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October 31, 2006

CB Richard Ellis to buy Trammell Crow for $1.79b

CB Richard Ellis Group Inc., the largest commercial real estate services company in the world, has agreed to buy Texas-based Trammell Crow Co. for about $1.79 billion.
Both companies are among the most active real estate firms in the Boston area, CB Richard Ellis having about 350 employees in New England and Trammell Crow about 70 in Boston and a handful elsewhere in the region.
In 2003, CB Richard Ellis, based in Los Angeles, merged with another large real estate firm, Insignia/ESG, which also had a sizable office in Boston.
The company will be known as CB Richard Ellis. No one from the Boston offices of either CB Richard Ellis or Trammell Crow would comment.
But Joseph A. Callanan, Trammell Crow's regional director for the Northeast, who is based in Washington, D.C., said the merger will combine CB Richard Ellis's broad worldwide strength in leasing, managing, and selling property with Trammell Crow's strong record in managing the real estate operations of large companies, like Bank of America Corp.
"It becomes a really formidable enterprise," said Callanan.
Steven Iaco, cqdirector of corporate communications for CB Richard Ellis, said the industry is moving in a direction where big corporations want to hire global real estate firms that can handle all their needs, from finding space and preparing it for occupancy to selling buildings. (By Thomas C. Palmer Jr. Globe staff)

Posted by globebusiness at 6:02 PM | Comments (0)

Hill Holliday reportedly wins Novartis contract

Boston ad agency Hill Holliday has been selected to create ads for the hypertension drug Diovan by drug maker Novartis AG, the trade publication Adweek reported in its online edition today.

Adweek cited unidentified sources for the story, including sources who estimated that Novartis would budget $75 million or more to promote Diovan next year.

Hill Holliday declined to comment, and a call to the US public relations agency of Switzerland-based Novartis was not returned.

According to its website, Hill Holliday clients include Dunkin' Donuts, the CVS pharmacy chain, and insurance company Liberty Mutual. (By Chris Reidy, Globe Staff)

Posted by globebusiness at 5:41 PM | Comments (0)

Insurance companies settle with state over benefit violations

Attorney General Thomas F. Reilly announced settlements today with three health insurance companies that sold policies that violated state law mandating benefits. The companies -- UniCare Health and Life Insurance Co. , New England Life Insurance Co. , and John Alden Life Insurance Co. -- each paid $5,000 penalties, have agreed to ``change their behavior going forward,'' and will accept consumer reimbursement claims for mandated services, the attorney general's office said in a press release. UniCare will pay an additional $23,000 in restitution to consumers whose claims in two instances were denied for failing to cover pre-existing conditions and outpatient birth control, the office said.

Last week, Reilly's office sued another company, MEGA Life and Health Insurance Co., alleging that it failed to cover mandated benefits.
(By Christopher Rowland, Globe staff)

Posted by globebusiness at 5:40 PM | Comments (0)

Wired Digital buys Reddit.com

Wired Digital, the online home of Wired magazine and Wired News, said today it has acquired Reddit.com, a social aggregation news site that allows users to select and rank Web content and has been operated out of the Somerville apartment of several of its cofounders.

Terms of the deal were not disclosed, but plans call for Reddit to relocate to Wired headquarters in San Francisco; Wired's parent is publisher Conde Nast.

"Our goal will be to build Reddit as an independent company," said Kourosh Karimkhany, Wired Digital's general manager, who said that the fact that Reddit is drawing more than one million unique visitors per month was what made it so attractive to Wired.

Reddit has done a great job of an attracting an audience, he said; now the plan is to begin selling more advertising on the site.

Reddit cofounder Steve Huffman said in a statement, "We're excited about the opportunity to work with Wired Digital and to gain the resources to give us the freedom to accomplish many of the goals we've been dreaming about."

College roommates at University of Virginia, Huffman and Alexis Ohanian started Reddit in 2005 upon graduating; the pair, along with Reddit's other two cofounders, will continue to direct Reddit as Wired Digital employees, Wired Digital said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:26 PM | Comments (0)

Raytheon unveils "virtual" cockpit

Waltham defense contractor Raytheon Co. today unveiled a cockpit control system for unmanned aircraft that draws some inspiration from the gaming industry as a way to give the operator a "virtual" cockpit experience.

According to Raytheon, the first-of-its-kind unmanned-aerial-system cockpit increases operator efficiency and awareness while providing the ability to control multiple unmanned aircraft.

"We took the best-of-breed technologies from the gaming industry" and coupled them with Raytheon's 35 years of experience in unmanned aerial systems to develop a "universal cockpit built around the operator" with wrap-around displays, said Mark Bigham, business development director for Raytheon's intelligence-and-information systems business.

"We wanted to put the operator in the UAS cockpit virtually" as a way to "dramatically enhance his or her situational awareness," he said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:38 PM | Comments (0)

Boston group submits nonbinding bid for Tribune Co.

Two investor groups with Boston ties have submitted preliminary, nonbinding bids for Tribune Co., the company's flagship newspaper reported today.

One group consists of Fort Worth-based Texas Pacific Group and Boston-based Thomas H. Lee Partners, the Chicago Tribune reported, citing an unnamed person close to the situation. Another bid by Boston-based Bain Capital was also submitted.

Tribune spokesman Gary Weitman declined to comment today to The Associated Press on the report. The investor groups also declined comment.

The newspaper has reported that as many as four potential bidders could come forward.

Tribune executives, under pressure to boost the company's lagging stock price and declining circulation numbers, announced a restructuring effort in September.

But the nation's third-largest newspaper company isn't necessarily facing a wholesale dismantlement or sell-off. Analysts have said the company is more likely to sell some of the properties it has picked up in recent years.

Tribune's holdings include the Chicago Tribune, the Los Angeles Times, the Chicago Cubs, WGN-TV and several other media outlets.

It's unclear what value was placed on Tribune, but one unnamed source told the newspaper the offers likely will range from the current market price to "a modest premium." (AP)

Posted by globebusiness at 2:38 PM | Comments (0)

Bank of America names regional president for its Private Bank

Bank of America Corp.'s Boston-based global wealth and investment management division said today that Nina Charnley has been named Northeast regional president for the Private Bank of Bank of America, responsible for the New England territory and parts of New York. The company's Private Bank looks to strengthen the delivery of its wealth-management services.

As part of that effort, the company's Private Bank division is segmenting its territory into eight regions, up from four, so senior leadership is closer to wealth markets, the bank said.

"By having our client teams as well as their management in close proximity to wealthy clients and prospects for whom we advise and work with on a daily basis, we are in the best possible position to quickly anticipate and respond effectively to their needs," said Jane Magpiong, president of the Private Bank, in a statement.

The Private Bank of the Bank of America is part of the Bank of America Global Wealth and Investment Management division.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:34 PM | Comments (0)

Beal signs eight leases for One Kendall Square

Beal Cos., landlord of One Kendall Square, said today it has completed eight lease agreements for the 11-building campus in the East Cambridge neighborhood increasingly associated with life sciences companies.

Among new tenants are Pervasis, which is developing cell-based therapies that repair and regenerate tissues, and Merrimack Pharmaceuticals, which looks to innovate treatments for cancer and auto-immune diseases, Beal said.

Four current tenants have expanded the amount of space they're leasing, Beal said; they include Helicos, which specializes in developing instruments for sequencing DNA, and Idenix, which seeks to develop innovative treatments for infectious diseases.

"These new deals underscore the strength and vibrancy of the East Cambridge lab and office market," Beal vice president Robert Doherty said in a statement.

Beal of Boston and Rockwood Capital Corp. of Connecticut said in April that they had purchased One Kendall Square for $210.5 million.

One Kendall has about 660,000 square feet of rentable space, Beal said, and the lease agreements, which includes one renewal, accounts for 102,000 square feet.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:55 PM | Comments (0)

Philly law firms set up shop in Boston

Boston's legal landscape is becoming more crowded. The Philadelphia-based law firm Pepper Hamilton has opened a Boston office launched by former Foley Hoag partner Leonard Schneidman. The firm, which represents private equity firm Advent International Corp. -- with regional headquarters in Boston -- plans to expand to 20 lawyers by the end of next year.

Meanwhile, the Philadelphia personal injury firm Eisenberg, Rothweiler, Winkler, Eisenberg & Jeck has opened a two-lawyer Boston office, called MacDonald Rothweiler Eisenberg, started by former Robinson & Cole attorneys Alex H. MacDonald and Michael D. Lurie. The firm will specialize in national mass torts plaintiff work.

Also, Day, Berry & Howard, a Connecticut firm with an office in Boston, will become Day Pitney following its Jan. 1 merger with the New Jersey firm Pitney Hardin.
(By Sacha Pfeiffer, Globe staff)

Posted by globebusiness at 1:38 PM | Comments (0)

Winthrop Realty to sell 17M shares

Real estate investment trust Winthrop Realty Trust this week said it priced 17 million newly issued common shares at $6 per share.

The 17 million shares represents an increase by 2 million from the company's previously announced offering of 15 million shares. Delivery of the shares is expected to occur Friday, and the company has granted the underwriters a 30-day overallotment option to sell up to an additional 2.55 million shares.

"We will use the net proceeds of this offering for general corporate purposes and the acquisition of additional investments, including up to $50 million that we intend to contribute to our 111 Debt joint venture for the acquisition of additional loan obligations," Winthrop Realty said in a Monday filing with the Securities and Exchange Commission. 111 Debt Holdings LLC is a joint venture with Newkirk Realty Trust Inc.

Following the offering, the company will have more than 62.8 million shares outstanding. (AP)

Posted by globebusiness at 12:23 PM | Comments (0)

Loss widens at NxStage Medical

Medical device maker NxStage Medical Inc. said today that its third-quarter loss widened on increased expenses.

The company's loss grew to $9.6 million, or 34 cents per share, from a loss of $6.6 million, or $2.57 per share, in the prior-year period.

The per-share results were hurt by a more than 10-fold jump in the number of shares outstanding. The company went public last October.

NxStage, which is based in Lawrence, said increased sales and marketing spending and distribution costs for the launch of System One in the chronic home hemodialysis market hurt this year's results. The company also had a stock-based compensation charge of $771,000.

Quarterly revenue more than tripled to $5.5 million from $1.5 million last year, meeting analysts' expectations. The company saw strong performances in both its critical care market and chronic market segments.

NxStage said it expects a fourth-quarter loss in the range of $10 million to $10.5 million, or between 36 cents and 38 cents per share, including stock-based compensation charges of $600,000 to $800,000. Quarterly revenue is seen between $6.3 million and $6.8 million.

Its full-year loss is seen between $39 million and $40 million, or $1.57 to $1.61 per share, assuming a stock-based compensation expense between $2.7 million and $3 million. Full-year sales are seen at $20 million, up from its previous guidance of $19 million. (AP)

Posted by globebusiness at 12:19 PM | Comments (0)

Biogen shares soar on earnings report

Shares of Biogen Idec Inc. soared this morning after the Cambridge biotechnology company announced an 18 percent jump in third-quarter revenues to $703 million from $596 million a year ago. Excluding costs from Biogen's merger with Idec, several acquisitions, and employee stock options, earnings per share increased 67 percent to 60 cents, compared with the same quarter a year ago.

The company said sales of Tysabri, its multiple sclerosis treatment that returned to the market last summer after safety scares, were $8 million for the quarter. Sales of its long-time cash cow Avonex, another treatment for MS, grew 19 percent to $445 million.

Biogen Idec also raised its prediction for earnings per share for the full year to $2.20. Previously, it had predicted annual earnings of between $1.95 and $2.10. The annual estimates exclude the merger and other costs.

In late-morning trading, Biogen Idec shares reached $46.94, a gain of $3.03, or about 7 percent. Volume of 5.4 million shares is already double the stock's 50-day average.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 12:03 PM | Comments (0)

Wave Systems stock offer raises $9.6M

Security software and services company Wave Systems Corp. said today that its stock offering is priced to raise proceeds of $9.6 million.

The company, which is based in Lee, Massachusetts, said it agreed on Monday to sell about 3.5 million shares at $2.73 apiece, which was the stock's closing price on Oct. 27.

Wave said net proceeds of $9.1 million will be used to fund its ongoing operations. (AP)

Posted by globebusiness at 11:37 AM | Comments (0)

Boston Scientific names patient safety officer

Boston Scientific Corp., the Natick medical device maker and the region's most valuable life sciences company, said today it has appointed Steven Zelenkofske to be the patient safety officer for the cardiac rhythm management business it acquired earlier this year as part of its $27 billion purchase of Guidant Corp.

Zelenkofske was a senior director with Novartis Pharmaceuticals.

"Steve's energy and passion for improving the lives of patients, along with his leadership experiences within the cardiovascular industry, make him an excellent choice," executive vice president Fred Colen said in a statement.

Boston Scientific gets much of its revenue from stents used in heart-repair procedures, but that part of the company's business will not be within Zelenkofske's purview, a company spokesman said.

In April, Boston Scientific bought Guidant, an Indiana company that makes defibrillators; doctors have appeared to be growing more hesitant to implant the devices because of a series of product recalls connected to several patient deaths.

Zelenkofske will be focusing on the defibrillator and pacemaker portion of the company's business, the spokesman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:28 AM | Comments (0)

Haemonetics chairman retires

Haemonetics Corp., a Braintree company engaged in the design and manufacturing of automated blood processing systems, said today that its chairman, Ronald A. Matricaria, has decided to retire from the company at the end of the year to "spend more personal and professional time on the West Coast."

Ron Gelbman, a board member since 2000, was elected lead director, effective immediately, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:29 AM | Comments (0)

Dyax licenses its library to Seattle drugmaker

Dyax Corp., a Cambridge biopharmaceutical company, said today that it has granted a non-exclusive license to its library of antibodies to Seattle drugmaker ZymoGenetics Inc.

ZymoGenetics is the latest company Dyax has issued non-exclusive licenses to; these companies use the Dyax library in hopes of getting leads to drug candidates for the diseases they are targeting treatments for.

Under the agreement with ZymoGenetics, Dyax will receive upfront and annual technology license fees, clinical milestone payments, and royalties on net sales of products that may result of ZymoGenetics use of the Dyax library, Dyax said.

Dyax chief executive Henry E. Blair said in a statement, "Our committed business development team has been successful in actively building Dyax's licensing and funded research program, which allows us to generate near-term revenue as well as potential milestones and royalties on future products."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:07 AM | Comments (0)

Logan expands reserved parking program

The new reserved parking program at Logan International Airport will expand to include space in the central garage Wednesday, as well as the spaces already reserved in the Terminal B garage, Logan spokeswoman Danny Levy said today.

The program guarantees people who sign up for a so-called PassPort Gold account, which requires a $200 up-front payment, a parking space in either garage, for a $5 daily premium over the normal $24-a-day parking fee.

The Massachusetts Port Authority, which runs Logan, says more than 600 people have signed up for the program so far and it expects enrollment to jump to 2,000 after spaces become available in the main garage, which will make the program more convenient for passengers flying on Delta from Terminal A, airlines including AirTran, Continental, JetBlue, and United in Terminal C, and international flights leaving from Terminal E.

PassPort Gold members do not have to call ahead to reserve a space. Based on projected demand each day, Logan workers move around signs and stanchions to make sure there are enough spaces in the reserved area for PassPort Gold members and promise to park them in a valet lot if spaces aren't available in the reserved zone. Massport expects construction to finally be completed in the central garage by January, producing a net gain of 2,880 new parking spaces, a 25 percent increase from 2002.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 10:02 AM | Comments (0)

They're multiplying: iRobot reveals robot network project

Hollywood starlets rate publicity photos, and so do new projects from iRobot Corp., the Burlington company that makes the Roomba robotic vacuum cleaner and the PackBot, a tactical mobile robot that military personnel can use for such missions as scouring caves for ammunition.

Today iRobot unveiled its first public photo of a new project in development, code-named Sentinel; Sentinel is a new networked technology that will allow a single operator to simultaneously control and coordinate multiple semi-autonomous robots via a touch-screen computer, the company said.

The Sentinel system includes intelligent navigation capabilities that enable the robots to reach a preset destination independently and overcome obstacles along the way without intervention from the operator.

According to iRobot, these capabilities will allow warfighters and first responders to use teams of PackBots to conduct surveillance and mapping of dangerous territory without a US soldier ever having to set foot in the hostile environment.
(By Chris Reidy, Globe staff)

The iRobot Sentinel system

Posted by globebusiness at 9:31 AM | Comments (0)

Pumpkin eggnog, anyone?

Chelsea dairy-products company HP Hood has just unveiled two "limited-edition flavors" of an old holiday favorite, hoping to introduce eggnog aficionados to new frontiers.

Hood said this year's flavors are Pumpkin EggNog and Cinnamon EggNog, both concocted from the company's proprietary recipe.

The recipe involves a unique combination of nutmeg and "rum flavoring," among other ingredients, Hood said.

Eggnog purists needn't fret; Hood's traditional line of eggnog offerings will also be available during eggnog season, which Hood describes as November through January.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:40 AM | Comments (0)

Iron Mountain slumps

Iron Mountain Inc., a records storage and data management company, said today that its third-quarter profit slumped 27 percent as higher costs offset increased revenue.

Net income sagged to $26.6 million, or 20 cents per share, versus $36.4 million, or 27 cents per share, in the year-ago period.

This year's results were hurt by $1 million, or a penny per share, in charges related to early debt extinguishment associated with the company's financing activities, partially offset by foreign currency gains on the strong British pound sterling. Last year's results were helped by $7 million, or 3 cents per share, in foreign currency gains on strength in the Canadian dollar.

Total operating costs rose to $498.5 million from $424.3 million last year.

Revenue for the quarter gained 13 percent to $595.6 million from $526.5 million in the prior year. Sales in its storage segment increased 14 percent to $338.3 million from $296.8 million.

Iron Mountain, based in Boston, said it sees fourth-quarter revenue in a range between $594 million to $609 million, and raised its full-year sales outlook to between $2.34 billion and $2.35 billion. It previously predicted sales between $2.3 billion and $2.35 billion. (AP)

Posted by globebusiness at 8:36 AM | Comments (0)

Profit surges at Biogen

Biotechnology company Biogen Idec Inc. said today that strong drug sales allowed it to beat Wall Street's expectations for third-quarter profit.

Net income grew to $156.6 million, or 45 cents per share, from $27.2 million, or 8 cents per share, a year ago, when the company incurred hefty merger and restructuring costs. Excluding one-time charges and stock option expenses, the company reported a profit of 60 cents per share for the latest quarter.

Revenue rose 18 percent to $703.5 million from $596.2 million in the same period last year, driven by sales of multiple sclerosis drug Avonex, which grew 19 percent to $445 million, and sales of arthritis treatment Rituxan, which increased by 12 percent to $204 million from last year.

The Cambridge-based company also raised its earnings forecast above $2.20 per share for the year, excluding items. Previously, the company forecast earnings of $1.95 to $2.10 per share. Analysts had forecast earnings of $2.09 per share. (AP)

Posted by globebusiness at 8:34 AM | Comments (0)

American Superconductor sending cables to China

American Superconductor Corp., an energy technology company in Westborough, said today it has signed a strategic business alliance with Shanghai Electric Cable Research Institute, a research and standardization institute for China's wire and cable industry.

The new alliance will develop and promote the use in China of high-temperature superconductor power cables, known as HTS, to help transmit and distribute increasing quantities of electric power, American Superconductor said.

Under the terms of the alliance, American Superconductor will be the preferred supplier of HTS wire to the institute and the recommended preferred HTS wire supplier to the institute's cable manufacturing licensees, the company said.

"We see this agreement as the path to near-term adoption of HTS products in the expanding Chinese energy market," American Semiconductor chief executive Greg Yurek said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:20 AM | Comments (0)

October 30, 2006

Alnylam shares benefit from Merck's purchase of Sirna

Shares of Alnylam Pharmaceuticals Inc., a Cambridge drug developer, soared in after-hours trading today when Merck & Co. said it was buying rival Sirna Therapeutics Inc. for $1.1 billion in cash. Alnylam and Sirna are both trying to develop drugs using RNA interference, or RNAi, a research technology that garnered a Nobel prize this year. Merck's deal for Sirna, announced after the market closed, would leave Alnylam alone as the leading independent developer of RNAi drugs. Alnylam shares, which closed today at $16.60, quickly jumped 23 percent to $20.50 in after-hours trading.
(By Stephen Heuser, Globe staff)

Posted by globebusiness at 6:21 PM | Comments (0)

R.I.'s APC bought for $6.1 billion

French electric equipment maker Schneider Electric SA said today that it is buying American Power Conversion Corp. for $6.1 billion in cash, expressing confidence that it can help the West Kingston, R.I. maker of backup power equipment recover from falling profit that led to job cuts.

News of the deal sent shares of APC up nearly 27 percent in afternoon trading to the stock's highest level in more than six years.

Schneider said APC's profitability had "dramatically deteriorated" on a series of bad investments in larger power systems.

But the French company, which is already outsourcing some of its own production to lower-wage countries, said it was "confident" it could turn APC around. Schneider highlighted the U.S. company's production capacity in Asia, where it currently generates 18 percent of its sales.

With 7,600 employees, APC generated $1.98 billion in sales in 2005. Small power systems, such as uninterruptible power supplies and surge protectors, account for about three-quarters of its business.

But the company's operating margin -- earnings before interest and tax as a share of revenue -- fell to 9.4 percent last year from 15.6 percent in 2003.

The company made job cut announcements in June and September affecting a total 7 percent of its work force, or 580 positions worldwide.

Walter Nasdeo, a managing director at Ardour Capital Investments who follows the company, said APC stock had been languishing and its shareholders worried that the company's expenses were outpacing its revenue growth.

Schneider plans to combine APC with its own MGE UPS Systems subsidiary, generating annual cost savings of $220 million, some 70 percent of which will be achieved within three years, Schneider said.
(AP)

Posted by globebusiness at 4:33 PM | Comments (0)

Feel that movie! Hanover firm bringing multimedia to your seat

Fasten your seatbelts, movie goers and video gamers; you're about to experience some major turbulence even while on terra firma.

Inteset LLC, a Hanover firm that makes high-end home theater systems, said today that it has teamed up with a Canadian firm that, in essence, has developed high-tech rumble seats that shimmy and shake when viewers are watching "motion-encoded" movies and TV shows.

With its "Custom Motion Platform seating solutions," viewers can feel "the rush of flight, the bumps in the road, and the pulse of ocean swells," according to D-Box Technologies Inc.' website, and Inteset said today that its home theater equipment is now compatible with D-Box's motion simulators.

Based in the province of Quebec, D-Box said its technology uses motion codes specifically programmed for each film or video game so that motion is synchronized with on-screen action.

What's billed as "the next dimension of your cinematic experience" does not come cheap.

An Inteset spokeswoman said the company's home theater systems can range in price from $5,000 to $25,000.

D-Box seating is extra. A call to D-Box was not immediately returned.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:53 PM | Comments (0)

Manchester? Portland? AirTran asks N.E. consumers for expansion advice

Discount carrier AirTran Airways, looking to decide where to expand service next, is letting people cast votes through a Web-based survey tool -- and five airports around New England are among the 49 possible choices people can vote on.

Within this region, AirTran currently flies only in and out of Logan International Airport, with direct flights from Logan to nine destinations. AirTran currently serves 52 total destinations in the U.S. and Caribbean.

Through its contest at airtran.com/nextcity, the airline is letting people vote to make one of its future destinations Bradley International in Windsor Locks, Conn.; Burlington International in Vermont; Manchester Boston Regional Airport in New Hampshire; Portland International Jetport; or T.F. Green State Airport in Warwick, R.I., outside Providence.

"The input we receive certainly will factor into decisions on where we add" future service, AirTran planning vice president Kevin Healy said in a prepared statement. From Logan, AirTran now flies direct to Akron/Canton, Atlanta, Baltimore Washington International Thurgood Marshall Airport, Chicago Midway, Fort Lauderdale, Fort Myers, Fla., Newport News, Philadelphia, and Rochester, N.Y. and plans direct service to Orlando starting Dec. 21.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 3:04 PM | Comments (0)

Accenture moving Mass. office to Prudential Tower

The global management and consulting firm Accenture is relocating its Massachusetts office in Wellesley to 35,144 square-feet of office space in Boston's Prudential Tower, Accenture's broker, Meredith & Grew, said today. Boston Properties Inc. is the Prudential Tower's landlord.

According to Boston Properties' website, Prudential Tower has just under 1.2 million square feet of rentable space.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:48 PM | Comments (0)

Psychemedics profit climbs on revenue

Psychemedics Corp., which performs hair testing services to detect drug use, said today that its third-quarter profit increased 43 percent on higher revenue and cost controls.

Net income climbed to $1.4 million, or 27 cents per share, compared to $983,000, or 19 cents per share, during the same period last year.

Quarterly revenue rose 19 percent to $6.4 million from $5.4 million a year ago.

The company also declared a regular quarterly dividend of 12.5 cents. The dividend will be paid on Dec. 22 to shareholders of record Dec. 8. (AP)

Posted by globebusiness at 2:20 PM | Comments (0)

Verizon wires five more towns with FiOS

Verizon Communications Inc. said today that it is offering its FiOS TV service to five new Massachusetts communities and that the service is now available to just over 100,000 Bay State households.

Verizon said the service is now available in Acton, Andover, Hopkinton, Lincoln, and Nahant; Verizon describes the FiOS TV as "an alternative to monopoly cable giants."

"FiOS TV gives consumers an outstanding, superior alternative for their video entertainment," Donna Cupelo, Verizon region president for Massachusetts and Rhode Island, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:46 PM | Comments (0)

Hays named Nursing dean at Regis College

Regis College of Weston said today it has named Antoinette Hays the dean of its new School of Nursing and Health Professions.

Hays appointment is effective immeditately; Hays' previous title was codirector of the Regis College Center for Nursing, Regis College said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:37 PM | Comments (0)

Citizens buys Illinois bank

Citizens Financial Group, parent of Citizens Bank of Massachusetts, said today it has agreed to acquire a small Illinois bank to expand the presence of an Ohio bank Citizens owns in Illinois and Greater Chicago.

The sales agreement calls for Citizens of Providence to pay $180 million to buy GreatBanc Inc., which has total assets of $1.2 billion.

The price represents a premium to deposits of just over 12.5 percent, and the sale is expected to close in early 2007, Citizens said.

In 2004, Citizens disclosed plans to acquire Charter One Bank, which is headquartered in Ohio.

The GreatBanc acquisition will make Charter One the fourth largest commercial banking operation in Greater Chicago, Citizens said.

"Chicago is an important growth market for us," Citizens chief executive Lawrence K. Fish said in a statement.

Citizens Financial Group is owned by the Royal Bank of Scotland.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:45 AM | Comments (0)

ClearForest partners with Avon Foundation on breast cancer research

ClearForest Corp., Waltham provider of text analytics, said today it has partnered with the Avon Foundation Comprehensive Breast Evaluation Center to accelerate and improve breast cancer research initiatives.

According to ClearForest, its text analytics are a big step forward from the current methods of analyzing medical records, which are time-consuming and costly.

Working together, ClearForest and the center plan to take a set of 30,000 pathology reports from biopsies previously analyzed for the presence of breast cancer and see whether text analytics can identify those who have cancer and those who have high-risk lesions in the breast.

The Avon center is affiliated with Massachusetts General Hospital.

ClearForest described the work with the center and MGH as a "pro bono initiative."
(Chris Reidy, Globe staff)

Posted by globebusiness at 11:26 AM | Comments (0)

New England Realty urged to convert to a REIT

New England Realty Associates LP said today that it received a letter from its largest shareholder urging it to convert to a real estate investment trust or be sold.

The company's stock hit a fresh 52-week high on the news. Shares of New England Realty gained $12, or 17 percent, to $81 in midday trading on the American Stock Exchange, down from its high of $83.50 earlier in the session. The stock had previously traded in a 52-week range between $66.10 and $80.

Mercury Real Estate Advisors LLC, an affiliate of real estate investment management company Mercury Partners LLC, said in the letter that the company "should be liquidated or converted into a more traditional REIT structure as soon as practicable."

New England Realty is managed by general partner NewReal, which is own by Ronald and Harold Brown, respectively, the president and chief financial officer of New England Realty.

Mercury claimed that the company is not partial to a change due to Harold Brown's personal estate planning goals.

"We have been told repeatedly that Mr. Brown views the partnership as his personal estate planning vehicle and that he could not replicate the positive estate tax treatment he currently enjoys with the partnership structure if New England Realty Associates were to convert to REIT status," the letter stated.

Mercury said New England Realty's portfolio of Boston area multifamily complexes "would be highly valued in a more coveted REIT structure or eagerly sought after by public REITs and institutional buyers if placed for sale on the market."

Mercury also said New England Realty's limited partnership structure is causing it to miss out on institutional investors due to the "awkward tax structure and the requirement of filing annual tax Form K-1's."

Mercury requested a meeting with New England Realty's independent board members to review options.

Carl Valeri, assets manager with New England Realty, said in a statement that the company has received the letter and will respond when appropriate. (AP)

Posted by globebusiness at 11:20 AM | Comments (0)

Victaulic opens distribution center in Mansfield

Victaulic, a Pennsylvania company that makes mechanical pipe joining systems, disclosed today the grand opening of a 35,000 square foot distribution center in Mansfield that is designed to serve its New England markets.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:45 AM | Comments (0)

Schilling's game company rents space in Maynard

Green Monster Games LLC, an on-line video gaming company launched by Red Sox pitcher Curt Schilling, has leased 30,000 square feet of office space at 5 Clock Tower in Maynard, a broker on the transaction, CB Richard Ellis/New England, said today.

"If you're in technology and value great service, Clock Tower Place is a fabulous location for your business," Schilling said in a statement.

CB Richard Ellis represented the owner of Clock Tower Office Place, Wellesley Management Co., and Casler and Co. represented Green Monster Games.

Schilling, who has the reputation of being an avid gamer, was the keynote speaker for a recent program on the gaming industry sponsored by the MIT Enterprise Forum.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:36 AM | Comments (0)

Forrester: online holiday sales will rise 23 percent

Online holiday retail sales should rise 23 percent this year to $27 billion, Forrester Research Inc., a Cambridge market research company, said today.

In a survey of nearly 4,000 consumers, almost 20 percent said the Internet will be the place where they shop the most during the holidays, a period that Forrester defines as between Thanksgiving and Christmas.

But many of those surveyed expressed disappointment over last year's on-line shopping experience; for example, 15 percent said the received orders late, and many others said the process of returning an item was a hassle, the report found.

"To maximize on-line retail sales this year, eCommerce executives must recognize that everything consumers experience after they reach a confirmation page is just as important as everything that happens prior," Forrester said in its report.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:35 AM | Comments (0)

Genzyme to dispute new Synvisc Medicare and Medicaid pay codes

Biotech drugmaker Genzyme Corp. said today that it will try to prevent the Centers for Medicare and Medicaid Services from cutting reimbursement levels of its Synvisc osteoarthritis treatment.

The company, which is based in Cambridge, said it will dispute a decision by the CMS to begin reimbursing Synvisc at the same level as all other viscosupplementation products. Viscosupplementation is a procedure where a thick liquid is injected into the knee joint to provide cushioning. Osteoarthritis occurs when the cushioning in the joints degenerates, causing pain.

Genzyme forecast Synvisc sales of $255 million to $265 million this year. In 2005, sales of the drug accounted for $219 million of the company's $2.7 billion in revenue.

Since 1999, Synvisc has had its own reimbursement code, separate from other viscosupplementation products. The new code will place the reimbursement for Synvisc well below its market price, the company said. The current codes will remain in effect until January.

Genzyme said it will appeal the code change with the CMS and with other federal officials, and will take legal action if necessary. The company argues that Synvisc has a higher molecular weight than other products and lasts longer in the knee. (AP)

Posted by globebusiness at 9:28 AM | Comments (0)

MTV closes $175 million buy of Harmonix

Media conglomerate Viacom Inc. said today that its MTV music network closed its $175 million purchase of video-game maker Harmonix Music Systems Inc.

The deal was first announced Sept. 22.

Harmonix, based in Cambridge, Mass., developed the Guitar Hero game for Sony's PlayStation 2 gaming console.

Shares in Viacom, whose properties include cable networks and movie studios, fell 30 cents to $39.63 in morning trading on the New York Stock Exchange. (AP)

Posted by globebusiness at 9:25 AM | Comments (0)

Repligen starts clinical study of pancreatitis drug

Repligen Corp., a Waltham biopharmaceutical company that specializes in developing therapeutics for diseases that affect the central nervous system, said today that it has started a clinical study to evaluate the usefulness of RG1068, synthetic human secretin, in tests designed to detect pancreatitis in its early stages.

The secretin would be used when patients are having an MRI, or magnetic resonance imaging, of the pancreas.

"If successful, secretin-stimulated assessment of pancreatic function could provide a unique and complementary method to current radiology practice in the early detection and diagnosis of chronic pancreatitis," chief executive Walter Herlihy said in a statement. "We believe there are more than 100,000 patients in the United States who could benefit from the use of secretin-enhanced MRI."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:16 AM | Comments (0)

Boston Globe daily circulation down 7 percent

The Boston Globe's daily circulation fell 7 percent to 386,415 and its Sunday circulation dropped 10 percent to 587,292 for the six month period that ended Sept. 30, when compared to the same six-month period in 2005, according to estimates released today by the Audit Bureau of Circulations.

