Egyptian unrest trips hike in crude oil prices

Crude oil prices surged yesterday on a better-than-expected U.S. jobs report and concern about escalating unrest and violence in Egypt.

U.S. crude oil futures hit a 14-month high, climbing more than $1.98 per barrel to close at $103.22, after hitting a peak of $103.32. Brent crude for August delivery, meanwhile, touched a three-month high of $107.88 and settled at $107.72, up $2.18.

Oil has been on a fairly strong, bullish trend over the past two weeks, according to Addison Armstrong, senior director of market research at energy investment advisors Tradition Energy in Stamford, Conn.

"(The) unemployment report was just another in a recent series of good macro-economic data about the U.S. economy, which also helps support the view that demand for oil will increase," Armstrong told the Herald.

The job growth suggests a stronger economy makes it more likely the Federal Reserve will slow its bond purchases, which have kept interest rates low, boosting investments such as stocks and oil.

In Egypt, meanwhile, protests over the ouster of Egyptian president Mohammed Morsi turned violent.

Those headlines also helped to support the bullish momentum, Armstrong said.

Egypt is not an oil-producer, but its control of the Suez Canal, one of the world's busiest shipping lanes, gives it a crucial role in maintaining global energy supplies.

But, Armstrong added, "I don't think professional traders have any expectation of serious disruption of oil from the Middle East because of the potential closure of the Suez Canal."

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Set loft-y goals in sunny JP unit

Carved out of a former carriage factory in Jamaica Plain, this authentic-looking loft has brick walls throughout and gets lots of light from a wall of front-facing windows.

Unit 9 at 172 Green St. is one of 14 units in a former brick carriage factory built by Hub entrepreneur Patrick Meehan in 1880 in the Brookside industrial area of Jamaica Plain, near the Green Street Orange Line T station.

The building was converted into condos in 1999-2000 in a way that preserved much of the original brick-and beam look, but with new windows and systems.

The 1,677-square-foot loft, which has a walled-off bedroom and a granite and cherrywood kitchen added in 2006, is on the market for $699,000.

The unit is dominated by one long room with areas for a living room, dining space and a home office. The 10-foot ceilings and columns feature original wood beams and the refinished floors are dark-stained maple.

This open area gets lots of light from 10 front-facing windows and three side windows, all with brick arches overhead.

The living room has a center gas fireplace fed by a metal duct, part of a network of ductwork across the ceiling.

A set of wood beams sets off a dining area with contemporary lighting overhead.

And there's another area in the large room currently used as a home office.

Off the dining area is the unit's large full bathroom with granite floors, a Corian-topped vanity and a one-piece Fiberglas shower.

Adjacent is a laundry/utility room with a stacked Kenmore washer and dryer. There's also a good amount of pantry and storage space in this room that also holds the unit's forced-hot-air-by-gas heating and an electric central air-conditioning system added in 2004.

Perpendicular to the home office area is the kitchen, redone in 2006. The kitchen has cherrywood cabinets, some with glass fronts, and absolute black granite counters, including an area with a breakfast bar. There's overhead and pendant lighting and refinished maple floors.

The owners also added stainless-steel appliances, including a high-end DCS gas stove, an LG refrigerator and a Bosch dishwasher.

Off the kitchen, the current owners built a wall with custom woodwork in 2006 to create a private 16-by-13-foot bedroom whose entrance features two glass doors with transom windows and track lights above. The bedroom has brick walls and two front-facing windows. There's also a double-door closet.

An added amenity is that the unit comes with a good-sized private storage room in the building's basement.

There's a common outdoor patio in the back of the building, where there's also parking. The unit comes with one deeded parking space.

Broker: Denise Smigielski of McCormack & Scanlan Real Estate at 617-905-2098

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Hyundai does luxury right

The 2013 Azera, which is slotted between Hyundai's Sonata and Genesis, is one of six sedans in the Korean automaker's 10-model lineup. I'm amazed that Hyundai offers that many models, but I shouldn't be surprised, Hyundais are everywhere you look these days. But with all those models, it's difficult to distinguish the Azera from the others.

The Azera's $33,000 base price puts the sedan in direct competition with the Ford Taurus, Nissan Maxima and Buick LaCrosse. Our test model included a technology package that hiked the price up to $37,000, which certainly doesn't make the Azera a bargain, but it remains competitive when you consider that the sedan is loaded with luxury features.

Dual-zone climate controls, heated seats throughout, and touch screen navigation with a back-up camera are all part of the Azera's standard equipment package. Power seat adjustments mounted near the door handles made it easy to see the controls and tweak the driver's seat positions. Interior space was ample with plenty of head and foot room in the backseat.

The Azera's $4,000 technology package included ventilated front seats that cooled the Azera's leather interior after it baked in the June sun. Rear and side window sunshades also helped keep the sedan cool. The shades also gave the Azera's two-tone camel and black interior an upscale feel. A panoramic tilt and slide sunroof opened up the roof for both front and backseat passengers. Xenon headlights and a powerful Infinity stereo rounded out the package. While these features were appreciated, if I were buying an Azera, I think I'd hold on to the extra $4,000.

Our test Azera was painted in a bronze metallic with plenty of chrome trim and was set on 19-inch wheels. A push-button-ignition turned over the sedan's 3.3 liter V6 engine that produced 293 horsepower. The engine and 6-speed transmission combined to return 23 mpg overall. The Azera's acceleration was smooth with a comfortable ride quality and had minimal road noise. While the Azera's front-wheel drive is welcome for winter driving in New England, it did hinder the sedan's handling.

If you're considering a Sonata, the Azera might be worth a look. The extra $10,000 gets you more room and a cabin loaded with luxury touches. Better performance and handling can be found with the rear-wheel-drive Genesis that offers a choice of a V6 or a V8 engine mated to an 8-speed automatic. The Genesis has a base price of $35,000.

