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December 31, 2007

Mass. minimum wage rising to $8 an hour

Some Massachusetts workers are getting a raise on New Year’s Day.

The state’s minimum wage will increase to $8 an hour, from $7.50.

Lawmakers passed the increase in July 2006.

The federal minimum wage rose 70 cents to $5.85 an hour in July — the first increase in a decade. It will increase by 70 cents each summer until 2009, when all minimum-wage jobs will pay no less than $7.25 an hour.
(AP)

Posted by globebusiness at 2:40 PM | Comments (0)

N.H. civil unions could be boon

If the rainbow-painted deck chairs, fluttering rainbow flag and purple shutters don't make it clear, the Highlands Inn's toll-free number, 877-LES-B-INN, leaves no doubt as to whom this White Mountains resort in Bethlehem, N.H. caters to.

Innkeeper Grace Newman began hosting commitment ceremonies at this self-proclaimed "lesbian paradise" -- in the 1980s. Newman says she has lost track of the number of commitment ceremonies that have happened there; she estimates about 300 couples have honeymooned at the inn after getting civil unions in Vermont or marriages in Quebec, Canada, both short drives away.

In 2008, the inn's 25th anniversary coincides with another milestone: legal recognition of civil unions by New Hampshire beginning Jan. 1. Newman, veteran host and overseer of many a union, isn't wasting any time. Two New Hampshire couples have agreed to get civil unions during the inn's annual New Year's Eve dance after the clock strikes 12.

From the North Country to the Statehouse steps, other gay couples are making similar plans.

"It would be pretty easy to take a little break from the party and celebrate some civil unions," said Newman, who plans to get her own civil union with longtime partner Maria Doyle in September at the inn.

The new law plants another rainbow-colored flag in New England, which has grown increasingly gay-friendly since neighboring Vermont became the first state to legalize civil unions in 2000. It has been a quick reversal for New Hampshire, where as recently as 2004 lawmakers reacted to Massachusetts' gay marriage law by passing a ban on recognizing those unions here.

The new law will make civil unions the equivalent of marriage in all respects but name.

Beginning in 2008, five of six New England states will provide some form of legal recognition to same-sex couples: marriage in Massachusetts; civil unions in Vermont, New Hampshire and Connecticut; domestic partnerships in Maine. Rhode Island does not allow same-sex marriages, but is among the few states that recognize ones performed in Massachusetts.

As ceremonies for gay couples go mainstream in New Hampshire, some innkeepers, hotel managers and tourism marketers are working to get some of the expected upswing in business.

"I think it can turn into another niche market for lodging properties and all of our wedding folks who provide services: photographers, florists, bakers, sleigh rides, the whole gamut," said Janice Crawford, executive director of the chamber of commerce in the Mount Washington Valley -- a tourism-rich swath of ski resorts, retail outlets and small amusement parks in northern New Hampshire.

Crawford said she started thinking about civil unions packages when the law passed this spring. The chamber already markets a gay-friendly businesses Web site and will feature civil union packages as they come available, she said. Speaking recently in her office, Crawford tossed out her pitch: "Plan your civil union ceremony around your vacation," she said.

In Bradford, innkeeper Lesley Marquis said she has heard from couples who have seen her advertisement on the state tourism Web site for a $350 civil unions package at her Rosewood Country Inn. "Weddings are big for us. Whether it's regular couples or gay couples," she said. "Starting January, I think there are going to be a lot of people trying to do it, so I think that having it on the state site will benefit us," she said.

Marquis' first civil-union booking is from Sian Strobridge and Katie Bosse of Manchester, who are planning their ceremony to coincide with their third anniversary on Feb. 2. Strobridge and Bosse have their details set: A weekend at the Rosewood Country Inn with family and close friends; a beaded ivory gown for Sian and a tuxedo for Katie; a gourmet dinner by caterers at Canterbury Shaker Village; calla lilies for the bridal bouquet; hair and makeup appointments for Sian.

"In one aspect I see myself as a typical bride," said Strobridge, 34, an assistant manager at a Manchester boutique.

So far the couple have committed $5,000 for the event and weekend; they plan to follow up in June with a weekend party for 200 at an apple orchard, Strobridge said. "That one we haven't even come up with budget yet. That's going to be quite expensive," she said.

State recordkeepers recently distributed thousands of civil unions documents to city and town clerks, who began offering the licenses for a $45 fee on Dec. 10. William Bolton, director of the state Vital Records Administration, said officials took the number of civil unions performed in Vermont in 2000 -- 1,704 -- and roughly doubled that for their estimate that 3,500 to 4,000 couples will get civil unions in New Hampshire in 2008. About 10,000 couples in New Hampshire marry every year, Bolton said.

While the civil unions estimate could be high -- ceremonies in Vermont spiked early on before dropping significantly as other states legalized them -- some estimate that civil unions could add millions to New Hampshire's economy.

A 2005 study predicted that legalizing same-sex marriage in New Hampshire would bring in an additional $630,000 a year in rooms and meals taxes in the first three years. The study, by The Williams Project on Sexual Orientation and Public Policy at the UCLA School of Law, was funded by two national gay rights groups. It estimated that half the 2,703 same-sex couples counted in the 2000 census in New Hampshire would choose to marry within three years if marriage was offered to them. A subsequent study in 2006 calculated that 1,352 gay couples, each spending about $7,600 -- or one-quarter of the $30,510 straight couples spend on weddings in New Hampshire -- would spend more than $10.3 million on weddings if they were allowed to marry.

Given a new census estimate for 2005 of 5,500 same-sex couples in the state -- more than twice the 2000 total -- the spending could be even higher, said University of Massachusetts economist Lee Badgett, author of both studies.

Cindy Sproul is co-owner of Rainbow Wedding Network, an online wedding registry for gay brides and grooms. She says her Web site has recorded a noticeable increase in New Hampshire users since the company hosted a gay wedding expo in Portsmouth in October.

