Keurig strikes deal with Kraft on coffee brands

NEW YORK — Keurig Green Mountain says it struck a deal to make Kraft's branded coffees, such as Maxwell House and Gevalia, for its single-serve brewing systems in the U.S.

The companies did not disclose financial terms of the deal.

Keurig, based in Waterbury, Vermont, makes at-home brewing machines that let people make cups of coffee one serving at a time. The company is also working on a machine that would let people make cold, carbonated drinks at home, and has partnered with Coca-Cola to let people make various Coke drinks at home.

Kraft had also announced a deal to distribute packaged McDonald's coffee to supermarkets and other retailers. That deal will mean people will also be able to make McCafe drinks with Keurig machines.

Shares of Keurig rose 9 percent to $127.79.

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Prayers for Atlantic City as closings, layoffs loom

ATLANTIC CITY, N.J. — Members of the clergy locked arms as they led a march of about 400 Unite Here Local 54 members in "a prayer vigil for Atlantic City's service economy" on Wednesday night.

"This is union territory," the casino workers chanted as they marched along amid car horns honking in support. Many held signs, including Linda Bragg, 56, of Atlantic City, who works at Bally's casino and hotel. Hers read: "Atlantic City — Broken Promises."

"We don't want to be a forgotten town," she said. "I grew up with all these people. We made millions for the state. It's really heart-wrenching. A mess."

The march, on the eve of three planned casino closures, started between the Revel and Showboat casino hotels on the Boardwalk at 6:30 p.m. and ended more than an hour later. Several pastors and bishops held a prayer service in support of the employees, many of whom are members of their churches.

"If these gambling houses close, we're going to make lemonade out of them," said Pastor Eric McCoy, president of the Fellowship Churches of Atlantic City. "The Lord will show the way. We are here for you."

About 6,400 casino workers will be let go in the next few weeks, starting with Showboat's closing Aug. 31. Revel is set to close by Sept. 2 and Trump Plaza two weeks later.

The battered resort is bracing for the massive layoffs.

"This (march) is about what's at stake," said John R. Schol, bishop of the United Methodist Church-Greater New Jersey Conference, which has 500 member churches. Schol marched near the front. "This is about jobs, food on the table, school uniforms, and what these workers represent to their communities.

"These job losses not only affect Atlantic City, but the entire state," he said. "It will be devastating for this entire region."

The biggest closing among the three is Revel. Built at a cost of $2.4 billion, Revel, which employs about 3,200 workers, was beset by consistently low gambling revenues that were far below what was needed to sustain its massive operations.

It finally collapsed last week as a delayed auction failed to produce a qualifying bidder.

On Monday, Revel attorneys gave a federal bankruptcy judge closing dates of Sept. 1 for the hotel and Sept. 2 for the casino. John Cunningham, a Revel attorney, said he hoped the closing would help spur a sale, since prospective bidders are valuing the property at levels more in line with a closed casino than an operating one.

"We are bleeding money every week," Cunningham told U.S. Bankruptcy Judge Gloria Burns.

The state Division of Gaming Enforcement announced Wednesday it had given final approval to Revel's shutdown on those dates.

On Monday, gambling regulators confirmed that Showboat will close at 4 p.m. Aug. 31 — leaving 2,133 without jobs. Gamblers will have until 5 p.m. to redeem gambling vouchers and chips. Aug. 30 will be the last night to stay at the Showboat hotel.

Trump Plaza, which employs about 1,100, plans to close Sept. 16.

Revel, Showboat, and Trump Plaza will mark four closures this year. The Atlantic Club closed in mid-January.

Several politicians, including State Senate President Stephen Sweeney and Atlantic City Mayor Don Guardian, offered their support as the workers gathered on the Boardwalk before the march.

"This was a union town, is a union town, and will be a union town," Guardian said. "Hopefully, we will get these properties sold and breathe life back into them by the spring."

