Massport set to hike parking fees as payroll grows

The cost of parking at Logan International Airport could soon soar by as much a $3 a day, Massport announced, just days after the Herald reported the agency's skyrocketing payroll topped the $100 million mark.

"They're not interested in losing one nickel on what they can squeeze out of people that park at Logan," said David Tuerck of the Beacon Hill Institute at Suffolk University. "They're going to drive those rates to the point they get as much money as they can. They're not in a million years going to look for a place to save money."

Central Parking could climb to $30 a day, while the so-called "economy lot" could cost drivers $21 per day, under the Massport proposal that would be effective July 1. Hourly rates could jump $2 to $3, though the first hour will stay at $6.

And that's just the beginning. Massport will also look at spiking the rates again effective 2016.

The parking pain comes just days after the Herald reported that Massport salaries ballooned to $100.8 million this year — nearly $7 million more than last year and much more than the $87.9 million the agency first projected.

Massport also announced a pilot shuttle bus between the Back Bay and Logan at a cost of $5 per rider, but it's unclear whether the agency will have to subsidize the service.

Massport spokesman Matthew Brelis said the agency froze positions and salaries for about three years during the recession and the number of workers has dropped by 45 since 2008.

Meanwhile, Logan passenger numbers increased 16 percent since then, putting more demand on parking facilities, he said. The agency will spend $60 million for 2,000 more spaces at Logan and $30 million for a garage at the Framingham Logan Express — something the increase could help fund, he said.

"We really are doing more with less," said Brelis.

16.30 | 0 komentar | Read More

Southboro’s Globoforce cancels IPO

A Southboro tech company canceled its initial public offering hours before markets opened yesterday, a move experts said was a sign of low demand for shares of Globoforce, not a trend that will drag down other tech companies looking to go public soon.

Globoforce, which makes employee recognition software for businesses, said late Thursday night it had canceled the deal after initially scaling down the IPO earlier Thursday.

"Despite receiving overwhelming interest in our initial public offering, we have decided to postpone our offering until market conditions are more favorable for our company and our customers," said Eric Mosley, CEO of Globoforce, in a statement.

Scott Johnson, managing partner of New Atlantic Ventures in Cambridge and an investor in Enernoc when it went public, said those "market conditions" were likely related to Globoforce, not the market in general.

"It's hard to conclude that this is the canary in the coal mine," Johnson said. "I would say the odds are this is a company-specific situation, where the investors' appetite for this particular offer was below the expectations of the company."

Matt Wong, an analyst with CB Insights, said one possible red flag was the company's distribution of revenue.

"Their 10 largest clients make up 70 percent of their revenue," Wong said.

A Globoforce spokeswoman declined to comment beyond the company's statement.

16.30 | 0 komentar | Read More

'20s charm abounds in Belmont home

This classic colonial in Belmont has been updated but retains much of its woodwork and charming details, such as arched doorways.

Built in 1928, the five-bedroom home at 22 Adams St. lies in the town's high-end Presidential Estates subdivision. The gabled, hip-roofed house, with an attached two-car rear garage, has seen major kitchen and bathroom updates and new heating and central air systems. It's on the market for $1,395,000.

There's a custom stone wall-enclosed patio in the front yard, and a granite walkway leads up to the house, which has a brick exterior first floor and newly repainted light-blue clapboard above. There's a stone-floored entry with a coat closet to one side that opens into a large hardwood-floored foyer with a turning staircase.

To the left is a formal living room with hardwood floors, a beamed ceiling and sconce lighting. The sunny room has six windows and a wood-burning fireplace with a restored mantel.

A french door from the living room leads into a home office with built-in shelving. To the right of the foyer is a sitting room with hardwood floors and crown molding that leads through french doors into a formal dining room. This sunny room has five windows and restored maple floors.

It segues into an L-shaped recessed-lit kitchen that underwent a major renovation in 1997, including restored maple floors. There are over 40 custom hand-painted white cabinets in three distinct areas above and below black granite countertops. There's a dining area with two windows and six glass-fronted cabinets. The main preparation area has lots of drawers and shelves, and an adjacent pantry area has large cabinets. There's a stainless-steel Thermador gas stove and two black Thermador wall ovens, a stainless-steel LG dishwasher and Kitchen Aid compactor and a Maytag side-by-side refrigerator that was added last year.

There's a door from the pantry area out to a rear deck with cedar floors and mahogany railings that has stairs down to a small grass backyard. Back inside, at the back of the first floor, is a guest bedroom with two windows as well a full bathroom added in 1998 that has a blue tile floor, white-tiled walk-in shower and a white pedestal sink.

There are three bedrooms on the home's second floor reached via a turning staircase in the foyer.