"The amount of registries that come through is about 25 to 40 a week, and I can tell you that more is coming from New Hampshire right now than any other area," said Sproul, who is based in North Carolina.

Back at the Highlands Inn, Newman expects business to be brisk.

"I think what we'll find is that there are an awful lot of gay and lesbian couples in New Hampshire, so there will be lots, I'm sure, of civil unions in the first year or so," she said. "I've already talked to people about 2009, so I think that there will be many." (AP)

------

If You Go...

HIGHLANDS INN: Bethlehem, N.H.; http://www.highlandsinn-nh.com/ or 603-869-3978 or 877-LES-B-INN. "Civil Union" three-night package starts at $680.

ROSEWOOD COUNTRY INN: Bradford, N.H.; http://www.rosewoodcountryinn.com/ or 603-938-5253 or 800-938-5273. "Civil Union For Two" package, $350.

RAINBOW WEDDING NETWORK: http://www.rainbowweddingnetwork.com/

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

Maine set to implement new cell phone law

Mainers who've been tossing their old cell phones in the trash or slipping them into desk drawers to be forgotten will have a new alternative as of the new year: A state law will require retailers to collect used cellular telephones at no charge for recycling.

The same law also forbids owners from disposing of old phones in the trash.

The law is aimed at protecting the environment and public health. Cell phones contain toxic chemicals such as arsenic, lead, zinc and other substances that pose health risks if not properly disposed of or recycled.

Maine becomes the third state after California and New York to enact a law like this, its sponsor, Rep. Christopher Babbidge, said Thursday. In Maine, retailers must accept used phones that had been sold by other companies, the Kennebunk Democrat said.

"I'm very optimistic about it," said Babbidge. "We wanted to make sure that anybody who makes a profit from distributing (cell phones) would also be responsible for taking them back."

Maine's law was enacted earlier this year after the idea was shelved during the previous legislative session so it could be studied in more depth. Some companies that market mobile phones had already moved ahead on their own with recycling programs in Maine and elsewhere.

Since 2001, Verizon's had a recycling program in place in Maine and other states, said Mike Murphy, spokesman for Verizon Wireless-New England. Murphy said the program has kept an estimated 200 tons of electronic waste and batteries out of landfills and into recycling programs since then.

In Maine, 10 Verizon stores have recycling bins where consumers can drop off their own phones.

Verizon, a joint venture between Verizon Communications and Vodafone Plc., and several other companies have contracted with the Michigan-based ReCellular, which collects and processes about 400,000 phones per month in Maine and elsewhere, said company Vice President Mike Newman.

As of June 2006, Maine had about 870,000 wireless phone subscribers, according to Public Utilities Commission figures. ReCellular estimates that two-thirds of wireless users upgrade every year nationally. In Maine, that would be about 582,900 upgrades.

But ReCellular also estimates that no more than 10 percent of those cell-phone users recycle their old sets. In Maine, that would mean that 524,610 cell phones are not being turned in for recycling and winding up in the trash or somewhere else.

"Prior to coming to Verizon, I had two in my desk drawer and one in my junk drawer," said Murphy.

While the recycling law will not introduce a new concept in Maine as of Tuesday, it will serve a couple of purposes, said Newman. It will educate consumers about cell-phone recycling while reminding store employees to encourage their customers to recycle.

The new law may also highlight a charitable aspect of the new law, Murphy said. Through its recycling effort, Verizon makes wireless phones with preapproved minutes available to organizations that help domestic violence victims, said Murphy. ReCellular's Newman also noted that many of the recycled phones are going to users in undeveloped countries.

"There are hundreds of millions of dollars in charitable donations sitting in Americans' drawers collecting dust," Newman said.

In addition to requiring cell-phone collections, the new law requires cellular companies to report to the state Department of Environmental Protection the number of phones collected for five years and what is done with them.

Maine has been a national leader in passing laws to recycle other electronic waste. In 2004, it became the first state to hold manufacturers responsible for collecting and recycling obsolete computer monitors and televisions.

Lawmakers have taken steps to phase out "deca" forms of flame retardants in furniture and plastic-covered consumer products. As of New Year's Day, the law will ban polybrominated diphenyl ethers in mattresses and upholstered furniture. By 2010, they'll be banned in TVs, computers and other plastic-cased home electronics.

Those and other laws are among those taking effect New Year's Day in Maine and 30 other states, according to the National Conference of State Legislatures. New Hampshire has a civil unions law for same sex couples. Illinois will bar smoking in public places, and California will outlaw smoking in a car when a minor is present, the NCSL said. (AP)

Posted by globebusiness at 11:43 AM | Comments (0)

Mass. gas up 3 cents

Gasoline prices are up three cents a gallon in Massachusetts, a penny below the highest price of this year.

The final statewide survey of 2007 by AAA of Southern New England found an average price of $3.03 for a gallon of regular, self-serve gasoline, compared with $3.00 a week ago.

The highest average price this year was $3.04 on Memorial Day.

The current average in Massachusetts is a penny below the national figure of $3.04 per gallon.

A year ago, at the end of 2006, motorists in the Bay State were paying an average of $2.34 per gallon. (AP)

Posted by globebusiness at 11:36 AM | Comments (0)

Sepracor chairman to retire

Sepracor Inc, maker of the insomnia drug Lunesta, said today that Timothy Barberich, its executive chairman and former chief executive, will retire by May 13, 2008.

Barberich will become an adviser to the company and will continue in that capacity until Dec. 31, 2009, according to a regulatory filing with the Securities and Exchange Commission.

Under the agreement, effective Dec. 27, Barberich will receive $1.65 million a year until the agreement expires or is terminated. In addition, Barberich will continue to receive a salary and be eligible for a bonus and equity compensation until the date he ceases to be a company executive.