Daily circulation for the Boston Herald fell 12 percent for the period to 203,552, and Sunday circulation was down 13 percent to 115,214, the bureau reported.

Newspapers have been suffering as readers and advertising dollars have moved to the Internet.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:42 AM | Comments (0)

J. Calnan to expand Acceleron's Cambridge office

J. Calnan & Associates, a Quincy construction firm, said today it has been hired by the biopharmaceutical company Acceleron Pharma to expand and renovate a portion of the company's lab and office space in Cambridge.

Plans call for building 2,400 square feet of additional lab space and renovating 2,200 square feet of office space, Calnan said.

Acceleron Pharma is involved in the development of regenerative therapeutics, especially those that focus on metabolic and musculoskeletal diseases.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:58 AM | Comments (0)

Intrusic raises $8M to develop internal threat intelligence products

Intrusic Inc., a Burlington firm that provides products to combat internal threats to a company's or an agency's intelligence assets, said today that it has raised $8 million in new funding from investors.

The financing round was led by North Bridge Venture Partners, a Boston venture capital firm.

According to Intrusic, its technology helps organizations quickly and accurately identify malicious or inadvertent activities that affect business, security policies, and regulatory compliance.

"Over 70 percent of losses originate from insiders," noted Michael Skok, general partner at North Bridge, in a statement.

"This additional funding will enable Intrusic to more rapidly develop and distribute its award-winning product and new services offerings to help companies address the internal threat and improve their overall security posture," James Mobley, Intrusic chief executive, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:40 AM | Comments (0)

TA Associates buys Spanish online travel agency

TA Associates, a private equity firm with offices in Boston, said Sunday it has completed a leveraged buyout of Spain-based eDreams, an online travel company, for 153 million euros, or roughly $195 million.

TA said that this was its first investment in Spain and that the leveraged buyout provides for the purchase by TA and eDreams' current management of 100 percent of shares of the company from shareholders.

According to TA, eDreams' 2006 sales are expected to exceed 300 million euros, or $382 million, and eDreams has the largest market share in Southern Europe of any online travel agency.
(Chris Reidy, Globe staff)

Posted by globebusiness at 7:32 AM | Comments (0)

VFA lands $3M in funding

VFA Inc., a Boston provider of services and solutions for facilities capital planning and asset management, said today that it has received a $3 million infusion of additional funding from current investors.

That amount included $1.8 million from Edison Venture Fund, a private equity firm with offices in New Jersey, Pennsylvania, and Virginia.

VFA provides services and solutions to healthcare and financial-services companies as well as to government agencies.

"The continued investment of our shareholders is a testament to the common vision we share, the strong demand for capital management solutions, and their confidence in VFA's ability to capitalize on this market opportunity," VFA chief executive Jerry Kokos said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:27 AM | Comments (0)

October 27, 2006

Harvard expected to buy Lincoln Street warehouse building

Harvard University is negotiating to buy the former Casey & Hayes warehouse building that has sat empty on Lincoln Street on the north side of the Massachusetts Turnpike in Brighton for years, according to a real estate executive who was briefed on the deal and asked not to be identified.

A purchase, for around $17 million, is expected soon, as the owner, a company controlled by the Marshall Field family of Chicago, appears ready to sell off the 330,000-square-foot building dating back to 1914.

The local real estate firm Cabot Cabot & Forbes, which until recently was controlled by the Field group, tried to turn the building into a telecom center, and later a biotech office and lab complex, even giving it a new facade.

But the high-tech industry collapsed, and biotech firms chose to stay closer to Cambridge in newer facilities. Neither the expected buyer nor the seller would comment yesterday.
(By Thomas C. Palmer Jr., Globe staff)

Posted by globebusiness at 6:50 PM | Comments (0)

Globe, union reach tentative contract accord

Top executives of The Boston Globe and the Boston Newspaper Guild Local 31245, representing newsroom, advertising-office, and other employees, said they have reached an 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 identical to the contract that got 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 will receive pay raises in 2007-08, and it would increase its per-year contribution to the union health insurance fund by $50,000, or over 10 percent. The New York Times Co. owns the Globe.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 6:28 PM | Comments (0)

Number of passengers at Logan down in September

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, Logan's passenger volume is up 1.7 percent, according to figures released today by the Massachusetts Port Authority, which runs Logan.

An overall 3.7 percent growth so far this year in the number of passengers flying domestic jets continues to drive Logan's growth and has more than offset drops in international travel, in particular a 43 percent plunge in passenger volume to Central and South America following reductions earlier this year in service to Mexico City and other Latin American destinations.

Air freight and package shipments at Logan continue to remain sharply depressed compared to last year, Massport said, apparently because the continued lane closures in the Interstate 90 connector tunnels after the July 10 ceiling collapse that killed Milena Del Valle of Jamaica Plain are encouraging air-freight companies to shift business elsewhere. Domestic express and small package shipments at Logan dropped 14.7 percent in September from a year earlier, driving a total 13 percent drop in overall express and freight volume handled at the East Boston airport.

For the first three quarters, Logan's total freight business is down 8.5 percent. (Peter J. Howe)

Posted by globebusiness at 4:31 PM | Comments (0)

Raytheon delists from two exchanges

Waltham defense company Raytheon Co. disclosed plans to withdraw its common stock from listing on NYSE Arca Inc., which was formerly known as the Pacific Exchange, and from the Chicago Stock Exchange in order to reduce regulatory and administrative burdens.

Raytheon said its common stock will continue to trade on the New York Stock Exchange.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:30 PM | Comments (0)

iRobot shares fall with downgrade

Shares of iRobot Corp., maker of automated vacuums and military products, took a hit in afternoon trading today, a day after the company posted a 3 percent increase in third-quarter income but was downgraded by a Raymond James analyst.

On Thursday the company posted third-quarter income of $10 million, or 39 cents per share, up from $9.8 million, or 40 cents per share, last year. Earnings per share slipped as the number of outstanding shares increased to 25.5 million, up from 12.6 million in the year-ago period.

Revenue for the quarter was $55 million, up 5 percent from $52.5 million last year.

Looking forward, the company lifted the bottom-end of full year sales guidance to a range of $185 million to $192 million, up from previous guidance for $182 million to $192 million. Analysts are expecting $190.1 million in sales.

Raymond James analyst Brian Gesuale cut his rating on the stock to "Market Perform" from "Outperform," based on concern that the stock's performance, as opposed to the company's market position or long-term prospects.

"With a growing likelihood that fourth-quarter reverts back to negative earnings, we believe investors may have to wait until the third-quarter 2007 to see profits -- a time that will likely begin to weigh on the investor psyche," Gesuale wrote in a note to clients.

JP Morgan analyst Paul Coster, who has an "Overweight" rating on the stock, said results beat his estimates for earnings of 6 cents per share on $47.9 million in sales. While a one-time benefit of $2.5 million from a settlement was included, Coster said the company still would have delivered a better than expected quarter because of its performance.

"The upside surprise originated largely in stronger than anticipated Roomba/Scooba (consumer vacuum products) shipments leading to $5 million of segment revenue upside, and stronger than anticipated PackBot (a product used in combat) shipments, and higher aggregate margins," Coster wrote in a note to investors.

Still, investors seemed hesitant as the broader market stayed in negative territory and oil prices drifted higher. Shares of iRobot dropped 61 cents, or 2.6 percent, to $22.54 in afternoon trading on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 2:08 PM | Comments (0)

Mass. economy growing at twice the rate of US

The Massachusetts economy, boosted by demand for technology products, expanded in the third quarter at twice the rate of the US, the University of Massachusetts reported.

The state's economy grew at an estimated 3.4 percent annual rate in the three-month period ended September 30, compared to a preliminary estimate of 1.6 percent nationally, UMass reported. It was the second consecutive quarter in which state economic growth outpaced the nation, and the third straight quarter of solid growth above a 3 percent annual rate.

Wage growth, meanwhile, has been strong, helping offset rising energy prices and a weakening housing market, said Alan Clayton-Matthews, the UMass-Boston professor who did the analysis. Based on withholding taxes collected by the state, per-worker wages rose 4.7 percent over the past year, twice the rate of inflation for that period, Clayton-Matthews estimated.

"The state has experienced the strongest growth since the recession," Clayton-Matthews said, "lifted by worldwide demand for its technology and science-based products."
(By Robert Gavin, Globe staff)

Posted by globebusiness at 1:16 PM | Comments (0)

Raytheon chooses IBM and ANTs

IBM Corp. and ANTs Software Inc. said today that they have been selected by Raytheon Co., the Waltham defense contractor, to provide software for the detail design and integration phase of the US Navy's DDG 1000 Zumwalt-class destroyer program.

The companies said they will work with Raytheon to develop software for shipboard electronic and combat systems.

Under a Navy contract, Raytheon serves as the prime equipment integrator for those systems, the companies noted.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:01 PM | Comments (0)

Newkirk Realty earns $19.8M

Newkirk Realty Trust Inc. (NKT) third-quarter net income was $19.8 million, or $1.02 a share, on total revenue of $53.2 million.

The Boston-based real estate investment trust, which was formed in 2005, said third-quarter funds from operations were $8.1 million.

Newkirk's net income from continuing operations was 20 cents a share, the company said. (Dow Jones)

Posted by globebusiness at 12:55 PM | Comments (0)

Forrester forum promotes "human-centric" digital design

The headline from a two-day forum in Chicago was that "humanizing the digital experience" results in financial returns for marketers and e-commerce companies using websites and other digital options, Forrester Research of Cambridge said today.

At the Forrester-sponsored forum, the technology and market research firm said it unveiled the idea of "experienced-based differentiation as an analytical framework that allows companies to differentiate their products, services, and channels through compelling customer experiences."

Compelling digital experiences needed to be grounded in a simple question, Forrester said: "Is the human benefit more visible than the cutting edge technology?"

In a statement, Forrester vice president Harley Manning said, "We are typically seeing human-centric design projects paying off in under a year, whether they are focused on a website, interactive voice response, or kiosk channels."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:36 PM | Comments (0)

Sermo partners with University of Pennsylvania

Sermo, a Cambridge-based on-line community for doctors, said today it has partnered with the University of Pennsylvania's Center for Bioethics so it can expand the development of ethical guidelines for Sermo and its users.

Sermo, which according to Sermo means "conversation" in Latin, said it will work with the center and Arthur Caplan, the center's founding director, to develop an ethics council.

In addition, Sermo indicated that it expects this partnership to be the first in a series of efforts to collaborate with the nation's top life science and medical experts.

"The partnership with Dr. Caplan and the University of Pennsylvania is one of many steps Sermo is taking to ensure we are building appropriate means to handle information that can substantially affect the public health," Sermo chief executive Daniel Palestrant said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:05 AM | Comments (0)

TA buys into wireless provider in India

TA Associates, a buyout and private equity firm with headquarters in Boston, said today it has completed a "significant minority investment" in Idea Cellular Ltd., a provider of wireless communications services in India.

Terms of the transaction were not disclosed.

India is "the fastest growing wireless market in the world," according to C. Kevin Landry, TA's chief executive.

"This is TA's first foray into Asia, and we are very pleased to bring our communications experience to bear in this market," he said in a statement, which noted that TA has made several investments in the communications sector.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:44 AM | Comments (0)

Idenix posts wider loss

Idenix Pharmaceuticals Inc., a Cambridge drug maker, today reported a wider third-quarter loss and added that preliminary data showed encouraging signs for its hepatitis C drug candidate.

Idenix reported a third-quarter loss of $19.7 million, versus a $13.7 million loss a year ago, as revenue jumped 26 percent to $19.6 million.

Idenix said expenses, such as research-and-development costs, rose sharply.

Earlier this week, Idenix received approval for a hepatitis B drug, and today it said that its hepatitis C drug candidate is showing signs of effectiveness, according to interim data from a midstage study.

The midstage study showed that the drug candidate suppressed the virus with a low rate of side effects after 24 weeks of treatment, the company said. (AP)

Posted by globebusiness at 9:57 AM | Comments (0)

Vertex study shows good hepatitis results

Biotech drug developer Vertex Pharmaceuticals Inc. said today that its treatment for hepatitis C reduced the virus to undetectable levels in a vast majority of patients in early-stage clinical trials.

In one trial, investigators found that telaprevir, or VX-950, suppressed both wild-type and resistant variant of hepatitis C virus when combined with pegylated interferon.

Investigators also found that after 24 weeks of treatment in two early-stage clinical trials, 24 out of 26 patients did not have detectable levels of the virus, and that levels remained undetectable in some patients even after therapy was discontinued. (AP)

Posted by globebusiness at 9:07 AM | Comments (0)

Zoom's Tijuana move paying off

Zoom Technologies Inc., the Boston modem manufacturer that has just moved its Summer Street production operation to Tijuana to cut costs, said today that its third quarter loss narrowed to $800,000, from $1.4 million a year ago.

Sales for the third quarter were $3.5 million, down 33 percent, Zoom said.

"The Q3 numbers include the effect of several major changes, all of which should be beneficial to future quarters," chief executive Frank Manning said in a statement. "The move of our Boston production operation to Tijuana was and continues to be a Herculean effort."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:53 AM | Comments (0)

New product from WSI forecasts the forecasts

Alert Dickie the weatherman! Get Mish and Barry on the blower! WSI Corp., an Andover firm that provides weather-driven business solutions, unveiled a new technique today that predicts the forecast of future weather model runs.

The company said its WSI MarketFirst product is a "forecast of a forecast," rather than a forecast of the weather; in other words, this product predicts what forecasters will be saying in the near future.

Actually, this product may be of more use to energy traders than to TV weather personalities.

Weather drives the natural gas, electricity, and hydro-electric energy markets, and WSI MarketFirst can give people in this industry a heads-up on what forecasts are likely to be an hour later from such groups as National Oceanic & Atmospheric Administration, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:48 AM | Comments (0)

Mud on Timberland's boots: company issues down earnings report

Footwear maker Timberland Co. said today that its third-quarter profit fell due to sluggish sales of boots and children's shoes. It also forecast a 30 percent drop in full-year earnings due to ongoing weak sales and antidumping duties.

For the quarter ended Sept. 29, net income rose to $51.9 million, or 82 cents per share, from $69.2 million, or $1.02 per share, a year ago. Revenue declined to $503 million from $505.9 million in the year-earlier period.

Timberland, based in Stratham, N.H., forecast full-year earnings per share will decline 30 percent from 2005 earnings of $2.35 per share, which excludes restructuring and other costs. Earlier this year the company predicted a 25 percent drop in profit.

Revenue in the current fourth quarter is expected to rise in the mid-single digit range.

The company forecast that flat U.S. sales growth will offset a double-digit increase in global sales. It also predicts continued pressure on operating profit through the first half of 2007, due to continued weakness in boots and kids' sales, rising wage pressures, and antidumping duties on European Union footwear sourced in China and Vietnam. (AP)

Posted by globebusiness at 8:26 AM | Comments (0)

Critical Therapeutics to cut workforce by half

Critical Therapeutics Inc., a Lexington biopharmaceutical company, said today it is restructuring of its US sales force and research and development group to focus its resources on the commercialization of zileuton, a treatment for chronic asthma.

The company said it is eliminating 63 positions by Dec. 31 through a restructuring that would leave it with 59 employees.

As a result of the change in strategy, chief scientific officer Walter Newman will resign Oct. 31, the company said.

Commenting on the new strategy in a statement, company president Frank Thomas said, "We believe the actions announced today position us for success leading into the launch of our controlled release formulation of zileuton, pending approval from the US Food and Drug Administration."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:17 AM | Comments (0)

October 26, 2006

Study: Firms benefit with women on board

A critical mass of three or more women serving on a corporate board can enhance corporate governance, according to a study released recently by the Wellesley Centers for Women.

Based on interviews with 50 female directors, 12 chief executives, and seven corporate secretaries at major companies, the study found that company boards with three or more women tended to benefit from different perspectives and more wide ranging board discussions, and those boards were more likely to raise tough issues.

The Wellesley Centers for Women is a partnership of the Center for Research on Women and the Stone Center for Developmental Services and Studies at Wellesley College.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 5:52 PM | Comments (0)

Global Relief Technologies wins defense pact

Global Relief Technologies LLC, a Portsmouth, N.H., company that assists emergency responders and humanitarian aid efforts, said today that it has been awarded a $3.5 million contract by the Department of Defense to help track outbreaks of bird flu in Asia.

The firm has developed software for personal digital assistants that allows emergency responders equipped with them to wirelessly file real-time reports from the field to the company's headquarters, said chief executive Michael Gray.

That data then can be rapidly analyzed and mapped so "decision makers have timely information," he said.

Under the Defense Department contract, Gray envisions that special teams of US Marines based in Asia will be mobilized when possible outbreaks of bird flu are reported; once on the scene, they will use their PDAs to gather up-to-the-minute intelligence.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 5:38 PM | Comments (0)

New Novell chief bullish on Linux software

BEVERLY -- Ron Hovsepian, who took over in June as president and chief executive of Novell Inc., today said the Waltham company has been working to position its SUSE Linux software to tap what he said was a potential multibillion-dollar market.

While the open source desktop software is free, Novell packages and tests applications, makes sure they work together, and distributes them to businesses and other organizations as an alternative to proprietary programs like Microsoft's Windows and Office software. "Five to 10 percent of the desktop market in the world is enormous," Hovsepian told a group of entrepreneurs and investors gathered here for the Future Forward technology conference.

Hovsepian said Novell is coming in at the lower end of the market, charging customers about $50 for the same packages of applications that would cost $500 from proprietary software makers. Its SUSE Linux applications, acquired from a German company, have been selling briskly in the public sector, financial services companies, small and mid-sized businesses, and internationally, he said.

He said Novell employs about 4,700 workers, most clustered in the Boston area, Utah, Germany, and India.
(By Robert Weisman, Globe staff)

Posted by globebusiness at 5:10 PM | Comments (0)

Welch's names new president and chief executive

Welch Foods Inc., a Concord marketer of grape-based products that traces its history back to 1869, said today that its board of directors has selected David J. Lukiewski to succeed Daniel P. Dillon as president and chief executive.

Earlier this month, Dillon, 61, said he would be retiring, Welch's said.

Lukiewski, 53, joined the operations unit of National Grape Cooperative Association Inc. in 1995, and the position he held before being named chief executive was senior vice president of global sales and marketing.

According to Welch's, Lukiewski helped accelerate international market rollouts in China, Mexico, and the United Kingdom while introducing a number of new products and successfully refocusing the company's marketing efforts on its core business -- juice made from Concord grapes.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 5:01 PM | Comments (0)

Lodestar to provide software to Duke Energy

Lodestar Corp., a Peabody firm that provides solutions to energy companies, said today that Duke Energy Corp. has licensed its software to manage the data Duke gets from its customers' electricity meters.

Duke Energy, which has 4.3 million electric customers in its home state of North Carolina as well as in Ohio, Indiana, and Kentucky, is upgrading its meters with newer models that allow customers to better track energy usage, Lodestar said.

The hope is that customers armed with such information will be more inclined to change their behavior and conserve.

A private company, Lodestar did not disclose the value of the contract with Duke Energy.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:44 PM | Comments (0)

AgION technology in self-cleaning animal clippers

Need to give a dog team a collective haircut or a Clydesdale a trim? Then AgION Technologies Inc. of Wakefield has some news that animal groomers, veterinarians, and pet owners might want to check out.

Jarden Corp., which makes animal grooming products under the Oster brand name, today launched a line of blades for animal clippers and grooming gear that makes use of AgION's technology.

Called CryogenXTM blades, the blades are coated with an silver-based antimicrobial compound that releases silver ions to the surface at a steady rate, and one result is a self-cleaning surface, according to AgION.

The new blades "allow groomers and other end-users to save time and money and creates cleaner animal grooming environments in the process," Ginger Merritt, AgION's vice president of worldwide marketing, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:42 PM | Comments (0)

Providence Equity invests in India-based wireless company

Providence Equity Partners, a Providence investment firm, said today it has acquired a 15 percent equity stake in Idea Cellular Ltd., a wireless operator in India.

Terms of the transaction were not disclosed.

"This marks our first investment in Asia, where we plan to continue partnering with media, communications and information companies," said Jonathan M. Nelson, Providence Equity Partners chief executive, in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:25 PM | Comments (0)

Shaw Group expands in Stoughton

The Shaw Group, the Louisiana company that bought the assets of Boston engineering firm Stone & Webster in 2000, has big expansion plans for Stoughton.

Shaw's expectation is that its Stoughton work force will grow from about 620 today to nearly 1,200 over the next few years.

One of Shaw's areas of expertise is designing and building nuclear facilities, and Shaw is part of team bidding to build four nuclear facilities in China. If the team that includes Shaw wins that bid, a significant portion of the design work would likely be done in Stoughton, Shaw spokeswoman Stephanie Dixon said today.

As global energy demand soars, nuclear energy is viewed as a "cost-effective solution," and that demand is helping to drive Shaw's expansion plans, she said.

Given the technology today that allows people to work together even though they are far apart, it makes sense for Shaw to expand in places such as Massachusetts and North Carolina, where universities turn out many engineers.

Speaking of Massachusetts, Dixon said, "You really have a rich talent pool."

Dixon said Shaw has no plans to build any nuclear facilities in Massachusetts.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:05 PM | Comments (0)

Judge rules against Lynn storage facility

A Suffolk Superior Court judge ordered the owners of a Lynn storage facility to pay $50,000 in civil penalties and permanently barred them from the industry for engaging in unconscionable practices, Attorney General Thomas F. Reilly said today.

Reilly filed a lawsuit in 2002 that alleged that Nikki Granitsas, owner of All County Storage in Lynn, and the facility's manager, William Kennedy, had committed multiple violations of the Massachusetts Consumer Protection Act and deceived more than 20 consumers.

Judge Ralph D. Gants entered a judgment in favor of the commonwealth finding that the pair had engaged in unfair and deceptive acts by charging excessive fees and by refusing to allow some customers to inspect or retrieve property in storage, Reilly said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:57 PM | Comments (0)

AIG joins Ceres network

Ceres, a Boston group that promotes business-led environmentalism, said today that AIG Global Investment Group has joined a Ceres-coordinated network of institutional investors and financial institutions that focuses on the risks and investment opportunities posed by climate change.

AIG, a New York firm with more than $500 billion in assets under management, is the first asset-management division of an insurance company to join the Investor Network on Climate Risk, or INCR, Ceres said.

AIG's "decision to join INCR is a telling sign of growing investor concern about climate change and its far-reaching consequences for businesses and investors," Mindy S. Lubber, president of Ceres and director of INCR. "Whether from extreme weather events, regulatory changes, or growing demand for renewable energy, climate change is a serious business issue that all investors should be focusing on."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:51 PM | Comments (0)

Nurses strike settled at UMass Memorial in Worcester

The hospital administration at UMass Memorial Medical Center in Worcester has announced that they have reached a settlement with the striking nurses.

Hospital chief executive John O'Brien attributed the morning-long strike to a last-minute disagreement over the timing of a wage hike and unspecified pension language.

Union nurses at the hospital went out on strike as scheduled at 6 a.m. today, despite earlier word from a representative of the hospital that a new contract agreement had been reached.

Nurses still at work were pulled out of the hospital, and a picket line was set up, according to another union spokesman, Charlie Rasmussen.

In addition to the 392-bed University Campus facility, UMass Memorial includes the 319-bed Memorial Campus and the Hahnemann Campus outpatient center.

The 840 union nurses have been without a contact since April, and have been negotiating with hospital executives since December.

UMass Memorial made a profit of $94 million in 2005 and has a projected profit of $35 million for this year.

The hospital had asked for a series of concessions from the nurses union, saying it needed to trim benefits and slow wage increases to remain competitive.

The hospital said the average nurse working a 40-hour week makes $107,000 a year. It said it inherited excessively generous nursing contracts from past hospital administrations, including the University of Massachusetts system, which ran the University Campus as the primary teaching hospital for the UMass Medical School until a 1998 merger created the nonprofit UMass Memorial.

After this morning's settlement, the union said in a statement it was "successful in fighting off a number of contract concessions sought by management," including in the pension plan and health care benefits for both part-time and full time nurses.

"Ultimate credit goes to our members who came together to stand up for what they believed in," said Kathie Logan, a nurse who chairs the bargaining unit. "It was the strength and unity of our union that has allowed us to push forward to such a successful settlement. This is a win for all parties, and the biggest winners will be our patients."

Hospital executives planned a news conference to discuss the deal.

All nurses will return to work this afternoon and this evening, the hospital said.

(By Christopher Rowland, Globe staff. Globe wire services were used in this report)

Posted by globebusiness at 11:46 AM | Comments (0)

Logan adds new eateries

"Pan-Asian cuisine in a quick service environment" has arrived at Logan International Airport, and air travelers and hearty trenchermen will have an easier time of finding Big Macs and other McDonald's fare, BAA Boston Inc., manager of retail programs at several Logan terminals, said today.

In Terminal B, Asian Too Express has opened its first New England location and its first airport operation, BAA said, and its menu combines traditional and fusion recipes for everything from appetizers to fresh sushi and orange chicken.

Terminal B also boasts of a newly opened McDonald's, the second at the airport, BAA said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:39 AM | Comments (0)

Pfizer adds Ausiello to board

Dennis Ausiello, chief of medicine at Massachusetts General Hospital and a professor at Harvard Medical School, has been elected to the board of directors of Pfizer Inc., the New York pharmaceutical company said today.

He will serve on the committee of the Pfizer board that reviews the company's research and development and its technology initiatives, Pfizer said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:09 AM | Comments (0)

Amtrak Acela ridership up

Ridership on Amtrak's high-speed Acela trains jumped 8.8 percent in the year that ended Sept. 30 compared to a year earlier, the passenger railroad reported today. But overall Northeast Corridor ridership, including conventional Regional trains, fell 1.6 percent, a drop Amtrak blamed on its decision to end some deep discounts for regular commuters on the Boston to Washington, D.C. corridor.

Nearly 2.7 million people rode Acela and New York-Washington Metroliner trains during the year. Amtrak's Acela revenues rose more than twice as fast as ridership, up 18.8 percent to $328.2 million, after the railroad in February adopted an airline-style fare system that raised ticket prices 15 percent for last-minute peak-period tickets, while offering deeper discounts for mid-day rides or trips passengers are willing to book weeks in advance.

Amtrak said the on-time performance of the Acela improved by 8 percentage points to 84.6 percent. Between Boston's North Station and Portland, Maine, ridership on the Downeaster grew nearly 23 percent, to 337,921 passengers. Ridership from Springfield to New Haven, Conn., dipped 0.4 percent to 318,066.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 11:07 AM | Comments (0)

Anglo Irish Bank acquires two Manhattan hotels

Anglo Irish Bank, which has its US headquarters in Boston, said today it has acquired two hotels in midtown Manhattan for $151 million on behalf of Irish investors seeking commercial real estate investments in the United States.

The two properties are the Beekman Tower Hotel and the Eastgate Tower Hotel.

The seller was Denihan Hospitality Group.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:53 AM | Comments (0)

Nurses strike at UMass Memorial Medical Center in Worcester

Union nurses at the UMass Memorial Medical Center in Worcester went out on strike as scheduled at 6 a.m. today, despite earlier word from a representative of the hospital that a new contract agreement had been reached.

Shortly after 3 a.m., hospital spokeswoman Alison Duffy announced that both sides had reached a tentative agreement. David Schildmeier, a union spokesman, said an agreement in context was reached, but union officials were still reviewing the language of the agreement.

"My understanding is that it seems to have hit a couple of snags," Duffy said when reached by phone. She said the contingency plan of using replacement nurses was in place.

"There was a glitch in the talks, but not in patient care," Duffy said.

Nurses still at work were pulled out of the hospital, and a picket line was set up, according to another union spokesman, Charlie Rasmussen.

"We felt at 3 a.m. we had an agreement in principal," Rasmussen said. "But when we sat down and read the typed agreement, we found that we had some major differences."

The 840 union nurses have been without a contact since April, and have been negotiating with hospital executives since December.

The union authorized a strike in late September. The final round of talks began at 10 a.m. Wednesday.

Supervised by a federal mediator, the negotiations had been stalled on the issues of wages, health insurance and, particularly, pensions. UMass executives had called for concessions in the three issues.

Dr. Walter H. Ettinger Jr., president of UMass Memorial Medical Center, said on Wednesday that 350 replacement nurses were available for Thursday morning in case of a strike. (AP)

Posted by globebusiness at 10:45 AM | Comments (0)

Network Appliance announces lawsuit over options

Network Appliance Inc. said today that a shareholder derivative lawsuit was filed against the computer storage company, alleging improper practices relating to the timing of stock option grants.

It said that management believes the lawsuit to be completely frivolous and without merit.

The company said it conducted a thorough review of its options granting practices more than a year ago and found no evidence of any backdating of stock option grants.

That review examined the periods from fiscal year 1994 through fiscal year 2005, Network Appliance said. (Reuters)

Posted by globebusiness at 9:50 AM | Comments (0)

Millennium cuts workforce 14 percent

Millennium Pharmaceuticals Inc., the Cambridge company that recently lost out in a bidding war to buy a Canadian drug maker, said today it will reduce its headcount by 14 percent to just under 1,000 employees and reported a third quarter loss.

A call to Millennium seeking more details on the headcount reduction was not immediately returned.

Millennium's third-quarter revenue dropped nearly by half, from $201.7 million last year to $104 million for the third quarter of 2006.

The net loss for third quarter 2006 was $13.7 million, compared with a loss of $73.8 million a year ago.

A key product for Millennium is Velcade, a cancer treatment.

Millennium expects Velcade sales to improve future results.

"Millennium made significant progress in the first three quarters of 2006, including growing Velcade US net sales 18 percent, compared to the same period in 2005, advancing two new product candidates from discovery to the development pipeline, and accelerating clinical programs," chief executive Deborah Dunsire said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:55 AM | Comments (0)

First Marblehead swings to profit

First Marblehead Corp. swung to a fiscal first-quarter profit today after the education finance company booked the largest secured financing deal in its history.

The company posted a profit of $141 million, or $2.23 per share, compared to a loss of $5.4 million, or 8 cents per share, during the year-ago quarter. During last year's first quarter, the company did not complete any securitization transactions.

Pushing revenue higher was a $1.39 billion securitization of private student loans, which contributed $247 million to revenue. Total service revenue rose to $301.8 million from $35.1 million last year.

First Marblehead does everything from processing student loan applications to collecting payments on private, non-governmental education loans. Most of its fees come from bundling the loans for resale in the capital markets, a process known as securitization. (AP)

Posted by globebusiness at 8:53 AM | Comments (0)

Revenues, profit rise at Sepracor

Drug maker Sepracor Inc. said today that it swung to a third-quarter profit on strong sales of its two core drugs and lower expenses to beat Wall Street expectations.

The company, based in Marlborough, reported a profit of $64.4 million, or 56 cents per share, from a loss of $2.5 million, or 2 cents per share, a year ago. Reported results for the latest quarter included 9 cents per share in stock option expenses.

Revenue rose 41 percent to $289.3 million from $205.7 million last year.

Sales of asthma treatment Xopenex rose to $138.5 million from $92.5 million, and sales of sleep aid Lunesta grew to $141.6 million from $100.9 million a year ago.

Total operating expenses fell by 3 percent to $206 million from a year ago. (AP)

Posted by globebusiness at 8:37 AM | Comments (0)

Bank of America publishes philanthropy study

"Giving back is more important than leaving a legacy" is a key finding among initial results from a study on philanthropy issued today by Bank of America Corp.

"Philanthropy in the United States is evolving dramatically," said Cary Grace, the bank's national executive for philanthropic management, in a statement. "With the wealthiest 3 percent of American households responsible for nearly two-thirds of charitable giving, Bank of America wanted to provide its clients _ both the individuals that give and the nonprofit institutions that seek their donations _ the most comprehensive view to date of charitable giving trends and the motivations of wealthy and affluent Americans."

Another finding of the study: "Entrepreneurs are especially generous."

The study is available as a downloadable .pdf file here.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:23 AM | Comments (0)

Raytheon sales, profit way up

Defense contractor Raytheon Co. today said its third-quarter profit rose 41 percent, driven by higher sales at its integrated defense systems and aircraft units as well lower pension expenses.

The maker of missile, radar and other defense and communications systems also raised its profit expectations for the full year.

Waltham-based Raytheon reported net income of $321 million, or 71 cents per share, in the July-September period, up from a profit of $228 million, or 50 cents a share, in last year's third quarter.

Sales rose 7 percent in the latest quarter to $5.69 billion from $5.33 billion, a year ago.

Excluding one-time costs and gains, Raytheon's profit worked out to $323 million, or 72 cents per share.

The company attributed the higher profit in part to a 12 percent sales increase at its integrated defense systems unit, and an 18 percent sales gain at Raytheon Aircraft Co., a Wichita, Kan.-based unit that makes Hawker and Beechcraft planes for commercial and military markets.

