financial information about Schilling's now-defunct video game company, and that the Superior Court suit against them should be allowed to move ahead.

Responding to last month's request from 38 Studios executives that the suit be dismissed, the Economic Development Corp. stated in documents that its board was not informed about a financing shortfall when approving a $75 million loan guarantee. But attorneys for Schilling and others being sued say they disclosed the company's financial needs.

Gas prices continue to drop

Bay State gas prices are down four more cents this week, according to AAA Southern New England.

Self-serve, regular unleaded is currently averaging $3.59 a gallon. The national average is $3.63. Local prices are down 13 cents over the past month. A year ago at this time, the Massachusetts average price was $3.79.

Raytheon lands $156M missile contract

Raytheon Corp. was awarded a $155.6 million contract to manufacture Block 2 Rolling Airframe missiles for the German navy. The contract, which was awarded in the Waltham-based defense company's first quarter of this year, represents the largest single RAM award by Germany, officials said.

K&L Gates opens Delaware office

Law firm K&L Gates has opened its 48th office worldwide in Wilmington, Del.

Joining the firm in setting up the office are new partners Scott E. Waxman, Eric N. Feldman, Nicholas I. Froio and Christina M. Houston, who all come from the Delaware law firm of Potter Anderson & Corroon LLP.

Today

 Automakers release vehicle sales for March.

 Lantheus Medical Imaging Inc. hosts a conference call to discuss results for the fourth quarter and full year of 2012.

TOMORROW

 Natixis Global Asset Management President and CEO John Hailer addresses the Greater Boston Chamber of Commerce on immigration, education and global competitiveness at the Intercontinental Hotel.

National Grid has named John J. Donleavy, left, executive vice president and chief operating officer for the utility's U.S. operations. Donleavy was previously president and chief executive officer of Vermont Electric Power Co.

 Boston-based NaviNet Inc. has hired Daniel Timblin as its chief financial officer. Timblin was most recently a member of Blue Cross Blue Shield of Tennessee's leadership team.


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Asia stock markets slip, Nikkei falls as yen gains

BANGKOK — Asian stock markets vacillated Tuesday after a slight slowdown in U.S. manufacturing growth, but European stocks rose as traders expected to see encouraging data from the world's No. 1 economy later in the day.

The U.S. Commerce Department will release factory orders for February later Tuesday. Chris Weston of IG Markets in Melbourne said the results "could put some positive sentiment back into the market" after U.S. manufacturing expanded more slowly in March than February.

Britain's FTSE 100 rose 0.6 percent to 6,452.84. Germany's DAX advanced 0.6 percent to 7,841.93. France's CAC-40 rose 0.5 percent to 3,749.31. Wall Street also appeared headed for a session of gains, with Dow Jones industrial futures rising 0.3 percent to 14,531. S&P 500 futures gained 0.3 percent to 1,560.60.

Earlier, Japan's Nikkei 225 tumbled 1.1 percent to close at 12,003.43 as the yen's recent weakness reversed course. A stronger currency makes products sold abroad more expensive, a hardship for Japan's export-dependent economy.

Analysts said, however, that the new government in Japan, with its new plan of attack to right the country's economy, has lifted business optimism. A survey released by the Bank of Japan on Monday showed an improvement in business sentiment, although it was smaller than expected.

"The economy is improving, albeit slowly, and the mood has been lifted by the assertive and coordinated economic plan of the new government," Moody's Analytics said in a market commentary.

Hong Kong's Hang Seng closed 0.3 percent higher at 22,367.82.

"There are still some uncertainties out there," said Linus Yip, strategist at First Shanghai Securities in Hong Kong. "Right now my concern is the overall market is not too stable at the current level."

One factor contributing to market jitters, Yip said, was the dire debt situation in the weaker euro economies. The latest iteration of the crisis came Monday, when Cyprus was granted more time to reach its budget surplus target since the country's growth is likely to slow as a result of the drastic shrinking of its finance industry.

Australia's S&P/ASX 200 advanced 0.4 percent to 4,985.50. South Korea's Kospi opened higher but then gave up its gains by midday. It was 0.5 percent down at 1,986.15. Benchmarks in mainland China, the Philippines and New Zealand also fell.