The master bedroom suite underwent a major renovation in 1998 with restored hardwood floors and a custom walk-in closet with built-in drawers and cabinets. The en-suite bathroom has a beige marble floor and marble-topped double-sink vanity. There's a white-tiled double steam shower with a marble bench and a skylight above.

The second and third bedrooms are good-sized, and both have hardwood floors and alcoves with built-in desks on one side and dresser drawers on the other,

A second full bath was redone in 1998 with a white marble floor and marble-topped double sink vanity and a white-tiled walled whirlpool tub and shower.

The carpeted fifth bedroom is one floor above in a converted attic with a window.

The home's basement was remodeled in 2001. Stairs lead down to a ceramic-tiled laundry and storage room with a wall of floor-to-ceiling cabinets and a full-size Maytag washer and dryer.

Off this room is a large, carpeted recessed-lit family room with a wood-burning fireplace.

A closet holds a heating and central air-conditioning system added in 2001, at which time new electrical,. plumbing and coaxial cable wiring were also upgraded.

There's also an attached two-car garage in the basement, with automated doors and parking for an additional vehicle under the deck and in a long driveway. But there's no direct access to the house from the garage.

There's not a lot of yard space, but the area around the home is nicely landscaped with birch trees and flowering bushes.

16.30 | 0 komentar | Read More

Putnam CEO picked to also run parent co.

Putnam Investments President and CEO Robert L. Reynolds has been tapped to also head the Boston firm's parent company as it combines its retirement businesses to serve the U.S. marketplace with greater breadth.

In a conference call with reporters yesterday, Winnipeg-based Great-West Lifeco, Inc., announced the appointment of Reynolds as president and CEO of Great-West Lifeco U.S., the company that owns Putnam Investments and Denver-based Great-West Financial. Reynolds also will assume those roles at Great-West Financial after its president and CEO retires in May, but he will continue to hold his positions at Putnam and remain based in Boston.

"Bob has been a driving force of innovation and industry progress in financial services for three decades — having led institutional and retail asset management, insurance and retirement services businesses over the course of his career," said Paul Mahon, president and CEO of Great-West Lifeco.

Under Reynolds' leadership, the retirement businesses of Putnam Investments and Great-West Financial will be combined and offer comprehensive retirement services to small-, mid- and large-sized corporate 401(k) clients, state and municipal employee retirement plans, and public education and nonprofit employee plans. Combined, the two companies have more than 5 million participants and oversee $220 billion in assets.

"We see a huge opportunity to see the businesses collaborate," Reynolds said. "Together we can grow faster than we can grow separately."

16.30 | 0 komentar | Read More

Sanctions not seen as damaging to U.S.

Economic sanctions President Obama ordered yesterday against some of Russian President Vladimir Putin's closest associates will have little impact on the U.S. or global economies, unless they are expanded to restrict Russia's energy exports to Europe, experts said.

"In terms of the global economy, unless gas exports from Russia to Western Europe are part of the sanctions, the impacts will be very small," said Nariman Behravesh, chief economist at IHS Global Insight.

In his latest round of sanctions over the crisis in Crimea, Obama targeted Putin's chief of staff and 19 others, as well as a major Russian bank that provides them with support.

But that alone will have little, if any, effect on the U.S. economy because Russia is not one of our major trading partners, said Doug Handler, IHS's chief U.S. economist. Russia retaliated, imposing entry bans on U.S. lawmakers and senior White House officials.

"Should there be a collapse in trade volume between the two countries, it would not have a major impact on U.S. economic growth," Handler said. "The greatest impact we'd see would be through Europe."

European Union leaders yesterday announced sanctions on 12 more people linked to Russia's annexation of Crimea. Obama said his administration has been working closely with Europe on more severe actions if Russia continues its incursions into Ukraine.

Yesterday, he signed an executive order giving the U.S. authority to impose sanctions on key sectors of the Russian economy.

"This is not our preferred outcome," Obama said. "These sanctions would not only have a significant impact on the Russian economy, but could also be disruptive to the global economy."

Earlier this month, the showdown in Ukraine caused both U.S. and European markets to fall, as the crisis stoked fears of a tit-for-tat campaign of economic sanctions between Western powers and Russia — Massachusetts' 28th largest export market last year, accounting for less than $150 million of the state's exports.

"Russia is a promising market and a trade partner, but not a terribly important one for either the U.S. or Massachusetts," said Andre Mayer, senior vice president at Associated Industries of Massachusetts. "Sanctions should not be damaging to our industries, as long as they are carried out with Western European nations."

Herald wire services contributed to this report.

16.30 | 0 komentar | Read More

Howard Johnson Inn to get ‘edgy’ redo

An "edgy" and "irreverent" 94-room boutique hotel paying homage to the Fenway's musical and artistic history will replace the shuttered and past-its-prime Howard Johnson Inn.