Excluding one-time costs and gains, Raytheon now expects its full-year 2006 profit to fall in the range of $2.70 to $2.80 per share, up from the company's previous forecast of $2.60 to $2.70 per share. Net sales are expected to be in the range of $23.1 billion to $23.6 billion, unchanged from the company's previous forecast. But contract bookings are now expected to total $23 billion to $24 billion, up from the previous guidance of $22 billion to $23 billion. (AP)

Posted by globebusiness at 8:21 AM | Comments (0)

October 25, 2006

Airfares in region rise faster than US average

Airfares have been rising faster than the national average recently for trips out of Logan International Airport, T.F. Green Airport outside Providence, and Manchester Boston Regional Airport, according to data from the US Department of Transportation released today.

During the April-June quarter of this year, airfares rose 5.3 percent, compared to a quarter earlier nationally, but were up 8.3 percent on flights from Logan, 9.3 percent from Manchester, and 9.9 percent from Providence, according to the Bureau of Transportation Statistics' Air Travel Price Index.

Dan Kasper, managing director of LECG LLG, a Cambridge aviation consulting firm, said it is likely that fare increases by Southwest Airlines Co. -- which carries more than 50 percent of passengers at both Manchester and Providence -- accounted for the disproportionate fare increases at those airports.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 5:55 PM | Comments (0)

Boston Scientific says decline in sales of drug-coated stents probably over

WASHINGTON -- Sales of Boston Scientific Corp.'s flagship Taxus drug-coated stent have likely hit bottom and will rebound slightly next year, chief operating officer Paul LaViolette said at a meeting of Wall Street analysts this afternoon.

Speaking on a stage decorated with six giant illuminated stents, LaViolette predicted that the $3 billion United States stent market would grow slightly next year, and the company would hold onto its share, just over half.

Drug-coated stent sales are by far the most important component of Boston Scientific's revenues, and the company's stock has suffered as news of long-term side effects has started to worry heart doctors and their patients.

In an unusual move that speaks to the importance of a single product, the Natick company dedicated an entire two-hour analyst session to the topic of stents. It was held in the ballroom of a Washington hotel, one block away from the country's biggest interventional cardiology conference.
(By Stephen Heuser, Globe staff)

Boston Scientific's Taxus stent

Posted by globebusiness at 4:55 PM | Comments (0)

Prescription discounter settles with attorney general

Attorney General Thomas F. Reilly said today that his office had reached a settlement with Peoples Benefit Services Inc., which has agreed to pay $180,000 to settle claims that it deceptively marketed prescription drug discount cards.

Under the agreement, Peoples Benefit Services has not admitted liability.

Last year, Reilly sued the Pennsylvania company, claiming it used such deceptive practices as using government-like logos and terms in television ads and in mailings to market its prescription discount card.

Reilly said in a statement, "Today's settlement sends a strong message to companies offering prescription discount programs to seniors -- you must be honest and accurate in your advertising or pay the consequences."

"Peoples Benefit Services is satisfied that the matter is now resolved," a company spokeswoman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:28 PM | Comments (0)

GateHouse shares surge on first day of trading

Shares of GateHouse Media Inc., a newspaper company that owns many papers in Boston's suburbs, surged today in their first day of trading.

At midafternoon, shares traded at $21.30 on the New York Stock Exchange, up 18 percent from the initial price of $18.

The jump in GateHouse shares comes as many publicly traded newspaper chains have struggled as readers and advertising dollars have migrated to the Internet.

Based in Fairport, N.Y., GateHouse expanded its portfolio of newspapers earlier this year when it acquired four dailies, 93 weeklies, and other papers from Community Newspaper Co., which was owned by Boston Herald publisher Pat Purcell.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:57 PM | Comments (0)

TA Associates buys stake in American Access Care

TA Associates, a private equity firm with offices in Boston, disclosed today that it completed a $130 million leveraged recapitalization in American Access Care, an operator of outpatient centers for people with kidney failure.

TA said it will own a minority stake in the business.

American Access Care, with headquarters in Glen Rock, Pa., operates 14 outpatient centers in Mid-Atlantic and Northeastern states.

Roughly 460,000 Americans suffer from end-stage renal disease, commonly known as kidney failure, the firm said.

American Access Care "is precisely the kind of healthcare provider with which TA seeks to partner," said David S. B. Lang, a managing director at TA Associates who will join the company's board of directors. "Their focused delivery model provides tremendous savings to the healthcare system while offering a higher quality patient experience and outcome."

TA Associates manages $10 billion in capital and has invested in more than 370 companies.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:55 PM | Comments (0)

Beth Israel names two new board members

Beth Israel Deaconess Medical Center said today that two new member were elected to its board of directors, Harriet Lewis of Boston and Virginia MacDowell of Wayland.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:24 PM | Comments (0)

Boston Scientific to launch two new stents in 2007

Boston Scientific Corp. (BSX) is planning an early 2007 launch in Europe for its Promus stent and a 2007 launch for its Taxus Liberte stent in the U.S.

The company said a new study showed the "safety and efficacy" of its Taxus Liberte coronary stent system, which received the CE Mark in September 2005 and is pending approval from the Food and Drug Administration.

The study showed the stent's benefits "were maintained at 12 months in workhorse lesions."

The Natick medical products company said the results from a 529 patients in a year-long Phase I study, and preliminary results from 2,066 patients in a Phase III study on more complex lesions were "extremely positive."

The company said another trial suggested Taxus Liberte was also safe for "direct stenting" without predialation on less complex lesions, and met its primary endpoint. (Dow Jones)

Posted by globebusiness at 2:22 PM | Comments (0)

Ariad sells 3.1 million shares

Ariad Pharmaceuticals Inc., a developer of cancer treatment drugs, said today that it completed the sale of 3.1 million of its common shares to sole underwriter Credit Suisse Securities LLC at $4.65 per share for proceeds of $14.5 million.

The company will receive proceeds of $14.3 million after deducting expenses of the offering.

Credit Suisse has the option to buy up to an additional 466,942 shares in the offering, which expires on Nov. 18. (AP)

Posted by globebusiness at 2:20 PM | Comments (0)

Waltham man pleads guilty to investment fraud

A Waltham man pleaded guilty in federal court Monday to defrauding more than 50 people in an investment fraud, the US Attorney's Office and the FBI said today.

Mark R. Conway, 45, pleaded guilty to an information charging him with 13 counts of mail and wire fraud, government officials said.

As a managing partner of a hedge fund, Conway made numerous misrepresentations to investors, including promises to follow a specific strategy, then abandoning it without informing them, said the government, which noted that 54 people invested $25 million with Conway based on his misrepresentations.

Upon detection of the fraud, the government seized $14 million from the fund and determined that $5 million was missing.

US District Court Judge Patti B. Saris has scheduled sentencing for Jan. 24; Conway faces up to 20 years in prison, government officials said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:17 PM | Comments (0)

Mass. Eye and Ear adds new Lasik technology

The Massachusetts Eye and Ear Infirmary, a teaching affiliate of Harvard Medical School, said today that it is the first institution in the United States to acquire the newest Lasik technology for vision correction.

The Allegretto Wave Eye-Q system corrects one diopter of nearsightedness or farsightedness in two seconds, the infirmary said; as a result, the average time to complete a Lasik procedure is just eight to 10 seconds.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:15 PM | Comments (0)

GlobaLinguist introduces online translation tool

GlobaLinguist Inc., a Newton firm that provides on-line assistance to teachers and foreign language students, today introduced Web Reader, a free on-line tool at its WordChamp.com website that helps students read foreign-language websites and documents.

By pointing to a word with a mouse, readers can see a definition or hear the word pronounced by a native speaker; the tool is designed to help people with limited language skills to read foreign language websites, blogs, and newspaper articles without the interruption of looking up words in a dictionary, the company said.

The hope is the free-tool will draw visitors to the WordChamp.com site, where visitors can choose from free and subscription-based language services for 70 languages; the company's plan is to sell many services to college students, people studying English as a second language, multinational companies whose employees need foreign language skills, and government language centers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:11 PM | Comments (0)

Westwood Station gets new director of development

Boston developer Cabot, Cabot & Forbes, part of a joint venture with $1.5 billion plans to build a mini city near Westwood's railroad station, said today it hired Howard Davis to be its new director of development, partly because of his background in transit-oriented development.

With New England Development and Commonfund Realty Inc., Cabot, Cabot & Forbes envisions Westwood Station, a 4.5-million-square-foot project that would transform 135 underused acres into offices, retail and 1,000 homes that would be located near Route 128 and the MBTA's Route 128 station for commuter and Amtrak trains.

Westwood Station would likely qualify as transit-oriented development, the practice of locating a high-density mixed-use project near a public transportation hub.

"Westwood Station will greatly benefit from Howard's experience," said president Jay Doherty, president of Cabot, Cabot & Forbes.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:09 PM | Comments (0)

National Amusements buys in Norwood

An affiliate of movie-theater operator National Amusements Inc. has purchased an office building in Norwood for $9.4 million from real-estate firm Maric Inc., CB Richard Ellis/New England, the broker that represented Maric in the transaction, said today.

National Amusements is temporarily relocating its headquarters from Dedham while its future headquarters is being built as part of the Legacy Place project in Dedham, CB Richard Ellis said.

The buyer was represented in the transaction by NAI Hunneman Commercial.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:44 AM | Comments (0)

FDA's tougher stance on medical devices could have local impact

The Food and Drug Administration, stung by criticism over fatal problems in drugs and medical devices that its regulators have allowed on the market, is planning tougher overview of products after they have been approved, the agency's top device regulator said this morning. That could impact companies like Natick's Boston Scientific Corp., the largest life-science company in Massachusetts.

Speaking to an audience of industry insiders at a cardiology meeting in Washington D.C., Daniel Schultz, directors of the Center for Devices and Radiological Health, said his department's top priority for next year is a broad re-thinking of how it monitors products after they are on the market.

The topic has become a high-profile issue in US healthcare in the past few years, as a handful of widely used drugs and devices have been green-lighted by the agency, only to exhibit significant problems or side effects as they are implanted in more patients' bodies.

The long-term effects of such devices are crucial not only for patients and their doctors, but also for Boston Scientific. It's the world's top producer of drug-coated stents and the number-two producer of implantable defibrillators, both of which have come under fire for potentially fatal problems they can cause in patients.

Schultz said the first step would be to implement the agency's current rules "more efficiently and in some cases more aggressively," before potentially asking for legislative changes.
(By Stephen Heuser, Globe staff)

Posted by globebusiness at 11:05 AM | Comments (0)

Oxigene loss widens on costs

Biopharmaceutical company Oxigene Inc. today posted a wider third-quarter loss on increased costs, but results were better than analysts' expected.

The company, which is based in Waltham, posted a loss of $3.7 million, or 14 cents per share, compared with a loss of $3.4 million, or 17 cents per share, in the year-ago period. Per-share figures are based on 7.6 million more outstanding shares in the latest period.

The company, which is focused on developing treatments for cancer and eye diseases, did not record revenue for either period.

Costs and expenses rose to $4.4 million from $3.8 million a year ago.

At quarter's end on September 30, Oxigene had cash, cash equivalents and marketable securities of about $48.5 million, versus about $58.9 million at December 31, 2005. (AP)

Posted by globebusiness at 10:51 AM | Comments (0)

Waste Management reports positive 3rd quarter

Waste Management Inc. , the largest U.S. trash hauler, today reported higher third-quarter profit as revenue rose and operating costs fell.

Net income increased to $300 million, or 55 cents per share, from $215 million, or 38 cents per share, a year earlier, the Houston-based company said in a statement.

Operating revenue rose 2 percent to $3.44 billion from $3.38 billion. Analysts had expected $3.5 billion.

Waste Management said it expected to report full-year profit of $1.78 to $1.81 per share, up from its prior forecast of $1.69 to $1.75 per share. (Reuters)

Posted by globebusiness at 10:07 AM | Comments (0)

Affiliated Managers profit increases

Affiliated Managers Group Inc., an asset management holding company, said today that its third-quarter profit grew 16 percent on increased client cash flows.

Earnings for the quarter rose to $33.1 million, or 87 cents per share, compared to $28.5 million, or 67 cents per share, in the year-ago period.

Cash earnings grew to $50.7 million, or $1.34 per share, versus $45.8 million, or $1.18 per share, during the same period last year. Cash earnings include net income plus amortization and deferred taxes related to intangible assets, and affiliate depreciation.

Revenue increased 20 percent to $280.4 million from $234.1 million in the prior-year period.

Net client cash flows for the third quarter of 2006 were about $4.2 billion, with net inflows in the institutional and high net worth channels of $5.2 billion and $41 million, respectively, and net outflows in the mutual fund channel of $1.1 billion. (AP)

Posted by globebusiness at 9:59 AM | Comments (0)

TD Banknorth profit down 3 percent

Northeastern regional bank TD Banknorth Inc. said today that its third-quarter earnings fell 3 percent year-over-year, hurt by a drop in securities income and higher interest expenses.

TD Banknorth, a unit of Canada's TD Bank Financial Group, said net income fell to $86.1 million, or 38 cents per share, from $88.7 million, or 51 cents per share, a year ago. Earnings adjusted to exclude one-time items rose to $117 million, or 51 cents per share, from $109.5 million, or 63 cents per share, last year.

The discrepancy in per-share earnings is caused by an increase of shares outstanding after the company issued 62 million shares to acquire Hudson United Bancorp in January.

Net interest income rose 21 percent to $301.1 million from $249 million last year, boosted by the acquisition of Hudson United. However, interest expense doubled to $203 million.

"Deposit pricing and the inverted yield curve continue to put pressure on our margin while competition for high-quality loans remains as intense as ever," the bank said in a statement.

The Federal Reserve increased short-term interest rates at 17 consecutive meetings, before holding steady in August and again in September. At 5.25 percent, the Fed rate target is at its highest level since April 2001, while long-term rates have remained fairly stagnant. This narrow gap between short- and long-term interest rates, also known as a flat yield curve, has put the squeeze on lenders even as new loan development continues to surge.

Non-interest income added 24 percent to $128.3 million from $103.6 million a year ago, also on the back of the acquisition. The company's income from securities investments fell to $7,000 from $1 million last year.

TD Banknorth declared a regular quarterly dividend of 22 cents, payable Nov. 13 to shareholders of record on Nov. 3. (AP)

Posted by globebusiness at 9:55 AM | Comments (0)

Yankee Candle to be sold to Chicago firm

Yankee Candle Co. of Deerfield said today that it has entered into a definitive merger agreement under which a Chicago private equity firm will acquire all outstanding Yankee stock shares for $1.4 billion in cash.

The buyer is a unit of equity firm Madison Dearborn Partners.

The total value of the transaction, including assumed debt, is $1.7 billion.

Under the deal, Yankee shareholders will receive $34.75 in cash for each share of Yankee common stock they hold; that reflects a premium of 57 percent to the closing price of the stock July 25, the last trading day before Yankee disclosed that it was reviewing strategic alternatives.

"We are delighted to partner with (Yankee chief executive) Craig (Rydin) and Yankee Candle management to help build on Yankee's brand strength and to capitalize on the significant growth opportunities ahead," Madison Dearborn said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:10 AM | Comments (0)

Thermo's profit dips

Thermo Electron Corp., a maker of electronic measurement equipment, laboratory gear and other scientific instruments, said today that third-quarter earnings fell 18 percent from a year-ago period boosted by discontinued operations, but adjusted profit beat estimates and the company raised guidance for the full year.

Net income dipped to $48.8 million, or 30 cents per share, from $57.7 million, or 35 cents per share, a year ago. The latest quarter includes 3 cents per share of stock option expense compared with last year's gain of 10 cents from discontinued operations.

Adjusted earnings per share grew 16 percent to 44 cents per share, including stock option costs.

Revenue gained 7 percent to $725 million from $679.4 million last year.

"New products sparked growth across our business segments," said Marijn E. Dekkers, president and chief executive officer. "In Life and Laboratory Sciences, demand for our leading mass spectrometry technologies for proteomics and small molecule research remained very strong and we also saw increased sales of our iCAP elemental analysis systems used in both research and industrial applications, as well as our reagents and automation systems for clinical laboratories."

The company, based in Waltham, said growth in measurement and control operations continued to be led by strong demand for online systems that optimize production of commodity materials.

Thermo Electron's pending merger with Fisher Scientific was recently cleared by the Federal Trade Commission, with the agreement that TMO sell Fisher's $17 million Genevac business. The last step in completing the merger is to obtain clearance from the European Commission. The deal is expected to close Nov. 9.

Looking ahead, Thermo Electron raised fiscal 2006 adjusted earnings guidance to a range of $1.74 to $1.77 per share, from previous estimates of $1.68 to $1.73, including 10 cents per share of stock option expense. The company also now forecasts increased revenue of $2.88 to $2.90 billion in 2006, versus the $2.81 to $2.86 billion originally estimated. (AP)

Posted by globebusiness at 8:42 AM | Comments (0)

Dyax posts wider loss

Biopharmaceutical company Dyax Corp. said today third-quarter loss widened as research and development costs increased.

The company lost $11.5 million, or 26 cents per share, compared with $9 million, or 24 cents per share, a year ago. Analysts polled by Thomson Financial expected a loss of 23 cents per share.

Revenue rose 63 percent to $3.5 million from $2.2 million a year ago. Analysts expected revenue of $4 million.

Operating costs, which include research and development, increased 30 percent to $14.8 million from $11.4 million. That jump was attributable to preclinical work and small-scale manufacturing costs for the compound DX-2240, which may interfere with tumor growth. Stock-based compensation accounted for $643,000 in expenses.

Chief Financial Officer Stephen S. Galiker said the existing and anticipated cash and equivalents will support the company's operating plans into 2008. Cash consumption projections for 2006 remain at $40 million. (AP)

Posted by globebusiness at 8:32 AM | Comments (0)

Millipore signs stem cell development deal

Millipore Corp., a Billerica company that provides products and services to the biopharmaceutical industry, said today it has signed an agreement with a company called Stem Cell Sciences to develop and sell a serum-free media for the growth of human embryonic stem cells.

The companies said the product initially developed by Stem Cell Sciences, an Australian biotechnology company, will be the first in the industry to offer improved methods for growing human embryonic stem cells without the need for animal serum.

By eliminating the need for animal serum, researchers can generate improved experimental results, the companies said.

Under the agreement, Millipore will pay Stem Cell Sciences royalties from future sales.

Millipore is committed to being the most innovative supplier of products to the stem cell research market," said Dominique Baly, president of Millipore's bioscience division, in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:29 AM | Comments (0)

That's My Tickets signs deal with NHL

That's My Ticket LLC of Medway has signed a deal with the National Hockey League to manufacture officially licensed NHL frames and other products for fans who cherish their game ticket stubs as keepsakes.

According to the company, its Ticket Frames product is the ultimate way for fans to show off their ticket stubs, and a Ticket Archives product helps fans assemble, protect, and display an entire ticket collection; thanks to the licensing deal, these products can prominently display team logos.

"Hockey fans may just be the most diehard passionate group among the four major sports, and our products specifically cater to this type of allegiance," said Dean Macchi, president of That's My Ticket, in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:18 AM | Comments (0)

October 24, 2006

French firm to sell Alantos diabetes drug outside US

Alantos Pharmaceuticals Holding Inc., a privately held Cambridge drug firm, said today it has entered an agreement with Servier Laboratories that would allow the French company to sell a diabetes treatment Alantos is developing outside the United States.

Under the agreement, Alantos said it could receive upfront and milestone payments of about $75 million in addition to royalties.

The diabetes treatment that Alantos seeks to develop is in early human trials.

"We are excited to be working with Servier, one of the leading players in the field of anti-diabetic therapeutics," Alantos chief executive Keith Dionne said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:22 PM | Comments (0)

Adidas sells Greg Norman line of golf clothing

Adidas AG, the parent of Canton sneaker maker Reebok International Ltd., said today it has agreed to sell its Greg Norman line of golf apparel to MacGregor Golf Co.

Financial terms of the deal were not disclosed.

"Greg Norman is a brand which has clearly performed well over the last several years," Adidas chief executive Herbert Hainer said in a statement. "However, it is not core in the scope of our global golf strategy. Due to its limited integration opportunities and small size, we were open to sell the business unit to golfer Greg Norman and the MacGregor Golf Co."

Adidas said the Greg Norman line generated 2005 sales of $69 million.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:59 PM | Comments (0)

Verizon adds four communities to FiOS network

Verizon Communications Inc. said today its high-speed FiOS Internet access is now available to most residents and businesses in four more Massachusetts communities: Groton, Norwell, Millis, and Tyngsborough.

Verizon is in the process of building a fiber-optic network to replace existing copper-wire networks that provide Internet access at much slower speeds; a fiber-optic connection enables a broad array of voice, data, and video applications, the company said.

"FiOS is setting the new standard for consumer and small-business broadband services," said Donna Cupelo, Verizon region president for Massachusetts and Rhode Island.

With today's addition of four communities, Verizon's FiOS Internet service is available in roughly 62 Massachusetts communities, a Verizon spokesman said.

With a one-year commitment, a residential customer using Verizon's basic FiOS Internet services would pay $34.95, versus $14.95 per month for a comparable package of Verizon's conventional Internet service, a company spokesman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:35 PM | Comments (0)

Lands' End opens six new shops in local Sears

Lands' End, an apparel brand known for its catalog, said today it has opened new shops inside of six local Sears stores, including stores in Braintree, Burlington, and Peabody.

Sears Roebuck and Co. acquired Lands' End in 2002 and since that time, it has rolled out Lands' End shops that are set up inside nearly 100 Sears stores, including about a half-a-dozen Massachusetts locations such as Auburn and Leominster; according to its website, Sears operates just over 900 full-line stores nationwide.

Yesterday Lands' End said the new stores-within-stores have opened in Sears stores in Burlington Mall, Natick Mall, Dedham Mall, Northshore Mall in Peabody, South Shore Plaza in Braintree, and Square One Mall in Saugus.

Last year, Sears merged with Kmart Corp. to form Sears Holdings Corp.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:07 PM | Comments (0)

Fidelity launches retirement program

Boston mutual funds giant Fidelity Investments today unveiled myPlan, a program designed to help individual investors with retirement planning.

According to Fidelity, just one in four working Americans have a clear retirement plan in place, and a majority of consumers wish they were doing a better job of planning and saving for retirement.

Designed to change how people think about retirement planning, the myPlan program features a combination of interactive tools that allow users to develop a plan with clear steps to improve savings; the program also provides alerts and monitoring to help investors stay on track, Fidelity said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:36 PM | Comments (0)

Massachusetts woos foreign tour operators

Tour operators from 13 countries are gathered in Boston today as Massachusetts officials seek to rebuild a foreign tourist industry that suffered after the Sept. 11 terror attacks and cuts in marketing funding.

Tourism Massachusetts, a nonprofit group that receives state funding, sponsored a conference aiming to hook up local restaurants, hotels and attractions such as Plimoth Plantation with foreign tour operators. The goal is to get tour operators to use those attractions as part of their travel packages.

"When you get a brochure in a foreign country, you'll see Boston as a destination and specific hotels and restaurants to visit," said William MacDougall, president and CEO of Tourism Massachusetts.

In 2000, foreign tourists represented a $3 billion industry for the state. But that fell by nearly half, with a combination of the terror attacks and what MacDougall criticized as an elimination of foreign tourism marketing under Gov. Mitt Romney's administration.

The Legislature restored some of that marketing funding in 2004.

Democratic gubernatorial candidate Deval Patrick told the tour operators that kind of marketing is one element of how he hopes to rebuild the economy.

He said the state also has to invest in the infrastructure, by doing things as simple as mounting better signage at the airport. He also criticized the upkeep of cabs in Boston, complaining he had to fold himself double to get into the back of some taxis.

Patrick also said the state has to do a better job of convincing citizens that everyone is an ambassador for the state, so that people feel welcome the entire span of their visit.

He didn't commit to a specific funding level, but he said he views the physical attributes of the state, it's cultural attractions and institutions, such as universities and hospitals, as items that should be aggressively marketed to potential foreign visitors.

"It is a much more accessible globe than it used to be," he said. "But if we don't tell people what we have to offer, they won't come."
(AP)

Posted by globebusiness at 12:06 PM | Comments (0)

Microbia reports encouraging test results

Cambridge pharmaceutical company Microbia Inc. reported today that results from a recent study have been encouraging for linaclotide, a compound that aims to treat chronic constipation and other gastrointestinal disorders.

Microbia plans to present data on that study to an annual meeting of the American College of Gastroenterology in Las Vegas tomorrow oct. 25.

The earlier study results strongly supports company plans to begin a 300-patient study in chronic constipation this quarter, Microbia senior vice president Mark Currie said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:55 AM | Comments (0)

Raytheon's next-gen destroyer steams ahead

A rendering of Raytheon's DDG 1000 Zumwalt destroyer

Waltham defense company Raytheon Co. said today it has successfully integrated the final element of dual band radar for the DDG 1000 Zumwalt class destroyer.

Dual band radar is an active, phased-array multi-functioning radar system, which incorporates X- and S-band arrays in a complementary manner that provides surveillance and target-tracking capabilities superior to those of conventional, single-band radars, according to Raytheon.

"The dual band radar is a critical asset to the DDG 1000's mission," Captain James Syring, the Navy's program manager for the next-generation destroyer, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:52 AM | Comments (0)

Cisco chooses Analog Devices to upgrade virtual meetings

Analog Devices Inc., a Norwood company that designs and manufactures integrated circuits used in analog and digital signal processing, said today it has been selected by Cisco Systems Inc. to support face-to-face video communications over Internet protocol networks for Cisco customers.

According to Cisco, a California company that supplies data networking products for the Internet, its TelePresence meeting system is so clear and natural that customers using this product can be almost anywhere in the world, yet feel like they are sitting in the same room with one another.

This system incorporates Analog Device's Blackfin processors to handle real-time, high definition video compression.

"Cisco recognized that it could radically change the way people communicate and collaborate via video, and saw Analog Devices as a key technology collaborator," Analog Devices vice president Brian McAloon said in a statement.
(By Chris Reidy, Globe staff)

A Cisco TelePresence system in action

Posted by globebusiness at 9:32 AM | Comments (0)

Keane board approves stock buyback plan

Keane Inc.'s board authorized a 12-month program to repurchase three more million additional shares.

The Boston company said today that the reacquired shares will be available for acquisitions, stock-option plans, employee-benefit plans and for general corporate purposes. (Dow Jones)

Posted by globebusiness at 9:28 AM | Comments (0)

Rappaports give $5M to Suffolk Law

The Jerome Lyle Rappaport Charitable Foundation said today that the foundation and the Rappaport family have created a $5 million endowment for Suffolk University Law School, the largest gift in the law school's history.

The gift will be used to create the Jerome Lyle Rappaport Center for Law and Public Service, which will include the university's first endowed chair, the foundation said.

The center will continue the foundation's and the university's work of encouraging law students to consider careers in public policy.

Jerome Rappaport is a long-time developer perhaps best know for his role in building Charles River Park, the high-rise housing that rose in 1960s.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:14 AM | Comments (0)

Art Technology Group swings to a loss

Art Technology Group Inc. swung to a third-quarter loss, as operating expenses rose while gross profit fell.

The Cambridge provider of Internet customer relationship management and e-commerce services posted a third-quarter loss of $285,000, or less than 1 cent a share, compared with earnings of $1.51 million, or 1 cent a share, a year earlier.

Art Technology said revenue for the quarter ended Sept. 30 fell 3.8% to $21.9 million from $22.7 million a year ago.

In addition, Art Technology raised its 2006 revenue guidance, saying it now expects revenue of $100 million to $108 million.

The company also said it expects to earn $8 million to $11 million, or 6 cents to 8 cents a share in 2006. (Dow Jones)

Posted by globebusiness at 8:22 AM | Comments (0)

Profit at Waters nearly doubles

Waters Corp., a maker of analytical equipment and software used in the pharmaceutical, biochemical and industrial industries, said today that its third-quarter profit nearly doubled from last year, besting Wall Street's expectations.

Income for the quarter totaled $50.4 million, or 49 cents per share, up from $25.7 million, or 22 cents per share, last year. Quarterly revenue rose 10 percent to $301.2 million from $273 million last year.

"During the quarter, our business benefited from continued strong Asian sales growth, from improved pharmaceutical spending in the U.S., and from the overall positive acceptance and uptake of our Acquity UPLC-based system solutions," said Douglas Berthiaume, chairman, president and chief executive officer, in a prepared statement. The company is based in Milford. (AP)

Posted by globebusiness at 8:17 AM | Comments (0)

Boston Scientific says J&J stent also has clot risk

A new independent analysis shows similar risks of blood clots in patients receiving Johnson & Johnson's (JNJ.N) Cypher stent and Boston Scientific Corp.'s (BSX.N) Taxus stent, Boston Scientific said late on Monday.

Nearly 6 million heart patients worldwide have received drug-eluting stents to treat clogged heart arteries, an advance over bare-metal devices that were the prior standard of care. But recent analyses have raised concerns among physicians about the risk of potentially fatal blood clots developing long after the small wire-mesh tubes are inserted, causing sales of the popular treatments to slow.

Boston Scientific, which in September confirmed a small but heightened risk of blood clots with its drug-eluting stent, said the new meta-analysis showed a statistically significant risk of late-forming blood clots in the J&J stent as well.

J&J has said four-year data showed no difference in thrombosis rates for its Cypher stent vs. bare metal.

The latest analysis, by Dr. Gregg Stone, professor of medicine at Columbia University Medical Center in New York, was presented at a Boston Scientific-sponsored symposium held Monday night in conjunction with a cardiology meeting in Washington, D.C.

The analysis showed a rate of clotting, or stent thrombosis, of 1.3 percent for the Taxus stent at four years, compared to 0.9 percent in the bare-metal control group.

For Cypher, the incidence of thrombosis was 1.2 percent, compared to O.6 percent for bare metal.

The stent thrombosis rate at one year was 0.4 percent for Taxus and 0.57 percent for Cypher.

The meta-analysis combined data from five earlier Taxus clinical trials involving 3,506 patients and four Cypher trials involving 1,748 patients.

A J&J spokesman said it would have independent data to present on Tueday that focuses on late-stent thrombosis.

"We recognize that when you've got a data set, there are different statistical methodologies you can use, and the conclusions from one analysis may not match the conclusion from another analysis," said Christopher Allman.

The risks of stent-related thrombosis were the center of debate at a cardiology meeting in Barcelona, Spain, last month, prompting calls by top doctors for more in-depth studies of the issue. (Reuters)

Posted by globebusiness at 8:09 AM | Comments (0)

October 23, 2006

Harvard Vanguard to expand access to pharmacies

Harvard Vanguard Medical Associates, one of the state's largest doctors groups, said it would open its pharmacies to members of Tufts Health Plan and Blue Cross Blue Shield of Massachusetts. The pharmacies had previously been restricted to members of Harvard Pilgrim Health Care. The move is expected to significantly boost volume at the in-house pharmacies, which now account for 1.2 million prescriptions a year.

Starting Jan. 1, Harvard Vanguard will begin treating only those Medicare patients who are members of Tufts Health Plan.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 7:05 PM | Comments (0)

Roger Staubach's firm opens office in Boston

Staubach, in his playing days and today.

Staubach Retail, a part of real-estate services firm headed by former Dallas Cowboys football star Roger Staubach, said today it has opened a new office in Boston and that Mark Doherty has joined the company as senior vice president and principal to run it.

The office aims to service the New England needs of the firm's national roster of retail clients.

Staubach Retail provides consulting, brokerage, development, and financing services to retailers and real estate owners.

Staubach Retail currently lists five properties for sale in Massachusetts, including former CVS stores in Fall River, Methuen, Salem, and Springfield and a former Chili's Restaurant in New Bedford.

"We are pleased to bring retail services to Boston and to open our second office in the city," Staubach said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:52 PM | Comments (0)

Codman to manage two Waltham buildings

The Codman Co., the venerable Boston real estate firm, said today it has been hired by Direct Invest LLC to manage two six-story office buildings in Waltham.

The two buildings at 2 and 3 University Office Park are part of an office park next to Brandeis University and just off Route 128, Codman said; the two buildings are almost full leased.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:05 PM | Comments (0)

Lowe's and Target coming to Haverhill

KGI Properties, a developer with offices in Boston and Providence, said today it has completed a deal that will result in Target and Lowe's opening stores in Haverhill.

In August, KGI purchased a large parcel of land near Exit 50 of Route 495 before demolishing a vacant building on the site.

Today KGI said it has sold 20 acres to Target, the Minnesota discount chain, and leased 20.9 acres to Lowe's, a home-improvement chain headquartered in North Carolina.

Preliminary plans call for the Target to open in the fall of 2007 and Lowe's to open soon after, KGI said.

"Two years ago, we changed our zoning policies to adopt what I call a 21st century retail policy to allow for retail near highways," Mayor James J. Fiorentini said. "As a result, we now have retail stores returning to Haverhill for the first time in decades."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:55 PM | Comments (0)

National Grid names 3 executives

Three top veteran Massachusetts utility officials are set to take senior positions at National Grid USA after it completes its $7.3 billion takeover of KeySpan Corp. this winter, officials said today.