Among individual stocks, Australia's Dart Energy Ltd. plunged nearly 44 percent after announcing major restructuring and cost-cutting after tighter government restrictions on coal seam gas projects.

Benchmark oil for May delivery was down 15 cents to $96.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to close at $97.07 a barrel on the Nymex on Monday.

In currencies, the euro rose to $1.2833 from $1.2804 late Monday in New York. The dollar fell to 93.07 yen from 94.22 yen.

___

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


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Apple apologizes in China after service criticism

BEIJING — Apple apologized to Chinese consumers after government media attacked its repair policies for two weeks in a campaign that reeked of economic nationalism.

A statement Apple posted in Chinese on its website Monday said the complaints had prompted "deep reflection" and persuaded the company of the need to revamp its repair policies, boost communication with Chinese consumers and strengthen oversight of authorized resellers.

State broadcaster CCTV and the ruling Communist Party's flagship newspaper, People's Daily, had led the charge against the American company. They accused Apple Inc. of arrogance, greed and "throwing its weight around" and portrayed it as just the latest Western company to exploit the Chinese consumer.

The attacks quickly backfired, though, and were mocked by the increasingly sophisticated Chinese consumers who revere Apple and its products. State-run media also inadvertently revived complaints over shoddy service by Chinese companies.

Nonetheless, Apple responded with an apology from CEO Tim Cook.

"We've come to understand through this process that because of our poor communication, some have come to feel that Apple's attitude is arrogant and that we don't care about or value feedback from the consumer," Cook's Chinese statement said, as translated by The Associated Press. "For the concerns and misunderstandings passed on to the consumer, we express our sincere apologies."

Although Apple enjoys strong support from Chinese consumers, the vehemence of the attacks and the importance of the Chinese market appeared to have persuaded the company to appear contrite.

The People's Daily newspaper ran an editorial last Wednesday headlined "Strike down Apple's incomparable arrogance."

"Here we have the Western person's sense of superiority making mischief," the newspaper wrote. "If there's no risk in offending the Chinese consumer, and it also makes for lower overheads, then why not?"

Chinese observers accused People's Daily of gross hypocrisy and pointed out that the newspaper had maintained a stony silence when Chinese companies were implicated over food safety, pollution and other scandals. Meanwhile, CCTV was shamed when it emerged that celebrities had been recruited to blast Apple on Weibo, China's version of Twitter, in what had been billed as a grassroots campaign.

"The public responded in two ways to this incident," popular commentator Shi Shusi wrote on his Weibo account. "One group supports this criticism but quite a number of people felt that there are state monopolies which have severely violated customer's rights, but which are not being exposed."

Popular business magazine Caijing said its readers identified a long list of abusers, including state banks that lend to those with political connections while stiffing ordinary savers with low rates on deposits; a government oil company that sets gas prices and other rates as it sees fit; and state telecom providers notorious for their lack of customer service.

"If media is going to go after Apple, let's hope they spare some thought for those big Chinese communications companies and other monopolies, the ones that enrich special interests in the name of being publicly owned," Cai Tongqi, a lawyer from the eastern province of Jiangsu, wrote on Weibo.

Consumers seem unfazed by the state media's attacks on Apple.

Perusing the wares at an Apple reseller in Beijing's tony China World mall, recent college graduate Zeng Lu said she considered the controversy a sign of the Chinese consumer's growing maturity.

"It's great to see Chinese consumers standing up for their rights, but it's ridiculous for the People's Daily to get involved," Zeng said. "They should be criticizing state companies instead."

Apple's popularity flies in the face of China's ardent attempts to push its own brands and develop internationally competitive companies. The company also has resisted trends to enter joint ventures and move research and development to China. It also ignores big state media such as CCTV and People's Daily. Apple relies on Chinese factories, though, to make iPads, iPhones and other popular products.

Sales of Apple products in the region, which includes Taiwan and Hong Kong, grew 67 percent to $6.8 billion in the first three months of 2013, compared with the same period a year earlier, according to the company. Apple sold 2 million iPhone 5s during the first weekend it was available in China, in December.

