July 27, 2025 • 58 mins
On today’s program, we talk with local business leader Ernie Boch about the automobile industry. Doug Banks executive editor at the Boston Business Journal sheds new light on the soon to be new owner of the Boston Celtics, Bill Chisholm. Colin Young of the State House News service shares the most recent statewide crime stats and they are somewhat surprising. And finally, Jon Chesto business reporter for The Boston Globe talks about all that federal money that’s no longer coming to Massachusetts.
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Episode Transcript
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Speaker 1 (00:00):
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to the New England Business Report.
It is Sunday, July the twenty seventh. It's the last
Sunday in July. I cannot believe it. I'm comparing along
with Joe short Sleeve and Joe here we find ourselves
at the end of July.
Speaker 3 (00:24):
My friend.
Speaker 4 (00:25):
Yeah, I know, I know where your mind goes.
Speaker 5 (00:27):
As soon as I was preparing you to talk with
you this morning, I'm like, okay, so the next show
is in August.
Speaker 4 (00:32):
That would be August third, a week from today.
Speaker 5 (00:35):
But hey, look it I'm not really complaining, and I
think that, you know, the weather was a little lifty
at the beginning of the summer, but so far July
has been very pleasant in terms of I'm spending a
lot of time down in Cape Cod and you know,
water temperatures up around seventy seven degrees. But it's it's
been a nice summer so far.
Speaker 2 (00:52):
Yeah, it certainly has. I got to tell you what
crushes me is when I get up. I'm a really
early riser and it is not as low and the
sun is coming up a lot later right now, and
I don't like that part. All right, let's take a
look at what's coming up here on the show this Sunday.
We're going to get started with a conversation with Ernie Bach.
(01:12):
Of course, he's the CEO of Super of New England.
You know, Ernie has his finger on the pulse of
the automotive industry, and I think Ernie's got some pretty
good news for us, how as it relates to the
auto industry, which is so important, Joe.
Speaker 3 (01:29):
To the economy. I mean, the audio industry really is
a driver.
Speaker 5 (01:33):
Yeah, it certainly is. And Ernie, yeah, he has a
You're gonna want to hear what he has to say
because it has to do with automobile sales and what
direction they're going and why they're going in that particular direction.
But yeah, Ernie is. And then we talked a little
bit about some of the charitable causes he's involved in,
and there are all things that we all care about.
Speaker 3 (01:52):
All good stuff.
Speaker 2 (01:53):
Then we're going to have the executive editor of the
Boston Business Journal, of course, Doug Banks, he's going to
join us. He joins us or someone from the BBJ
joins us each week to talk about some of the
business headlines.
Speaker 3 (02:04):
This week they were really on.
Speaker 2 (02:06):
The sports beat, it seemed, and they went out and
did a deep dive on the new owner of the Celtics,
which apparently Joe short of sort of learning about, you know,
his business is sort of hard to do. He's a
very private guy and not doing a lot of talking
right now.
Speaker 5 (02:25):
Well, yeah, and as they point out, the NBA Board
of Governors has not voted yet finally on his purchase
of the of the Celtics. So I guess we all
understand the news business, it makes sense to keep your
keep your mouth shut until that happens, and that's exactly
what he's doing. But I think on top of that,
he's also a quiet guy, a very sort of reserved individual.
(02:46):
So you married the two of them, and you know
it's crickets.
Speaker 3 (02:49):
So what else we got going?
Speaker 5 (02:52):
Well, okay, we're also going to be talking with Colin
Young of the State House News Service. He's got some
rather interesting stats as they relate to crime in Massachusetts.
Not often you hear here that crime is going down
in multiple categories. But that's that's what's going on. And
then we're gonna be talking with John Chesto of the
Boston Globe, of course, a business reporter extraordinaire, and John
(03:15):
has been following well, federal government yanking some three hundred
million dollars for the project there in Alston.
Speaker 4 (03:22):
I mean, this is something.
Speaker 5 (03:23):
That obviously impacts all kinds of people and all kinds
of lives. But John's gonna talk to us about that,
and he also talks about this whole market basket thing.
But you know what, Kim, I kind of want to
mention as an umbrella to this. I mean, I look
at this program that you and I are doing, and we're,
you know, almost a couple of years into this at
this point, and you look at today's guests. You've got
(03:46):
Colin Young the State House News Service. You got John
Chesto of the Boston Globe. You got Ernie Bach. You
know we all know Ernie the CEO of SUPERO of
New England. You got Doug Banks of the Boston Business Journal.
I mean, talk about if you want to know what's
going on in business in this city. I mean, these
are the folks right in the middle of all of it.
Speaker 2 (04:05):
Yeah, they certainly are, and all of them sort of
different parts of the business world, which is terrific.
Speaker 3 (04:12):
So it's a good show today. I'm excited about it.
Speaker 5 (04:15):
Yeah, okay, And getting back to John Cesto, you know,
he brings us up to speed on this whole market
basket and Arthur T. Demullis and Arthur de Mullis who
the company put on the you know, paid leave, and
I guess his three sisters are controlling things there, and
I guess a couple of big executives got actually fired
this week. The thing is different this time around, though
(04:37):
this happened back in twenty fourteen, because there's no real
consumer outrage and maybe that has to do with Arthur
himself not calling for it.
Speaker 4 (04:46):
But it's all so quiet.
Speaker 2 (04:49):
Yeah, it certainly is. Yeah, this is this is turning
into a real family battle.
Speaker 3 (04:54):
It seems to me.
Speaker 5 (04:55):
All right, a lot going on in today's program, And
of course joining us now is well you all know
his name. He's Ernie Bakie of course, is the CEO
Subaru of New England, the chairman of Bach Enterprises. He
is also a major sponsor to this program and we
always are delighted to have a conversation with Ernie Boki
joined us on the phone right now, Ernie, good morning
(05:17):
to you, sir. So how's the summer of twenty twenty
five treating yet?
Speaker 6 (05:20):
It's good, it's good. Thank you for having me.
Speaker 7 (05:23):
It's this weather's amazing and all that rain we got,
the landscaping and everything around is so green.
Speaker 6 (05:30):
I love it, absolutely love it.
Speaker 7 (05:32):
It's an interesting time to the automotive industry, Joe and Kim,
very very interesting.
Speaker 4 (05:38):
All right, well, please explain.
Speaker 7 (05:39):
Okay, let me give you a little bit of a
synopsis of what is happening. Last year, the SAR seasonally
adjustable annual rate was fifteen point nine million vehicles, so
the US and twenty four all brands sold fifteen point
nine million vehicles. It's projected to be fifteen seven in
(06:04):
twenty five, so it's going to be it's going to
be a little bit less. The first half of the
year was really driven by the threat of tariffs. The
April in May was March and April excuse me, March,
actually March in April May a little bit was super
(06:26):
super exciting, and a lot of sales went down. But
now with the political climate and such, the consumer has
a little bit of uncertainty. So the you know, the
sales are going down, and I don't believe it's because
of the economy because the projected GDP is two point
(06:48):
six percent.
Speaker 6 (06:49):
But is the big butt.
Speaker 7 (06:52):
The average new car price right now is forty nine
thousand dollars and the average payment and American makes for
car is seven hundred and forty seven dollars a month
with an average rate of nine point one percent and
the term sixty nine months. Yes, I know, I know.
(07:15):
The average the average incentive that the manufacturer is giving
as a whole all brands is about twenty seven hundred dollars.
The hybrid situation, which we've talked about before, was was
really heating up and really going. Last months, eighteen percent
(07:36):
of all cars sold in the six states of New
England were hybrids, but full sized ice internal combustion engine
trucks are up seven percent. So there's a little bit
of a dichotomy right now. Well, I think I think
the hybrids they're settling in. The hybrid, the non plug
(07:59):
in high brig is really the most favorite that people
are buying. You can have about hybrid and you can
plug it in, but the self generating. Non plug in
hybrids are the most popular.
Speaker 6 (08:13):
The EV's the EV's.
Speaker 7 (08:16):
Really nobody's making any money on the EV's. The manufacturer's
not making money, the dealers aren't making money. There's about
two months left in the seventy five hundred federal tax credit,
which is going to stop, so it's going to get
Tesla is down thirteen percent. But I think Tesla is
(08:36):
down because of the political climate. I don't think it's
down because people don't like the vehicle.
Speaker 3 (08:42):
Ernie Buck is our guest.
Speaker 2 (08:43):
Ernie, I just want to ask you, you know, you
talk about how expensive cars are. Is there is there
any break inside or any way the cars can somehow
become more affordable for families in the country.
Speaker 6 (08:56):
Yes, I think so.
Speaker 7 (08:58):
I think as a technology go between the new technology
in building cars and maybe a little bit of deconcating
i'm sorry, making less equipment in it's going to be tough.
I mean, forty nine thousand dollars average, that's a high.
(09:21):
That's very, very high.
Speaker 5 (09:24):
So, Ernie, would you say that things have smoothed out
a little bit in terms of the uncertainty that the
auto industry was facing there for a while.
Speaker 7 (09:30):
I think yes, yes, compared to last year, sales are
up seven percent, but that was because of the strong,
strong first quarter. But yeah, yeah, it's kind of even out.
The towers are going to get under control. And it's really,
in my opinion, by keeping my air to the ground
(09:52):
in the industry that it's a confidence problem. It really is.
It's a confidence problem on should I buy now? Going
to go down?
Speaker 6 (10:00):
Tower is going to go up. It's just very uncertain.
Speaker 3 (10:04):
What about inventory? What does that look like?
Speaker 7 (10:07):
Inventory? Inventory right now in the United States all dealerships
is two point five million unsold vehicles, which is not bad.
It's not it's not terrible, but that is the act.
The actual inventory as of a couple of days ago,
two point five million vehicles to sale in the United States.
Speaker 5 (10:30):
Ernie Box our guests of course, the CEO of Super
of New England.
Speaker 4 (10:34):
Ernie.
Speaker 5 (10:34):
What about AI and new cars and the implementation of AI,
whether it's you know, getting your car serviced or the
future of driving.
Speaker 4 (10:44):
I mean, how do you see AI playing out here?
Speaker 7 (10:47):
Well, there's there's I think there's going to be two camps.
AI is absolutely being integrated into the automotive industry and
you've got tests the self driving. I was in I
forget what city I was in, but I saw a
Waimo for the first time. And there are people that
(11:10):
are going to use the AI technology and transportation, whether
they're driving, whether they're not driving, whether it's electric, whether
it's the car is self driving while they're in the car.
There's a certain amount of people that want that. But
then you never discount the people that really want to drive,
(11:31):
you know what I mean. I mean they want to drive,
they want to experience the road, they want the freedom,
the you know.
Speaker 6 (11:40):
That type of driver.
Speaker 4 (11:41):
And is the auto industry discounting that type of driver.
Speaker 8 (11:44):
No.
Speaker 7 (11:45):
As a matter of fact, the EV sales are waning,
and as the government gives people a choice what to buy,
I am I am.
Speaker 6 (11:56):
I am all for hybrids, I am.
Speaker 7 (11:58):
All for EV and I am all for ice and
I am all for the choice. If you want to
drive an ice car, an internal combustion engine.
Speaker 6 (12:07):
Car, you should be able to do it.
Speaker 7 (12:09):
The government should not force everybody to evs. So as
the regulations loosen up on the ice cars, I think
you'll see are a more realistic opinion of what the
customer wants to drive.
