Apple juices up line of gadgets

Apple Inc. unveiled its latest gadget updates yesterday, rolling out new iPads with fingerprint recognition and a new version of its iMac desktop computer.

At its headquarters in Cupertino, Calif., chief executive Tim Cook announced the iPad Air 2, a full-sized tablet that is a quarter-of-an-inch thick, and a new iPad Mini.

Last month, Apple introduced the iPhone 6 and 6 Plus, as well as its first wearable gadget, the Apple Watch. Yesterday, Cook said all of the new products are designed to complement each other.

"They're designed to be incredible products individually, but they're also designed to work together seamlessly," he said.

Apple is hoping the updates will be a shot in the arm for its tablet industry, which has only grown 11 percent this year, far behind last year's 55 percent growth.

Roger Kay, a technology analyst with Endpoint Technologies, said the updates are not massive, but are still impressive.

"They're still the same products, they're just thinner, faster, brighter," he said. "It was a tour de force of technological prowess."

Among the announcements was an ultra-high resolution iMac, which sports a 5k resolution screen.

"If they're going to charge a premium price, they have to justify it," Kay said.

Apple also said yesterday that Apple Pay, its mobile wallet announced last month, will debut on Monday.

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Tuning out cable? HBO Internet-only plan changes picture

"It's not TV, it's HBO."

HBO's longtime marketing slogan aside, soon there might not be any TV at all, at least in the traditional sense.

The premium cable channel's announcement earlier this week that it will offer an Internet-only streaming service sometime next year sent shock waves through the cable industry, cheered cord-cutters and sent rival Netflix's stock plummeting by 25 percent.

"It is time to remove all barriers to those who want HBO," said CEO Richard Plepler, taking aim at the 10 million households with broadband but no cable subscriptions.

CBS, home to "NCIS," "Big Bang Theory" and "Criminal Minds," yesterday jumped on the streaming service bandwagon, launching "CBS All Access." It offers current shows, past seasons, and such classic series as the original "Star Trek" and "Cheers" for $5.99 a month on the device of your choice, commercials included.

Many industry watchers expect rival premium network, —CBS' premium stationShowtime, to announce its own streaming service any day.

These moves could sound the death knell for the traditional cable companies that have made billions by bundling channels together — and forcing millions of subscribers to suffer through channels they don't want.

But these seismic shifts could ultimately shake down a higher price tag for access to the shows you love.

HBO has revealed precious little about the fine print of its new service, such as cost or what series will be offered and when they'll be available. (Live? A day after broadcast? A week?)

The network's HBO GO, its streaming service available to its cable TV subscribers, has a less-than-stellar record. It crashed during the premiere of "Game of Thrones" last April, and the network took to Twitter to apologize for the spotty service.

It's premature to write the obit on the traditional bundling model just yet. HBO probably won't want to burn its relationships with cable providers on an untried product, so it seems likely that the new streaming service will probably cost a little bit more than its cable subscription — or offer something less than you can find in its current library.

And you might be willing to pay for HBO, but how much would you pony up for TLC or E! or Animal Planet? This brave new world could lead to a catastrophic culling of content providers. Viewers, ironically, could end up with fewer choices.

And if every channel goes a la carte, we all might look back at our cable bills and think: "What a pittance we paid. That truly was the Golden Age of Television."

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Custom homes go on the block

Build a custom mansion if you have the means, but you may end up auctioning it off because you can't find a buyer.

That's what's happening to two high-end Bay State properties, one in Andover and another in Osterville on Cape Cod.

"Some homes that are custom-­crafted by their owners­ don't fit into the mold of the area they're in," said Trayor Lesnock, founder­ and president of Platinum Luxury Auctions, which is auctioning a 10,000-square-foot Osterville mansion owned by retired EMC executive Edward Breslow that had long been on the market for $13.9 million.

Lesnock said the architect-­designed waterfront home, which has almost $3 million in interior finishes and technology, sits on a relatively small 1.32 acre site, amid grand houses with larger lots.

"While the lot is small, the architecture of the home, with its circles and curving lines, is very impressive," Lesnock said. "It's very sunny and has great harbor views from many rooms. There's an outdoor swimming pool and a dock out to the ocean."

The interior has custom millwork, stained-glass window panels and large living spaces built for entertainment, including three full wet bars. The technology includes more than a dozen mounted Apple devices, smart-home technology that controls lighting, temperature and music and a secure private network powerful enough to host a company.

