Insurer to rescue Connector

A Massachusetts health plan, citing widespread bewilderment over the Health Connector's latest attempts to sign up Obamacare recipients, said it will offer last-minute insurance to Bay Staters who missed key deadlines.

"The bottom line is many members have been very confused," said Thomas Policelli, the CEO of Minuteman Health. "So we thought this made sense to extend this for people who didn't realize they have a problem. ... We've gotten panicked phone calls from fully paid members."

Bay Staters looking for health insurance effective Jan. 1 have until Sunday to pay for plans that they already selected through the Connector. But those who missed a separate Dec. 23 deadline to pick a plan may end up uninsured on Jan. 1, said Policelli.

Adding to the confusion, many Bay Staters have reported not receiving payment confirmation and some paid enrollees won't receive insurance cards by Jan. 1.

Minuteman said it is allowing people who missed the deadlines and need insurance by Jan. 1 to buy plans right up until Dec. 31. The plans are non-subsidized because they're being purchased outside the Connector, but Policelli said the alternative is no coverage at all.

Eric Linzer, spokesman for the Massachusetts Association of Health Plans, blamed the Connector's revamped Obamacare portal for not effectively providing payment confirmation to consumers.

"What this shows is a failure on the part of the Connector's website to offer some basic functionality that most consumers have come to expect with any kind of online shopping experience," said Linzer. "The subsequent workaround by the Connector has contributed to consumer confusion on this."

Connector officials, however, defended the enrollment process. They said they gave insurance companies information on everyone who signed up for their plans so they could collect payment. They also conducted a comprehensive outreach campaign, and they insist enrollees without ID cards are still covered.

Some 40,065 Bay Staters have paid for plans so far, while 34,138 people have selected plans but not paid.

Obamacare czar Maydad Cohen defended the functionality of the website and said the decision to extend the payment deadline has made a difference.

"I strongly believe the extension to pay has resolved any concerns consumers had about ensuring they could get access to ... coverage," said Cohen.

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Union Wharf duplex location can’t be beat

This brick-and-beam duplex on Union Wharf was completely redone three years ago, incorporating original granite details with contemporary finishes, including a wine cellar.

Unit 101 is a first-floor and basement-level corner duplex with wood-beam ceilings and brick walls, new oak floors throughout and a large, open kitchen/living area. The large three-bedroom unit has 2,552 square feet of living space and is on the market for $1,895,000.

Originally built as a warehouse in the 1830s, Union Wharf still has much of its interior granite lintels on its large windows as well as granite supporting columns. The six-story 89-unit complex was converted into condos in 1978, with two gray granite buildings as well as brick row houses added along the wharf.

Entry is into a foyer with a coat closet and into an open kitchen/living area with a brick side wall. The track- and recessed-lit kitchen, redone in 2011, features 25 cherrywood cabinets, some glass-fronted and ­others pantry-style. There's bilevel granite counters with a glass-mosaic tile back­splash and an island with a breakfast bar withthat seats four and pendant lighting above. Jenn-Air stainless steel appliances include a refrigerator, dishwasher and electric stove and oven along with a Marvel wine cooler.

The adjacent 20-by-20-foot living room has two large windows, track lighting and a ceiling fan/light.

A half-wall with wood columns leads into a formal dining room with track lighting, brick walls, two large windows and a jelly-jar chandelier.

The short hallway leading to the master bedroom holds a half bathroom redone in 2011.

The master bedroom suite has a brick wall, recessed lighting and a dropped white ceiling. There's a walk-in closet with built-in storage and wardrobes. The en suite bathroom, redone three years ago, has a standalone clawfoot tub and porcelain tile floor and surround for a glass-doored walk-in shower. There are two sinks in a cherrywood vanity topped with black granite, as well as a handcrafted cherrywood linen closet.

A set of oak stairs leads down to the lower level, where there are original granite columns integrated into the renovations. Straight ahead is a family room with track lighting and a custom storage cabinet.

There are two bedrooms on this level with wood-beam ceilings, new oak floors and track lighting but with very small windows. A full bathroom has porcelain tile floors and surround for a walk-in shower as well as a whirlpool tub. A cherrywood vanity has two sinks and a marble countertop, and a closet holds a full-sized front-facing Whirlpool washer and dryer.

An adjacent closet has a temperature-controlled wine cellar that holds hundreds of bottles.

Heat and hot water are included in the $999 monthly condo fee, as well as access to the complex's heated outdoor swimming pool. There's also a top-floor common roof deck as well as a marina.

The unit comes with one deeded outdoor parking space on a gated lot manned 24/7, and there are spaces allotted for visitor parking.

