Bay State Briefing: Summer Starts, Business Buzz, and Harvard Heat

On today’s program, we speak with Paul Niedzwiecki, CEO and president of the Cape Cod Chamber of Commerce talks about the summer season getting underway. Don Seiffert Managing Editor at the Boston Business Journal brings us up to speed of the top business stories of the week including the latest at Market Basket. Diti Kohli of The Boston Globe has been following the Harvard saga as it battles the Trump administration. Jack Fleming CEO of the Boston Athletic Association is sharing some big news. And finally, Jon Hurst, president of the Retailers Association of Massachusetts talks about the health of small businesses in the Commonwealth.

Episode Transcript

Speaker 1 (00:00):
This is the New England Business Report with Joe Shortsleeve
and Kim Carrigan, a weekly round up and discussion of
the top business news impacting our New England economy.

Speaker 2 (00:09):
And good morning.

Speaker 3 (00:10):
It's a Sunday morning, June the eighth. Joe short Lived
here with Kim Carrigan on the New England Business Report.
And well, Kim, you know, so far I've survived it.
We're counting down to my daughter's wedding and everybody's still standing.

Speaker 4 (00:23):
So that is so exciting. I am very excited for
you guys and in your life. I know this is
the second wedding that you guys have had in a month,
so it's a pretty crazy time.

Speaker 2 (00:32):
Well that's true, that's true.

Speaker 3 (00:34):
But if this one's down on Cape Cod, and I
guess you know, that's another business story for you because
the business of weddings on Cape Cod, that's it. And
I'll talk about a huge part of the economy down there.
They certainly took a big bite from me, anyway.

Speaker 4 (00:46):
I'm sure. I'm sure that's true.

Speaker 3 (00:49):
All right, So we're talking about all kinds of thing
today on the New England Business Report. You know, we're
gonna chat with his Paul Ned's Wicki. Now he of
course is the CEO and the president of the Cape
Cod Chamber of Commerce, and this guy knows all, sees
all as it relates to Cape Cod and that economy.
And so you know, the summer season is well, the
meteorological start of summer is underway, and we want to

(01:09):
get a feel for, well, how is it going in
terms of rentals, what about real estate sales, small businesses,
and also get an update on the Cape Cod bridges
that you know, folks are a little bit concerned there
is given that the status the status of federal funding
these days. And then also we're gonna have talk to
Don Seifert, he's the managing editor of the Boston Business Journal,

(01:32):
following the top business stories of the week, including all
the ongoings with market Basket, which is another story that
keeps on giving him.

Speaker 4 (01:43):
Boy, it certainly does. It is starting to feel like
a real repeat of you know, twenty and thirteen fourteen.
So we'll see what happens there. Second half of the
show very good and jam packed. Did he co leap
from the Boston Globe's going to join us? Now you
talk about federal funding being cut ooy oh, Boy, that
ongoing saga between Harvard and the Trump administration, it just

(02:07):
keeps heating up. This past week, the President putting a
stop on international students coming into the country to attend Harvard.
Harvard says they will fight to the end. So much
of this is in court and there are many other
repercussions associated with it. Did He's going to join us.
She's been following this story very very closely. This is

(02:27):
one Joe that's not going to go away, and it's
going to have a lot of repercussions, not just for Harvard.

Speaker 3 (02:32):
Well, I also know a great deal about their endowment,
this fifty three billion dollar figure at this point. And
I guess you know, a lot of people think, well, hey,
so what you can outlast the Trump administration. Well, it's
a little more complicated than that. And Did he has
a lot to say about the endowment and how it works.

Speaker 4 (02:47):
So there was big news this past week. Joe from
the Boston Marathon. I don't know if you had a
chance to see this. Now, we all know that this
event has become as much a fundraiser as it has
an athletic event, and this year was no different. And
in fact, we're going to be joined by Jack Fleming,
he's the head of the BAA, to share that this
year's record breaking philanthropic effort better than even last year,

(03:13):
which was record breaking. So it just seems that each
year they keep raising more and more money. He's going
to talk to us about why he believes these numbers
continue to rise, and then finally, if recent events have
not been enough to put a lot of pressure on
small businesses and Joe, we talk about this every single week.
The more these small businesses dealing with so much uncertainty now,

(03:36):
the head of the Retailers Association, John Hurst, a good
friend of ours here on the program, says that insurance
rates in the state for twenty twenty six have gone
up and typically I think there's a there cap somewhere
around three point five percent or so. This year they're
all going up double digits. He says, it's absolutely unsustainable

(04:00):
for small businesses and hers.

Speaker 3 (04:02):
He spent on this program many times and it doesn't
seem like his message changes very much. In fact, every
time he's on, the message seems to get a little
more dire. There's a story here in the Metro West
Daily News talking about Massachusetts small businesses say they're drowning
in high costs, and this stature jumped out of me.

Speaker 2 (04:20):
More than half of.

Speaker 3 (04:21):
Massachusetts small business owners said they will likely close or
sell their businesses in the next five years, which is terrible.

Speaker 4 (04:28):
It's just terrible news.

Speaker 5 (04:30):
You know that.

Speaker 4 (04:32):
You know, Wall Street seems to be hanging in there.
Main Street is really suffering as a result of so
much uncertainty. So John's going to join us. I actually
happened to see that John was commenting about these insurance
rates on LinkedIn, so I reached out to him because
he was saying, you know, this is outrageous and the
state has to do something about this. You know, these

(04:53):
insurance agencies cannot take all of these dollars from small businesses.
So he's going to join us. And chattel a little
bit about that.

Speaker 3 (05:01):
And you know, Kim, one of my favorite stories is
always this time of year is summer gets underway down
on Cape Cod. You know, I'm a Cape Cotter, I
got a place down there, and anyway, I'm a real
Cape Cod snob. But anyway, I wanted to bring in
Paul nets WICKI. He's a CEO and president of the
Cape Cod Chamber of Commerce, because meteorological summer is well
underway and well, we wanted to see how things are

(05:24):
going so far. Paul, welcome to the program. Give us
an idea. How is the summer of twenty twenty five
shaping up.