He will be eligible to receive benefits until the end of 2009. Barberich has also been granted 47,000 restricted shares which will vest in two equal annual installments, Sepracor said. (Reuters)

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

Oxigene cancer drug moves to new stage

Biotechnology company Oxigene Inc. said today that it will advance to the second part of a midstage study after its cancer drug candidate Zybrestat prompted a response in ovarian cancer patients.

During the first stage of the Phase II clinical trial, the drug candidate met its goal of invoking at least a partial response in three of 18 patients. The patients, which have an advanced form of ovarian cancer, received Zybrestat in combination with the chemotherapy treatments carboplatin and paclitaxel.

The study will now move to a second stage, where an additional 25 patients will be enrolled.

Shares of Oxigene, which is based in Waltham, jumped 62 cents, or 28 percent, to $2.80 in premarket trading. (AP)

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

December 28, 2007

CVS to close Phoenix mail-order center

Pharmacy operator CVS Caremark Corp. will eliminate more than 400 jobs when it shutters a Phoenix mail-order prescription center early next week.

The Woonsocket, R.I.-based retail and pharmacy-benefits company cited changing business demands and the $27 billion merger of CVS and Caremark earlier this year.

The center employs 423 employees, but about 100 of those workers will be reassigned to other positions within the company, spokesman Michael J. DeAngelis said. CVS said it will try to find jobs within the company for the remaining workers.

Laid-off workers will receive a severance and health-benefits package plus outplacement support and counseling. The layoffs are expected to occur from next Monday through March 31, according to a notice with the Arizona Department of Economic Security.

A similar-sized center in Fort Worth, Texas, is also set to close.

The company will still have about 5,400 employees in Arizona. A year ago, the company had 119 retail stores in the state.

Caremark opened the mail-order center in 2002 in an 80,000-square-foot southeast Phoenix building.

Retail pharmacy giant CVS bought Caremark in March, combining the nation's largest retail pharmacy chain with the second-largest pharmacy benefits firm. (AP)

Posted by globebusiness at 10:32 AM | Comments (0)

Gulf Oil rebrands Mass. Pike gas stations

During the holiday travel season, drivers will notice a new face at rest areas along the Massachusetts Turnpike. On Thursday, Gulf Oil LP completed a major rebranding and service station project along the Turnpike. The Mass Turnpike locations also serve as the company's launching platform for its Gulf "Sunrise" Gasoline and Retail Centers featuring the Gulf Express convenience store.

Now an updated and refreshed Gulf logo graces 11 highway locations. The old orange and blue brand has been "modernized" by adding a bed of clouds around it, evoking a lofty Sunrise theme, according to Gulf. The company also claims that the gas dispensers and credit card processors at the refurbished stations are now faster.

"We are not just a gas supplier anymore," Joseph Petrowski, President and CEO for Gulf Oil, said in a release. "We are creating gasoline retail centers that help to enhance the customer experience, and Gulf Express is the cornerstone of that endeavor."

Gulf is rolling out this classic image across the Northeast. With ownership of more than 2,400 stations, drivers should plan to see more station makeovers in the months to come.

The 11 rebranded Mass Pike plazas are:

• Lee Plaza (Eastbound and Westbound) between exits 1 and 2.
• Blandford Plaza (Eastbound and Westbound) between exits 2 and 3.
• Ludlow Plaza (Eastbound and Westbound) between exits 7 and 8.
• Charlton Plaza (Eastbound and Westbound) between exits 9 and 10.
• Westborough Plaza (Westbound) between exits 11A and 11.
• Framingham Plaza (Westbound) between exits 13 and 12.
• Natick Plaza (Eastbound) between exits 13 and 14.

Posted by globebusiness at 10:17 AM | Comments (0)

Boston Scientific device gets European nod

Medical device maker Boston Scientific Corp. said today that it received European regulatory approval for its new implantable defibrillator to treat heart failure.

The Livian device monitors heartbeat and delivers small electrical pulses to improve the heart's pumping ability. Livian is under review by the Food and Drug Administration.

Heart failure occurs when the heart weakens and loses its ability to pump blood. The condition affects about 22 million people worldwide, with about 6.5 million of those in Europe.

Shares of Boston Scientific, which is based in Natick, Mass., rose 16 cents to $11.87 in premarket trading after closing at $11.71 on Thursday. (AP)

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

Hardware store owner finds furs in hidden vault

Sam Haskins didn't ask for a fur coat for Christmas. But he got six of them.

Haskins, the new owner of a hardware store in Bellows Falls, Vermont, made an unexpected discovery early this month when he started poking around the basement: a climate-controlled vault containing six fur coats, about a dozen suits and some dresses and hats, apparently untouched since the late 1970s.

"The fans were spinning and the furs were spotless," said Haskins. "Everything inside was very nice and clean. The fan was set on 65 degrees and that is exactly what the thermometer read. Everyone wants to know who has been paying the electricity bill."

Haskins, 56, bought J&H Hardware in May and the building -- a three-story structure on the village square -- in September. In surveying the basement, he figured there might be usable space hidden behind a wall that had hinges on it.

With son Jeremy Haskins, 27, he rented an electric hammer and then a jackhammer and eventually bored through 18 inches of brick and mortar, four inches of wallboard and then a cement wall to find the room once used by Royal Furriers, a business that closed in the late 1970s.

Haskins said he had no idea what the coats are worth, but planned to have them appraised.

It was unclear whether anyone could step forward to claim a long-lost coat -- or whether anyone who did would be on the hook for 30 years of storage fees. (AP)

Posted by globebusiness at 9:13 AM | Comments (0)

Atlantic Tele-Network declares quarterly dividend

Atlantic Tele-Network Inc. said it will pay a regular quarterly dividend of 16 cents per share.

The telecommunications company, which is based in Salem, Mass., said the dividend is payable Jan. 17 to shareholders of record Jan. 7. (AP)

Posted by globebusiness at 9:11 AM | Comments (0)

Millennium reaps $40m milestone payment

Millennium Pharmaceuticals Inc. said today that it will receive a $40 million milestone payment from Ortho Biotech Products LP for reaching a designated sales goal for its multiple myeloma treatment.