As he left the prayer service, a downcast Wilmar "Willie" Salazar, 48, of Atlantic City, said he was at a loss as to what he will be doing once Trump Plaza closes.

"I've spent 25 years there," he said. "It's been a long time since I had to look for another job. I'm thinking of maybe going back to Colombia. I worry most about my mom. I take care of her. She is older and needs her medicine. I just don't know yet."

Gaming analysts and industry experts have said Atlantic City has too many casinos and not enough gambling demand to sustain them all. After the three casinos fold, the resort will be left with eight.

———

©2014 The Philadelphia Inquirer

Visit The Philadelphia Inquirer at www.philly.com

Distributed by MCT Information Services

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Music site SoundCloud to start paying artists

BERLIN — SoundCloud said Thursday that it will start paying artists and record companies whose music is played on the popular streaming site, a move that will bring it in line with competitors such as YouTube and Spotify.

Berlin-based SoundCloud boasts some 175 million unique listeners a month, but so far those who upload tracks to the site haven't received money. To fund the payments SoundCloud is introducing ads, the revenue from which will be shared with musicians and rights holders.

"This is something we've been wanting to get to ever since we started the company," SoundCloud founder Alexander Ljung told The Associated Press. He said artists will be able to decide on which tracks the audio and display ads can appear, and initially only content played in the United States will be counted.

The program will start with 20 partners ranging from major record companies such as Sony/ATV and BMG to independent artists; eventually everyone will be able to join. Advertisers include Red Bull, Jaguar and Comedy Central.

Despite tying in record companies, SoundCloud has no plans to shift away from its support for new, original music, said Ljung. Instead, it hopes that young artists will see it as a way to start earning money with their music early on, he said.

"The more valuable we make (the site), the more they will use it," said Ljung. "We don't have a perspective for going out and buying a load of content."

Listening to music on SoundCloud is free. However, users who don't want to see or hear the ads will be able to get a subscription that will remove them, he said.

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The Ticker

State auditor reviews workers' comp system

A new state audit has made recommendations to improve accountability and efficiency in the workers' compensation system.

State Auditor Suzanne Bump said yesterday that her office's review found that the Department of Industrial Accidents, which oversees the system, does not ensure that assessments paid out by insurance companies are accurate.

Bump said the audit has already led to a number of improvements at the department, including the hiring two internal auditors to review insurance assessments. The audit examined fee collections, claims payments, and internal procedures from July 1, 2010 to Sept. 30, 2012.

All private employers in Massachusetts are required to carry workers' compensation insurance and pay claims by individuals through a commercial insurance policy, self-insurance, or membership in a self-insurance group.

Consumers save $25.9M in sales taxes

Consumers saved an estimated $25.9 million in foregone sales tax during last weekend's sales tax holiday, according to the state Department of Revenue, which will issue a report on the impacts as part of a December certification process. The foregone sales tax revenue was greater last weekend than the $24.6 million in 2013 or any year prior, according to data provided by spokeswoman Maryann Merrigan. Some form of tax free holiday has occurred every year since 2004, except 2009.

DOR is also planning a tax amnesty program in December. The program was ordered in the annual budget, and proponents say they hope it will bring an influx of revenues without the need to raises taxes. Eligible individual or business taxpayers will receive a notice in the mail and will have a window from Sept. 1 through Oct. 31 to pay back taxes with interest, while avoiding penalties.

Porter Airlines to increase service
between Boston and Toronto

Porter Airlines will increase service between Logan International Airport and Canada's Billy Bishop Toronto City Airport on Sept. 20. The Toronto carrier will add a sixth roundtrip flight on Sundays between the two cities and a fourth Toronto-to-Boston flight on Saturdays, for four full round-trips on that day. The low-cost carrier started flying out of Logan in 2009.

•  Rodman & Rodman, P.C., an independent accounting and tax firm located in Newton, has promoted Leah Shanahan, left, to manager. A certified public accountant, Shanahan previously held the position of supervisor for seven years. In her new role as manager of the business services team, she will provide audit and tax services to a diverse client base and help lead the firm's software advisory and support team.