Home Showcase

• Address: 343 
Commercial St., Unit 101, Union Wharf, Waterfront
• Bedrooms: Three
• Bathrooms: Two full, one half
• List price: $1,895,000
• Square feet: 2,552
• Price per square foot: $743
• Annual taxes: $17,724
• Monthly condo fee: $999 (includes heat, hot water, on-site heated pool)
• Location: Three blocks from restaurants and shops on Hanover Street in the North End; a quarter-mile from Faneuil Hall and the Financial District.
• Built in: 1830s; converted to condos 1978; unit completely renovated in 2011
• Broker: Ruth Ann Bowers and George Jedlin of Otis & Ahearn at 857-263-2181

Pros:

• Original brick walls, wood-beam ceilings, granite columns and lintels
• New oak floors, recessed and track lighting throughout
• Kitchen redone with 26 cherry cabinets, granite counters, Jenn-Air appliances
• Temperature-controlled wine cellar
• Complex has heated outdoor pool, marina and common roof deck with Harbor views

Cons:

• Very small windows on lower level

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Hacks are security wake-up call

Businesses are re-examining their security controls and wondering where the next attack will come from after the Sony Pictures hack and a subsequent cyberattack that crippled the Xbox and Sony PlayStation networks on Christmas morning.

"It is the new normal," said Adam Towvim, chief executive of TrustLayers, a data security company. "This is a wake-up call. Who is accessing the data isn't the right question to be asking anymore, it should be how is the data being used, what are they doing with the data, which country is it being moved to."

The networks powering the two largest video game consoles, XBox Live and The PlayStation Network, were both down yesterday after a group called Lizard Squad claimed responsibility for the hack on Twitter. As of last night, the PlayStation Network remained down, but Xbox Live was largely operating.

PlayStation is owned by Sony, but it is unclear if there is any connection between that attack and the Sony Pictures hack.

"Just like we see in physical life, there are copycats in cyberworld," said Christopher Ahlberg, chief executive of Recorded Future, which monitors cyber-threats.

Towvim said many businesses reached out after details of the Sony Pictures hack emerged, asking what other steps can be taken to protect their networks. He said companies can't just try to keep attackers out, they need to also monitor internal data so red flags go up if there is any change in the way it is being used.

"Access control is still important, but real time visibility is now critical," Towvim said. "You can't just lock the data down. These persistent threats that happen inside the network, they do not look like proper use of the data. If you attach usage limitations to that data and you monitor that use, you have a totally different way, if not preventing, at the very least going a long way towards mitigating the risk."

Computer security expert Bruce Schneier, said the Sony hack could give other companies with lax security protocols the necessary incentive to tighten their controls. The hackers apparently were able to run rampant inside Sony's network, he said, thanks in part to an unencrypted list of passwords called "Passwords."

Said Schneier: "Maybe if we're lucky some more companies wake up and take security more seriously."

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Quincy residents to be left with emergency facility only

The long-struggling Quincy Medical Center will permanently close its doors tomorrow, leaving Quincy residents without an official health facility sooner than originally planned, which could spur legal action from the Attorney General's office.

"Because of significant declines in patient volume, the department has determined that this closure timeline is necessary and appropriate to protect the health and safety of patients served by QMC and the department waives the remainder of the 90-day closure notice period," Department of Public Health official Sherman Lohnes wrote Tuesday in a letter to QMC owner Steward Health Care System.

Hospitals are obligated to give 90 days' notice before closing, which would have required the medical center to stay open until February if DPH had not waived the requirement.

The for-profit company previously agreed in a contract with Attorney General Martha Coakley to keep the 196-bed center open until at least 2017, and Coakley's office has raised the possibility of taking legal action if the hospital's emergency services did not stay open past Dec. 31.

Although AG spokesmen declined to specifically comment on whether that still may be in the cards, talks with Steward were said to be ongoing.

"We have made clear that any efforts to close Quincy Medical Center must maintain emergency services beyond Dec. 31," said Brad Puffer, spokesman for Coakley. "This is an important step in that process and we are continuing our discussions with Steward."

According to a press release, Steward QMC will close at 11:59 p.m. tomorrow, and the Steward Satellite Emergency Facility will officially open at midnight.

Steward said it will keep the emergency facility open until Dec. 31, 2015, through Carney Hospital's license.

The center has been fraught with financial woes and a dwindling patient base for several years.

But the closing of the center leaves Quincy residents without a hospital and the center's health care workers in employment limbo.

Brooke Thurston, a spokeswoman for Steward, said many of the center's employees will be paid and receive benefits through Jan. 6, and that a majority will be transferred into new positions within the Steward network.

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Honda recalls 1,252 Crosstours over side air bags

NEW YORK — Honda is recalling 1,252 Crosstour vehicles due to a faulty side air bag made by troubled air bag supplier Takata.