The region is Apple's third largest market, accounting for 13 percent of all sales last year. More than 17,000 outlets sell its products in mainland China, a figure that includes 11 Apple stores and 400 premium resellers. In January, Cook said he expects China to replace North America as its largest source of revenue in the foreseeable future.

The attacks on Apple center on complaints over Apple's repair policies in China — specifically its practice of only replacing faulty parts rather than providing new iPhones, as it does in other markets. Critics say that allows Apple to avoid having to extend its service warranty by another year. Until Monday, the Cupertino, California-based company had kept silent apart from issuing a statement March 23 explaining its repair policy and pledging its deep respect for the Chinese consumer.

Yet consumers and analysts say the complaints hardly justify Beijing's campaign of vilification. Such nationalist outbursts are not uncommon, although previous campaigns against foreign companies have often been tied to perceived national slights, as often befalls Japanese firms in China. Beijing accused Google of being an arm of American "information imperialism" after the company announced in March 2010 that it would cease censoring its search responses inside mainland China and instead send visitors to its uncensored search engine in Hong Kong.

Beijing is also angry over Washington's efforts to exclude Chinese high-tech firms Huawei Technologies Ltd. and ZTE Corp. from the U.S. market, amid worries over security. A spending bill signed by President Barack Obama two weeks ago includes a clause barring NASA, the National Science Foundation and the Justice and Commerce Departments from contracting with firms tied to the Chinese government.

Washington and Beijing have also sparred over more recent hacking attacks, including a forensically detailed report by cybersecurity firm Mandiant that tied Chinese hacking to a unit of the People's Liberation Army based in Shanghai.

Apple, however, may have been singled out simply because it is "the biggest open target," said Jim McGregor, senior counselor at consultancy APCO Worldwide.

"We're still seeing a lot of things wrapped up in economic nationalism," McGregor said.

Even before Monday's apology, he had predicted Apple would make a show of contrition to get its relations with the Chinese authorities back on track.

Duncan Clark, managing director of BDA China Ltd., a Beijing research firm, said the assault probably stems from a combination of factors, including the failure of Chinese companies to make breakthroughs in high-end consumer electronics.

"There's a general sense of frustration that China can't move further up the value chain," Clark said.

___

Online:

Apple statement (in Chinese): http://www.apple.com.cn/support/warranties


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Students POP As pickers

Written By Unknown on Senin, 01 April 2013 | 16.30

This year's StoxSmart high school challenge finished with The Cliff Divers on top — marking the second year in a row that students from Josiah Quincy Upper School captured the crown.

Students worked with mentors, including Suffolk Construction CEO John Fish, Cabot Money Management CEO Rob Lutts and newcomer Steward Health Care System CEO Dr. Ralph De La Torre, and learned about how the financial markets work.

De La Torre showed his Tech Boston Academy students Edson Brito and Ephraim Norman the risks and potential benefits of trading options: He never truly tapped into his $1 million and still turned a $50,000 profit for the quarter.

"I very much enjoyed the interaction and more importantly I finally feel comfortable that someone will be able to manage my assets for me during my soon-approaching old age!" said De La Torre.

"It was great to see my students (Elvis and Jose from New Mission) embrace the ideas of how businesses succeed and how Wall Street allows access to capital to those who grow and develop innovative businesses," said Lutts. "My students were full of great ideas and learned a great deal about markets in a short period of time."

For Wall Street traders, it was a historic quarter as both the Dow Jones industrial average and the Standard & Poor's 500 set new records despite political gridlock in Washington, D.C., and banking troubles in Cyprus.

In January, Putnam Investments hosted the students and gave them a chance to see what traders and analysts do every day. Last month, state Treasurer Steve Grossman hosted the StoxSmart students — the first time that some had ever visited the State House.

Last week, I went out to lunch with my Quincy Upper students, Norman Britt and Flormarina Arias, and their school adviser William Chan. Flormarina did her homework back in December and provided a thoughtful analysis for her stock picks, which included Netflix, the top-performing stock on the S&P during the quarter.

As a result of her smart pick, The Cliff Divers wound up on top.

Our lunchtime conversation wasn't about stocks, instead focusing on the upcoming prom and college plans. Norman is going to Gordon College in Wenham. Flormarina is headed to Brigham Young University. He wants to study linguistics and become a United Nations translator. She wants to study business and maybe start a nonprofit to help people in Third World countries.