Nick Stavropoulous, president of KeySpan Energy Delivery, will be promoted to the top position overseeing all US gas operations of National Grid in New England and New York. Stavropoulos began his career as a junior rate analyst in 1979 at the former Colonial Gas Co., and steadily worked his way up the ranks through two mergers, including the deal that gave Brooklyn-based KeySpan control over the old Boston Gas Co. and other utilities serving over 700,000 Massachusetts homes and businesses.

Lawrence Reilly, currently general counsel for National Grid and a former top executive at Massachusetts Electric Co., will become overall US executive vice president for legal and regulatory issues at all the company's electric and gas operations.

Another Mass. Electric veteran, Cheryl LaFleur, who is currently executive vice president of National Grid, will become the interim head of all National Grid-KeySpan electric operations in New York and New England. Once a permanent electric operations chief is named, LaFleur is to become executive vice president of customer, market, and state affairs for the combined National Grid-KeySpan.

Current Westborough-based National Grid USA president Michael E. Jesanis said Oct. 4 he would resign at the end of the year to pursue unspecified other business opportunities.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 1:26 PM | Comments (0)

Direct Energy wins $125 million electricity contact

The Massachusetts Health and Educational Facilities Authority, which provides bond-issuing and energy services for schools, universities, hospitals, and other institutions, said it has signed a 54-month contract with Direct Energy of Stamford, Conn., to provide more than $125 million worth of electricity annually.

After seeking competitive bids, the authority picked Direct Energy, a subsidiary of British energy conglomerate Centrica, to provide electric supply from December 2006 through May 2011 for institutions that are members of the authority's PowerOptions energy buying program.

Direct Energy is replacing Select Energy, a subsidiary of Northeast Utilities Inc. which has been MHEFA's wholesale electric supplier for the last six years but was sold to Hess Corp. June 1.

MHEFA's Power Options program currently delivers about 250 megawatts of electricity, the equivalent of about 190,000 average-sized homes, and represents 9 percent of all competitively-supplied electricity sold by non-utility energy suppliers in Massachusetts.

All government, municipal, and non-profit organizations in the state are eligible to buy electricity through PowerOptions as an alternative to paying utilities like NStar or National Grid for electricity.

The authority estimates it has saved PowerOptions members $200 million over utility electric rates in the last six years.

(By Peter J. Howe, Globe staff)

Posted by globebusiness at 12:55 PM | Comments (0)

Arnold contributes to hair-razing anti-smoking campaign

The latest antismoking TV ad from a team that includes Boston advertising agency Arnold Worldwide features a singing cowboy who removes his bandanna to reveal a hole from a laryngectomy, then uses a hand-held electronic voice box to help him sing, "You don't always die from tobacco."

An online component of this campaign includes the website hairy-mail.com, where users can send e-cards written on a hairy man's back. The point? The same caustic compound found in hair-removal products, sodium hydroxide, is also in cigarettes.

The client is the American Legacy Foundation, which launched its "truth" campaign in 2000 to discourage young people from smoking.

The content for the latest phase of the truth campaign was created by a team comprised of Arnold and Miami ad agency Crispin Porter + Bogusky.

Last week, the American Legacy Foundation and its website, found.thetruth.com, won the first-ever Public & Community Service Emmy Award for Broadband and Portable Delivery. Arnold created the site.

(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:19 PM | Comments (0)

Macy's to open new store in Chestnut Hill

Macy's is planning to open one of its most upscale department stores in the country this March in space being vacated by Bloomingdale's in Chestnut Hill.

"This is a fantastic retail environment," said Terry Lundgren, chairman and chief executive of Federated Department Stores, which owns Macy's and Bloomingdale's, at a meeting this morning. "This will be clearly among the most upscale stores we have."

Bloomingdale's is moving next month its women's apparel collection down the street into the Mall at Chestnut Hill in a space that Filene's once occupied. The relocation is part of Federated's $17 billion takeover of regional chains across the country.

Federated completed last month a conversion about 400 regional department stores, including Filene's, into the Macy's brand, creating a national shopping empire of more than 800 stores.

Lundgren, speaking this morning before the Greater Boston Chamber of Commerce, said he is also in talks with real estate firm New England Development about other opportunities for Bloomingdale's in the market. Currently, there is only one Bloomingdale's in Massachusetts.

New England Development, which owns the Cambridgeside Galleria mall and is working on a South Boston waterfront project, could not be reached for comment this morning.

Federated had considered the Lord & Taylor location in the Back Bay as a possible spot for Bloomingdale's before the company sold the chain, but decided against it, Lundgren said.

"It's hard to find the right spot in Boston," he said. "But we would look downtown."

Across the market, Federated is planning remodels and renovations to Macy's stores and upgrading the assortment at locations including Downtown Crossing and Natick.

"We're important to Boston, and clearly Boston is important to us," Lundgren said.

Lundgren also said that the company has completed job cuts related to the takeover. In Massachusetts, the deal resulted in the closing of seven stores and the elimination of about 1,500 positions at Filene's corporate headquarters and department stores around the state.

(By Jenn Abelson, Globe staff)

Posted by globebusiness at 11:54 AM | Comments (0)

Design New England is in the mail -- from Boston Globe Media

Boston Globe Media said today it has mailed out the first issue of "Design New England: The Magazine of Splendid Homes and Gardens" to 40,000 high net-worth households and a list of 4,500 architects and interior designers; an additional 11,000 copies will be made available at places such as newsstands.

The magazine, which will be published six times in 2007, is part of an effort to diversify the company's business base and tap into the market for niche publications. Boston Globe Media is an arm of the Boston Globe newspaper, the Boston.com website, and other New England properties, all owned by The New York Times Co.

Design New England is "the first of several niche publications we plan to publish to satisfy the needs of many businesses that need to reach deep into narrow audience segments," said Jay Fogarty, vice president of strategic planning for Boston Globe Media.

Magazines about home design make up a crowded niche, but Boston Globe Media said advertising for the first issue of Design New England "exceeded expectations."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:10 AM | Comments (0)

Evergreen outsources to State Street

State Street Corp., a Boston provider of financial services to institutional investors, said today that it has been appointed by Evergreen Investments to provide investment manager operations outsourcing services for more than 2,500 portfolios representing about $150 billion in assets.

"Evergreen's decision is further evidence of the trend for investment managers to outsource investment operations activities to support the rapid introduction of sophisticated investment products," State Street executive vice president Jay Hooley said in a statement. "Having provided services to Evergreen for more than 45 years, we are pleased that they've chosen to further expand our mandate to provide full investment operations support."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:08 AM | Comments (0)

The force still with Hasbro: profit up

Hasbro Inc., the nation's second largest toy maker, said today that its third-quarter profit rose 8.2 percent, as strong sales of brands including Littlest Pet Shop and Playskool offset a decline in Star Wars toys.

The company said it also benefited from strong performance in its traditional board game business and was well-positioned for the holiday season and for next year, which it expects will feature heavy sales in action figures driven by the release of several upcoming movies.

Revenue rose 5 percent to $1.04 billion, including a $9.6 million favorable foreign exchange benefit, versus $988 million a year ago. Excluding Star Wars sales, revenue rose 13 percent, Hasbro said.

Star Wars toys posted quarterly revenue of $69 million and remains the "No. 1 action-figure property in the industry," Verrecchia said.

The company, based in Providence, had braced for a continued drop-off in "Star Wars" sales, since the last movie in the franchise was released more than a year ago. But Verrecchia said Star Wars merchandise sold better than expected, "clearly demonstrating the continued strength of this brand even in a non-movie year."

During the quarter, Hasbro repurchased about 6.6 million shares for $131 million.

In June, Hasbro announced it was producing a new line of Playskool products for CVS Corp. drugstores, including diapers, wipes and baby bottles.

Hasbro, the second biggest U.S. toymaker after Mattel Inc., is hoping for strong toy sales this summer, when a live-action film based on its Transformers action figures is released in theaters. Verrecchia has previously said the target audience would be children and nostalgic 20-somethings who grew up with the toys and the related animated TV series in the 1980s.

Hasbro also has a licensing deal with Marvel Comics, and plans to release a new product line to coincide with the May 2007 release of the new "Spider-Man".

Other films with Marvel characters slated for release next year are "Ghost Rider" and "Fantastic Four: Rise of the Silver Surfer."

Traditional board game business was up 12 percent in the quarter, with games like Clue, Monopoly and Battleship all performing well. (AP)

Posted by globebusiness at 11:02 AM | Comments (0)

TD Banknorth names new chief executive

TD Banknorth Inc. said today that William J. Ryan is stepping down as chief executive of the financial services company but will remain as chairman. He will be replaced as CEO by President Bharat Masrani.

Masrani, 50, is slated to assume Ryan's duties on March 1, 2007. Ryan, 62, will focus on the company's merger and acquisition strategy, TD Banknorth said.

Masrani became the company's president in September. He joined TD Bank Financial Group, the company's parent, in 1987 and has served in management positions in commercial and corporate banking and global wealth management.

Ryan has served as chairman and chief executive of TD Banknorth since July 1989. The bank's headquarters are in Portland, Maine.(AP)

Posted by globebusiness at 10:33 AM | Comments (0)

Emily Rooney will analyze on WTKK

Radio station owner Greater Media said today that WGBH-TV host Emily Rooney will join WTKK (96.9 FM) as an on-air contributing analyst during the Jay Severin Program beginning in January.

In an "at-large" role, Rooney will make a regular weekly appearance with Severin to discuss how the media handled the biggest story of the week; she will also be available at other times when stories break, Greater Media said.

Rooney will continue to serve as host and executive editor of "Greater Boston with Emily Rooney" on WGBH-TV in Boston.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:22 AM | Comments (0)

Mass. home sales fall

Massachusetts home sales fell for the sixth consecutive month in September, the Massachusetts Association of Realtors reported today.

Sales of detached single-family homes fell 24 percent from September 2005 to 3,435, and median selling price declined 5 percent to $341,000, the group said.

September condo sales fell 28 percent to 1,546 units, and the median selling price was unchanged at $270,000.

"Today's market reflects the more relaxed, even guarded, approach adopted by many buyers who are waiting to see if prices have bottomed out," said David Wluka, the group's president, and president of Wluka Real Estate in Sharon, in a statement. "Sellers have also become more cautious, with many opting to delay their home search until they've reached an agreement on the sale of their own home."
(Chris Reidy, Globe staff)

Posted by globebusiness at 9:27 AM | Comments (0)

Life Science Boston center sold

BioMed Realty Trust said today it has agreed to pay $507 million to buy the Center for Life Science Boston in the city's Longwood Medical Area.

The 18-story center is under construction and set to open in 2008, BioMed said; 80 percent of the space is pre-leased to such tenants as Beth Israel Deaconess Medical Center, Children's Hospital Boston, and the Dana-Farber Cancer Institute.

The building is fully permitted for life science, laboratory, office, and clinical use, BioMed said.

A San Diego real estate investment trust that leases space to biotechnology and drug companies, BioMed is purchasing the Center for Life Science Boston from Lyme Properties LLC, a life sciences developer with offices in Cambridge.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:06 AM | Comments (0)

MFS not for sale, says Sun Life

Sun Life Financial Inc. said today it will continue to hold on to MFS Investment Management, its Boston money management firm, after exploring strategic options.

In September, Sun Life, a financial services firm in Toronto, said it had hired investment bankers to provide advice on strategic alternatives for MFS. That disclosure prompted outside speculation that MFS was for sale.

But today Sun Life said it had completed its assessment of those alternatives and decided not to "pursue any third-party transactions" concerning MFS.

"We conducted a thorough and disciplined assessment, and there was a high degree of interest in partnering with MFS," Sun Life chief executive Donald A. Stewart, said in a statement. "Sun Life remains committed to the asset management business in the US, and MFS is a valuable strategic asset. Together with the senior management of MFS, we will focus on improving performance and profit margins and expanding its global investment and distribution platforms."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:58 AM | Comments (0)

Block that shopper! New assignment for Patriot Watson

Patriots tight end Ben Watson has no trouble blocking opponents on the gridiron but will he be able to fend off blitzes of holiday shoppers at a Staples Inc. in Somerville's Assembly Square tomorrow?

That's when Julie Jamrin of Rutland, the winner of Staples' "Easy Play Decoder Game" contest, is entitled to a $2,000 shopping spree; as an added bonus, Watson will help "defend her against the holiday crowds while she tackles her gift-list of must-have items," Staples said.

How bad the holiday crowds will be at 11:15 a.m. on an October Tuesday remains to be seen, but that's when this shopping spree and a meet-and-greet with Watson are set to kick off.

Jamrin won the contest by filling out an on-line entry form and then printing the "scrambled image game piece" and taking it to a local Staples where a decoder unscrambled it and determined the winner, Staples said.
(Chris Reidy, Globe staff)

Posted by globebusiness at 8:27 AM | Comments (0)

Sensitech will keep Starbucks cool

Sensitech Inc. of Beverly said Starbucks Corp. has adopted its radio-frequency application that helps the coffee chain to ensure that products shipped to its stores are kept at proper temperatures.

As Starbucks expands, it often relies on third-party food distributors, and one challenge is to ensure they adhere to Starbucks' quality standards.

With a Sensitech system called ColdStream Closed Loop, Starbucks can do that. Refrigerated trucks of third-party distributors are equipped with radio-frequency monitors about the size of a deck of cards. During deliveries, monitors register temperature variations that might occur if, for example, truck doors are left open too long. Back at the warehouse, that data is wirelessly transmitted to Sensitech equipment in the warehouse, then sent over the Internet to Sensitech for analysis.

Using that analysis, Starbucks can work collaboratively with third-party distributors to improve delivery procedures.

Sensitech is a business unit of Carrier Corp., which specializes in air conditioning, heating, and refrigeration systems.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:19 AM | Comments (0)

More to store? EMC rolls out new products

After last week's announcement of strong third-quarter revenues, EMC Corp. of Hopkinton will try to keep the momentum going by announcing several new hardware products today. The company will unveil a new addition to its Symmetrix DMX-3 line of high-end storage arrays; a new mid-range Clariion CX3 storage system; an upgraded EMC Disk Library with double the capacity of the previous model; and new models of the Celerra NS storage system, designed for storage networks based on Internet protocols. All of the new products will be rolled out by year's end.
(By Hiawatha Bray, Globe staff)

Posted by globebusiness at 8:15 AM | Comments (0)

October 20, 2006

A Deerfield Yankee in country music's court

Yankee Candle Co., a Deerfield firm that is to scented wax what Ben & Jerry's is to exotic ice cream flavors, said today it has been named the official candle brand of next month's "40th Annual CMA Awards" sponsored by the Country Music Association.

According to Yankee Candle, such country stars as Faith Hill and Keith Urban are likely to be among the first to "experience" one of the company's new holiday offerings.

And what might that be? Surely, after crafting scents with such titles as cranberry chutney and rhubarb plum, Yankee's odor-meisters should have no trouble alchemizing a signature fragrance that captures the essence of country music.

Alas, not this year. What the company will be promoting in Nashville is a "housewarmer jar candle" guaranteed to incense the premises with a "sparkling vanilla" fragrance -- vanilla is a sure-fire holiday crowdpleaser because it evokes memories of Yules of yore, according to senior vice president Rick Ruffolo.

One reason for traveling to Tennessee is that many country fans are devotees of Yankee candles, and Ruffolo plans to buttonhole audience members and luminaries alike to get ideas for new scents.

"This is an opportunity to be creative," he said. "Maybe someday you'll see a bluegrass candle."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:12 PM | Comments (0)

BioVex withdraws its planned initial public stock offering

BioVex Group Inc. of Woburn today withdrew its planned initial public offering due to "unfavorable market conditions," according to a filing with the Securities and Exchange Commission.

The biotechnology company originally filed its $45 million IPO in June and set the terms last month. It had planned to offer 3.4 million shares at $11 to $13 a share.

Janney Montgomery Scott LLC and Stifel Nicolaus were listed as the offer's underwriters.

BioVex Group is focused on development and eventual commercialization of targeted treatments for cancer and infectious-disease prevention. (Dow Jones)

Posted by globebusiness at 2:42 PM | Comments (0)

Indevus signs deal to help bring drug to US market

Indevus Pharmaceuticals Inc., a Lexington company that develop and commercialize drugs, said today it finalized a definitive supply agreement with Schering AG of Germany, an important step in its plans to bring to the US market a Schering product called Nebido that treats male hypogonadism.

Ten percent of men suffer from hypogonadism, or testosterone deficiency, whose symptoms include depression and sexual dysfunction, Indevus spokesman Brooke Wagner said.

In the $500 million US market for testosterone replacement, currently available treatments include gels that must be applied daily and drugs that are injected every two or three weeks, he said.

Nebido, in contrast, needs to be injected only every three months, which Indevus believes is an advantage over other treatments.

Indevus is currently testing Nebido under federal guidelines and hopes to make it available in the United States in 2008.

In afternoon trading on the Nasdaq Stock Market, Indevus stock traded at $6.66, down 3 cents.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:35 PM | Comments (0)

Northeastern celebrates new graduate program in entrepreneurship

Northeastern University today celebrated the recent launch of its School of Technological Enterpreneurship by issuing a survey that found that two-thirds or entrepreneurs are born, not bred.

The new graduate program that began this fall is a stand-alone school for aspiring entrepreneurs who seek to launch high-tech companies.

According to the survey, only 1 percent of more than 200 enterpreneurs identified higher education as the primary motivator for starting a business.

Northeastern's new program aims to change that.

"The traditional 'silo approach' to teaching enterpreneurship is flawed," said Paul Zavracky, dean of the new school. "An independent, interdisciplinary approach that marries business and marketing with technology ensures students are well rounded and fully prepared to start their own ventures."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:29 PM | Comments (0)

Macy's Thanksgiving Parade coming to Boston -- the Sunday before

The Macy's Thanksgiving Parade is on the road for the first time ever with a stop set for Boston's City Hall Plaza on Sunday afternoon, Nov. 19.

Last year, Macy's parent Federated Department Stores Inc. acquired the parent of Filene's and other regional chains and changed most store names to Macy's; now the thinking is that "a traveling road show of the parade experience" would be a good way to help celebrate the launch of Macy's as a national brand and mark the parade's 80th anniversary, a Macy's spokeswoman said.

In Boston, plans call for an exhibit about parade history, plus entertainment by clowns, stilt walkers, and a musical revue. While festivities will be largely stationary and confined to City Hall Plaza, plans call for Snoopy to lead a mini parade of marching musicians to the Macy's store in Downtown Crossing.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:20 PM | Comments (0)

Dunkin' Donuts puts up sandwich chain Togo's for sale

Dunkin' Brands Inc. of Canton said today it has hired an investment banking firm to help it sell Togo's Eateries Inc., a chain specializing in soups and sandwiches, so it can focus on rapidly expanding Dunkin' Donuts.

Dunkin' Brands, which also includes the Baskin-Robbins ice cream chain, was recently acquired by a group of private equity firms, including Boston's Bain Capital and Thomas H. Lee Partners, for $2.43 billion.

Dunkin' has disclosed plans to expand to 15,000 US Dunkin' Donuts stores by 2020 from roughly 5,000 today.

In a statement, chief executive Jon L. Luther said, "With the attention of the Dunkin' Brands leadership focused squarely on focusing our growth through global expansion to our larger Dunkin' Donuts and Baskin-Robbins businesses, we believe the sale of Togo's will best position the brand to continue to achieve its promising growth path."

Togo's was founded in 1968 and is headquartered in San Jose, Calif. It currently operates 280 locations, most in California. Dunkin' Brands said Togo's system-wide sales in fiscal 2006 was $157 million. It became part of the Dunkin' empire in 1997.

Dunkin' said Trinity Capital, an investment banking firm in Los Angeles, has been retained to market Togo's to potential buyers.

(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:18 PM | Comments (0)

Teradyne building sold for $34.8 million

Nordic Properties, a Burlington real estate investment and development firm, has purchased 321 Harrison Ave. in Boston, the former Teradyne building, from Teradyne Inc. for $34.8 million, said David Pergola Sr. and David Pergola Jr., the Meredith & Grew Inc. brokers on the transaction.

Last year, Teradyne, a microchip-testing firm, disclosed plans to consolidate around its factory in North Reading and move out of the highly visible building near the of intersection of the Massachusetts Turnpike and Interstate 93.

Nordic said it plans to market the 11-story building with about 245,000 square feet of office space to such market niches as medical offices that need laboratory space and nonprofit groups.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:27 AM | Comments (0)

Vacancy rate holds steady in Boston office market

The Boston office market recovery paused in the third quarter with the vacancy rate holding steady at 11.7 percent, according to a new study by Meredith & Grew Inc., a commerical real estate services firm in Boston.

"Leasing activity in the Financial District was strong with 421,000 square feet absorbed, but this was negated by Gillette's sublease offering of 320,000 square feet in the Back Bay's Prudential Tower," the report said.

In the market segment for Cambridge lab space, the vacancy rate has dipped from 10.1 percent to 8.9 percent since the beginning of the year, the report said; while the biotech and pharmaceutical companies that occupy this space have been in a "growth mode," several buildings have been converted into lab space, adding to supply.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:24 AM | Comments (0)

Ariad to sell 3.1 million additional shares

Ariad Pharmaceuticals Inc. of Cambridge proposed offering 3.11 million common shares under effective shelf registration statements.

The company, which develops medicines that regulate cell signaling with small molecules, said Credit Suisse Securities LLC is acting as the sole underwriter for the offering.

Credit Suisse will be granted an option to purchase up to an additional 466,942 shares to cover over-allotments.

Ariad has about 62 million shares outstanding.

Ariad shares closed trading yesterday on the Nasdaq Stock Market at $5.18, up 12 cents, or 2.4 percent.

Posted by globebusiness at 9:02 AM | Comments (0)

Acme Packet completes IPO

Network equipment maker Acme Packet Inc. of Burlington said late yesterday it completed its initial public offering of 11.5 million shares at $9.50 each.

In all, 8 million of the shares were offered by the company and 3.5 million shares were offered by selling stockholders. Underwriters for the offering exercised their option to buy an additional 1.7 million shares from the company.

The stock was expected to hit the market at between $8 and $9 per share. It began trading last Friday, and ended its first day of trading at $15.91.

Goldman, Sachs & Co. is the sole book-running manager for the offering. Credit Suisse is co-lead manager, and JPMorgan and ThinkEquity Partners are co-managers.

Shares fell 81 cents, or 4.7 percent, yesterday to close at $16.49 on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 8:55 AM | Comments (0)

IBasis fires executive after stock-option probe

IBasis Inc. of Burlington, a provider of Internet telephone services, said today it has fired a top executive and it will restate past financials and fire its general counsel following an investigation into its past stock-option practices.

The company expects to record non-cash charges between $10 million and $20 million for stock-based compensation over the period from December 1999 and April 2006.

IBasis' audit committee found that measurement dates for stock option grants determining their accounting treatment differ from measurement dates used in preparing financial statements over that period.

The committee, along with the company's accountants, concluded that financial statements from fiscal 1999 on should not be relied upon.

IBasis expects to announce financial results for the third quarter of fiscal 2006 following the final determination of the stock-based compensation expense. It will file its restated financial statements "as soon as possible."

Also, after IBasis announced its investigation on Sept. 11, the Securities and Exchange Commission inquired about its historical stock-option grants. IBasis said it intends to cooperate fully with the inquiry.

IBasis also terminated its vice president of business affairs and general counsel Jonathan D. Draluck because of the findings.

There are currently 90 companies under SEC or Justice Department stock-options grant scrutiny, plus at least 49 other companies have launched or completed internal reviews into their stock options practices that are not currently facing an SEC or Justice Department probe.

At least 135 companies have disclosed SEC, Justice, or internal investigations into the possible inappropriate backdating of stock options.

The inquiries aim to discover whether companies granted options by making the actual grant date of the option appear earlier than the award date, often when a company's shares were trading at historical lows.

Backdating options can be legal so long as the practice is properly disclosed to investors and approved by the company's board, experts say. But backdating also can run afoul of federal accounting and tax laws in some cases.

At least 40 senior executives or directors, including 11 chief executives, nine finance chiefs, and eight general counsels have been fired or have stepped down at 17 companies, including UnitedHealth Group Inc., McAfee Inc., and CNET Networks. (AP)

Posted by globebusiness at 8:50 AM | Comments (0)

October 19, 2006

Grafton man sues Reilly for defamation

A former assistant director of an Auburn day care center filed a lawsuit in Suffolk Superior Court today alleging he was defamed by a June press release from Attorney General Thomas F. Reilly, the man's lawyer said.

According to Reilly's release, the center and former owners Sandra and Joseph Martin Jr. of Grafton agreed to pay $688,000 "in restitution for allegedly defrauding the commonwealth."

Joseph Martin's lawyer, Barry Pollack, said anybody reading that release "would get the false impression that the Martins did something improper" and added the release incorrectly described the Martins as former owners.

Noting the release included the sentence, "There has been no admission or finding of liability by or against the defendants," Reilly's spokeswoman said Martin's suit was "without merit."

Pollack indicated any damages Martin might receive would be donated to a charity for children and families.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 6:21 PM | Comments (0)

Mass. Eye and Ear looks to the suburbs

The Massachusetts Eye and Ear Infirmary, searching for ways to remain financially viable after years of operating losses, plans to follow the lead of other downtown Boston teaching hospitals by opening satellite clinics in the suburbs.

``We're moving in a new direction, outside the Boston area, with a new style,'' said Diane Kaneb , chair of the hospital's board of trustees. The 180-year-old hospital, which has 42 inpatient beds, will continue to offer advanced care at its central facility, alongside the Charles River .

Branching into the suburbs could be key to the Harvard Medical School-affiliated infirmary's survival. Because of technological advances, many of its core services no longer require expensive inpatient hospital stays. Doctors have opened at least 15 outpatient centers in eastern Massachusetts to perform a variety of eye surgeries, according to the hospital.

The lost business has resulted in persistent operating losses, according to performance figures disclosed by the hospital to the state. Its bond rating was reduced to below investment grade, or junk status, by Moody's Investor Services in 2002, although Moody's says the hospital's outlook is now stable. The hospital said it finished the last fiscal year, which ended Sept. 30, with a $1 million surplus.

``Financial performance should remain stable. They have very little debt. They have a nice balance sheet profile. They are a sizeable organization,'' said Lisa Goldstein , a Moody's analyst.

Mass. Eye and Ear considered joining Partners HealthCare , the parent corporation of Massachusetts General Hospital, but the hospital and its doctors ultimately decided to remain independent to preserve its reputation as a stand-alone research and advanced care center, Kaneb said.

Now the board of trustees is looking for a new chief executive after this month's announcement that president F. Curtis Smith is resigning at the end of the year. Meanwhile, the board has delayed launching a $100 million capital fund-raising campaign while it decides the best course for the future.

Pending the results of a consultant's study, that will include leveraging the Mass. Eye and Ear brand outside the downtown Boston core of teaching hospitals. The number and locations of suburban clinics have not been determined, Kaneb said.

``We are just trying to serve the patients in the outside community, too,'' she said.
(By Christopher Rowland, Globe staff)

Massachusetts Eye and Ear Infirmary from the Charles River.

Posted by globebusiness at 4:29 PM | Comments (0)

Redevelopment authority approves Boylston Street Apple Store

The Boston Redevelopment Authority today gave approval to Apple Computer Inc. to build a store near the Prudential Center.

Apple is proposing to demolish the building at 815 Boylston St., recently home to a Copy Cop store, and construct a three-story, 21,350- square-foot space with a glass facade and green roof.

The project also calls for sidewalk improvements along Boylston. Construction for the store is expected to last a year.
The proposal still needs to go before the city's Zoning Board of Appeals.

Apple has six stores in Massachusetts. This would be the company's first in Boston.
(By Jenn Abelson, Globe staff)

The Back Bay Architectural Commission backed preliminary designs for Boston's first Apple Store earlier this year.

Posted by globebusiness at 4:28 PM | Comments (0)

Raytheon to run electronic toll collection on Florida Turnpike

Defense contractor Raytheon Co. of Waltham said today it has been awarded a $229.8 million contract to provide electronic toll collection on the Florida Turnpike for the next 10 years.

Under the agreement, Raytheon will provide 835 lanes of toll equipment, a central processing and audit system, and open road tolling technology. Installation is scheduled for completion within four years, after which Raytheon will remain under contract to perform maintenance work for six years.

Shares of Raytheon fell 23 cents to $50.27 in afternoon trading on the New York Stock Exchange. (AP)

Posted by globebusiness at 3:14 PM | Comments (0)

Avici moves to a profit but shares plunge as company warns of revenue shortfall

Avici Systems Inc. of Billerica, which makes high-speed Internet routers, said today it swung to a third-quarter profit as product sales more than doubled, but shares tumbled after executives warned that sales next year would likely be significantly lower than in 2006.

Bill Leighton, chief executive of Avici Systems, said in a conference call the company experienced an increase in demand this year from its primary customer, AT&T Inc., that "we don't believe is sustainable." The company expects $75 million to $85 million in revenue in 2006, but projects sales will be in the $40 million to $50 million range in 2007.

Shares plummeted $1.25, or 15 percent, to $7.24 in afternoon trading on the Nasdaq Stock Market. The stock has traded between $3.40 and $10.16 in the past year.

For the third quarter ended Sept. 30, net income totaled $2.7 million, compared with a loss of $7.8 million, a year earlier.

Revenue soared to $20.2 million from $8.2 million in the same period last year. However, sales declined 20 percent on a sequential basis from $25.3 million in the second quarter.

While the company did not issue formal guidance for the fourth quarter, analysts on the conference call noted that revenue in the first nine months totaled $66.3 million and Leighton's 2006 guidance of $75 million to $85 million suggests quarterly revenue is likely to be $9 million to $18 million.

Leighton also acknowledged that Avici expects to face increasing competition for its business with AT&T. Analysts said that one competitor could be networking giant Cisco Systems Inc., though Leighton would not comment on specific companies. (AP)

Posted by globebusiness at 2:53 PM | Comments (0)

Logan to get new non-stop service to Brussels and Madrid

Boston travelers could soon have non-stop service to Brussels and Madrid, but previously announced plans for a non-stop flight to China may not happen until 2008, the head of Logan International Airport said today.

Thomas J. Kinton Jr., executive director of the Massachusetts Port
Authority, which runs Logan, told Massport's board that he is "confident that our continuing talks with airlines will result in new service to Brussels and Madrid.''

The last time Boston had non-stop service to Madrid, Kinton said, was in the 1970s on Iberian Airways. Brussels service ended in the 1990s after Belgian carrier Sabena was shut down and liquidated by the Belgian government.

Kinton said Massport is in talks with American Airlines and Delta Air Lines to launch the Brussels service and with Iberian about resuming Madrid.

On the issue of service to China, which Mayor Thomas M. Menino said in January would be up and running by the end of this year, Kinton said Massport is "still in discussions" with Hainan Airways but thinks the service to either Beijing or Shanghai might not happen until 2008 when Hainan receives new fuel-efficient Boeing 787 jets that can make the trip cost effective.

(By Peter J. Howe, Globe staff)

Posted by globebusiness at 2:32 PM | Comments (0)

Citizens' parent to sponsor Oxford boat on the Charles

The Royal Bank of Scotland, parent of Citizens Financial Group of Providence, said today it will sponsor the Oxford University Boat Club for the 42d Head of the Charles, the largest two-day rowing event in the world that is set to attract as many as 300,000 spectators to the Charles River beginning Oct. 21.

Explaining its decision, the bank said in a statement, "The US is an increasingly important market for RBS."

One provision of the sponsorship calls for Oxford rowers to "include RBS branding" on their uniforms.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:49 PM | Comments (0)

New York firm purchases real estate portfolio

NorthStar Realty Finance Corp., a New York real estate firm, has purchased a portfolio of nine Dick's Sporting Goods stores and one PetSmart store for $63 million from Berkshire Development, the Boston office of Jones Lang LaSalle Inc. said today.

Jones Lang LaSalle, a real estate services firm, said it represented the seller in the transaction and procured the buyer.

The portfolio included stores from Kansas to Maine, including locations in Millbury and North Attleborough and in Concord, N.H., and Keene, N.H., Jones Lang LaSalle said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:41 PM | Comments (0)

Raytheon wins $36 million Army radio contract

Raytheon Co., the giant defense contractor headquartered in Waltham, said today it has been awarded a $36 million contract to supply the Army with specialized radios.

The radio is used as a satellite communications system that provides Army personnel with advanced voice and data capabilities for long distances, the company said.

"This system provides our troops with markedly improved communications ability in challenging combat conditions," Jerry Powlen, a Raytheon vice president, in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:39 PM | Comments (0)

Logan to install signs that show airport parking availability

Logan International Airport officials plan by April to install new signs at the main entrances to the airport showing whether parking garages are full or have available space.

The board of the Massachusetts Port Authority, which runs Logan, voted today to spend $278,000 on the signs, which will be installed over roadways at the Ted Williams Tunnel entrance to Logan and over the roadway that brings in traffic from the Callahan Tunnel and Route 1A south.

