Five things: MIT's big bond, Seaport's Summer Market, and the busiest subway stations
Good morning, Boston. Here are the five things you need to know in local business news to start your busy Monday.
1. Is Boston ready for housing with no parking? Board says no.
A proposed 70-unit development in South Boston without dedicated parking spaces for residents could have been a model for transit-oriented housing in the city, but Grant Welker reports that the city of Boston had other ideas.
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2. MIT borrows $750M as it faces potential research funding cuts
MIT issued a $750 million bond on Friday that it said was for 'general corporate purposes,' echoing a similar step a month ago taken by Harvard University to help with costs when federal grants and contracts are at risk.
3. Seaport Summer Market to return
Isabel Hart reports that the Seaport Summer Market makes its return on May 10, plus Seaport x Black Owned Bos. Market returns for its sixth year — and more retail news.
Do you like Five Things? Make sure to subscribe — free — to our Morning Edition emails so you have it in your inbox each day.
4. Editorial: Time to step on the gas, ramp up T funding
The Business Journal's latest editorial calls on lawmakers to maintain support — and even increase it — for the T, which has seen success under the leadership of Phillip Eng.
5. Pay raises for 2025 are falling
Pay raises are so far this year slightly lower than originally projected by employers, the latest evidence of a slowing job market and a turbulent economy.
What else you need to know
By the numbers
$445.5 million — venture capital funding raised by local startups last month, as reported by BostInno
raised by local startups 220 — speed restrictions in effect on the MBTA's subway over the previous two decades, all of which have been removed
all of which have been removed 33 years —
tenure that Stephen Costello spent as president and CEO of the Bank of Canton; a successor has been chosen
to replace him
Weekend box office
The Marvel movie "Thunderbolts" led the box office this weekend with $76 million in its domestic debut.
Where's the money?
Small-business grants you can apply for in May — and where to find them.
New England Business Report
Did you hear Don Seiffert on the New England Business Report with Joe Shortsleeve and Kim Carrigan on WRKO yesterday? If you missed it, you can listen here.
Today in history
On this day in 1643, John Winthrop Jr. paid for the passage of skilled ironworkers from England to the Massachusetts Bay Colony, where they began the first successful iron works in the American colonies in Saugus in the following years. (Read more at MassMoments.org)
What's good on WERS-FM
Shaking the Tree, by Peter Gabriel
What I'm reading
Make Russia Great Again, by Christopher Buckley
What I'm watching
American Idol, on ABC/Hulu
You think your T station busy?
The Business Journal for the second year has analyzed transit data from the MBTA in order to rank ridership trends across the city and determine the subway system's busiest train station.
Last year's data showed that more passengers passed through the Red Line gates at South Station than any of the 71 gated stations where passengers have to swipe a transit card or use tap-to-pay on their phone. This past year, the MBTA's busiest station is where the Green and Orange lines meet: North Station.
The ranking by Jess Aloe and Sean McFadden can be seen here, while Grant Welker's reporting shows that the development on and around Causeway Street helped boost transit swipes at the North Station in 2024. Despite the growth in ridership at North Station, the number of riders entering nearly every T station in the MBTA network decreased compared with pre-pandemic 2019. In fact, 2024 passenger counts remain down 46% from 2019 — meaning nearly 67 million fewer passenger entries at all stations last year compared to five years ago.
For more charts, graphs and interesting facts about your favorite T station — as well as six projects coming down the track at the MBTA, check out the cover story in the latest Weekly Edition.
PARTING SHOT
Yesterday was Star Wars Day — May the Fourth (be with you). Below, Carl Sagan takes the fun out of "Star Wars: A New Hope," speaking with Johnny Carson in 1978 about the reality of physics in science fiction. But Sagan's not wrong about the anti-Wookiee discrimination.