The biotechnology company said its Velcade injection hit an unspecified "material sales milestone" outside the United States. The drug is a treatment for cancer affecting white blood cells and bone marrow.

Millennium signed a deal with Ortho Biotech in June 2003 to team on Velcade's market placement and clinical development. Ortho Biotech and affiliate Janssen-Cilag handle Velcade's sales abroad, while Millennium receives royalties. The agreement also gives Millennium the chance to receive payments for getting the necessary international approvals as well as reaching sales milestones. (AP)

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

Salary.com buys Schoonover Associates

Salary.com, which makes software that analyzes a company's compensation structure, said Thursday it acquired Schoonover Associates Inc., a job-competency and human resources consultancy, for $3.5 million in cash.

Schoonover will also be eligible up to $500,000 in cash and $1.5 million in stock consideration if it meets performance targets.

Salary.com, which went public in February, said the acquisition expands its job-competency development systems. (AP)

Posted by globebusiness at 8:08 AM | Comments (0)

December 27, 2007

Lowell company to build border facility

A Lowell construction company has won a $48.3 million contract for a new border crossing in Calais, Maine.

The General Services Administration said today that J.J. Contractors Inc. will build the Land Port of Entry for the Department of Homeland Security and Customs and Border Protection.

Work is due to begin in February on the project, which will help reduce the strain on two other border crossings between Calais and St. Stephen, New Brunswick.

The goal is to divert commercial traffic to the new crossing, which will be better equipped for screening and inspecting trucks.
(AP)

Posted by globebusiness at 2:36 PM | Comments (0)

November home sales slide to 13-year low

Massachusetts single-family home sales in November slipped to the lowest level for the month since November 1994, according to the Massachusetts Association of Realtors.

A broader sales count already released by the Warren Group, including sales without the help of a real estate agent, showed volume fell to the lowest level for November since 1991.

The 2,986 sales reported by MAR were down 12.6 percent from last November, the third straight month-over-month decline. Part of the reason may be the relative stability of prices, which declined by only 2.9 percent compared to last November, suggesting people are choosing to keep their homes rather than seeking buyers at lower prices.

Such a dynamic often indicates that significant price drops are on the horizon, as owners who want to sell accept the need to reduce prices.

Condominium sales also fell sharply, by 14 percent over last November, but remained relatively strong by historical standards. Median condo prices actually nudged upward by 1.9 percent.

Combined total sales of 4,231 housing units was the lowest for the month since November 1996.

MAR, which represents the state's real estate agents, presented the data with its trademark optimism, encouraging renters -- who do not need overcome the difficulty of selling an existing home before buying a new one -- to take advantage of what it called a "buyer's market."
(By Binyamin Appelbaum, Globe staff)

Posted by globebusiness at 11:53 AM | Comments (0)

American Dental settles with PDG dental group

American Dental Partners Inc., which provides business services to dental practices, said today that it settled a breach of contract lawsuit with PDG PA.

The PDG dental group operates the Park Dental and Dental Specialist clinics in St. Paul and Minneapolis. The dentists claimed American Dental Subsidiary PDHC Ltd. refused to give dentists access to their own funds, interfered with scheduling and insisted on handling all patient complaints. The lawsuit also alleged PDHC granted itself unreasonable service fees and withheld money for new equipment.

Earlier in December, a jury awarded PDG $130.6 million in damages in the case. American Dental did not say whether the settlement affects the jury award. Chief Executive Gregory A. Serrao could not immediately be reached for comment this morning.

The settlement agreement states that American Dental will transfer leases and associated assets for 25 of 31 Park Dental facilities to PDG. It will provide interim management services to PDG for up to nine months. American Dental will also forgive about $3 million accounts due from PDG.

Meanwhile, PDG will pay PDHC a management fee of $19 million, regardless of whether it uses the services. Transfer of the facilities and assets is expected to occur by Feb. 29.

Park Dental is expected to generate approximately $88 million in patient revenue, American Dental said.

Shares of American Dental Partners, which is based in Wakefield, Massachusetts, surged $3.83, or 72 percent, to $9.48 in morning trading as volume jumped. The stock has traded between $4.22 and $29.50 over the last 52 weeks. (AP)

Posted by globebusiness at 11:35 AM | Comments (0)

Brooks financial chief resigns

Brooks Automation Inc., a chip manufacturing equipment and software maker, today said its chief financial officer resigned effective at the end of the year.

Robert Woodbury's departure comes amid a restructuring of the company's executive structure. Corporate Controller Richard Small will assume his duties on an interim basis, Brooks said. Woodbury also served as executive vice president.

Brooks also named Michael Pippins as group president of its new Automation Systems Group, which will combine its current Tool Automation and Synetics Systems divisions.

Pippins joined the company 15 years ago and most recently served as general manager of the Tool Automation Division.

Greg Marvell, currently general manager for the company's Synetics Systems division, will become chief operating officer for Automation Systems, Brooks said.

Additionally, Ralf Wuellner was named group president of the company's new Global Customer Operations Group. The group combines all of Brooks' sales, regional engineering, customer support and service activities.

Wuellner joined Brooks earlier this year from Lam Research Corp. and has served as president of Brooks' European operations.

Brooks shares rose 2 cents to $13.52 in morning trading. (AP)

Posted by globebusiness at 10:56 AM | Comments (0)

Bentley Pharmaceuticals plans spinoff

Bentley Pharmaceuticals Inc. said today that it plans to split its drug delivery division into a separate company so it can focus on developing generic drugs.

Bentley, which is based in Exeter, New Hampshire, plans to spinoff its delivery business into a company called CPEX Pharmaceuticals Inc., which like Bentley will be based in Exeter. Bentley will issue a dividend consisting of CPEX stock to Bentley shareholders, making them the owners of the new company.