In just three months, starting out with $1 million to invest, her portfolio gained more than $300,000, so I wouldn't bet against her.


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China's manufacturing growth improves in March

BEIJING — Growth in China's manufacturing picked up in March in a potentially positive sign for the recovery in the world's second-largest economy.

The China Federation of Logistics and Purchasing said Monday that its Purchasing Managers' Index rose to 50.9 in March from 50.1 in February, which was the lowest reading in five months. Numbers above 50 denote expansion on a 100-point scale.

Chinese manufacturing is closely watched as an indicator of global consumer sales and potential demand for countries that supply its factories with raw materials and industrial components.

China's economic growth rebounded to 7.9 percent in the final quarter of last year following its deepest slowdown since the 2008 global crisis. But analysts warn the recovery will be weak and gradual, and growth could be vulnerable if trade or investment weakens.

The federation said in a statement that the improvement in factory production was largely due to an increase in orders and less pressure for prices of manufacturing inputs to rise.

"This indicates that the economy overall is stabilizing," economist Zhang Liqun said in the statement.

Zhang said that growth rates for investment and export orders have accelerated, and the level of new orders suggests a rise in business activity.

He cautioned, however, that the improving trend is not confirmed, partly because the Lunar New Year Holiday fell in February this year, which makes the data for the first quarter of the year less conclusive. Factories shut for up to two weeks during the holiday.

The latest Chinese manufacturing data come as hopes for stronger global growth have been boosted by a series of indicators including employment that suggest the U.S. economic recovery is gaining momentum.

China's slowdown was largely due to government controls imposed to cool inflation and surging housing prices. It deepened when global demand for Chinese exports weakened unexpectedly in 2011.


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Drug maker Novartis loses India patent battle

NEW DELHI — India's Supreme Court on Monday rejected drug maker Novartis AG's attempt to patent an updated version of a cancer drug in a landmark decision that health activists say ensures poor patients around the world will get continued access to cheap versions of lifesaving medicines.

Novartis had argued that it needed a patent to protect its investment in the cancer drug Glivec while activists said the drug did not merit intellectual property protection in India because it was not a new medicine.

The court's decision has global significance since India's $26 billion generic drug industry, which supplies much of the cheap medicine used in the developing world, could be stunted if Indian law allowed global drug companies to extend the lifespan of patents by making minor changes to medicines.

Once a drug's patent expires, generic manufacturers can legally produce it. They are able to make drugs at a fraction of the original manufacturer's cost because they don't carry out the expensive research and development.

Pratibha Singh, a lawyer for the Indian generic drug manufacturer Cipla, which makes a version of Glivec for less than a tenth of the original drug's selling price, said the court ruled that a patent could only be given to a new drug, and not to those which are only slightly different from the original.

"Patents will be given only for genuine inventions, and repetitive patents will not be given for minor tweaks to an existing drug," Singh told reporters outside the court.

Novartis called the ruling a "setback for patients," and said patent protection is crucial to fostering investment in research to develop new and better drugs.

"We brought this case because we strongly believe patents safeguard innovation and encourage medical progress," said Ranjit Shahani, Vice Chairman and Managing Director, Novartis India.

The ruling "will hinder medical progress for diseases without effective treatment options," he said.

The Swiss pharmaceutical giant has fought a legal battle in India since 2006 to patent a new version of Glivec, which is mainly used to treat leukemia and is known as Gleevec outside India and Europe. The earlier version of Glivec did not have an Indian patent because it was introduced into the country before the government adopted its first patent law in 2005. Novartis said Glivec is patented in nearly 40 other countries.

India's patent office rejected the company's patent application, arguing the drug was not a new medicine but an amended version of its earlier product. The patent authority cited a provision in the 2005 patent law aimed at preventing companies from getting fresh patents for making only minor changes to existing medicines — a practice known as "evergreening."

Novartis appealed, arguing the drug was a more easily absorbed version of Glivec and that it qualified for a patent.

Anand Grover, a lawyer for the Cancer Patients Aid Association, which led the legal fight against Novartis, said the ruling Monday prevented the watering down of India's patent laws.