Speaker 2 (12:27):
Hey, Ernie, can I change gears just a bit and
ask you a little bit about some of your charitable ventures.
I love to hear about some of those because I
know you've got some really great things going on.
Speaker 7 (12:41):
Well. I mean, I have Music Drives Us, which next
year will celebrate its twentieth anniversary.
Speaker 6 (12:48):
Music drives Us at music drivers dot Org. It's a
great it's a great organization.
Speaker 7 (12:54):
We're putting instruments all over New England.
Speaker 6 (12:57):
It's really to my heart.
Speaker 7 (13:01):
And then then of course we have the Subaru Love Promise.
If you go into any Subaru dealer in the six
States of New England, we have the Love Promise where
we're constantly u trying to you know, make the community
around the dealerships, uh, you know better, and and and
not just sell cars and make money.
Speaker 6 (13:21):
That's a that's a really big thing.
Speaker 9 (13:23):
We believe that that the the the people that live
in the community around the dealerships that we have should
should be we should be part of the community.
Speaker 7 (13:35):
And then I just have so much other stuff.
Speaker 6 (13:37):
But I appreciate you asking me.
Speaker 4 (13:40):
What about the Box Center? What is the latest there
the Box Center?
Speaker 7 (13:44):
The Box Center, there's a couple of Robert Plant going
to play there. Very soon Robert Plant of the led
Zeppelin he's going to play. I'm very excited about those shows.
Speaker 6 (13:55):
And yeah, everything's.
Speaker 7 (13:57):
Going good with tremendous end this community outreach at that theater.
I've said this before, but it's worth saying it again.
We are not a theater that opens at five, has
shows and closes at eleven. We are a living, breathing
part of the community at the Box Center.
Speaker 5 (14:17):
Have you been traveling this summer, Ernie, and where have
your travels taken you?
Speaker 7 (14:21):
I have, I've traveled. I've traveled. I'm you know, constantly.
I'm actually trying not to travel, but I have to
travel because of business. You know, for the first time ever,
Subaru Nationally is going to host their annual meeting in Boston.
Speaker 10 (14:44):
Wow.
Speaker 7 (14:45):
So at the end of August you're going to see
more Subaru retailers in the city of Boston than ever
before in history.
Speaker 4 (14:53):
Well that's good news, all right. Well, Ernie, we wish
you well.
Speaker 5 (14:56):
We hope the summer of twenty twenty five continues to
go the way you want it. We appreciate your support
on this program. We certainly couldn't do it without your
pal Looking ahead here, Well, we're gonna be talking with
Doug Banks. He of course is the executive editor of
the Boston Business Journal. And what Doug does, of course,
if you log onto the BBJ is they have the
(15:16):
five things you need to know about business today. Well,
we talked to Doug and we say, okay, what are
the five things you need to know about business this week?
So Doug Banks will be along with those headlines and
just a moment.
Speaker 1 (15:34):
You are listening to the New England Business Report on
the Voice of Boston w RKO six 't eighty, Joe
and Kim will be right back.
Speaker 10 (15:50):
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Speaker 3 (17:56):
Hi everybody, I'm Kim Kerrigan and.
Speaker 5 (17:58):
I'm Joe Shortsley. If you want to be part of
the New England Business Report, sponsorships are still available.
Speaker 3 (18:05):
You can email us at Any Business Radio at gmail
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Speaker 5 (18:10):
That's Any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Speaker 10 (18:24):
Well.
Speaker 2 (18:25):
Each week we like to look at some of the
major business headlines with our friends at the Boston Business Journal.
Executive editor Doug Banks is with us this morning, and Doug,
we learned earlier this year that the Celtics would have
a new owner, and you guys have done sort of
a deep dive on William Chisholm.
Speaker 3 (18:43):
So what have you guys learned?
Speaker 8 (18:45):
Yeah, So, first of all, thanks for having me Joe
and Kim. It's great to talk to you again. And
you may recall last March that the Celtics were sold
for six billion dollars, which was a record amount and
the buyer was one bill Chisholm, who pretty much everybody said,
who's that And turns out he's a private equity guy.
(19:08):
His firm is called STG Partners, and he was mostly
based in Silicon Valley in the West Coast. So people
around here are like, all right, who's this guy? And
nobody could tell. I mean, the Wall Street Journal within
a day had a story that said exactly that, like
he's sort of, you know, this really underground, secretive person.
So we given that the Board of Governors for the
(19:30):
NBA was expected to vote to approve that sale to
Bill Chisholm and his minority partners, whom I'll talk about
in a second sometime in June or July. They just
met this past week and didn't take up the Celtics
vote as part of that. So we're expecting the vote
to formally approve the sale of the Celtics to come
(19:51):
as soon as this coming week. And so we said,
all right, we got to start making calls. So our reporters,
Eli Chavez and Grant Welker, they reached out to dozens
of entities in Silicon Valley and the Boston area to
find out more about who Bill Chishm is. We talked
to venture capital firms, banks, credit unions, industry observers, nonprofit executives,
(20:13):
portfolio companies, and interestingly, very few people wanted to go
on the record because he's a very private person. Right Well,
it turns out he's a big fan of the Celtics.
He grew up in Georgetown on the North Shore. We
did actually find out that he's a deal maker. He
loves to be the underdog. His firm STG Partners is
(20:36):
pretty small, and yet they've done some pretty big deals locally.
Some of our listeners may remember r SA Security, which
was a part of Dell Technologies for a while publicly
traded and then not publicly traded, And we spoke with
RSA's CEO, who again they used to be based here
(21:00):
now there. The CEO is based on the West Coast
and he actually knows bil Chism very well, and he
called that deal one of the most complex carve outs
in the history of carve outs, and called chishm a
tenacious negotiator, punches above his weight against much larger competitors,
was really convincing in trying to get that deal done,
(21:23):
and so had a lot of great things to say
about him in fact, most people really praised his his
business acumen and his ability to have be a steady
hand in deals that are not for the faint of hearts.
Speaker 3 (21:35):
So those are the kind of qualities I think we want.
Speaker 8 (21:38):
In a Celtics owner. And so it was it was
fun to you know, fun for our guys to to
kind of dig in and find out who he was.
Speaker 5 (21:46):
Talk with Doug Banks, executive editor of the Most Business
journal and yeah, they're looking at private equity executive built Chisholm,
all right, So you know it makes sense that you know,
since the NBA Board of Governors has not voted yet
on this, that that Chishom would remain quiet, right, I mean,
I suppose I understand that. But at the same time,
it's such a high profile team and such a high
(22:07):
profile projected sale. I was surprised when you said that,
you know, in most cases you were reaching out, your
reporters are reaching out, and your messages went unreturned. And
you said a few confirmed they knew Chisholm, but even
these folks wouldn't comment.
Speaker 4 (22:23):
Are you surprised that you were met with such chilence silence?
Speaker 8 (22:27):
I would say yes, But as you pointed out, the
vote is not formal. He is certainly someone who knows
how to get a deal across the finish line, and
he knows that if he comes out and says too
much publicly before anything's official, that's not going to help
his chances. So I don't think he or anybody or
in his circle are going to to do anything to jeopardize.
Speaker 4 (22:47):
That the shut opposite down.
Speaker 8 (22:49):
And I think there, you know, and I think that
that speaks to his influence, his ability to get people
to step in line, and not just him, but you know,
his partner. So he's got two minority owners, part partners
and owners. One Rob Hale, founder of Granite Telecommunications and
Fox Rock Properties, a big developer down in Quinsey and
the surrounding area. And Bruce Beale Junior, also a developer,
(23:12):
president of Related Beal and those guys have already been
minority owners in the Celtics, but they came in on
this deal as well. And Rob Hale is another one.
A big philanthropist, has given out millions to local charities.
At one point in twenty twenty two, him and his
wife Karen gave away a million dollars to local charities
each week for fifty two weeks back in twenty twenty two.
(23:36):
They're very philanthropic, very locally based. Again, devout fans of
the Celtics. But yeah, quiet like Rob Hale does not
do interviews very often. It's hard to get him on
the record as well. So I think this is the
kind of ownership that's going to want to just you know,
not say a lot publicly and you know, hopefully get
(23:56):
the job done. And we'll see, because we've got some
some big shoes to fill for the in the Celtics.
The last couple years we had some pretty good teams
and I think Celtics fans want to see that keep going.
Speaker 2 (24:07):
That's for sure. Hey, let's change gears just a bit.
You guys were sort of on the sports you know,
business beat this week and you had a great story
about the Lowell Spinners coming back to Lowell.
Speaker 8 (24:21):
Yeah, so from the hard court to the baseball diamond, right.
You guys may remember the Lowell Spinners. They were the
single a affiliate of the Boston Red Sox and had been
playing up in Lellashire Park at in Lowell for many years,
but then the for whatever reason, the Sucks dissolved the
(24:42):
team in twenty twenty as part of a broader restructuring
of minor league teams by Major League Baseball, and so
that single a ball club kind of went away. And
I don't know if you ever went to a Spinners game,
but they were a lot of fun. So the Spinners
are they're coming back, but not as as a Major
League Baseball affiliate. They'll be playing as part of the
(25:03):
Futures League, which is it's it's sort of a college
amateur league, so not professional, similar to the Cape Cod
Baseball League. Probably not quite as high profile as Cape
Cod Baseball, but you'll see a lot of potential Division
IE players. You'll see you know, potential recruits for for
(25:25):
for ball clubs and there it's in the same league
that the Brockton Rocks is in. The Brockton Rocks used
to be in the canam League. Now they're part of
the Futures League. And that league's been around, I think
say about fourteen years. There's six teams total in New
England and so yeah, so it'll be interesting. They haven't
(25:46):
I don't think they've released their branding of their logo yet,
but it'll be it'll be fun to see if they
go with that. You know that spindle with the you know,
hearkening back to the Lowell textile mill industry. And I
mean that's where the Spinners comes from.
Speaker 6 (26:00):
Write the name.
Speaker 8 (26:00):
So let's see, we'll see what they have to do.
But yeah, a couple of sports business stories this week
was fun to write.
Speaker 5 (26:05):
Yeah, and I'm glad you said what is it La
La Suer Park? Because I saw that. I'm okay, how
do we say that?
Speaker 4 (26:12):
Lot? You said it very well, La La Park? Okay.
Speaker 5 (26:17):
Now, as you pointed out, they're not returning as a
professional team, okay. And then you point out that in
the regular season, the Spinners would bring in five hundred
thousand dollars in donations alone and revenue, averaging around fifty
thousand dollars per home game. Do you see the same
financial impact here of this non professional team.
Speaker 8 (26:35):
I don't think so. I mean, when you're a Red
Sox affiliate, people are going to come out, for sure.
I mean they were averaging over three thousand fans per game,
sold out for over a decade the park. I'm sure
you know it's going to be younger players. People won't
know who they are. On the other hand, you know, families,
little kids, you want to you know, you want to
(26:55):
go to a ball game. It's a great it's a
great place to go, and you know, it's a fun
night and it's cheap. Right, you're not going to drop
four or five hundred dollars that you'd have to pay
if you're going to Fenway Park. And and so I think,
you know, I think that they'll do well. We'll see
if they can sell it out and we'll see what
that looks like for them. But the park is also
home to the ums Lowell baseball team, so when ums
(27:17):
Lowell's in town, they'll be sharing the park with them.