The Honda recall is for 2015 model year Crosstours. The National Highway Traffic Safety Administration says the side air bag may not inflate properly because of a problem with its inflator tube. Crosstour owners will receive a letter in the mail asking them to take their car to a Honda dealer and have the side air bags replaced free of charge.

Honda said no injuries were reported. Takata Corp. declined to comment.

Takata, a Japanese air bag maker, is at the center of massive recalls around the world. Several automakers have recalled vehicles with air bags made by the company because they can explode and send shards flying at drivers and passengers. In response to the recalls, Takata on Wednesday apologized to those killed or hurt by its faulty air bags and announced it was reshuffling its executives.

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Mayor Marty Walsh makes Dorchester tour

It was a merry Christmas Eve day in Dorchester yesterday as the mayor and police commissioner went on a goodwill tour of businesses.

The event began with a gathering at the Teen Center at St. Peter's where neighborhood kids received presents from police and seasons greetings from community leaders including Mayor Martin J. Walsh, police Commissioner William B. Evans and state Rep. Evandro C. Carvalho.

Walsh and police officers then took to Bowdoin Street towards Geneva Avenue to shake hands and wish happy holidays to shoppers along the boulevard.

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Single-family home sales fall in Nov.

Single-family home sales fell last month while the median price rose, particularly in Greater Boston, driven by a continuing shortage of inventory, according to the Massachusetts Association of Realtors.

Statewide, the number of closed sales dropped by 6.7 percent, from 3,817 in November 2013 to 3,560 last month, while the median price increased 4.4 percent, from $316,000 to $330,000 over the same period, MAR statistics show.

Condominium sales fell even more precipitously — by 10.2 percent — from 1,494 to 1,342, but the median price increased only 1 percent, from $299,000 to $302,000.

"Both the falling numbers of sales and the increasing median prices are a reflection of low inventory," said MAR President Peter Ruffini. "There's a lack of affordable housing for first-time buyers. It's very rare to see new construction priced at under $400,000. That's simply not a viable price point for most people looking to enter the housing market."

In the Metro Boston area, the median selling price for a single-family home rose even more dramatically — by 9.4 percent, the largest percentage increase since April — from $480,000 in November 2013 to $525,000 last month, the highest median home price ever recorded for November in the area, according to the Greater Boston Association of Realtors.

"Even at these prices, what is available is being jumped on pretty quickly," said Michael DiMella, the association's president and managing partner of Charlesgate Realty Group in Boston. "We're still seeing some multiple offers and bidding wars, although not as much."

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Bitcoin now available at local stores

You can now pick up some bitcoin with that bottle of soda and bag of chips at the store down the street.

LibertyX, a company that originally made and operated bitcoin vending kiosks, has expanded to let any store sell bitcoin for cash at the register, just like anything else they have in stock.

"You hand over cash, you get a code," said Kyle Powers, co-founder of LibertyX, formerly known as Liberty Teller. A cashier gives the customer a pin number, which can be redeemed for bitcoin. LibertyX is working with 2,500 stores, mostly local businesses including convenience and computer stores, across the country in the obvious places — Cambridge and San Francisco — and some less obvious, such as Lowell and Missoula, Mont.

The move away from dedicated ATMs that sell bitcoin came from overwhelming demand, Powers said.

"We had people driving for hours," Powers said. "The whole thing was to reach areas that we couldn't otherwise."

The ATMs are still operational, including the one at South Station.

"We're doing the same thing (as the ATMs), just cheaper, faster, more convenient," Powers said.

To help LibertyX expand, the company has raised a little more than $400,000 in private investment. Project 11, the venture capital firm headed by Katie Rae, Reed Sturtevant and Bob Mason, formerly of TechStars Boston, led the investment.

Powers said much has been made of bitcoin's ups and downs, but he continues to have faith in the online currency.

"Bitcoin is like gold, except the market is a thousand times younger" he said. "What we're doing is a fundamental, foundational piece of the bitcoin ecosystem."

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Sony tries to save face with 'Interview' flip-flop

ATLANTA — Sony's flip-flop on releasing "The Interview" shows the studio is working furiously to try to chart the right course through political and public-opinion minefields.

Although analysts don't believe the decision will have any effect on Sony's image, it will at least give the movie-going public a chance to vote with their wallets and send North Korea a protest message.

Last week, Sony canceled the Christmas Day release of "The Interview" in the wake of an extensive hacking attack and release of confidential emails by a group linked with North Korea. The movie stars Seth Rogen and James Franco as journalists tasked by the CIA with killing North Korean leader Kim Jong Un. The hackers threatened violence if Sony didn't pull the movie. Sony did so after major theater chains decided not to screen it.

But the company then wavered in the face of public outcry and criticism from President Barack Obama. On Tuesday, Sony Entertainment CEO Michael Lynton said Seth Rogen's North Korea farce "will be in a number of theaters on Christmas Day."