"This is a very good day for cancer patients. It's the news we have been waiting for for seven long years," he said.

Aid groups, including Medicins Sans Frontieres, have opposed Novartis' case, fearing that a victory for the Swiss drugmaker would limit access to important medicines for millions of poor people around the world.

Glivec, used in treating chronic myeloid leukemia and some other cancers, costs about $2,600 a month. Its generic version was available in India for around $175 per month.

"The difference in price was huge. The generic version makes it affordable to so many more poor people, not just in India, but across the world," said Y.K. Sapru, of the Mumbai-based cancer patients association.

"For cancer sufferers, this ruling will mean the difference between life and death. Because the price at which it was available, and considering it's the only lifesaving drug for chronic myeloid cancer patients, this decision will make a huge difference," Sapru said.

Leena Menghaney of Medicins Sans Frontieres said India would continue to grant patents on new medicines.

"This doesn't mean that no patents will be granted. Patents will continue to be granted by India, but definitely the abusive practice of getting many patents on one drug will be stopped," Menghaney said.

The judgment would ensure that the prices of lifesaving drugs would come down as many more companies would produce generic versions.

"We've seen this happening with HIV medicines, where the cost of HIV treatment has come down from $10,000 to $150 per year. Cancer treatment costs have come down by 97 percent in the case of many cancer drugs," she said.

"This decision is incredibly important. The Supreme Court decision will save a lot of lives in the coming decades," Menghaney said.


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Come on baby, eat better

Written By Unknown on Minggu, 31 Maret 2013 | 16.30

Here's something to make Hub parents go gaga: an organic baby food delivery company that cuts out the hassle of cooking by bringing nutritional purees right to their doors.

Purely Pears, which launches tomorrow, is the brainchild of longtime friends Sarah Washburn and Bridget Tivnan. The duo said their self-funded startup is part of a growing health trend that includes similar companies such as Fresh Baby Bites of San Francisco, Whirled Peas Baby Food of Austin, Texas, and Petit Organics of New York City.

"We thought, 'This is something that Boston is missing.' It's obviously working in other metropolitan areas," said Tivnan, 30, a Roslindale mother of two. "I would have used that service if Boston had something, but there was obviously a need for this market in our area."

"Childhood goes by so quickly, in the blink of an eye," added Washburn, 32, of North Reading. "For those few months, you can spend it on the floor with your children or you can spend it in the kitchen mashing sweet potatoes."

Tivnan has devoted herself full time to Purely Pears after five years as an event planner. Washburn, mother of a 1-year-old and owner of a domestic placement agency in Boston, said their idea was arguably first born when Tivnan gave her a book on purees for her baby shower.

Purely Pears offers 12 organic purees, some for babies aged four to seven months and the others for babies aged eight months and older. Flavors in the former group include Perfectly Sweet Potatoes, Beginners Broccoli and Petit Peas.

Customers can buy three-day, seven-day or one-month puree supplies for $29, $58 and $209, respectively. Orders must be placed before 10 p.m. Fridays on the company's website. All food is produced and packaged in less than 24 hours, and has a refrigerator shelf life of four days.

For now, the duo will make their own purees, and personally deliver packages to homes, workplaces and daycares within 20 miles of Boston. But both said they weren't worried about missing out on quality time with their young tykes.

"The goal is to work up to being able to hire people to do more cooking for us so we get that time back," Washburn said.

"I hope the reaction from moms is just relief that they can rest assured while they're at work or doing other things they need to do, this item is checked off their list," Tivnan added.

Dr. Caroline Apovian, director of Boston Medical Center's Nutrition and Weight Management Center, said organic baby food "hasn't become a craze until now," as concerned mothers try to distance themselves from feeding their children processed and packaged foods.

But Apovian added organic baby food delivery companies target professional moms who can afford their services, when lower-income families would actually benefit from them more.

"It's a Catch-22 because it's the professional mothers who tend to have the wherewithal and understand it's important," she said. "It's the mothers who don't have the wherewithal that need it the most. The food that is treated with preservatives tends to be cheaper."