Speaker 6 (05:30):
We're off to a pretty strong start. Memorial Day was
a very strong weekend for us, even though the nor'easter
on Thursday and the rain on Friday got it off
to a slow start, but we finished really strong, with
some of our hotels that we checked in anecdotically having
some of the largest food service days that they've had.
So we're off to a pretty strong start with the

(05:51):
unofficial start on Memorial Day, and we're looking forward to
the official start on June twentieth, the first day of summer,
which is going to be co Hob Day for us.

Speaker 2 (06:02):
More about that. What's that?

Speaker 6 (06:05):
For seventeen years now on the Cape Dug the co
hog has appeared on the first day of summer to
predict how many beach days there are going to be
for the rest of the summer every year, so he'll
be at the Blue Water Resort in South Yarmouth four
pm Friday, June twentieth to make his appearance and make
his prediction, So you're welcome to come down.

Speaker 4 (06:28):
Not known about this co hog, I know, yes exactly.
That sounds terrific. You know, we checked with you earlier
in the spring and at that point, Paul, you felt
like things were a little behind when it came to
rentals and maybe hotel bookings. Does it feel like things
have caught up.

Speaker 7 (06:47):
Yeah.

Speaker 6 (06:48):
I think we've had a little bit of a bounce
back from them from where we were in sort of
a February March time frame, and I think a lot
of that tends to indicate I think what we're seen
earlier in the booking seasons. People there's some echon uncertainty
and so people are waiting longer to make reservations. But
we are starting to see a bounce back in the
occupancy numbers.

Speaker 3 (07:08):
Well, is this economic uncertainty basically coming up in favor
of Cape cod in other words, folks are staying close
to home or or is it you know, having the
other effects.

Speaker 6 (07:20):
Well, it's both with different segments. You know, obviously we're
seeing sort of a decrease in international travel of bookings
for the Cape, but the Capes is a finite place,
so we're and the demand is high, so we're starting
to see some backfill from that. And as part of
that economic on surety, where people might want to not
spend as much as they have in the past flying

(07:42):
to other places, they are driving to the Cape.

Speaker 3 (07:44):
Well, we heard because like the Canadians supposedly are staying away.

Speaker 4 (07:48):
Yeah.

Speaker 6 (07:48):
No, we've seen some of those polls that suggest up
to twenty percent of the Canadians that usually visit the
area won't be visiting the area. But I don't think
we're going to see that a twenty percent decline, but
we probably will see some decline, especially the Canadians are
going to see it in different pockets. Canadians are make
up a large component of the summertime peak season visitors

(08:10):
to Province Sound for example, they like to stay in
campgrounds and they're a big part of the fall bus
tour season. So we'll start to see it them pockets.
But having checked in with most of the major hotels
personally over the last week or two, they're all expecting really,
really strong seasons.

Speaker 4 (08:29):
Let's talk about the rentals. You know, are they playing
in favor of those who own the rental properties? And
I guess what I'm really trying to get at is
you know, what are prices like this year and you
know who's winning the renter or the rent tours.

Speaker 6 (08:46):
Well, that's a good.

Speaker 1 (08:47):
Question, Kim.

Speaker 6 (08:48):
I mean, we have nineteen thousand registered short term rentals
on kick Cut presently, so that's half of the short
term rentals in the state are on the Cape and
we sort of expected to see that average daily rate
for short term rentals dip a little bit this year
as stile market correction because the inventory has been growing
so rapidly over the last three years. But we haven't

(09:09):
seen that initial indication, so the ADR for short term
rentals remains where it was last year, or.

Speaker 7 (09:16):
Maybe a little bit above.

Speaker 3 (09:18):
Talking with Paul NEEDSWICKI, a CEO and president of the
Cape Cod Chamber of Commerce, you know, obviously we do
want we have we still have plenty of time, and
we do want to talk about the status of the
Cape Cod bridge replacement program. But before then, I guess
I want to know what is the number one issue
on your desk? What's sitting there on Paul NEDSWICKI is
looking at and going, oh, I got to get that done. Well,
bridges are number one, Oh they are okay, Well, let's

(09:40):
get there, you know.

Speaker 6 (09:41):
Yeah, No, the two bridges really present sort of an
existential threat for the Cape and the Cape's economy. And
we've been working with a large group we put together
at Cape and Island's Bridge Coalition, which is a group
of over fifty organizations and businesses that sort of modeled
on the ABC A Better City model in Boston to
sort of follow this project from its inception through its completion.

(10:03):
And we're looking at it and we've been working with
the cap Kaik Commission as well. That's issue to report
on what the economic impact would be if one of
those bridges had to close for any period of time,
like if they had to rehab the Born Bridge. You're
looking at a six month closure and a three month
long project for single lane restrictions, and the results are
not good. The results would suggest any significant closing of

(10:26):
one of the bridges, we would lose about a third
of our economy. And in twenty twenty three, that was
two point seven billion dollars in visitors spend that was
responsible directly for over fourteen thousand jobs and produced almost
a quarter billion dollars in taxes one hundred and sixty
million to the state and eighty million split up between
the local occupancy taxes for the fifteen towns on the Cape.

Speaker 4 (10:47):
So where do we stand in the process.

Speaker 6 (10:51):
Well, we just had our quarterly meeting of the Cape
and Onands Bridge Coalition, so Luisa Paiwanski, who is the
Governor's executive Director of Mega Projects, was down to give
us an update. So Sagamore is fully funded, the environmental
review is under plate underway. They're taking borings under the
Sagamore right now. They've expedited the imminent domain process to

(11:12):
give people as much an advanced notice that may be
impacted by where the bridge is going to go. So
we could break ground late twenty twenty seven, early twenty
twenty eight for Sagamore. All right, then the Borne Bridge
remains unfunded.

