New chapel set to rise up in Seaport

Construction will start this month on Our Lady of Good Voyage in the South Boston Seaport District — a new chapel to replace the original built by the Archdiocese of Boston in 1952 to serve seamen and other waterfront workers.

Seaport Square developers Boston Global Investors and Morgan Stanley will break ground on the new one-story chapel Nov. 21 at 51 Seaport Boulevard, near the intersection of Sleeper Street on what's now a parking lot. The new chapel, at the foot of the Evelyn Moakley Bridge, will be fronted by a public square.

The existing one-story, red brick chapel on Northern Avenue — dwarfed in an area with new and under-construction high-rises — will be demolished.

Boston Global Investors and Morgan Stanley struck a deal with the Archdiocese of Boston for the new church to make way for an office tower as part of the $3.5 billion, 23-acre, mixed-use Seaport Square project.

Built as a "worker chapel" on land donated by a New Haven Railroad president, the chapel often is referred to as the "Fish Pier chapel."

It's part of South Boston's St. Vincent de Paul parish. The chapel is included in the Massachusetts Historical Commission's inventory of historic and archaeological assets, but not listed on state or national registers of historic places.

The new one-story church, which will sit on a 5,000-square-foot lot, is slated to be finished by Christmas 2015. When completed, Boston Global Investors and Morgan Stanley will sell it to the Archdiocese of Boston for a nominal fee.

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Hannaford sales up $100M during Basket walkout

Market Basket's multimillion-dollar loss during this summer's six-week employee walkout and virtual shutdown was rival supermarket Hannaford's gain.

The Maine-based Hannaford chain saw a $100 million jump in sales when Market Basket customers defected to other supermarkets — largely in its approximately 30 stores that overlap with Market Basket territory — its parent company, Belgium's Delhaize Group, said in an earnings call Thursday.

The boost from the "temporary competitive dynamics" at Hannaford helped Delhaize America, which also includes the Food Lion chain, to same-store sales growth of 5.3 percent for the third quarter. Total U.S. revenue grew 5.9 percent to $4.66 billion.

"We estimate that such market disruption has increased Delhaize America's comparable store sales by around 210 basis points for the quarter," Delhaize Group CFO Pierre Bouchut said. But, he qualified, the additional revenue didn't translate into a significant gain as Hannaford incurred extra cost, mainly for labor, "to serve our clients as best as possible during these exceptional circumstances."

"We saw a substantial increase in transaction count during that time," said Kevin Holt, CEO of Delhaize America. "At the same time, we also worked very hard on trying to improve our store operation and present ourselves better, as well as making some strategic price investments. Our intent is to hold on to all of the customers that we can."

Market Basket got back into business very quickly, Holt said.

"It's a little early for us to tell right now how many customers it will actually hold on to," he said.

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Volvo V60 no ordinary wagon

A brilliant red paint job on my Volvo tester dismissed any notion that the V60 was an ordinary wagon.

This, of course, was validated by a turbocharged, 6-cylinder engine that yielded 325 horsepower. Our test model, which topped out at just under $50,000, had Volvo's R-Design trim package that gave the wagon a sporty edge with an upmarket interior.

Low-profile summer tires mounted on 19-inch wheels combined with shallow ground clearance and sport-tuned suspension gave the V60 impressive handling. While the blend made the wagon exhilarating to drive, the downside was a harsh ride, especially in the city and over bridge expansion joints on the highway.

A silky, six-speed automatic transmission produced brisk acceleration. Aluminum paddle shifters, tucked behind the steering wheel, were ready at the finger- tips to wind out those gears. All-wheel-drive certainly makes the V60 an attractive choice for the New England driver, but a second set of all-weather tires is a must. My V60 tester did 19 miles per gallon in the city and 28 on the highway in fuel economy.

An understated interior, finished in flat black, blended comfort and luxury. Brushed aluminum highlights on the leather-wrapped steering wheel, center console and doors broke up the darkness. Leather seats were supportive and fatigue-reducing.

Volvo's climate package takes heated components to another level.

In addition to heated front and rear seats, the V60 had a heated steering wheel, windshield, windshield nozzles, and mirrors.

Rear seating was decent, but lacked footroom with two adults in the front. Three children across the back was a squeeze. While our tester had an opening over the cockpit, a panoramic moonroof would help to brighten the backseat environment and provide better light for the deep, rear storage compartment.

Volvo includes an abundance of safety and security features as standard equipment on the V60's base model. Our tester also had a $900 exterior sensor technology package that included blind spot warning, cross traffic alert, lane change merge, and parking assist.

Volvo also offers a smartphone app that not only provides a remote starter, but also provides access to the V60's dashboard to check fuel levels and maintenance warnings, and provides a journal of where the wagon has been. I liked the fact that I could tap my iPhone to confirm if the doors where locked before I went to bed.

