Japan moves closer to restarting nuclear reactors

TOKYO — Japan moved a step closer to restarting nuclear reactors Monday as four utility companies applied for safety inspections of 10 idled plants, the clearest sign of a return to atomic energy nearly two and a half years after the Fukushima disaster.

With all but two of the country's 50 reactors offline since a tsunami swept through the Fukushima Dai-ichi plant in March 2011, Japan has been almost without nuclear energy that once supplied about a third of its power.

Four Japanese nuclear plant operators — supplying the regions of Hokkaido, Kansai, Shikoku and Kyushu — Monday filed applications for inspections by the Nuclear Regulation Authority for 10 reactors at five plants under new safety requirements that have just come into effect. Applications for two more reactors are expected later in the week.

Only reactors that pass the stricter rules will be allowed to restart, possibly early next year. Inspections would take about six months for each reactor, the watchdog said, as its staff can handle just a few reactors at a time. Obtaining consent from local governments and communities would require at least several weeks

Watchdog officials refused to say which reactor they will inspect first. Critics say the rules have loopholes, including grace periods for some safety equipment

Hit by soaring gas and oil costs to run conventional power plants to make up the energy shortfall, Japanese utility companies have lobbied hard to get their reactors back online.

Nearly all the utilities that own nuclear power plants reported huge losses last fiscal year due to higher costs for fuel imports. Hokkaido Electric Power Co. said it has been hit with additional daily fuel costs of 600 million yen ($6 million) to make up for three idled reactors. Nuclear operators have requested rate hikes or plan to do so.

Prime Minister Shinzo Abe has pushed for restarts since taking office in December, freezing the previous government's nuclear phase-out plan. Resumption of nuclear power plants is part of his ruling party's campaign platform in parliamentary elections in two weeks.

New rules for the first time require plants to guard against radiation leaks in the case of severe accidents, install emergency command centers and enact anti-terrorist measures. Operators are required to upgrade protection for tsunamis and earthquakes, as well as tornadoes and aviation accidents.

Safety was previously left up to the operators, relying on their self-interest in protecting their investments as an incentive for implementing adequate measures. Tokyo Electric Power Co. came under fire for underestimating the risk of a tsunami and building a seawall that was less than half the height of the wave that hit its Fukushima Dai-ichi plant and caused multiple meltdowns and massive radiation leaks. About 160,000 evacuees still cannot return home.

Ikuo Morinaka, senior official at Kansai Electric Power Co., which is applying to restart four reactors in Fukui prefecture that supply power to large parts of western Japan, said the company has taken emergency measures and additional steps since the Fukushima disaster.

"We are ready," Morinaka said after handing a thick file of documents to a watchdog official at a media-packed ceremonial event.

Dozens of activists opposing nuclear power staged rallies outside a building that houses the watchdog's office, holding banners and chanting anti-nuclear slogans.

Critics say the new safety requirements have loopholes that make things easier for operators, including a five-year grace period for some of the mandated steps given to reactors known as PWRs. They come with larger containment chambers considered less likely to suffer from pressure buildup than ones like those ravaged at Fukushima. This means half of the 48 reactors that use a pressurized water system could operate without the features for up to five years.

All 10 reactors set for inspections are PWRs, and none of them have completed filtered vents and full-fledged emergency command centers yet, according to the summary of their application documents released Monday.

The approvals are aimed at resuming reactor operations even though nearby communities lag in enacting needed emergency and evacuation procedures, and the restarts will cause more nuclear waste, plutonium stockpiles and other safety and environmental risks, said a group of experts headed by Hosei University sociologist Harutoshi Funabashi.

The critics say running nuclear plants will eventually become a financial burden, as safety upgrades under the new requirements add up and the cost of decommissioning aging reactors and waste cleanup. Even initial safety upgrades are estimated to exceed a combined total of 1 trillion yen ($10 billion).

The operators said it's a necessary investment.

"Despite the spending, we need to get nuclear plants running in order to provide stable power supply," said Toru Yoshisako, vice president of Kyushu Electric Power Co., which operates six reactors in southern Japan.

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Oil extends gains above $103 after US hiring jump

BANGKOK — The price of oil extended gains above $103 a barrel Monday after a stronger-than-expected jump in U.S. hiring suggested demand for fuels will increase.

Benchmark crude for August delivery was up 18 cents at $103.40 at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract on Friday jumped $1.98 to close at $103.22 in New York after the Labor Department reported that U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy.

Oil has also been pushed higher by instability in Egypt where Mohammed Morsi was ousted as president by the military last week.

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.

Brent crude was up 28 cents at $108 a barrel on the ICE futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline was up 0.2 cent at $2.899 per gallon.

— Natural gas added 2.1 cents to $3.638 per 1,000 cubic feet.

— Heating oil gained 0.2 cent to $2.992 per gallon.

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Asian stocks sink on China growth jitters

BANGKOK — Concern over China's slowdown weighed on Asian stock markets Monday after the head of the International Monetary Fund warned of a loss of momentum in emerging economies.