Bentley's drug delivery business seeks ways to make it safer and easier to administer drugs. A drug taken orally can degrade before reaching the bloodstream, and some patients object to injections. The business has developed both a gel and inhalable spray, and then gets a licensing fee for those methods.

Bentley reported $109 million in revenue in 2006, of which $8.4 million came from CPEX. If CPEX were an independent company last year, it would have lost $4.2 million.

After spinning off CPEX, Bentley will focus on making generic drugs in Europe. The company makes generic versions of drugs like Merck's Zocor and GlaxoSmithKline's Paxil.

Bentley's board still needs to approve this deal, as do U.S. regulators. If approved, the new company's stock will trade on the Nasdaq under the ticker "CPEX." (AP)

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

EMC purchases Document Sciences

Data storage provider EMC Corp. said today that it will buy Document Sciences Corp. for about $85 million in order to broaden its offerings.

Under terms of the agreement, Document Sciences shareholders will receive $14.75 per share in cash for each share of common stock they own, which is a 79 percent premium to the stock's closing price of $8.23 on Wednesday.

Document Sciences, which provides document output management software, said its board of directors approved the transaction partly on the recommendation of a special committee set up to explore its strategic options.

Document Sciences will become a division of EMC's content management and archiving unit when the deal closes, according to EMC. The company added that the transaction should not materially affect its 2008 financials.

The acquisition is expected to close in the first quarter. (AP)

Posted by globebusiness at 8:10 AM | Comments (0)

December 26, 2007

Double-Take buys Montreal software maker

The data replication and storage software provider Double-Take Software Inc., of Southborough, today said it has bought TimeSpring Software Corp. for $8.3 million in cash.

The Montreal company provides data protection software.

The acquisition will expand Double-Take’s protection and back-up capabilities beyond disaster recovery from catastrophic failures to operational recovery from human errors, the company said.
(AP)

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

Cubist buys a Seattle company

Cubist Pharmaceuticals Inc. has bought privately held Illumigen Biosciences Inc., of Seattle, for $9 million in cash and planned milestone payments.

Cubist, of Lexington, will make up to $75.5 million in development payments for Illumigen’s lead product, IB657, now aimed at treating hepatitis C. Development of the compound for other uses could trigger payments of up to $117 million.

If product candidates based on the compound reach the market, additional payments of up to $140 million and other royalties could apply, Cubist said today.

The compound is now in preclinical development, and Cubist said it expects to ask the Food and Drug Administration to approve clinical trials in 2008.

Cubist said no financing is necessary to complete the buyout or to fund development of IB657. Any impact from the buyout will be included in the company’s 2007 financial results.
(AP)

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

Idera's president to resign

Idera Pharmaceuticals Inc. today said its president, Dr. Robert W. Karr, will resign Monday.

Karr will remain a member of the board of directors and signed a consulting agreement with the Cambridge company.

The announcement comes a week after Idera signed a deal with Germany’s Merck KGaA to develop cancer treatments. Idera’s technology targets sensors in immune cells. Its drug candidate IMO-2055 is in early and midstage studies for various types of cancer.
(AP)

Posted by globebusiness at 1:50 PM | Comments (0)

Raytheon ranks at top of Forbes list

Forbes has named Raytheon Co. as the best-managed company in the aerospace and defense industry in its 10th annual survey of the 400 Best Big Companies, according to PRNewswire.

Forbes highlighted the Waltham company’s improved financial performance, including a significant decline in debt. The publication’s rankings and editorial coverage of Raytheon appear on Forbes.com.

Raytheon had 2006 sales of $20.3 billion and employs about 73,000 people.
(Globe staff)

Posted by globebusiness at 1:41 PM | Comments (0)

December 21, 2007

Boston Stock Exchange will sell options stake

The Boston Stock Exchange said today that it has reached an agreement to sell its ownership position in the Boston Options Exchange to the Montreal Exchange, subject to regulatory approval and other customary closing conditions.

The Boston Stock Exchange said it will receive about $52.5 million in cash for its entire ownership stake in the Boston Options Exchange.

In October, the Boston Stock Exchange agreed to be acquired by Nasdaq Stock Market Inc. in a transaction that excluded the Boston Stock Exchange's ownership interest in the Boston Options Exchange.

A Globe story on that transaction reported that the Boston Stock Exchange had struggled in recent years to find a place in a globalized financial system increasingly dominated by big players.

The Globe story noted at the time that the Boston Stock Exchange was in talks to sell its 21 percent stake in the Boston Options Exchange to the Montreal Exchange, which would boost the Montreal Exchange's holdings in the option exchange to 53 percent.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:45 PM | Comments (0)

Winthrop Realty declares dividend

Winthrop Realty Trust announced a regular quarterly dividend of 6.5 cents per share, as well as a special dividend of 12 cents per share.

The real estate investment trust said it will pay the dividends Jan. 15 to shareholders of record Dec. 31. (AP)

Posted by globebusiness at 12:58 PM | Comments (0)

Inverness Medical completes acquisition

Inverness Medical Innovations Inc., a Waltham medical diagnostics company, said today it has completed its previously announced $230 million acquisition of ParadigmHealth Inc.

New Jersey-based ParadigmHealth is a provider and integrator of care and disease-management services for acutely ill and clinically complex patients.

When the deal was announced last month, Inverness chief executive Ron Zwanziger said in a statement, "The acquisition is a significant step in our strategy to become a leader in disease and health management services."

Inverness has made a series of acquisitions this year as it pursues a goal of assembling a portfolio of diagnostic products and services that enable individual consumers to manage their health.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:17 PM | Comments (0)

Firm offers holiday option for fans of "The Office"

With "The Office" on hiatus because of the writers strike, fans of the NBC sitcom might want to check out an alternative.

After 360 Public Relations LLC decided that holiday cards weren't enough anymore, the Boston firm decided to produce a two-minute holiday video that spoofs the popular television show.

For every viewing of the video at its website, 360 promises to make a donation to the Home for Little Wanderers and the Women's Lunch Place.

