As eurozone economy shrinks, govt debt loads grow

FRANKFURT, Germany — Europe's government-debt crisis is no longer panicking financial markets. But it won't end until the region's economy starts growing strongly again.

And that will be a while.

The economy of the 17 countries that use the euro has shrunk for two straight quarters — a common definition of a recession — and analysts forecast little or no growth until 2014.

Without growth, there won't be enough tax revenue to help countries like Greece, Italy, Spain and Portugal narrow their deficits and slow the expansion of their debts. Their debt burdens as a percentage of economic output, a key measure of fiscal health, look worse by the day.

The eurozone's combined debts are equal to about 93 percent of the region's gross domestic product this year and that figure is forecast to rise to peak at 94.5 percent next year. In 2009, the eurozone's debt-to-GDP ratio was 80 percent. A ratio above 90 percent is generally considered high and can put pressure on governments' borrowing costs.

"The worrying thing about the projections is, the peak seems to keep moving," says Raoul Ruparel of the Open Europe think tank.

The panic in European financial markets has eased in recent months largely because of aggressive action by the European Central Bank. The ECB said on Sept. 6 that it was willing to buy unlimited amounts of government bonds issued by countries struggling to pay their debts. That pledge quickly lowered borrowing costs for Spain and Italy, which earlier in the year faced the same kind of financial pressure that forced Ireland, Greece and Spain to seek bailouts.

But stemming the crisis and heading off a default by one or more countries aren't the same as stimulating growth. The U.S. economy remains weak several years after actions by the Federal Reserve helped arrest its financial crisis.

Europe's economy is being held back for several reasons:

— Austerity. Whether they got into trouble by overspending or after rescuing banks from a real-estate collapse, European governments are tackling their debts the same way: By raising taxes and cutting spending, including wage cuts for public sector workers. Italy slashed its deficit by 2.8 percent of GDP this year, but economists estimate that reduced growth by 1.5 percentage points. Less spending by the government and less spending by consumers who gave more of their income to the government were a drag on the Italian economy.

— Shaky banks. Banks reeling from the financial crisis are making it harder and more expensive for businesses in the hardest-hit countries to borrow. That's crimping investment and hiring by these companies across southern Europe. Companies in Greece or Portugal are often paying twice as much interest on loans as their German competitors.

— Consumers are holding back. Wage cuts have weighed on family budgets, and people are saving more because they're worried about further economic shocks. Together, these trends have reduced consumer spending by about 1 percent this year.

— Anti-business regulation. Laws in many European countries make it hard for companies to lay workers off in lean times, and that makes employers reluctant to hire. Bureaucracy chokes the process of starting a business or exporting goods. Greece's tax accounting rules were so onerous — permitting large penalties for minor paperwork errors — that the EU demanded the entire rulebook simply be abolished. Parliament finally complied last week.

European governments are slowly trying to make their economies more competitive. But in a September survey on global competitiveness by the World Economic Forum, Greece, Portugal, Spain and Italy ranked low because of poor access to financing and rigid labor markets.

It requires 11 bureaucratic filings to start a business in Italy. Fellow euro member Slovenia requires two.

Eurostat data released Thursday showed that for the second straight quarter the eurozone economy contracted. Output shrank by 0.1 percent in the July-September quarter, compared with the previous quarter.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Gas drilling presents Obama with historic choices

PITTSBURGH - Energy companies, environmental groups, and even Hollywood stars are watching to see what decisions President Barack Obama makes about regulating or promoting natural gas drilling.

The stakes are huge. Business leaders don't want government regulations to slow the flow of hundreds of billions of dollars of clean, cheap domestic energy over the next few decades. Environmental groups see that same tide as a potential threat, not just to air and water, but to renewable energy. And on a strategic level, diplomats envision a future when natural gas helps make the U.S. less beholden to imports.

Some say the unexpected drilling boom presents historic options - and risks - for the Obama administration.

"It's a tough choice. The president is in a real bind," said Charles Ebinger, director of the energy security initiative at the Brookings Institution, a Washington, D.C., nonprofit. "I think the question is what does he want his legacy to be?"

Ebinger said that if Obama fully embraced the boom in gas drilling the nation could see "incredible" job gains that could lead to "a re-industrialization of America." Possibilities like that are tempting to any president, and perhaps even more so in the current economy.