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Dinner-to-go from work is easily done

When Kelly Schaefer's five male friends hired a personal chef to cook for them once a week, passing along his recipes and prepping the ingredients for them as he went, Schaefer saw them transformed into "gourmet chefs" with very little effort.

"I wanted to see how I could do that for the everyday person, without the cost of hiring a personal chef," she said.

So Schaefer, 27, teamed up earlier this year with fellow Harvard Business School student Heidi Kim and founded Easily to deliver ready-to-cook meal kits to companies for employees to take home without ever having to stop at the grocery store.

"We were often talking about issues of work-life balance, especially for women, and thinking about our futures as professional women and, one day, as mothers," said Kim, 25. "We thought this would allow us to impact the lives of people juggling careers and home life."

The startup accelerator and competition MassChallenge thought so too and chose Easily as one of 128 finalists out of a field of 1,200 entrants to compete for 
$1.3 million in prizes.

Using about $20,000 from an HBS grant and an International Business Model Competition in which they placed third out of 1,300 teams, the two hired a chef and enlisted a core team of volunteers: a CTO, a COO and an engineering intern to build their online platform. Together, they expect to officially launch their program in two to three weeks with two companies.

People will order in the morning at eatingeasily.com, and the meal kits, which cost between $10 and $15, will be delivered to their offices by 4 p.m.

Samplings from Easily's still-evolving menu include panko-crusted salmon with asparagus and Parmesan, flank steak in a smoky marinade with minty cous cous, and manchego mushroom quesadilla with summer corn and tomato salad.

"Part of the challenge has been dumbing down delicious meals so all you have to do is enjoy them," Kim said. "Kelly and I love to eat but aren't the best of cooks, so if it passes the test with us, that's a success."

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How to get to the right price

So you've found the perfect home and now comes the hard part — figuring out how much to offer to close the deal.

As a licensed real estate agent, I'm often asked for my opinion regarding pricing — whether it's as a buyer's agent to submit an offer on a property or as a seller's agent to come up with a fair market value for a listing price.

While most times my advice is heeded, occasionally it is not. In the case of being a buyer's agent, I have represented more than a few clients who have decided to start out negotiating a property with a low-ball offer or something that is more than 20 percent lower than the list price.

In a weak market or one that is more favorable to buyers — most markets across the country up until about six months ago where supply outpaced demand — this concept might have worked. However, as the market has changed considerably to favor sellers, low-ball offers (for the most part) are a thing of the past.

If you look at two-bedroom condominium sales in the past six months for the Back Bay, Beacon Hill and the South End, you'll see that no matter which neighborhood you include, the sale-to-list-price ratio is within 4 percent of the asking price. The sale-to-list-price ratio is the final sale price of a home divided by the last list price expressed as a percentage. If it's above 100 percent, the home sold for more than the list price. If it's less than 100 percent, the home sold for less than the list price.

Beacon Hill has been the tightest market overall in terms of inventory, however
a big reason behind the ratios not being as high as the South End, for example, is because of the lack of parking. While available parking is an issue throughout the city, on Beacon Hill it's even more of a problem.

Clearly, the South End neighborhood wins the overall supply and demand award. With tight inventory and very high demand, the pressure on prices has caused almost every price sector to sell for at or above the asking price; good for sellers, not so good for buyers.

If you're looking for a new home, I would first advise you to consult with your real estate agent to get a good understanding of the market you're considering. They will typically have access to this same information and will be able to analyze the data on your behalf to give you their best estimate as to how you should price an offer.

Remember this is their best judgment. The agent can only do so much, but that's why you've hired them, right? So take their advice and listen to what they tell you.

Charlie Abrahams is a licensed real estate agent 
in Boston who works 
with buyers and sellers
and can be reached at 
Bostonrealestate@
charlieabrahams.com.

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Asian markets up on Europe, US policy optimism

BANGKOK — Optimism that easy European and U.S. monetary policy will continue boosted Asian stock markets Friday as investors awaited a key American jobs report later in the day.

The prospect of continued monetary stimulus helped offset worries earlier in the week of a Chinese slowdown, European debt woes re-emerging and disruption of energy markets due to the military ouster of Egypt's president.

Hong Kong and Taiwanese stocks posted the biggest gains in morning trade and most other major indexes were in positive territory after the European Central Bank kept its policy interest rate at a record low to combat a persistent recession and its President Mario Draghi said the rate will remain there "for an extended period of time."

The European statement plus indications that the U.S. economy is growing — but probably not fast enough for the U.S. Federal Reserve to rush into tapering off its purchases of $85 billion in bonds each month to keep interest rates low — boosted markets that had been spooked in recent weeks at the prospect of such stimulus ending.

Tokyo's Nikkei 225 was up 1.3 percent to 14,194.39. Hong Kong's Hang Seng added 1.4 percent to 20,753.62 and Taipei's TAIEX was up 1.4 percent to 8,003.77. Sydney's S&P/ASX 200 edged up 0.7 percent to 4,829.10. Seoul's KOSPI was in negative territory, edging down 0.1 percent to 1,837.32.

The Asian gains followed a strong rally in Europe that was sparked by the ECB's statement and the Bank of England's announcement that speculation it would raise rates was unwarranted.

Britain's FTSE 100 index jumped 3.1 percent to close at 6,421.67 while Germany's DAX rose 2.1 percent to 7,994.31. France's CAC 40 gained 2.9 percent to 3,809.31. Wall Street was closed Thursday for the Independence Day holiday.