The signs will display messages such as whether the Terminal B or central garages are full and whether they only have reserved spaces for members of Logan's new PassPort Gold parking plan.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 1:21 PM | Comments (0)

Newton firm helps Circuit City with its new 'firedog' service

Consumer-electronics retailer Best Buy Co. has teamed up with "Geek Squad" to offer computer support, and now rival Circuit City Stores Inc. has "firedog".

Firedog is the brand name of the electronic chain's tech support team that helps customers install home theaters, big screen TVs, and other products. Newton firm BrandEquity said Circuit City turned to the company for help in coming up with a moniker after considering 6,000 names.

BrandEquity, which creates names and logos, has developed the traffic light logo for Stop & Shop Supermarket Cos. and the Jimmy Fund logo, among others.

The Newton firm decided to steer clear of descriptive monikers because other competitors were already using such names as Geek Housecalls and Nerds on Site.

"Circuit City elected to take a risk and go with a memorable name you can build a story around," BrandEquity creative director Steve Smith said of firedog.

In a statement, BrandEquity president Ted Selame added: "We came up with the name firedog because it has great attributes: trustworthy, brave, friendly, part of the rescue team. Firedog is also a faithful companion who is ready to serve on call."

BrandEquity also helped develop the concept of a dog jumping through a hoop for the firedog logo.

Circuit City is currently rolling out the Firedog name, BrandEquity said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:55 PM | Comments (0)

Gale, Vornado finalize agreement to redevelop Filene's block in Downtown Crossing

Gale International and Vornado Realty Trust said today they have signed a joint agreement, formalizing previously disclosed plans to redevelop the Filene's complex in Downtown Crossing.

The joint venture said it will purchase the property for about $100 million from Federated Department Stores Inc., which bought Filene's parent last year, with the sale to the joint venture expected to close early next year.

The Gale-Vornado team has previously proposed a $620 million project that includes building a 38-story tower over the four-building complex, the Globe has reported. The hope is that construction can begin in June on plans envisioning office space, luxury stores, condos, and a hotel.

"This historic redevelopment will not only restore this site to its former glory but will transform and revitalize downtown Boston," said John B. Hynes III, chief executive of Gale International.

Mack-Cali Realty Corp., a real estate investment trust in New Jersey, said it will "co-venture" Gale International's investment in the project.
(By Chris Reidy, Globe staff)

Rendering (above) of proposed redevelopment of Filene's block in Downtown Crossing courtesy of Elkus/Manfredi Architects.

Posted by globebusiness at 11:07 AM | Comments (0)

State adds 3,400 jobs in September as recovery gains strength

Massachusetts employers added 3,400 jobs in September, led by growth in technology-related sectors. The unemployment rate rose to 5.1 percent from 4.9 percent in August.

September's gains were more evidence that state's economic recovery is gaining strength. The state has added 33,000 jobs over the past year and 61,000 since the labor market hit bottom in December 2003. Massachusetts still has 145,000 fewer jobs that at the pre-recession peak of early 2001.

The state's job growth, however, has accelerated over the past year. Payroll employment is up 1 percent, matching the national rate of growth after substantially lagging it in the earlier phases of the recovery.

Even the increase in the unemployment rate had positive aspects. The number of employed people increased, but an even higher number of job seekers entered the labor market to push the rate higher. The number of job seekers tend to grow as employment prospects brighten, according to economists.

Professional, scientific, and business services, which includes a variety of tech firms, led September's gains by adding 2,100 jobs. The sector has added 9,500 jobs over the past year, growing at twice the rate of overall state employment.

The tech components of this sector have been particularly strong over the last year. Payroll employment in management, scientific, and technical consulting services grew nearly 5 percent and while scientific research and development jobs grew nearly 4 percent.

Other key sectors posted gains in September. Education and health services added 200 jobs, following a 2,300 job gain in August. Financial services added 500 jobs, and has posted gains in eight of the last nine months. Construction employment rose by 200, while leisure and hospitality, which includes restaurants, hotels and tourism businesses, gained 900 jobs.

Manufacturing, however, lost 1,500 jobs. Trade, transportation and utilities, which includes retailers, shed 700 jobs in September.
(By Robert Gavin, Globe staff)

Posted by globebusiness at 10:47 AM | Comments (0)

High school students collaborate with MIT to invent the future

A reusable fire-extinguishing grenade and a pocket-size arsenic filter to purify drinking water are among proposed inventions by high school students participating in program with ties to the Massachusetts Institute of Technology of Cambridge.

The Lemelson-MIT program recognizes outstanding inventors and makes grants of up to $10,000 each to students and teachers at 20 high schools across the country.

Acton-Boxborough Regional High School came up with the fire extinguishing grenade, and the Bromfield School in Harvard worked on a memory stimulator for people with Alzheimer's disease and dementia.

Unlike other initiatives, the Lemelson-MIT program is "about collaboration, not competition," said Joshua Schuler, the program's grant officer, in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:24 AM | Comments (0)

Profit and revenue down at New York Times Co.

The New York Times Co., owner of The Boston Globe, reported today that third-quarter earnings fell 39 percent to $14 million as revenue fell 2.4 percent to $739.6 million.

Revenue at the New England Media Group, which includes the Globe and the Worcester Telegram & Gazette, declined 8.9 percent as advertising revenue dropped 12.4 percent, the Times company said.

"Our third-quarter results reflect the continued weakness in the print advertising marketplace," Janet L. Robinson, the company's president and chief executive, said in a statement.

The newspaper industry is struggling as readers and advertising dollars migrate to the Internet. The Eastern Massachusetts market is especially challenging because of high Internet use in the region, stagnant population growth, and a consolidation in the department store industry; traditionally, department stores have been big customers of newspaper advertising.

On the New York Stock Exchange yesterday, shares of Times stock closed at $23.25, down 35 cents.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:45 AM | Comments (0)

Teradyne turns profitable as revenue rises

Teradyne Inc., a Boston maker of automated test equipment for semiconductors and broadband systems, said today it swung to a third-quarter profit on higher sales and fewer charges.

The company reported profit of $60.6 million, compared to a loss of $35.4 million, during the same period last year.

Earnings from continuing operations grew to $64.5 million, or 33 cents per share, versus a loss of $43.9 million, or 22 cents per share, last year.

Teradyne said its operating expenses dropped 16 percent to $109.9 million from $130.1 million in the prior-year period.

Revenue for the quarter increased 22 percent to $359.1 million from $293.6 million. Bookings for the quarter totaled $239.1 million versus $299.9 million in the same period last year, and dropped from $403.7 million in the second quarter of this year.

President and Chief Executive Mike Bradley said customers "pulled back as expected," and he expects lower earnings and revenue in the next quarter.

In trading yesterday on the New York Stock Exchange, Teradyne shares were unchanged at $13.20. (AP)

Posted by globebusiness at 9:40 AM | Comments (0)

Lowell technology firm named one of the fastest growing in the country

Litle & Co. of Lowell, a privately held firm that specializes in payment processing systems, was named the fastest growing technology company in New England and number three overall, according to the 2006 Deloitte Technology Fast 500 survey.

The Fast 500 ranks North American companies based on percentage revenue growth over five years.

In September, Litle was named the fastest-growing private company in the nation by Inc. magazine.

According to Deloitte & Touche partner Steve DiPietro, 39 of the region's 42 Fast 500 companies are headquartered in Massachusetts.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:05 AM | Comments (0)

Student Loan Corp. net income falls

The Student Loan Corp. of Stamford, Conn., reported today that third-quarter net income fell 6 percent to $78 million but added that its managed student loan portfolio grew by $3 billion to $33.3 billion for the 12-month period ending Sept. 30.

"Our business momentum remains strong despite challenges of the interest-rate yield curve," chief executive Mike Reardon said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:02 AM | Comments (0)

Harvard gets $1.25 million donation

A Minneapolis foundation is giving $1.25 million to Harvard University's John F. Kennedy School of Government and the Harvard Business School, the school said.

The gift from the George Family Foundation, a charity set up by Harvard professor Bill George and his wife, Penny, in 1994, will pay for 15 fellowships for students studying for degrees at both schools, and to fund a leadership development program at the Kennedy School.
(Keith Reed, Globe staff)

Posted by globebusiness at 8:58 AM | Comments (0)

Bank of America profits surge 41 percent

Bank of America Corp., New England's largest bank, said today that third-quarter earnings rose 41 percent on soaring credit-card fees from its acquisition of MBNA Corp. and the sale of a Brazilian unit.

Consumer and small business banking profit surged 57 percent to $2.89 billion, as revenue rose 44 percent to $10.44 billion. The bank added a record 744,000 net new checking accounts.

Bank of America is building on MBNA's specialty in affinity cards, which let holders accrue points through cards imprinted with favorite organizations such as colleges or sports teams.

Net income for the Charlotte, North Carolina-based company rose to $5.4 billion, while revenue increased 32 percent to $18.7 billion, the bank said, topping forecasts for $18 billion.

Results reflected Chief Executive Kenneth Lewis's $34.2 billion acquisition of MBNA Corp. on Jan. 1, which made Bank of America the largest US credit card issuer. The MBNA deal added 20 million customers to the bank.

Card services revenue increased 137 percent to $5.3 billion. This helped offset a decline in net interest margin, the difference between what the bank earned on loans and paid on deposits, to 2.73 percent from 2.85 percent in the second quarter. Several banks have reported declines.

"Bank of America turned in another solid performance," Lewis said in a statement. "Margins continue to be under pressure due to the continuing flat yield curve and intense competition."

The bank also surprised many last week in offering free stock trades to individuals who deposit at least $25,000 at the bank, hurting online brokers that may lack the financial power to offer such trades.

In the corporate and investment bank, profit rose 24 percent to $1.92 billion, largely because of a gain from the sale of Bank of America's Brazilian operations, which it had acquired when it purchased FleetBoston Financial Corp. in 2004 for $48 billion. The company sold its BankBoston unit in Brazil to Banco Itau Holding Financeira SA during the quarter, resulting in a $720 million pretax gain.

Bank of America stock ended trading yesterday at $53.81 on the New York Stock Exchange, up 13 cents. (AP)

Posted by globebusiness at 8:46 AM | Comments (0)

October 18, 2006

Globe union rejects contract tying raises to revenue

The Boston Newspaper Guild, which represents The Boston Globe newsroom and other workers, yesterday said its members rejected by a 307-223 vote a four-year contract that would have tied raises to revenue increases at the newspaper.
The proposed contract would have excluded revenues of Boston.com from that calculation, according to the guild. Boston.com runs Globe content on its site, and the two organizations have been developing a closer operating relationship recently. Both are owned by The New York Times Co.
The vote comes amid difficult financial times for the Globe and its parent company, as well as for the newspaper industry. The Globe, like many major metropolitan dailies, has been struggling with the migration of readers and advertising to the Internet and the consolidation of department store advertisers. Overall ad revenue for the Globe has declined in recent quarters and fallen more sharply than at many other papers.
The guild represents nearly 1,000 workers. In addition to reporters, editors, and other newsroom employees, guild members include employees in advertising, circulation, finance, and other white-collar departments. Aside from excluding Boston.com revenue, where potential growth is expected to be faster than at the Globe, the rejected contract was expected to result in higher worker costs for healthcare benefits, the guild said.
‘‘This contract illogically excluded revenue from Boston.com and that exclusion from the wage pattern, coupled with employees’ taking another exorbitant increase in their healthcare payments, was enough for a majority of our members to voice their opposition to yet another New York assault on the very employees who produce the excellent product The Boston Globe remains,’’ said Daniel Totten, guild president.
Gregory L. Thornton, the Globe’s senior vice president of employee relations, expressed disappointment over the vote’s outcome.
‘‘This proposed agreement contained the exact same economic package as had been negotiated and ratified by several of our other major unions earlier this year,’’ Thornton said. ‘‘Economic conditions are at least as challenging now for the industry and the Globe as have existed for the last year.’’
(By Globe staff)

Posted by globebusiness at 11:42 PM | Comments (0)

Cape islands hospitals to affiliate with Mass General

Two tiny hospitals serving Martha's Vineyard and Nantucket are poised to become subsidiaries of Massachusetts General Hospital in a deal that would improve their access to the Boston hospital's clinical expertise, provide new medical records systems, and earn each $5 million in cash.

As part of the deal with Martha's Vineyard Hospital and Nantucket Cottage Hospital, Mass General would establish a stronger connection with the islands and their large summer populations, potentially producing more referrals for advanced care.

Mass General already receives most patients whisked off the islands by helicopter to receive urgent care in Boston. Some of its physicians have admitting privileges on the islands. It also has affiliations with the island hospitals in cardiology, radiology, neurology and dermatology.

``If they are going to affiliate with somebody, we're glad it's us,'' said Dr. David Torchiana , chief executive of the Mass General physicians organization. ``We have a lot of docs who summer down there and know a lot of people.''

Martha's Vineyard, which has about 1,100 inpatient admissions a year, expects to use its $5 million payment from Mass General to help pay for a $42 million expansion.

``It's a great move for us,'' said Martha's Vineyard Hospital chief executive Timothy Walsh. ``What better partner could you ask to be with than one of the best hospitals in the world?''

At Nantucket Cottage, chief executive Lucille Giddings said the hospital's long-term future is brighter because of the deal. ``We would probably have survived. But the way we have to survive is always counting our pennies," she said. This gives us an opportunity to say we can thrive, expand, and grow,'' she said.

Nantucket Cottage admits about 600 patients a year.

The boards of trustees at each of three hospitals must vote to proceed with the agreement, and state Department of Public Health approval also is needed.
(By Christopher Rowland, Globe staff)

Posted by globebusiness at 5:14 PM | Comments (0)

Boat show to move to new convention center from Bayside Expo

The 50-year-old New England Boat Show has signed a contract to move in to the Boston Convention & Exhibition Center in February, the first so-called gate show to sign up for the state-run South Boston hall since legislators lifted a virtual ban on gate shows there this summer, officials said.

The show, run by North American Expositions, is set for Feb. 17-24 at the BCEC. Convention hall officials plan a ceremony announcing the deal Thursday morning at 10 a.m. complete with two 36-foot-boats provided by Russo Marine, according to Bridget M. Perry, a spokeswoman for the Massachusetts Convention Center Authority, which runs the BCEC.

The boat show has been held since 1983 at the Bayside Exposition Center in Dorchester, which has warned it could be forced to shut down and redevelop that site because of legislation allowing gate shows in to the BCEC.

(By Peter J. Howe, Globe staff)

Posted by globebusiness at 5:12 PM | Comments (0)

Fidelity brokerage assets under managment grows 17 percent

Fidelity Investments said today its Fidelity Brokerage Co. unit's total client assets under administration grew 17 percent to $1.6 trillion for the three months ended Sept. 30, up from $1.4 trillion for the same point in 2005.

Daily average commissionable trades rose 5 percent to 277,746, up from 263,267 for the year-ago period, said Fidelity, the Boston mutual-fund giant.

Net new client assets fell 58 percent to $27.8 billion from $66.7 billion a year earlier, which Fidelity said reflected several large institutional clients added in 2005.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 4:58 PM | Comments (0)

Inflation cools in Boston

Consumer prices in Boston fell for the first time in nearly a year as plunging energy costs cooled inflation here and nationally, the Bureau of Labor Statistics reported.

The local consumer price index, a measure of inflation at the retail level, fell three-tenths percent in September from July, after an energy-fueled rise of 1 percent in the previous two months (Boston's consumer price index is reported bimonthly). Over the year, Boston area prices rose 2 percent, compared to 3.5 percent annual rate in July.

Nationally, consumer prices fell a half-percent last month, following a two-tenths gain in August. Over the year, inflation rose 2.1 percent, compared to 3.8 percent in August.

Providing relief to consumers was a sharp decline in energy prices. In Boston, gasoline prices fell 12 percent from July, the first bimonthly decline since March. Gasoline prices are down 18 percent from a year ago.

Offsetting falling energy prices in Boston were increases in food, clothing and medical care. Excluding volatile food and energy prices, a way to measure underlying inflation, Boston prices in September were up 2.7 percent from a year ago, compared to 2.9 percent nationally.
(By Robert Gavin, Globe staff)

Posted by globebusiness at 3:05 PM | Comments (0)

Report: wealthy suburbs insulated against real estate declines

Housing sales in Boston's blue chip suburbs -- Brookline, Cambridge, Newton and Wellesley -- are falling but the impact on prices has been moderate, according to a report by Hammond Residential's agent, Wendy Matthews, in Chestnut Hill.

Homes in these desirable neighborhoods "are going to sustain less of a blow in a down market," Matthews said. "That's been traditionally true, and it's true now," she said.

In Wellesley, sales declined 10.1 percent between January and August, compared with the same eight months in 2005, but Wellesley's median house price rose almost 1 percent over that period, the report said.

Cambridge sales declined 19.2 percent and prices fell 2 percent; Newton sales fell 15.8 percent, prices down 3.3 percent; and Brookline sales declined 14.4 percent, prices down 1.5 percent.

Cambridge's sales were hit harder, Matthews said, because it is more economically diverse than the others. Wellesley home prices were insulated by a relatively small pool of single-family homes, she said. Prospective buyers in these neighborhoods have about three months left "to get a good deal," she said.
(By Kimberly Blanton, Globe staff)

Posted by globebusiness at 2:59 PM | Comments (0)

Plum TV comes to Comcast

Plum TV, a New York company that produces TV programs focused on wealthy communities around the country, is in a new deal that will see its content about Martha's Vineyard and Nantucket made available through Comcast Corp.'s video-on-demand service.

Plum produces programs on travel, politics, real estate and other issues related to the two affluent resort islands off southern tip of Massachusetts. Philadelphia-based Comcast, the biggest cable provider in New England, will store much of that content on its servers and deliver it to local customers who subscribe to its OnDemand service for free when they select it using their remote controls, the companies said today.
(By Keith Reed, Globe staff)

Posted by globebusiness at 2:21 PM | Comments (0)

Greenway Conservancy: MassHort's winter garden should go

The board that oversees the new Greenway in downtown Boston is recommending the Massachusetts Horticultural Society be stripped of its right to build a facility there, and gave two other cultural facilities a June 30, 2007 deadline for submitting firm plans and financial statements for their projects.

The Rose Fitzgerald Kennedy Greenway Conservancy is frustrated by a lack of progress among the cultural organizations that have won designations to build facilities on the strip of land where the former Central Artery once stood. The Conservancy issued a report to the Massachusetts Turnpike Authority, which runs the project, that recommended ways to jump start development.

One of those designees, MassHort, has had financial troubles over the years that’s prevented it from moving forward on a grand plan to build a winter garden on one site. The Conservancy board today said MassHort should be stripped of its designation “due to the inadequacy of its financial strength,” but suggested the society participate in landscaping projects throughout the Greenway.

Meanwhile, the Conservancy recommended the Turnpike Authority should help to find a new location off the Greenway for a controversial memorial to the Armenian Genocide, and called for a five-year moratorium on new memorials on the Greenway.
(By Thomas C. Palmer Jr., Globe staff)

Posted by globebusiness at 8:43 AM | Comments (0)

PTC buys software provider for $17M

PTC Corp. acquired Itedo Software GmbH and Itedo Software LLC for about $17 million in cash.

PTC, of Needham, said today that the transaction will allow it to offer a complete product for creating, managing and publishing text and graphical content for technical publications.

The software company added Itedo provides programs for creating and maintaining technical illustrations to more than 2,400 customers in the automotive, industrial equipment and other markets. Parametric and Itedo have about 600 customers in common. (Dow Jones)

Posted by globebusiness at 8:36 AM | Comments (0)

Talbots raises outlook

Clothing retailer Talbots Inc. today raised its third-quarter same-store sales outlook and reaffirmed earnings guidance for the period due to better-than-expected strength across all of its brands.

Talbots said it now expects same-store sales, or sales from stores open at least one year, to increase to a positive mid-single digit range from a previous outlook of low-single digits.

The company cited a broader selection of styles, sharper overall pricing, changes to its product flow and adjustments to its promotional calendar, as well as "very healthy" markdown performance.

Talbots also raised its cost-savings estimation from its addition of the J. Jill brand by $6 million to $36 million in 2007. The company, however, does not expect any real top-line benefit until the second quarter of 2007.

The company, based in Hingham, closed on its purchase of J. Jill in May. Same store-sales expectations for the brand, which accounts for about 20 percent of sales volumes, remain in the negative mid-to-high single digit range.

Talbots also said the J. Jill integration, coupled with the closure of a telemarketing center, would trim third quarter earnings for the period ended Oct. 31 by 2 cents per share. The company, however, reaffirmed its guidance for the period of 12 cents per share to 15 cents per share. (AP)

Posted by globebusiness at 8:30 AM | Comments (0)

ImmunoGen licenses technology to Sanofi for $1M

Biotechnology company ImmunoGen Inc. said today that French drug maker Sanofi-Aventis has licensed non-exclusive rights to use ImmunoGen's resurfacing technology to humanize antibodies.

ImmunoGen, based in Cambridge, said it will receive a $1 million fee, of which half is due upon signing. It also is entitled to receive milestone payments of up to $4.5 million plus royalties for each compound humanized under the deal.

The license lasts until Aug. 31, 2011 with an option to extend. (AP)

Posted by globebusiness at 8:22 AM | Comments (0)

RBC Dain Rauscher starts expansion into Boston area

RBC Dain Rauscher has set up a new branch in South Easton amid plans to expand in the Boston area.

The new branch, located along Bristol Drive, will initially be staffed by a broker trio headed by Kevin Williams, whom the company recruited in November from Advest Inc., now part of Merrill Lynch & Co. Avery Williams and Anthony Salerno will join Kevin Williams.

The new office will be part of the Boston branch complex under Robert Cully.

Minneapolis-based RBC Dain Rauscher, with more than 1,700 brokers, has been expanding its reach on the East Coast. The Royal Bank of Canada unit set up a new branch in Jericho, N.Y., early this year, followed by the establishment of a new office in Hampton Bays, N.Y. (Dow Jones)

Posted by globebusiness at 8:18 AM | Comments (0)

Keane profit slides

Information technology services company Keane Inc. said today that its third-quarter profit fell 5 percent, weighed down by lower sales and the absence of a tax benefit, and widely missed Wall Street's expectations.

Net income declined to $8.4 million, or 13 cents per share, from $8.9 million, or 14 cents per share, a year ago. The company said that year-ago results were boosted by a $2.8 million, or 4-cent per share, tax benefit.

Revenue slid 3 percent to $232 million from $239.6 million last year.

Looking ahead, the company projected fourth-quarter profit of 10 cents to 12 cents per share on $230 million to $235 million in revenue. (AP)

Posted by globebusiness at 8:13 AM | Comments (0)

October 17, 2006

Poll: Costs, number of uninsured are biggest healthcare issues

Academics worry about the quality of care. The national media is absorbed with the government's new Medicare prescription drug benefit. But the public is most interested in more fundamental issues regarding their healthcare: skyrocketing costs and how to cover people who lack insurance.

Those are the findings of a poll released today by Robert Blendon, a Harvard School of Public Health professor of health policy who specializes in public attitudes about healthcare.

"Americans want their government to do something about healthcare costs and the problem of the uninsured," Blendon said. "And when Americans talk about healthcare costs, they're talking about the hit on the family budget, not about a percentage of the gross domestic product."

The findings are being published by the medical journal Health Affairs. In a survey sponsored by Harvard and the Robert Wood Johnson Foundation, 43 percent of Americans surveyed named high costs as one of the two most important healthcare issues for government to address, while 34 percent flagged the lack of insurance and access. Issues related to Medicare and the drug benefit finished a distant third, named by only 15 percent as one of the two most important issues, while low-quality care was even further behind at 11 percent.

Blendon said healthcare is a second-tier issue behind the war in Iraq, the jobs and economy, and high energy costs. Nonetheless, he said, it is a major concern of the electorate heading into next month's mid-term Congressional elections. ``Politicians ignore it at their peril," he said.
(By Christopher Rowland, Globe staff)

Posted by globebusiness at 2:57 PM | Comments (0)

Profit up at Cambridge Bancorp

Cambridge Bancorp., the parent company of Cambridge Trust Co., reported a 5.3 percent increase in its third quarter profits, to $2.3 million or 60 cents per share, compared with $2.2 million or 55 cents per share in the same quarter a year ago.

The company's chief executive officer, Joseph V. Roller II, attributed the improved profits to a loan portfolio that grew, even as rising interest rates dampened demand for borrowing.

"The current interest rate environment has had a negative impact on many banks' net interest margins. We have been able to offset some of the recent margin pressure through continued growth in the loan portfolio, solid gains in non-interest income and diligent expense management oversight," Roller said in a statement.

The company's non-interest income climbed 8.9 percent to $4.2 million in the quarter that ended Sept. 30, compared with $3.8 million in the same quarter a year earlier. It's loan portfolio grew to $352 million from $320 million in last year's third quarter.
(By Keith Reed, Globe staff)

Posted by globebusiness at 2:02 PM | Comments (0)

Raytheon gets $500M order from NetJets

Raytheon Corp. is flying high after getting a huge order from a company backed by Warren Buffett.

The Waltham-based behemoth took a $500 million order for 48 private jets from NetJets Inc., a membership program that lets those who can afford it buy time on private planes without having to worry about paying for maintenance or other costs associated with owning a plane of their own.

Thirty of the planes will go to NetJets' European unit. The company is funded by billionaire investor Warren Buffett.
(By Keith Reed, Globe staff)

Posted by globebusiness at 1:56 PM | Comments (0)

Raytheon tests new missile technology

Raytheon Co. says that a new air-to-air missile built with new technology that causes it to self-destruct to prevent 'friendly fire' kills was successfully test fired three times during a trial in Vidsel, Sweden.

The missile, called an AMRAAM (advanced medium-range air-to-air missile), was fired at unmanned drone aircraft, which it destroyed in the tests, done with the cooperation of the U.S. Air Force and the Spanish Army, the company said today.
(By Keith Reed, Globe staff)

Posted by globebusiness at 11:49 AM | Comments (0)

Survey: fact check your resume

Watch what you write on your resume: Just 5 percent of US workers say they've stretched the truth a little, but 57 percent of hiring managers contend they've caught a lie on applicants' resumes, according to a survey released today by CareerBuilder.com.

Of the hiring managers who say they have found lies, 93 percent didn't hire the candidate. Called "Resume Lies," the survey was conducted in June and is based on responses from 2,200 workers and more than 1,000 corporate recruiters.
(By Diane Lewis, Globe staff)

Posted by globebusiness at 11:46 AM | Comments (0)

Dusa gets Brazilian OK for acne solution

Dusa Pharmaceuticals Inc., which makes treatments for acne and rosacea, said today that Stiefel Laboratories Inc., its marketing partner for Latin America, has received Brazilian regulatory approval for one of its acne drugs.

Dusa officials said additional launches of the drug are expected to follow in a number of other Latin American countries, subject to regulatory approvals.

Levulan Kerastick is a solution to prime the skin, making affected areas more sensitive to light treatment. (AP)

Posted by globebusiness at 11:06 AM | Comments (0)

Epix reports promising test results

A drug in development by a Cambridge firm shows signs of improving brain function in Alzheimer's patients and could also be an effective treatment for obesity, according to test results released by Epix Pharmaceuticals Inc. today.

Epix said preclinical tests indicate the oral treatment PRX-07034 could improve the cognitive abilities of some Alzheimer's patients when used in low doses along with another drug call Aricept. Aricept is already approved for use.

Epix also said the new drug might be effective in treating obesity. In tests, it helped produce both the loss of weight and fat in some subjects.
(By Keith Reed, Globe staff)

Posted by globebusiness at 9:50 AM | Comments (0)

Genzyme to buy AnorMed

Genzyme Corp. and AnorMed Inc. said today that they struck a deal for Genzyme to buy AnorMed for $580 million, giving it a late-stage drug candidate for stem-cell transplantation.

Genzyme would acquire AnorMed at $13.50 per outstanding share.

Earlier, Millennium Pharmaceuticals Inc. said it would not raise its $515 million bid for AnorMed, paving the way for a new bidder. (AP)

Posted by globebusiness at 9:40 AM | Comments (0)

Sapient chief executive resigns after options investigation

Business and technology consultancy Sapient Corp. said today that its chief executive, Jerry Greenberg, resigned from the company and that prior financial results will have to be restated amid an investigation into past grants of stock options.

Greenberg, 40, will be replaced by Alan Herrick, also 40 and currently executive vice president. The change comes as the company revealed that an internal probe uncovered errors in how it accounted for stock option grants between 1997 and 2001.

The company named Joseph Tibbetts Jr., 54, senior vice president and chief financial officer. Tibbetts Jr., a former CFO of networking software company Novell, replaces Susan Cooke, 40, who was named acting finance chief in May after Scott Krenz resigned.

Sapient has seen a number of high-up executive changes over the last six months: In June the company's co-founder J. Stuart Moore stepped down as co-chief executive officer to "clarify leadership accountability," leaving Greenberg as the sole CEO.

Today Sapient said Moore would give up his position as co-chairman, but will remain a board member.

Sapient is one of at least 50 companies that have launched or completed internal reviews of its stock option grants. Greenberg is one of at least 30 executives or directors to resign from publicly traded companies for reasons related to stock-options investigations.

The company said its audit committee expects to complete its investigation in the fourth quarter, but on a preliminary basis it found errors in the accounting for stock options, many of which were granted between 1997 and 2001.

Looking forward, the company projects third-quarter revenue to land in the upper-end of guidance for $100 million to $104 million. However, because the company is still investigating its stock option grants, it does not expect to release third-quarter results on Nov. 7, as previously scheduled. Sapient now expects to release full third-quarter earnings after it completes its investigation. (AP)

Posted by globebusiness at 8:50 AM | Comments (0)

State Street profit nearly doubles

Institutional investment manager State Street Corp. said today that its third-quarter profit nearly doubled year-over-year on continuing growth in servicing and management fee revenue, but missed Wall Street expectations.

Net income grew to $278 million, or 83 cents per share, from $143 million, or 43 cents per share, a year ago. Excluding gains of 6 cents per share from tax-exempt investment programs and a settlement, the company earned 77 cents per share in the latest period, compared with last year's earnings from continuing operations of $250 million, or 75 cents per share.

Revenue rose 9 percent to $1.52 billion from $1.39 billion last year, as servicing fees increased 10 percent to $685 million.

Compared with the second-quarter, profit rose 22 percent as cost controls helped offset an 8 percent drop in revenue.

The company, a top provider of mutual fund and pension processing and custody services, forecast it will "moderately exceed" the high end of its earnings guidance for the year. The company previously forecast a range of $3.10 to $3.24 per share, compared with analysts' consensus estimate of $3.39. (AP)

Posted by globebusiness at 8:11 AM | Comments (0)

EMC plans to cut 1,250 jobs as profit falls by a third

EMC Corp. said today that its third-quarter profit fell by about a third, and the provider of data-storage hardware and services announced plans to cut 1,250 jobs, or 4.7 percent of its work force, by the end of next year after a wave of recent acquisitions.

Hopkinton-based EMC said net income for the July-September period was $283.7 million, or 13 cents per share, compared with a profit of $422 million, or 17 cents per share, a year ago.

Revenue rose 19 percent to $2.82 billion from $2.37 billion a year ago.

The year-to-year profit comparison was clouded by the effects of a $106 million tax-related benefit that EMC enjoyed in the year-ago quarter. And revenue was boosted $37.8 million in the most recent quarter due to EMC's acquisitions last month of a pair of information security firms, RSA Security and Network Intelligence.

Those were the most recent of 21 acquisitions EMC has made the past three years to diversify its offerings beyond storage hardware and move into faster-growing data storage software and services.

EMC said it would cut about 1,250 jobs worldwide by the end of next year from its work force of about 26,500, although the reductions will not affect its VMWare server software subsidiary.

EMC said it will record a pretax charge of $150 million to $175 million in this year's fourth quarter to cover the upfront cost of the job cuts.

"These actions, while difficult, are necessary. Customers are asking us to approach them more as a single, integrated partner, and to streamline some of our processes in order to bring innovation to them even faster, more simply and more cost-effectively than we do today," said Joe Tucci, EMC's chairman, president and CEO. "The time is right for us to accelerate the integration of EMC and most of the companies we have acquired over the past three years, create more efficient, centralized corporate functions, reduce management layers, and take greater advantage of opportunities to improve our overall cost structure."

EMC's systems are used by banks, airlines, Internet service providers, retailers, governments and others to store massive amounts of data. Rivals include IBM, Hewlett-Packard, Hitachi and Network Appliance. (AP)

Posted by globebusiness at 8:07 AM | Comments (0)

October 16, 2006

Welch's chief executive to retire

Concord-based Welch Foods Inc. said today that its president and chief executive is retiring at the end of the month.

Daniel P. Dillon, 61, joined the maker of Welch's products in 1981 and was named president and CEO in 1995. Welch, the operations subsidiary of the National Grape Cooperative Association, credits him with helping its business turnaround -- introducing new products, increasing advertising, and finding new distribution channels. Dillon also oversaw key acquisitions, including Bama Foods and Cascadian Farm, a maker of organic foods Welch later sold to General Mills Inc.

