Top executives of The Boston Globe and the Boston Newspaper Guild Local 31245 , representing newsroom, advertising office, and other employees, said they reached agreement on a new four-year contract proposal for members to vote on next month. Globe Guild members last week voted 307-223 to reject an earlier contract. The new proposal was described by both sides as virtually identical to the contract that was voted down, with two changes aimed at responding to union members' complaints: The Globe would agree to count revenue from the paper's affiliated Boston.com website in the calculation to determine whether Guild members would receive pay raises in 2007-08, and it would increase its per-year contribution to the union health insurance fund by $50,000, or more than 10 percent. The New York Times Co. owns the Globe. (Peter J. Howe)
Harvard in talks to acquire empty Brighton warehouse
Harvard University is negotiating to buy the former Casey & Hayes warehouse building that has sat empty for years on Lincoln Street in Brighton, according to a real estate executive who was briefed on the deal and asked not to be identified. A purchase, for a price around $17 million, is expected soon as the owner, a company controlled by the Marshall Field family of Chicago, appears ready to sell the 330,000-square-foot building. Neither buyer nor seller would comment. (Thomas C. Palmer Jr.)
More passengers, less freight at Logan to date
The number of passengers flying through Logan International Airport fell 1.8 percent in September, compared to the same month a year earlier, but for the first three-quarters of the year, passenger volume was up 1.7 percent, according to figures released by the Massachusetts Port Authority, which runs Logan. Air freight and package shipments continue to remain sharply depressed compared to last year, Massport said, apparently because the continued lane closures in the Interstate 90 connector tunnels are encouraging air-freight companies to shift business elsewhere. For the first nine months, total freight business is down 8.5 percent. (Peter J. Howe)
Third-quarter adjusted earnings increase 90% Akamai Technologies Inc.
said third-quarter earnings on an adjusted basis rose more than 90 percent, thanks to continued broadband adoption by businesses and their customers. The Cambridge company reported net income of $14 million, or 8 cents a share, down from $272.3 million, or $1.71 a share, in the year-ago quarter, which included a tax benefit of $255.3 million, or $1.59 a share. Excluding items, earnings rose to $41.8 million, or 24 cents a share, from $22 million, or 14 cents a share. Revenue rose 11 percent to $111.5 million. (Dow Jones)
Critical Therapeutics plans to cut sales, research jobs
Critical Therapeutics Inc., a Lexington specialty pharmaceutical company, plans to cut 63 sales and research jobs and focus its resources on the commercialization of a controlled-release formula of its asthma drug zileuton as part of a restructuring plan aimed at shaving $5 million to $6 million off yearly expenditures. Shares fell 34 cents, or 12.4 percent, to $2.38. (Dow Jones)
Profit decreases 25% at N.H. maker of footwear Timberland Co.
posted a 25 percent slide in third-quarter profit, hurt by declining sales of boots and children's merchandise. The Stratham, N.H., maker of hiking boots and other footwear said net income fell to $51.9 million, or 82 cents a share, in the third quarter from $69.2 million, or $1.02 a share, in the year-ago period. Revenue slipped to about $503 million from $505.9 million. (Dow Jones)
Dow Jones sells 6 papers to Community Newspapers
Dow Jones & Co. said it will sell six community newspapers to Community Newspaper Holdings Inc. for $282.5 million, subject to a working capital adjustment. Dow Jones, publisher of The Wall Street Journal, said it expects proceeds of about $268 million, which it will use to fund its deal to buy full control of Factiva. The newspapers being sold are in Danbury, Conn.; Oneonta and Plattsburg, N.Y.; Santa Cruz, Calif.; Sunbury, Pa.; and Traverse City, Mich. According to its website, Community Newspaper owns seven newspapers, including The Eagle Tribune of North Andover and The Salem Evening News. (Dow Jones)
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