Investors were also waiting for a U.S. government jobs report due Friday. Earlier in the week, Wall Street rallied after ADP, a payrolls processor, said that businesses added more jobs last month than analysts had expected. If the U.S. government confirms that Friday, it offers hope that the American recovery is continuing.

The strength of the jobs report may also offer clues to what the Federal Reserve will do next.

Mike McCudden, head of derivatives at Interactive Investor, noted that while physical exchanges were closed in the U.S. on Thursday, futures were still trading, and they indicate Wednesday's rally could continue, with Dow Jones Industrial Index futures now trading above 15,000. The index closed at 14,988.50 Wednesday.

"Whether this can be sustained will clearly be reflected by what's happening on a global basis," he said in a market commentary. "The situation in Egypt remains hugely sensitive, whilst resurgent eurozone woes could knock sentiment."

The price of oil this week passed $100 per barrel due to events in the Middle East: Egypt's military overthrew Mohammed Morsi, the country's first democratically elected president, after he defied calls to resign despite the demands of millions of protesters.

Egypt is not an oil producer but its control of the Suez canal — one of the world's busiest shipping lanes, which links the Mediterranean with the Red Sea — gives it a crucial role in maintaining global energy supplies.

High energy costs act as a drag on economic growth, but oil has eased somewhat from its Wednesday highs and on Friday was down 18 cents to $101.06 in electronic trading on the New York Mercantile Exchange.

In currencies, the euro was down slightly at $1.2899. The dollar rose to 100.28 yen from 100.23 yen late Thursday.

____

Toby Sterling in Amsterdam contributed to this report.

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Colleges get tough on patent infringement

Boston University's patent infringement suit against Apple — one of eight identical claims the school has filed against electronics companies in recent months — is just the latest example of an aggressive new push by colleges to not only protect their intellectual property, but also bring in more cash.

"We've definitely seen a step up in university patent lawsuits," said Mark Lemley, a patent expert at Stanford University Law School. "Universities have been cash-strapped in the last several years with the economic downturn, and this looks like a good source of revenue. They're also looking around and everyone else is doing it."

The "wake-up call" for universities, Lemley said, may have come in December when a jury awarded Carnegie Mellon University an astonishing $1.2 billion in a patent lawsuit against Marvell Technology Group and Marvell Semiconductor Inc.

"You can imagine university administrators facing a budget crisis pointing to Carnegie Mellon and saying, 'If their patent is worth a billion, surely ours is worth something,' " Lemley said.

Some universities have waited until just before their patents expire — once they're already widely adopted — to sue companies that have used them, said Arti Rai, a Duke University law professor.

"They maintain patents and then realize they made no money off them — never licensed them — and then the way to make money at the very end is by suing," she said.

Rai wrote a paper studying the Massachusetts Institute of Technology, which sued 92 firms about a decade ago, just six months before the patent for a color imaging method was set to expire. The suits brought mixed results, with some being dismissed, others settled and still others ruled in the university's favor, she said.

The Herald reported yesterday that Boston University filed a suit against Apple claiming the company ripped off a computer engineering professor's patented electronic semiconductor and used it in the iPhone 5, 
iPad and MacBook Air.

BU has also filed seven identical lawsuits against companies including electronics giants Amazon and Samsung.

BU declined to comment. Apple did not return a phone call and email seeking comment.

Meanwhile, MIT has launched a number of still-pending patent battles, including a May 2012 suit against Ossur HF over an elastic actuator used in the company's "Power Knee," a prosthesis for above-knee amputees. That suit is in mediation.

The university also sued Shire Regenerative Medicine in January, alleging infringement over Dermagraft, which is used to treat diabetic foot ulcers.

MIT declined to comment. But Andrew Beckerman-Rodau, an intellectual property law expert at Suffolk University, defended the schools, saying, "Universities have ... stopped just giving everything away."

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Obamacare backers urge gov to keep state business fine

Bay State business leaders yesterday welcomed the one-year delay in a requirement in President Obama's new health care law that employers provide their workers with insurance or face fines, but health care proponents called on Gov. Deval Patrick to veto part of the state budget that would repeal a penalty on business owners who don't comply with the state's health care reform law.

"Nationally, the ACA (Affordable Care Act) is vulnerable to attack," Amy Whitcomb Slemmer, executive director of Health Care for All, wrote to the governor yesterday. "In light of the federal delay in enforcing employer requirements, it is particularly important that Massachusetts hold strong in its commitment to shared responsibility."

The Treasury Department on Tuesday announced that penalties for businesses not providing health coverage will now begin in 2015, a delay the Greater Boston Chamber of Commerce called a "welcome surprise."

Meanwhile, the governor is considering a budget provision eliminating a $295 per employee assessment that employers who don't provide insurance have been paying since 2006.

Kristen Lepore of the Associated Industries of Massachusetts said the measure would reduce the administrative burden on employers and make way for the federal health law, which has larger penalties.

If the governor repeals the state provision, employers who don't provide health insurance may face no penalty for 18 months. The Executive Office for Administration and Finance said it was reviewing the issue.

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Upbeat US jobs report buoys Asian stocks

BANGKOK — Encouraging news on the US economy boosted most Asian stock markets Thursday as investors followed Wall Street's lead in shrugging off political turmoil in Egypt and worrying developments in Europe's debt crisis.

Hong Kong's Hang Seng led the modest rally, jumping 1.8 percent to 20,508.02 after reports that fewer Americans sought unemployment benefits last week and ADP, a payrolls processor, said that businesses added more jobs last month than analysts had expected.

China's Shanghai Composite rose 1 percent to 2,013.49. Australia's S&P/ASX 200 was up 0.9 percent to 4,786.60. Jakarta's JSX was up 1.3 percent to 4,638.11 while South Korea's Kospi edged up 0.3 percent to 1,830.52.