So yeah, so we'll see, we'll see how they do.
But it's just nice to have that. It's nice to
have more more baseball that's affordable, family friendly in the region.
So Lowell and Merrimack Valley people don't have to drive
to Worcester to Polar Park. We're down to Boston. They'll
have a ball club of their own.
Speaker 2 (27:35):
Sure, all right, he is Doug Banks. We thank you
very much, sir. Coming up next, the legislative session on
Beacon Hill winds down for summer vacation. We'll take a
look at what's past, what hasn't and what lawmakers will
be focusing on.
Speaker 3 (27:49):
On the second half of this session.
Speaker 1 (27:58):
Kim and Joe, we'll explore more business news that impacts
our New England economy when they return.
Speaker 13 (28:05):
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Speaker 14 (28:18):
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Speaker 11 (29:06):
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Boston's local trade unions and finally thinking about getting ready
to hang up your tools after thirty five years of
working your tailoff. Congratulations, you worked hard to build your
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
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(29:28):
and neither will your financial future. My name is Mike Marshall,
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Speaker 12 (29:59):
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Speaker 5 (30:11):
And Welcome back to the New England Business Report on
this Sunday morning, July the twenty seventh, it's Joe Shortsleeve
and Kim Kerrigan with you on this Sunday.
Speaker 4 (30:20):
Kim, you know this spot in the programmer.
Speaker 5 (30:22):
We talk about other things, other business news, and I
mean this certainly qualifies as business news. It's this poll
and the Boston mayoral race, and I think it's a
little surprising to a lot of people. I'm sure you
saw it the headline on the Globe story written by
Emma Platoff. Boston Mayor Michelle Woo holds commanding thirty point
lead over Josh Kraft Suffolk University, Boston Globe poll shows,
(30:46):
and Kim, I want to get your reaction because Adrian
Walker in the Globe wrote something and it hit me,
and he writes, I certainly wasn't surprised to see that
the Craft campaign isn't getting significant traction with voters. But
for a candidate with a war chest of millions of dollars,
there's name recognition an the tack dog pack in his corner,
to be doing so poorly is shocking. I would have
guessed he was down maybe twenty points, but not thirty.
Speaker 3 (31:09):
Do you agree, right?
Speaker 6 (31:11):
Right?
Speaker 2 (31:11):
You know, actually I was surprised by it too, because
we're seeing so many ads. He is spending all kinds
of money. But you know, I think that Michelle Wu
has sort of backed him in a corner talking about
a connection to the administration in Washington, and I think
that has scared a lot of people away.
Speaker 5 (31:31):
Yeah, I mean, and I guess one of these issues
they talk about, you know, bike lanes. You know, folks
don't make the idea of bike lanes, and they say
that voter I mean that issue. Yeah, voters are concerned
about it, but it's not a kick Woo out of.
Speaker 4 (31:45):
Office issue, right. That maybe is part of the problem.
Speaker 2 (31:48):
I think people here too are looking for a little
more consistency. They want to give her another shot for
a few more years to see what happens. So really
interesting though, thirty points is a lot. Although let's see
what happens once Labor Day rolls around, right.
Speaker 5 (32:02):
Yeah, And this quote, of course from David Paleologus, who
did the poll, all the ingredients are here to set
up a big win for.
Speaker 3 (32:10):
Will Well Joe.
Speaker 2 (32:11):
As we know, every year, the legislative session up there
on Becon Hill comes to a close on July the
thirty first. However, sessions are two years and we're in
the middle of one of those cycles this July. So well,
things may slow down a little bit in August. They're
not quite as crazy as they might be next year
this time.
Speaker 4 (32:31):
What did Colin say, It's a little bit sane up here.
Speaker 3 (32:34):
Yeah, this is good news for our next guest, Colin Young.
Speaker 2 (32:37):
He's the deputy editor at State House News and Colin,
great to have you with us.
Speaker 3 (32:42):
So a little saying there right now.
Speaker 15 (32:44):
Huh, yeah, you know, it's not it's a far cry
from last July when we were here all night July
thirty first into August first. You know, no one got
any sleep.
Speaker 2 (32:56):
Let's talk about some of what they've been focusing on
up there on Beacon Hill.
Speaker 15 (33:00):
Well, yeah, you know, so far this year, the focus
has really been on budgeting.
Speaker 6 (33:06):
Uh.
Speaker 15 (33:06):
And that means the annual state budget that Governor Mara
heally signed at the beginning of July. But it also
means these supplemental budgets, these mid year spending plans that
pop up as deficiencies arise or as emergent needs come
up across state government. That's really been the bulk of
(33:26):
the work of the legislature so far. There's been money
for early education. There was an emergency funding for the
Group Insurance Commission a few months ago, and for the
most part, you know, the policy has been kind of
pushed to the back burner so far.
Speaker 5 (33:47):
Colin Young, State House News Services our guest Colin New
I guess I'm wondering politically, We've we've got a mayor's race,
we've got a governor's race. What's the temperature on Beacon
Hill as it relates to those two races and how
much do they care?
Speaker 15 (34:03):
You know, the governor's race particularly is it's starting to
shape up here, although it's starting to shape up with
these proxy battles. You know, there really hasn't been much
engagement between Mara Heely, who's running for reelection, and either
of the two Republican candidates, Mike Kennely and Brian short Sleeve.
(34:27):
But all of these issues are are being looked at
through the lens of a campaign. So, you know, when
things come up on Beacon Hill, the governor always tries
to talk about the cost of living angle and the
affordability lens of it all. You know, that's all with
(34:47):
an eye towards going back to voters next year. And
asking to be re elected. She's going to want to
be able to show voters how she's been working to
make their lives easier and more affordable. And of course
Republicans are trying to point out things the governor and
her administration are doing that maybe aren't totally in line
(35:08):
with all voters across Massachusetts. So there hasn't been any
real direct skirmishes, but we're definitely starting to see the
themes of a campaign emerge.
Speaker 2 (35:18):
Colin Young from State House News is our guest. Colin,
I saw some great stats related as they relate to
crime stats in the state.
Speaker 3 (35:28):
Talk us through some of those stats.
Speaker 15 (35:31):
Yeah, I thought this one was fascinating, Kim, And you know,
here's a great example of where campaign themes are starting
to emerge. You know, crime is always part of a campaign,
and it's never as simple of a picture as either
side wants to make it seem.
Speaker 6 (35:48):
So.
Speaker 15 (35:49):
Mark Heally's administration this month put out twenty twenty four
crime stats for Massachusetts showing crime is down six point
five percent across the state, and of course they painted
it as look at this great momentum, we're doing such
a great job keeping Massachusetts safe. The other side, of course,
(36:10):
will say, you know, the numbers are masking other trends,
and there's some truth to both. Crime is down in Massachusetts,
there's no doubt about that. Like I said, down six
point five percent last year alone. We're way down from
the peak crime rate of this century, which was back
(36:31):
in two thousand and eight. But there are things that
are up, and the big one that jumped out to
me was shoplifting. We hear about it in the news
all the time, and if you look at the numbers,
shoplifting was up twenty one percent in Massachusetts last year
and compared to immediately pre pandemic in twenty nineteen, shoplifting
(36:54):
is up forty seven percent across Massachusetts.
Speaker 5 (36:58):
Yeah, I mean, so that Colin has to do with
all the chatter and the district attorney's offices about decriminalizing
some of these offenses.
Speaker 4 (37:07):
Oh.
Speaker 15 (37:07):
Absolutely, that's a big part of the conversation, and especially
in Boston, and the shoplisting trend is especially pronounced in
Suffolk County, which includes Boston. Of course, in Suffolk County
over five years, shoplifting is up three hundred and eighty percent.
That's definitely going to be a theme in the mayoral
(37:30):
race this fall in Boston, no doubt about that. And
in Boston Mayor Michelle wou has said, you know, we
want people to be reporting these crimes more so, she says,
in some cases the numbers reflect greater reporting rather than
just more instances.
Speaker 3 (37:49):
Could they also be economic?
Speaker 15 (37:51):
Oh sure, you know. And that's one thing that also
jumped out to me looking at these these crime stats
is how the numbers and the crimes that sort of
respond to changes in society and in the economy. So
exactly as times are getting harder for people, maybe there
is an increase in crimes like shoplifting. The one that
(38:15):
really jumped out to me looking at the last twenty
five years of crime in Massachusetts is a huge rise
in credit card fraud, and the uptick there started in
about two thousand and five, you know, about the time
online shopping was really taking off and people were putting
everything on a credit card rather than carrying cash. So
(38:37):
when you look at these numbers, you really can see
how society is shifting.
Speaker 9 (38:43):
Yea.
Speaker 5 (38:43):
Colin Young to State House News Service our guests, Colin, you,
in your story about crime stats, you break it down
category by category by category, and you know, It is
good news when you look at the bottom line here
in terms of all these stats are going down. Take
us through some of them.
Speaker 15 (39:00):
Yeah, So, for example, last year alone, homicides were down
eleven point four percent. There were one hundred and thirty
two homicides across the whole state for the entire year.
You know, that number stuck out to me as pretty low.
You know, I would guess there are cities in America
(39:20):
that have more homicides than Massachusetts did as a state.
Robbery was down almost ten percent last year. Another big
one which was interesting to me, motor vehicle thefts were
down more than sixteen percent last year. I mentioned shop
listing is up. There are other crimes that have been
(39:40):
sort of up and down over the years. All rape
crimes sort of lumped together as one category, have been
up over the last twenty five years. Aggravated assault, same thing,
even murder. You know, while it's a fairly low number,
it is more than twenty five years years ago.
Speaker 2 (40:00):
So Colin, as we kind of wrap things up here,
let me ask you about the fourth quarter up there
on Beacon Hill.
Speaker 3 (40:06):
What's something you're going to be watching?
Speaker 15 (40:08):
You know, one thing that's on the move now that
I'm interested in keeping an eye on is the idea
of banning cell phones in schools. The Massachusetts Senate is
starting to move a bill to that effect, and I'm
going to be interested to see whether that's something that
really gets attention as the new school year starts, and
(40:29):
if there's a push from lawmakers to have some kind
of a cell phone ban in place, maybe for the
start of next school year.
Speaker 4 (40:38):
Yeah.
Speaker 5 (40:38):
My daughter has three small children and she is a
big fan of banning cell phones. I mean, Colin, what
do we know about that issue? I think it's a
fascinating topic because you know, Kim and I. You know,
everybody couldn't grab a cell phone fast enough, and now
everybody's saying.
Speaker 4 (40:52):
Well, whoa, whoa, whoa slow down on this.
Speaker 5 (40:55):
Yeah, I mean, what do we know about how we
stack up with other states? Are we watching what other
people are doing on this topic?
Speaker 7 (41:02):
We are?
Speaker 15 (41:03):
You know, there are other states that have been moving
in this direction. I know Rhode Island just in the
last couple of months maybe in their state budget enacted
as a ban on cell phones and schools. That largely
leaves it up to districts to figure out the exact
plan for that. But you know, we always hear so
much about bullying, cyber bullying, the dangers of social media
(41:29):
and some of these anonymous social media services, and how
that can really really throw a wrench in the development
of teenagers. In particular. We had one expert up here
at the State House called cell phones electronic cocaine for
the sort of addictive nature, the addictive properties they have
(41:49):
for teens. But parents are also worried that if you
ban cell phones and god forbid there's some emergency, that
students wouldn't have a way to get in touch, either
with emergency personnel or with their family in that situation.