Samuels & Associates plans to open The Verb this summer after an 
$18.8 million-plus redevelopment that will include an interior gut-renovation of the Boylston Street property while preserving the 1959 building's mid-century facade and architecture.

It will be the first hotel for Samuels, which is credited with breathing new life into the Fenway with numerous residential, retail and office projects, including Fenway Triangle Trilogy, 1330 Boylston St. and the Van Ness Building. For this development, it is partnering with Weiner Ventures and Spot-On Ventures, developers of the Mandarin Oriental Boston.

"We're completely refurbishing the entire building," said Spot-On principal Robin Brown, a former 13-year general manager of the Four Seasons Hotel Boston. "It was a very high-quality building that lacked in love. We're more than tipping our hat to the original architects' design intent, making it authentic, but modern."

The team hired a London branding firm to brainstorm about the hotel's positioning, its style of service and attitude, and its name.

"Everything about the hotel will be a little bit irreverent," Brown said. "This is like me having a midlife crisis of hotels that's grounded with superb service and superb details, nailed with a huge sense of humor. This is not going to be a serious hotel."

The hotel's lobby will include a DJ spinning vinyl albums that will be on display. Boston music and pop-culture memorabilia ranging from historic Boston Phoenix covers to photos of musicians who performed in Boston or appeared on WFNX-FM radio also will decorate the public spaces.

"Once we really got to know the building, we saw that (it) really had great bones," said Leslie Cohen, Samuels' executive vice president of development. "We thought this was a great opportunity to create a spectacular new product in short order. Hotel rooms are in high demand."

Room rates are expected to start in the $200 range.

The hotel will include a heated outdoor pool and deck, along with a 4,000-square-foot, three-meal restaurant and bar.

"We're looking for (a chef) that fits in with the vibe of the Fenway — someone who is up-and-coming and consistent with our restaurateurs," Cohen said.

16.30 | 0 komentar | Read More

The Ticker

Toyota to pay $1.2B to settle criminal probe

Toyota agreed to pay $1.2 billion to settle an investigation by the U.S. government, admitting that it hid information about defects that caused Toyota and Lexus vehicles to accelerate unexpectedly and resulted in injuries and deaths.

Attorney General Eric Holder said yesterday that the penalty is the largest of its kind ever imposed on an auto company. The four-year criminal investigation focused on whether Toyota promptly reported the problems related to unintended acceleration.

N.Y. plant fined $12.5M for polluting

An industrial plant that knowingly released hundreds of tons of the carcinogen benzene into the air over a five-year span and improperly handled hazardous sludge on the ground was fined $12.5 million yesterday, and a manager was sentenced to a year in jail.

Tonawanda Coke Corp. and its former environmental manager, Mark Kamholz, were convicted of federal environmental crimes last year. The plant, along the Niagara River, burns coal to produce coke, used in steelmaking.

FAA: Boeing 787 jetliners are safe

Boeing's design and manufacture of its cutting-edge 787 jetliner is safe despite the many problems encountered since the plane's rollout, including a fire that forced a redesign of its batteries, according to a report issued jointly yesterday by the Federal Aviation Administration and the aircraft maker.

The yearlong review concluded "the aircraft was soundly designed, met its intended safety level, and that the manufacturer and the FAA had effective processes in place to identify and correct issues that emerged before and after certification," the agency said in a statement.

TODAY

 Labor Department releases weekly jobless claims.

 National Association of Realtors releases existing home sales for February.

 Nike reports quarterly financial results after the market closes.

TOMORROW

 Tiffany reports quarterly financial results before the market opens.

THE SHUFFLE

NVNA Works, a nonprofit, private-pay home care agency, has named Ellen Allen to its board of directors. She is currently chairwoman of both the Plymouth County Advisory Board and the Norwell Board of Selectmen.

L Kristina Lupo has joined the 451 Marketing search marketing team as account director. With more than 12 years experience in advertising and radio, Lupo will be responsible for managing the development and execution of integrated search campaigns for 451 Marketing's clients.

16.30 | 0 komentar | Read More

Jury finds against Herald in libel suit

A Suffolk Superior Court jury yesterday found the Boston Herald responsible for defamation in a case arising from a May 28, 2009 article regarding a prison visit involving Joanna Marinova at Old Colony Prison in Bridgewater earlier that month. The newspaper states that it expects to "ultimately prevail in this matter."

"The Herald has stated since its May 28, 2009 article on a major security breach at Old Colony Prison was published that its article was entirely correct, from its headline to its last line," the Herald said in a statement. "The article was meticulously researched, carefully written and extremely well-documented. We are proud of it, and of the journalist who wrote it."

The verdict, which came in after a 13-day trial and more than two days of deliberations, awarded Marinova $13,052 in compensatory damages and $550,000 on her claim that the Herald negligently caused her emotional distress.

The Herald said it will continue to defend its article and reporter Jessica Van Sack going forward.