Speaker 3 (11:28):
Okay, so take us through the Born Bridge then at
this point.

Speaker 6 (11:32):
Yeah, we still have to find two point twenty five
billion dollars for Born. The Governor put in an application
through the same source of funds that produced the billion
for the Sagamore last year, and the Columns was unsuccessful
in that grant application, but that was not a surprise.

(11:53):
So the Governor and the Army Corps continue to look
for sources of revenue for Born well at the same
time getting ready for the physical, actual construction of the
new Sacamore Bridge to begin.

Speaker 4 (12:08):
Paul, do you worry about federal funding coming from this
administration because Massachusetts I think is paying a bit of
a price just from political stand Yeah, you.

Speaker 6 (12:20):
Know, I think it's a concern if you if you
look around the country at how things have been happening,
it's it's sort of the uncertainty and at times a
lack of process with which I think you concerned people.
But you know, the federal government just came out with
a notice of funding opportunity for those same funding sources
that have been funding these major infrastructure projects across the country.

(12:41):
So I see that as a good sign that the
federal administration is committed to infrastructure and moving forward with
these important road and bridge programs.

Speaker 3 (12:51):
Paul and Aswicki is our guest and we're down to
the last minute. He's, of course the CEO of the
Cape Cod Chamber of Commerce. So Paul, what's a what's
a hidden gem on Cape Cod? Where you know, what's
the place you always make a point of stopping in
and you know, maybe some folks aren't overly familiar with.

Speaker 6 (13:07):
Well, they don't like it when we talk about hitting gems,
but I will. You know the knob and found it
is one of my fairite spots to go now, as
well as Long Beach in Barnstable on the south side.
So the extension of Craigville Beach Sandy Neck on the
north side of Barnstable is fantastic offer. Vehicles are allowed

(13:27):
up there. Anytime you can get down to the Mountomoy
section of Chatham. That's amazing because it's always it's such
a big barrier beach and it acts like one. So
we've got a new break in front of the Chatham
Bars end from the northeaster a couple of weeks ago.
So there are a ton of special places, but those
are a few months all right.

Speaker 3 (13:47):
Well, he's Paul and Edgewickie and he's of course the
CEO of the Cape Cod Chamber of Commerce and so Kim,
there's a lot for you to do this summer as
you make your way down to Cape Cod. You know
we got to get you down there.

Speaker 4 (13:57):
I think you can wait un till the cicadas leave.

Speaker 2 (14:00):
Yeah, that I saw that story. I've every seventeen every
seventeen years.

Speaker 4 (14:05):
Is that background music for her wedding? I hope not
for sure? Right?

Speaker 3 (14:09):
Oh yeah, they're all invited, Yeah, or the Marrier. Up next,
we're gonna be talking with Don Seiffert, Managing editor of
the Boston Business Journals. This says the New England Business Report.

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Speaker 4 (16:40):
Affiliated welcome back everyone to The New England Business. Report
great to have you on This sunday. Morning we also
want to welcome to the program the managing editor of
The Boston Business, Journal Done, seiffered is our, guest and
please keep a dropic of a number of stories that
we're making headlines this past, week not the least of,

(17:01):
which of, course is this ongoing saga at Market. Basket
don great to have you with. Us like, always let's
start right there if we, could and for you, know
some of our friends who maybe are living under a
rock and have not been following this, story give us
just a little bit of the background on what's.

Speaker 11 (17:17):
Happening, yeah, WELL i, mean, obviously this whole thing started very.
Surprising over a week. Ago the board of The Moonliss,
supermarkets the parent company Of Market, basket put ITS ceo
on an administrative. Lead this kind of came out of
nowhere where nobody was really expecting, it and it just

(17:38):
appears that they were having a disagreement with THE. Ceo,
obviously people who have been around for a few years
in The boston area immediately thought back to twenty fourteen
when this was kind of a whole. Thing at that,
time the you, know the board actually fired THE, ceo
the same, One ARTHUR. T De, mulis and it was

(18:01):
kind of a big family. Battle and so when when,
something you, know he wasn't fired this, time he was
put on administrative, leave but still that that kind of
resurfaced a lot of that and immediately fueled a lot
of speculation and got some.

Speaker 3 (18:14):
Attention, well don what is he? Saying what Is ARTHUR t?
SAYING i haven't seen many many quotes from.

Speaker 11 (18:19):
Him, no he hasn't said a whole. Lot he typically.
DOESN'T i can say this. Time you, know he has
hired a pr, Firm Raskie partners to represent, him WHICH
i guess he also had eleven years ago.

Speaker 7 (18:32):
When when this.

Speaker 5 (18:32):
Happened.

Speaker 11 (18:34):
Uh he he hasn't spoken himself very. Much what what
we have seen is a couple of his top executives
come out and. Speak they actually held a press conference
a little more than a week. Ago they were two
of his you, know longtime top executives were also placed
on administratively and they come out saying, that you, know

(18:56):
they expect we're going to be fired as part of
this because we, are you, know seen as supporters Of
arthur Te demolis and if this board is in battle with,
him then then you, know we think that we're probably
going to be let. Go But arthur himself has not
spoken a whole. Lot one THING i can say that's
different this time around that wasn't the case in twenty.

(19:17):
Fourteen is both sides GOT pr firms right, away never,
prepared knew that they get some, attention so.

Speaker 2 (19:24):
They roll out the roll out THE pr.

Speaker 11 (19:27):
Firms he's Hoping Devin letter ready to, go and you
know they've been kind of speaking through that.

Speaker 4 (19:35):
Ball well so. Done if we back up just a little,
BIT i do believe that this last WEEK rdt as
he's affectionately, known did release a statement saying that he
thought this was a hostile takeover by the. Board the
board apparently believes that he is not cooperative and makes
decisions not running those decisions through the, board including a

(19:58):
secession plan which he is starting to bring his kids into,
it versus you, know going through the board and making
decisions like. That is that?