"But really embracing this stuff is going to bring him squarely in conflict with some of his environmental supporters. It's not without some possible peril, particularly if he gets to be seen too cozy with the oil and gas folks," Ebinger said.

Hydraulic fracturing, or fracking, has made it possible to tap into deep reserves of oil and gas but has also raised concerns about pollution. Large volumes of water, along with sand and hazardous chemicals, are injected underground to break rock apart and free the oil and gas.

Environmental groups and some scientists say there hasn't been enough research on water and air pollution issues. The industry and many federal and state officials say the practice is safe when done properly, and that many rules on air pollution and disclosure of the chemicals used in fracking are being strengthened.

The Sierra Club is already trying to slow the gas rush, which began in Texas and has expanded to Pennsylvania, Colorado and other states. It's started a nationwide "Beyond Natural Gas" campaign to push for more regulation on an industry it describes as "Dirty, Dangerous and Run Amok."

"We need to avoid replacing one set of problems with a new but very different set of problems," said Michael Brune, the Sierra Club's executive director, referring to coal and natural gas. Investing in green energy makes more economic and environmental sense, he said.

The Sierra Club knows natural gas will be a part of the nation's energy future. "How much a part is a big fight right now," Brune said.

Such arguments have resonated with many environmental groups, and with actors and musicians who are lending their star power to anti-drilling efforts.

The Hollywood film Promised Land is scheduled for release in December, starring Matt Damon, with a story line about drilling from best-selling novelist Dave Eggers. But even before its release, critics pounced on the fact that some financing for the project came from the United Arab Emirates - a country that stands to lose money if the U.S. gets more of its energy needs at home.

Brune agreed that "you have to acknowledge that there are benefits to home-grown energy."

Critics say many states haven't been tough enough on the industry, which has objected to the idea of national drilling regulations. Some state officials oppose such proposals, too.

"Yes, we are concerned," said Patrick Henderson, energy executive for Pa. Gov. Tom Corbett. "Upwards of 10 federal agencies are seeking to put their proverbial nose under the tent with regard to oil and gas development." He added that federal intrusion "is a surefire way to impede job growth. We'll be vigilant of proposed federal rulemakings."

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Nokia Lumia 920 brightest light for Windows phones

The masterfully botched launch of Windows 8 phones brought zero lines of eager consumers to wireless retailers across the nation.

But here we have Microsoft's last chance to show its smartphone gambit is for real. The Windows 8 platform has been refined and supercharged, with its capabilities fully showcased in the Nokia Lumia 920.

It is, to put it plainly, a beast. The first thing you'll notice is its heft. Nokia's big bet is that the technology packed into this 6.5-ounce, 5.13-inch frame will be worth the tradeoff in bulk. Near-field communication, wireless charging and all-day battery life are some of those features.

The buzz is that the Lumia 920 sports the best camera of any of the Windows phones, but I would go further to say it's among the best smartphone cameras on the market, with remarkable low-light capabilities and image stabilization.

Nokia's camera comes with an excellent suite of exclusive apps. Cinemagraph allows you to animate part of your picture, similar to a built-in Gif maker. Smart Shoot allows you to take a picture of something blocked by moving objects. For instance, if you're at the Louvre and hordes of tourists are walking by the Mona Lisa when you want to take a picture, Smart Shoot will take a series of photos and splice them together, erasing the people blocking your view.

A winning feature of Windows phones has been its people hub for integrating social information — tweets, status updates, photos — from your contacts into one stream. The new OS takes this a step further, allowing you to group your contacts into "rooms." It's similar to Google Plus circles, but with deep integration into Microsoft Apps and office features, so you can push out documents and hold chats.

With high-quality tablets and ultrabooks galore, the Windows ecosystem is improving. And at just $99 on-contract with AT&T, the Lumia 920 will not disappoint if you're OK with its size.

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Health care stakeholders reflect, prepare to tackle 'cost monster'

Health care providers, business leaders, lawmakers and policy experts looked back Thursday at the passage of the state's new health care cost control and payment reform law, contemplating the changes it will make to the health care market.

During the Massachusetts Association of Health plans annual conference at the Seaport Hotel, a panel of experts discussed the upcoming impacts of the law signed by the Gov. Deval Patrick in August. The law implements and enforces cost growth goals and regulates alternative payment methodologies.