"Lawsuits like the one filed here are serious threats not only to the rights of a free and robust press, but to the rights of the citizenry that expects, and depends upon, that free and robust press," the newspaper said. "The Herald fully expects to ultimately prevail in this matter."

The trial was overseen by Superior Court Judge James F. Lang.

16.30 | 0 komentar | Read More

Fed may end stimulus this fall

The Federal Reserve could end its bond-buying stimulus this fall, and interest rates could start to rise six months later, Fed Chair Janet Yellen said yesterday after leading the Federal Open Market Committee meeting for the first time.

U.S. stocks fell slightly on the news that the Fed's first rate hike could come as soon as April 2015, rather than the second half of 2015, if the Fed continues tapering its "quantitative easing" program. Yesterday, it reduced the monthly bond-buying pace by $10 billion, to $55 billion, as expected.

"The FOMC continues to see sufficient underlying strength in the economy to support ongoing improvements in the labor market," Yellen said.

The Fed now will look at a broader range of data to determine the economy's strength and when to raise rates instead of tying plans to keep them steady to "well past the time" when the unemployment rate drops below 6.5 percent. But, Yellen stressed, that "does not indicate any change in the committee's policy intentions." Its assessment will consider labor market, inflation and financial market indicators, the Fed said.

"They had attempted to offer forward guidance a little over a year ago in terms of the unemployment rate — that's become obsolete," said Jeffrey Frankel, an economist at Harvard's Kennedy School. "There's nothing to suggest in (yesterday's) news that they have yet to come up with a replacement."

The Fed is moving in the right direction with its stimulus reductions, but doing so too slowly, said Laurence Kotlikoff, a Boston University economics professor. "Countries that have printed this much money to pay their bills get into trouble eventually with inflation," he said.

16.30 | 0 komentar | Read More

If brake account is accurate, dealer dropped the ball

I have a 2003 Buick Rendezvous. After the dealer did a brake job, the red "Brake" warning light on the dash came on, along with an audible alarm. The dealer said they didn't cause it, don't know why it's doing it and don't know how to fix it. They said I could disconnect the wire to the radio speaker but they would not do this for me.

Really? Even without hearing both sides of the story, it's hard for me to believe an authorized dealer would suggest a car owner ignore a brake warning light and audible warning signal. Beyond this, how a dealer could tell you they don't know what or why the warning light is on without checking the car is just as questionable.

Typically, there are three reasons the red "Brake" warning light comes on: low brake fluid level in the reservoir, the parking brake still engaged or a problem with the hydraulic brake system.

The dealer should have checked fluid level in the brake master cylinder reservoir, checked that mechanical components of the parking brake or its electrical switch are not sticking and, most important, scanned for any brake system, ABS or TCS (traction control system) fault codes.

For the dealer to have serviced the brake system, then deny causing the brake warning light to illuminate without any investigation and to suggest that you ignore the light and disable the audible warning is, frankly, almost unbelievable.

My daughter has a 2004 Saturn Ion that has a problem starting when overnight temperatures drop to zero or below. She turns the key and it just goes "Click, click, click," or starts to turn over, then stops. She leaves it sit for 15-20 minutes and then it starts right away. During warm weather it starts fine. Can you help?

Check the battery terminals, connections and cables. The "Click, click, click" is typically a sign that the battery is weak or connections are so poor that not enough amperage reaches the starter motor to crank over the engine. The electrical resistance through poor connections during several starting attempts may actually warm up the connections and battery enough to enable an engine start.

Load-test the battery itself. An aged battery operating in subzero temperatures may well be the culprit.

My granddaughter has a 2008 Chevy Uplander with 65,500 miles. In early January during a nice spell of weather that exposed some of our famous potholes, I hit one. Shortly after that the "Service ABS System," "Service Traction System" and "Service Stability System" warning lights came on in a blinking rotation. Because the weather has been so bad recently, I'm hoping to get some advice on what to look for before crawling under the car. The brakes work fine and I'm still driving the car.

Have a shop plug in a scan tool and identify the specific C-series DTC fault codes relating to this issue. The most likely cause is a damaged wheel speed sensor or harness. The information gathered by these sensors and fed to the electronic brake control module determines if ABS or TCS function is appropriate. If the signal from one or more wheel-speed sensors is absent or inaccurate, a fault code is generated, the systems are disabled and warning lights illuminate.

You probably won't have to crawl under the car. The scan tool should identify which wheel speed sensors are at fault. You can access the sensors and their harnesses by removing the specific wheel in question.

Paul Brand, author of "How to Repair Your Car," is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at: Star Tribune, 425 Portland Ave. S., Minneapolis, Minn. 55488 or via email at paulbrand@startribune.com. Leave a daytime phone number.

16.31 | 0 komentar | Read More