Welch's board will consider Dillon's successor at its next meeting, the company said.
(By Drew Reese, Globe staff)

Posted by globebusiness at 6:16 PM | Comments (0)

Delta to launch nonstop Midway service

Delta Air Lines Inc. is challenging AirTran Airways with nonstop service from Logan International Airport to Midway Airport in Chicago starting Jan. 11.

Delta will offer three daily round trips, plus two on weekends, for initial promotional fares of $138, plus taxes and fees -- about $10 less than AirTran fares.

Delta's website showed fares of $168 and $198 for March and April dates. AirTran's three daily Logan-Midway flights are the only non-stop runs to the south suburban Chicago airport available in Boston. Delta's service will be on 50-seat Bombardier regional jets operated by its Comair affiliate.

Flights are to leave from Boston weekdays at 6:35 a.m., 1 p.m. and 4:35 p.m. and from Midway at 8:55 a.m., 3:20 p.m., and 6:55 p.m., Delta said. AirTran flights leave within roughly an hour of each of those, for typical January fares of $148 round-trip, according to its website.

(By Peter J. Howe, Globe staff)

Posted by globebusiness at 3:54 PM | Comments (0)

Pay is the key to job satisfaction, study finds

US workers of all ages say pay is critical to job satisfaction, according to a survey of 2,775 employees commissioned by the American Business Collaboration, a coalition of seven big firms.

The study, released by WFD Consulting, a Newton workplace consulting firm, found that 57 percent of salaried women in their 20s and 46 percent of salaried men said pay was the top factor contributing to job satisfaction. By contrast, 62 percent of hourly women and 59 percent of hourly males in that age group said pay was critical to job satisfaction.

When researchers asked people in other age groups, they too, ranked pay as central to job satisfaction, but few workers would quit over pay.

Rosalind Barnett, director of the Communities, Families, and Work Program at Brandeis University, said the findings reflect workers' growing concerns about financial security and the underlying health of the national economy.
(By Diane E. Lewis, Globe staff)

Posted by globebusiness at 1:52 PM | Comments (0)

Income, profits rise at Chase

Chase Corp., a Bridgewater company that services the chemical and manufacturing industries, reported increases in sales and profits for both the quarter and fiscal year that ended on Aug. 31, the company said today.

Net income rose by 38 percent in Chase's fourth quarter, to $2.8 million compared with $2 million in the same quarter a year prior. The increase came on sales that rose by 22 percent in the quarter, to $31.2 million compared with $25.6 million in the 2005 fourth quarter.

For the full 2006 fiscal year, Chase pulled in profits of $6.1 million, or $1.53 per share, up 28 percent compared with the $1.8 million or $1.22 per share the company made in fiscal year 2005. Sales for the full year totaled $108.4 million, up 19 percent compared with $91.4 million the year prior.
(By Keith Reed, Globe staff)

Posted by globebusiness at 12:32 PM | Comments (0)

Nuvera to launch hydrogen-fueled bus at Logan

A local company is getting a $4.9 million federal grant to build and test a bus that runs on hydrogen fuel cells at Logan International Airport.

Nuvera Fuel Cells Inc. was awarded the Federal Transit Authority grant, which it will use to outfit an existing Massport shuttle bus with a fuel cell, and to build a refueling station for the bus at Logan, the first such station in the state and only the second in New England, the company said.

Cambridge-based Nuvera develops hydrogen fuel technology, which has been lauded by proponents as a clean alternative to petroleum-based fuels for automobiles.
(By Keith Reed, Globe staff)

Posted by globebusiness at 12:16 PM | Comments (0)

NASD fines Citizens Bank unit $850K

A Citizens Bank of Rhode Island affiliate was fined $850,000 by the NASD, the financial-services regulator said today, for failing to create and maintain proper supervisory systems.

The NASD said the CCO Investment Services Corp. unit of Citizens Financial Group also failed to keep business-related email and records of compensation paid to its brokers by some contract issuers or mutual funds. The NASD ordered CCO the review and improve its procedures.

In agreeing to settle the NASD's investigation, CCO neither admitted nor denied the charges but consented to the entry of the agency's findings, the NASD said. The NASD was formerly known as the National Association of Securities Dealers.

“This settlement relates to past activities in our broker-dealer unit in 2003-2004,'' Citizens said in an e-mailed statement. "Since that time, Citizens has taken significant steps to improve our systems and policies which represent best practices for our industry and the best service for our customers,” said Kevin L. Fein, Senior Vice President and Chief Compliance Officer for CCO.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 12:07 PM | Comments (0)

Boston lights up first WiFi hotspots

Boston mayor Thomas M. Menino is announcing three new public wireless Internet access points this morning, including one that will blanket roughly a square mile of the Roxbury neighborhood and serve as a model for the rest of Menino's planned citywide WiFi network.

The so-called hotspot will cover the area between the Grove Hall and Dudley Square sections of Roxbury, allowing anyone with a computer or other device that can connect to WiFi signals to connect to the Internet at high-speeds for free. Lucy A. Warsh, a spokeswoman for the Boston Redevelopment Authority, said the Roxbury project will be the first link in a city neighborhood to what will eventually be a network that will cover the entire city with wireless Internet access.

But that project won't be ready for several months, as work to get the Roxbury hotspot up won't start until later this year. In the meantime, Menino is presiding over a "lighting" ceremony of public hotspots in two parts of downtown this morning. About six square blocks around the Faneuil Hall/City Hall Plaza area and around Columbus Park and the Long Wharf, will go live with free, wireless access today.
(By Keith Reed, Globe staff)

Posted by globebusiness at 11:11 AM | Comments (0)

Dugan to head enforcement at Boston's SEC office

John T. Dugan was named head of enforcement for the US Securities And Exchange Commission's Boston district office, the agency said today.

Dugan succeeds David Bergers, who was named head of the SEC's Boston district office in April. Previously Dugan was the office's assistant district administrator for enforcement, where he played key roles in market-timing cases against Prudential Equity Group LLC and Massachusetts Financial Services Co., the SEC said.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 11:05 AM | Comments (0)

Spire will help build Taiwan solar factory

Bedford-based Spire Corp. said this morning that it has a new deal to help a Taiwanese company set up a new solar power panel factory in Taipei City, Taiwan.

Spire, which specializes in producing solar power components, is selling its manufacturing process and technology to Prosperity Solar Power Inc., which plans to build Taiwan's first plant that produces so-called photovoltaic modules, otherwise known as solar panels.

Under the deal, Spire will provide Prosperity with all the equipment needed to build its plant, plus train the company on the manufacturing process.

Financial details of the deal weren't announced, but a Spire executive said such plants can cost between a few million and $20 million, depending on how many panels it will crank out every year. The solar panels are used for everything from providing electricity to buildings to supplying the electrical grid.

Last year, Spire installed some of its solar panels at the North Coast Seafoods distributorship in South Boston.
(By Keith Reed, Globe staff)

Posted by globebusiness at 10:36 AM | Comments (0)

3M buys Brontes Technologies for $95M cash

3M Co. said today that it acquired Brontes Technologies Inc., a Lexington-based maker of digital dental technology, for $95 million in cash.

3M, of St. Paul, Minn., said the deal will result in fourth-quarter charges of 12 cents to 13 cents a share, reflecting the one-time write-off of in-process research and development costs. (Dow Jones)

Posted by globebusiness at 10:09 AM | Comments (0)

Boston Scientific Promus stent gets European approval

Boston Scientific Corp.'s Promus everolimus-eluting coronary stent system received CE Mark approval, allowing the company to begin marketing the system in the 25 countries of the European Union.

The Natick medical-products maker said today it will be the only company offering two approved drug-eluting stent products in the European Union.

The move also will support market registrations in other regulated countries in Asia, Latin America and Eastern Europe, Boston Scientific said.

The Promus stent is made by Abbott Park, Ill., drug and medical-products company Abbott Laboratories and marketed by Boston Scientific, which said the product will complement its market-leading Taxus paclitaxel-eluting stent systems.

The company plans to launch Promus in Europe next year. (Dow Jones)

Posted by globebusiness at 9:29 AM | Comments (0)

Evergreen Solar gets $100M contract

Solar power products maker Evergreen Solar Inc. said today that it received a contract to provide $100 million of photovoltaic modules over four years to Mainstream Energy LLC, a provider of residential and commercial solar electric systems.

The modules are used to convert light into electricity. Evergreen will make the products at its Marlboro, Massachusetts plant and at a partner's plant in Germany.

Evergreen reported second-quarter revenue of $22.7 million. (AP)

Posted by globebusiness at 8:23 AM | Comments (0)

Tucson, Arizona union sanctions possible strike against Raytheon

Members of a Tucson machinist union have sanctioned a possible strike against Raytheon Missile Systems.

About 1,000 members of the International Association of Machinists and Aerospace Workers Local 933 met Sunday at the Tucson Convention Center to review Raytheon's best offer on a labor contract.

There was an "overwhelming response to strike if we have to," said union spokeswoman Carmen Fotheringham, adding that only four members voted against a possible strike.

Raytheon Co., a defense contractor, is Southern Arizona's largest private employer with more than 10,000 employees. Contract negotiations between Raytheon and the union began Oct. 2.

Fotheringham said the union is asking for a cost-of-living wage increase, a secure pension and affordable health-care benefits.

Union leaders were scheduled to return to contract negotiations Monday. They will vote again when the contract expires Nov. 5. (AP)

Posted by globebusiness at 8:16 AM | Comments (0)

October 13, 2006

LeMaitre Vascular to launch IPO soon

Medical device maker LeMaitre Vascular plans to launch its initial public offering in the coming week, and plans to use proceeds to reduce debt and hire more sales reps.

The Burlington, Mass.-based company plans to offer 6 million shares at about $8 to $10 per share during the week of Oct. 16.

Goldman Sachs is acting as lead underwriter with CIBC World Markets, Cowen & Co. and Thomas Weisel Partners acting as co-managers.

The company, which plans to trade under the ticker symbol "LMAT" on the Nasdaq Stock Market, books about $33 million in annual revenue.

LeMaitre makes stents -- devices that keep diseased blood vessels open -- and other devices used in vascular surgery.

The company plans to use proceeds from the offering to help pay down its debt, finance working capital needs such as the hiring of more sales reps and for clinical trial funding. (AP)

Posted by globebusiness at 1:41 PM | Comments (0)

Critical Therapeutics appoints director

Biopharmaceutical company Critical Therapeutics Inc. said today that H. Shaw Warren, a co-founder and director of the company since July 2000, is retiring and will be replaced by M. Cory Zwerling, a former executive at Bristol-Myers Squibb.

Zwerling will serve for the remainder of Warren's term, which expires at the 2008 annual meeting of stockholders. The 47-year-old will chair a Strategic Advisory Committee established by the board.

Richard W. Dugan, a member of the board since April 2004, was named lead independent director.

Additionally, Robert H. Zeiger stepped down as executive chairman, but he will remain a director.

Critical Therapeutics focuses on treatments for respiratory, inflammatory and critical care diseases.(AP)

Posted by globebusiness at 1:31 PM | Comments (0)

2 ex-hospital executives convicted in R.I.

Two former hospital executives were convicted today of hiring a state senator to act as a secret lobbyist to advance their legislative interests at the Statehouse.

Robert Urciuoli, Roger Williams Medical Center's former president and chief executive, and Frances Driscoll, a former Roger Williams vice president, were convicted of fraud for hiring then-state Sen. John Celona as a "consultant" for The Village at Elmhurst, an assisted living home affiliated with the hospital.

Urciuoli was also convicted on a conspiracy charge. Peter Sangermano, the hospital's former partner at The Village at Elmhurst, was acquitted of fraud and conspiracy charges.

Celona pleaded guilty to federal mail fraud charges last year and has been cooperating with prosecutors in hopes of getting a lenient sentence. (AP)

Posted by globebusiness at 1:24 PM | Comments (0)

Raytheon Amends By-Laws, To Have Majority Voting For Board

Raytheon Co. (RTN) today said its board has amended the company's by-laws to provide for majority voting for directors in uncontested elections.

Under the new rules, any director who fails to receive a majority must resign, the Waltham, Mass.-based defense company said. (Dow Jones)

Posted by globebusiness at 1:16 PM | Comments (0)

AS&E lands $4.2M border order

American Science and Engineering Inc. said today that it received a new order for X-Ray vans worth $4.2 million from the US Customs and Border Protection agency.

The Billerica company's vans use so-called backscatter technology which allows the vans to detect explosives or plastic weapons in photo quality, even as they drive by the person or object being screened. The number of vans the border patrol ordered, a delivery date and where they will be deployed was not disclosed.
(By Keith Reed, Globe staff)

Posted by globebusiness at 8:30 AM | Comments (0)

October 12, 2006

Nurses set strike date at UMass

The Massachusetts Nurses Union today set an Oct. 26 strike deadline in its ongoing contract dispute at UMass Memorial Medical Center in Worcester. A strike would affect the hospital's University Campus, which is the largest trauma center in central Massachusetts. The union said hospital management's latest proposal issued today showed it is unwilling to negotiate.

Nurses have been working without a contract since April and voted Sept. 27 to give union leaders the power to call a strike. They say the hospital wants to decrease pension benefits, holidays and sick time, and raise health insurance premiums.

Hospital officials could not be reached for comment.
(By Christopher Rowland, Globe staff)

Posted by globebusiness at 6:16 PM | Comments (0)

Newton man allegedly bilked investors out of $400,000

A Newton man is accused of bilking investors out of more than $400,000 by offering them financial advice he is not registered to provide.

Joshua S. Fink, 31, is the subject of a civil complaint from secretary of state William F. Galvin, whose office claims Fink acted as an unregistered investment adviser. Galvin is seeking a cease and desist order against Fink and his companies, First Round Capital LLC and MA Partners LLC. The complaint alleges Fink used those companies to lure at least five investors to deposit $400,000 into bank accounts he controlled. It said Fink promised them he would double their money by investing it in technology companies.

Instead, Galvin's office said, Fink used the money for credit card payments and laser hair removal.
(By Keith Reed, Globe staff)

Posted by globebusiness at 3:23 PM | Comments (0)

Puma unveils new store design

Puma, the Boston-based athletic shoe maker, opened a new flagship store in Manhattan's Union Square neighborhood. The company said the 5,300 square-foot store will feature a new design, with all of its fixtures either attached to walls or hanging from ceilings.

It will also carry all of Puma's specialty collections, including Golf, Pele, Evisu and Ferrari, as well as its customized sneaker program.

All fixtures will be attached to walls or hanging from ceilings at Puma's new flagship store in Manhattan.

Posted by globebusiness at 2:37 PM | Comments (0)

Brigham and Women's nurses protest lack of progress in contract talks

Nurses at Brigham and Women's Hospital in Boston are picketing today outside the Harvard-affiliated institution on Francis Street to draw attention to stalled labor contract negotiations. Organizers for the Massachusetts Nurses Association, which represents 2,700 nurses at Brigham and Women's, said they expected as many as 1,000 nurses to participate between 2 and 4 p.m.

The union says its members are dissatisfied with a 1.5 percent pay raise proposed by the hospital, as well as staffing levels. Hospital officials say the union wants a 16 percent one-year pay raise for its member and during negotiations has not made any proposals regarding staffing levels.
(By Christopher Rowland, Globe staff)

Posted by globebusiness at 2:29 PM | Comments (0)

Appeals court upholds ruling for Guidant in case against Medtronic

A federal appeals court affirmed today an earlier district court ruling that upheld a heart-rhythm device patent licensed to Guidant Corp. in a case against rival device-maker Medtronic Inc.

Guidant, now a unit of Boston Scientific Corp., has held the exclusive license for patents from Mirowski Family Ventures LLC, which holds the patent rights of Dr. Michel Mirowski, inventor of the implantable defibrillator, according to details in Guidant's last annual report filed with the Securities and Exchange Commission.

Medtronic in 2003 filed with the Federal District Court for the District of Delaware to challenge its obligation to pay royalties to Mirowski Family Ventures. The court upheld the validity of the patent in question, however, and Medtronic appealed the matter.

In a ruling issued Thursday, the US Court of Appeals for the Federal Circuit said it affirms the district court's determination that some claims on the patent aren't invalid.

Shares of Medtronic were recently down 20 cents to $48.88. Shares of Boston Scientific, which acquired Guidant's heart-rhythm business in April, were recently up 1.5 percent to $15.35. (Dow Jones)

Posted by globebusiness at 2:01 PM | Comments (0)

KLA-Tencor closes ADE Corp. purchase

KLA-Tencor Corp., a maker of semiconductor production equipment, said today that it has completed its $474 million acquisition of ADE Corp., a Westwood, Mass.-based maker of testing equipment for chips and computer hard disks.

Former ADE stockholders will receive $32.50 per share in cash.

"We are pleased to welcome ADE as part of KLA-Tencor," stated Rick Wallace, CEO. "The addition of ADE further strengthens our leading inspection and metrology product portfolio and will deliver even more value to our customers." (AP)

Posted by globebusiness at 12:00 PM | Comments (0)

Report: Bidding war erupts over MFS

A bidding war has broken out over Boston-based mutual fund company MFS Investment Management, according to a report today from Bloomberg News.

Banking giant Wachovia Corp. of Charlotte, N.C., and Pittsburgh-based Mellon Financial Corp., are in competition to buy MFS, which is owned by Sun Life Financial Inc. of Toronto, according to the report. The Canadian insurance firm said it was considering the sale of MFS last month.

Mellon is looking at MFS because it wants to strengthen its $870 billion mutual fund subsidiary, Dreyfus. Wachovia is also reportedly looking for a big mutual fund purchase.

MFS manages about $170 billion for its clients.
(By Keith Reed, Globe staff)

Posted by globebusiness at 10:25 AM | Comments (0)

Earnings rise at Wainwright Bank

Boston-based Wainwright Bank said today that net income increased to $1.86 million, or 23 cents a share, from $1.81 million, or 21 cents, a year earlier.

Wainwright's net interest income rose to $6.95 million from $6.68 million and its non-interest income increased to $1.66 million from $1.51 million.

As of Sept. 30, the company's total assets rose to $816.2 million from $737.8 million a year ago. (Dow Jones)

Posted by globebusiness at 10:20 AM | Comments (0)

Profits plunge at Genzyme

Profits at Cambridge-based Genzyme Corp. plummeted in the third quarter due to a variety of charges the company took. The company's net income fell to $16 million or six cents per share compared with $115.7 million or 43 cents per share in the same quarter a year ago.

The bulk of the profit decline came in the form of a $149.4 million goodwill charge the company took on its genetic testing business, along with a amortization and stock-compensation expenses that totaled $62.2 million.

Genzyme is currently in the midst of a bidding war with Millennium Pharmaceuticals to purchase AnorMed Inc., a small company with a promising cancer drug.

Despite the hits to earnings, Genzyme had a positive quarter in sales, with revenues climbing 14 percent to $808.6 million compared with $708.1 million in the 2005 third quarter. The company, which develops pharmaceuticals, said the revenue increase was due to overall growth across all its product categories.
(By Keith Reed, Globe staff)

Posted by globebusiness at 9:43 AM | Comments (0)

Top execs out at Boston Communications Group

Boston Communications Group Inc. said today that Karen Walker, chief financial officer, has resigned in connection with the previously disclosed internal review of stock option grants at the company.

In addition, EY Snowden, chief executive officer and president, will no longer serve in those roles, moving instead to the non-executive chairman position. Also, Alan Bouffard will accelerate his retirement and leave the general counsel position immediately.

The company named Chairman Paul Tobin to the acting president and CEO positions, and placed Thomas Doherty in the interim financial chief post. Doherty is an executive vice president with Argus Management Corp.

Boston Communications also said its ongoing probe of past stock option grants has determined the company will need to restate certain past results to record additional as yet undetermined non-cash charges for stock-based compensation expenses. (Dow Jones)

Posted by globebusiness at 8:55 AM | Comments (0)

Sanofi says on track to deliver flu vaccine doses

Sanofi-Aventis said today that it is on track to deliver its entire projected supply of 50 million doses of flu vaccine for the 2006-2007 flu season by the end of November.

The company, which is based in Paris and has an office in Cambridge, said it has distributed the first wave of shipments of Fluzone, consisting of about one-third of its projected 2006 supplies. The company is also planning to produce additional flu vaccine in early December, if needed.

The company said its distribution schedule is about three weeks later than last year, but that the schedule is still consistent with the U.S. Centers for Disease Control and Prevention's recommendations for the timing of influenza immunization. (Reuters)

Posted by globebusiness at 8:49 AM | Comments (0)

Study: Lunesta effective on elderly

Sepracor Inc., the Marlborough company that makes the widely-advertised Lunesta sleep drug, said today that a newly-published study showed that insomniac elderly patients using the treatment regularly slept better than those who didn't.

Published in the September issue of Current Medical Research and Opinion, the report details a test that involved 264 people ages 64 through 86, some of whom were given placebos and the rest who were placed on regular doses of Lunesta.

The patients did not know which they were receiving, but test data showed that those who took Lunesta were more likely to sleep through the entire night, were able to fall asleep faster and slept longer than those who received the placebo.
(By Keith Reed, Globe staff)

Posted by globebusiness at 8:40 AM | Comments (0)

$5M for West Warwick if R.I. approves casino

Harrah's Entertainment is promising to give West Warwick, Rhode Island a one-time payment of $5 million if voters approve allowing a casino to open there. On top of that, the company will give the town up to 2% of the operation's revenues after ten years.

That's all outlined in a 75-page development agreement released Wednesday.

West Warwick is also receiving a $300,000 dollar signing bonus even if the proposal fails. The question is in the November 7 ballot. (Dow Jones)

Posted by globebusiness at 8:36 AM | Comments (0)

October 11, 2006

Identity Force wins VA contract

Identity Force has won a contract to provide identity-theft solutions for the Office of the General Counsel for Veterans Affairs.

The contract comes as the VA seeks to shore up security after personal data on more than 26 million military personnel were stolen from a VA employee in May. A coalition of veterans groups sued the agency, claiming it policies violated military members' privacy rights.

The Framingham-based company said the final value of the contract will be based on how many people enroll in the program.
(By Drew Reese, Globe staff)

Posted by globebusiness at 4:45 PM | Comments (0)

Reebok launches NHL clothing lines for women and children

Reebok International Ltd. said today it is launching two new NHL-licensed clothing lines for women and children.

The National Hockey League says it has a bigger female fan base than any other professional sports league, and the Canton-based subsidiary of the Adidas Group hopes to appeal to to those fans with items such as white-and-pink replica team sweaters and t-shirts emblazoned with glitter and rhinestones.

"The white-and-pink replica jersey features a more figure-flattering cut that appeals to women of all ages," said Greg Grauel, vice president of merchandising and licensed apparel at Reebok.

The children's line will be made for Reebok by Outerstuff Ltd. and include products for infants such as onesies and creeper sets.
(By Drew Reese, Globe staff)

Posted by globebusiness at 4:31 PM | Comments (0)

NitroMed cuts its entire sales force

NitroMed Inc., the Lexington maker of a heart drug approved only for black patients, said today it has fired its entire 120-member sales force and would replace it with a small team of heart specialists in a move to cut costs and improve marketing.

Sales of the drug BiDil have been disappointing since the drug hit the market last year.

NitroMed said the "elite" team of cardiovascular specialist would focus on influential physicians, current BiDil users, and medical centers in major cities that treat large number of blacks with heart disease. NitroMed estimated the restructuring would save it $30 million annually.

The new sales team is currently being hired, the company said. NitroMed said restructuring charges related to the move will be recorded in the fourth quarter, which ends in December. (AP)

Posted by globebusiness at 3:52 PM | Comments (0)

MKS Instruments acquires Novx Corp.

MKS Instruments Inc., a Wilmington-based maker of monitoring and control technologies for semiconductor makers, said today it acquired Novx Corp., a provider of electrostatic-charge-monitoring technology for semiconductors, data storage systems, telecommunications, and medical devices.

Financial terms weren't disclosed.

Novx, based in San Jose, Calif., employs 14 workers and will be integrated into the company's Ion Systems product group, based in Alameda, Calif., which was acquired in January 2006. (AP)

Posted by globebusiness at 3:41 PM | Comments (0)

Ariad signs deal with Bellicum

Ariad Pharmaceuticals Inc., a Cambridge drug company, signed a deal that will allow another company to develop and take its cancer treatments to market.

The deal, with Bellicum Pharmaceuticals Inc., will give Ariad an undisclosed equity stake in its partner and entitle the company to royalty payments at certain phases of the drugs' development and marketing.
(By Keith Reed, Globe staff)

Posted by globebusiness at 12:46 PM | Comments (0)

Alnylam starts testing new respiratory drug

Alnylam Pharmaceuticals Inc. of Cambridge said today that it has started the first phase of testing on an inhaled treatment for Respiratory Syncytial Virus, a very common respiratory infection in babies and some adults.

The company is testing the drug, ALN-RSV01 on a group of 48 adult volunteers to measure its effectiveness and safety, it said in a statement this morning. Final results of the trial are due in 2007.
(By Keith Reed, Globe staff)

Posted by globebusiness at 11:47 AM | Comments (0)

Portugal, MIT sign 5-Yr partnership

The Portuguese government and the Massachusetts Institute of Technology signed a five year partnership agreement today to expand research and education in management and engineering, officials said.

The wide-ranging, 65 million Euro partnership will be the broadest of its kind undertaken by the Portuguese government.

It will involve professors, researchers and students from several schools of engineering, science and technology, economics and management at seven different Portuguese universities, together with a large number of research centers, associated laboratories and state laboratories, MIT said.

"The Portugal-MIT Program will bring new blood and will provide new challenges to the very fast and impressive growth of Portuguese science and technology," Science, Technology and Higher Education minister Jose Mariano Gago said at the signing ceremony in Lisbon.

The ceremony was attended by Portuguese Prime Minister Jose Socrates and senior MIT administrators and leaders from Portuguese institutions.

"The duty of a responsible government with a look towards the future is undoubtedly to foster scientific and technological skills and to recognize the essential role of research and development activities," Socrates said.

Tom Magnanti, Dean of MIT's School of Engineering, said the partnership would have a significant impact on Europe.

"This relationship is an exciting step in allowing both parties to collaborate on scientific and technological discoveries that are critical to the future of Portugal, of importance to MIT, and will impact Europe to the north and the Mediterranean to the south," he said. (AP)

Posted by globebusiness at 11:40 AM | Comments (0)

Gubernatorial candidates pitch themselves to business community

The three leading gubernatorial candidates took turns today holding themselves out as the strongest advocate of the business community, during a series of back-to-back-to-back speeches before the Greater Boston Chamber of Commerce.

Lt. Gov. Kerry Healey, the Republican nominee, said she would continue a 16-year "legacy of fiscal conservatism" under GOP rule that would include a reduction in the state's income tax rate, decreased permitting delays and a commitment to education reform measured by the state's universal MCAS test.

By contrast, Healey said Democrat Deval Patrick "would have raised taxes, into a recession" had he been governor in 2003, when the state faced a budget deficit estimated at up to $3 billion.

"I know you can't tax and spend your way to economic prosperity," the lieutenant governor told the breakfast gathering of several hundred business leaders.

Patrick, a former executive at not only Coca-Cola and Texaco but also the U.S. Department of Justice, said he has broadest range of business experience and will fuel a "spirit of active collaboration."

The Democratic nominee also called for streamlined permitting, as well as a commitment to turning Massachusetts into an incubator of alternative and renewable energy products, mimicking the high-tech growth that led to an economic boom at the end of the 20th century.

"We cannot fuel our future on the fumes of the past, as I said, but we can learn from the example of those who came before us," Patrick said.

Mihos, meanwhile, opened his remarks by tweaking the Chamber for supporting efforts to remove him from the Massachusetts Turnpike Authority board of directors when he refused to support a toll increase favored by acting Gov. Jane Swift earlier this decade.

Mihos, a former Republican running as an independent, complained about 3,400 homes up for sale on Cape Cod, where he lives, and said high housing costs and taxes are driving away residents.

"Right now, the way I see it, our state is on her knees," Mihos said. "It is eminently unaffordable."

The independent also bluntly urged business leaders to support expansion of state aid to local communities, adding: "The money has got to come out of Beacon Hill, and you, as the business leaders and the powers, movers and shakers in the commonwealth, have got to let it go. You can't keep it for health care. You can't keep it to put it in that hole, the Big Dig, and not go after the contractors who've gotten us in this mess."

The fourth candidate, Grace Ross of the Green-Rainbow Party, has been registering in the low single-digits in recent polling and was not extended an invitation from the Chamber.

Following their prepared remarks, each candidate answered a series of audience questions, including a final one asking whether there was anything they liked about their rivals.

Healey said Mihos was "enormously energetic and passionate," while Patrick is "an eloquent speaker and has always inspired people to follow him and listen to him, and that's a genuine talent."

Mihos lauded Patrick for something Healey has criticized -- providing a constitutional defense to criminals -- while also offering some awkward praise of Healey.

"I like Kerry Healey. We've been together socially. She's very warm," Mihos said. "She's not what they say she is, as stiff or anything like that. She's a very warm person. She's very well dressed and very well coifed, and I really do like her a lot."

Patrick, meanwhile, praised a series of 50 ideas Healey has proposed as part of her campaign, saying he would "steal" 20 of them if elected governor. As for Mihos, Patrick said he was correct to propose eliminating "nuisance fees" charged for busing, sports and other public school activities. (AP)

Posted by globebusiness at 11:14 AM | Comments (0)

R.I. promotes robotics in schools

Rhode Island officials are starting a contest in its public high schools aimed at getting students interested in careers in robotics.

Students at all 67 of the state's high schools will be eligible to compete in the contest, which encourages teams to design and build a robot programmed to carry out specific functions. The contest is sponsored by a coalition of companies and state economic development and government groups.

Each team in the contest much have a teacher or other adult as a mentor to the group and the winners will be able to compete in a regional or national contest.
(By Keith Reed, Globe staff)

Posted by globebusiness at 10:31 AM | Comments (0)

Sidhu out at Sovereign

Sovereign Bancorp Inc. said today that Jay S. Sidhu has resigned and retired as Sovereign's president and chief executive officer, effective today, for family health-related reasons and that it has appointed Boston banker Joseph Campanelli as president and chief executive.

Sovereign said that Campanelli will be considered by its executive search committee as it looks for Sidhu's permanent replacement.

Campanelli currently heads the New England division of a Pennsylvania-based bank with over $89 billion of assets, 800 branches, and 12,000 employees extending from New Hampshire to Maryland.

Sidhu will serve as non-executive chairman until Dec. 31, Sovereign said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:13 AM | Comments (0)

Oscient says revenues on the rise

Waltham-based Oscient Pharmaceuticals Corp. said it expects its third quarter revenues to climb to more than $11 million for the third quarter, compared with $5.9 million in the same period last year.

Oscient won't release its official financials for the three months that ended in September until next month. But the company offered guidance on its revenues this morning, saying that at least $4 million of its sales in the third quarter came from its Antara capsules and another $4 million from its Factive tablets.

Antara is a product the company acquired from another firm in the third quarter, and its sales immediately helped overall revenues, the company said. Prescriptions for Factive increased by nearly 15,000 in the quarter compared to a year earlier.
(By Keith Reed, Globe staff)

Posted by globebusiness at 10:02 AM | Comments (0)

Armstrong Ambulance chooses Zoll

Two local companies are in a deal that will see one of them supply the other with defibrillators and other emergency medical equipment for use in ambulances.

Zoll Medical Corp. of Chelmsford said Armstrong Ambulance Service is making Zoll equipment standard across its fleet of 120 ambulances.

The deal includes a heart pump and three different types of defibrillators, which are small devices that deliver a shock to a person who's heart has stopped beating in an attempt to restart it.

Financial terms of the deal were not disclosed. Armstrong is opening a new office in Arlington later this month, and the company has agreed to use Zoll equipment there as well, under a previously negotiated pact.
(By Keith Reed, Globe staff)

Posted by globebusiness at 9:06 AM | Comments (0)

Beacon Capital invests in London development

Land Securities Group said today that an affiliate of Boston-based real estate investment firm, Beacon Capital Partners, is to be its joint venture partner on the development of One New Change, London EC4.

Beacon Capital Partners is entering into a 50:50 joint venture with Land Securities for the 500 million pound project, which was granted detailed planning consent from the City Corporation of London earlier this year.

The company said it expects the site to become a major visitor attraction and shopping destination for the City of London.

The 560,000 sq. ft. site is designed by Jean Nouvel, and located to the east of St Paul's Cathedral.

Land said the One New Change will be the City's first purpose-built shopping center, comprising of 220,000 sq. ft. of retail arranged over three levels, and incorporating four 25,000 sq. ft. anchor stores.

The development will also provide 340,000 sq. ft. of premier office accommodation and will include an extensive rooftop public space. (Dow Jones)

Posted by globebusiness at 9:03 AM | Comments (0)

Century Bancorp profit falls

Century Bancorp Inc., the holding company for a bank serving Boston and nearby areas, said Tuesday its third-quarter profit fell as expenses grew.

In the quarter, the company earned $1.2 million, or 22 cents per share, down 22 percent from $1.5 million, or 28 cents per share, during the same period a year ago.

Net interest income slid 4 percent to $9.4 million from $9.8 million in the year-ago period. Interest expenses grew 31 percent to $11.2 million from $8.5 million a year ago.