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If you have run-flat tires, you shouldn’t need a spare

I recently purchased a 2011 Toyota Sienna AWD van. It has run-flat tires and no spare. I tow a boat at times in places where it's not easy to get a flat fixed, so I want to purchase a spare to carry on trips. Because the car has all-wheel drive, should I purchase a "doughnut" spare or a full-size one? Some say that I need a full-size spare; others that a doughnut will work just fine. What is best?

Having experience with run-flat tires on two different vehicles — a 1959 military Ferret reconnaissance car and a 2007 Corvette — I don't think you should worry about carrying a spare tire. Run-flat tires are designed to do precisely that — operate safely with zero air pressure for a reasonable distance at modest speed. In the case of the Ferret, the idea was to be able to drive away from the battlefield after having one or more tires shot up. The Corvette is like your van — no room for a spare. I drove 70 miles home at night in the rain at 50 miles an hour with zero air pressure in the right rear tire with no additional damage to the tire. The next day I had the tire properly patched, and it's still on the vehicle over a year later.

Although my automotive version of Murphy's law says that if you have a spare you'll never need to use it, if you choose to buy a spare, it must be the same make, model and size tire with the same rolling circumference in order to prevent any damage to the AWD drivetrain should you need to use it.

I have a 1991 V6 Toyota pickup with 70,000 miles. After I drive it a long way and get back in, it does not start. Sometimes it will take a jump start, and other times it has to cool down. It will click sometimes and sometimes do nothing at all. The starter has been replaced three times with Toyota starters. I can tap the starter, and then it might start. Could this be a "fusible link"?

No. A fusible link, like a simple fuse, is a single-event electrical protective device. Once it fails, it can no longer conduct any electrical current. Focus on battery cables, connections and grounds as well as the starter relay under the dash and the starter solenoid, which is incorporated into the reduction starter housing.

The simple do-it-yourself procedure is to use jumper cables to bypass the entire electrical system for the starter. When the engine fails to crank, make sure the key is off and the transmission in Park, then connect the red or positive jumper cable clamps to the positive starter terminal on the starter motor and the positive terminal on the battery. Connect the black or negative jumper cable to the negative terminal on the battery and then, with all due caution, touch the other negative clamp to a solid electrical ground on the engine, such as the alternator mounting bracket. The solenoid should engage the starter and crank the engine. If it does, the problem is a poor electrical connection or ground between the battery, starter and chassis ground.

If the starter does not engage during this test, there's a problem with the starter motor or magnetic solenoid switch, which is a separate part of the starter motor assembly.

Recently on a road trip I was passed by a car on which one of its rear tires appeared to be bouncing up and down. A few miles up the road, it was stopped. That tire had blown out and had taken most of the back bumper with it. What causes a tire to be vibrating like that when cruising on the interstate at 75 miles an hour?

An ignorant motorist. I can't imagine the driver not feeling the vibration from that wobbling tire at that speed. Unfortunately, I've seen more than enough evidence of major problems that potentially affect vehicle safety being completely ignored by the motorist — primarily because nothing had happened yet.

In this case, I would suspect two possibilities. First, a tire that has suffered a structural failure or belt separation in the carcass or a progressive separation of the tread, which could explain the rear bumper damage. Secondly, a dead shock absorber/strut on that corner of the vehicle. The uncontrolled up-and-down movement of the wheel could lead to this type of tire failure eventually.

The moral of the story? If it doesn't look, feel, sound, smell or drive right, stop and investigate why. Not sure if anything's wrong? Have it checked out by a professional.


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India's top court to deliver Novartis judgment

NEW DELHI — A pending Supreme Court patent decision in India could reverberate throughout the pharmaceutical industry and beyond.

India's Supreme Court is to rule Monday on a landmark patent case involving Swiss drugmaker Novartis AG.

The international drug makers have been pushing for stronger patent protection in India to regulate the country's $26 billion generic drug industry, which they say often flouts intellectual property rights. They warn that a rejection of Novartis' position could discourage new research and refinement.

At issue is a legal provision in India's 2005 patent law aimed at preventing companies from getting fresh patents for minor changes to medicines — a practice known as "evergreening."

The drug in question is called Gleevec and it's used to treat leukemia and other cancers. It costs $2,600 a month while the generic version available in India costs around $175 per month.


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