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Busiest MBTA Train Stations
Estimated gated entries for calendar-year 2024
Rank Prior Rank Station
1
4
North Station
2
1
South Station
3
2
Downtown Crossing View this list
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Los Angeles Times
2 hours ago
- Los Angeles Times
Oil rises as U.S. stock futures, Asian shares slip after American strike on Iran
NEW YORK — The price of oil rose and U.S. stock futures fell as global markets reacted to the American bombing of nuclear targets in Iran. The price of Brent crude oil, the international standard, rose 2.6% to $79 a barrel. U.S. crude rose 2.6% to $75.76 a barrel. U.S. forces attacked three Iranian nuclear sites early Sunday, further increasing the stakes in the war between Israel and Iran. Futures for the S&P 500 and the Dow Jones industrial average slipped 0.4%, while Nasdaq futures fell 0.5%. Treasury yields were little changed. The modest moves indicate markets are taking the latest development in stride. That was evident in early trading in Asia. Tokyo's Nikkei 225 index fell 0.6%. Other major regional markets also logged moderate declines. The conflict, which began with an Israeli attack against Iran on June 13, has sent oil prices yo-yo-ing, which has in turn caused seesaw moves for the U.S. stock market because of rising and ebbing fears that the war could disrupt the global flow of crude. Iran is a major producer of oil and sits on the narrow Strait of Hormuz, through which much of the world's crude passes. 'The situation remains highly fluid, and much hinges on whether Tehran opts for a restrained reaction or a more aggressive course of action,' Kristian Kerr, head of macro strategy at LPL Financial in Charlotte, N.C., said in a commentary. An Iran retaliation that includes closing off the waterway would be technically difficult to pull off, but traders are afraid Iran could severely disrupt transit through it, sending insurance rates soaring and making shippers nervous to move without U.S. Navy escorts. Some analysts think Iran is unlikely to close down the waterway because the country uses it to transport its own crude, mostly to China, and oil is a major revenue source for the government. 'It's a scorched-earth possibility, a Sherman-burning-Atlanta move,' said Tom Kloza, chief market analyst at Turner Mason & Co. 'It's not probable.' Kloza thinks oil futures will ease back down after initial fears blow over. Ed Yardeni, a longtime analyst, agreed, writing in a report that Tehran leaders would probably hold back. 'They aren't crazy,' he wrote in a note to investors Sunday. 'The price of oil should fall and stock markets around the world should climb higher.' Other experts aren't so sure. Andy Lipow, a Houston analyst who has covered oil markets for 45 years, said that countries are not always rational actors and that he wouldn't be surprised if Tehran lashed out for political or emotional reasons. 'If the Strait of Hormuz was completely shut down, oil prices would rise to $120 to $130 a barrel,' said Lipow, predicting that that would translate to about $4.50 a gallon at the pump in the U.S. and hurt consumers in other ways. 'It would mean higher prices for all those goods transported by truck, and it would be more difficult for the Fed to lower interest rates,' he said. In trading early Monday in Asia, Taiwan's Taiex fell 1.5% while the Kospi in South Korea lost 1%. Both Taiwan and South Korea rely heavily on oil imported through the Strait of Hormuz. Australia's S&P/ASX fell 0.7%, and the benchmark in New Zealand lost 0.5%.
CNBC
2 hours ago
- CNBC
U.S. strikes in Iran spark airline cancellations and travel turmoil
Commercial airlines around the world on Monday were weighing how long to suspend Middle East flights after the U.S. struck Iran. Singapore Airlines, one of the highest-profile in Asia, had called the situation "fluid" on Sunday as it cancelled flights from Singapore to Dubai following a security assessment. The Middle East route has become more important for flights between Europe and Asia since Russian and Ukrainian airspace closed due to war, but flight tracking website FlightRadar24 showed empty space over Iran, Iraq, Syria and Israel. Air France said on Sunday that it cancelled flights to and from Dubai and Riyadh on Sunday and Monday. British Airways, owned by IAG, also cancelled flights to and from Dubai and Doha for Sunday. It was still reviewing the situation, it said in a statement on Sunday evening, when asked about later flights. Missile and drone barrages in a growing number of conflict zones represent a high risk to airline traffic, and an organization that monitors flight risks, Safe Airspace, a website run by OPSGROUP, warned on Sunday that U.S. attacks on Iran's nuclear sites could heighten the threat to American operators in the region. In the days before the U.S. strikes, American Airlines suspended flights to Qatar and United Airlines UAL.O did the same with flights to Dubai. Airlines are also concerned about a potential spike in oil prices following the U.S. attacks, which will increase the cost of jet fuel. Israel meanwhile is ramping up flights to help stranded travellers at home and abroad. The country's Airports Authority says that so-called rescue flights to the country would expand on Monday with 24 a day, although each flight would be limited to 50 passengers. Israeli airline El Al on Sunday said it had received applications to leave the country from about 25,000 people in about a day.