Asia's losses came despite Wall Street's rally on Friday that was sparked by strong U.S. job numbers. The hiring reports added to the likelihood the Federal Reserve will begin winding down its massive stimulus effort this year. Speculation about the Fed's timing has contributed to big swings in world markets for weeks.

Hong Kong's Hang Seng dropped 1.9 percent to 20,466.26 and China's Shanghai Composite was down 2.1 percent to 1,966.13. Most other regional markets also fell amid renewed worries that economic recovery in China, the world's No. 2 economy, is faltering.

IMF Director Christine Lagarde warned at a conference in France on Sunday that a slowdown in emerging economies could result in the fund lowering its 2013 forecast for world growth, Societe Generale said in a research report.

The Chinese central bank's clampdown on easy credit has also fueled concerns about China's faltering economic recovery. Michala Marcussen of Societe Generale Group said in a commentary that credit data due out this week would likely show a slowdown in lending.

"This data will do little to change the picture of credit tightening in China, pointing to slower growth ahead," Marcussen said.

Peter Elston of Aberdeen Asset Management said a deeper problem is that China can no longer rely on its cheap manufacturing and easy government credit to maintain its rapid pace of expansion.

"What is happening now with China is that people are beginning to suspect that it may have reached the limits of that growth model," Elston said.

South Korea's Kospi dipped 1 percent to 1,815.40. Taiwan's TAIEX fell 1.4 percent to 7,886.34 and Indonesia's JSX was down 2.6 percent to 4,483.31.

Japan's Nikkei 225 was up 0.2 percent in early trading as the yen resumed its weakening trend, which is a perk for Japanese exporters. But by late in the day it had succumbed to the pessimism, falling 1.1 percent to 14,150.75.

World markets have been volatile in recent weeks as investors worried that an improving U.S. economy would convince the Federal Reserve to scale back a bond buying program that has kept interest rates low and sparked an influx of money into stocks in search of better returns.

Those worries were put aside Friday after the Labor Department reported that U.S. employers added a stronger-than-expected 195,000 jobs last month, suggesting the economy is healthy enough to cope with a withdrawal of the Fed's stimulus.

The Dow Jones industrial average rose 147.29 points to 15,135.84. The S&P 500 rose 16.48 points to 1,631.89. The Nasdaq composite climbed 35.71 to 3,479.38.

Benchmark crude for August delivery was down 19 cents to $103.03 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.98 to $103.22 on Friday.

In currencies, the euro fell to $1.2826 from $1.2828 late Friday. The dollar fell to 101.25 yen from 101.05 yen.

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Moms create laundry-free sheets, linens

Sure, all parents worry when they send their kids off to college for the first time. But by the end of the first semester, Kirsten Lambert and Joan Ripple discovered a very disturbing fact: College kids hate to wash their bed sheets, so they don't ... for weeks, even months.

"We joked about sending them paper sheets you find in doctors' offices," Ripple said.

Instead, the two Hingham mothers founded Beantown Bedding and introduced Bedsox laundry-free linens.

Bedsox, they say, are comfortable to sleep on, hypoallergenic and can be used for weeks, making them ideal for college, camp, vacation homes and home health care.

They're also chemical- and dye-free and made from wood pulp, which makes them biodegradable and compostable.

Prices range from $9.99 for a set of two pillowcases to $25 for a twin sheet set and $27.99 for a queen sheet set.

Their motto: "Just toss, don't wash!"

Before launching their website last summer, Lambert and Ripple tested their products with students at 22 universities, including Stonehill College and Boston University.

Today, Bedsox are at universities in Massachusetts and 11 other states, where they're used for academic and sports camps.

Lambert and Ripple are also exploring other markets, including lodging facilities, the military and prisons.

"Our goal is to provide a convenient product," Ripple said, "but also to give back to society in some way."

So Beantown Bedding donates sheets to Camp Sunshine, a retreat in Sebago, Maine, for children with life-threatening illnesses and their families, who would otherwise be asked to bring sheets of their own.

In May, Lambert and Ripple found out their company was among 128 finalists MassChallenge had chosen out of 1,200 applicants to compete in its four-month accelerator and $1.3 million competition.

"I called Joan and said, 'I just want to know if you're ready,' and she said, 'For what?'" Lambert said. "I said, 'To move into One Marina Park Drive (MassChallenge's offices)," and then she screamed. It's like being accepted into Harvard."

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Flying car on a roll

Fifteen months after it created a sensation at the New York International Auto Show, Terrafugia's "flying car" will make its first airshow appearance later this month, as the Woburn company works on a next-generation prototype.

The Transition is scheduled to fly and drive July 31 at the Experimental Aircraft Association AirVenture in Oshkosh, Wisc.

"We've had the vehicle on display there since 2006, and every year, people ask us when they can see it fly," said Richard Gersh, vice president of business development. "So we're very excited about the chance to demonstrate before a very large and enthusiastic crowd."