The employment news, added to a muted report on U.S. manufacturing growth, was good enough to restore confidence that the American economic recovery s is on track — but probably not strong enough yet for the Federal Reserve to pull back on its stimulus program.

With Wall Street closed on Thursday for the Independence Day holiday, investors will be watching the U.S. government's jobs report Friday in hopes of figuring out what the Federal Reserve will do next.

Over the past few weeks, markets have sputtered amid speculation that the Fed might taper off its policy of buying $85 billion in bonds every month to keep interest rates low and encourage spending.

"We have had a period of extreme volatility, and now we have some settling going on," said Lorraine Tan, director at Standard & Poor's equity research in Singapore. "I think there's a realization that the reaction may have been overdone."

Tokyo's Nikkei 225 bucked Thursday's trend, edging down 0.1 percent to 14,046.85. Taiwain's TAIEX was also nearly flat, up 0.1 percent to 7,914.35.

Asia's mild rally came after Wall Street also entered positive territory, despite Egypt's political crisis and worries over Europe's dormant debt crisis erupting again.

In Europe, stock markets slumped as Portugal's government teetered on the edge of collapse. Investors worried about the future of the bailed-out country and its efforts to get a handle on its debt after two Cabinet members quit.

Investors around the world were also keeping a close watch on the oil price after Egypt's military overthrew the country's first democratically elected president, Mohammed Morsi, who had defied calls to resign despite the demands of millions of protesters.

Egypt is not an oil producer but its control of the Suez canal — one of the world's busiest shipping lanes, which links the Mediterranean with the Red Sea — gives it a crucial role in maintaining global energy supplies.

Benchmark crude for August delivery was up 7 cents to $101.31 a barrel in electronic trading on the New York Mercantile Exchange. The day before it climbed to nearly $102, its highest level in more than a year.

In currencies, the euro rose 0.2 percent to $1.2993. The dollar slipped to 99.75 yen from 99.97 yen.

____

Pan Pylas in London contributed to this report.

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Asia stocks slide as oil jumps on Egypt crisis

BANGKOK — Asian stocks slid on Wednesday as Egypt's unfolding political crisis pushed the price of oil to its highest level in more than a year, adding to an uncertain global economic outlook.

Benchmark crude for August delivery was up $2.20 to $101.80 a barrel in electronic trading on the New York Mercantile Exchange, the highest since early May last year.

Japan's Nikkei 225 edged down 0.1 percent to 14,081.35 and Hong Kong's Hang Seng dropped 1.8 percent to 20,281.62. Seoul's Kospi was down 1 percent to 1836.24. In China, the Shanghai Composite lost 1.3 percent to 1,979.98. Australia's S&P/ASX 200 fell by 2.1 percent to 4,732.40.

The sell-off came as embattled Egyptian President Mohammed Morsi vowed not to resign despite the demands of millions of protesters and a threat by military to suspend the constitution, disband parliament and install a new leadership.

Egypt is not an oil producer but its control of the Suez canal — one of the world's busiest shipping lanes, which links the Mediterranean with the Red Sea — gives it a crucial role in maintaining global energy supplies.

"Crude oil prices rallied up, and now some airline shares are down quite significantly," said Dickie Wong, executive director of research at Kingston Securities Ltd. in Hong Kong.

Airlines are most immediately affected by changes in energy prices since fuel accounts for a large share of their expenses, but a sustained rise in oil prices could have a ripple effect on the global economy which is already beset by a recession in Europe and a shaky recovery in China.

"It definitely depends on the situation in Egypt now," Wong said.

The Egyptian crisis offset positive signs that the U.S. economy is slowly rebounding, causing American stocks to end slightly lower Tuesday after a morning rally.

The Standard & Poor's 500 closed down 0.88 point, or 0.1 percent, at 1,614.08 The Dow Jones industrial average fell 42.55 points, or 0.3 percent, to close at 14,932.41. The Nasdaq slipped 1.09 points, a fraction of a percentage point, to 3,433.40

In currencies, the euro fell slightly to $1.3000 from $1.3020 late Tuesday in New York. The dollar slipped to 100.69 yen from 100.77 yen.

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Mitsubishi UFJ to buy Thai bank for $5.6 billion

BANGKOK — Japanese megabank Mitsubishi UFJ said it plans to buy a 75 percent stake in Thailand's Bank of Ayudhya for about $5.6 billion.

Mitsubishi UFJ said in a statement Tuesday it has an agreement with GE Capital to buy its 25 percent stake in Bank of Ayudhya and will make an offer to other shareholders to secure a majority shareholding in the Thai lender.

It said it will work with Ratanarak Group, an existing group of shareholders who own about a quarter of Bank of Ayudhya, on the next stage of its development.

The Japanese financial giant said it wants to expand its commercial banking business in Asia and the investment in Bank of Ayudhya will be a platform for that.

Japanese companies are among the biggest foreign investors in Thailand, which serves as a regional production base for automakers such as Toyota Motor Corp.

Mitsubishi UFJ said the takeover offer is likely to be formally launched in November and is subject to regulatory approvals.

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Officials say 3rd day of strike likely

SAN FRANCISCO — San Francisco Bay area commuters should prepare for a third day of transit disruptions as labor discussions with rail workers have not yet yielded an agreement, transit officials said late Tuesday.

With talks going on throughout evening, the Bay Area Rapid Transit agency said there was no indication striking workers would return Wednesday.

Talks continued late into the evening with no sign of stopping, BART spokesman Rick Rice said.

Negotiations resumed as political pressure mounted for a settlement. In a letter, the state controller, lieutenant governor and insurance commissioner urged both sides to return to the bargaining table.