Speaker 11 (20:07):
Correct, yeah it does seem like. THAT i, mean, uh you,
know this is a private, company so it is very
hard to tell outside of what both sides were, saying
what's the real situation? IS i guess WHAT i? Mean but,
yeah like this does seem to be somewhat over succession
plans That ARTHUR t wanted to appoint one of his
uh one of his uh you know kids IS i, think,

(20:28):
uh to to take over when when he, retires and
the board didn't think that he had authority to do,
that WHICH i would think that they kind of have
a point there that they should probably have some role in.
Inciding but, uh but one interesting thing you know that
there hasn't you, know absent a whole lot of comments
from both. Sides one thing we did do this, week

(20:50):
they you, know our Reporter Grant welker knows a ton
about the Whole mark basket side covered just eleven years.
Ago he actually came out he found a lawsuit from
from way back over ten years ago Of ARTHUR t
talking to talking to the board and you, know at
that time it was over it was over bonuses that

(21:10):
he wanted to give the. Employees and you know it
has it has an exact transcript and it kind of
and you, Know ARTHUR t is talking to his Cousin
arthur s who was involved at that, time And ARTHUR t,
is you, know basically, saying you, know when you hired,
me you you hired my management. Style my management style
is not to ask permission for WHAT i. Do and
So i'm you, KNOW i want to give these bonuses

(21:31):
to employees and and that's. It so it does seem
that he kind of has a tendency to do what
he wants to do and not really seek much approval
from the board.

Speaker 3 (21:40):
Anyway Don seifer's our guest managing editor of The Boston Business.
General BUT i mean the irony is, here is this
company's going?

Speaker 2 (21:46):
Gangbusters, Correct, yes, YEAH i mean it.

Speaker 11 (21:50):
Is it is one of the most POPULAR u one
of the most successful supermarkets in the entire. COUNTRY i
think it's number. Two it is also the fourth biggest,
employlawyer you know in the. State you, know you, know
the top two are our healthcare, company hospital. Company so
you know they employee twenty four thousand. People, YEAH i,

(22:12):
mean the company is doing, great and so that that
is one thing THAT i think is still then worrying
shoppers is like why change, anything you, know if you
know they're a little bit worried if the. Ceo you,
know maybe they see there's some point that that THE
ceo is not exactly you, know seeking permissions from the.
Board BUT i think that there's also a feeling of you,

(22:34):
know this is this is one of the best. Supermarkets
it sells food really, cheap it has you, know it's
a big, employer big part of the. Community so you, know,
why why is why screw things? Up?

Speaker 4 (22:45):
Now, yeah it's an interesting. Story you, know it'll be
interesting to. See i'm just kind of, Waiting. JOE i
don't know if both you and don are are waiting
for this, too but to see if the same thing
had happened in twenty, fourteen which was that employees took
to the streets and ses took to the, streets because you,
know he really is a hero in those two communities for.

Speaker 11 (23:05):
Sure, yeah, Yeah i'm very much waiting to see. THAT i,
mean we've we've made attempts to try to talk to some.
Employee that's very, difficult you, know so you, know so
we haven't we haven't heard one way or the. Other but,
yeah one thing to keep in mind is that that
it was actually probably a lot of people forget it.
Was it was a couple of weeks in twenty fourteen

(23:27):
before between When arthur t was fired and when those
boycotts and the walkouts and everything, happened so so you,
know it wasn't like immediate the next, day so something
could still kind of blow up in the next week or.

Speaker 3 (23:40):
Two, sure talk About Don seifert managing it of The
Boston Business. Journal of, course at THE, bbj if you
ever get on their, site they always have the five
things you need to, know AND i do that daily
here we you, know kind of turn it into five
things you need to. Know this, week another story that
THE bbj has been following you sent along to. Us,
Don Boston globe has decided to stop the periotic reporting

(24:00):
of its numbers of digital subscribers for the first time
and at least the past.

Speaker 2 (24:05):
Decade talk to us about.

Speaker 12 (24:06):
That, yep well.

Speaker 11 (24:08):
That's Something i've been following for years. Now you know
what it. Is there's this organization Called alliance For Audited
media and it's basically on behalf of. Advertisers they you,
know when you when you buy an ad a, newspaper
you want to you want to be able to verify how,
many you, know how big the circulation isn't that, newspaper
because that determines how much you pay for it or
how much you should be paying for. It so so all,

(24:30):
newspapers you, know mine included pretty much every every print
newspaper has for decades filed filed these filings with A
m as it's. Called and The globe had been disclosing
digital digital. Numbers you don't have to disclose digital, numbers
but they were doing, it you, know the number of digital.

(24:50):
Subscribers so every six MONTHS i would get an update
and now you, know you can call and get these
records and get them sent to. You and SO i
would typically do stories about you, know this is how
much the, globes you, Know globes online subscribers are have
grown this this time that that was for the one
that was filed a couple of weeks, ago which covers

(25:11):
the period FROM i Think october twenty twenty four To
march of this. Year they left out the digital part
that you know that it was a very short report
AND i SO i, asked, hey what's, up and they, said,
yeah we've decided we're not going to do that. Anymore
the advertisers don't need. It all they care about it
is the, print and AND i was. It SO i
thought that it was interesting more because a year, ago

(25:35):
WHEN i did this, STORY Ceo Linda henry had told me, that,
well twenty twenty four is going to be kind of
a flat year for. Us twenty twenty five is when
we're really going to accelerate growth or making all these
investments that's going to you, know really grow our subscription.
Base and SO i, was you, know so OBVIOUSLY i
got the report hoping to see what how much they'd,
grown and lo and, behold they're not telling. Anyone SO i,

(25:59):
thought so that was just kind of an interesting time
for anything.