The film is set to open in over 200 theaters, down from an original release planned in 3,000. Atlanta's Plaza Theater and 16 theaters that are part of the Alamo Drafthouse chain in Texas are among those that plan to show it.

Lynton said Sony also is continuing its efforts to release the movie in more theaters and through more platforms — namely digital channels, such as Internet streaming or video on demand on cable systems. But Sony isn't offering specifics. Starz, which has first pay TV and streaming rights to Sony releases, didn't respond to requests for comment. Streaming service Netflix declined comment, while YouTube didn't respond to requests.

Plaza Theater owner Michael Furlinger said he was thrilled to be showing the movie. He canceled plans to fly to Long Island, New York, to see his parents for the holidays.

"We play a lot of controversial pictures, things I don't necessarily agree with, but I will never censor them," he said. "It's not for me to decide. It's for the customer to decide. If they want to come, they'll spend their money. If they don't, that's their choice. It should not be the choice of somebody from North Korea or China or anywhere else."

Atlanta Police spokesman Sgt. Greg Lyon said police will monitor the location for potential threats, but he wouldn't discuss specifics. Furlinger said the theater will take some precautions, though he said he wasn't worried about the threats.

If anything, the controversy has raised awareness about the movie. Although fewer theaters are showing it, those theaters might be more packed than they would have been otherwise.

Anthony LoRusso, 54, of Atlanta, thought the premise of the movie was "silly" and initially planned to wait for the DVD. Now, he plans to see it at The Plaza.

Colby Cohen, 29, of Atlanta said he probably would have seen it anyway, but the brief cancellation made him want to see it more.

"I'm going to get to fight terrorism on Christmas Day now," he said.

Because Sony has been wavering on its release of "The Interview" since last week, deciding to release it after all should not have a major effect on its image. Laura Ries, president of Atlanta-based branding consulting company Ries & Ries, said most moviegoers don't tie movies with the studio that makes them in the first place.

If Sony ends up expanding the theatrical release and sells the movie through digital channels, it could end up recouping some of its box offices losses. Doug Stone, president of film industry newsletter Box Office Analyst, had estimated domestic box office for the movie would be $75 million to $100 million, of which Sony keeps about 55 percent. But the release is too limited so far to give Sony much of a financial bump.

Furthermore, costly damage from the email leaks to relationships and future projects cannot be recouped, and there is a threat of more leaks as Sony plans on releasing the film now.

"Panic-based decisions are not sound crisis management," said Jonathan Bernstein, president of Los Angeles-based crisis management company Bernstein Crisis Management. The studio is making decisions too quickly and could face more embarrassment if hackers leak additional documents and emails in retaliation for showing the movie, he said. He said Sony should have waited until it is sure it can protect itself.

Still, moviegoers seemed enthusiastic Tuesday. Isaac Sokol, a 21-year-old university student in the Dallas suburb of Richardson, bought two tickets for a Christmas night show at the Alamo Drafthouse theater in Richardson.

"The only way to tackle world conflicts and human rights violations and all of the dreaded things around the world is to take them with a grain of salt," he said. "If you don't, it's going to just be sadness."

The Alamo Drafthouse said many showtimes across the chain were selling out for Christmas Day, but the company did not provide specifics.

Once James Wallace, the Richardson theater's creative manager, received word Tuesday morning that the movie was back on, the theater got to work preparing for several shows. Among other touches, the theater will offer a patriotic menu featuring burgers, "freedom fries" and apple pie.

"You better believe it's going to be all-American," Wallace said.

___

AP Film Writer Jake Coyle in New York and AP writers Kathleen Foody in Atlanta, Nomaan Merchant in Dallas, Joseph Pisani in New York and Michael Liedtke in San Francisco contributed to this report.

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The Ticker

Dow, S&P hit record highs in 'Santa' rally

The Dow Jones industrial average and the Standard & Poor's 500 index closed at record highs as the market delivered its fourth gain in as many trading days.

Pharmaceutical and technology stocks were among the big risers, while shares in energy companies fell sharply as the decline in oil prices deepened. Discouraging data on U.S. home sales failed to derail the "Santa" rally, as traders call a pre-Christmas advance.

The National Association of Realtors reported that sales of previously occupied homes fell 6.1 percent last month to a seasonally adjusted annual rate of 
4.93 million. That's the slowest pace in six months.

The Dow Jones industrial average rose 154.64, or 0.9 percent, to 17,959.44. Its last record close was 17,958.79 on Dec. 5.

The Nasdaq composite picked up 16.04 points, or 0.3 percent, to 4,781.42. The Standard & Poor's 500 index gained 7.89 points, or 0.4 percent, to 2,078.54. The S&P's most recent record close was 2,075.37, set on Dec. 5.