Television and radio talk show host Jim Braude, who moderated the panel, said discussions about health care generate more interest than any other topic. Braude said he wonders if it is because there is interest or confusion. Many listeners and viewers tell him they don't know how to "pick one phone company" never mind decide on a health care provider, he said.

Dolores Mitchell, executive director of the Group Insurance Commission, said when she was first hired 25 years ago by Gov. Michael Dukakis, "The governor said to me, 'the one thing I want you to do is get your arms around the cost monster.' "

"That was 25 years ago. I do not feel at this moment in time that I have yet gotten my arms around the cost monster," she said.

Mitchell said she feels confident the state's recent request for bids for health insurance will make a dent in costs because the request for proposals sets aggressive fiscal restraints. The bids are due Tuesday.

"We are telling bidders that we will not accept anything higher than a 2 percent increase in the commonwealth's cost for the next two years. And we expect them to move from flat to a minus trend for the next five years of the contract," she said.

Health insurance providers are also expected to move a substantial number of GIC employees into integrated delivery plans, Mitchell said. There will be penalties for those who fail to meet targets or set up integrated delivery systems, according to Mitchell.

"There are some who say this is too much change with too little time to implement it. We say in response we have waited long enough," she said. "We do know that the provider community is already moving in this direction. Our goal as a very large purchaser is to seize the goal and the momentum. The major changes we are seeing is providers merging and getting stronger. I have yet to see the economies of scale. There will never be a better time for change than now."

Rick Lord, president and chief executive officer of the Associated Industries of Massachusetts, said his organization got involved in the health care debate because business leaders realized the status quo was not sustainable. Employers, when surveyed two years ago, said the cost of health care dwarfed all other concerns. A.I.M. represents 6,500 employers across the state.

"And frankly, it was not sustainable for state government. State government cannot continue to spend 40 percent of its budget on health care," said Lord, who was appointed to the new Health Policy Commission created under the law. "It is part of the fiscal cliff facing us in the state. Our economy will deteriorate and so will state government's ability to take care of its most vulnerable citizens."

The health care cost containment law sets targets to slow the rate of health care costs to match the growth in gross state product. Lord said his organization advocated for a lower growth rate, but they are pleased there is a target.

Rep. Steven Walsh, co-chair of the Health Care Financing Committee and one of the author's of the new law, said lawmakers did not want to cap rates or create rate regulations. When the law was crafted, Walsh said, lawmakers sat with providers, patients and hospital executives to "figure out how far we could push without tipping over."

"Government was smart enough to figure out we are not the experts. We left the real details to the people who know how to do it, you people," he said.

Lawmakers did not tell health providers how to cut costs; they just asked them to not make fee-for-service the primary form of payment, Walsh said.

Braude asked the panel about the charge made by some critics of the law that it does not have enough teeth in it. Walsh said this law was the first step in reforming health care costs, and if changes need to be made, lawmakers will revisit it.

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Crave a Twinkie? The price is going up fast online

SAN FRANCISCO — Twinkies are being sold on the Internet like exquisite delicacies.

Hours after Twinkie-maker Hostess announced its plans to close its doors forever, people flocked to stores to fill their shopping baskets with boxes of the cream-filled sponge cakes and their sibling snacks — Ding Dongs, Ho Hos and Zingers.

Late Friday and Saturday, the opportunists took to eBay and Craigslist. They began marketing their hoard to whimsical collectors and junk-food lovers for hundreds — and in some cases — thousands of dollars. That's a fat profit margin, when you consider the retail price for a box of 10 Twinkies is roughly $5.

Greg Edmonds of Sherman, Texas is among those who believe Twinkies are worth more now that Hostess Brands Inc. has closed its bakeries. He lost his job as a sales representative eight months ago, so he is hoping to make some money feeding the appetites of Twinkie fans and connoisseurs

After spending a couple hours driving around to stores Friday, Edmonds wound up with 16 boxes of Twinkies and Ding Dongs. He started selling them Saturday on eBay, advertising three boxes for a hefty price of $300.

"I could really use the extra money since I'm unemployed," Edmonds, 50, said. "I figure I better sell them pretty quickly because I am not sure how long this novelty is going to last."