Are Steve Carell and the rest of the regular cast of "The Office" in danger of losing their day jobs to the scene-stealers from 360? You be the judge.

Check out “The Office – 360PR Style”at www.360publicrelations.com/holiday.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:41 AM | Comments (0)

Bain invests in Quintiles Transnational

Boston investment firm Bain Capital Partners LLC is part of a new ownership group of Quintiles Transnational Corp., Quintiles said today.

With about 20,000 employees and offices in more than 50 countries, North Carolina-based Quintiles provides a broad range of services in drug development, financial partnering, and commercialization for the pharmaceutical, biotechnology, and healthcare industries.

One Equity Partners, the private equity arm of JPMorgan Chase and Co., will sell its stake in Quintiles to a new investor partnership that includes Bain and investment firm TPG Capital, Quintiles said.

Terms of the transaction, which is expected to close in January, were not disclosed.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:32 AM | Comments (0)

Analyst: Icahn might still be eyeing Biogen Idec

Billionaire investor Carl Icahn may not be finished with Biogen Idec Inc. In a note to investors Thursday, Bear Stearns analyst Mark Schoenebaum said it's "possible" Icahn might try to seek representation on Biogen Idec's board at the company's shareholder meeting next year.

Icahn, who reported owning about 3 percent of Biogen shares at the end of September, recently helped spur the Cambridge biotechnology company to seek a buyer, but Biogen Idec said it didn't receive any serious bids.
(By Todd Wallack, Globe staff)

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

British Airways business fare sale

From the Globe-trotting blog:

Like the Suits need more breaks. British Airways has just announced a sale that ends Jan. 3 on business class flights to Europe.

As always there's a ton of fine print to sift (but that's why those guys have assistants, right?): This doesn't apply to all flights; it requires a 21-day advance purchase and a Saturday night stay (which doesn't matter cause these guys have no lives anyway), and all the travel has to be done by March 23. For all the details, go to the source.

Now for the sexy stuff: the savings. BA is quoting a sample round-trip rate from Beantown to London of $2,194; the regular price would be about $2,620. Not huge money, but enough for a few pints and a bit 'o bangers and mash -- even with the dollar's current down-for-the-count posture.

Still not good enough? Business travel guru Matt Bennett has gazed into his crystal ball and has gone on the record predicting that this deal will kick off a fare war as early as Monday. Great.

No really. I think we need to do more for The Man in the Gray Flannel Suit. I suggest a bake sale to help these guys out. Can I put you down for a dozen brownies?
(By Paul Makishima, Globe staff)

Posted by globebusiness at 10:27 AM | Comments (0)

McNulty joins Unica Corp.

Unica Corp. today announced the appointment of Paul McNulty as senior vice president and chief marketing officer.

The Waltham company provides enterprise marketing management solutions

McNulty most recently served as vice president of worldwide marketing at Progress Software Corp., a Bedford-based supplier of application infrastructure software, and as vice president at Pegasystems Inc., a Cambridge-based software provider in business process management, Unica said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:23 AM | Comments (0)

First Marblehead suspends quarterly cash dividend

Student loan services provider First Marblehead Corp. said today that it suspended its quarterly cash dividend.

It will pay out a previously declared dividend Friday.

First Marblehead also said it agreed to a sell a stake in itself to GS Capital Partners, a unit of Goldman Sachs Group Inc. for $260.5 million as it looks for ways to improve its liquidity.

Shares of First Marblehead rose $5.80, or 51.6 percent to $17.04 in premarket trading. Shares have traded between $11.01 and $57.56 during the past year.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:12 AM | Comments (0)

Cambridge Heart names Haghighi-Mood chief executive

Cambridge Heart Inc. announced that its board of directors has promoted Ali Haghighi-Mood to president and chief executive.

Bedford-based Cambridge Heart is engaged in the development and commercialization of products for the non-invasive diagnosis of cardiac disease, particularly the identification of those at risk of sudden cardiac arrest.

Haghighi-Mood, whose previous titles at the company included executive vice president, replaces chairman Robert P. Khederian, who has served as interim president and chief executive since November 2006, the company said.

In addition, Haghighi-Mood has also been elected to serve as a member of the board of directors, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:23 AM | Comments (0)

Oreo pizza among "memorable" new products

What do Apple Inc.'s iPhone and the Oreo Dessert Pizza from Dominos Pizza Inc. have in common?

Both were rated among the most memorable product launches of 2007, according to a consumer survey whose sponsors included Boston public-relations firm Schneider Associates.

The nationwide survey was based on feedback from 1,024 consumers, and 37 percent of respondents rated the iPhone as the most memorable product launch of the year, the highest rating for any product, survey sponsors said.

But all was not rosy for Apple.

"While the iPhone dominated memorability, just one percent of Americans surveyed said it was a 'must-have' item for this holiday season," said a press release that accompanied the survey.

And even for much-hyped products, recall and "memorability" can remain low, Schneider Associates president Joan Schneider noted in a statement.

"It has become increasingly difficult to launch new products and services that really capture consumers' attention," she said. "Even with the stunning success of iPhone, recall is still remarkably low."

Other sponsors of the survey included BNP Media's New Products Magazine and IRI; the survey was conducted comScore Inc., a Virginia firm that seeks to track and measure the digital world.
(By Chris Reidy, Globe staff)

Click "Full entry" to see entire list.

Click here for the survey's top 10 list of new products.

1. Apple iPhone
2. The Vista operating system from Microsoft Corp.
3. Febreze Candles
4. Domino's Oreo Dessert Pizza
5. alli Weight Loss capsules
6. Oreo Cakesters
7. Diet Coke Plus
8. Subway Fresh Fit Meals
9. Motorola Razr2
10. Listerine Whitening Quick Dissolving Strips

Posted by globebusiness at 8:44 AM | Comments (0)

BioSphere partners with Dupont unit

Medical device company BioSphere Medical Inc. said Thursday it signed an agreement with Dupont & Co. unit DuPont Applied BioSciences to evaluate potential research, development and manufacturing projects.