Speaker 4 (26:02):
Else most definitely it is you bet all, Right Don,
seifert thank you so much for being a part of
The New England Business. Report still come in your. Way this,
morning we're going to talk To Diddy coley from The
Boston globe and she's going to talk to us About
Harvard university and what's happening Between harvard and The trump.
Administration kim And joe.

Speaker 1 (26:29):
Will explore more business news that impacts Our New england
economy when they return Every tamasy.

Speaker 2 (26:36):
All everything is.

Speaker 4 (26:41):
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Speaker 10 (26:43):
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Speaker 3 (28:34):
Affiliated and welcome back to The New Englo Business support
on This sunday, morning A june, Eighth Kim, Kerrigan joe Short.
Sleeve here we are once again on A sunday, morning
and this is the spot in the program where we
take a look at some of the other business news
that folks are talking. About and of Course, KIM i
was chatting with you about this a little. Bit it's

(28:55):
actually a story in The globe that was written By
Catherine carlock and the headline Red sox Ownership unveil's new
office building that would rise Above Fenway's Green. Monster but
it's the second headline THAT i like that has nothing
to do, with you know. ANYTHING a seventh story office
would be built Between Fenway park and the turnpike and

(29:16):
say it isn't so could block views of THE cinco
sign from certain?

Speaker 2 (29:20):
Angles are you kidding?

Speaker 3 (29:22):
Me talk about sacrilege in the city going to block
THE sitco. Sign but usually this is where The Red
sox want to have their offices Of Fenway spurs group
is you know that this is where they want their
offices to.

Speaker 2 (29:35):
Be so how kim could they you, know block the
CIT coo.

Speaker 4 (29:39):
Side, well that is, interesting isn't it that they are
even considering such a. THING i don't. Know, SOMEHOW i
feel like they would find some architectural way to get around.
THAT i can certainly understand why they'd want their offices.
THERE i think it will be a great spot for,
them right but, yeah that would BE i, mean they'd
have people out carrying sit go signs and protest if

(30:02):
they would be doing.

Speaker 3 (30:03):
That carlock Story Family Sports. Group moving forward to the
first phase of a massive redevelopment seven story office Building
landsdown headquarters for The Red sox and their ownership. Group
two hundred and fifty thousand square foot office building would be,
developed which is Currently you all know that old parking
garage there On Landsdown, street and.

Speaker 2 (30:19):
That's where they're talking.

Speaker 3 (30:20):
ABOUT i, mean it's right there between The Green monster
and The Mass turnpike and.

Speaker 2 (30:25):
The cats being for.

Speaker 4 (30:26):
Them but that would be.

Speaker 3 (30:28):
Strange, Yeah, okay, well we all have to just watch
out for the well being of THE sitco Sign, okay, folks.

Speaker 2 (30:36):
Let's get our priorities straight.

Speaker 4 (30:38):
Here, Well, joe it just seems that the saga between
The trump administration And Harvard university. Continues this past, week of,
course the president banning international students Attending harvard to be
admitted into the. Country most of all of these issues
that keep coming up between the two sides are being

(30:58):
held up in, court and the school stands to lose
billions of dollars and research funds and its ability to
admit those international, students which represents huge money for the.
School globe Reporter diddikoli has been following this story for
us and for obviously The, globe and she's here with an,

(31:19):
update And, diddy this is just a saga that just
does not seem to want to go. Away AND i
think this is going to play out for a long.
Time your.

Speaker 5 (31:25):
THOUGHTS i think that's very, true especially now as like you,
said and most of these orders are caught up in
court And harvard is is preparing to challenge essentially every
single one of. Them it was really unclear at the
beginning that this is really how far it would. GO
i Think harvard was taking the tax that if they
responded differently and more aggressively Than Columbia university, did which

(31:47):
is the first school That trump challenged some of the federal,
funding that perhaps the process would look a little. Different
and that, is of course not what it's played.

Speaker 3 (31:57):
Out, YEAH i mean he's been The president has been After,
harvard you, know very specifically for you, know and And. Columbia,
yeah but can we trace back why if we move
this whole story back to the very, beginning what is
it that Has trump so?

Speaker 5 (32:12):
Furious The White house hasn't son specifically as to Why
harvard has become such a large target in this. Fight
but in many, ways the way that we have approached
the reporting is That harvard is really a symbol of
the kinds of elite universities and the part of higher
education that this administration is hoping to do at least

(32:32):
shift the balance of you, know they want schools like
this that they're alleging really you, know really teach less
leaning bias and of tolerated anti semitism on. Campuses harvard,
included but again as a symbol for many other schools
to really bend the knee when it comes to the
way they do their, admissions the way they run their.
Academics AND i think Because harvard has put up such

(32:55):
a public, fight essentially they are really ing the brunt.

Speaker 7 (33:00):
Of the burden right.

Speaker 4 (33:01):
Now, yeah absolutely, well they stand to lose a lot
of money when it comes to funding from the federal.
Government they have a fifty three billion dollar. Endowment can
that sustain them through all of?

Speaker 5 (33:13):
This like you, SAID i, Mean harvard also has a
lot of. Money so if there's any school that is
equipped to deal with such a dramatic funding, threat it
is likely. Them but that fifty three billion dollar endowment
that you mentioned is not A bank, account and that's
something That harvard has talked about time and time. Again
they have relied increasingly on federal funding for, decades and

(33:36):
because it's reliably been awarded to researchers at the, school
that's really factored into the budget of how the college.
Works so should there be no federal funding even for
the next academic, Year harvard would have to pretty severely
tap its own. Resources and much of the endowment that
it has right now is severely restricted by the donors
who have put money into that. Fund they're, Saying, okay

(33:58):
you can only use this for a specific, professorship you
can only use it for this kind of financial. Aid
and there are questions now if the college will have
some flexibility when it comes to, That but they haven't
really made any public public plans to tap their endowment
any differently than they have in years past.