Gillette owner to sell soap brands

Procter & Gamble, owner of Boston-based Gillette, said it would sell soap brands Camay and Zest to Unilever for an undisclosed amount to focus on its faster-growing brands.

The deal includes the global sale of the Camay brand and the sale of the Zest brand outside of North America and the Caribbean, P&G said.

The company will also sell its Talisman facility in Mexico to Unilever. The facility has 170 employees.

P&G said in August that it would shed 80 to 100 slow-growing product lines to focus on about 80 brands, including Tide laundry detergents and Pampers diapers, which generate most of its revenue.

Carbonite moves downtown

Carbonite Inc., a provider of cloud and hybrid backup and recovery solutions for businesses, has opened its new headquarters in Lafayette City Center in Boston's Downtown Crossing. Carbonite's new 52,000-square-foot home will accommodate up to 400 employees.

The owner of Lafayette City Center is Boston-based the Abbey Group.

Today

 Commerce Department releases durable goods for November.

 Commerce Department releases third-quarter gross domestic product.

 Commerce Department releases personal income and spending for November.

 Commerce Department releases new home sales for November.

THE SHUFFLE

 Wentworth Institute of Technology announced today that it has named Associate Provost Charles Hotchkiss as the new dean of the College of Architecture, Design and Construction Management. Hotchkiss has extensive experience in higher education administration, including serving at Southern New Hampshire University.

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Business Protocol: Toe the line in kissing under mistletoe at holiday parties

Hung over a doorway during Christmas, mistletoe remains one of the season's most beloved traditions.

They say mistletoe has spiritual and healing powers. It is also said to be a sexual symbol and an aphrodisiac. One legend states couples kissing underneath mistletoe will have good luck but a couple not performing the ritual will have bad luck. And while mistletoe is widely viewed as a symbol of love, it was traditionally a symbol of peace. Enemies who encountered each other underneath mistletoe-bearing trees are supposed lay down their arms, embrace and agree to a truce until the next day. This gesture of goodwill evolved into the custom of kissing as we know it today.

Finding yourself underneath the mistletoe can be festive and fun, especially after a few cocktails, but be careful not to get cornered … or carried away! For starters, full "lip lock" should be reserved for your spouse/significant other.

Here are some options to consider before you get near those innocent-looking dangling sprigs:

• Consider kissing at least one other person before an office crush, to conceal your true intentions!

• Men should consider offering a female co-worker the hand kiss, showing the ultimate respect.

• Rest your hands on the other person's shoulders to help respect personal space/comfort zone issues:

• The cheek kiss — always appropriate.

• The "never wrong" air kiss, even better, while simultaneously shaking the other person's right hand, and squelch any budding office rumors.

• The corner to corner kiss — allowing the corner of your lips to just barely touch their lips.

• The motherly forehead kiss.

• Finally, you will never go wrong with the old-fashioned handshake.

Some other things to bear in mind: Your mistletoe should be real — with white berries. Fake mistletoe is tacky. If the berries are red, it's probably holly. Hang it from the ceiling — beforehand! Don't walk around with it, holding it over people.

And tradition calls for men to remove a berry when they kiss a woman. When all the berries are gone, the kissing is over.

Bottom line: Treat other people with respect and defer to their wishes while protecting your own dignity and reputation. And if you're uncomfortable with any of this ... steer clear of the mistletoe!

Judith Bowman is the president and founder of Protocol Consultants International and author of "Don't Take the Last Donut: New Rules of Business Etiquette" and "How to Stand Apart @ Work ... Transforming '"Fine'" to Fabulous!" Email her at Judith@ProtocolConsultants.com.

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Two top execs leaving MassChallenge

Two members of MassChallenge's executive team are stepping down.

In emails yesterday, Akhil Nigam, president and co-founder of the Boston-based startup accelerator and competition, and Karl Buttner, chief mentorship officer, said they will remain advisers to the organization but did not say what their next career move would be or who would replace them.

"Akhil and Karl are two of the most dedicated, sincere, enthusiastic and fun people I know ," John Harthorne, co-founder and CEO, said in a separate email. "We've been planning for this moment for a while now. MassChallenge has made some new hires, reorganized the team and worked to ensure a smooth transition. We'll announce more in the coming months as we head into an exciting 2015."

Nigam, a Harvard Business School alumnus and former Bain and Co. employee, did not say why he is leaving. Buttner, an MIT graduate, said he is trading his "lengthy car commute" to spend more time with his family.

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Booting Up: A cure for credit card debt

'Tis the season for credit card debt, but don't fear: We've got you covered with a list of some of the top digital tools to help you dig yourself out of that financial holiday hole.