Contrary to popular belief, Twinkies don't last forever. Most bought in stores Friday carry an expiration date of early December,

If buyers don't bite, Edmonds isn't sure what he will do with his supply. He doesn't even like Twinkies. "I do like to have a Ding Dong, every once in a while though," he said.

John Stansel of Tampa, Fla. blanches at the thought of eating a Twinkie. He's a self-described health nut.

Yet he, too, rummaged shelves late Friday at a neighborhood Walgreens and then again early Saturday at Target and a grocery store. He spent about $100 for 20 boxes of Twinkies and Ding Dongs. His goal: sell them for about $1,000 and put the money to good use.

"Maybe I will hire a personal trainer for myself or go do some shopping at Whole Foods or donate the money to a charity to fight diabetes," Stansel, 40, said. "No matter what, I figure I am getting sugar off the streets."

Although Hostess is shutting down, it's still possible that Twinkies, Ding Dongs and Ho Hos could make a comeback. That's because Hostess is planning to sell its brands and other assets at an auction to be overseen by a U.S. bankruptcy judge in New York. Several potential buyers could emerge for Twinkies, particularly with the recent outpouring of affection.

A hearing on Hostess's liquidation request is scheduled for Monday morning.

Not all online sellers are demanding top dollar. Some boxes are being listed at $5 to $20. Others are willing to barter. "I am willing to trade a box for some good microbrew. A real quality six pack," offered a thirsty New York seller on Craigslist.

Despite his disdain for junk food, Stansel confesses he won't sell a few of his individually wrapped Twinkies. He plans to give them to his nostalgic friends and family as stocking stuffers for Christmas.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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It's OK to run your car on lower-octane gas

The owner's manual for my new vehicle recommends gasoline with 87 octane or greater. On a recent trip in Montana, I noticed their regular is 85.5 octane and their next level up is 88 octane with 10 percent ethanol. I used a half-tank of 85.5 and noticed no difference, but after reading the owners manual about 87 or better I used the 88 octane for as long as I was in Montana. Why does Montana rate theirs at 85.5, and would it have made a difference in the long run if I used that rating?

As I said in my response to a previous question about octane, a key measure of octane is the fuel's resistance to pre-ignition or detonation. In other words, higher-octane fuels require more heat and pressure to ignite. At higher elevations, air is less dense, meaning fewer air molecules per cubic foot of air that is drawn into an engine. Less dense air effectively lowers the compression ratio of the engine, meaning the cylinder will develop less heat and pressure during the compression cycle. That means a lower-octane fuel can be used without pre-ignition and/or detonation.

The Montana Weights and Measures Bureau has this to say: "While the minimum antiknock rating in Montana is 85.5 for regular unleaded fuel, that is not necessarily what is found. Due primarily to competition and/or multiple suppliers of refined products, regular unleaded gasoline found in western and northeastern Montana usually has an octane rating of around 87.0. Central and southern Montana's fuel octane rating is generally found to be between 85.5 and 86.0."

Since your vehicle apparently operated well on the lower-octane fuel at those altitudes — no worries. Today's computer-controlled engine management systems can and will adjust fuel-air mixture and ignition timing to safely operate on a variety of octane ratings.

And remember this axiom: Operate your vehicle on the lowest-octane fuel that provides good performance, driveability and fuel economy. Any additional octane is unnecessary and a waste of money.

L L L

I have a 1998 Honda Civic with 47,600 miles. When I straighten the steering wheel after making a left-hand turn I occasionally hear a "ping." Is this a cable in the steering column? What is the problem, and how much would it cost to have it repaired? I'm now unemployed, so I've put off having this checked out.

The most likely cause of a "ping" or "clunk" in the steering/suspension is a worn component such as a strut bushing, control arm bushing, ball joint, steering rod end or upper strut bearing. A loose steering rack or a worn U-joint in the steering column might cause noise when straightening the steering wheel. There are no structural cables in the steering system.

There's no way to know what's causing the noise or the potential cost of repair without having the steering and suspension checked by a professional. I'd suggest making an appointment at a reputable tire shop or a dealer for an inspection and estimate. This could be a safety problem, so don't put this off.

L L L

I have a 2009 Ford Focus with 50,000 miles on it. Yesterday, the interior dome light came on while I was driving, and now it does not turn off. It does not turn off with the headlights or with the manual on/off switch, and it does not dim after a few seconds upon leaving the car. It finally turns off after about 10 minutes of leaving the car parked. What could be wrong?