Newsweek
3 hours ago
- Newsweek
Oil Prices Jump, Stocks Fall After US Strikes Iran Nuclear Sites
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Oil prices surged and U.S. stock futures declined as global markets reacted to American airstrikes on Iranian nuclear facilities, according to the Associated Press. Brent crude oil, the international standard, rose 2.6 percent to $79 per barrel, while U.S. crude climbed 2.6 percent to $75.76 per barrel. Why It Matters The U.S.'s strikes on Saturday marked its entry into the Iran-Israel conflict and were the biggest escalation in the war since Israel first ignited it by striking at Iran on June 13. Iranian lawmakers voted to support closing the Strait of Hormuz in response to the strikes, which hit three Iranian nuclear and military sites. A final decision on the matter rests with Iranian Supreme Leader Ayatollah Ali Khamenei. Nearly 20 percent of global oil trade passes through the Strait or Hormuz, a narrow but highly strategic waterway connecting the Persian Gulf to the Gulf of Oman and the Arabian Sea. At its narrowest point, the strait is about 21 miles wide, with two shipping lanes that are 2 miles wide in each direction. Any closure of the channel is likely to result in a global spike in oil prices. What To Know There was some market uncertainty on Sunday evening, with futures for the S&P 500 and Dow Jones Industrial Average slipping 0.3 percent, while Nasdaq futures fell 0.5 percent. Treasury yields remained little changed. The modest moves suggest markets are taking the latest developments in stride, though analysts expect continued volatility as the situation develops. Iran's strategic position controlling the Strait of Hormuz gives the country significant leverage over global energy markets. However, any Iranian retaliation that includes closing the waterway would likely be difficult to execute. Traders remain concerned that Iran could severely disrupt transit through the strait, potentially sending insurance rates spiking and making shippers nervous to move cargo without U.S. Navy escorts. Complicating Iran's decision is the country's own dependence on the waterway. Iran uses the strait to transport its own crude oil, mostly to China, and oil represents a major revenue source for the regime, creating economic incentives against closure. What People Are Saying President Donald Trump wrote on Truth Social on Saturday evening: "ANY RETALIATION BY IRAN AGAINST THE UNITED STATES OF AMERICA WILL BE MET WITH FORCE FAR GREATER THAN WHAT WAS WITNESSED TONIGHT. THANK YOU! DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES." Greg Kennedy, director of the Economic Conflict and Competition Research Group at King's College London, told Newsweek: "This is not an act that just stays in the Gulf region, it has wider global strategic ripples." Jorge León, head of geopolitical analysis at energy consultancy Rystad, told the Financial Times on Sunday: "In an extreme scenario where Iran responds with direct strikes or targets regional oil infrastructure, oil prices will surge sharply. Even in the absence of immediate retaliation, markets are likely to price in a higher geopolitical risk premium." Spencer Hakimian, founder of Tolou Capital Management, wrote on X, formerly Twitter, on Saturday: "There are close to 50 large oil tankers scrambling to leave the Strait of Hormuz right now. Looks like the oil industry is expecting the Strait to be blockaded in the coming days." The New York Stock Exchange (NYSE) stands in lower Manhattan on June 18, 2025 in New York City. Traders are looking ahead to the Federal Reserve's monetary policy decision later today. The New York Stock Exchange (NYSE) stands in lower Manhattan on June 18, 2025 in New York City. Traders are looking ahead to the Federal Reserve's monetary policy decision later Happens Next Markets will closely monitor Iran's response as trading opens Monday, with analysts remaining divided on the likelihood of strait closure. The final decision about Iran's response will be made by Khamenei; the parliament's vote to close the strait merely advises him of the option to pursue. Reporting from the Associated Press contributed to this article.