The average consumer is expected to spend more than $800 on gifts for Christmas, Hanukkah and Kwanzaa, according to the National Retail Federation. That doesn't include the wallet-walloping impact of all those family gatherings and festive home decor.

But lucky for you, the digital revolution delivers with some credit-control solutions, my favorite of which is the website 
MyFico.com.

If you're not a subscriber to MyFico, you're missing out. For the past 10 years or so, I've benefited from its monthly credit tracking service and credit score simulator tools.

For $19.95 a month, MyFico will monitor your credit score and advise you how to repair your credit. You'll see a list of the factors impacting your credit score, gain the ability to calculate the best way to pay off your balances and how long that will take.

MyFico also rates the best credit cards and lists balance-transfer deals available to you, which leads me to my next tip.

For whatever reason, balance transfers are almost entirely found and initiated online. For instance, the "Discover it" card is now offering 0% APR on balance transfers for 18 months, with a 3 percent fee applied to the transferred amount. If it's going to take you months to pay off your holiday debt, you should look into an online balance transfer and calculate whether that 3 percent fee is less than the cost of the current APR on the credit card you've charged up.

Now, let's say you decided to be Mr. or Mrs. Claus and are really staring down a barrel of serious financial problems. Your APRs could be so high at this point that it actually makes sense to take out a loan. I know that sounds crazy — going into debt to pay off debt.

But there's an intriguing service founded by some Google alums that may be worth your consideration. Upstart.com is a peer-to-peer lender that is targeting highly educated people with a good work history and debt — i.e., student loan debt. With APRs starting at 5.7 percent, upstart.com appears to provide an elegant solution in the face of a greedy Wall Street that doesn't much care that we're churning out a generation of Americans that will never be able to buy a house.

The last solution I'm going to suggest is like a digital financial consultant at your fingertips: Mint. Go to mint.com and input information about your credit cards and bank accounts and voila — you'll have your entire financial outlook in real time, for better or worse. Ironically, this tool may help you decide that it's time to forgo some of these 21st-century tools for something a little more time-tested: a pair of good ol' fashioned scissors.

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Cambridge frets over business climate

Two of Cambridge's top priorities — supporting biotech companies and being green — are in a tug-of-war as the city mulls tougher emissions standards for new construction.

A city task force has been meeting for nearly a year to come up with a way for new buildings in Cambridge to be "net zero" to significantly reduce emissions. But some of the most energy-intensive buildings in Cambridge are biotech labs, which require a significant amount of specialized infrastructure, including high-powered ventilation systems to deal with any potentially hazardous gases.

"We want to reduce greenhouse gas emissions in the built environment," said Susanne Rasmussen, director of environmental and transportation planning for Cambridge and co-chairwoman of the task force. "The actions we take could have much broader impact than in our own community."

Joe McGuire, vice-president of development for Alexandria Real Estate Equities, one of the largest developers of lab space in Cambridge and also a member of the task force, said, "There are less than a handful of cases where a lab can be made net zero. (Labs) could be five or six times more expensive (to power) than an office building."

He said his own company makes energy efficiency a priority, but developing a net-zero emissions lab in Cambridge would be nearly impossible.

Because Cambridge is so densely packed, particularly in Kendall Square where most labs sit, there is less room for renewable energy infrastructure, such as solar panels.

McGuire estimates roughly half of Cambridge's commercial office space is taken up by laboratories, a far greater percentage than anywhere else in the world.

"It's impossible with technology that's currently available to build a 200k-square-foot lab building that's net zero," said Peter Abair, director of economic development for the Massachusetts Biotechnology Council.

McGuire said increased costs to developers will be passed on to companies, some of which may start to look outside of Cambridge if the cost gets too high.

"I'm concerned that what Cambridge does is so aggressive that it makes other communities more attractive," he said.

The task force is anticipating that there will be significant technological breakthroughs in the coming years for renewable energy.

Under current plans, which have not been finalized, the task force would require new lab space to have net-zero emissions by 2030.

"We recognize that laboratory buildings have unique circumstances that make them at least right now have a higher energy consumption," Rasmussen said.

The task force plans to reevaluate the timeline and other regulations every five years.

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Asian markets gain as oil rebounds

SEOUL, South Korea — Asian markets were mostly higher Monday after the Fed's pledge not to rush to raise interest rates prompted investors to add risky assets ahead of the year-end holiday. A rise in the price of oil boosted energy stocks.

KEEPING SCORE: China's Shanghai Composite Index was up 1.6 percent to 3,158.94. South Korea's Kospi added 0.7 percent to 1,943.77 and Hong Kong's Hang Seng rose 1.5 percent to 23,452.25. Japan's Nikkei 225 dipped 0.1 percent to 17,610.33 while Australia's S&P/ASX 200 jumped 1.9 percent to 5,422.00. Stocks in Southeast Asia and Taiwan also rose.