Speaker 3 (34:17):
Yet, dedie how much do we know about exactly what
you're talking about there in terms of that fifty three
billion dollar, FIGURE i, mean how much of the fifty
three billion is? RESTRICTED i, MEAN i would assume that you,
know if they were, that any alumni who are loyal
to the school at this point would just, say, Hey,
hey all, right, fine, fine if you need to Keep harvard,
afloat you, know by all means.

Speaker 5 (34:37):
Tap, in tap. In, YEAH i think that's a really good.
QUESTION i, mean as it, stand about eighty percent of
The harvard endowment is, restricted and the school uses the
endowment for about a third of its operations every. Year
so last year it was roughly thirty seven percent of
the yearly expenses were covered by returns investment returns from

(34:58):
the endowment. Specifically and you're, right you, know it could
very well be that there will be a shift in
how donors allow them to use this, money and those
conversations might already be going, on but they aren't right.
Now and the reality also is that about forty percent
Of harvard's endowment is invested into private equity. Assets so

(35:19):
they've essentially given that money to outside investors who are
allowed to invest it in companies at, will usually for
long periods of, time even over the next, decade and
they expect to make high returns on those. Investments but
again that means then they probably can't touch them for ten.
Years so there's a lot of questions as to how
Liquid harvard's endowment is at a time that it really

(35:41):
needs a lot of.

Speaker 12 (35:41):
CASH.

Speaker 4 (35:42):
Deddi let's take a look at this issue that came
up this past, week and that's that the president now
is saying that these international students as well as international
faculty and, researchers are not going to be allowed in
to go back To harvard in the fall or for that,
matter over the course of the. Summer how important are
these individuals To.

Speaker 5 (36:02):
Harvard they are enormously. IMPORTANT i, mean schools Like harvard
again have such financial resources that while they do rely
on these students who arrive from outside for, tuition it's
more of an issue when it comes to their academic
and intellectual. Contribution the past couple of, Decades harvard and

(36:23):
honestly most of the schools in our region have dramatically
increased the enrollment of students From, china From, india and
a number of other. Countries those two countries certainly have
the most students by, far and At harvard at this,
point that's about a quarter of their student. Population so
those are folks you, know who are coming in who
are helping with cultural contributions in. Classrooms some of them

(36:45):
stick around after. College dark companies, here there's actually an
outsized number of founders at startups In boston that are immigrants,
themselves so it could be a huge change for the.
School and, again they have a huge applicant, pool so
there is the ability in the future if they're taking

(37:05):
fewer international students to enroll more domestic. Students but, again
those are changes that don't happen, immediately and the fall
semester is only a couple of months.

Speaker 3 (37:14):
Away did Colisar gush is A globe reporter and been
writing and following the saga Of Harvard university and its
battles with The trump. Administration you, KNOW i don't know
if it was your, story but there was another story
in this past week or so suggesting that denying the
federal money these federal grants could actually threaten national. Security
can you tell us a little bit more about?

Speaker 5 (37:35):
That, YEAH i, MEAN i think there are some questions
from researchers on the ground that they are doing essential.
Work many of times they are partnering with existing federal,
agencies whether that's The department Of, defense The department Of,
energy and there are concerns that seem to start have
been leaking out from the administration and from some of

(37:59):
the federal agentcsyes that cutting these research projects as severely
as is now happening because the federal funding is going,
away could affect a number of. Things AND i think
what you're referring to is there was a project about biological,
threats and there was some specific language in the lawsuit
that had been filed where an official from inside the

(38:19):
federal government was raising concerns that research would go.

Speaker 4 (38:22):
Away AND, DEDDI i don't know if you can speak
to this, exactly but of, Course harvard not the only
school here locally that is facing this kind of funding
cuts and the repercussions possibly of not allowing international studentcy
and what kind of impact could this have on the
economy here?

Speaker 5 (38:40):
LOCALLY a huge, IMPACT i mean on the international student.
Front northeastern is by far has a large international student,
population followed closely by schools like Be and this entire
change to the student visa process right, now at least
the fact that it's on, pause raises a lot of

(39:02):
questions for these schools about who will actually be able
to set foot on campus in the. Fall many of
them are now taking the tact of essentially speaking up
where they feel like they can and staying quiet in
instances where more money might be taken away from. Them
but research is not only being stopped At, harvard like you,
SAID i, mean there are fewer research projects AT. MIT

(39:25):
bu created a stop gap research fund to try to
fund some of the projects that were otherwise going to go.
Away and of, course if you're looking with the longer,
lens there's a lot of questions on how this will
generally affect the reputations and resources of schools that have
long held really high but held them really high, esteem

(39:49):
and that can mean that fewer, students whether that's inside
or outside of the, country could.

Speaker 11 (39:53):
Choose to come.

Speaker 4 (39:54):
Here, Absolutely Diddy, Colly Boston, globe thank you so much
for being a guest here on The New Business.

Speaker 3 (40:00):
Report, kim you, know there are some other business news
that was made this past, week rather big. News and
then this is coming out of, well The bank Of
america and The Boston Athletic. Association but let's you, know
let's give the headline To Jack. Fleming Jack fleming is
the president AND ceo of The Boston Athletic, association joining
us to talk about a record amount raised for charitable

(40:21):
causes by the twenty twenty Five Boston marathon Through back Of.

Speaker 2 (40:25):
America, jack welcome to the, program share the good.

Speaker 12 (40:28):
News, yes thanks a. Lot we just finished tallying up
the totals and fifty point four million dollars by marathoners
raised at this year's, marathon which is about a ten
percent increase over last year and about a twenty percent
increase over the past two. Years so we're reaching a new.

Speaker 4 (40:51):
Level, Wow, jack that is. Amazing congratulations to you and
the folks At bank Of. America let's talk a little
bit about why you think we continue to see these numbers.