So that's sort of what lawmakers are going to have
to balance here.
Speaker 2 (42:08):
He's Colin Young. Colin, thank you so much for the update,
very much, appreciate it.
Speaker 3 (42:13):
All right, still come in your way.
Speaker 2 (42:15):
News out of Washington earlier this month not good when
it comes to funding for the mega project in Allston.
Speaker 3 (42:21):
We'll have full details.
Speaker 1 (42:28):
You are listening to the New England Business Report on
the Voice of Boston WRKO six 't eighty. Joe and
Kim will be right back.
Speaker 11 (42:37):
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, you worked hard to build
your retirement nest egg.
Speaker 1 (42:50):
But now what?
Speaker 11 (42:51):
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 of plans, and neither will your financial future.
My name is Mike Marshall, President and CEO of Marshal
Wealth Management and creator of the Marshall Plan, a comprehensive,
customized plan that will help you answer important questions in
(43:12):
all seven key areas. You don't have to do it alone.
There is no cost or obligation. Call us at eight
five seven three four two ten thirty. That's eight five
seven three four two ten thirty. Well check us out
online at Marshallwealth dot Com, Marshall with two Wells Marshallwealth
dot Com.
Speaker 12 (43:30):
Advisory services offered through Capital Analysts or Lincoln Investment Registered
Investment Advisors. Securities offered through Lincoln Investment Broker Dealer member FINRA, SIPC,
Lincoln Investment dot Com, Marshal Wealth Management and the above
firms are independent and not affiliated.
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Speaker 3 (44:40):
No Hi everybody.
Speaker 5 (44:48):
I'm Kim Karrigan and I'm Joe Shortsley. If you want
to be part of the New England Business Report, sponsorships
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Speaker 2 (44:56):
You can email us at Any Business Radio at Gmail.
Speaker 5 (45:01):
That's any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Speaker 1 (45:16):
The New England Business Report on w RKO is brought
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Speaker 5 (45:33):
And welcome back to the New England Business Report on
this Sunday morning. I guess we sort of you know
you can. I guess we could say, Kim, we saved
the best for last, and that's not fair. Ernie Bunk
doesn't want to hear that. That's for darn sure, n
artis Doug Banks. But anyway, we love John Custo, business
reporter with the Boston Globe, and certainly if anybody knows
what's going on in the city as it relates to business,
it's John. John, thanks so much for joining us on
(45:55):
the New England Business Report. You have been a busy,
busy guy at see your name on all kinds of stories.
Let's start with the one that really caught my attention,
a headline being John chest on the Globe. Congress pulls
the plug on three hundred and twenty seven million dollars
in federal funding for the Allston Mega Project.
Speaker 4 (46:15):
So what is next?
Speaker 14 (46:16):
What happened here, John, Well, what happened here is the
state is playing a two billion dollar realignment of the
Massachusetts Turnpike in Austin and among that also part of
that would be a new train station called West Station,
And they were counting on three hundred and thirty five
million dollars from the FEDS. But this was a Biden
(46:37):
Error program from the Infrastructure Act passed under President Joe Biden,
and the current Congress and the current Trump administration have
been trying to scale back some of those some of
that spending, and so the program that the three hundred
and thirty five million was supposed to come from has
(46:57):
been zeroed out in the big Beautiful Bill that Congress passed.
That meant that all the money that hadn't been spent
yet some two and a half billion, would not go out.
And unfortunately for Massachusetts and for the Austin project, they
only got eight million of that three thirty five. So
that's how you can come to three hundred and twenty
(47:18):
seven million dollars that we were hoping to get from
the FEDS that we're not getting.
Speaker 3 (47:22):
So what's next for the project?
Speaker 14 (47:24):
Then, John, Well, it's a good question, you know. I
think that this is now forcing some hard conversations at
Massachusetts Department of Transportation. I think they're looking at ways
to pair back the project to do things a little
bit more cheaply. They're going to have an outside firms
to study exactly how they can accomplish some of the
(47:44):
main transportation goals, presumably the realignment and straightening and refurbishing
of the highway and providing some train service there without
spending as much as what was originally proposed. So they're
basically giving it another look trying to get throw the
price tag down. I think that's going to be challenging
because this two billion dollar price tag has sort of
(48:05):
been in place for a few years now, and I
think if they redid the numbers it would be actually
a lot more. So I think they've got a ways
to go to get it back under two billion. I
think it's going to be tough. There are other ways
that the state can borrow more money. We've been doing,
for good or for bad. We've been getting a lot
(48:26):
more money from the millionaire's tax than everyone expected, and
so that higher earners tax it can be used for transportation,
and they can actually borrow money off that tax flow.
So it's possible that they can borrow more money. They
also have a huge rainy day fund, but it's a
state really going to want to do that. It'll start
(48:49):
to look bad if the states starts spending, you know,
significantly more money on this project without any federal assistance
other than it's possible they can get a federal loan,
but again it's a loan, so the state's gonna have
to pay that back. So without any federal grant money,
like I mean, there was billions with a big gig,
(49:11):
it'll be it'll fall completely on mass Dot and I
think if that happens, as it looks like it will,
they're going to have to rethink and scale back.
Speaker 5 (49:22):
John Gesto of the Boston Globe is our guest business reporter.
You know, John, I'm not you know, I know you're
not an engineer, but yeah, when I look at like
federal money and projects in Massachusetts that need the federal money,
like I look at the Cape Cod bridges, right, I
guess the Sagamore is okay, but the Bourne's a big
question mark at this point, Like a bridge like the
Bourne is just out of date at some point becomes dangerous.
(49:44):
I mean, this realignment of the mass Pipe project, I
guess i'd ask you how necessary is it if it
doesn't happen.
Speaker 14 (49:52):
I mean, it's not the end of the world. I
mean we are in the middle of a refurbishing of
the of the viaduct. So in that part of Austin,
the highway is raised on a viaduct and because it's
above the ground, it deteriorates, and so they are doing
sort of a patchwork, piecemeal repair to prevent pieces of
(50:16):
it from falling on the ground and keep it stable.
And you could keep doing that every ten twenty years,
and there's some fear within the neighborhood that that's what
they'll do. The idea that we can straighten out and
lower the highway, and really part of the motivation is
unlocking all this land that Harvard owns in the old
(50:39):
rail yard that's sort of in that kind of landlocked
by the highway and the railroad tracks in that area.
Straightening it out all of a sudden, you and getting
rid of this elevated highway that goes over this area.
Even now, all of a sudden, got all this land,
you can develop and it could be a boom for
that neighborhood and you can have a lot of housing.
(51:00):
And that's one of the main goals here, So it's
not just a transportation project. If it was just transportation,
I think it would have been dropped a while ago.
But because of the potential for redeveloping that whole neighborhood
and making it sort of a Kendall Square West, there
are a lot of constituencies that want to see it happen.
Speaker 2 (51:21):
We're talking with John Cesto from the Boston Globe. We're
talking about the Alston Mega Project, a story that no
doubt will be following for a while and have been following.
By the way, another one we've been following here on
the New England Business Report, John, is the story about
market Basket, and there was some movement this past week.
Speaker 3 (51:39):
Why don't you update us?
Speaker 14 (51:40):
Yeah, so what happened this week is so for listeners
that don't quite know what's going on with the market
Basket saga, the company is owned by Arthur T. Demoulis
and his three sisters, and the three sisters together have
a majority of the voting shares. They for reasons that
still aren't highly clear to me, want their brother out.
(52:02):
There's a real power struggle happening. Their brother actually runs
the companies at CEO. They've put him on temporary paid leave,
and they put some of his lieutenants on temporary paid leave.
This week, they announced that they were firing two of
his top lieutenants, Joe Schmidt, Tom Gordon, people who have
been with the company for decades. And so it's sort
(52:23):
of like the first shoe to fall. They're, you know,
the sisters are concerned maybe we'll have a redux of
twenty fourteen when Arthur's cousin fired him and then everyone
you know, walked out and there was a customer boycott,
and they don't want that to happen after obvious reasons
because it would and I honestly don't think Arthur wants
that to happen because it would be really bad for
(52:45):
the company. The company lost a lot of money during
that walkout back in twenty fourteen, and they only kind
of got Arthur back in because he worked with his
sisters to buy out his cousin's side, so they were
they were all cooperative in twenty fourteen. But now over
the last few years there's been a real friction between
the sisters and Arthur, and it's now come to a
(53:07):
breaking point. And so what we don't know is what's
gonna happen to Arthur. He's sort of been sidelined as
they investigate quote unquote the claims that he might be
trying to start a similar work stoppage. He has denied that,
and I haven't seen any evidence that he has been
(53:29):
as of yet. So it's really we're sort of on
the nice edge with what can happen with this beloved
supermarket chain. Now that you know, two of the detectives
have been fired, I think there will be more firings, unfortunately,
and I don't know, you know what Arthur's and fate
(53:51):
will be. I mean, I don't think he knows. So
we really got to wait and see to see what
the sisters decided to do next.
Speaker 5 (54:00):
John Justo is our guests of the Boston Globe. John,
the other story that you've been following has to do
with the potentials for a new soccer stadium.
Speaker 4 (54:08):
There an Everett headline on the Globe.
Speaker 5 (54:10):
WO administration steps up pressure for REVS stadium mitigation. A
mediator is entering the negotiations between City Hall and the
Craft Group over the Everett project.
Speaker 4 (54:20):
What's the latest?
Speaker 14 (54:21):
So in this case, the New England Revolution, owned by
the Craft group. They want to build their own stadium.
The Revs have been playing in Jillette Stadium with the Patriots,
but they want their own stadium. They want it closer
to downtown. So they found a location in Everett, right
over the city line from Boston on the Mystic River.
And because it's so close to Boston, because you have
(54:43):
to go through Sullivan Square, most people have to go
through Sullivan Square in Boston to get there. The legislature
has required that there be negotiations with both Everett and Boston,
and those negation negotiations have been pleasant but slow UH
to come up with our Community Benefits Agreement UH. And
(55:05):
now the legislation UH that was passed last year require
requires a mediator to be brought into the fold and
they've picked one. And so now as as a result
of having a materia coming in, the Woo administration has
asked the Crafts for very specific, detailed things that they
want to see address from you know, transportation issues to
(55:29):
environmental issues to what does this mean for the rival
concert venues, especially the TV Garden or Fenerally Park in Boston.
And they're frustrated that the Crafts are not providing this
information and they want they're trying to lay out sort
of some of the mitigation that the craft should provide
(55:50):
the crafts. Meanwhile, they're saying, we've been quite cooperative. This
is still early in the process. You know, we'll address
some of these things as we work together. I think
the Mayor's office is really trying to step up the
pressure as they bring in a mediat or to kind
of clarify the things they really want.
Speaker 5 (56:10):
H All right, here's John chesnow, business reporter with the
Boston Globe, and those are just three of the stories
that he's been following. And we do appreciate John taking
time and joining us on the New England Business Report
on this Sunday morning.
Speaker 2 (56:23):
Well, Joe, that's going to do it for this edition
of the New England Business Report. That has been a
good show, by the way, Joe, I've enjoyed every minute
of it. Coming up next week, we're going to be
talking to someone in the housing authority over on Nantucket.