I looked forward to every opportunity to get behind the wheel of the V60 as the combination of modest power and sharp handling made the wagon entertaining to drive. An entry level V60 starts at just under $36,000 and Volvo offers 4- and 5-cylinder engine options.

I recommend taking a close look at the sport wagon segment to anyone considering a compact SUV. Other wagons to consider are the Audi Allroad, Subaru Outback, or the Volkswagen Jetta. The Volvo V60 is a sports car disguised as a wagon.

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State will hand out $2M to fledgling biotech firms

A quasi-public state agency will give out up to $2 million to early stage life sciences companies, a move that industry insiders say will help fill a gap in funding for promising companies.

The Massachusetts Life Sciences Center will award up to $200,000 each to early stage companies selected by a panel of experts.

Pamela Norton, who is in charge of the MLSC's programs, said the grants will be a key piece in the center's support of the industry.

"This is to fuel the entire continuum of companies from the earliest to the latest," Norton said.

In a report released earlier this year, the Massachusetts Biotechnology Council, an industry trade group, identified increasing seed funding for startups as an important piece of the future of the state's biotech industry.

"This additional funding and focus will be a big help to the early state ecosystem," said John Hallinan, chief business officer for MassBio. "One of the things we identified (as an issue) is the lack of early stage funding."

Abi Barrow, director of the Massachusetts Technology Transfer Center, said even a little funding for an early stage company can do wonders.

"The hardest thing is for newly formed startups to get their first funding in," Barrow said. "Anything they can do to get a little bit of funding in and do a little bit of research to validate what they're doing can only be helpful."

Gov. Deval Patrick said in a statement that the state must continue to invest in all stages of life sciences development.

"The MLSC will deepen the pool of early stage companies that are creating jobs and new technologies here," he said.

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Gulfstream accountant held in $8.5M theft scheme

LOS ANGELES — An embezzler who served time in federal prison was arrested Friday in a scheme to steal at least $8.5 million from Gulfstream Aerospace Corp. to finance a lavish lifestyle, the FBI said.

Marvin Caukin of Calabasas was held without bail after his initial appearance in federal court on charges of identity theft and conspiracies to launder money and commit mail fraud, said FBI spokeswoman Laura Eimiller.

Caukin, 66, was finance director at Gulfstream's Long Beach and Las Vegas operations when he orchestrated a sophisticated embezzlement scheme using friends and relatives to set up phony businesses to bill the company for services never provided, Special Agent Sherine Ebadi said in court papers.

The bogus companies had names that sounded like they were in the aerospace industry, such as Jetco Aviation Services. Caukin approved payments and the proceeds were funneled back to him and also used by his co-conspirators, who have not been charged.

Caukin spent the money on two houses, including his $2 million Calabasas residence that he purchased with cash, fancy cars, pricey restaurants, five-star hotels, expensive jewelry, luxury furnishings as well as mundane expenses such as insurance premiums, utilities and other living expenses.

The FBI and investigators the U.S. Postal Inspection Service searched Caukin's two homes Friday and recovered several thousand dollars in cash from his Mercedes Benz, Eimiller said.

Gulfstream fired Caukin in May 2013 when it discovered that he had lied on his application in 2000 when he said he hadn't been convicted of a felony in seven years.

Caukin spent nearly three years in federal prison in the mid-1990s for embezzling $2.4 million from USA Petroleum Corp., where he was finance director. He pleaded guilty in that case to wire fraud.

Two of the co-conspirators, including one of his sons, were unindicted accomplices in Caukin's previous scheme, according to Ebadi.

Another co-conspirator who was authorized to handle bank accounts for phony companies and rented mail boxes where checks from Gulfstream were sent is believed to run an Orange County escort service that was paid more than $55,000 between 2001 and 2012 for catering and support at events such as the company Christmas party.

The woman who ran those events said Gulfstream had never hired that company.

Spokespeople for Gulfstream, a wholly owned subsidiary Falls Church, Virginia-based General Dynamics, did not immediately return calls or emails seeking comment.

Caukin, who did not enter a plea Friday in federal court, was ordered to appear at a Nov. 17 bail hearing.

His lawyer had no comment.

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China exports up 11.6 percent, imports 4.6 percent

BEIJING — China's trade growth slowed in October but remained robust, with exports rising 11.6 percent compared to the same period the previous year.

The Customs Administration said Sunday that last month's exports of $206.9 billion reflected a deceleration from September's rate of 15.3 percent, which was the fastest growth rate in more than 1 ½ year.

October imports of $161.5 billion were up 4.6 percent from the previous year, a growth rate somewhat less than expected by some economists.

China's communist leaders are hoping to nurture domestic consumption to fuel growth as an alternative to relying on exports to support employment.