Speaker 12 (41:02):
Rise that's a great. QUESTION i think that we have
new marathoners coming into our. Sport, certainly The Boston marathon
itself is viewed more popularly than ever. Before everybody wants
to be a part of it in some, way shape or.
Form BUT i would, say, honestly the light that is

(41:27):
shined on these five oh one c, threes, charities nonprofit,
organizations and those athletes are being recognized now like never
before in the one hundred and twenty nine year history
of The Boston. Marathon you couldn't go Around boston Or

(41:49):
massachusetts this past year and not have seen The i'll
call it the takeover of the takeover campaign of you
know my, marathoner and it really resonated and related to
so many people That, okay, YEAH i know that, PERSON

(42:10):
i know that, CHARITY i know that. Organization they're doing
a lot of. Good, wow they're now connected with the.
MARATHON i think that was.

Speaker 3 (42:19):
It Jack Leming's Oar, gassi is the president AND ceo
of The Boston Athletic. Association all, right so So, jack
let's talk about the. Charities what what charity is actually
benefited here?

Speaker 2 (42:29):
There give, us give us the top five if.

Speaker 12 (42:31):
You, Could oh, GEEZ i mean From Dana Farber Cancer
institute To Camp Harbor view. TWO i mean we had
one hundred and seventy one seven zero, nonprofits five oh
one three charitable organizations that were affiliated with. US i
Mean i'm looking out my window over the finish line

(42:52):
right now in back, day and you know the, hospitals
the health, awareness underserved, Communities, joe honestly that the list
is too long to lists to go. Through there are
some incredible i'll call it legacy organizations which have not

(43:15):
only led the way with the, fundraising but have shared
their the way they go about go about. It so
when they have shared their, techniques their, platforms their successes
with some of the smaller organizations that are, involved that

(43:38):
also greatly contributes to the. Fundraising and then of course
you look across our sport or endurance sports and you
see best practices being implemented. Here whether what DO i
mean by? That for, example a platform that is online

(44:01):
where everyone is telling their, story posting their. Pictures you,
know it's not social, media but it is a community
and people get fired up about that in a really positive,
way not fired up in a negative, way fired up
in a positive. Way and that enthusiasm catches fire little

(44:22):
and that generates interest and people want to.

Speaker 5 (44:27):
Be a part of.

Speaker 12 (44:28):
That and WHEN i say be a part of, that,
HEY i want to Support, JOE i want to Support,
KIM i want to Support. Jack that's what's going.

Speaker 4 (44:35):
On, absolutely you, KNOW i set off the top of
the Show jack that The Boston, marathon while certainly a
world renowned sporting, event it's becoming a fundraising philanthropic. Event you,
know almost equally as. Much is? That okay with you?

Speaker 12 (44:51):
Guys, absolutely one hundred. Percent we are in a new
day and age right now where it's not just a bu.
Competition it's not only about. Performance it truly is about
health and wellness and channeling This Boston marathon into doing,

(45:15):
good especially For boston The commonwealth Of. Massachusetts beyond, that,
THOUGH i, mean we have charities that are are are
national now we have a couple of international charities that are.
Involved so, yeah a lot of that is due to
our relatively new presenting sponsorship With bank Of, america who

(45:41):
after you, know a couple of, years they've they're they're
heavily involved in The bank Of America Chicago. Marathon we
are taking best practices of both of these races and
applying them. TOGETHER i think that we we call that
a force. Multiplier that's the eftucks that we're.

Speaker 2 (46:02):
Seeing all, right.

Speaker 3 (46:04):
All, right, well congratulations on those. Numbers you must be very.
Proud He's Jack. Fleming he's the president AND ceo of
The Boston Athletic. Association up, next we're going to be
talking With John, hurst he's the head of The Retailers
association here In, massachusetts and they'll share with us some
of the challenges facing small businesses these.

Speaker 1 (46:19):
Days you are listening to The New England Business report
on The voice Of BOSTON wrko six' eighty Joe and
kim will be.

Speaker 9 (46:33):
Right back are you a brother or sister of One
Of greater boston's local? Trade unions and finally thinking about
getting ready to hang up your tools after thirty five
years of working your? Tail, off congratulations he worked hard
to build you a retirement. Nest egg but Now what
let me help you break through the nonsense and financial
speak so we can get to the questions that are important.
To you as, you know nothing gets built without a set,

(46:55):
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Speaker 4 (48:49):
Dot Com Well JOE as i mentioned, last Week the
massachusetts health insurance rates for twenty twenty six were announced,
in most if, not all were double, digit INCREASES and
i have to tell you this sparked a bit of
outrage from the president Of The Massachusetts. Retailers association he

(49:11):
is joining, Us Now, John hurst good to have you
with us.

Speaker 7 (49:14):
This.

Speaker 4 (49:14):
Morning john i'm clearly you were taken aback by. These
INCREASES so i got that from some of the comments
that you. Were making maybe you could explain to us
exactly what. You're, seeing well.

Speaker 7 (49:27):
You Know, kivin joe we're seeing, an average an average
of thirteen point four Percent for, january one of twenty.
Twenty six now that on the face of it, is
outrageous but, you know you also have to look. At
history what's happened over the last four or five years of,
you know on average about, eight percent, you know for

(49:48):
the twenty twenty five rates went up, Eight percent and
you compare these these premium increases particularly and again it's
primarily on, small businesses, you know large, self insured, large
employers whether they be private sector or, public sector of
buying clout and and can avoid some of the regulatory

(50:12):
and traps and across subsidies so they can save a
little bit. Of money but, you know the small businesses
are seeing this year end and, year out and they're
really at the end of. Their ropes they've they've they've
been averaging about close to ten percent for almost. A
decade now increases and they are almost exclusively now at

(50:34):
all high. Deductible plans and and you know that that
not only hurts their bottom line competitively to try to
compete in, for customers but it also hurts them in
workforce recruitment and retention when when you know their their
health insurance costs so much more and frankly is a
lower value than. Big business, you know we're we're choking

(50:57):
our small businesses out.