ANALYST'S TAKE: "Our markets have opened firmer after the strong rebound in energy prices," said Tony Kwok, a sales trader in Sydney for CMC Markets. "Oil futures in particular, jumped 3.3%, despite Saudi Arabia refusing to cut production, which is seen as a very positive sign for the recently battered commodity."

OIL REBOUND: Saudi Petroleum Minister Ali Naimi said Sunday that he was certain the oil market would recover with the improvement of the global economy. Oil peaked at $107 a barrel in June but has plunged since then due to weak demand, especially after Saudi Arabia and other members of the Organization of Petroleum Exporting Countries agreed to maintain production levels. Naimi, in a speech at an energy summit in Abu Dhabi, denied his government was trying to suppress oil prices.

ENERGY STOCKS: Shares of energy companies, which have underperformed benchmarks, made gains as crude prices rebounded after the Saudi petroleum chief, Naimi, expressed confidence the market would stabilize. State-owned Chinese oil and gas company PetroChina Co. jumped 5.4 percent while another state-owned energy company, Sinopec Shanghai Petrochemical Co., advanced 3.1 percent.

FED PLEDGE: Last week's volatile stock movements found an upward direction after the Federal Reserve reassured investors on Wednesday it was in "no hurry" to hike interest rates and that a rate hike will not take place during the first quarter of next year. The news emboldened investors and the U.S. dollar rose against other major currencies.

ENERGY: Benchmark U.S. crude was up 78 cents to $57.92 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.77 on Friday to settle at $57.13 a barrel. Brent crude, used to price international oils, rose $2.23 to $62.24 per barrel in London.

CURRENCIES: The dollar was steady at 119.513 yen while the euro rose to $1.254 from $1.2230.

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Mass. lagging on tech IPOs

Massachusetts has fallen farther behind California and New York in the number of companies in the tech IPO pipeline, according to industry tracker CB Insights.

This year, California had 308 companies in the tech IPO pipeline, while New York had 61 and Massachusetts had 52.

In 2015, California, driven by Silicon Valley, will continue to dominate, with 315 companies in the tech IPO pipeline, while New York, which had sizable financings in 2014, will have 69 companies — 57 percent more than Massachusetts' 44.

"While there were fewer companies for 2015, it wasn't a huge difference from this year, meaning many companies from this year either remained unexited or raised additional funding," said Matthew Wong of CB Insights.

"All of these companies are valued at more than $100 million and have demonstrated they have enough traction to go public if they want to."

Fifty-nine percent of Massachusetts companies in next year's tech IPO pipeline are in the Internet sector, while 16 percent are in computer hardware and services. Mobile/telecommunications and software each account for 11 percent, with other companies accounting for 2 percent.

Among the Bay State firms most likely to go public in 2015, Wong said, are Actifio, a Waltham data storage firm valued at $1.1 billion; 
SimpliVity, a Westboro data center management company; Dataxu, a Boston marketing software firm; Veracode, a Burlington cloud-based service; and Bit9, a Waltham leader in advanced threat protection.

"If Massachusetts has a few big IPOs next year, that could increase investors' interest and provide some tailwinds for other Massachusetts companies," he said.

SimpliVity already has 
$101 million in equity, and since August 2013, the number of its employees has quadrupled from 100 to 400, CEO Doron Kempel said.

"We're assuming an IPO is in our future," Kempel said. "If we stay focused, good things will happen."

Two of the top five tech companies in the U.S. that are expected to go public in 2015 were founded in Massachusetts, but moved to California. Dropbox, an online file-sharing firm started by MIT students, is now valued at $10 billion, Wong said, while Stripe, a payments-processing company started by a Harvard student and his brother, is valued at $3.5 billion.

This year, several Massachusetts companies had IPOs, including Wayfair, a Boston-based online furniture and home goods retailer that raised $319 million; HubSpot, a Cambridge maker of marketing software that raised $125 million; and Care.com, a Waltham-based online marketplace for personal care services that raised $104.6 million.

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Foreign-trained med workers need help

Massachusetts needs more centralized information on relicensing pathways, improved career supports at workforce-development and educational institutions, and a review of licensure regulations to help the state's more than 12,000 foreign-born health care professionals, according to a new report.

More than one in five foreign-trained health care professionals in Massachusetts are unemployed or working in low-wage, low-skill jobs because they have limited English proficiency, lack help navigating complex and costly relicensing requirements, or have trouble completing the relicensing process while holding down low-paying "survival jobs," according to the Governor's Advisory Council on Refugees and Immigrants' Task Force on Immigrant Healthcare Professionals.