You know, it's gotten so expensive to live on Nantucket.
People like first responders, teachers and hospital workers have nowhere.
Speaker 3 (56:46):
To live and they're trying to come up with some ideas.
Speaker 2 (56:49):
So we're going to take on that issue next week
on the New England Business Report. Right here on the
Voice of Boston w RKOAM six 't eighty
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to the New England Business Report.
It is Sunday, July the twenty seventh. It's the last
Sunday in July. I cannot believe it. I'm comparing along
with Joe short Sleeve and Joe here we find ourselves
at the end of July.
Speaker 3 (00:24):
My friend.
Speaker 4 (00:25):
Yeah, I know, I know where your mind goes.
Speaker 5 (00:27):
As soon as I was preparing you to talk with
you this morning, I'm like, okay, so the next show
is in August.
Speaker 4 (00:32):
That would be August third, a week from today.
Speaker 5 (00:35):
But hey, look it I'm not really complaining, and I
think that, you know, the weather was a little lifty
at the beginning of the summer, but so far July
has been very pleasant in terms of I'm spending a
lot of time down in Cape Cod and you know,
water temperatures up around seventy seven degrees. But it's it's
been a nice summer so far.
Speaker 2 (00:52):
Yeah, it certainly has. I got to tell you what
crushes me is when I get up. I'm a really
early riser and it is not as low and the
sun is coming up a lot later right now, and
I don't like that part. All right, let's take a
look at what's coming up here on the show this Sunday.
We're going to get started with a conversation with Ernie Bach.
(01:12):
Of course, he's the CEO of Super of New England.
You know, Ernie has his finger on the pulse of
the automotive industry, and I think Ernie's got some pretty
good news for us, how as it relates to the
auto industry, which is so important, Joe.
Speaker 3 (01:29):
To the economy. I mean, the audio industry really is
a driver.
Speaker 5 (01:33):
Yeah, it certainly is. And Ernie, yeah, he has a
You're gonna want to hear what he has to say
because it has to do with automobile sales and what
direction they're going and why they're going in that particular direction.
But yeah, Ernie is. And then we talked a little
bit about some of the charitable causes he's involved in,
and there are all things that we all care about.
Speaker 3 (01:52):
All good stuff.
Speaker 2 (01:53):
Then we're going to have the executive editor of the
Boston Business Journal, of course, Doug Banks, he's going to
join us. He joins us or someone from the BBJ
joins us each week to talk about some of the
business headlines.
Speaker 3 (02:04):
This week they were really on.
Speaker 2 (02:06):
The sports beat, it seemed, and they went out and
did a deep dive on the new owner of the Celtics,
which apparently Joe short of sort of learning about, you know,
his business is sort of hard to do. He's a
very private guy and not doing a lot of talking
right now.
Speaker 5 (02:25):
Well, yeah, and as they point out, the NBA Board
of Governors has not voted yet finally on his purchase
of the of the Celtics. So I guess we all
understand the news business, it makes sense to keep your
keep your mouth shut until that happens, and that's exactly
what he's doing. But I think on top of that,
he's also a quiet guy, a very sort of reserved individual.
(02:46):
So you married the two of them, and you know
it's crickets.
Speaker 3 (02:49):
So what else we got going?
Speaker 5 (02:52):
Well, okay, we're also going to be talking with Colin
Young of the State House News Service. He's got some
rather interesting stats as they relate to crime in Massachusetts.
Not often you hear here that crime is going down
in multiple categories. But that's that's what's going on. And
then we're gonna be talking with John Chesto of the
Boston Globe, of course, a business reporter extraordinaire, and John
(03:15):
has been following well, federal government yanking some three hundred
million dollars for the project there in Alston.
Speaker 4 (03:22):
I mean, this is something.
Speaker 5 (03:23):
That obviously impacts all kinds of people and all kinds
of lives. But John's gonna talk to us about that,
and he also talks about this whole market basket thing.
But you know what, Kim, I kind of want to
mention as an umbrella to this. I mean, I look
at this program that you and I are doing, and we're,
you know, almost a couple of years into this at
this point, and you look at today's guests. You've got
(03:46):
Colin Young the State House News Service. You got John
Chesto of the Boston Globe. You got Ernie Bach. You
know we all know Ernie the CEO of SUPERO of
New England. You got Doug Banks of the Boston Business Journal.
I mean, talk about if you want to know what's
going on in business in this city. I mean, these
are the folks right in the middle of all of it.
Speaker 2 (04:05):
Yeah, they certainly are, and all of them sort of
different parts of the business world, which is terrific.
Speaker 3 (04:12):
So it's a good show today. I'm excited about it.
Speaker 5 (04:15):
Yeah, okay, And getting back to John Cesto, you know,
he brings us up to speed on this whole market
basket and Arthur T. Demullis and Arthur de Mullis who
the company put on the you know, paid leave, and
I guess his three sisters are controlling things there, and
I guess a couple of big executives got actually fired
this week. The thing is different this time around, though
(04:37):
this happened back in twenty fourteen, because there's no real
consumer outrage and maybe that has to do with Arthur
himself not calling for it.
Speaker 4 (04:46):
But it's all so quiet.
Speaker 2 (04:49):
Yeah, it certainly is. Yeah, this is this is turning
into a real family battle.
Speaker 3 (04:54):
It seems to me.
Speaker 5 (04:55):
All right, a lot going on in today's program, And
of course joining us now is well you all know
his name. He's Ernie Bakie of course, is the CEO
Subaru of New England, the chairman of Bach Enterprises. He
is also a major sponsor to this program and we
always are delighted to have a conversation with Ernie Boki
joined us on the phone right now, Ernie, good morning
(05:17):
to you, sir. So how's the summer of twenty twenty
five treating yet?
Speaker 6 (05:20):
It's good, it's good. Thank you for having me.
Speaker 7 (05:23):
It's this weather's amazing and all that rain we got,
the landscaping and everything around is so green.
Speaker 6 (05:30):
I love it, absolutely love it.
Speaker 7 (05:32):
It's an interesting time to the automotive industry, Joe and Kim,
very very interesting.
Speaker 4 (05:38):
All right, well, please explain.
Speaker 7 (05:39):
Okay, let me give you a little bit of a
synopsis of what is happening. Last year, the SAR seasonally
adjustable annual rate was fifteen point nine million vehicles, so
the US and twenty four all brands sold fifteen point
nine million vehicles. It's projected to be fifteen seven in
(06:04):
twenty five, so it's going to be it's going to
be a little bit less. The first half of the
year was really driven by the threat of tariffs. The
April in May was March and April excuse me, March,
actually March in April May a little bit was super
(06:26):
super exciting, and a lot of sales went down. But
now with the political climate and such, the consumer has
a little bit of uncertainty. So the you know, the
sales are going down, and I don't believe it's because
of the economy because the projected GDP is two point
(06:48):
six percent.
Speaker 6 (06:49):
But is the big butt.
Speaker 7 (06:52):
The average new car price right now is forty nine
thousand dollars and the average payment and American makes for
car is seven hundred and forty seven dollars a month
with an average rate of nine point one percent and
the term sixty nine months. Yes, I know, I know.
(07:15):
The average the average incentive that the manufacturer is giving
as a whole all brands is about twenty seven hundred dollars.
The hybrid situation, which we've talked about before, was was
really heating up and really going. Last months, eighteen percent
(07:36):
of all cars sold in the six states of New
England were hybrids, but full sized ice internal combustion engine
trucks are up seven percent. So there's a little bit
of a dichotomy right now. Well, I think I think
the hybrids they're settling in. The hybrid, the non plug
(07:59):
in high brig is really the most favorite that people
are buying. You can have about hybrid and you can
plug it in, but the self generating. Non plug in
hybrids are the most popular.
Speaker 6 (08:13):
The EV's the EV's.
Speaker 7 (08:16):
Really nobody's making any money on the EV's. The manufacturer's
not making money, the dealers aren't making money. There's about
two months left in the seventy five hundred federal tax credit,
which is going to stop, so it's going to get
Tesla is down thirteen percent. But I think Tesla is
(08:36):
down because of the political climate. I don't think it's
down because people don't like the vehicle.
Speaker 3 (08:42):
Ernie Buck is our guest.
Speaker 2 (08:43):
Ernie, I just want to ask you, you know, you
talk about how expensive cars are. Is there is there
any break inside or any way the cars can somehow
become more affordable for families in the country.
Speaker 6 (08:56):
Yes, I think so.
Speaker 7 (08:58):
I think as a technology go between the new technology
in building cars and maybe a little bit of deconcating
i'm sorry, making less equipment in it's going to be tough.
I mean, forty nine thousand dollars average, that's a high.
(09:21):
That's very, very high.
Speaker 5 (09:24):
So, Ernie, would you say that things have smoothed out
a little bit in terms of the uncertainty that the
auto industry was facing there for a while.
Speaker 7 (09:30):
I think yes, yes, compared to last year, sales are
up seven percent, but that was because of the strong,
strong first quarter. But yeah, yeah, it's kind of even out.
The towers are going to get under control. And it's really,
in my opinion, by keeping my air to the ground
(09:52):
in the industry that it's a confidence problem. It really is.
It's a confidence problem on should I buy now? Going
to go down?
Speaker 6 (10:00):
Tower is going to go up. It's just very uncertain.
Speaker 3 (10:04):
What about inventory? What does that look like?
Speaker 7 (10:07):
Inventory? Inventory right now in the United States all dealerships
is two point five million unsold vehicles, which is not bad.
It's not it's not terrible, but that is the act.
The actual inventory as of a couple of days ago,
two point five million vehicles to sale in the United States.
Speaker 5 (10:30):
Ernie Box our guests of course, the CEO of Super
of New England.
Speaker 4 (10:34):
Ernie.
Speaker 5 (10:34):
What about AI and new cars and the implementation of AI,
whether it's you know, getting your car serviced or the
future of driving.
Speaker 4 (10:44):
I mean, how do you see AI playing out here?
Speaker 7 (10:47):
Well, there's there's I think there's going to be two camps.
AI is absolutely being integrated into the automotive industry and
you've got tests the self driving. I was in I
forget what city I was in, but I saw a
Waimo for the first time. And there are people that
(11:10):
are going to use the AI technology and transportation, whether
they're driving, whether they're not driving, whether it's electric, whether
it's the car is self driving while they're in the car.
There's a certain amount of people that want that. But
then you never discount the people that really want to drive,
(11:31):
you know what I mean. I mean they want to drive,
they want to experience the road, they want the freedom,
the you know.
Speaker 6 (11:40):
That type of driver.
Speaker 4 (11:41):
And is the auto industry discounting that type of driver.
Speaker 8 (11:44):
No.
Speaker 7 (11:45):
As a matter of fact, the EV sales are waning,
and as the government gives people a choice what to buy,
I am I am.
Speaker 6 (11:56):
I am all for hybrids, I am.
Speaker 7 (11:58):
All for EV and I am all for ice and
I am all for the choice. If you want to
drive an ice car, an internal combustion engine.
Speaker 6 (12:07):
Car, you should be able to do it.
Speaker 7 (12:09):
The government should not force everybody to evs. So as
the regulations loosen up on the ice cars, I think
you'll see are a more realistic opinion of what the
customer wants to drive.
Speaker 2 (12:27):
Hey, Ernie, can I change gears just a bit and
ask you a little bit about some of your charitable ventures.