Evan Westrup, a spokesman for Gov. Jerry Brown, said the state was sending two of its top mediators — the chair of the Public Employment Relations Board and the chief of the State Mediation and Conciliation Service — to facilitate further talks.

Negotiations were scheduled to start at 6 p.m. between the Bay Area Rapid Transit agency and the two largest unions representing train workers. Calls seeking comment from the agency and unions were not immediately returned.

The letter from the Democratic state officials said the strike has caused "widespread personal hardship and severe economic disruption," and it noted they were disappointed "about the lack of productive proposals and counterproposals in the days leading up to the strike."

The Bay Area Council, a business-sponsored public policy advocacy organization, estimated the strike was costing the region $73 million a day in diminished productivity by workers delayed in traffic or forced into longer commutes using other forms of transit.

The figure was based on state and regional data, anecdotal evidence of commute times, and assumptions about how many people telecommute, said Rufus Jeffris, a spokesman for the group.

Stephen Levy, director of the Center for Continuing Study of the California Economy in Palo Alto, countered that the disruption might be annoying but the impact is minimal on the $600 billion a year regional economy.

"There are no permanent losses," he said. "People work from home, people work harder later the next day or make it up later. The money not being spent in San Francisco remains in the pockets of people who can spend it at home."

Commutes in the region were thrown into chaos when the strike began early Monday after talks with management broke down.

BART is the nation's fifth-largest rail system and carries passengers from the furthest reaches of San Francisco's densely populated eastern suburbs to San Francisco International Airport across the bay.

Freeways have choked to a standstill. Lines for ferry service tripled, and boats were crammed to standing-room only.

Buses were stuffed with riders who felt fortunate to be on board as many commuters were literally left in the dust when buses zoomed by without as much as a honk or an explanation.

About a hundred people waited single-file at the downtown Berkeley bus station. Some had watched multiple full buses cruise by for hours.

"It's already starting to wear on people," said Hilary Hartman, who arrived at San Francisco's Transbay Terminal at 6:45 a.m. Her boss sent her home to work an hour later when she was unable to get on a bus.

"You see the buses trickling in from the East Bay, and it's standing-room only, and people's faces are not super happy when they're getting off," Hartman said.

BART, with 44 stations in four counties and 104 miles of lines, handles more than 40 percent of commuters coming from the East Bay to San Francisco, said John Goodwin, a spokesman for the Metropolitan Transportation Commission.

Transit authorities have made accommodations to help during the strike, including longer carpool lane hours and additional ferries and buses. BART doubled the number of buses serving West Oakland to 36 on Tuesday.

The striking unions and management reported being far apart on key issues including salary, pensions, health care and safety.

The unions, which represent nearly 2,400 train operators, station agents, mechanics, maintenance workers and professional staff, want a 5 percent raise each year over the next three years.

BART said union train operators and station agents average about $71,000 in base salary and $11,000 in overtime annually. The workers also pay a flat $92 monthly fee for health insurance.

___

Associated Press writers Lisa Leff and Martha Mendoza contributed to this report.

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Fenway plays defense

The Red Sox are beefing up perimeter security at Fenway Park to defend the historic ball field from terrorist car-bomb attacks.

Fifty-four security bollards will be installed in front of Gates B and C to prevent explosive-laden vehicles from being driven into the park during events.

"The weapon of choice for terrorists is still … to (take) a vehicle laden with explosives and drive it into a building," said Charlie Cellucci, Fenway's director of security and emergency services. "That happens quite frequently in other parts of the world. It's just steps to prevent that at Fenway Park."

The concrete-encased steel barriers, in the planning stages before April's Boston Marathon bombings, were among recommendations that emerged from a December security assessment of Fenway conducted with the U.S. Department of Homeland Security.

Gates B and C are considered Fenway's most vulnerable areas for threats, according to Cellucci. Car traffic on Ipswich Street, for example, flows directly at Gate B. "(It) could continue on a straight path right into that gate," he said. "Gate C was selected because of the large number of fans that would be affected by an incident at that ... gate."

While the Red Sox conduct yearly risk assessments of Fenway, December's DHS assessment was a first. Major League Baseball has asked all clubs to obtain SAFETY (Support Anti-Terrorism by Fostering Effective Technologies) Act certification from the DHS, Cellucci noted.

The Red Sox, which are paying for the bollards, are going through city permitting with the goal of completing the first-phase installation by Aug. 15.

"We'll be looking at other vulnerable areas around the perimeter of the ballpark," Cellucci said.

Fenway also beefed up security after the Boston Marathon bombings, a Red Sox spokeswoman said. The Boston Police Department Bomb Squad sweeps the park before every home game and remains on hand with an explosives-sniffing dog.

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Oil near $98 as protests rock Egypt government

BANGKOK — Oil hovered near $98 a barrel Tuesday, underpinned by political unrest in Egypt that raised fears of disruption to global crude supplies.

Benchmark crude for August delivery was down 3 cents to $97.96 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract jumped $1.43 to close at $97.99 in New York on Monday.

After massive weekend protests in Egypt that continued Monday, the country's military issued an ultimatum to President Mohammed Morsi that gives him 48 hours to meet the demands of the millions who have taken to the streets seeking his ouster.

The ultimatum, rebuffed by Morsi, raised worries on both sides the military could outright take over, as it did after the 2011 ouster of autocrat Hosni Mubarak. It also raised the risk of a backlash from Morsi's Islamist backers, including his powerful Muslim Brotherhood and hard-liners, some of whom once belonged to armed militant groups.

Traders were concerned that the protests in Egypt and the civil war in Syria could affect the production and transport of oil supplies in the Middle East and North Africa.

"Egypt may not be an oil producer, but they are an important passageway for everything from the Middle East to the rest of the world," said Carl Larry of Oil Outlooks in a commentary.