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NStar wants to charge 29 percent more on Jan. 1

NStar is seeking to hike its electricity rates by 
29 percent beginning Jan. 1, citing constraints in the pipelines that bring natural gas to regional generating companies.

The utility filed the rate increase request with state regulators yesterday. If the Department of Public Utilities approves the proposal, the average customer using 500 kilowatt-hours of electricity would see a $28 monthly bill increase to $123.41, said Mike Durand, an NStar spokesman.

"This change we've filed represents the exact price we pay for the electricity we buy from generators on behalf of our customers," Durand said.

That price has increased, he said, because more than half of New England's electricity is now produced using natural gas. And although gas remains an abundant and inexpensive fuel, regional pipelines are not equipped to meet the growing dependence on gas to produce electricity, Durand said.

Mary-Leah Assad, a spokeswoman for the Executive Office of Energy and Environmental Affairs, said the Patrick administration and the Department of Public Utilities are working with all of the state's electric utilities to ensure residents and businesses are aware of the programs available to help manage energy costs this winter.

"The basic-service rate increases underscore the importance of continued aggressive investments in energy efficiency and a diverse energy mix to stabilize prices and secure our energy future," Assad said.

National Grid, Massachusetts' other major electric utility, proposed a 
37 percent rate hike earlier this fall, prompting Attorney General Martha Coakley's office to request that the company's winter electricity rates be recalculated to spread the impact over a 12-month period. But the Department of Public Utilities denied the request, saying it would be contrary to department precedent and disrupt the competitive market, potentially resulting in higher future prices.

Yesterday, Jillian Fennimore, a spokeswoman for Coakley, said: "Our office remains very concerned about these increases in electricity bills, and we will continue to advocate for ways to mitigate rate hikes this winter season and in the future. We have encouraged the DPU to educate and protect consumers considering alternatives offered by competitive suppliers, and examine additional solutions to help reduce this impact on ratepayers in Massachusetts."

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Contemporary offers space, style

This custom-built contemporary in Georgetown is shaped like a barn — with an attached silo — and has a huge garage ideal for car collectors.

The three-bedroom home at 282 Andover St., built in 2003, sits on almost two acres of land behind the 10th hole of the Black Swan Country Club golf course.

This unique 4,660-square-foot home, with a green metal roof, light-colored vinyl siding and an attached silo that holds the kitchen, a billiards/game room and an elevator, is on the market for $850,000.

Its ground level has a 2,300-square-foot garage with four overhead access doors that has room for nine vehicles. It may not be for everyone, but if you like buying and fixing up cars, the garage gives you ample space to restore and to store them — and a bathroom with a shower stall to clean up.

Most of the living space is on the second level, which has radiant heated floors, central vacuum and handicapped accessibility fixtures and handles as well as an elevator. Almost all rooms on this level, including the great room, kitchen and master bedroom, open out onto a multi-tiered outdoor deck with great views of the golf course.

The showpiece space on the second level is a great room with oak floors, a wall of side windows and 30-foot vaulted ceilings. This space serves as an open living/dining/family room with a full-wall media center built-in at one end and a dining area with a gas fireplace at the other. There's also a wood-topped wet bar with a sink.

Behind the great room, in the five-sided silo bumpout, sits the home's expansive kitchen with custom wood cabinets, commercial grade appliances including an oversized Sub-Zero refrigerator, two dishwashers and two ovens. There are four windows, track lighting, a ceramic tile floor with patterned wood inlays, and a large dark granite-topped pendant-lit island with a six-burner gas cooktop that can seat at least a half dozen diners.

Also on this floor is the home's expansive master bedroom suite, with Pergo floors, a wrought-iron chandelier, a gas fireplace, a walk-in closet and a large three-part Palladian window. The en-suite bathroom features dual pedestal sinks, a custom built-in linen cabinet, a whirlpool tub plus a large beige marble walk-in shower.

There's a second bedroom on this level with its own ceramic tile bathroom, as well as a pocket-doored home office/study with dentil crown molding, two built-in desks and a built-in bookcase/cabinet. A laundry room holds a side-by-side washer, storage cabinets and dryer and a sink.

Off the third-floor landing above the great room sits a vaulted-ceiling loft bedroom as well as a full and a half bathroom. In the silo bumpout sits a custom billiards/gaming room (table included) with wood-paneled wainscoting and Pergo floors. The game room also has sliding doors out to a third-floor deck.

The large driveway with a circular stone planter in the center can hold an additional 20 vehicles.