I love to hear about some of those because I
know you've got some really great things going on.
Speaker 7 (12:41):
Well. I mean, I have Music Drives Us, which next
year will celebrate its twentieth anniversary.
Speaker 6 (12:48):
Music drives Us at music drivers dot Org. It's a
great it's a great organization.
Speaker 7 (12:54):
We're putting instruments all over New England.
Speaker 6 (12:57):
It's really to my heart.
Speaker 7 (13:01):
And then then of course we have the Subaru Love Promise.
If you go into any Subaru dealer in the six
States of New England, we have the Love Promise where
we're constantly u trying to you know, make the community
around the dealerships, uh, you know better, and and and
not just sell cars and make money.
Speaker 6 (13:21):
That's a that's a really big thing.
Speaker 9 (13:23):
We believe that that the the the people that live
in the community around the dealerships that we have should
should be we should be part of the community.
Speaker 7 (13:35):
And then I just have so much other stuff.
Speaker 6 (13:37):
But I appreciate you asking me.
Speaker 4 (13:40):
What about the Box Center? What is the latest there
the Box Center?
Speaker 7 (13:44):
The Box Center, there's a couple of Robert Plant going
to play there. Very soon Robert Plant of the led
Zeppelin he's going to play. I'm very excited about those shows.
Speaker 6 (13:55):
And yeah, everything's.
Speaker 7 (13:57):
Going good with tremendous end this community outreach at that theater.
I've said this before, but it's worth saying it again.
We are not a theater that opens at five, has
shows and closes at eleven. We are a living, breathing
part of the community at the Box Center.
Speaker 5 (14:17):
Have you been traveling this summer, Ernie, and where have
your travels taken you?
Speaker 7 (14:21):
I have, I've traveled. I've traveled. I'm you know, constantly.
I'm actually trying not to travel, but I have to
travel because of business. You know, for the first time ever,
Subaru Nationally is going to host their annual meeting in Boston.
Speaker 10 (14:44):
Wow.
Speaker 7 (14:45):
So at the end of August you're going to see
more Subaru retailers in the city of Boston than ever
before in history.
Speaker 4 (14:53):
Well that's good news, all right. Well, Ernie, we wish
you well.
Speaker 5 (14:56):
We hope the summer of twenty twenty five continues to
go the way you want it. We appreciate your support
on this program. We certainly couldn't do it without your
pal Looking ahead here, Well, we're gonna be talking with
Doug Banks. He of course is the executive editor of
the Boston Business Journal. And what Doug does, of course,
if you log onto the BBJ is they have the
(15:16):
five things you need to know about business today. Well,
we talked to Doug and we say, okay, what are
the five things you need to know about business this week?
So Doug Banks will be along with those headlines and
just a moment.
Speaker 1 (15:34):
You are listening to the New England Business Report on
the Voice of Boston w RKO six 't eighty, Joe
and Kim will be right back.
Speaker 10 (15:50):
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Speaker 3 (17:56):
Hi everybody, I'm Kim Kerrigan and.
Speaker 5 (17:58):
I'm Joe Shortsley. If you want to be part of
the New England Business Report, sponsorships are still available.
Speaker 3 (18:05):
You can email us at Any Business Radio at gmail
dot com.
Speaker 5 (18:10):
That's Any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Speaker 10 (18:24):
Well.
Speaker 2 (18:25):
Each week we like to look at some of the
major business headlines with our friends at the Boston Business Journal.
Executive editor Doug Banks is with us this morning, and Doug,
we learned earlier this year that the Celtics would have
a new owner, and you guys have done sort of
a deep dive on William Chisholm.
Speaker 3 (18:43):
So what have you guys learned?
Speaker 8 (18:45):
Yeah, So, first of all, thanks for having me Joe
and Kim. It's great to talk to you again. And
you may recall last March that the Celtics were sold
for six billion dollars, which was a record amount and
the buyer was one bill Chisholm, who pretty much everybody said,
who's that And turns out he's a private equity guy.
(19:08):
His firm is called STG Partners, and he was mostly
based in Silicon Valley in the West Coast. So people
around here are like, all right, who's this guy? And
nobody could tell. I mean, the Wall Street Journal within
a day had a story that said exactly that, like
he's sort of, you know, this really underground, secretive person.
So we given that the Board of Governors for the
(19:30):
NBA was expected to vote to approve that sale to
Bill Chisholm and his minority partners, whom I'll talk about
in a second sometime in June or July. They just
met this past week and didn't take up the Celtics
vote as part of that. So we're expecting the vote
to formally approve the sale of the Celtics to come
(19:51):
as soon as this coming week. And so we said,
all right, we got to start making calls. So our reporters,
Eli Chavez and Grant Welker, they reached out to dozens
of entities in Silicon Valley and the Boston area to
find out more about who Bill Chishm is. We talked
to venture capital firms, banks, credit unions, industry observers, nonprofit executives,
(20:13):
portfolio companies, and interestingly, very few people wanted to go
on the record because he's a very private person. Right Well,
it turns out he's a big fan of the Celtics.
He grew up in Georgetown on the North Shore. We
did actually find out that he's a deal maker. He
loves to be the underdog. His firm STG Partners is
(20:36):
pretty small, and yet they've done some pretty big deals locally.
Some of our listeners may remember r SA Security, which
was a part of Dell Technologies for a while publicly
traded and then not publicly traded, And we spoke with
RSA's CEO, who again they used to be based here
(21:00):
now there. The CEO is based on the West Coast
and he actually knows bil Chism very well, and he
called that deal one of the most complex carve outs
in the history of carve outs, and called chishm a
tenacious negotiator, punches above his weight against much larger competitors,
was really convincing in trying to get that deal done,
(21:23):
and so had a lot of great things to say
about him in fact, most people really praised his his
business acumen and his ability to have be a steady
hand in deals that are not for the faint of hearts.
Speaker 3 (21:35):
So those are the kind of qualities I think we want.
Speaker 8 (21:38):
In a Celtics owner. And so it was it was
fun to you know, fun for our guys to to
kind of dig in and find out who he was.
Speaker 5 (21:46):
Talk with Doug Banks, executive editor of the Most Business
journal and yeah, they're looking at private equity executive built Chisholm,
all right, So you know it makes sense that you know,
since the NBA Board of Governors has not voted yet
on this, that that Chishom would remain quiet, right, I mean,
I suppose I understand that. But at the same time,
it's such a high profile team and such a high
(22:07):
profile projected sale. I was surprised when you said that,
you know, in most cases you were reaching out, your
reporters are reaching out, and your messages went unreturned. And
you said a few confirmed they knew Chisholm, but even
these folks wouldn't comment.
Speaker 4 (22:23):
Are you surprised that you were met with such chilence silence?
Speaker 8 (22:27):
I would say yes, But as you pointed out, the
vote is not formal. He is certainly someone who knows
how to get a deal across the finish line, and
he knows that if he comes out and says too
much publicly before anything's official, that's not going to help
his chances. So I don't think he or anybody or
in his circle are going to to do anything to jeopardize.
Speaker 4 (22:47):
That the shut opposite down.
Speaker 8 (22:49):
And I think there, you know, and I think that
that speaks to his influence, his ability to get people
to step in line, and not just him, but you know,
his partner. So he's got two minority owners, part partners
and owners. One Rob Hale, founder of Granite Telecommunications and
Fox Rock Properties, a big developer down in Quinsey and
the surrounding area. And Bruce Beale Junior, also a developer,
(23:12):
president of Related Beal and those guys have already been
minority owners in the Celtics, but they came in on
this deal as well. And Rob Hale is another one.
A big philanthropist, has given out millions to local charities.
At one point in twenty twenty two, him and his
wife Karen gave away a million dollars to local charities
each week for fifty two weeks back in twenty twenty two.
(23:36):
They're very philanthropic, very locally based. Again, devout fans of
the Celtics. But yeah, quiet like Rob Hale does not
do interviews very often. It's hard to get him on
the record as well. So I think this is the
kind of ownership that's going to want to just you know,
not say a lot publicly and you know, hopefully get
(23:56):
the job done. And we'll see, because we've got some
some big shoes to fill for the in the Celtics.
The last couple years we had some pretty good teams
and I think Celtics fans want to see that keep going.
Speaker 2 (24:07):
That's for sure. Hey, let's change gears just a bit.
You guys were sort of on the sports you know,
business beat this week and you had a great story
about the Lowell Spinners coming back to Lowell.
Speaker 8 (24:21):
Yeah, so from the hard court to the baseball diamond, right.
You guys may remember the Lowell Spinners. They were the
single a affiliate of the Boston Red Sox and had been
playing up in Lellashire Park at in Lowell for many years,
but then the for whatever reason, the Sucks dissolved the
(24:42):
team in twenty twenty as part of a broader restructuring
of minor league teams by Major League Baseball, and so
that single a ball club kind of went away. And
I don't know if you ever went to a Spinners game,
but they were a lot of fun. So the Spinners
are they're coming back, but not as as a Major
League Baseball affiliate. They'll be playing as part of the
(25:03):
Futures League, which is it's it's sort of a college
amateur league, so not professional, similar to the Cape Cod
Baseball League. Probably not quite as high profile as Cape
Cod Baseball, but you'll see a lot of potential Division
IE players. You'll see you know, potential recruits for for
(25:25):
for ball clubs and there it's in the same league
that the Brockton Rocks is in. The Brockton Rocks used
to be in the canam League. Now they're part of
the Futures League. And that league's been around, I think
say about fourteen years. There's six teams total in New
England and so yeah, so it'll be interesting. They haven't
(25:46):
I don't think they've released their branding of their logo yet,
but it'll be it'll be fun to see if they
go with that. You know that spindle with the you know,
hearkening back to the Lowell textile mill industry. And I
mean that's where the Spinners comes from.
Speaker 6 (26:00):
Write the name.
Speaker 8 (26:00):
So let's see, we'll see what they have to do.
But yeah, a couple of sports business stories this week
was fun to write.
Speaker 5 (26:05):
Yeah, and I'm glad you said what is it La
La Suer Park? Because I saw that. I'm okay, how
do we say that?
Speaker 4 (26:12):
Lot? You said it very well, La La Park? Okay.
Speaker 5 (26:17):
Now, as you pointed out, they're not returning as a
professional team, okay. And then you point out that in
the regular season, the Spinners would bring in five hundred
thousand dollars in donations alone and revenue, averaging around fifty
thousand dollars per home game. Do you see the same
financial impact here of this non professional team.
Speaker 8 (26:35):
I don't think so. I mean, when you're a Red
Sox affiliate, people are going to come out, for sure.
I mean they were averaging over three thousand fans per game,
sold out for over a decade the park. I'm sure
you know it's going to be younger players. People won't
know who they are. On the other hand, you know, families,
little kids, you want to you know, you want to
(26:55):
go to a ball game. It's a great it's a
great place to go, and you know, it's a fun
night and it's cheap. Right, you're not going to drop
four or five hundred dollars that you'd have to pay
if you're going to Fenway Park. And and so I think,
you know, I think that they'll do well. We'll see
if they can sell it out and we'll see what
that looks like for them. But the park is also
home to the ums Lowell baseball team, so when ums
(27:17):
Lowell's in town, they'll be sharing the park with them.
So yeah, so we'll see, we'll see how they do.
But it's just nice to have that. It's nice to
have more more baseball that's affordable, family friendly in the region.