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State probe: No price-gouging at other local supermarkets

Customers avoiding Market Basket are complaining about the prices at other grocery stores, but a state investigation found no evidence of price-gouging at the Tewksbury chain's competitors.

"We did send inspectors out to look and see if there was anything funky with the prices," said Amie O'Hearn, spokeswoman for the Office of Consumer Affairs and Business Regulation. "Prices are naturally higher at other chains, but we didn't find anything out of the ordinary."

This month's survey, which looked at a selection of food and grocery items in several areas where stores compete with Market Basket, did not reveal any wide price discrepancies, O'Hearn said.

Market Basket shoppers have been boycotting or otherwise steering clear of its 71 stores amid employee protests that started July 18 in support of fired CEO Arthur T. Demoulas. Market Basket's stores — known for their low prices — now are largely empty of customers and perishables.

Although the state hasn't received complaints alleging price-gouging, shoppers are venting their frustrations about higher prices on social media.

But "limited assortment supermarkets" are lower-priced alternatives to Market Basket, according to a survey by Somerville consumer advocate Edgar Dworksy. He checked prices of almost 24 common store-brand items on Aug. 6 at Market Basket, Stop & Shop and Save-a-Lot stores in Chelsea, Star Market in Somerville, Aldi in Medford and Price Rite in Revere. Aldi had the lowest prices, with the items costing 17 percent less than
Market Basket. Price Rite and Save-A-Lot were about 10 percent cheaper than Market Basket.

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MassBio: Seed-stage funds slow

The Massachusetts Biotechnology Council is sounding a warning over seed-stage funding — the earliest form of investment in startups — saying recent dips could hurt innovation in the long run, according to its latest report on the health of the state's biotech industry.

The Bay State leads in research and development jobs, in addition to federal research funding and venture capital invested per capita, but seed-stage funding needs to approach
$200 million this year to ensure a strong startup environment into the next decade, according to the 2014 MassBio Industry Snapshot.

"Massachusetts' strength in the life sciences depends on its vibrant startup and early-stage research activities, but funding for those activities — the fuel for industry growth here — is getting more difficult to come by," Robert K. Coughlin, MassBio's president and CEO, said in a statement. "We must find new avenues for companies seeking seed funding to ensure life-changing treatments make it ... into the hands of patients in need."

Seed-stage deals have grown from 20 deals totalling $52 million from 1999 to 2003 — when Massachusetts companies received 13.1 percent of all biotech seed funding in the U.S. — to 95 deals totalling 
$761.91 million from 2009 to 2013, when Bay State startups received 33.4 percent.

While that's good news, seed-stage funding has dropped since the 2008-to-2010 highs — when they totaled $275.89 million, $265.54 million and 
$177.92 million, respectively — to $148.10 million last year.

Still, other industry statistics look positive. Although research in the Impact 2020 report shows biotech venture investment overall is decreasing, last year Bay State venture investment increased to $984 million, with the state receiving more than 21 percent of all VC investment in biotechnology in the U.S.

The industry's economic impact as measured by Massachusetts-based payroll also topped $7.2 billion, with biopharma employment reaching 57,642 in 2013, an increase of almost 1,200 jobs over the previous year, according to data from the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages.

Employment in the industry has grown nine to 10 times faster than state and national employment growth rates.

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Market Basket deal could extend beyond today’s 5 p.m. deadline

The parties negotiating the sale of Market Basket — facing a self-imposed deadline of 5 p.m. today — are signaling talks may spill into the weekend, with sources on both sides saying they're close to an agreement, but are wading through a series of complex deal points.

Ousted former CEO Arthur T. Demoulas and his rival cousin Arthur S. Demoulas, Market Basket's controlling shareholder, maintained their weeklong silence yesterday, but sources briefed on the negotiations told the Herald that the passing of today's deadline won't necessarily mean talks are dead.