The company, based in Medford, also declared a regular quarterly dividend of 12 cents on its Class A shares and 6 cents on its Class B shares. The dividends are payable Nov. 15 to stockholders of record on Nov. 1.

Shares of Century Bancorp fell $1.03, or 3.7 percent, to end at $27.22 on the Nasdaq. Shares have traded between $24.01 and $32 over the past year. (AP)

Posted by globebusiness at 8:37 AM | Comments (0)

Boston Scientific partners with Bovie Medical

Bovie Medical Corp. entered an exclusive distribution and marketing agreement for an electrosurgical device for use in Boston Scientific Corp.'s oncology unit.

The Melville, N.Y., medical products company said it will manufacture the product, which will be co-labeled with both companies names displayed.

Boston Scientific will also fund part of Bovie's manufacturing start up. (Dow Jones)

Posted by globebusiness at 8:31 AM | Comments (0)

October 10, 2006

CardioTech gets ethics OK for study

CardioTech International Inc., a Wilmington-based maker of medical devices, said today it received approval from a European medical center's ethics committee for a 10-patient study of the company's CardioPass coronary artery bypass graft.

The approval is one of a number of conditions the company must satisfy in order to begin the study. It is still waiting for health ministry approval to begin patient enrollment and hopes to begin the study by the end of the year.

Also, CardioTech said it paid $350,000 to buy the proprietary equipment made to make the CardioPass system after the manufacturer decided to exit the business, the company said in a statement. (AP)

Posted by globebusiness at 4:40 PM | Comments (0)

Caritas Norwood Hospital to take part in angioplasty trial program

The cardiology program at Caritas Norwood Hospital has been selected by the state Department of Public Health to participate in a clinical trial to determine whether community hospitals should be allowed to routinely provide elective angioplasties to cardiac patients. Angioplasty is a procedure using a balloon to widen clogged coronary arteries.

In Massachusetts, elective angioplasties have been restricted to teaching hospitals, but a few community hospitals are being permitted to perform them under an experimental program that will measure outcomes of 6,000 patients. Each local hospital participating in the trial must be paired with a teaching hospital, which will provide oversight.

Other hospitals participating include Brockton Hospital, Lowell General Hospital and Saints Memorial Medical Center in Lowell, Melrose-Wakefield Hospital in Melrose, Metro West Medical Center in Framingham, and South Shore Hospital in Weymouth.
(By Christopher Rowland, Globe staff)

Posted by globebusiness at 4:36 PM | Comments (0)

Reebok signs Penguins forward to ad campaign

Reebok International Ltd. has signed up another star athlete for its "I Am What I Am" ad campaign. This time it's Sidney Crosby, a rookie hockey star from Montreal, who plays forward for the National Hockey League's Pittsburgh Penguins.

Crosby will star commercials that feature his on-ice highlights, along with scenes from his own life outside hockey, and will run on cable networks, some sports magazines, and Reebok's website.
(By Keith Reed, Globe staff)

Posted by globebusiness at 4:09 PM | Comments (0)

Real estate firm: Hub office leasing remains strong

While the residential housing market continues to slump, the market for commercial space in and around Boston remains strong, according to real estate firm CB Richard Ellis.

Vacancies for office, industrial, and laboratory space in Boston, Cambridge, and surrounding suburbs all declined again in the third quarter, along with rents.

The market for office space in Boston hit its lowest vacancy rate in four years, 8.2 percent, while the average rent climbed to $38.19 per square foot. In Cambridge, office vacancies dropped to 9.1 percent, while rents climbed to $30.78 per square foot. At the same time, lab vacancies fell even lower, to 7.2 percent, with average rents of $39.12 per square foot.

In the suburbs, office vacancies fell to 17.1 percent, with rents at $18.86 per square foot, and industrial vacancies dropped to 15.3 percent, with rents of $6.66 per square foot.
(By Keith Reed, Globe staff)

Posted by globebusiness at 4:01 PM | Comments (0)

Looking to save the Brattle Theatre

The cash-strapped Brattle Theatre will get a bit of high-powered help tomorrow at a workshop for Harvard University students interested in management consulting.

The forum, sponsored by Katzenbach Partners LLC, will address ways to help the Cambridge landmark attract a larger audience. The consultancy says the Brattle, a nonprofit, needs to raise $500,000 by year-end to remain open.
(By Drew Reese, Globe staff)

Posted by globebusiness at 3:22 PM | Comments (0)

Mass. Eye and Ear's president stepping down after 14 years

F. Curtis Smith is stepping down from his job as president of the Massachusetts Eye and Ear Infirmary, a job he has held for 14 years, the hospital said today. Smith came to the specialty hospital in 1990 as chief operating officer and was promoted two years later. His resignation will be effective at the end of the year, and the hospital is launching a search for a replacement.

Smith was credited with turning around the hospital's finances after two years of losses in the late 1980s. Its endowment grew from $30 million to $83 million under Smith's watch.

``Curt has our gratitude for achievements and best wishes for the next stage in his working life,'' said Sheldon Buckler, who served as the institution's chairman from 1996 to 2002.
(By Christopher Rowland, Globe staff)

F. Curtis Smith

Posted by globebusiness at 2:51 PM | Comments (0)

Survey: parents/kids don't talk college financing until junior year

Parents and students generally don't talk about how they plan to pay for college until the kids are at least high school juniors, and even then, the conversations are short and stressful, according to the results of a survey by Boston-based First Marblehead Corp.

The company, which buys student loans from lenders and bundles them for sale on the securities markets, surveyed 400 parents and 400 students between ages 16 and 25, who came from families that with incomes between $40,000 and $150,000 a year and where the kids planned on attending college soon. The firm found out that 41 percent of the group said that parents didn't talk with their children about how to pay for college until they were either juniors or seniors in high school.

Only 63 percent said that parents are upfront with children about how much have been saved for higher education, even though most parents and students said that kind of candor was necessary. When parents and students do talk, the conversations are brief -- most parents and students said less than 30 minutes -- and agonizing -- 64 percent of students called them "stressful".
(By Keith Reed, Globe staff)

Posted by globebusiness at 2:24 PM | Comments (0)

GetConnected names new CEO

Boston-based GetConnected Inc., a company that processes payments for digital entertainment and other service companies, has a new chief executive.

Ali I. Riaz is taking over the corner office from Sasha Novakovich, the company's founder who is now moving over to become its chairman. Riaz was previously president and chief operating officer of Fast Search and Transfer, a search technology firm.
(By Keith Reed, Globe staff)

Posted by globebusiness at 12:03 PM | Comments (0)

Motorola moves jobs to Lowell

Mobile devices maker Motorola Inc. is moving about 700 jobs to a new space it leases in Lowell, making the company that city's third largest employer, it said today.

The company is renting 193,000 square-feet of space in the Cross Point Tower development on Chelmsford Street for workers in its home networking division. The lease is for five years.

To lure the company, Lowell officials offered 20 years of tax breaks; in exchange, Motorola says its new jobs will generate $800,000 in new tax dollars for the city over the same period.
(By Keith Reed, Globe staff)

Posted by globebusiness at 11:58 AM | Comments (0)

Genzyme ups bid for AnorMed

Genzyme Corp. jumped back into the bidding war with its Cambridge neighbor Millennium Pharmaceuticals Inc. this morning, offering $580 million for a small Canadian company developing an experimental cancer drug.

The offer tops Milliennium's $515 deal for AnorMed Inc., made two weeks ago.

Genyzme launched the bidding war in late August with a hostile $380 million bid for AnorMed, which Millennium later beat out with a friendly deal approved by AnorMed's board. The two companies both want to own a drug called Mozobil, which Anormed is developing to help myeloma patients. The drug is currently in late-stage human testing, and is not expected to reach the market before 2008.
(By Stephen F. Heuser, Globe Staff)

Posted by globebusiness at 10:31 AM | Comments (0)

American Superconductor gets wind farm order

Westborough-based American Superconductor Corp. said today that it received a new order from an Austrian firm for 450 of its PowerModule PM 1000 systems, units that keep power flowing from wind farms when wind is not blowing.

The company sold the units to Windtec Systemtechnik GmbH, an Austrian company that makes wind turbines. ASC did not disclose the value of the deal, but said it was three times the size of a similar sale to Windtec in February.
(By Keith Reed, Globe staff)

Posted by globebusiness at 9:06 AM | Comments (0)

State Street's Ehret heading to London

State Street Global Advisors said Greg Ehret, co-head of its exchange-traded fund business, is moving to London from Boston, where he will head up the firm's sales and distribution in Europe.

To fill his place, the State Street Corp. unit has hired Tony Rochte, former national sales manager for iShares, the ETF brand of Barclays PLC's Barclays Global Investors, State Street's archrival in the ETF space.

Rochte will work with Jim Ross, who previously led the State Street ETF group with Ehret.

A spokeswoman says that Ross will be in charge of ETF product development, while Rochte will focus on sales, reporting to Marc Brown, the firm's chief marketing officer. (Dow Jones)

Posted by globebusiness at 8:35 AM | Comments (0)

Staples predicts earnings, sales growth

Staples Inc., the Framingham, Mass., office-supplies retailer, affirmed its estimate that third-quarter earnings would grow 15% to 20% from a year earlier, in line with average analyst estimates.

For the quarter and year, Staples said same-store sales -- revenue from outlets open at least a year, eliminating the effect of acquisitions and divestitures -- in North American retail should grow in the low single digits on a percentage basis while total sales are seen up in the low double digits.

For fiscal 2007, Staples expects earnings growth 15% to 20% and sales gains of 10% to 15%, with North American retail same-store sales up in the low single digits. (Dow Jones)

Posted by globebusiness at 8:18 AM | Comments (0)

October 6, 2006

GQ counts stylish Boston men's clothiers: only gets to two

Two Hub haberdashers earned hosannas from GQ magazine, which has just unveiled its first-ever list of America's 100 best stores for men's clothing on its website, GQ.com.

LouisBoston made the list and won GQ's praise for stocking "Euro-bred labels you won't find in bulk anywhere else in New England."

The other local entry on the list is Stel's, which opened two years ago on Newbury Street.

Stel's is "a welcome alternative to the city's upper-crust designer shops and run-of-the-mill chain giants," GQ said. "The point here is to outfit the local guys who don't want to look like BU freshman but aren't ready to dress like their fathers just yet."

What should a dapper gent be wearing this fall? Jon Callahan, a Stel's co-owner, said a $780 suit from the Acne label in rust-brown would be a smart choice.

Acne is a Swedish label, noted Candice Rainey, an editor who led the GQ team that conducted the survey; offering labels like Acne is one reason Stel's made the GQ 100 list

Stel's, she said, "carries up-and-coming, right-this-moment labels."

By GQ's lights, Boston is no men's mecca for fashion, with only two stores making its list. New York City has 32 stores on the GQ 100; Los Angeles has 19, and San Francisco seven.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:49 PM | Comments (0)

Hannaford invites four to pitch

Hannaford Supermarkets, a Maine-based chain that operates 158 stores, has invited four advertising agencies to pitch for its advertising account, Pile and Co. said today.

Agencies invited to make presentations are Allen & Gerritsen of Watertown; Berenter Greenhouse & Webster of New York, Devito/Verdi of New York, and Tierney Communications of Philadelphia, said Pile and Co., the Boston firm that is managing Hannaford's ad agency review.
(Chris Reidy, Globe staff)

Posted by globebusiness at 1:30 PM | Comments (0)

Senior Housing declares regular dividend

Real estate investment trust Senior Housing Properties Trust said today that it declared a regular quarterly dividend of 33 cents per share.

The company, which is based in Newton, will pay the dividend on Nov. 17 to shareholders of record Oct. 20. (AP)

Posted by globebusiness at 1:27 PM | Comments (0)

CSP loses Dell reseller contract

IT services provider CSP Inc. said today that it received notification from Dell Inc. that it will no longer act as a reseller for the PC maker.

Through its MODCOMP Systems and Solutions division, CSP has operated as a reseller of Dell products since acquiring Technisource Hardware on May 30, 2003. During the trailing 12 months ended June 30, CSP revenue from this contract totaled about $8.3 million.

CSP said the Dell contract termination could affect the $2.8 million carrying value of goodwill related to the Technisource Hardware acquisition that is now called MODCOMP. CSP is in the process of evaluating the carrying value and will report any impairment. (AP)

Posted by globebusiness at 1:23 PM | Comments (0)

Provincetown unveils new tourism initiative

The Provincetown Tourism Office has unveiled a tourism initiative informally dubbed "Planes, trains, but no automobiles" that offers discounts on some Cape Air and Amtrak fares.

The idea is to encourage more tourists to visit Provincetown in the fall but to have them leave their motor vehicles at home.

"You don't need a car here," said Bill Schneider, the tourism office's administrative director; Provincetown is "a walking experience."

The tourism office is mounting a marketing campaign with Amtrak and Cape Air.

Between Oct. 9 and Dec. 11, Provincetown visitors from New York, Philadelphia, and Washington, D.C., can qualify for special discounts with Amtrak and Cape Air under some circumstances; visitors from those locations can get a 50 percent discount off the best available regular adult fare if they're traveling with a companion paying the regular adult fare, the tourism office said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:19 PM | Comments (0)

UFP board regains Nasdaq compliance

UFP Technologies Inc., a Georgetown manufacturer of packaging products, said today that it received a notice from the Nasdaq Stock Exchange that it has regained compliance with a Nasdaq rule that requires that a company's board be composed of a majority of independent directors.

The company also said that R. Jeffrey Bailly, UFP's president and chief executive, has been appointed to the additional role of chairman of the board.

Bailly succeeds William H. Shaw, who served as chairman from the company's inception in 1963 until his death in August, UFP said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:32 PM | Comments (0)

Genzyme extends offer for AnorMed

Genzyme Corp. just filed a two-week extension to its hostile bid to buy Canadian drug company AnorMed Inc.

Genzyme's $380 million offer for the company, announced in late August, was set to expire tomorrow. Shortly before noon today Genzyme said it would extend the offer until Oct. 23.

The move was chiefly a strategic play in a potential bidding war for the Canadian company. Genzyme's price was trumped last week by a $515 million offer by crosstown Millennium Pharmaceuticals Inc., and Genzyme is currently considering whether to make a higher bid. Today's extension lets Genzyme keep its timing advantage if a bidding war does continue: Millennium's offer is open until November 10, whereas Genzyme could simply revise its current offer upward, forcing a shareholder decision earlier and boxing out any future competitors.

AnorMed is developing an experimental cancer drug not expected to be on the market until 2008 at the earliest.
(By Stephen F. Heuser, Globe staff)

Posted by globebusiness at 11:59 AM | Comments (0)

Reebok offers Jay-Z as virtual bball player

Rap artist Jay-Z starring in the National Basketball Association? It could be a virtual reality for gamers playing EA Sports' NBA Live 07.

Jay-Z is a celebrity endorser for Canton sneaker maker Reebok International, a subsidiary of the Adidas Group, and Reebok produces an S. Carter product line, Shawn Carter being the name Jay-Z was born with.

Gamers who purchase Reebok's new S. Carter Basketball IV shoe at the Champs Sports retail chain will receive a special code to unlock a Jay-Z character that can be used in playing NBA Live 07; the Jay-Z basketball character has been modeled after many popular NBA stars, including Allen Iverson, another Reebok endorser.

The promotion is made possible by a partnership among Reebok, Jay-Z, Champs Sports, and game maker Electronic Arts Inc., Reebok said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:46 AM | Comments (0)

Computerworld defines buzzwords we hate

Monday's edition of Computerworld, the information technology weekly magazine published in Framingham, features an article titled "Management Buzzwords."

The article is accompanied by a list of words and phrases "we love to hate."

Among the entries: "agile development," defined as "used to describe anything that's not traditional," and "proactive," defined as "tackling something that didn't tackle you first."

The complete list will be posted on the magazine's website, on Monday.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:11 AM | Comments (0)

Biogen and Elan present new Tysabri data

Biogen Idec Inc. of Cambridge and Elan Corp. of Ireland said today that test data they are presenting to a conference in Chicago show that Tysabri, their multiple sclerosis treatment, significantly reduced hospitalizations and increased the proportion of MS patients with no disease activity.

The companies resumed selling Tysabri over the summer after it was taken off the market for 18 months on concerns about side effects that led to the deaths of two patients taking the drug in trials.

However, some MS patients have said that Tysabri has a powerful ability to prevent debilitating flareups, and Tysabri was allowed to return to the market after Biogen agreed to help develop a comprehensive safety plan for administering Tysabri.

When approved in 2004, Tysabri was considered a breakthrough because in clinical trials, it proved twice as effective as other treatments.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:06 AM | Comments (0)

National Dentex acquires Keller Group

National Dentex Corp. of Wayland, a larger operator of dental laboratories in North America, said today it had acquired Keller Group, a privately held dental laboratory business with facilities in Missouri and Kentucky.

National Dentex said it purchased all outstanding shares of Keller's capital stock for $19.1 million; the purchase includes an additional deferred payment that will be determined in accordance with the terms of the sales agreement.

Keller had 2005 sales of more than $17 million, National Dentex said.

In a statement, National Dentex chief executive David Brown said the acquisition of Keller will "help to further enhance our position as a leading operator of high quality dental laboratories in North America."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:25 AM | Comments (0)

SatCon requests hearing with Nasdaq

SatCon Technology Corp., a Boston developer of electronics and motors for such businesses as the alternative energy field, said today it has requested a hearing with the Nasdaq Listings Qualifications panel.

The firm said Sept.1 that Nasdaq had notified it that it had failed to comply with continued listing requirements of the Nasdaq Global Market.

Under Nasdaq Stock Market rules, SatCon's common stock is subject to delisting because it was unable to regain levels required by Nasdaq standards within a 30-day period that ended Sept. 29.

SatCon has now requested a hearing before the Nasdaq panel. At least until the panel has reached a decision on SatCon's status, SatCon's securities will remain listed on the Nasdaq Global Market, said SatCon, which expects the hearing to be held in the next 30 to 45 days.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:59 AM | Comments (0)

Smith & Wesson buys 1.2M company shares

Smith & Wesson Holdings Corp. said Thursday it has fulfilled a previously announced agreement to purchase 1.2 million shares of its common stock.

The gun maker said it purchased the shares from three of the company's original investors to eliminate the dilutive impact of warrants issued to new investors in September 2005.

At that time, Smith & Wesson agreed with the three investors to purchase 1.2 million shares at $5.33 each if the 2005 warrants were exercised. According to the company, all the September 2005 investor warrants were recently exercised. (AP)

Posted by globebusiness at 8:43 AM | Comments (0)

Army, Raytheon in threat-detection deal

The Army on Thursday awarded a delivery order worth nearly $11.6 million to military contractor Raytheon Co. for a threat detection system deployed via towers, masts and airships.

The award is part of a more than $23.1 million contract for the Rapid Aerostat Initial Deployment system and RAID Eagle Eye sensor systems that are used to detect and identify threats at a distance, according to the Army.

Contract work is expected to be completed by Aug. 30, 2007. (AP)

Posted by globebusiness at 8:40 AM | Comments (0)

Avici terminates pact with Alcatel

Avici Systems Inc., a provider of Internet routing products, said today that it terminated its supply agreement with Turkey's Alcatel Teletas to provide its customer with the Avici TSR core routing service.

"We continue to execute on our focused strategy aimed at driving to profitability and positive cash flow. Tactically, that means we will concentrate our energies on those opportunities that are consistent with that goal and provide the optimal return for each dollar invested," said Bill Leighton, Avici president and CEO.

Avici, which is based ini North Billerica, and Alcatel Teletas will enter a transition period during which they will unwind financial arrangements and decommission the routing equipment. Avici will provide support to Alcatel Teletas during this transition period.

Financial terms weren't disclosed. (AP)

Posted by globebusiness at 8:24 AM | Comments (0)

October 5, 2006

Irving Oil studying $7b refinery expansion

Irving Oil, which produces about 60 percent of the gasoline used in Greater Boston, said it is studying a $7 billion doubling of the production capacity of its refinery in Saint John, New Brunswick, which could improve New England gas supplies and soften local price volatility.

Irving has not yet sought government approval and doesn't expect the new capacity to operate before 2012 or 2013. It would be the first big petroleum refinery built in North America in more than 20 years.

Irving refining growth director Kevin Scott said the company envisions increasing the daily output capacity of its Saint John plant to 600,000 barrels per day of gasoline, diesel, jet fuel, and other products, up from 300,000 now. Irving sells gas to Exxon Mobil Corp. and other retailers.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 4:42 PM | Comments (0)

Waltham firm wins Navy 'robot hospital' contract

Waltham-based Foster-Miller Inc. took a $20 million order to supply the military with equipment for use in so-called robot hospitals in Iraq and Afghanistan.

Foster-Miller is supplying the Naval Air Systems Command with replacement parts for its Talon robots, which are used to identify and detonate roadside bombs and other battlefield threats. When the robots are damaged, they are sent to the 'hospitals' where they are repaired, reprogrammed, and sent back to work -- sometimes within hours of being damaged.

The latest order from the military is part of a deal for Talons and parts worth as much as $64.3 million.
(By Keith Reed, Globe staff)

Posted by globebusiness at 4:17 PM | Comments (0)

Fidelity Charitable lowers minimum on charitable accounts

Fidelity Charitable Gift Fund, a public charity established by Fidelity Investments, the Boston-based money management firm, is cutting the minimum it costs individuals to establish charitable giving accounts with the company by half.

Individuals can now open "giving accounts" with $5,000, as opposed to $10,000. The initial deposit can be in cash or securities. The company said it is lowering the minimum to open the charitable option to more people.

Account holders have several options of vehicles in which money in their accounts can be invested to try to earn returns before it is granted to an organization.

The accounts also have tax benefits as some portion of the deposits is tax deductible. Fidelity Charitable also said it is lowering the minimum amount for grants that can be made from giving accounts, from $250 to $100 at a time.
(By Keith Reed, Globe staff)

Posted by globebusiness at 3:56 PM | Comments (0)

Raytheon gets $20M United Arab Emirates contract

Raytheon Co., a maker of military electronics and aviation systems, said today that it received a $20 million contract from the United Arab Emirates to provide an air traffic management system.

Raytheon said the Middle Eastern country's General Aviation Authority ordered its AutoTrac III system to "ensure safety in the UAE airspace." (AP)

Posted by globebusiness at 2:06 PM | Comments (0)

Verizon TV coming to Acton, Lincoln

Two more cities have given approval to Verizon Communications Inc.'s new subscription television service, bringing the total to 21 in the state.

Officials in Acton and Lincoln granted Verizon cable franchises, contracts that spell out the terms under which a company can provide pay television services in a municipality using physical wire. Satellite providers are not required to get such licenses.

The approval sets the stage for more battling for customers between Verizon and cable providers like Comcast Corp. and RCN, which already offer cable TV in many Massachusetts cities and towns and which Verizon is targeting with lower prices and the promise of better service over its fiber optic lines.
(By Keith Reed, Globe staff)

Posted by globebusiness at 1:21 PM | Comments (0)

Comcast evaluating wireless business

Comcast Corp. and several other cable firms could be on the verge of introducing a high-speed, wireless data service after snapping up $2.3 billion worth of spectrum licenses in a government auction.

Comcast, the country's largest cable system operator and a dominant player in video and high-speed Internet in New England, is leading Spectrum Co. LLC, a joint venture that also includes cable companies Time Warner Cable, Cox Communications, Advance/Newhouse and mobile phone giant Sprint Nextel Communications. That consortium issued a statement this morning that said it is evaluating what it might do with the 137 wireless spectrum licences it bought in a Federal Communications Commission auction that ended last month.

The group was tight-lipped about what it might do with the licenses, which cover the areas around most of the major cities in the U.S. It did say, however, that it might begin testing possible services in specific areas soon and that it is not interested in offering a voice service of its own.

Aditya Kishore, global media analyst for Boston's Yankee Group, said the most likely outcome of that spectrum purchase was that the cable companies would look to create a broadband network that would extend their reach beyond the walls of their subscriber's homes and offices.

"My speculation is that it’s going to be a wireless data application. I don’t think that’s going too far out on a limb," Kishore said. "Its the ability for Comcast subscribers to walk around the city and have internet access tied to their provider."

A nationwide, wireless broadband network controlled by the major cable operators would give the companies the ability to deliver any number of services to consumers, including video or new applications, wherever they are.

"Everything else rides on high-speed data. Each of these cable operators has a network in the ground. Where these guys lack is the ability to provide high-speed internet service outside of the home.”

Cable companies may already be closer to moving outside subscriber's houses. Under a separate joint venture announced last year by many of the same firms, a team of engineers is already working on ways to use current wireless technology to control cable boxes and digital video recorders using cell phones.

The first consumer trials of services under that joint venture is slated to start before the end of this year in seven cities, including Boston.
(By Keith Reed, Globe staff)

Posted by globebusiness at 1:13 PM | Comments (0)

Genzyme may up the ante in bidding war with Millennium for AnorMed

A rare bidding war between two Cambridge biotechnology companies heated up overnight when Genzyme Corp. said it might raise its offer for a small Canadian drug firm, hoping to snatch it away from would-be suitor Millennium Pharmaceuticals Inc.

The companies are dueling over AnorMed Inc., a Vancouver drug developer with a promising experimental drug for cancer patients.

A higher offer from Genzyme could break up Millennium's $515 million agreement to buy AnorMed, announced last week. The bidding battle was triggered in late August, when Genzyme launched a surprise $380 million hostile bid for AnorMed, offering investors $8.55 a share. AnorMed's management rejected the offer, saying the company was worth more.

After aggressively shopping for other buyers, AnorMed reached a friendly $515 million deal with Millennium, under which Millennium would pay $12 a share.

This week Genzyme stepped back into the ring. According to a statement from AnorMed, Genzyme said it would lift its bid to "in excess of $12 per share," although it did not specify the exact amount. The offer is contingent on Genzyme reviewing AnorMed's books and research, which have been closed to Genzyme as a hostile bidder.

Because Genzyme has not formalized its new offer, AnorMed's board is still officially recommending the Millennium deal to shareholders. Investors, however, clearly expect the bidding war to push the price up further: AnorMed's stock price immediately jumped to more than $13 a share this morning, up from yesterday's close of $12.57.
(By Stephen Heuser, Globe staff)

Posted by globebusiness at 11:47 AM | Comments (0)

TJX sales up in September

TJX Cos., operator of T.J. Maxx and Marshalls discount stores, said today that same-store sales rose 9 percent in September, more than double Wall Street's estimate for 4.1 percent growth. The retailer also raised third-quarter earnings guidance.

Same-store sales, or sales at stores open at least a year, are a widely watched performance gauge.

For the five-week period ended Sept. 30, total sales were up 14 percent to $1.7 billion from $1.5 billion last year. The company said sales were helped by favorable weather patterns.

TJX, which is based in Framingham, raised third-quarter earnings guidance to a range of 44 cents to 45 cents, from previous guidance of between 39 cents and 41 cents.

Analysts expect a profit of 41 cents per share, on average, according to a poll by Thomson Financial.

The company operates 817 T.J. Maxx, 741 Marshalls, 264 HomeGoods, and 161 A.J. Wright stores, as well as 36 Bob's Stores, in the United States. In Canada, the company operates 183 Winners and 67 HomeSense stores, and in Europe, 207 T.K. Maxx stores. (AP)

Posted by globebusiness at 10:03 AM | Comments (0)

BJ's sales down

BJ's Wholesale Club Inc., the nation's third-largest warehouse membership club, said today that September same-store sales fell 0.9 percent on lower customer traffic and weak sales of apparel, DVDs and jewelry.

Same-store sales, or sales at stores open at least a year, are a closely watched indicator of retail strength. Wall Street had expected a gain of 2.3 percent, according to Thomson Financial.

The company said food sales were about flat, and general merchandise sales fell about 1 percent on a same-store basis, led by weaker apparel, DVD, jewelry and fresh meat sales.

Excluding gas sales, same-store sales fell 1.5 percent in the first three weeks of the month, and rose 1.5 percent in the final two weeks of the period. Last year, gasoline sales boosted the comparison, but that category added 0.3 points to the decline this year.

For the year to date, same-store sales are up 1.5 percent and total sales have gained 5.2 percent to $5.35 billion.

BJ's backed its profit forecast for the latest quarter, saying profit of 25 cents to 30 cents per share is still within reach, despite lower sales in the first two months of the period, which were offset by higher-than-expected results in its gas business.

Looking ahead to October, BJ's forecast same-store sales to be flat or up by 2 percent. The projection anticipates that lower gasoline sales will hurt the comparison by 2 to 3 percentage points. (AP)

Posted by globebusiness at 9:53 AM | Comments (0)

Kopin lowers revenue projections

Taunton-based Kopin Corp. lowered its third quarter revenue projections this morning, saying it would take in as much as $4.5 million less than it previously stated.

The company, which makes liquid crystal displays, or LCDs, for use in products from digital cameras to night vision goggles, now says it expects to report revenues of between $14 million and $15 million for the quarter that ended Sept. 30. Its earlier guidance had the company projecting revenues of between $19 million and $20.5 million.

Kopin lowered its sales expectations because of a delay in shipping its new "thermal weapon sight" displays, which it redesigned during the quarter. The company will report its quarterly results in November.
(By Keith Reed, Globe staff)

Posted by globebusiness at 9:10 AM | Comments (0)

Curis gets $3 million payment

Curis Inc., a Cambridge company that develops drugs to treat cancer, skin and brain disorders, is about to get a $3 million payment because one of its research partners is making progress on a new drug.

Genentech Inc., a San Francisco drug firm, filed an application with the US Food and Drug Administration yesterday to begin clinical trials of a new kind of cancer treatment. Under the terms of its research deal with Curis, that application also comes with a hefty fee: $3 million in cash to the Cambridge firm.

If the drug makes it past the initial testing stages, Curis will get more cash.
(By Keith Reed, Globe staff)

Posted by globebusiness at 9:07 AM | Comments (0)

Profits down at Iron Mountain

Records storage and information management company Iron Mountain Inc. lowered the expected range of its third-quarter operating income today, but said it anticipates slightly higher sales than its prior guidance.

The company said it expects operating income in the range of $92 million to $97 million, on sales between $585 million to $597 million.

Iron Mountain said in July it expects operating income in a range of $97 million to $104 million, and sales of $582 million to $596 million.

For the full year, the company said it expects operating income between $392 million and $403 million, and sales between $2.3 billion to $2.35 billion. (AP)

Posted by globebusiness at 8:51 AM | Comments (0)

Norfolk Financial, under investigation in Mass., opens office in R.I.

A company being investigated by the state of Massachusetts for its debt-recovery practices has opened its doors for business in Rhode Island.

Norfolk Financial Corp. buys bad debt from other companies. According to a January filing with Rhode Island's secretary of state's office, the company plans to do about $50,000 in business in the state this year at its Cumberland office.

Daniel W. Goldstone, Norfolk's owner, is being investigated by the Massachusetts attorney general's office for debt-recovery practices. Norfolk did not apply for a new debt-collection license by Friday, Sept. 29, the deadline for such a license in Massachusetts, according to Joseph A. Leonard Jr., general counsel for that state's division of banking.

Rhode Island does not have a licensing requirement or state statute governing debt-collecting companies.

John J. O'Connor, a Boston lawyer who works as Norfolk's processing agent, told the Providence Journal that the company moved to comply with new Massachusetts licensing requirements and for Rhode Island's "vibrant business climate and geographical convenience."

"Norfolk expects to comply fully with all R.I. standards and regulations that apply to business," he wrote in an e-mail, "just as it always has in Massachusetts."

Rhode Island is one of a few states in the country without a state statute governing debt-buying or collecting companies according to the National Consumer Law Center. Federal laws do govern the purchase, sale and collection of bad debts, according to Leonard, but only if a debt is already in default. The state also enacted a predatory-lending law earlier this year. (AP)

Posted by globebusiness at 8:29 AM | Comments (0)

Tweeter same-store sales fall

Tweeter Home Entertainment Group Inc., a retailer of audio and video equipment, said today that same-store sales, a key gauge of retail performance, declined 13 percent in the fiscal fourth quarter as sales of projection televisions plummeted.

Tweeter, which is based in Canton, said total revenue from continuing operations in the quarter ended Sept. 30 fell to $162 million from $188 million as sales in the projection television category shrank 45 percent versus the year-ago quarter.

Projection televisions constituted 13.5 percent of revenue in the quarter, down from 21 percent in the fourth quarter last year.

Sales of flat panel-televisions grew, but not enough to compensate for lagging projection television sales, the company said. The company expects the decline in projection television sales to be "muted" as consumers switch to the 1080P product, a new high-resolution television.

Tweeter said it expects to post an operating loss of $13 million to $15 million for the year, versus a loss of $47 million last year, as the company improves gross margin and cuts expenses.

Tweeter's previous fiscal year was impacted by $16.5 million in restructuring charges.

The company operated 153 stores at the end of September, versus 176 stores at the beginning of fiscal 2005. (AP)

Posted by globebusiness at 8:22 AM | Comments (0)

Mass. pumpkin yield down

Massachusetts farmers and agriculture experts said as much as half of the state's pumpkin crop may have been washed away by heavy rains in May and June.