So Lowell and Merrimack Valley people don't have to drive
to Worcester to Polar Park. We're down to Boston. They'll
have a ball club of their own.
Speaker 2 (27:35):
Sure, all right, he is Doug Banks. We thank you
very much, sir. Coming up next, the legislative session on
Beacon Hill winds down for summer vacation. We'll take a
look at what's past, what hasn't and what lawmakers will
be focusing on.
Speaker 3 (27:49):
On the second half of this session.
Speaker 1 (27:58):
Kim and Joe, we'll explore more business news that impacts
our New England economy when they return.
Speaker 13 (28:05):
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Speaker 11 (29:06):
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working your tailoff. Congratulations, you worked hard to build your
retirement nest egg. But now what Let me help you
break through the nonsense and financial speak so we can
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Speaker 5 (30:11):
And Welcome back to the New England Business Report on
this Sunday morning, July the twenty seventh, it's Joe Shortsleeve
and Kim Kerrigan with you on this Sunday.
Speaker 4 (30:20):
Kim, you know this spot in the programmer.
Speaker 5 (30:22):
We talk about other things, other business news, and I
mean this certainly qualifies as business news. It's this poll
and the Boston mayoral race, and I think it's a
little surprising to a lot of people. I'm sure you
saw it the headline on the Globe story written by
Emma Platoff. Boston Mayor Michelle Woo holds commanding thirty point
lead over Josh Kraft Suffolk University, Boston Globe poll shows,
(30:46):
and Kim, I want to get your reaction because Adrian
Walker in the Globe wrote something and it hit me,
and he writes, I certainly wasn't surprised to see that
the Craft campaign isn't getting significant traction with voters. But
for a candidate with a war chest of millions of dollars,
there's name recognition an the tack dog pack in his corner,
to be doing so poorly is shocking. I would have
guessed he was down maybe twenty points, but not thirty.
Speaker 3 (31:09):
Do you agree, right?
Speaker 6 (31:11):
Right?
Speaker 2 (31:11):
You know, actually I was surprised by it too, because
we're seeing so many ads. He is spending all kinds
of money. But you know, I think that Michelle Wu
has sort of backed him in a corner talking about
a connection to the administration in Washington, and I think
that has scared a lot of people away.
Speaker 5 (31:31):
Yeah, I mean, and I guess one of these issues
they talk about, you know, bike lanes. You know, folks
don't make the idea of bike lanes, and they say
that voter I mean that issue. Yeah, voters are concerned
about it, but it's not a kick Woo out of.
Speaker 4 (31:45):
Office issue, right. That maybe is part of the problem.
Speaker 2 (31:48):
I think people here too are looking for a little
more consistency. They want to give her another shot for
a few more years to see what happens. So really
interesting though, thirty points is a lot. Although let's see
what happens once Labor Day rolls around, right.
Speaker 5 (32:02):
Yeah, And this quote, of course from David Paleologus, who
did the poll, all the ingredients are here to set
up a big win for.
Speaker 3 (32:10):
Will Well Joe.
Speaker 2 (32:11):
As we know, every year, the legislative session up there
on Becon Hill comes to a close on July the
thirty first. However, sessions are two years and we're in
the middle of one of those cycles this July. So well,
things may slow down a little bit in August. They're
not quite as crazy as they might be next year
this time.
Speaker 4 (32:31):
What did Colin say, It's a little bit sane up here.
Speaker 3 (32:34):
Yeah, this is good news for our next guest, Colin Young.
Speaker 2 (32:37):
He's the deputy editor at State House News and Colin,
great to have you with us.
Speaker 3 (32:42):
So a little saying there right now.
Speaker 15 (32:44):
Huh, yeah, you know, it's not it's a far cry
from last July when we were here all night July
thirty first into August first. You know, no one got
any sleep.
Speaker 2 (32:56):
Let's talk about some of what they've been focusing on
up there on Beacon Hill.
Speaker 15 (33:00):
Well, yeah, you know, so far this year, the focus
has really been on budgeting.
Speaker 6 (33:06):
Uh.
Speaker 15 (33:06):
And that means the annual state budget that Governor Mara
heally signed at the beginning of July. But it also
means these supplemental budgets, these mid year spending plans that
pop up as deficiencies arise or as emergent needs come
up across state government. That's really been the bulk of
(33:26):
the work of the legislature so far. There's been money
for early education. There was an emergency funding for the
Group Insurance Commission a few months ago, and for the
most part, you know, the policy has been kind of
pushed to the back burner so far.
Speaker 5 (33:47):
Colin Young, State House News Services our guest Colin New
I guess I'm wondering politically, We've we've got a mayor's race,
we've got a governor's race. What's the temperature on Beacon
Hill as it relates to those two races and how
much do they care?
Speaker 15 (34:03):
You know, the governor's race particularly is it's starting to
shape up here, although it's starting to shape up with
these proxy battles. You know, there really hasn't been much
engagement between Mara Heely, who's running for reelection, and either
of the two Republican candidates, Mike Kennely and Brian short Sleeve.
(34:27):
But all of these issues are are being looked at
through the lens of a campaign. So, you know, when
things come up on Beacon Hill, the governor always tries
to talk about the cost of living angle and the
affordability lens of it all. You know, that's all with
(34:47):
an eye towards going back to voters next year. And
asking to be re elected. She's going to want to
be able to show voters how she's been working to
make their lives easier and more affordable. And of course
Republicans are trying to point out things the governor and
her administration are doing that maybe aren't totally in line
(35:08):
with all voters across Massachusetts. So there hasn't been any
real direct skirmishes, but we're definitely starting to see the
themes of a campaign emerge.
Speaker 2 (35:18):
Colin Young from State House News is our guest. Colin,
I saw some great stats related as they relate to
crime stats in the state.
Speaker 3 (35:28):
Talk us through some of those stats.
Speaker 15 (35:31):
Yeah, I thought this one was fascinating, Kim, And you know,
here's a great example of where campaign themes are starting
to emerge. You know, crime is always part of a campaign,
and it's never as simple of a picture as either
side wants to make it seem.
Speaker 6 (35:48):
So.
Speaker 15 (35:49):
Mark Heally's administration this month put out twenty twenty four
crime stats for Massachusetts showing crime is down six point
five percent across the state, and of course they painted
it as look at this great momentum, we're doing such
a great job keeping Massachusetts safe. The other side, of course,
(36:10):
will say, you know, the numbers are masking other trends,
and there's some truth to both. Crime is down in Massachusetts,
there's no doubt about that. Like I said, down six
point five percent last year alone. We're way down from
the peak crime rate of this century, which was back
(36:31):
in two thousand and eight. But there are things that
are up, and the big one that jumped out to
me was shoplifting. We hear about it in the news
all the time, and if you look at the numbers,
shoplifting was up twenty one percent in Massachusetts last year
and compared to immediately pre pandemic in twenty nineteen, shoplifting
(36:54):
is up forty seven percent across Massachusetts.
Speaker 5 (36:58):
Yeah, I mean, so that Colin has to do with
all the chatter and the district attorney's offices about decriminalizing
some of these offenses.
Speaker 4 (37:07):
Oh.
Speaker 15 (37:07):
Absolutely, that's a big part of the conversation, and especially
in Boston, and the shoplisting trend is especially pronounced in
Suffolk County, which includes Boston. Of course, in Suffolk County
over five years, shoplifting is up three hundred and eighty percent.
That's definitely going to be a theme in the mayoral
(37:30):
race this fall in Boston, no doubt about that. And
in Boston Mayor Michelle wou has said, you know, we
want people to be reporting these crimes more so, she says,
in some cases the numbers reflect greater reporting rather than
just more instances.
Speaker 3 (37:49):
Could they also be economic?
Speaker 15 (37:51):
Oh sure, you know. And that's one thing that also
jumped out to me looking at these these crime stats
is how the numbers and the crimes that sort of
respond to changes in society and in the economy. So
exactly as times are getting harder for people, maybe there
is an increase in crimes like shoplifting. The one that
(38:15):
really jumped out to me looking at the last twenty
five years of crime in Massachusetts is a huge rise
in credit card fraud, and the uptick there started in
about two thousand and five, you know, about the time
online shopping was really taking off and people were putting
everything on a credit card rather than carrying cash. So
(38:37):
when you look at these numbers, you really can see
how society is shifting.
Speaker 9 (38:43):
Yea.
Speaker 5 (38:43):
Colin Young to State House News Service our guests, Colin, you,
in your story about crime stats, you break it down
category by category by category, and you know, It is
good news when you look at the bottom line here
in terms of all these stats are going down. Take
us through some of them.
Speaker 15 (39:00):
Yeah, So, for example, last year alone, homicides were down
eleven point four percent. There were one hundred and thirty
two homicides across the whole state for the entire year.
You know, that number stuck out to me as pretty low.
You know, I would guess there are cities in America
(39:20):
that have more homicides than Massachusetts did as a state.
Robbery was down almost ten percent last year. Another big
one which was interesting to me, motor vehicle thefts were
down more than sixteen percent last year. I mentioned shop
listing is up. There are other crimes that have been
(39:40):
sort of up and down over the years. All rape
crimes sort of lumped together as one category, have been
up over the last twenty five years. Aggravated assault, same thing,
even murder. You know, while it's a fairly low number,
it is more than twenty five years years ago.
Speaker 2 (40:00):
So Colin, as we kind of wrap things up here,
let me ask you about the fourth quarter up there
on Beacon Hill.
Speaker 3 (40:06):
What's something you're going to be watching?
Speaker 15 (40:08):
You know, one thing that's on the move now that
I'm interested in keeping an eye on is the idea
of banning cell phones in schools. The Massachusetts Senate is
starting to move a bill to that effect, and I'm
going to be interested to see whether that's something that
really gets attention as the new school year starts, and
(40:29):
if there's a push from lawmakers to have some kind
of a cell phone ban in place, maybe for the
start of next school year.
Speaker 4 (40:38):
Yeah.
Speaker 5 (40:38):
My daughter has three small children and she is a
big fan of banning cell phones. I mean, Colin, what
do we know about that issue? I think it's a
fascinating topic because you know, Kim and I. You know,
everybody couldn't grab a cell phone fast enough, and now
everybody's saying.
Speaker 4 (40:52):
Well, whoa, whoa, whoa slow down on this.
Speaker 5 (40:55):
Yeah, I mean, what do we know about how we
stack up with other states? Are we watching what other
people are doing on this topic?
Speaker 7 (41:02):
We are?
Speaker 15 (41:03):
You know, there are other states that have been moving
in this direction. I know Rhode Island just in the
last couple of months maybe in their state budget enacted
as a ban on cell phones and schools. That largely
leaves it up to districts to figure out the exact
plan for that. But you know, we always hear so
much about bullying, cyber bullying, the dangers of social media
(41:29):
and some of these anonymous social media services, and how
that can really really throw a wrench in the development
of teenagers. In particular. We had one expert up here
at the State House called cell phones electronic cocaine for
the sort of addictive nature, the addictive properties they have
(41:49):
for teens. But parents are also worried that if you
ban cell phones and god forbid there's some emergency, that
students wouldn't have a way to get in touch, either
with emergency personnel or with their family in that situation.
So that's sort of what lawmakers are going to have
to balance here.
Speaker 2 (42:08):
He's Colin Young. Colin, thank you so much for the update,
very much, appreciate it.