A custom home in Andover that's also going to auction is double the size, with 20,000 square feet of living­ space. When the Herald profiled the Haggetts Pond Road mansion in March 2013, the 2003-built nine-bedroom home on 4 acres was on the market for $5.5 million. Almost 9,000 square feet is taken up by a regulation-size basketball court with water slides down to an indoor swimming pool. There's a bowling alley, locker room and a large family game room.

"It has fairly traditional high-end living spaces outside of having the gym attached," said Jeff Hubbard, president of Madison Hawk Partners, which is auctioning the Andover home, with sealed bids due by Nov. 4. "It could be a sportsman's home or even a corporate retreat."

Lesnock expects three to six live bidders at tomorrow's auction for the Osterville home, and perhaps a few by phone.

"Although I've never been involved in a real estate auction before, it seemed to me the best way to get the most exposure for the property in the shortest amount of time," said Breslow, who added he and his wife are looking to downsize and spend more time traveling and in their Florida home.

Hubbard says auctioning a super high-end custom home like the Andover property is akin to selling fine art — it involves identifying those with the means and ability to close quickly.

"The auction route offers sellers the certainty of a sale so they can move on with their lives," he said.

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The Ticker

HBO to cut cable cord

HBO is cutting the cord next year and selling its popular streaming video service, HBO Go. as a standalone product, as more Americans choose to watch the Web, not the TV. Viewers longing to see "Game of Thrones," "True Detective" and "Veep" will no longer have to pay big bucks for cable and satellite contracts.

Millions already have cancelled pay-TV subscriptions — up to 10 million U.S. households are currently broadband-only. And about 45 percent of Americans stream television shows at least once a month, according to research firm eMarketer. That number is expected to increase to 53 percent or 175 million people by 2018, it says.

Conn. casinos see decline in revenue

Connecticut's Indian-owned casinos are reporting declines in slot machine betting and revenue in September. Mohegan Sun said yesterday slot machine bets last month totaled $569.6 million, down from $621.5 million in September 2013. Slot revenue was $46.5 million in September, down from nearly 
$50 million a year ago.

Foxwoods Resort Casino said total slot bets were $445.8 million, down from $508.1 million. Slot revenue of $36 million was down from $44.8 million in September 2013.

Walsh launches financial literacy center

Boston Mayor Martin J. Walsh is embarking on a plan to address poverty and income inequality that includes a new financial literacy center for residents.

Walsh announced yesterday the launch of a new city Office of Financial Empowerment to help residents with job searches, training for career development and financial coaching. The office's first two centers will be in Roxbury and in the Financial District. They are being paid for by the United Way and the Local Initiatives Support Corporation.

The mayor's office said 46 percent of Boston households do not have enough savings to live for three months if they face a major life change such as losing a job or a medical crisis. The mayor's office said that for black and Latino households, that figure rises to 
69 percent and 75 percent, respectively.

Today

• Labor Department releases weekly jobless claims.
• Federal Reserve releases industrial production for September.
• Freddie Mac, the mortgage company, releases weekly mortgage rates.
• National Association of Home Builders releases housing market index for October.
• U.S. Treasury releases foreign holdings data for August.
• South Coast Improvement Co. of Marion and Reading, Pa., a design-build general contractor serving New England and the Mid-Atlantic states, announced the hiring of Jared Butler, left, for its business development department in its Northeast region.

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Fed Reserve chair to tour Boston-area job center

BOSTON — Federal Reserve Chair Janet Yellen is visiting the Boston area to tour a local job center and to speak at a conference on economic opportunity, as the central bank's first female head continues her focus on employment issues in her first year in office.

Yellen will stop in Thursday at the office of CONNECT, a coalition of local organizations that provides employment services in Chelsea, an industrial city across the Mystic River from Boston. Yellen is expected to hear about the local economy and how programs like CONNECT are helping residents enter or re-enter the workforce.

On Friday, she'll be the keynote speaker at the Federal Reserve Bank of Boston's conference on the "Inequality of Economic Opportunity." That two-day conference will focus on the "extent of inequality of economic opportunity in the United States and its manifestations," according to its website.

Yellen, who chaired the White House Council of Economic Advisers under President Bill Clinton, has made employment a priority since officially succeeding Ben Bernanke and becoming the Fed's first woman chair in February.

Despite improvements in the national unemployment rate, she has argued that the labor market has not yet fully healed from the Great Recession of 2007-2009. Yellen has pointed to weak wage growth, a large number of long-term unemployed people and many workers who are part-time but who would rather have full-time jobs.