And with an aging native-born workforce, a projected increase from 12 percent to 30 percent in statewide demand for clinicians in all fields by 2020, and an increasingly diverse state population in need of linguistically and culturally competent health care services, the state cannot afford to ignore these barriers to the skills foreign-trained health care professionals have to offer, the report says.

"This is an opportunity to help the commonwealth capitalize on these skills for our economy and our health care system," said Eva Millona, co-chairman of the Governor's Advisory Council and executive director of the Massachusetts Immigrant and Refugee Advocacy Coalition. "It's a win-win for everybody."

The report's recommendations include the creation of a user-friendly, centralized online portal featuring detailed relicensing information and career-development resources for foreign-trained immigrants in licensed professions, with an initial focus on health care; the promotion of pilot programs at one-stop career centers and community colleges that could offer these professionals expert career supports; collaborations with professional associations and philanthropies to pilot funding tools such as a microloan fund to help low-income, foreign-trained professionals cover the educational, testing and licensing costs of re-entering their fields; and the establishment of a staff position in the Office for Refugees and Immigrants to oversee immigrant integration policy, including career pathways for foreign-trained professionals.

Tim Buckley, a spokesman for Gov.-elect Charlie Baker, said Baker "will continue to pursue reforms that grow Massachusetts' economy and strengthen our health care system, and looks forward to reviewing the recommendations of MIRA and all stakeholders involved in the process."

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Research shows owners coming up short on home values

WASHINGTON — Do American homeowners think their properties are worth less than the actual market value, as measured by professional appraisers?

Highly unlikely, you'd probably say. Everybody knows that owners tend to have optimistic impressions of what their homes are worth. They know how much money they've sunk into improving the place and they know — or think they know — the prices for houses in the neighborhood.

But provocative new research from the country's second-largest mortgage lender suggests the opposite may be true. According to new statistical analyses by Quicken Loans, owners on average now underestimate the value of their homes by 1.6 percent compared with appraisers' valuations.

Using massive databases of 50,000 to 60,000 new applications for mortgage refinancings per month, Quicken has created what it calls the Home Price Perception Index to measure the differences between owners' upfront estimates — routinely provided to loan officers as part of the application process — and the appraisals that are subsequently performed.

During November, owners seeking to refinance in roughly three-quarters of the major metropolitan areas covered by the index had lower estimates of their homes' worth than what turned out to be the appraised value, according to researchers. The dollar differences were not huge in most cases — between $2,000 and $4,000 on a $200,000 home. But in a few markets they were considerably larger. Owners in San Jose, Calif., estimated their houses to be worth 
6 percent less than the value subsequently determined by appraisers. With a median sale price of $860,000 for existing homes during the third quarter, a 6 percent perception gap translates into big bucks — $51,600.

In Los Angeles, applicants for refinancings underestimated values on average by 3.8 percent ($482,000 estimate versus $499,641 appraisal); in Seattle, the gap was 2.8 percent ($360,000 versus $370,080); Miami 2.3 percent ($270,000 versus $276,210); Boston 2.2 percent ($400,000 versus $408,880). In the Washington, D.C., area, the gap was 1.8 percent ($389,000 versus $395,885).

Owners overestimated values in a handful of major markets. In Philadelphia, the gap was 1.6 percent, Charlotte, N.C., 
1.3 percent and Chicago 0.3 percent. Quicken researchers found the widespread pattern of undervaluation is in distinct contrast with owners' estimates a few years ago, which often were far out of sync with appraisers' reports.

At the peak of the housing bubble in 2005-06, appraisals often came in below owners' estimates, in part because prices were spiraling upward at double-digit rates in overheated markets. In the recession years following the bust, the gap between what owners believed their homes to be worth and appraisers' valuations gradually narrowed, and by 2013, with the market rebounding solidly in many areas, it virtually disappeared. More recently, the trend has shifted to slight underestimations by owners.

Why are owners a little behind on pricing? Quicken chief economist Bob Walters attributes it in part to the fact that owners are more likely than professional appraisers to lag market trends. "Appraisers are looking at the market all the time," he said in an interview. Owners, especially those who are seeking to refinance but not sell, aren't as likely to stay on top of month-to-month changes.

Appraisers I contacted for reactions generally were skeptical of the Quicken index findings. Kenneth J. Mullinix of Laguna Beach, Calif., said "never" in 20 years in the business "have I done an appraisal where the owner has said to me, 'Wow, the appraised value is higher than I thought."

But one nationally known appraisal expert, Gary Crabtree of Bakersfield, Calif., thinks that Quicken may be on to something. "Today's homeowners have access to numerous (online) valuation tools and multiple listing service systems that they didn't have" until recently, he said in an email. As a result, they "tend to more closely track the market conditions in their neighborhood."

Does it matter much if you underestimate your home's worth by a percentage point or two? It definitely does if you plan to sell — you could end up leaving money on the table.

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