Speaker 3 (42:13):
All right, still come in your way.
Speaker 2 (42:15):
News out of Washington earlier this month not good when
it comes to funding for the mega project in Allston.
Speaker 3 (42:21):
We'll have full details.
Speaker 1 (42:28):
You are listening to the New England Business Report on
the Voice of Boston WRKO six 't eighty. Joe and
Kim will be right back.
Speaker 11 (42:37):
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, you worked hard to build
your retirement nest egg.
Speaker 1 (42:50):
But now what?
Speaker 11 (42:51):
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 of plans, and neither will your financial future.
My name is Mike Marshall, President and CEO of Marshal
Wealth Management and creator of the Marshall Plan, a comprehensive,
customized plan that will help you answer important questions in
(43:12):
all seven key areas. You don't have to do it alone.
There is no cost or obligation. Call us at eight
five seven three four two ten thirty. That's eight five
seven three four two ten thirty. Well check us out
online at Marshallwealth dot Com, Marshall with two Wells Marshallwealth
dot Com.
Speaker 12 (43:30):
Advisory services offered through Capital Analysts or Lincoln Investment Registered
Investment Advisors. Securities offered through Lincoln Investment Broker Dealer member FINRA, SIPC,
Lincoln Investment dot Com, Marshal Wealth Management and the above
firms are independent and not affiliated.
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Speaker 3 (44:40):
No Hi everybody.
Speaker 5 (44:48):
I'm Kim Karrigan and I'm Joe Shortsley. If you want
to be part of the New England Business Report, sponsorships
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Speaker 2 (44:56):
You can email us at Any Business Radio at Gmail.
Speaker 5 (45:01):
That's any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Speaker 1 (45:16):
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Speaker 5 (45:33):
And welcome back to the New England Business Report on
this Sunday morning. I guess we sort of you know
you can. I guess we could say, Kim, we saved
the best for last, and that's not fair. Ernie Bunk
doesn't want to hear that. That's for darn sure, n
artis Doug Banks. But anyway, we love John Custo, business
reporter with the Boston Globe, and certainly if anybody knows
what's going on in the city as it relates to business,
it's John. John, thanks so much for joining us on
(45:55):
the New England Business Report. You have been a busy,
busy guy at see your name on all kinds of stories.
Let's start with the one that really caught my attention,
a headline being John chest on the Globe. Congress pulls
the plug on three hundred and twenty seven million dollars
in federal funding for the Allston Mega Project.
Speaker 4 (46:15):
So what is next?
Speaker 14 (46:16):
What happened here, John, Well, what happened here is the
state is playing a two billion dollar realignment of the
Massachusetts Turnpike in Austin and among that also part of
that would be a new train station called West Station,
And they were counting on three hundred and thirty five
million dollars from the FEDS. But this was a Biden
(46:37):
Error program from the Infrastructure Act passed under President Joe Biden,
and the current Congress and the current Trump administration have
been trying to scale back some of those some of
that spending, and so the program that the three hundred
and thirty five million was supposed to come from has
(46:57):
been zeroed out in the big Beautiful Bill that Congress passed.
That meant that all the money that hadn't been spent
yet some two and a half billion, would not go out.
And unfortunately for Massachusetts and for the Austin project, they
only got eight million of that three thirty five. So
that's how you can come to three hundred and twenty
(47:18):
seven million dollars that we were hoping to get from
the FEDS that we're not getting.
Speaker 3 (47:22):
So what's next for the project?
Speaker 14 (47:24):
Then, John, Well, it's a good question, you know. I
think that this is now forcing some hard conversations at
Massachusetts Department of Transportation. I think they're looking at ways
to pair back the project to do things a little
bit more cheaply. They're going to have an outside firms
to study exactly how they can accomplish some of the
(47:44):
main transportation goals, presumably the realignment and straightening and refurbishing
of the highway and providing some train service there without
spending as much as what was originally proposed. So they're
basically giving it another look trying to get throw the
price tag down. I think that's going to be challenging
because this two billion dollar price tag has sort of
(48:05):
been in place for a few years now, and I
think if they redid the numbers it would be actually
a lot more. So I think they've got a ways
to go to get it back under two billion. I
think it's going to be tough. There are other ways
that the state can borrow more money. We've been doing,
for good or for bad. We've been getting a lot
(48:26):
more money from the millionaire's tax than everyone expected, and
so that higher earners tax it can be used for transportation,
and they can actually borrow money off that tax flow.
So it's possible that they can borrow more money. They
also have a huge rainy day fund, but it's a
state really going to want to do that. It'll start
(48:49):
to look bad if the states starts spending, you know,
significantly more money on this project without any federal assistance
other than it's possible they can get a federal loan,
but again it's a loan, so the state's gonna have
to pay that back. So without any federal grant money,
like I mean, there was billions with a big gig,
(49:11):
it'll be it'll fall completely on mass Dot and I
think if that happens, as it looks like it will,
they're going to have to rethink and scale back.
Speaker 5 (49:22):
John Gesto of the Boston Globe is our guest business reporter.
You know, John, I'm not you know, I know you're
not an engineer, but yeah, when I look at like
federal money and projects in Massachusetts that need the federal money,
like I look at the Cape Cod bridges, right, I
guess the Sagamore is okay, but the Bourne's a big
question mark at this point, Like a bridge like the
Bourne is just out of date at some point becomes dangerous.
(49:44):
I mean, this realignment of the mass Pipe project, I
guess i'd ask you how necessary is it if it
doesn't happen.
Speaker 14 (49:52):
I mean, it's not the end of the world. I
mean we are in the middle of a refurbishing of
the of the viaduct. So in that part of Austin,
the highway is raised on a viaduct and because it's
above the ground, it deteriorates, and so they are doing
sort of a patchwork, piecemeal repair to prevent pieces of
(50:16):
it from falling on the ground and keep it stable.
And you could keep doing that every ten twenty years,
and there's some fear within the neighborhood that that's what
they'll do. The idea that we can straighten out and
lower the highway, and really part of the motivation is
unlocking all this land that Harvard owns in the old
(50:39):
rail yard that's sort of in that kind of landlocked
by the highway and the railroad tracks in that area.
Straightening it out all of a sudden, you and getting
rid of this elevated highway that goes over this area.
Even now, all of a sudden, got all this land,
you can develop and it could be a boom for
that neighborhood and you can have a lot of housing.
(51:00):
And that's one of the main goals here, So it's
not just a transportation project. If it was just transportation,
I think it would have been dropped a while ago.
But because of the potential for redeveloping that whole neighborhood
and making it sort of a Kendall Square West, there
are a lot of constituencies that want to see it happen.
Speaker 2 (51:21):
We're talking with John Cesto from the Boston Globe. We're
talking about the Alston Mega Project, a story that no
doubt will be following for a while and have been following.
By the way, another one we've been following here on
the New England Business Report, John, is the story about
market Basket, and there was some movement this past week.
Speaker 3 (51:39):
Why don't you update us?
Speaker 14 (51:40):
Yeah, so what happened this week is so for listeners
that don't quite know what's going on with the market
Basket saga, the company is owned by Arthur T. Demoulis
and his three sisters, and the three sisters together have
a majority of the voting shares. They for reasons that
still aren't highly clear to me, want their brother out.
(52:02):
There's a real power struggle happening. Their brother actually runs
the companies at CEO. They've put him on temporary paid leave,
and they put some of his lieutenants on temporary paid leave.
This week, they announced that they were firing two of
his top lieutenants, Joe Schmidt, Tom Gordon, people who have
been with the company for decades. And so it's sort
(52:23):
of like the first shoe to fall. They're, you know,
the sisters are concerned maybe we'll have a redux of
twenty fourteen when Arthur's cousin fired him and then everyone
you know, walked out and there was a customer boycott,
and they don't want that to happen after obvious reasons
because it would and I honestly don't think Arthur wants
that to happen because it would be really bad for
(52:45):
the company. The company lost a lot of money during
that walkout back in twenty fourteen, and they only kind
of got Arthur back in because he worked with his
sisters to buy out his cousin's side, so they were
they were all cooperative in twenty fourteen. But now over
the last few years there's been a real friction between
the sisters and Arthur, and it's now come to a
(53:07):
breaking point. And so what we don't know is what's
gonna happen to Arthur. He's sort of been sidelined as
they investigate quote unquote the claims that he might be
trying to start a similar work stoppage. He has denied that,
and I haven't seen any evidence that he has been
(53:29):
as of yet. So it's really we're sort of on
the nice edge with what can happen with this beloved
supermarket chain. Now that you know, two of the detectives
have been fired, I think there will be more firings, unfortunately,
and I don't know, you know what Arthur's and fate
(53:51):
will be. I mean, I don't think he knows. So
we really got to wait and see to see what
the sisters decided to do next.
Speaker 5 (54:00):
John Justo is our guests of the Boston Globe. John,
the other story that you've been following has to do
with the potentials for a new soccer stadium.
Speaker 4 (54:08):
There an Everett headline on the Globe.
Speaker 5 (54:10):
WO administration steps up pressure for REVS stadium mitigation. A
mediator is entering the negotiations between City Hall and the
Craft Group over the Everett project.
Speaker 4 (54:20):
What's the latest?
Speaker 14 (54:21):
So in this case, the New England Revolution, owned by
the Craft group. They want to build their own stadium.
The Revs have been playing in Jillette Stadium with the Patriots,
but they want their own stadium. They want it closer
to downtown. So they found a location in Everett, right
over the city line from Boston on the Mystic River.
And because it's so close to Boston, because you have
(54:43):
to go through Sullivan Square, most people have to go
through Sullivan Square in Boston to get there. The legislature
has required that there be negotiations with both Everett and Boston,
and those negation negotiations have been pleasant but slow UH
to come up with our Community Benefits Agreement UH. And
(55:05):
now the legislation UH that was passed last year require
requires a mediator to be brought into the fold and
they've picked one. And so now as as a result
of having a materia coming in, the Woo administration has
asked the Crafts for very specific, detailed things that they
want to see address from you know, transportation issues to
(55:29):
environmental issues to what does this mean for the rival
concert venues, especially the TV Garden or Fenerally Park in Boston.
And they're frustrated that the Crafts are not providing this
information and they want they're trying to lay out sort
of some of the mitigation that the craft should provide
(55:50):
the crafts. Meanwhile, they're saying, we've been quite cooperative. This
is still early in the process. You know, we'll address
some of these things as we work together. I think
the Mayor's office is really trying to step up the
pressure as they bring in a mediat or to kind
of clarify the things they really want.
Speaker 5 (56:10):
H All right, here's John chesnow, business reporter with the
Boston Globe, and those are just three of the stories
that he's been following. And we do appreciate John taking
time and joining us on the New England Business Report
on this Sunday morning.
Speaker 2 (56:23):
Well, Joe, that's going to do it for this edition
of the New England Business Report. That has been a
good show, by the way, Joe, I've enjoyed every minute
of it. Coming up next week, we're going to be
talking to someone in the housing authority over on Nantucket.
You know, it's gotten so expensive to live on Nantucket.
People like first responders, teachers and hospital workers have nowhere.
Speaker 3 (56:46):
To live and they're trying to come up with some ideas.
Speaker 2 (56:49):
So we're going to take on that issue next week
on the New England Business Report. Right here on the
Voice of Boston w RKOAM six 't eighty
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