___

Associated Press Economics Writer Martin Crutsinger in Washington contributed to this report.

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Boston eyes tenant for former Navy digs

Two years after plans for a seafood processing plant fell through for a pair of Boston Marine Industrial Park parcels, the Economic Development and Industrial Corp. is seeking proposals for one of the sites.

A long-term industrial tenant is sought for Parcel N, a 3.25-acre site with a two-story, 160,000-square-foot, 1941 building originally used by the Navy for heavy metal fabrication.

"We're looking for a lessee occupant who would operate their business out of there as opposed to a developer who would be building something on spec," said Dennis Davis, deputy director of industrial development and commercial leasing for the Boston Redevelopment Authority/EDIC.

In 2011, the city had a tentative deal for American Seafood Exchange to build a $68.9 million seafood processing center on Parcel N and the adjacent Parcel M. But the company couldn't secure financing and withdrew in 2012.

Market conditions since have changed, Davis noted. "The capital markets are very favorable right now," he said. "This is one of the parcels … the BRA audit identified as potentially ripe for development."

The BRA audit, completed by accounting firm KPMG this past summer, recommended an asset-monetization plan to ensure BRA/EDIC properties were generating their optimal values.

The Parcel N building is structurally sound, but its skin, made of metal panels impregnated with asbestos, poses environmental issues. "We fully expect anybody ... more than likely would have to replace (it)," said Larry Mammoli, director of engineering and facilities management. "That's why it's been a challenge over the years."

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Vent sensor co. now controls $2.2M

What do you do after designing missile, radar and submarine systems? Redesign heating and cooling vents, of course.

Ecovent, led by chief executive and former Lockheed Martin engineer Dipul Patel, has raised $2.2 million for its system of connected heating and cooling vent covers and sensors that Patel said addresses the long-standing challenge of controlling temperatures in individual rooms in a home.

Unlike lights, which are either on or off, temperature is at the mercy of many different factors, including the weather outside and airflow.

"Our system can understand what the sun position is, what the outdoor temperature is, what's going on in the house. The system adapts," he said.

With Ecovent, sensors in each room determine when to open or close vents to make each room the right temperature.

"We can make your home more comfortable," he said.

The company will use the money to continue development of Ecovent, with a target of shipping to consumers next August. Ecovent is taking preorders now.

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Asia stocks rise as oil slump promises benefits

Asian stock markets were mostly higher Wednesday as a slump in energy prices promised benefits for the region's major economies.

KEEPING SCORE: Japan's Nikkei 225 stock average was up 0.2 percent at 14,971.79 and Hong Kong's Hang Seng added 0.7 percent to 23,205.38. China's Shanghai Composite rose 0.4 percent to 2,369.76 and Seoul's Kospi was little changed at 1,928.08. Markets in Southeast Asia, Australia and New Zealand also were higher.

ENERGY SLUMP: The price of oil suffered its biggest drop in nearly two years after the International Energy Agency reduced its forecast for demand for this year and 2015. The benchmark U.S. crude futures contract fell $3.90 to close Tuesday at $81.84 a barrel on the New York Mercantile Exchange. That was the biggest drop since November of 2012, and it's the lowest closing price since June of 2012. The contract was up 30 cents at $82.14 on Wednesday.

ASIA UPSIDE: Countries such as Japan, China, India, Indonesia and South Korea are major importers of oil and other fuels. They could benefit in multiple ways from a sustained drop in crude prices from improved trade balances to reduced subsidy bills. Lower overall energy prices could also flow through to higher disposable income for consumers.

THE QUOTE: "Lower energy prices are having a positive effect on the perception of improved real wages, i.e., inflation-adjusted wages, while many emerging markets are seeing increasing 'real' bond yields, which in turn could attract capital," said Chris Weston, chief market strategist at IG in Melbourne, Australia. "In the U.S., gasoline has fallen of late and should positively impact household wealth, which in turn should support future retail sales, promoting upside in GDP."

WALL STREET: Hit by a drop in energy stocks, the Dow lost 5.88 points, or 0.04 percent, to 16,315.19 on Tuesday. The S&P 500 index rose 2.96 points, or 0.2 percent, to 1,877.70. The Nasdaq gained 13.52 points, or 0.3 percent, to 4,227.17.

CURRENCIES: The euro rose to $1.2643 from $1.2638 late Tuesday. The dollar dropped to 107.22 yen from 107.30 yen.