"Some fields were so wet that the seeds didn't germinate," said Ruth Hazzard, a vegetable specialist at the University of Massachusetts Extension Agriculture and Landscape program. "Some farmers couldn't plant at all because it was too wet."

The National Agricultural Statistics Service, which keeps records of annual crop yields, won't have an official tally for this year's pumpkin production for several months. In 2005, the agency reported that Massachusetts pumpkin patches yielded about 9,300 pounds per acre.

Gerald Tillman, a deputy director for the service, based in Concord, N.H., said Massachusetts farmers seem to have been the worst hit in New England. Other crops, like corn and potatoes, were hurt by the rain, but nowhere near as badly as pumpkins, Tillman said.

"I've heard from farmers saying they didn't have one vine that produced a pumpkin," he said.

But those seeking the perfect pumpkins to carve into jack-o'-lanterns or puree into pie filling shouldn't notice a shortage.

"There are plenty of pumpkins for us to buy from New York, Canada and Ohio and sell on our own farms," said Rich Bonanno, whose pumpkin crop was washed out in Methuen. "The public is really disconnected from the food supply. They see pumpkins at the farm stand and think they're from that farm."

Many farms in western Massachusetts, especially those in the Connecticut River valley where sandy soil allows rain water to easily drain away, were spared.

"We planted about 60 acres, and we got all of it," said Doug McCrary, a South Hadley pumpkin farmer.

But the unlucky farmers, particularly in central and southeastern Massachusetts, fell victim to heavier rainfalls and soil that retains more water. Some farmers will likely rely on crop insurance to recoup some of their losses. (AP)

A rotting pumpkin is seen at Pleasant Valley Gardens Farm in Methuen, Mass. Thursday, Sept., 28, 2006 in a sparce pumpkin patch adversely affected bv heavy rains and subsequent flooding in May and June. (AP Photo/Elise Amendola)

Posted by globebusiness at 8:08 AM | Comments (0)

October 4, 2006

Lightbridge to exit business, cut 200 jobs

Lightbridge Inc., which provides transaction processing services, said it would quit the telecom decisioning services business after Sprint Nextel notified the Burlington company it would no longer be a significant customer after this month.

The telecom decisioning segment provides online transaction processing and call center services to telecom carriers. Lightbridge said it will instead focus instead on payment processing.

The company said it expects to cut about 200 positions and book restructuring and related asset impairment charges of $6.5 million to $13 million through the first half of 2007. (AP)

Posted by globebusiness at 6:24 PM | Comments (0)

Network Health expands roster of doctors, hospitals

Network Health, the Cambridge health plan for Medicaid recipients and consumers purchasing low-cost insurance under the state's healthcare reform plan, said it has significantly expanded its choice of doctors and hospitals for members.

The insurer said it signed agreements with Brigham and Women's Hospital, North Shore Medical Center, Newton Wellesley Hospital, Faulkner Hospital and other members of Partners HealthCare System Inc., as well as hospitals and treatment centers in Brockton, Fall River, Lynn, Taunton and New Bedford.

Network Health serves about 80,000 low- and moderate-income residents in Massachusetts.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 5:46 PM | Comments (0)

Logan's on-time performance up slightly

Airlines operating at Logan International Airport slightly improved their on-time performance in August compared with a year earlier, but for the first eight months of the year, delays are up slightly at Logan compared with 2005, according to federal data released today.

Logan was the 10th worst of the 31 big US airports for arrival delays in August, with 26.9 percent of flights coming in more than 15 minutes behind schedule, according to the Bureau of Transportation Statistics. In August 2005, Logan was the fifth worst US airport, with 31.1 percent of flights arriving late. For departures, Logan improved from 11th worst last year to 13th worst in August, although the percentage of flights leaving late rose 0.6 percent, to 23.8 percent. The three New York regional airports and congested hubs in Atlanta and Chicago posted the worst delays in August.

Most airline delays, Logan officials note, occur because of factors beyond the airport's control, such as weather and the ripple effect of delays at other airports along the eastern seaboard.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 5:13 PM | Comments (0)

Texas firm buys South Boston apartment tower

Bay Tower, a 153-unt South Boston apartment building with water views, has been sold to a division of Grand Prarie, Texas-based Fairfield Residential LLC for $28.1 million.

The property, built in 1973 and carrying a Columbia Road address, has apartments ranging from one to three bedrooms, and a 119-space garage. Its previous owner was MB Management Co., a local real estate firm.
(By Keith Reed, Globe staff)

Posted by globebusiness at 4:38 PM | Comments (0)

Suit by former Pan Am pilots ends

A federal court has ended a lawsuit against Pan American Airways Inc., ruling the pilots' union failed to prove that the airline's parent company moved business to nonunion Boston-Maine Airways Inc. just to get rid of the union.

The ruling came Tuesday in a lawsuit by the Air Line Pilots Association International against Guilford Transportation Industries Inc.

US District Judge Joseph DiClerico ruled in the union's favor in 2004 and ordered Guilford to stop transferring flights from Pan Am to Boston-Maine Airways. But the First US Circuit Court of Appeals in Boston disagreed and sent the case back to the lower court last year, saying that to win, the pilots needed to prove union-busting was the only motive for moving business from one airline to another. (AP)

Posted by globebusiness at 3:55 PM | Comments (0)

Developer of proposed Cape Wind project refines design

Developers of the proposed Cape Wind electric generation project said they have refined the design of the 130-tower project to include 78 percent fewer blinking red aviation lights, but towers whose turbines would reach 440 feet above Nantucket Sound, an increase of 23 feet over earlier plans.

The project, which is undergoing environmental reviews and faces strong opposition from Governor Mitt Romney and US Senator Edward M. Kennedy, said under new Federal Aviation Administration guidelines, it only has to install a single red aviation beacon on towers around the perimeter of the project, rather than two lights on each of the 130 towers.

As a result, the project would have a total of 57 red lights, not 260. Cape Wind developers also said by using a new kind of General Electric Co. generating equipment, the project will be able to produce 7 percent more power than originally projected, nearly 1.6 million megawatt-hours annually or enough to serve 265,000 average-sized homes.

(By Peter J. Howe, Globe staff)

Posted by globebusiness at 3:03 PM | Comments (0)

Bay Tower apartments in South Boston are sold for $28.1 million

A Texas-based firm paid $28.1 million for the Bay Tower apartments, a 153-unit rental community in South Boston, the transaction's broker, CB Richard Ellis/New England, said today.

More Boston area apartment buildings are trading hands as area amid an increase in rents this year after four years of decline.

Fairfield Bay Tower LP, an affiliate of Fairfield Residential LLP, purchased the 16-story building, constructed in 1973, from MB Management Co., CB Richard Ellis said. Bay Tower, located on five acres on Columbia Road, "has outstanding visibility and views of the Boston skyline" and Dorchester Bay.
(By Kimberly Blanton, Globe staff)

Posted by globebusiness at 2:59 PM | Comments (0)

Jesanis, head of US operations for National Grid, to step down

Michael E. Jesanis, head of the parent company of National Grid, Massachusetts' biggest electric utility, is resigning at the end year to pursue unspecified other business opportunities, the company announced today.

Jesanis is the Westborough-based group director overseeing US distribution for British energy conglomerate
National Grid PLC.

Its US operations include the former Massachusetts Electric Co., now called National Grid, which serves 1.3 million customers in 169 Bay State cities and towns, and the former Narragansett Electric Co. in Rhode Island.

Jesanis joined former Mass. Electric parent New England Electric System in 1983 and stayed on through National Grid's takeover of NEES in 2000. National Grid plans by this winter to complete a $7.3 billion takeover of KeySpan Corp., a Brooklyn electric and gas company that serves 800,000 gas customers in Massachusetts.

National Grid spokeswoman Jackie Barry said the company had no additional comment on what Jesanis plans to do next. In a statement, National Grid PLC chairman Sir John Parker praised Jesanis, saying: “Mike has been an important part of the establishment and growth of our highly successful U.S. business. He leaves with our business in very good shape for the next big stage of its development as we move towards completion of the KeySpan acquisition. All of us wish Mike very well in the future.”

Barry said National Grid executive vice president Cheryl LaFleur will replace Jesanis on "an interim basis" after his Dec. 31 departure.

(By Peter J. Howe, Globe staff)

Posted by globebusiness at 2:40 PM | Comments (0)

Raytheon gets $285M military contract

Raytheon Co., a maker of electronics systems for the military, said today that it received a five-year, $285.4 million contract to make guidance systems for use on missiles.

Raytheon will supply 623 of what are called improved target acquisition systems to the U.S. Army and U.S. Marine Corps for TOW weapon systems.

The company will do the work at its Raytheon Network Centric Systems unit, based primarily in Texas.

The Department of Defense originally announced the contract on Sept. 14.

Raytheon shares fell 25 cents to $48.50 in midday trading on the New York Stock Exchange. (AP)

Posted by globebusiness at 12:42 PM | Comments (0)

Vision Systems drops deal with Ventana, favors Cytyc's richer bid

Vision Systems Ltd., an Australia-based medical testing firm, said today that it has ended a $346 million agreement to be acquired by Ventana Medical Systems Inc. in favor of a $519 million buyout offer from Cytyc Corp.

Tucson, Ariz.-based Ventana indicated it might raise the stakes in the bidding among rival medical diagnostics firms, saying it was considering making a new joint bid for Vision Systems along with Washington, D.C.-based Danaher Corp.

Ventana said in a news release Wednesday that it "continues to explore its options," including a possible bid with Danaher.

In terminating the Aug. 11 agreement with Ventana, Vision Systems said it considers Cytyc's latest offer superior to Ventana's.

Cytyc, a Marlborough-based maker of testing products for women's health conditions including breast and cervical cancers, submitted a $377 million offer for Vision Systems on Sept. 17. Last Friday, Cytyc sweetened its bid to about $519 million and offered other enticements to put further distance between its proposal and the deal Ventana had reached with Vision Systems.

Cytyc's latest offer came two days after Ventana said it had acquired about 10 percent of Vision Systems' shares.

Cytyc and Ventana are dueling to purchase Melbourne-based Vision Systems, a maker of instruments and substances used in chemical analyses and testing conducted at pathology labs and research centers to detect cancer and infectious diseases.

Ventana, which makes tissue and slide preparation systems used in drug discovery, announced Sept. 19 it had filed a patent lawsuit against a Vision Systems subsidiary in U.S. District Court in Boston. The complaint alleges some of Vision Systems' instruments infringe on a Ventana patent.

Cytyc has said any acquisition of Vision Systems by Ventana would present antitrust problems that it says its own offer does not raise.

Danaher, whose products include Craftsman tools as well as medical instruments, entered the picture Sept. 26, announcing it had held preliminary talks with Vision Systems about a possible bid. (AP)

Posted by globebusiness at 12:28 PM | Comments (0)

Dynamics Research gets $50M in credit

Dynamics Research Corp., an Andover-based government technology contractor, is getting access to $50 million in cash for its operations through a new, three-year revolving line of credit, the company said this morning.

Revolving credit lines are loans that work similar to bank accounts. Once a company is approved for one, it can draw cash from the account up to its limit without having to apply for another loan. Dynamics Research's new line of credit replaces an older one that was worth $37 million. The company said it has already tapped the new line to pay off a separate, $17 million loan.

Brown Brothers Harriman & Co. of Boston, described on its Web site as a "partnership bank", Bank of America and TD Banknorth all contributed to the new line of credit.
(By Keith Reed, Globe staff)

Posted by globebusiness at 12:08 PM | Comments (0)

Waltham drug-research lab to close

The Altana Research Institute in Waltham, a 50-person drug research lab, will close its doors next year as part of a reorganization by its German parent company. Altana Pharma AG, stung by delays in approval of two drugs in the United States, is cutting 400 US jobs, mostly at its New Jersey office.

A spokesman for parent company Altana AG said the closing is not related to the recent sale of Altana Pharma to Danish company Nycomed AG.

The Waltham research facility institute has investigated genomics, proteomics, and basic drug research on inflammation diseases. It will be phased out and closed by the middle of 2007, a spokesman said.
(By Stephen Heuser, Globe staff)

Posted by globebusiness at 12:01 PM | Comments (0)

Avant, Pfizer extend vaccine pact

Avant Immunotherapeutics Inc. said today that it signed an extended partnership with drugmaker Pfizer Inc. to develop vaccines that protect animals, sending its shares up on early trading.

Under the agreement, the companies will research and develop vaccines to protect livestock from respiratory or intestinal diseases using Avant's proprietary vaccine technologies.

Financial terms were not disclosed.

In 2000, Avant, which is based in Needham, originally partnered with Pfizer to develop vaccines for animal health and food safety. (AP)

Posted by globebusiness at 10:11 AM | Comments (0)

JumpTap raises $22 million

JumpTap Inc., a Cambridge company that develops advertising and search technology for mobile phones and other wireless devices, said today that it has raised $22 million in a third round of venture funding.

Valhalla Partners, a venture capital firm based in Vienna, Va., led the round and was joined by General Catalyst Partners of Cambridge, BCE Capital of Toronto and Redpoint Ventures of Menlo Park, Calif. How much each member of that investment group contributed was not disclosed.

JumpTap said it plans to use the money to help increase its market share compared with other mobile search firms. The company was founded in 2004.
(By Keith Reed, Globe staff)

Posted by globebusiness at 9:37 AM | Comments (0)

Alnylam gets $1.1M government funding

Biopharmaceutical company Alnylam Pharmaceuticals Inc. said today that the Department of Defense passed an Appropriations Act of 2007 last week that includes $1.1 million in funding for the company's development of RNA interference technology.

The technology can selectively shut off harmful genes. The funding supports the goal of Alnylam Biodefense to develop RNAi technology to combat natural or man-made biological threats that threaten public health.

Alnylam Pharmaceuticals is developing a pipeline of RNAi therapeutics. It has a drug in early-stage clinical trials for the treatment of respiratory syncytial virus infection, which can hurt infants. (AP)

Posted by globebusiness at 9:32 AM | Comments (0)

Report: India's Tata Group plans to buy Boston Ritz-Carlton Hotel for $170 million

India's Tata Group plans to buy the Ritz-Carlton Hotel in Boston for $170 million in a move that will help the business conglomerate expand its presence in the United States, news reports said today.

The deal will be executed by the U.S. subsidiary of Indian Hotels Company Ltd. that runs Tata's Taj brand of hotels and resorts, the Business Standard newspaper said quoting R.K. Krishna Kumar, vice chairman of Indian Hotels.

Tata, which has interests in everything from steel and automobiles to software services and hotels, is currently involved in a due diligence process to execute the deal, Kumar said.

The Boston Ritz-Carlton is currently owned by Millennium Partners, a New York-based real estate company that bought it in 1999 from Marriott International Inc., the world's largest hotel company that operates properties under brand names that include the Marriott and Ritz-Carlton.

It was not immediately clear if the Tatas would change the brand of the 79-year-old Boston hotel, The Economic Times said.

The hotel would be the second U.S. hotel to be acquired by the Tata Group. Last year, the group took over management of the Pierre Hotel in Manhattan.

Tata officials could not be immediately reached for comments.

The acquisition would be the latest in a string of overseas acquisitions by top Indian companies, which have been seeking global footprints after thriving for decades in protected domestic market.

The Tata Group has been leading the charge, buying companies and a variety of businesses in different parts of the world.

In August, the group struck a deal to acquire 30 percent controlling stake in New York-based Energy Brands Inc., which makes the popular Glaceau brand of flavored waters, for $677 million.

Besides making acquisitions, the group is also exploring joint ventures and other opportunities to expand its hotel business in emerging markets, especially in Southeast Asia. Recently, Tata signed a joint venture agreement with Hong Kong-based Sino group to develop a chain of hotels in China, Vietnam and India. (AP)

(David L. Ryan/Globe staff photo)

Posted by globebusiness at 8:06 AM | Comments (0)

October 3, 2006

Citizens biggest small business lender in Mass.

Citizens Financial Group was the largest lender to small businesses in Massachusetts, figures from the Small Business Administration showed today.

The federal agency's calculations showed that for the year ended Sept. 30, Citizens made 866 loans worth a total of $42.6 million. In dollar terms, it was followed by Sovereign Bancorp., which made 190 loans worth $17 million, CIT Small Business Lending Corp., which made 28 loans worth $16 million, Banco Popular North America, which made 23 loans worth $14.4 million, and Bank of America Corp., which made 432 loans worth $10.7 million.

The statistics would mark at least the sixth consecutive year Citizens was the largest lending both in terms of the total number of loans and the total amount of money lent, according to the SBA.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 5:52 PM | Comments (0)

Cubist's chief scientific officer dies

Francis P. "Frank" Tally, chief scientific officer of Lexington-based drug firm Cubist Pharmaceuticals Inc., died Sunday, the company said today. It did not give further details on the cause of his death.

Tally was considered a pioneer in antibiotic research, leading the development of Cubist's flagship drug, Cubicin, as well as four other drugs.
(By Keith Reed, Globe staff)

Posted by globebusiness at 5:29 PM | Comments (0)

P&G CEO calls Boston an "important hometown," pledges to expand local partnerships

A year after Procter & Gamble Co.'s $54 billion takeover of Gillette, P&G chief executive AG Lafley today told local business leaders that Boston is an "important hometown" and he expects to expand the company's technology and commercial partnerships throughout the region.

At a meeting of the Greater Boston Chamber of Commerce at the Fairmont Copley Plaza Hotel, Lafley told members that he views the integration with the famed Boston shaving giant as a "catalyst for transforming our combined company" and that he remains "absolutely confident this marriage will enable P&G and Gillette to be far stronger together than either could be independently."

P&G, one of the world's largest consumer products conglomerates, is working with Governor Mitt Romney's economic development staff to pursue innovation partnerships, particularly for the company's beauty businesses, according to Lafley.

"These opportunities are one of the most important benefits of establishing an enduring presence in Boston," Lafley said. "Boston is an important hometown, and what happens in this community matters to us."

Lafley discussed a program that is kicking off tonight, with the help of the Boston chamber, that brings 60 leaders from the Cincinnati area for a two-day program to learn more about Boston's success in community score-carding, waterfront development and leveraging higher education and technology asset to drive economic vitality.

"We have tremendous respect for what you've accomplished in Boston," Lafley said.

The P&G executive also talked today about Gillette leaders getting more engaged in the community and cited examples of Chip Bergh, president of Gillette blades and razors, joining the board of the Greater Boston Chamber of Commerce, and Ned Guillet, senior vice president of Human Resources, joining the Urban League of Eastern Massachusetts board.

Lafley said he contributed last week to Boston University as a living memorial to his father, who has a long-standing relationship with BU and its business school.

(By Jenn Abelson, Globe staff)

Posted by globebusiness at 2:27 PM | Comments (0)

RMS launches two new publications

RMS Media Group Inc., an Andover company that publishes custom magazines targeting the affluent on behalf of its clients, said it has launched two titles of its own.

Ocean Home magazine is the first nationally-distributed title for the company, headed by Rick Sedler, a publishing veteran who in the past was publisher of the Robb Report, arguably the most well-known glossy in the US dedicated to extravagance. The magazine, which published its first issue this month, focuses on waterfront real estate and the lifestyle afforded those who can afford it. It is heavy on features and ads for high end houses and accoutrements.

The second title, North Shore Magazine, features much of the same but is focused on the North Shore area of Massachusetts and is locally distributed. (By Keith Reed, Globe staff)

Posted by globebusiness at 12:53 PM | Comments (0)

Heating oil prices drop 13 cents a gallon

Massachusetts heating oil prices are continuing to drop as oil prices fall and temperatures stay relatively high. A new survey of full-service dealers released today by the Massachusetts Division of Energy Resources indicates the average price of heating oil in Massachusetts is $2.36 a gallon, down 13 cents from two weeks ago and 22 cents since May. The highest price recorded in the survey was $2.80 a gallon and the lowest was $1.95. Last year at this time, the average price of heating oil in Massachusetts was $2.60 a gallon.
(By Bruce Mohl, Globe staff)

Posted by globebusiness at 11:46 AM | Comments (0)

Reva raises $13.5 million

Chelmsford-based Reva Systems, a company that develops radio-frequency identification, or RFID, technology, said that it has raised a $13.5 million round of venture capital funding that includes money from technology heavyweights Cisco Systems Inc. and SAP Ventures, the venture capital arm of software firm SAP AG.

The new capital brings the total Reva has raised to $20 million in two rounds since 2004. North Bridge Venture Partners and Charles River Ventures, both of Waltham, also contributed to the latest round.
(By Keith Reed, Globe staff)

Posted by globebusiness at 10:42 AM | Comments (0)

Mass. business confidence holds steady

Business confidence held steady in September as Massachusetts employers grew more optimistic about the state economy, but reported softening in sales and hiring, Associated Industries of Massachusetts reported.

AIM's business confidence index slipped to 57 from 57.1 in September, but was up a tenth-point from September 2005. AIM officials called these changes "statistically insignificant." Any reading over 50 is considered optimistic.

Employers' outlook for the state economy improved, rising to 53.1 from 50.7 in August, according to the sub-index measuring local business conditions. The view of national conditions by employers slipped to 54 from 55.7 in August. Sub-indices measuring sales and employment also slipped, 2.1 and 1.6 points respectively, but remained in positive territory.

Raymond G. Torto, chairman of AIM's board of economic advisers, noted AIM's index suggests modest economic growth in the state. But, he added, "there has been no strong recovery from a serious downturn."
(By Robert Gavin, Globe staff)

Posted by globebusiness at 9:06 AM | Comments (0)

Reports: Ritz-Carlton sold to Indian company

Several media outlets are reporting that a $170 million sale of the Ritz-Carlton Boston hotel has been reached, a possibility first reported by the Boston Globe on Sept. 15.

Dow Jones, citing a local TV station in Mumbai, India, reported this morning that a company called Indian Hotels Co. Ltd would buy the hotel. That report offered no further details.

The Globe initially reported that a deal for the Ritz, a 79 year-old luxury haven for the wealthy and powerful, was in the works. The report cited an unnamed executive involved in the negotiations between the hotel's owner, New York-based Millennium Partners, and Taj Hotels Resorts and Palaces, a luxury hotel chain based in India. If Taj bought the hotel, its name would likely change from the Ritz, the Globe report said.

The Ritz-Carlton Boston is on Arlington Street, across from the Boston Public Garden. It has 275 rooms and was last sold in 1999 for $122 million.
(By Keith Reed, Globe staff)

Posted by globebusiness at 8:58 AM | Comments (0)

Curis gets $2.5M settlement from German firm

Cambridge-based Curis Inc., which develops treatments for cancer, skin and brain disorders, said it reached a legal settlement in Germany with one of its former partners worth as much as $2.5 million.

The settlement calls for Curis is to be paid in two installments by Munich-based Micromet AG. The payments are the result of a suit in which Curis said it was owed money stemming from a past deal. Micromet must pay 1 million Euros, or roughly $1.3 million, by Nov. 1. A second million-Euro payment is due next year, but if Micromet pays up before the end of next April, that amount drops to 800,000 Euros, or about $1 million.
(By Keith Reed, Globe staff)

Posted by globebusiness at 8:43 AM | Comments (0)

Alkermes testing new alcohol dependence drug

Alkermes Inc., a Cambridge drug company that specializes in treatments for addictions, said today that it is testing a new drug to combat alcohol dependence.

The company said it will test 150 alcohol-dependent patients over eight weeks, looking for how they respond to daily doses of ALKS 29, a compound Alkermes developed that is to be taken orally.

Although several different pills are already available to America's 18 million alcoholics, their success has been limited by side effects and other problems.

Earlier this year Alkermes launched a new alcoholism drug, Vivitrol, a once-a-month injection designed to reduce alcoholics' cravings for a drink. It is now available by prescription.

(By Keith Reed and Stephen Heuser, Globe staff)

Posted by globebusiness at 8:39 AM | Comments (0)

October 2, 2006

Millipore to open $50 million research center tomorrow in Bedford

Millipore Corp., a leading drug industry equipment manufacturer, plans tomorrow to open a $50 million research center in Bedford, the centerpiece of a new effort to improve the costly process of making biotechnology drugs.

The research center highlights a little-known growth area of the Massachusetts economy. In addition to being one of the world's top centers for medical research, the state has emerged as a manufacturing powerhouse in the specialized world of so-called biological drugs, which are grown in sealed vats of living animal cells.

From its early days making sophisticated filters to purify water, the Billerica company has become a leading supplier for biotech manufacturing industry, in which filtering is a critically important step. Before a biological drug can be injected into patients, it must be carefully purified out of a stew of cellular products, made by a fermentation process similar to the one used to make beer.

Already one of the biggest life-science firms in Massachusetts, with 1,700 local employees, Millipore expanded over the summer by buying a Georgia biotech-supply company, Serologicals, for $1.5 billion.

The new building in Bedford will employ up to 500 people, including some jobs that are being relocated from California and Georgia. The company received "very attractive incentives" from other states to locate the new center elsewhere, said Joshua Young, Millipore's head of investor relations. Massachusetts is "still unmatched in terms of talent and the academic institutions,” he said.
(By Stephen Heuser, Globe staff)

Posted by globebusiness at 5:13 PM | Comments (0)

Boston Beer shares downgraded

Shares of Boston Beer Co. fell today after a Prudential Equity Group analyst said there was not enough upside to retain the brewer of Sam Adams brews' current rating and downgraded the stock.

Analyst Cheryl Gedvila had some positive words for the brewer.

"We continue to believe that Boston Beer is in the sweet spot of the beer industry as consumers migrate from mainstream beer into the higher-end craft and import categories, also known as 'better beer,'" Gedvila wrote.

Gedvila said that all such activity by brewers including Anheuser-Busch, SABMiller, Molson Coors, and Heineken is spurring the migration and that Boston Beer is in a good place to capitalize on the trend.

However, she noted that Boston Beer shares are up 31.4 percent from the beginning of the year, so she downgraded the company to "Neutral Weight" from "Overweight" based on valuation. (AP)

Posted by globebusiness at 3:22 PM | Comments (0)

Mintera raises $10 million

Mintera Corp., an Acton company that builds fiber-optic data networks, said today that it raised $10 million in new capital from a group of companies led by Polaris Venture Partners of Waltham and RRE Ventures of New York.

Mintera has raised a total of $54 million so far.
(By Keith Reed, Globe staff)

Posted by globebusiness at 2:25 PM | Comments (0)

Berkshire Partners raises $3.1 billion

Boston-based Berkshire Partners LLC has raised a $3.1 billion fund, the company's seventh, which is plans to use to buy retail, manufacturing and transportation companies, Bloomberg news reported today.

Berkshire is a buyout company, raising capital to acquire other companies for its portfolio. In this instance, Berkshire is looking for companies worth as much as $1.5 billion, the Bloomberg story said.
(By Keith Reed, Globe staff)

Posted by globebusiness at 1:55 PM | Comments (0)

UMass: we generate $4.3 billion a year

The University of Massachusetts system generates about $4.3 billion of economic activity a year, about twice its $2 billion budget, according to a study by the university.

The state spends $524 million a year to support UMass, with the rest of the budget coming from student tuition and fees, research grants and other sources. The university employs about 15,000, while its spending creates 14,000 additional private sector jobs, according to the study. About 60 percent of the system's graduates, about 11,000 a year, stay in Massachusetts to live and work.

UMass generates about $28 million by licensing technology it develops, and reinvests the money in further research. All told, UMass spends nearly $400 million a year on research and development. In recent years, the university has landed three national research centers; an atmospheric sensing center in Amherst and nanotechnology centers in Amherst and Lowell.

(By Robert Gavin, Globe staff)

Posted by globebusiness at 1:52 PM | Comments (0)

Boston-Cayman Island flights resume

Cayman Airways is resuming weekly direct flights from Logan International Airport to Grand Cayman Nov. 17, according to the Massachusetts Port Authority, which runs Logan.

Round-trips will operate between Nov. 17 and Nov. 25, Dec. 15 and Jan. 6, and Feb. 16 through April 21, Logan spokesman Phil Orlandella said today, or a total of about 10 round-trips through the winter season.

Cayman's Web site showed fares of $650 round-trip for December trips. Flights leave Boston at 10 a.m. Saturday and arrive in Grand Cayman at 2 p.m., and leave Grand Cayman at 4:30 p.m. Friday, arriving at 8:30 p.m. Boston time. Cayman Airways uses 120-seat Boeing 737-300 jets.

Orlandella said Massport "welcomes the return of Cayman Airways, which offers daily service to a popular destination on a seasonal basis. It provides more choices for Logan customers.'' Cayman Airways has operated the service seasonally for the last two years and last year typically charged $825 round-trip.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 1:18 PM | Comments (0)

Microsoft acquires Portsmouth software firm

DesktopStandard Corp., a Portsmouth, N.H., software company said today that it was acquired by Microsoft Corp. A sale price wasn't disclosed.

DesktopStandard makes software that sets up security and access rules on company and other group computer systems. It becomes a Microsoft subsidiary and its co-founder, Eric Voskuil, will become a software architect at the Redmond, Wash., firm.
(By Keith Reed, Globe staff)

Posted by globebusiness at 12:39 PM | Comments (0)

Loss widens at Implant Sciences

Implant Sciences Corp., a Wakefield company that makes products for the homeland security, semiconductor and medical devices industries, today reported that its fiscal third quarter net loss widened while its annual net loss narrowed slightly compared with the results from a year ago.

The company has a net loss of $2.8 million in the quarter ended June 30, a 47 percent larger loss than it reported for the same quarter a year ago. The wider losses in the quarter came on revenue that increased 66 percent, to $7.6 million.

For its full fiscal 2006 year, Implant Sciences' net loss narrowed slightly, to $8.2 million for the year ended June 30, compared with an $8.6 million net loss in the prior fiscal year.
(By Keith Reed, Globe staff)

Posted by globebusiness at 12:24 PM | Comments (0)

Senior Housing buys 3 properties

Real estate investment trust Senior Housing Properties Trust said today that it bought three senior living properties for $31.2 million and simultaneously signed a long-term lease with Five Star Quality Care Inc., an operator of senior living communities, for the same properties.

Five Star has agreed to pay rent of $2.6 million a year, plus future rent increases based on revenue increases at the facilities.

The sites, which are located in Savannah, Ga., and Oxford and Southhaven, Miss., will be added to a combination lease for 109 communities from Senior Housing to Five Star with a term ending in 2020, plus tenant renewal options.

Senior Housing, which is based in Newton, said it funded the deal by drawing under its revolving bank credit facility and assuming a pre-existing mortgage on the Georgia property for about $12.8 million. (AP)

Posted by globebusiness at 10:57 AM | Comments (0)

Genzyme's Synvisc gets added European OK

Biotechnology company Genzyme Corp. said today that it received European approval to market its Synvisc osteoarthritis treatment for ankle and shoulder treatment.

The Synvisc injections are already marketed to relieve knee and hip pain in osteoarthritis patients. Genzyme is based in Cambridge. (AP)

Posted by globebusiness at 10:41 AM | Comments (0)

FDA OKs Boston Scientific Latitude system

Medical device maker Boston Scientific Corp. said today that the Food and Drug Administration has approved the use of Latitude, a wireless remote patient management system, in its implantable defibrillators and cardiac resynchronization therapy defibrillators.

The FDA approval makes home monitoring available to eligible patients with non-wireless heart devices made by Boston Scientific. It increases the number of patients eligible for home monitoring by more than 150,000 in the United States.

Boston Scientific said it expects the technology will be available starting in 2007. (AP)

Posted by globebusiness at 10:27 AM | Comments (0)

GTC Bio get $25M from French firm

Biotech company GTC Biotherapeutics Inc. said today that it will receive $25 million in financing from LFB SA, a French pharmaceutical company, as part of a collaboration to develop recombinant plasma proteins and monoclonal antibodies.

LFB will buy $25 million in GTC common and preferred stock and convertible debt in three installments, of which $19 million is subject to approval by GTC shareholders.

As part of the deal, GTC will have commercial rights to the products in North America, and LFB Biotechnologies, a unit of LFB, will hold the rights in Europe.

GTC produces proteins from genetically altered animals. The proteins are purified from the animals' milk and used to treat humans. (AP)

Posted by globebusiness at 10:17 AM | Comments (0)

Raytheon in $185 million FAA radar deal

Military contractor Raytheon Corp. said today that it received a contract worth up to $185 million from the Federal Aviation Administration to make transmitter systems used in long-range surveillance radars.

The initial contract is worth $32 million for four solid-state transmitters, but the FAA could order as many as 68, Raytheon said.

Raytheon had 2005 sales of $21.9 billion. (AP)

Posted by globebusiness at 8:58 AM | Comments (0)

Blinkx will search boston.com

Boston.com, the online arm of the Boston Globe, said it signed a deal with online video search engine blinkx that will allow video from the Web site to be searchable and possibly easier for web users to find.

blinkx archives links to and information about video posted to Web sites, similar to how Google and other search engines operate for content and photos. In the case of Boston.com, blinkx will deliver video search results for news, sports and other video from The Boston Globe, New England Cable News and the New England Sports Network, each of which use the Boston.com for its online presence.
(By Keith Reed, Globe staff)

Posted by globebusiness at 8:51 AM | Comments (0)