Brent crude was up 12 cents at $103.12 a barrel on the ICE futures exchange in London.

In other energy futures trading on Nymex:

— Natural gas was up 0.2 cent at $3.579 per 1,000 cubic feet.

— Heating oil added 0.3 cent to $2.876 per gallon.

— Wholesale gasoline rose 1.1 cent to $2.745 per gallon.

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Asia stocks gain as Fed, China slowdown weighed

BANGKOK — Asian stock markets were mostly higher Tuesday as speculation that lukewarm U.S. economic indicators would keep the Federal Reserve from ending its stimulus program early offset pessimism about China's economy. Major European markets opened slightly down.

Tokyo's Nikkei 225, the region's heavyweight index, jumped 1.8 percent to 14,098.74. Australia's S&P/ASX 200 was up 2.6 percent at 4,834.00 after the country's central bank left interest rates unchanged and said the Australian dollar is likely to continue falling, easing pressure on the economy.

Singapore's Straits Times Index was up 0.9 percent to 3,170.10. Seoul's Kospi was almost unchanged at 1,855.02.

In China, the Shanghai Composite Index reversed early losses to rise 0.6 percent to 2,006.56 after reports on Monday that Chinese manufacturing weakened in June amid a credit crunch. Hong Kong's Hang Seng fell 0.7 percent to 20,658.65.

Much of the decline in Hong Kong was led by Chinese banks, which are facing central bank credit restrictions that have caused interest rates on loans by banks to other banks to sharply rise.

"The market is still worrying that the liquidity crisis in Chinese banks is not over," said Francis Lun, chief economist of GE Oriental Financial Group.

In Europe, the FTSE 100 in London was down 0.4 percent to 6,281.53 shortly after opening. Germany's DAX index dropped 0.9 percent to 7,913.40 while France's CAC-40 shed 0.7 percent to 3,741.77. All three indexes had risen the previous day.

Futures augured gains on Wall Street. Dow futures rose 0.2 percent to 14,915 and broader S&P 500 futures added 0.3 percent to 1,611.

Tuesday's gains in Asian markets followed a rally on Wall Street after an ISM manufacturing survey for the U.S. that showed a weak rebound in June thanks to new orders and higher production. The survey boosted stock markets as investors estimated it was strong enough to show the recovery is on track, but not so strong as to encourage the Federal Reserve to start ending its monetary stimulus program ahead of time.

The Dow Jones industrial average gained 0.4 percent to 14,974.96 by day's end, while the broader S&P 500 index rose 0.5 percent to 1,614.96 and the Nasdaq composite rose 0.9 percent to 3,434.

"This rebound in the ISM and moderate employment growth in June would leave the Fed on track to start tapering" its bond purchases in September, said Paul Dales, analyst at Capital Economics.

U.S. economic indicators have been one of the main market drivers in recent weeks as investors gauge when the Fed is likely to wind down its stimulus.

After a volatile few weeks, Fed officials are trying to calm investors' concerns about the central bank's planned reduction in monthly purchases of financial assets. Those purchases are aimed at stimulating the economy by pushing down market interest rates, and investors worry that as the economy improves, a pullback could deprive them of cheap borrowing rates.

In that vein, the U.S. monthly jobs report due Friday will get huge attention as it is the most closely watched indicator for the world's largest economy.

Benchmark oil for August delivery was up 5 cents to $98.05 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.43 to close at $97.99 a barrel on Monday.

In currencies, the euro fell to $1.3026 from $1.3065 late Monday in New York. The dollar rose to 99.75 yen from 99.63 yen.

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China's manufacturing weakens in credit crunch

BEIJING — China's manufacturing weakened again in June amid a credit crunch and slower U.S. and European orders, two surveys showed Monday, adding to signs that growth in the world's second-largest economy is decelerating.

HSBC's purchasing managers' index declined to 48.2 from May's 49.2 on a 50-point scale on which numbers below 50 show a contraction. A separate measure by an industry group, the China Federation of Logistics and Purchasing, showed activity declined to 50.1 from May's 50.8.

The numbers follow data showing May export growth weakened while retail sales growth failed to meet government projections.

The slowdown in Chinese manufacturing could have global repercussions, depressing demand for iron ore and other commodities from Australia and Brazil and for industrial components from Southeast Asia, Taiwan and South Korea.

Manufacturers were hurt by falling orders and a shortage of credit in June as Chinese regulators try to cool a lending boom they worry could race out of control. A shortage of cash in financial markets caused interest rates paid by banks for loans from other banks to spike to a record high.

"As Beijing refrains from using stimulus, the ongoing growth slowdown is likely to continue in the coming months," said HSBC Corp. economist Hongbin Qu in a statement.

New export orders suffered their sharpest decline in nine months, and manufacturers shed jobs at their fastest rate in 10 months, according to HSBC. Its measure is based on a survey of 420 manufacturing companies.

The logistics federation said its survey also showed production and new export orders declined.

"The June PMI declined, mostly in the main index, indicating the economy in the future will face downward pressure," said economist Zhang Liqun in a statement issued by the federation.

China's economic growth decelerated to 7.7 percent in the first quarter from 7.9 percent the previous quarter. Forecasters have said the clampdown on bank lending could cause growth to dip below 7 percent in coming quarters. That would be China's weakest performance since the early 1990s.

Beijing is in the midst of a marathon campaign to build up self-sustaining economic growth based on domestic consumption instead of investment and exports.

Chinese President Xi Jinping was quoted by state media on Saturday as saying officials should not be judged just by increases in economic output, an indication that China's Communist leaders are prepared to tolerate slower growth.