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European stocks wallow, Asia gains on oil slump

European stocks wallowed Wednesday on dour growth prospects while Asian shares were mostly higher as a slump in energy prices promised benefits for the region's major economies.

KEEPING SCORE: Amid the prospect Europe will relapse into recession, France's CAC 40 sank 0.8 percent to 4,057.65 and Germany's DAX lost 0.6 percent to 8,767.19. Britain's FTSE 100 swooned 1.2 percent to 6,314.50. Futures augured losses on Wall Street. Dow futures fell 0.2 percent and S&P 500 futures shed 0.3 percent.

ENERGY SLUMP: The price of oil suffered its biggest drop in nearly two years after the International Energy Agency reduced its forecast for demand for this year and 2015. The benchmark U.S. crude futures contract fell $3.90 to close Tuesday at $81.84 a barrel on the New York Mercantile Exchange. That was the biggest drop since November of 2012, and it's the lowest closing price since June of 2012. The contract was down $1.14 at $80.72 on Wednesday.

ASIA UPSIDE: Countries such as Japan, China, India, Indonesia and South Korea are major importers of oil and other fuels. They could benefit in multiple ways from a sustained drop in crude prices from improved trade balances to reduced subsidy bills. Lower overall energy prices could also flow through to higher disposable income for consumers.

THE QUOTE: "Lower energy prices are having a positive effect on the perception of improved real wages, i.e., inflation-adjusted wages, while many emerging markets are seeing increasing 'real' bond yields, which in turn could attract capital," said Chris Weston, chief market strategist at IG in Melbourne, Australia. "In the U.S., gasoline has fallen of late and should positively impact household wealth, which in turn should support future retail sales, promoting upside in GDP."

ASIA'S DAY: Japan's Nikkei 225 stock average closed up 0.9 percent at 15,073.52 and Hong Kong's Hang Seng added 0.4 percent to 23,140.05. China's Shanghai Composite rose 0.6 percent to 2,373.67 Seoul's Kospi fell 0.2 percent to 1,925.91 after the central bank cut its growth forecasts for this year and next. Markets in Southeast Asia, Australia and New Zealand were higher.

CURRENCIES: The euro rose to $1.2649 from $1.2638 late Tuesday. The dollar dropped to 107.18 yen from 107.30 yen.

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Fuel meter co. to gas up with Kickstarter

A Somerville startup could be the next big innovation in the burgeoning smart-home industry as its fuel monitor hits Kickstarter next week.

Tank Utility, the brainchild of former EnerNOC mechanical engineer Nick Mashburn, is coming out of stealth mode with its app-enabled propane meter just in time for the season of home-heating headaches.

Tank Utility is a small, Wi-Fi-connected device that clips onto fuel tank gauges to collect and report usage data to homeowners via a mobile app. Based out of Greentown Labs, a clean energy business incubator in Somerville, Tank Utility aims to make sure homeowners always have a full tank, sending notifications when fuel levels are running low and projecting when a refill is needed. It's a potentially useful innovation for anyone who doesn't make it a habit of checking their fuel levels daily.

And it's a potential life-saver for owners of seasonal vacation homes, with frozen pipes and flooding posing big risks to that investment. New England is ground zero for that market. There are 94,000 vacation homes in Massachusetts, 101,000 in Maine and another 100,000 in Vermont and New Hampshire combined.

In fact, Mashburn got the idea for Tank Utility when he bought a vacation cabin in the White Mountains, his first experience with a fuel-heated home.

"I asked around about how people manage their tank levels and the answers were 'meh,' " he said. "Nobody's created anything like that."

So Mashburn built his own remote monitor, and that became the prototype for Tank Utility. He's also lucky enough to have a live-in mobile developer. His wife, Gwen Heimburg, has recently spent her weekends and nights designing and programming Tank Utility.

Mashburn has taken an interesting approach to bring the product to market. Rather than looking to the venture capital community, he's going crowdfunding first.

He believes the Kickstarter campaign, beginning Oct. 22, is the path toward raising enough capital for manufacturing. It's certainly going to be a good bellwether for consumer interest in this type of device.

The stats are on his side, with more than $11 billion in annual residential spending on fuel heat and lots of room for more efficiency in that space. More than 8 million homes nationwide use fuel.

It's easy to envision Tank Utility being of interest to Nest and other home automation players, because as they say in "Game of Thrones" and here in New England: Winter is coming.

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