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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San Francisco Chronicle
22 minutes ago
- San Francisco Chronicle
China says its exports to the US fell nearly 10% in May, as trade talks are due to start in London
China's exports to the United States sank fell nearly 10% in May from a year earlier, new customs data show, adding to pressure on the world's second largest economy as a new round of trade talks with Washington was due to start later Monday in London. China's total exports rose 4.8% last month, slowing from an 8.1% year-on-year increase in April. Imports declined 3.4% year-on-year, leaving a trade surplus of $103.2 billion. China exported $28.8 billion to the United States in May, while its imports from the U.S. fell 7.4% to $10.8 billion, the report said. Still, exports to Southeast Asia and the European Union remained robust, growing 14.8% and 12%, year-on-year. Exports to Thailand, Vietnam and Indonesia were sharply higher, and exports to Germany jumped more than 12%. 'The acceleration of exports to other economies has helped China's exports to remain relatively buoyant in the face of the trade war,' Lynne Song of ING Economics said in a commentary. Many businesses had rushed orders earlier in the year to try to beat higher tariffs. Once new import duties took effect, shipments slowed. Exports will likely rebound somewhat in June thanks to a 90-day suspension of most of the tariffs China and the U.S. imposed on each other in their escalating trade war, Zichun Huang of Capital Economics said in a report. 'But with tariffs likely to remain elevated and Chinese manufacturers facing broader constraints on their ability to sustain rapid gains in global market share, we think export growth will slow further by year-end,' Huang said. Despite the tariffs truce, rancor between Beijing and Washington has persisted, with angry exchanges over advanced semiconductors, 'rare earths' that are vital to many industries and visas for Chinese students at American universities. The round of negotiations due to take place later Monday in London follow a phone call last week between Trump and Chinese leader Xi Jinping. It's unclear if that exchange will lead to any significant progress during the talks this week. Speaking to reporters on Air Force One on Friday, Trump said Xi had agreed to restart exports of rare earth minerals and magnets to the U.S. which China had slowed, threatening a range of U.S. manufacturers that relied on the critical materials. There was no immediate confirmation from China. The trade data released on Monday showed a nearly 21% plunge in the value of China's rare earths exports in January to May compared with a year earlier. In terms of volume, those exports rose 2.3%. Similar trends can be seen in exports of other products and commodities, such as shoes, ceramics and cell phones, as slowing demand causes prices to fall. Other data released Monday highlighted the pressure on China's own economy from slowing exports. Imports have faltered since manufacturers import many of the components and materials needed for the goods they assemble for the world. At the same time, China's own domestic markets are suffering. The government reported that consumer prices fell 0.1% in May, evidence of sluggish demand. The persisting deflation partly reflects lower food prices, economists said.
Business Insider
29 minutes ago
- Business Insider
Top 10 African destinations for U.S. exports in 2024 revealed
The United States has expanded its commercial presence across Africa, with recent trade data revealing the top ten African nations importing the largest volumes of U.S. goods in 2024. The United States expanded its commercial engagement across Africa in 2024, bolstered by significant growth in exports. Top African importers of U.S. goods in 2024, including Egypt, South Africa, and Nigeria, showcased diverse economic connections. Overall, U.S.-Africa trade trends align with Africa's developmental priorities, indicating potential for further strengthening under the AfCFTA. These figures showcase a diverse range of economies, from resource-rich powerhouses to rapidly growing consumer markets, reflecting evolving U.S. export patterns and strengthening economic ties between the U.S. and the African continent. According to the latest data from the U.S. Census Bureau and the International Trade Administration's Global Market Finder, several African countries each imported billions of dollars' worth of American goods in 2024. U.S. exports to Africa during this period were predominantly concentrated in key sectors such as machinery and mechanical appliances, vehicles and automotive parts, as well as aircraft and aerospace equipment, among others An overview of U.S. goods exported to Africa in 2024 In 2024, U.S. exports to Africa reflected a growing trade relationship shaped by developmental and commercial interests. Data from the U.S. Census Bureau and International Trade Administration shows that top exports included industrial machinery, vehicles, agriculture products, and medical equipment. Machinery led U.S. exports to Africa, followed closely by vehicles and automotive parts, driven by growing demand across various markets. The aerospace sector also played a significant role, while agricultural exports—including wheat, soybeans, and poultry—addressed food security needs throughout many African regions. Other major exports encompassed healthcare products, particularly pharmaceuticals and medical devices; fertilizers and industrial chemicals; electrical equipment supporting power and digital infrastructure; as well as consumer goods such as used clothing. Overall, the structure of U.S. exports to Africa in 2024 highlights a growing alignment with Africa's development goals, with trade expected to expand further under the AfCFTA. According to the latest data from the U.S. Census Bureau and the International Trade Administration's Global Market Finder, the following list presents the top 10 African countries that received the most U.S. exports in 2024 Rank Country U.S. Export Value (2024) 1 Egypt $6.89 billion 2 South Africa $5.8 billion 3 Morocco $5.2 billion 4 Nigeria $4.1 billion 5 Ethiopia $1.01 billion 6 Algeria $1.01 billion 7 Ghana $967 million 8 Kenya $782 million 9 Angola $682 million 10 Côte d'Ivoire $596 million In 2024, Egypt, South Africa, Morocco, Nigeria, and Ethiopia were the top five African destinations for U.S. exports, reflecting deepening trade ties across key sectors. Egypt led with nearly $6.9 billion in imports, driven by strong demand for machinery, aircraft, agriculture, and medical equipment. South Africa followed with $5.8 billion, supported by its industrial base and appetite for vehicles, electronics, and pharmaceuticals. Morocco imported $5.2 billion in U.S. goods, bolstered by trade in agriculture, aerospace, and renewable energy. Nigeria brought in $4.1 billion, primarily petroleum machinery, food products, and pharmaceuticals. Ethiopia, with $1 billion in imports, focused on aviation and industrial equipment despite recent economic challenges.
The Hill
an hour ago
- The Hill
US and China are holding trade talks in London after Trump-Xi phone call
LONDON (AP) — High-level delegations from the United States and China are meeting in London on Monday to try and shore up a fragile truce in a trade dispute that has roiled the global economy, A Chinese delegation led by Vice Premier He Lifeng is due to meet U.S. Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer at an undisclosed location in the city. The talks are due to last at least a day. They follow negotiations in Geneva last month that brought a temporary respite in the trade war. The two countries announced May 12 they had agreed to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other in an escalating trade war that had sparked fears of recession. Since then, the U.S. and China have exchanged angry words over advanced semiconductors that power artificial intelligence, 'rare earths' that are vital to carmakers and other industries, and visas for Chinese students at American universities. President Donald Trump spoke at length with Chinese leader Xi Jinping by phone last Thursday in an attempt to put relations back on track. Trump announced on social media the next day that trade talks would be held on Monday in London. The U.K. government says it is providing the venue and logistics but is not involved in the talks. 'We are a nation that champions free trade and have always been clear that a trade war is in nobody's interests, so we welcome these talks,' the British government said in a statement.