China's vast industry of privately owned small manufacturers could be hit especially hard by credit controls. Regulators want banks to reduce profitable but risky unreported lending, much of which goes to entrepreneurs who cannot qualify for formal loans.

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SF transit agency warns riders of possible strike

OAKLAND, Calif. — San Francisco's Bay Area Rapid Transit warned that passenger trains may not run Monday after contract talks with its two biggest unions apparently stalled as a midnight deadline approached.

BART has not received official word from the unions about a strike, but it began posting electronic signs at stations and on its social media sites that a strike may begin after the end of Sunday's regularly scheduled service. The move came as BART accused union negotiators of walking away from bargaining table while union negotiators countered that were taking a break.

Representatives for Amalgamated Transit Union Local 1555 and Service Employees International Union Local 1021 said the unions told management they had until midnight, when the unions' contracts are set to expire, to offer a new proposal for them to consider.

"If there are no new proposals by midnight, then workers will walk off the job as soon as the trains are safely put to bed," Josie Mooney, a negotiator for the SEIU, told the Associated Press.

BART spokesman Rick Rice declined to comment further.

A strike would cripple the region's Monday morning commute. Transportation officials say another 60,000 vehicles could be on the road, clogging highways and bridges throughout the Bay Area.

As the deadline neared, both sides made an 11th-hour attempt to resume talks Sunday afternoon though they said they were far apart on key sticking points including salary, pensions, health care and safety. Anticipated around-the-clock negotiations had fallen apart Saturday as the unions packed up and left after talks stalled amid claims that the parties met face-to-face once in 36 hours.

Sunday's last-ditch talks also came after Gov. Jerry Brown's secretary of the Labor and Workforce Development Agency, Marty Morgenstern, requested the parties continue negotiating to prevent a work stoppage of the nation's fifth-largest rail system.

"Our team is not encouraged by BART's proposal, but we are going to bargain at the request of the labor secretary in good faith as we have all along," said Josie Mooney, an SEIU chief negotiator. "But if BART continues to do 'surface bargaining,' then we will not come to an agreement."

Brown spokesman Evan Westrup said Sunday that the governor will not call for a "cooling off period at this time" as state mediators will continue assisting the negotiating parties.

"BART and its labor unions owe the public a swift resolution of their differences," Westrup said. "All parties should be at the table doing their best to find common ground."

The two unions, which represent nearly 2,400 train operators, station agents, mechanics, maintenance workers and professional staff, want a 5 percent raise each year over the next three years.

BART said that train operators and station agents in the unions average about $71,000 in base salary and $11,000 in overtime annually. The workers also pay a flat $92 monthly fee for health insurance.

Rice said BART's latest proposal offered a total of an 8 percent salary raise over the next four years, instead of its original offer of a total of 4 percent over the same period. The proposed salary increase is on top of a 1 percent raise employees were scheduled to receive Monday, Rice added.

The transit agency also said it offered to reduce the contribution employees would have to make to their pensions, and lower the costs of health care premiums they would have to pay.

Rice said Sunday that BART's latest proposal may not be its best last offer.

"We need to have some substantial discussions," Rice said. "I hope we can make some progress."

BART's last strike lasted six days in 1997. The transit agency handles more than 40 percent of commuters coming from the East Bay to San Francisco with the Bay Bridge handling another 50 percent said John Goodwin, a spokesman for the Metropolitan Transportation Commission.

Goodwin said commuters should consider carpooling, taking extra buses or ferries available and working from home if the trains stop. And, if commuters must drive to work, leave earlier or even later than usual, he said.

"We simply don't know what the status is," Goodwin said. "Unfortunately, we have to go with the assumption that BART will not be in operation."

Meanwhile, commuters such as Richard Graham, 43, of Pleasant Hill who works as a hotel banquet manager in downtown San Francisco, is left pondering his options, including a three-hour drive to work.

"I can't stop thinking about it," Graham said Sunday as he got off a train. "It would make take me 2 ½ to 3 hours if I drive in to work. Then I've got to find parking, and that might cost me another 40 bucks, if there are any spots left."

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Nokia buys network operations from Siemens

HELSINKI — Nokia said Monday that it will buy Siemens' half of their joint network operations in a 1.7 billion euros ($2.22 billion) deal.

The transaction, to be completed during the third quarter this year, will mean that the joint venture between Nokia Corp. and Germany's Siemens AG. will become a wholly owned subsidiary of the Finland-based company.

The network operations was loss making for years but recently has shown signs of improvement after restructuring and substantial job cuts.

CEO Stephen Elop said the company had also made strides in developing LTE, or long-term evolution, high-speed data.

"Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity," Elop said. "Nokia is pleased with these developments and looks forward to continue supporting these efforts to create more shareholder value for the Nokia group."

Nokia, once the dominant cellphone maker, is struggling in the smartphone market against Samsung, Apple's iPhone and handsets that use Google's Android software. It is also being squeezed at the lower end against Asian manufacturers making cheaper handsets.

Nokia said that the operational headquarters of the networks sector will remain in Espoo, near the Finnish capital of Helsinki. But Nokia said, it "will continue to have a strong regional presence in Germany."

The Siemens name will be phased out from Nokia Siemens Networks' company name and branding, with the company's new name to be announced at the closing of the transaction.

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FDA to detain import of firm's pomegranate seeds

WASHINGTON — The Food and Drug Administration plans to detain shipments of pomegranate seeds from a Turkish company when they are offered for import into the U.S. because of a multistate outbreak of hepatitis A illnesses associated with a frozen-food blend containing pomegranate seed mix. Products linked to the illnesses have already been recalled.

The FDA and the Centers for Disease Control and Prevention have determined that the most likely vehicle for the hepatitis A virus appears to be a common shipment of pomegranate seeds from the Turkish company, Goknur Foodstuffs Import Export Trading, the FDA said in a statement Saturday.