BioSphere, which is based in Rockland, Mass., said the companies will evaluate potential projects related to peripheral vascular and embolotherapy, a minimally invasive treatment of tumors and abnormal clusters of blood vessels that end up inhibiting blood flow.

BioSphere has agreed to make payments of up to $500,000 to Dupont based on the achievement of certain milestones. All improvements made under the manufacturing agreement will be owned by BioSphere.

Shares of BioSphere added 55 cents, or 11 percent, to $5.65 in extended trading, after shares fell 6 cents to close at $5.10. (AP)

Posted by globebusiness at 8:28 AM | Comments (0)

Millennium seeks expanded use for Velcade

Millennium Pharmaceuticals Inc. of Cambridge said today that it is seeking US regulatory approval for another expanded use of the Velcade blood cancer drug that it is codeveloping with New Jersey drug maker Johnson & Johnson.

Millennium said it had submitted a supplemental new drug application with the US Food and Drug Administration that would permit Velcade to be used as a treatment of front-line multiple myeloma.

In the United States, Velcade is currently indicated for the treatment of patients with multiple myeloma who have received at least one prior therapy; if the supplemental drug application is approved, Velcade could also be used in patients with previously untreated multiple myeloma, the company said.

"This submission is an important step in expanding the benefits of VELCADE therapy from patients with relapsed disease to those with previously untreated multiple myeloma," Deborah Dunsire, Millennium's president and chief executive, said in a statement. "We will request a priority review and, if granted, we could expect approval by mid-2008."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:24 AM | Comments (0)

Online holiday spending up 19%

Online shoppers spent nearly $25 billion between Nov. 1 and Dec. 18, a 19-percent gain over the same period during last year's holiday season, according to comScore Inc., a Virginia firm that tracks online spending.

Online shoppers spent $700 million Monday and $670 million Tuesday, comScore said.

Some economists predict that consumers may cut back this holiday season in the face of a credit crunch and higher gas prices, and things may be less rosy in the brick-and-mortar world of retail.

Thomson Financial said its index for stores open at least year - the Thomson Financial Same Store Sales Index - registered an estimated increase of 1.5 percent for the second week of December, compared with last year's result of 3.3 percent.
(By Chris Reidy, Globe staff)

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

Fixed rate mortgages on the rise

As Wall Street frets about the fall-out of sub-prime mortgages, the Mortgage Bankers Association noted, in a regularly issued report, that fixed-rate mortgages "dominated mortgage originations in the first half of 2007."

The fixed-rate share showed a big jump from the second half of 2006, said the association, a trade group that represents the real estate finance industry.

For first mortgages, fixed-rate loans, including interest-only loans, accounted for 53.4 percent of loans in the first half of 2007, versus 46.2 percent in the second half of 2006, the association said.

The survey also noted that first-time home buyer purchases represented 26.9 percent of home purchases in the first half of 2007, unchanged from the second half of 2006.

The average loan amount for a first-time buyer was $202,265, compared with $233,433 for non first-time buyers, the association said.
(By Chris Reidy, Globe staff)

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

December 20, 2007

Alpha Omega closed as mystery deepens

Alpha Omega jewelry stores in the Boston area were closed today with no explanation to customers on when or if they would reopen. And the whereabouts of the jewelry chain's owner Raman Handa, who was reported to have left the country amid mounting financial problems, remained unknown.

The company's flagship store in Cambridge's Harvard Square and the store at the Natick Collection mall were closed this morning, just five days before Christmas, and no one answered phone calls to its two other stores in Boston's Prudential Center and the Burlington Mall. There was also no answer at Alpha Omega's corporate office in Cambridge.

Alpha Omega customers were baffled and angry, with many wondering where or whether they could pick up jewelry or watches that had been ordered or dropped off for repair.

Mark Micciche, technology sales manager for Oracle Corp. in Burlington, said he was shocked to find the Alpha Omega store in the Burlington Mall dark last night, as shoppers paraded through the mall and waited in line to visit Santa Claus right across from the jewelry store. Micciche said he had earlier dropped off a Rolex watch at the store for repair and was told it was sent to Cambridge. He said he had called Handa at his home in Lexington but gotten no answer.

"This is an 18-year-old watch, and I love it," Micciche said. " My wife just told me I'm not getting another one."
(By Robert Weisman, Globe staff)

Posted by globebusiness at 1:59 PM | Comments (0)

LA approves UPC Wind deal

UPC Wind, a Newton-based wind power company, announced that a 20-year power purchase agreement to supply Los Angeles with wind power from its Utah-based Milford Wind Corridor project has been approved by city officials.

“The approval of this power purchase agreement by the mayor and the L.A. city council is a major milestone for our Utah-based Milford Wind Corridor project,” Paul Gaynor, president and chief executive of UPC Wind, said in a statement.

As part of the agreement, the Los Angeles Department of Water and Power will receive 185 megawatts from Phase I of the Milford Wind Corridor, UPC Wind said.

According to UPC Wind, 185-megawatts represents enough power to serve about 39,000 homes and meets 1.9 percent of the city's renewable energy goal of 20 percent by 2010.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:53 PM | Comments (0)

Luxury in-theater dining coming to Randolph

Motion picture exhibitor National Amusements Inc. said today it will officially launch a "Lux Level" pilot program that features a "luxurious in-theatre dining experience" at its Showcase Cinemas in Randolph on the day after Christmas.

"Movie-goers will be able to indulge themselves with the new premium reserved-seating concept called Lux Level," which offers "exclusive VIP seating in select auditoria where guests can enjoy in-seat dining and snacks before and during the show," as well as other amenities such as beer, wine, and Starbucks coffee, Dedham-based National Amusements said.

National Amusements, which operates more than 1,500 screens worldwide, sketched the broad outlines of this concept earlier this year; plans call for testing the concept both in existing theaters and in new theaters built from scratch.

