THE REGION
Jon M. Kingsdale was appointed by the Romney administration to head the Commonwealth Health Insurance Connector Authority. Kingsdale, a healthcare strategist who most recently worked for Tufts Health Plan as senior vice president of policy development, will play a key role implementing the state's healthcare reform law. The law is intended to extend health insurance to about 500,000 residents who currently don't have coverage. The connector authority will define what constitutes an affordable health plan for low-income individuals. It will also help businesses encourage employees to buy healthcare insurance, and set subsidy levels for low-income residents who purchase coverage. (Jeffrey Krasner)
April single-family home, condo sales down from '05
The Massachusetts Association of Realtors in its monthly housing report said sales of single-family homes slumped 9.9 percent to 3,268 in April compared to 3,628 a year earlier. It was the sixth decline in the past seven months. The median house price was virtually unchanged, at $354,000. Condominium sales also decreased, by 10.3 percent, to 1,686 units, from 1,880 units in April 2005. Condo prices dropped 2.5 percent to $268,000, MAR said. (Kimberly Blanton)
Galvin files complaint over investment adviser status
Massachusetts Secretary of State William F. Galvin filed an administrative complaint against a Wakefield man for failing to register as an investment adviser and other violations. Galvin's office said Frank J. Russo has refused to meet with regulators or provide documents despite subpoenas. He allegedly raised at least $1.5 million for two unregistered hedge funds, but then transferred the money between the two entities and wired large amounts to a California company for which he served as chief financial officer. Neither Russo nor his attorney could immediately be reached. (Ross Kerber)
Citizens says its banks had no direct links to slavery
Citizens Financial Group said that after researching its history, it determined that the banks it acquired over the years had no direct involvement in the slave trade or direct ownership of any slaves. But the independent researcher that the bank hired to investigate the issue did indicate that some of the bank's former directors may have had ownership stakes in slave ships, traded goods produced by slaves, were plantation owners, or had other ties to slavery. Citizens pledged $5 million to support economic and educational activities for African-Americans. (Sasha Talcott)
South Boston Maritime Park wins landscape design prize
The 1.3-acre South Boston Maritime Park, completed by the Massachusetts Port Authority two years ago, has won a general design award of honor from the American Society of Landscape Architects . The park was one of 32 chosen from an international field of 500. Halverson Design Partnership and architects Machado-Silvetti Inc. designed the park on D Street near the Fish Pier. (Peter J. Howe)
British regulators criticize oversight of drug trial
British drug regulators issued a report that was heavily critical of Waltham-based Parexel International Corp. in the wake of a drug trial that left six volunteers fighting for their lives. Parexel failed to follow several trial procedures, including keeping proper patient records and ensuring 24-hour medical coverage, according to the final report into the trial by Britain's Medicines and Healthcare products Regulatory Agency. On Parexel's website, the head of the company's international clinical pharmacology division, Herman Scholtz, said though the regulators identified certain errors, the report concluded there were no findings related to Parexel that were believed to have contributed to the adverse reactions suffered by the men. (AP)
Cubist Pharmaceuticals Inc. of Lexington won Food and Drug Administration approval to sell its Cubicin antibiotic for treating stubborn blood infections, doubling the sales potential for a drug that has been on the market for almost three years. The agency cleared the drug for use in patients with a type of bloodstream infection called bacteremia that is caused by staphylococcus aureus. The company has said it expects US Cubicin sales to reach $190 to $205 million this year. (Bloomberg)
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