Speaker 3 (50:59):
Of, existence yeah Talking With, john hurst president Of The Massachusetts,
retailers Association, And john i'm looking at an article In
The Metrowestl. Daily news, the headline, Of course massachusetts small
business say they're drowning in, high costs and then they
cite this survey says more than Half of massachusetts small
business owners say they're likely to close or sell their
business in the next, five years starting high costs across

(51:21):
their businesses as a driving factor and there was a
study done BY The UMass. Donahue institute, YOU know i
guess my question in all of THIS is i look.

Speaker 2 (51:29):
At it, you know we look Up At.

Speaker 3 (51:31):
BEACON hill a lot of those elected representatives are small.
Business owners is there how much of the solution are.

Speaker 4 (51:38):
Us there used?

Speaker 7 (51:39):
To, be joe that's part of. THE problem, I, think,
Okay YEAH and i you know that that study By
You Mass Dona. Hue institute, you know it should have opened.
Some eyes, you know within, five years fifty one percent
looking to sell. Or close that's on top of what
we've already seen from the START. Of covid over the
last five there's just enormous numbers of dark storefronts Across

(52:03):
the commonwealth and. More coming and you know that that.

Speaker 11 (52:07):
Study showed that it's all.

Speaker 7 (52:09):
About costs, you, know basically these small businesses are flat
in sales versus, you KNOW, pre covid yet their costs are.
Extremely higher it's mostly, health insurance it's energy, and uh,
you know payroll TAXES like ui and and the study
really came back and said the way that he can
heal can help them is to lower, the costs particularly for,

(52:30):
health insurance but also, payroll taxes and and also they
could help increase sales by helping, the consumer and that's,
lowering taxes particularly the, sales tax. You KNOW and i
just can't emphasize enough that the level of anger out
there is by these. Small businesses one of the questions
that you mass asked was a question of do you

(52:55):
agree or disagree with the fact the government tends to
do more to small business than to help and seventy
three percent agreed with. THAT statement, i mean they're just
very angry at their.

Speaker 4 (53:06):
Elected, Officials, well john let me go back to this,
insurance issue because you keep bringing up the fact that
health insurance obviously is one of their. Big costs is
there something that The insurance commissioner can do or the
state can do to try to to either bring down
this on average thirteen percent increase in twenty six or

(53:29):
to cap this so that it. Stops, RISING.

Speaker 7 (53:34):
Well i think that's a, Great. QUESTION kim i think
there's short term steps that can, be taken and then
there has to be some longer term stuff. As well
the short, term, is hey deny, the rates, say, No,
no dice we can't, afford this, you know, insurance companies
we get. It that, you know it's the costs really

(53:56):
are from the big hospitals and the. Pharma companies but
you need to go back to the, drawing board back
to the, negotiating table and renegotiate. These contracts you can't
have hospitals asking for, You know i've Heard stories Kim
and joe hospitals asking for twenty up to seventy percent.
Reimbursement increases this is, just outrageous and the insurance companies

(54:18):
have to do a better job for us to push back.
On that and THEN ultimately, i think, you know really
We Need beacon hill to step in and put some
teth into like the benchmark they Each Help policy, commission
benchmark we're supposed to have a target of three point
six percent increases, each year which is still well, above,
inflation right and you know they're they're coming back each

(54:39):
and every year with increases that are three and four
times higher than. That benchmark they're just because it has
no teeth, in it they're just absolutely ignoring the state.

Speaker 3 (54:48):
Public, policy well is there some legislation currently in taking
Shape On beacon hill that will help, This issue john?

Speaker 12 (54:55):
Or, not.

Speaker 7 (54:57):
Well. Not yet we are pushing that we. Hope that,
you know first, OF all i think the governor is
PUSHING the doi to do some things regulatory wise in the.
Short term but, you, know again in the, long term,
you know we could really stand to have the governor
take the leader leadership here to do something for, heavier regulation,

(55:19):
you know to deal with the rates in. The future and,
you know, Right, now joe the problem is we have
in any marketplace to protect, the consumer you either need
strong government regulation or you need strong competition, and choice
and the reality is we have Neither in massachusetts on.
Health insurance if if the consumers had more choice, to

(55:40):
say you, KNOW what i don't want to cover all
these fifty state mandates that you've. PASSED legislature i don't.
NEED them i need. LOWER premiums i don't need the
NEW g lp one prescription drugs that are causing so
much increases in health. INSURANCE premius i don't want some
of these higher, cost costs including the highest cost providers

(56:04):
in my. Health insurance if we empower the consumer to
make their own choices as opposed to insurers and and
and providers making the choices on, their behalf we, YOU
know i think the marketplace, could work but, right now
again the marketplace, doesn't working and and there's insufficient regulation to.

Speaker 4 (56:25):
Protect Them, so john you're proposing customized. Insurance, Policies, YEAH
KIM i i think, you, know look.

Speaker 7 (56:34):
A consumer ought to be able to pick and choose
the type of insurance that that they need for themselves and,
their families, and uh, you know and and and and
part of that might. Be there there's a primary care
physician Shortage, in massachusetts, you, know uh, you know there's
a growing trend. Out there a lot of primary care

(56:54):
physicians would like to get into direct, primary care, which is,
you know something that, you know they charge their customers
sect amount each year and kind of stay out of
the insurance world except for, you know hospitalization and catastrophic types.
Of things, you know we need insurance policies that give
consumers the ability to, do that pay their primary care

(57:16):
position directly and just pay insurance premiums to cover hospitalization and,
you know name brand drugs or maybe just. Generic drugs, all.

Speaker 4 (57:28):
Right He's, john hurst the head Of The Massachusetts. Retailers,
association john thanks so much for spending some time with us.

Speaker 3 (57:34):
This morning, All, RIGHT ken a lot to think, about
there keep an eye on those, small businesses and, of
Course our massachusetts economy as we move through the summer
of twenty twenty Five and incoland business reporters Here every
sunday morning at eight AM, on Wrko the Voice OF
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