Mass. home foreclosures more than double in May

Home foreclosure deeds more than doubled in Massachusetts in May, although a new state law has yielded a temporary decline in foreclosure petitions, the first step in the process. Boston-based publisher of real estate data Warren Group said deeds - the final step in a foreclosure - rose to 1,405 in May. That's up from 677 in the same month a year ago. Petitions to foreclose fell nearly 82 percent to 390 compared with the same month a year ago. But the decline is temporary, because of a foreclosure-prevention law recently approved by state lawmakers that creates a 90-day cooling off period before foreclosure proceedings can begin in court. Previously, those proceedings could begin within 30 days. after a borrower went into default. (AP)

The Boston Globe promoted Robert M. Powers to vice president of communications and public affairs, effective today. Powers, 52, will oversee media communications for both the Globe and Boston.com, and will report to publisher Steven Ainsley. Powers' responsibilities include external and internal communications as well as community relations. Powers is assuming many of the duties previously held by executive vice president Alfred S. Larkin Jr., who retired last month. Powers, a graduate of Bentley College, started at the Globe in 1981, and most recently was executive director of internal communications. Powers will also oversee The Boston Globe Foundation, which awards grants to local nonprofits, and the Globe Santa program. (Chris Reidy)

Boston Globe real estate reporter Binyamin Appelbaum was honored last night with a Loeb award for his work at The Charlotte Observer in North Carolina, done before he came to Boston last year. Appelbaum was a key contributor to the newspaper's series on the subprime mortgage crisis, "Sold A Nightmare," which topped the category of medium-size newspapers, or those with daily circulation between 150,000 and 350,000 copies. The Globe was a finalist in the online category, for its presentation of The Globe 100 rankings of Massachusetts businesses. The Loeb awards are the highest honors in business journalism. (Globe staff)

Amtrak has resumed regular service between New York and Boston after completing work on a 90-year-old bridge in Connecticut. Workers installed a new vertical lift span on the Thames River Bridge between New London and Groton last week. Amtrak says upgrading the bridge was one of its largest-ever engineering projects, which took several years and cost $83 million. The bridge serves up to 36 passenger trains and two freight trains a day. The drawbridge span opens for marine traffic more than 1,600 times a year. Amtrak says the bridge is set to open to marine traffic by July 10. (AP)

Teva Pharmaceutical Industries Ltd., the world's largest maker of generic drugs, won US approval to sell the first copy of Johnson & Johnson's antipsychotic medicine Risperdal. The Food and Drug Administration cleared the generic because the patent on Risperdal expired, Israel-based Teva said. The drug, approved in 1993, is used to treat schizophrenia and bipolar mania. Risperdal tablets brought in $2.2 billion in US sales last year, or about 3.6 percent of revenue for J&J. (Bloomberg)

Del Monte will sell its seafood business, which includes the StarKist brand, to a South Korean company for $363 million as it focuses on higher margin produce and pet foods. Del Monte Foods Co., whose brands include Contadina, Kibbles 'n Bits, and 9Lives, said the divestiture will improve margins, eliminate a source of earnings volatility, and reduce debt. In fiscal 2008, the seafood business generated about $560 million in sales. (AP)

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Adidas AG says Wal-Mart Stores had revenue of $58 million in the past six years by using a copy of the German shoe maker's three-stripe design on as many as 69 sneaker models. Adidas estimated the amount in papers filed in federal court in Portland, Ore., where it sued three years ago for trademark infringement . . . Anheuser-Busch Cos. plans to cut pension and healthcare benefits for its salaried employees in an effort to slash $1 billion in costs by the end of 2010 and fend off an unsolicited $46 billion bid from Belgian brewer InBev. Individual, lump sum payouts will be cut 5 to 6 percent in 2009 and about 15 percent by 2012. Health contributions will rise from about 21 percent currently to 25 percent in 2009. (Wire services)