Utility rate plan will cut average bills $32 year

Average NStar Electric residential and small business customers would save about $32 this year under a rate change the utility plans to file with state regulators. NStar spokeswoman Caroline Allen said the $110 million reduction for 1 million electric customers comes from a move by the utility, the Massachusetts attorney general's office, and others to get federal regulators to end certain payments to an Everett power plant. Rates would fall March 1. At the same time, in a move regional power grid officials oppose, NStar also is trying to keep $30 million of savings from ending the payments to the Everett plant and one in Weymouth. NStar and former attorney general Thomas F. Reilly had agreed to let NStar keep up to 20 percent of certain savings achieved through NStar lobbying of state and federal regulators. (Peter J. Howe)

Danvers cardiac device maker Abiomed Inc. said its third-quarter loss widened 49 percent with the expansion of the sales force and marketing activities. The loss grew to $6.7 million, or 25 cents per share, from $4.5 million, or 17 cents per share, in the year-ago period. Revenue rose 23 percent to $12.9 million from $10.5 million last year. The results topped analysts' expectations for a loss per share of 26 cents on revenue of $12.6 million, according to a Thomson Financial poll. (AP)

The Massachusetts state pension fund grew 16.7 percent in 2006 to a record $46.7 billion, double the goal mandated by state lawmakers, according to state Treasurer Tim Cahill. Cahill, chairman of the Pension Reserves Investment Management Board, credited the higher returns in part on the decision to shift more money into private equity, emerging markets, hedge funds, and real estate over the past four years. (AP)

PolyMedica Corp., a Wakefield healthcare products and services company, said third-quarter profit edged lower on charges for stock-based compensation. Net income dropped to $9.8 million, or 43 cents per share, from $9.9 million, or 41 cents per share, in the prior-year period. Excluding stock based compensation charges, earnings were 51 cents per share in the latest quarter. Revenue rose 34 percent to $177.2 million from $131.9 million in 2005. Analysts were predicting sales of $173.9 million and earnings of 43 cents per share, including 8 cents per share in stock-based compensation. (AP)

Eastman Kodak Co. entered the crowded inkjet-printer market, unveiling a trio of home printers that produce documents and photos using ink cartridges that cost roughly half as much as the competition's. Replacement cartridges will cost $9.99 for black ink and $14.99 for color, Kodak said. The photography company's long-awaited leap into the rough-and-tumble arena where printers are typically sold at cost or bundled with computers to propel lucrative ink sales could trigger a price war that cheers millions of photo enthusiasts but leaves some manufacturers in the dust. (AP)

DaimlerChrysler AG's Chrysler arm plans to slash at least 10,000 hourly jobs and close plants in Newark, Del., and Detroit, according to a newspaper report. The Detroit News reported the cuts will be disclosed when the automaker makes public its restructuring plan Feb. 14. The paper cited unidentified people familiar with the plan, dubbed "Project X." DaimlerChrysler also will propose sharing vehicle platforms and parts between its Chrysler and Mercedes brands, the newspaper said it was told. A DaimlerChrysler spokesman said he could not comment. (AP)

Hyundai Motor Co. chairman Chung Mong Koo was sentenced to three years in prison for embezzling funds that were used for illegal political donations, hindering his ambition to build the world's fifth-biggest carmaking group. Chung, 68, was also found guilty of breach of fiduciary duty, Judge Kim Dong Oh of the Seoul Central District Court said. Chung will appeal the verdict, and continue to run the carmaker, while out on bail. (Bloomberg)