Home seller concerned about ‘3.8 percent tax’

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

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

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

Don't despair, let's explain.

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

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

Now how could this possibly apply to your home?

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

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

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

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

Email your tax questions to bizsmart@bostonherald.com.

16.30 | 0 komentar | Read More

Interactive ATMs lead Bank of America rebranding effort

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

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

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

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

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

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

16.30 | 0 komentar | Read More

Buyers lining up for fewer homes

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

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

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

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

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

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

But Vasil said the numbers tell a larger story.

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

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

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

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

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

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

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

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

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

16.30 | 0 komentar | Read More

Battle for historic manse

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

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

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

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

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

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

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

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

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

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

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

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

16.30 | 0 komentar | Read More

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Fallon took a puckish approach in his monologue.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

___

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

16.30 | 0 komentar | Read More

Eyes on Facebook mobile event as company evolves

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

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

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

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

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

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

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

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

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

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

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

16.30 | 0 komentar | Read More

Summit to probe poverty’s effect on learning

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

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

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

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

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

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

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

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

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

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

16.30 | 0 komentar | Read More

Foreclosures fall as housing market springs back

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

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

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

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

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

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

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

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

16.30 | 0 komentar | Read More

In India, dodging taxes is part of the game

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

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

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

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

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

That number? Just 42,800 people.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

So why isn't the government doing that?

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

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

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

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

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

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

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

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

16.30 | 0 komentar | Read More

The Ticker

R.I. agency hits Schilling

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

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

Gas prices continue to drop

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

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

Raytheon lands $156M missile contract

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

K&L Gates opens Delaware office

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

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

Today

 Automakers release vehicle sales for March.

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

TOMORROW

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

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

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

16.30 | 0 komentar | Read More