Regional Briefs
Mass. Workers Comp Rates To Decline
Massachusetts businesses may see a 1 percent reduction in workers compensation insurance rates beginning in September.
Massachusetts Attorney General Martha Coakley said that the state's businesses can expect to save a total of $30 million compared with an earlier rate proposal from an insurance industry trade group.
The rate settlement is subject to approval by the state's insurance commissioner.
In February, the trade group submitted a proposed 2.3 percent rate increase to state regulators. Coakley's office intervened, arguing a 2.3 percent increase would be too high.
The insurers agreed to settle by cutting rates 1 percent.
Businesses are required under state law to buy workers compensation insurance.
Mortgage Applications Down, Rates Up
Home loan application volume took a 14 percent dive during the week ended April 18, according to the Mortgage Bankers Association.
The association's Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2 percent from the 743.4 the association reported the previous week.
The refinance share of mortgage activity decreased to 49.2 percent of total applications from 53.5 percent the previous week, the association said. And the average interest rate for a 30-year fixed-rate mortgage increased to 6.04 percent from 5.74 percent the previous week.
Coakley Opposes Gas Rate Hike
Massachusetts Attorney General Martha Coakley's office has asked the Department of Public Utilities to reject a petition by Bay State Gas Co. to increase the company's rates.
The proposed increase would raise the gas distribution charge for the average residential customer by more than 5 percent, Coakley's office said. The total proposed increase is $7.5 million.
The attorney general's office said Bay State, a subsidiary of Indiana-based NiSource Inc. that sells gas to about 285,000 customers in Massachusetts, earned an 8.26 rate of return in 2007.
SBA Offers Disaster Loans In Mass
Small businesses affected by drought and extreme heat during the second half of last year are eligible for loans from the U.S. Small Business Administration.
Nurseries, agricultural cooperatives and other companies in much of the state, including Middlesex, Norfolk and Worcester counties, can apply for up to $1.5 million in loans. They are available at a 4 percent interest rate with terms up to 30 years.
The SBA said it is providing the loans as a result of the Secretary of Agriculture's declaration of a disaster affecting farms.
IDC: Open Source Is Hot
Open source software such as Linux will only grow in importance to businesses this year, according to IDC, a market research company in Framingham.
In a survey, IDC found that almost 60 percent of businesses said they spent more on open source software services last year as a percentage of their IT budgets.
Quality assurance, testing and certification of open source computer systems were projected to increase by 150 percent between 2007 and 2008, according to those surveyed.
Saving money was the biggest reason those surveyed gave for adopting or expanding their use of open source technology. And IDC Worldwide Services and Emerging Services Opportunities Program Manager Gard Little said the economic slowdown in the U.S. may actually increase sales of open source services.
More Than Just 'Buenos Dias' For Business
Executives and their support staffs aren't too embarrassed to admit they could use etiquette lessons before traveling to foreign countries.
According to a recent OfficeTeam survey, 62 percent of executives and 82 percent of administrative professionals said they would either benefit greatly or benefit somewhat from courses on international business etiquette.
Executives and their support staffs should also learn key phrases in the language spoken by the countries they'll be visiting.
SEC To Consider Tighter Regs
The Securities and Exchange Commission is considering new rules to limit conflicts of interest in the U.S. credit rating industry, a key financial player under scrutiny for not sounding the alarm about risky mortgage investments soon enough.
The regulations haven't been developed yet, but SEC Chairman Christopher Cox told lawmakers that he saw no reason why such work "could not be prohibited.''
The industry, has been roundly criticized for failing to accurately assess - and warn investors about - the risks that mortgage investments posed to financial markets.
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