Egyptian unrest trips hike in crude oil prices

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

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

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

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

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

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

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

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

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

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Set loft-y goals in sunny JP unit

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Hyundai does luxury right

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

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

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

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

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

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

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Dinner-to-go from work is easily done

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

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

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

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

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

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

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

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

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

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How to get to the right price

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

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

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

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

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

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

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

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

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

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

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Asian markets up on Europe, US policy optimism

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

____

Toby Sterling in Amsterdam contributed to this report.

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Colleges get tough on patent infringement

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

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

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

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

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

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

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

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

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

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

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

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

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

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Obamacare backers urge gov to keep state business fine

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

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

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

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

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

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

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Upbeat US jobs report buoys Asian stocks

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

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

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

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

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

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

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

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

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

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

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

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

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

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

____

Pan Pylas in London contributed to this report.

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Asia stocks slide as oil jumps on Egypt crisis

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

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

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

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

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

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

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

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

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

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

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

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