The food company Townsend Farms of Fairview, Ore., used those pomegranate seeds to make the Townsend Farms and Harris Teeter Organic Antioxidant Blends that were recalled in June, the FDA said. Those seeds were also used by Scenic Fruit Co. of Gresham, Ore., to make their recently recalled Woodstock Frozen Organic Pomegranate Kernels, according to the federal agency.

As of Thursday, 127 people in eight states — Arizona, California, Colorado, Hawaii, Nevada, New Mexico, Utah, and Wisconsin — were reported to have been exposed to Townsend Farms Organic Antioxidant Blend, the FDA said. Those reported ill in Wisconsin were exposed to the product in California.

The illnesses date back to mid-March, the CDC has reported. In early June, Townsend Farms recalled its frozen Organic Antioxidant Blend, packaged under the Townsend Farms label at Costco and under the Harris Teeter brand at those stores.

The outbreak strain of hepatitis A virus, belonging to genotype 1B, was found in clinical specimens of 56 people in seven states, according to a CDC report. That strain is rarely seen in the Americas but circulates in North Africa and the Middle East.

"This outbreak highlights the food safety challenge posed by today's global food system," said Michael R. Taylor, deputy commissioner for foods and veterinary medicine.

"The presence in a single product of multiple ingredients from multiple countries compounds the difficulty of finding the cause of an illness outbreak. The Hepatitis A outbreak shows how we have improved our ability to investigate and respond to outbreaks, but also why we are working to build a food safety system that more effectively prevents them," Taylor said.

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New rule targets drug shortages

Federal regulators, trying to head off drug shortages, are poised to release a proposed rule that would require manufacturers to notify them if they stop or delay production of critical drugs.

The rule would require manufacturers to give the Food and Drug Administration six months' notice before discontinuing or interrupting the production of drugs that are life-sustaining, or that treat or prevent debilitating diseases.

"Early notification of supply disruptions or other potential problems that could lead to a shortage will enable the FDA to work with manufacturers and stakeholders to prevent a shortage or mitigate its impact," said FDA spokesman Christopher C. Kelly.

The FDA will consider public comments before finalizing the rule by Jan. 9.

Last year, there were 117 drug shortages, Kelly said, and the FDA was able to prevent another 282, up from 195 in 2011.

Shortages can be agonizing for patients whose lives hang in the balance.

"For many patients, these drugs are life-saving, so the impact (of a shortage) can be tremendous," said Dr. Jack Erban, clinical director of the Tufts Medical Center Cancer Center and professor of medicine at Tufts University School of Medicine. "We don't have the luxury of delaying. It's already extremely stressful to go through chemotherapy. Any deviation is a major source of anxiety and distress for the patient. Occasionally, drugs have to be substituted, sometimes with ones that are not as effective or that have more side effects."

About two years ago, there was a nationwide shortage of Doxil, which is used to treat ovarian, breast and endometrial cancer.

"It affected a lot of women," said Dr. Michael Birrer, director of gynecologic medical oncology at Massachusetts General Hospital and professor of medicine at Harvard Medical School. "We switched to prescribing a parent compound, which is more toxic and not as effective."

Birrer doesn't believe the proposed FDA rule goes far enough.

"Why do we have only one company producing a drug?" he said. "Either we need to stimulate the market by providing a bigger profit margin on generic drugs, or the federal government gets into the drug-making business, which I don't think is smart."

Marjorie Moeling, a spokeswoman for Bedford Laboratories, which makes generic injectable drugs, said, "I can tell you that we understand the urgent need for critical medicines and, in partnership with the FDA, are committed to addressing drug shortage and ensuring our products are safe, effective and reach the people who need them."

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A taste of the real world

Faced with a difficult job market and employers demanding more than a traditional skill set, entrepreneurial programs at colleges and universities have more value than ever, students, professors and officials say.

Dozens of student-founded companies take part in business incubators, accelerators and challenges organized by schools, including Harvard University, Emerson College and Babson College.

"I know I would not be this far without the program," said Emerson College senior Jon Allen, winner of this year's E3 Expo at Emerson. Allen is getting ready to launch his line of natural Shirley Temples.

Allen, like many who go through accelerator programs, started with an idea for a business and spent the next two semesters fine-tuning and perfecting it. While improving the business plan, the budding entrepreneurs get exposure to professionals who are able to offer advice about key business skills, such as marketing, presenting to investors and legal issues.

For many involved in these programs, the skills learned are just as important as any potential money students can win.

"It's this concept of getting direct and relatively easy access to resources they need," said Andrew Corbett, faculty director of John E. & Alice L. Butler Venture Accelerator program at Babson College.

"Even people that don't win end up doing great things," said Paul Bottino, founder and executive director of Harvard's I3 challenge.

James DiSabatino, owner of the Roxy's Grilled Cheese food truck in Boston, went through the E3 program when he was an Emerson student, but with a different business idea. Through the program, he figured out that his idea — an environmentally focused shuttle company — was not viable.

"That was the learning experience I needed," he said. "It helped me make those really essential mistakes first."

Sara Gragnolati of Boston was in Babson's accelerator program while pursuing her MBA and launched her soon-to-expand gluten-free food company Cocomama thanks to the program. She said the best part of the program was being surrounded by others who were also trying to start a business.

"When you're looking at and evaluating other business, it also teaches you about your own" she said. "You know people are giving you feedback because they want to help you."

Many students and professors recognize that a new kind of skill set is necessary post-graduation, regardless of the kind of job.

"The reality of working has changed," said Karl Baehr, director of the E3 program. "If you're going to prepare a student for a career today, they have to learn how to think entrepreneurially about their career."

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