The company did a demonstration at Lawrence Municipal Airport last October for a select group of investors and prospective buyers, Gersh said, but AirVenture will be the Transition's first airshow.

The road-ready light sport aircraft still has a long way to go before it's ready for production, though.

In August 2012, Terrafugia said it had received more than 100 orders for the $279,000 aircraft, and the first delivery was expected this September.

But testing — and a new prototype that could be done by the end of this year — has pushed back that date to early 2015 or 2016, assuming the Transition wins certification from the Federal Aviation Administration and the National Highway Traffic Safety Administration.

"Based on what we've learned from testing, our engineers have called for some changes," Gersh said. "But the overall look of the vehicle will be very similar."

Robert Mann, an airline industry analyst and former airline industry executive, said the delays are indicative of the central problem Terrafugia faces.

"You see the difficulty in trying to be a compromise between a land vehicle and an aircraft," Mann said. "When you compromise, you tend to not do either very well."

But Jake Schultz, a technical analyst for Boeing and author of "A Drive in the Clouds: The Story of the Aerocar," tips his hat to how far the Transition has come.

"I ... look forward to what this team still has in their old kit bag," Schultz wrote in an email. "Their team has not sat on the sidelines and talked about what could be done some day. They are out working every day to actually make it happen. There have only been two flying cars that have been certified — the Aerocar and the Airphibian — so theirs will be the first in nearly 60 years."

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Japan set to restart reactors after nuclear crisis

TOKYO — Japan is moving a step closer to restarting nuclear reactors as utilities are set to ask for safety inspections at their idled reactors, the clearest sign of a return to nuclear energy nearly two and a half years after the Fukushima disaster.

With all but two of its 50 reactors off line since the crisis, Japan has been without nuclear energy that once supplied about a third of its power.

Four of nine Japanese nuclear plant operators — supplying the regions of Hokkaido, Kansai, Shikoku and Kyushu — will apply for inspections by the Nuclear Regulation Authority for 10 reactors at five plants Monday, when new safety requirements take effect. Applications for two more reactors are expected later in the week.

Reactors that pass the stricter rules will be allowed to reopen possibly early next year, with each inspection expected to take several months. Critics say the rules have loopholes, including grace periods for some safety equipment.

Hit by soaring gas and oil costs to run conventional power plants to make up for the shortfall, Japanese utility companies have desperately sought to put their reactors back online.

Nearly all the utilities owning nuclear power plants reported huge losses last fiscal year due to higher costs for fuel imports. Hokkaido Electric Power Co., for example, said it has been hit with additional daily fuel costs of 600 million yen ($6 million) to make up for three idled reactors. Nuclear operators have requested rate hikes or plan to do so.

Prime Minister Shinzo Abe has pushed for restarts since taking office in December, freezing the previous government's nuclear phase-out plan. Resumption of nuclear power plants is part of his ruling party's campaign platform in parliamentary elections in two weeks.

New rules for the first time require plants to guard against radiation leaks in the case of severe accidents, install emergency command centers and enact anti-terrorist measures. Operators are required to upgrade protection for tsunamis and earthquakes, as well as tornadoes and aviation accidents.

Safety was previously left up to the operators, relying on their self-interest in protecting their investments as an incentive for implementing adequate measures. Tokyo Electric Power Co. came under fire for underestimating the risk of a tsunami and building a seawall that was less than half the height of the wave that hit Fukushima Dai-ichi and caused multiple meltdowns and massive radiation leaks. About 160,000 evacuees still cannot return home.

"We decided to apply because we're confident about the safety measures we've taken," said Shota Okada, a spokesman at Hokkaido Electric Power Co., filing for the triple-reactor Tomari plant. "We'll do everything to accommodate a smooth inspection process."

Critics say the requirements have loopholes that make things easier for operators, including a five-year grace period — given to reactors known as PWRs that come with larger containment chambers considered less likely to suffer from pressure buildup than ones like those ravaged at Fukushima — for taking some mandated steps. This means half of the 48 reactors that use a pressurized water system could operate without the features for up to five years.

All 10 reactors set for inspections are PWRs, and filtered vents and command centers are reportedly still under way at many of them.

The approvals are aimed at resuming reactor operations even though nearby communities lag in enacting needed emergency and evacuation procedures, and the restarts will cause more nuclear waste, plutonium stockpiles and other safety and environmental risks, said a group of experts headed by Hosei University sociologist Harutoshi Funabashi.

The critics say running nuclear plants will eventually become a financial burden, as safety upgrades under the new requirements add up and the cost of decommissioning aging reactors and waste cleanup jump. Even initial safety upgrades are estimated to exceed a combined total of 1 trillion yen ($10 billion).

TEPCO, struggling with huge compensation and disaster cleanup costs, wanted to apply to restart two reactors in Niigata, central Japan, but was forced to postpone that amid local protests.

Niigata Gov. Hirohiko Izumida on Friday accused TEPCO President Naomi Hirose of ignoring the local communities: "Money or safety, which is more important?"

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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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