The body control module (BCM) has extensive self-diagnostic capability that a scan tool can read as fault codes. Check for codes from the door-ajar switches or the smart junction box. Right now, the interior lights are finally being turned off by the battery-saver function.

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The Ticker

Hub man convicted in mortgage fraud

Sirewl R. Cox, 37, of Boston was convicted late last week on charges relating to a massive mortgage fraud case.

A jury found Cox guilty on counts of wire fraud, bank fraud and conducting an unlawful monetary transaction. Sentencing is scheduled for Feb. 6.

In 2006 and 2007, Cox identified multiple-family buildings for sale and recruited straw buyers to purchase the buildings, prosecutors said. Cox and others then recruited straw buyers who obtained mortgages using false information to purchase individual units in buildings that Cox controlled.

Cox faces up to 60 years in prison, to be followed by 11 years of supervised release and a $1.5 million fine.

Abiomed discloses, disputes class action suit

Danvers-based Abiomed, which makes heart support technologies, disclosed Friday that a class action suit has been filed against the company and its officers over the marketing and labeling of its Impella 2.5 device. Abiomed, founded by the late David Lederman, right, said it has reviewed the complaint and believes the allegations are without merit. The company plans to vigorously defend itself.

The suit follows the company's disclosure earlier this month of a related Justice Department investigation, which sent shares plummeting 34 percent.

MONDAY

The Boston Redevelopment Authority holds a public meeting on developer First Bristol's plan for a 177-room Hilton Garden Inn and two restaurant/retail sites on Route 1A in East Boston, near Logan International Airport.

The Home for Little Wanderers officially opens its new Walpole campus following completion of an $18 million construction project and sale of its Jamaica Plain property.

TUESDAY

The U.S. Commerce Department releases housing starts for October.

WEDNESDAY

The Conference Board releases leading economic indicators for October.

THURSDAY

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Spindle app spools out hype - and investors

A new app developed by three former Microsoft workers helps people find the most interesting social media updates from businesses and organizations at any given time.

Spindle 1.1 — released on Thursday in Boston and San Francisco, with other major cities to come — mines Twitter and Facebook, using signals such as location and time of day to tell users what's happening near them, sorted by categories such as restaurants, shopping and nightlife.

"What differentiates us is timeliness and the fact that we're updating constantly, based on user feedback," said CEO Pat Kinsel, who founded Spindle with Alex Lambert and Simon Yun, all former engineers and managers from Microsoft's New England Research and Development (NERD) center in Cambridge. "There's nothing else out there like that."

Unlike apps that reshuffle a static list of businesses, Spindle evaluates in real time what each one is sharing to determine what's interesting and relevant now.

Users can filter the updates by categories such as restaurants to find what they're looking for without the extra "noise."

They can also use the map function to zoom in on a location and find out what's happening there, or search for a specific business or organization and add it to their favorites list for updates on only those places.

Users can tell friends where they're going, let them know when there's something happening in their current location or point people to something they've discovered via Facebook, Twitter, SMS or email.

The new app's release coincided with Spindle's announcement that it raised $2.3 million in total funding from Polaris Ventures, Greylock Partners, Lerer Ventures, SV Angel, Atlas Venture, Broad Beach Ventures, Project 11, Ray Ozzie and Raman Narayanan.

"They are super-smart guys with serious social search chops who've worked together before to solve hard problems," Dave Barrett, general partner at Polaris Ventures, said of Kinsel and his team. "Beyond the app itself, their big data back-end and their vision for it are incredibly compelling."

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Developer not sold on downtown

Not everyone is moved by the momentum in Boston's Downtown Crossing.

A New York developer who filed plans for a 28-story apartment and retail tower on Washington Street four years ago — in the teeth of the Great Recession — is not yet sold on the shopping district's recovery.

"We wouldn't consider doing anything until that hole across the street is filled," said John Usdan, president of Midwood Management, referring to the partially demolished Filene's block.

Another New York developer, Millennium Partners, won city approval in September to replace that eyesore with a skyscraper as part of a $620 million project that's on track to start next spring with the restoration of the adjacent Burnham Building.

But that's not enough for the $200 million One Bromfield project to make a comeback.