Home Showcase

• Address: 292 Andover St., Georgetown
• Bedrooms: Three
• Bathrooms: Four full, two half
• List price: $850,000
• Square feet: 4,660
• Price per square foot: $182
• Annual taxes: $11,167
• Location: A mile to Georgetown Shopping Center including 
a Crosby's supermarket
• Built in: 2003
• Broker: Gail Tyrrell of ReMax Advantage Real Estate at 781-760-0670

Pros:

• Open living dining/family great room with 30-foot vaulted ceilings, wall of windows
• Large kitchen with custom cabinetry, large island and commercial grade appliances
• Master bedroom suite with three-part Palladian window, large marble walk-in shower
• Multi-tiered wide deck with views of golf course

Cons:

•  Huge garage with multiple overhead doors may not fit with potential buyer's lifestyle

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China trade growth decelerates

BEIJING — China's trade growth decelerated in October but still was relatively robust as Chinese leaders try to reverse a deepening economic slowdown.

Exports rose 11.6 percent to $206.9 billion, down from September's 18-month high of 15.3 percent growth, trade data showed Saturday. Imports rose 4.6 percent to $161.5 billion, below forecasts.

Weaker trade represents a new source of possible risk after economic growth slipped to a five-year low of 7.3 percent in the quarter ending in September.

In an apparent effort to shore up growth, Chinese leaders have approved tens of billions of dollars of spending in recent weeks on building new railway lines and airports.

The Communist Party leadership is trying to nurture growth based on domestic consumption and reduce reliance on trade and investment. But trade-driven manufacturing employs millions of Chinese, and the government's reform plans depend on preserving those jobs.

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Stocks that could benefit from a GOP-led Congress

NEW YORK — Lower taxes for medical device makers. Lighter regulations for coal. If the new Republican-led Congress manages to push through these policy changes it could lift stocks in the health and energy industries, market strategists say.

To be sure, President Obama still has two years left in the White House and can use his veto power to stop legislation. A Republican Congress can't repeal the entire Affordable Care Act. Any big tax or immigration reform ideas will have to be reached through compromise.

"Those big issues are off the table and on hold until after the presidential election in 2016," says David Lebovitz, global market strategist at JPMorgan Funds.

Still, specific industries that could benefit from successful Republican legislation include:

MEDICAL DEVICE COMPANIES:

The GOP-controlled House of Representatives has tried to repeal the Affordable Care Act's medical device tax several times only to see their efforts die in the Democratically-controlled Senate. With the Senate under Republican control starting next year, the 2.3 percent excise tax is likely to be on the chopping block, market strategists and Washington watchers say.

The nation's biggest medical device makers — Johnson & Johnson, Boston Scientific, Medtronic and others — could benefit from the elimination of the tax. Boston Scientific had $73 million in expenses related to this tax, while Johnson & Johnson paid approximately $200 million in 2013 in expenses related to the tax. Removing the tax could give a modest boost the industry's bottom line, investors say.

ENERGY:

The GOP-controlled House and Senate will likely put pressure on the White House to approve TransCanada's Keystone XL Pipeline next year. The pipeline, which would help carry crude from Canada to refineries along the U.S. Gulf Coast, has been in regulatory purgatory for several years, awaiting approval. While the State Department has the authority to greenlight the pipeline, Congress can adopt a bill that would overrule it by approving the project.

TransCanada's stock was up 2.4 percent the day after the election. Suncor Energy, a Canadian oil sands company, rose 4 percent.

Coal stocks might also do well, analysts at Brunswick Group say. Sen. Mitch McConnell, R-Kentucky, will almost certainly become the Senate Majority Leader, and a big energy supporter, Sen. James Inhofe, R-Oklahoma, is likely to become chairman of the Senate Environment and Public Works committee.

Coal companies have faced strict pollution regulations under the Obama Administration. Congress could take up legislation to pull back some of those regulations.

Obama, however, is likely to veto any legislation related to coal plants and carbon and it's unclear if the Senate has enough votes to override him.

Peabody Energy was up 12 percent, Arch Coal rose 32 percent and Alpha Natural Resources was up 49 percent for the week.

BANKS:

Smaller, regional banks may benefit under the new Congress, analysts say. There is talk of pulling back some of the Dodd-Frank regulations for banks under $10 billion in assets.

However, big banks are unlikely to see any significant regulatory changes, analysts at Keefe, Bruyette & Woods say. The Dodd-Frank financial reform act is unlikely to be repealed while Obama remains in office. Also the "too big to fail" regulations, which require the big banks to hold higher amounts of capital because of the crucial role they play in the economy, are generally popular among both Democrats and Republicans.

A regional bank, Zions Bancorporation, climbed 2.4 percent for the week.

MIDTERM BOOST:

It's not just new legislation that could help stocks; history also favors the market right now. In the past, U.S. stocks have done well in the quarter that includes midterms. Data by Strategas Research Partners shows that the Standard & Poor's 500 index, going all the way back to 1930, rose an average of 2.1 percent in the fourth quarter of a midterm election year. That compares with a return of 0.4 percent for the entire year.

Bob Doll, chief equity strategist at Nuveen Asset Management, says the gain is because elections remove uncertainty for investors and help provide clarity on which way the country might be headed.

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