Pension fund may shift part of portfolio to cash

The Massachusetts state pension fund may shift part of its equity-heavy $39.3 billion portfolio into cash after posting a $14.4 billion loss so far this year. The fund, which will distribute up to $900 million to retirees this year, has been forced to sell its most liquid assets, mainly US bonds, as it makes monthly payments, said Stanley Mavromates, chief investment officer. As a result, officials will consider keeping some of the portfolio in cash, he told the nine-member board of trustees at a meeting. The pension fund lost $14.4 billion in the first 10 months of this year as every asset class it invests in fell, led by international equities, which are down 43 percent year-to-date, according to data released yesterday. (Bloomberg)

Despite the recession, information technology and financial services workers are still in demand in the Boston area. A survey of 200 chief information officers by the employment consultant Robert Half International found that 15 percent plan to hire more tech workers in the first quarter of next year, compared to 3 percent who expect to cut back. A separate survey of 200 local finance chiefs found 8 percent of them plan to hire more workers in the first quarter, while just 2 percent plan job cuts. (Hiawatha Bray)

The senior vice president and publisher of adult trade books at Houghton Mifflin Harcourt has quit, effective Dec. 10. Spokesman Josef Blumenfeld confirmed to the Associated Press that Becky Saletan has resigned, but declined to comment further. Saletan did not immediately return phone and e-mail messages from the AP. Saletan had served in the job since January, when she was appointed to head the newly merged Harcourt and Houghton Mifflin divisions. (AP)

Logan International Airport is the country's eighth-healthiest airport for passengers and the environment, according to Health magazine. Its editors reviewed all major US airports and awarded them points for food choices, restroom cleanliness, environmental friendliness, security and safety measures, runway accidents, delays, construction, stress reducers, creature comforts, and consumer satisfaction. The magazine picked Phoenix Sky Harbor International as the healthiest US airport. (Nicole C. Wong)

The two whole-body imaging machines that Logan International Airport expected to get from the Transportation Security Administration this fall are not likely to arrive this year. Logan had expected to be one of the first 25 US airports to use the technology, which has raised a ruckus among privacy advocates. The system displays images of passengers as if they were naked, to let TSA agents see concealed weapons and other contraband. The TSA said it's not clear when Logan will get the machines. The Massachusetts Port Authority, which runs Logan, declined to comment. (Nicole C. Wong)

A placement company for temporary workers has agreed to pay employees nearly $1.9 million in overtime back wages. The Department of Labor said Dedham-based 888 Consulting Group Inc. will pay 973 employees back wages to resolve a lawsuit filed by the department. According to the suit, the company misclassified employees as being exempt from federal overtime requirements, then failed to properly pay them. Under the agreement, the company will pay back wages for the period of Feb. 18, 2006, to June 21, 2008. The company, however, admitted to no wrongdoing. (AP)

Hainan Airlines Co.'s quest to establish nonstop service between Boston and Beijing is starting to face political opposition. Boston City Councilor Sam Yoon plans to introduce a resolution today urging the Department of Transportation and the Massachusetts Port Authority to deny Hainan's landing rights here until the Chinese airline company obeys a Bankruptcy Court order to pay the $14.1 million it owes to US businesses for aircraft parts and repairs, attorney's fees, and interest accrued since 2001. Yoon states in the proposed resolution that bankruptcy trustees being forced to seize Hainan's aircraft and other assets could expose "American travelers to service interruptions, cancellations, delays, and other costly risks." A Massport spokesman declined to comment. A Hainan representative could not be reached for comment. (Nicole C. Wong)