"We don't have a particular time-frame other than when we think conditions have improved enough," Usdan told the Herald. "We just don't think it's viable yet."

According to Midwood's mothballed plans, the developer would replace four buildings at the northern corner of Bromfield and Washington streets with a tower containing 260 luxury apartments atop several levels of retail and parking.

Mayor Thomas M. Menino trumpeted the project during a tour of Downtown Crossing in July 2008 — a promotional event that coincided with the excavation of the former Filene's building for New York developer Vornado Realty Trust's ill-fated One Franklin project.

Rosemarie Sansone, president of the Downtown Boston Business Improvement District, said she hasn't heard anything about the One Bromfield project "for ages."

"It is a very important location and, based on the interest and activity in the district, I would expect something to develop in the near future," she said.

A tenant in one of the Midwood-owned buildings that would be replaced is in a wait-and-see mode.

"I'm sure they'd like to do something," said Fred Rosenthal, owner of Bromfield Pen Shop. "The building is empty except for me and Payless Shoes."

In addition to the Millennium Tower project at the Filene's site, Downtown Crossing has seen a string of successes this year including the construction of the Millennium Place condo tower, Walgreens' announced takeover of the shuttered Borders store, a Chicago developer's plans for a boutique hotel and Lafayette Corporate Center switching space back to retail.

"There's a lot to celebrate, but it's just not going to happen all at once," said David Begelfer, CEO of commercial real estate group NAIOP Massachusetts. "Companies are going to be cautious. They're not going to get ahead of themselves. We'll see some of these projects come closer to completion before others start."

Midwood's Usdan needs physical proof that Downtown Crossing has turned the corner.

"I want to see foundations poured," Usdan said from his Manhattan office. "Call me when you see some shovels."

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Best defense: Made in USA

New Balance is on a mission to provide lightweight military sneakers made in the United States, and it wants the Defense Department to equip soldiers with them, company head Rob DeMartini told the Herald.

"For whatever reason, the sneaker is the only piece of equipment for a uniform that services don't require to be" made in the U.S., said DeMartini, New Balance's president and CEO.

The Berry Amendment, originally passed on the eve of World War II, requires the Department of Defense to procure clothing and other items made in the United States. The 950 is New Balance's first Berry-compliant sneaker, DeMartini said.

Suggesting why the Defense Department doesn't require U.S.-made sneakers, DeMartini said, "They would say one of the reasons is nobody made a Berry-compliant shoe, and so we have made one."

The sneaker is "fiber forward," meaning everything that goes into the shoe has U.S.-based content, "starting from literally the grass sheep eat," company spokeswoman Amy Dow added.

Last month, more than four dozen members of Congress appealed to the Defense Department to make training shoes Berry-compliant in a letter spearheaded by U.S. Rep. Duncan Hunter of California and U.S. Rep. Michael H. Michaud of Maine, where New Balance has three factories and close to 900 workers.

The politicians claimed the Defense Department circumvented the U.S. procurement policy by issuing cash allowances for soldiers to purchase their own training shoes, leading to servicemen and women relying more on foreign-made shoes than ones manufactured and available in the United States.

"We should not rely on other countries, particularly those who may have competing global interests, to supply our forces with basic items. This is especially true when there are millions of Americans looking for work," the letter said. "More importantly, our soldiers deserve to fight in uniforms, including footwear, that are made in the USA."

Hub-based, 107-year-old New Balance, which hopes to break ground on its new Brighton headquarters, hotel, office and athletic complex early next year, has made military apparel — including running shorts, protective fire-retardant underwear and overboots — for more than 25 years, DeMartini said.

"We do it for two reasons — one, we think it's right to serve in the military, but two, the technical demands that they have help us build a better brand," he said.

For the fourth year in a row, New Balance is the presenting sponsor of the Run-Walk to Home Base fundraiser. The 9K run or two-mile walk event supports the Red Sox [team stats] Foundation and Massachusetts General Hospital Home Base Program, which has raised $7.3 million to provide clinical care and support to Iraq and Afghanistan veterans and families affected by combat stress and traumatic brain injury.

The New Balance 950 shoe will be manufactured in Massachusetts and will sell under a contract price with military branches, DeMartini said, adding the new sneaker could create 250 jobs primarily in the company's manufacturing and manufacturing support sectors.

"It's basically ... completed and it's waiting to be called for," he said.

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