One source said the parties are still working toward today's deadline — agreed to after a five-hour session with Gov. Deval Patrick and New Hampshire Gov. Maggie Hassan on Sunday — but that if the sides remain close, it's "very possible" talks would extend into the weekend.

Kevin Griffin, publisher of the Griffin Report of Food Marketing, said he continues to hear the sides are "trying to finalize the bid and work out the details.

"But again, this is just weeks and weeks on end," Griffin said. "I believe it's happening, that's what I understand. I think that the past week has been probably more movement than there's been in the past four."

Speaking to reports Wednesday, Patrick said the parties left Sunday's conversation "feeling hopeful that a resolution was within reach" and that he asked them to consider an internal deadline because "there are a number of issues that could be debated endlessly."

Griffin said there have been few indicators two read into this week "except for the fact that we don't have the board coming out and talking about shutting stores and firing people, which leads me to believe that all the indicators are in place that they're getting close."

Sources have told the Herald talks have focused partly on how much Arthur T. and his backers are willing to put down up front, and the schedule on which future payments would be made. The unknown backers, sources told the Herald, would want assurances store revenue can return to where it was prior to when protests began more than a month ago.

The 71-store Market Basket chain has been hemorrhaging millions a day since managers and workers walked out in protest of Arthur T.'s ouster more than a month ago. Some vendors have stopped doing business with the company and are saying they won't come back unless Arthur T. returns.

The nearly five-week impasse has raised questions about whether Arthur T. will be able to quickly generate enough revenue to satisfy creditors while keeping all stores open and their 25,000 employees on the payroll — all while maintaining the chain's signature low prices that drive customers' fierce loyalty.

"I don't know, but if I were a betting man, I'd say that there will be no layoffs," Griffin said. "My guess is he will forgo short-term profits ... because it would be instrumental to the momentum that he needs to get the place in order."

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Hot Property: Flats on D links Seaport to South Boston

The new 197-unit Flats on D luxury apartments may not be in the thick of the Seaport District's offerings, but the project's developer sees that as an advantage.

"A lot of people want to live close to the action, but away from the fray," said John Baxter, executive vice president of Boston's Cresset Development, best known for building the Seaport's Liberty Wharf restaurant complex.

The leasing numbers at Flats on D, which is on D Street between the Seaport and South Boston's West Side, back up his claim. Forty-four percent of the units have been rented, even as construction continues on rooftop and outdoor terrace common spaces.

Alissa Isom of Bozzuto Management, property manager of Flats on D, says most of the renters are young professionals and many work in the Seaport District.

"Our rents are a little less than our competitors like 315 on A and Waterside Place" said Isom. "But tenants want to be in this up-and-coming area."

Studios start at $2,200, one-bedroom units at $2,500, two-bedroom units at $3,625 and there's a few three-bedroom units at $5,465.

Garage parking, for $275 a month, is behind a row of ground-floor retail spaces. Sub shop chain Jimmy John's is opening at the end of the month, dry cleaner Lapels is coming, and Dunkin' Donuts and MassBay Credit Union have signed letters of intent.

The Flats is actually two six-story buildings, with 95 units at 411 D St. and 102 at 407 D St. Each building has its own gym. There's a Wi-Fi coffee bar, game room with a billiards table and screening room at 407 D St. A rooftop deck will grace 411 D St., and 407 D St. will have a large second-floor rear terrace. Both outdoor spaces will have gardens and lawn, gas grills and fire pits, bocce courts, large TVs and lounge seating.

We took a look at Unit 203, a staged model at 411 D St., an 898-square-foot one-bedroom plus den renting for $3,180 a month. The apartment has an open living/dining/kitchen area with 9-foot ceilings, vinyl plank flooring and floor-to-ceiling windows.

There's oak cabinets, granite counters and GE stainless-steel appliances in the kitchen.

The carpeted bedroom has a walk-in closet and an adjacent carpeted den. The bathroom has porcelain tile floors, a granite-topped vanity and ceramic tile surround for a tub/shower. Every unit has a closet with a stacked washer/dryer and tankless water heater.

Isom says concessions include free rent for six weeks if tenants occupy an apartment by Sept. 15, along with a reduced security deposit and a free accent wall in the living/dining area.

The complex is across from the just completed Lawn on D temporary park, which features concerts and outdoor games. Next door will be a pair of mid-priced hotels.

"When we started Flats on D, this area felt like the edge," Baxter said. "But now it's filling in around us. The idea of living, working and playing in one neighborhood has strong appeal."

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Biotech $ barometer

Total Massachusetts seed-stage funding 
by year:

1999: $11,395,000

2000: $5,040,000

2001:$3,019,900

2002: $27,600,000

2003: $5,000,000

2004: $6,750,000

2005: $15,799,800

2006: $48,201,000

2007: $90,334,100

2008:$275,896,900

2009:$265,548,900

2010:$177,925,000

2011:$117,126,000

2012: $53,707,500

2013:$148,105,000

Source: PWC MoneyTree

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Katie Holmes buys Calabasas crib

 Ever since Katie Holmes up and left movie star super-Scientologist Tom Cruise she and their fashion maverick daughter, Suri, now eight, have shacked up in a rented apartment in a celebrity-filled building in New York City's Chelsea neighborhood. It seems, however, her New York City days have come to an end and, as per celebrity gossip juggernaut TMZ, the stylish and photogenic divorcee dropped $3.375 million on small mansion in the same guard gated development in Calabasas, CA, where other residents include, Michael's long-suffering mother, Katherine Jackson, and whatever of the Jackson clan shack up with her, Toni Braxton, and Travis Barker who recently bought himself a new house near Century City. Both Khloe and Kourtney Kardashian also own mansion in the 'hood, the former recently bought her spread from hellion pop star Justin Bieber and the latter even more recently bought her allegedly mold infested mansion from former professional footballer Keyshawn Johnson.

Listing details Your Mama managed to tease up out of the internets describe the approximately 6,200-square-foot house in question as an "extensively customized...Grand European Manor" while Your Mama might less kindly call it a modern-minded if liberally pastiched and prototypical suburban Tudoresque mini-manse. Whatever the case, the house sits on nearly a half, mostly walled acres with five bedrooms, 5.5 bathrooms plus a separate guest casita that's perfect for Miz Holmes's (probably armed) live-in bodyguard.

• BUYER: Katie Holmes
• LOCATION: Calabasas, CA
• PRICE: $3,375,000
• SIZE: 6,200 square feet, 6 bedrooms, 6.5 bathrooms

Not surprisingly for a seven-ish year old residence in an affluent gated development in Calabasas, the front door opens in to a grand, double height entrance with milk chocolate hardwood floors and an open staircase with wrought iron details. There's a step down formal living room with fireplace and a formal dining room with what appears to be a Dale Chihuly-designed chandelier. For better or worse, depending on one's point of view, both living and dining rooms have white and all but opaque floor-to-ceiling curtains that, when closed, lend the rooms a definite South Beach boutique hotel vibe.

Less formal, open-concept family space includes a family room with secondary staircase and television-surmounted corner fireplace. The adjoining and expensively outfitted center island kitchen with glossy black raised panel cabinetry, snow-white counter tops and a complete suite of high-grade stainless steel appliances.

In addition to whatever guest/family bedrooms are located on the second floor there is also an open library loft with built-in desk space and French doors to a Juliet balcony along with a master bedroom with separate sitting room/boudoir and an unexpectedly beige and brown bathroom in a house that is otherwise almost entirely did up and done over in black and white.

Outdoor living and recreation amenities include a cozy courtyard nestled between the formal living and dining rooms, a spacious loggia off the family room and kitchen that overlooks a pristine sport court, an outdoor cooking center, and a sleek swimming pool with slightly elevated spa and integrated sunken fire pit with cushioned built-in bench seating.

(C) 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC

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