The Lux Level concept is part of a broader company strategy to re-invent the movie-going experience; other elements of that strategy include using theaters as venues for alternative programming such as concert simulcasts.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:35 PM | Comments (0)

Baskin-Robbins unveils new ice cream website

Baskin-Robbins, the Canton-based ice cream chain, said it has launched a newly enhanced website at www.baskinrobbins.com as part of a larger effort to modernize its brand.

Two years ago, a trio of private equity firms disclosed plans to buy Baskin-Robbins, Dunkin' Donuts, and a third chain, Togo Eateries, which was recently sold off.

Last year, the new owners outlined their vision for an expanded Dunkin' Donuts and, in the spring of this year, Baskin-Robbins officials told a Globe reporter that they were gearing up for a much-needed face-lift for the ice cream brand; part of that effort included the airing of the first television commercial in more than two years.

Speaking about the newly upgraded website, Baskin-Robbins said it "transforms America's favorite neighborhood ice cream shop with an immersive and interactive online experience for ice cream lovers."

Among the website's new features is a "flavor navigator" that "provides an interactive description and colorful views of Baskin-Robbins' current ice cream flavors," the chain said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:58 AM | Comments (0)

Progress issues bullish forecast

Shares of Progress Software Corp. rose more than 5 percent today after the business management software company projected fiscal first-quarter and 2008 income and revenue within range of Wall Street estimates.

For its first quarter ending Feb. 28, the company expects to earn 26 cents to 28 cents per share. Excluding one-time items such as $3.5 million for stock-based compensation, the company expects to earn 40 cents to 42 cents per share.

Progress anticipates revenue in the range of $120 million to $122 million.

Analysts, on average, expect earnings of 41 cents per share on revenue of $122.1 million, according to a poll by Thomson Financial. Analyst estimates typically exclude one-time items.

For fiscal 2008, the company expects earnings per share in the range of $1.39 and $1.45. Excluding $13 million for stock-based compensation and other one-time items, the company expects to earn $1.90 to $1.96 per share.

Progress projected 2008 revenue in the range of $515 million to $525 million.

Analysts, on average, expect earnings of $1.91 per share on revenue of $513 million.

Shares rose $2.01, or 6.4 percent, to $33.58 in morning trading. Shares have traded in the last year between $26.61 and $34.45. (AP)

Posted by globebusiness at 11:56 AM | Comments (0)

Profit rises at Cognos

Business management technology company Cognos Inc., which was recently purchased by IBM Corp., said today that its third-quarter profit rose 88 percent on an increase in license revenue.

The company earned $31 million, or 37 cents per share, compared with $16.5 million, or 18 cents per share, in the same quarter last year.

Excluding stock compensation, restructuring charges and other one-time items, the company earned $43.1 million, or 51 cents per share, compared with $43.1 million, or 48 cents per share, in the same quarter last year.

Revenue increased 16 percent to $288.2 million compared with $247.8 million last year.

Licensing fee revenue rose 16 percent to $108.9 million from $94 million.

On Nov. 12, International Business Machines announced that it acquired Cognos for $5 billion or $58 per share.

Cognos technology is used to compile business reports and plan budgets among other tasks.

Cognos shares rose 7 cents to $57.54 in morning trading. (AP)

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

Boston Fed, banks in $125m subprime aid plan

The Boston Federal Reserve Bank and five U.S. banks unveiled details today of a $125 million program to help New England homeowners who are facing potentially unaffordable increases in their monthly mortgage payments refinance into fixed-interest-rate home loans.

"The recent rise in delinquencies and foreclosures has been widely reported, and it's very possible that this problem is going to worsen," said Boston Federal Reserve Bank President Eric Rosengren at a press conference here.

Rosengren added that the Mortgage Relief Fund "should make it easier for some homeowners who are paying high rates and those who face a reset of an adjustable rate mortgage to refinance."

The five banks involved are Citizens Financial Group, a unit of Royal Bank of Scotland Group Plc; Sovereign Bancorp Inc; TD Banknorth, a unit of Canada's Toronto-Dominion Bank; Bank of America Corp, and Webster Financial Corp.

Subprime lending -- mortgages to less-creditworthy borrowers -- grew rapidly during the final years of the U.S. housing boom, as rising house prices made it harder for Americans to afford homes.

With house prices falling and interest rates set to rise on many variable-rate subprime mortgages, many borrowers now face the specter of unaffordable higher monthly payments but are unable to sell their homes for enough money to pay off existing mortgages.

Rosengren said Boston Fed research had shown that many subprime borrowers had credit scores and levels of home equity that would allow them to qualify for traditional mortgages.

"The tragedy here is that there are so many borrowers that are victims of credit, but are qualified for programs that might relieve the pressures that they feel and prevent the foreclosures, which are potentially so difficult for our neighborhoods," said Lawrence Fish, chairman of Citizens Financial. (Reuters)

Posted by globebusiness at 10:21 AM | Comments (0)

Mass. November unemployment unchanged

The unemployment rate in Massachusetts held steady in November at 4.3 percent, remaining at the lowest level in six years.

The identical jobless rate posted both last month and in October is down from 4.4 percent in September. The state last achieved unemployment of 4.3 percent in October 2001, as a recession was setting in.

The state's unemployment rate remains below the nation's, which stood at 4.7 percent last month.

The unemployment rate is based on a survey of households that found a 6,100-person increase in employed residents from the previous month, and a 1,400-increase in those without jobs. Those changes weren't big enough to shift the unemployment rate.

A separate survey of employers recorded a gain of 6,700 jobs in November. The increase nearly offset a 7,500-person job loss in October. (AP)

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

Altus, Genetech end collaboration

Analysts today said they were surprised Genentech Inc. and Altus Pharmaceuticals Inc. ended a collaboration on a human growth hormone drug candidate, and wondered if there was something wrong with the product.

Altus of Cambridge said yesterday that it regained the rights to develop and market the drug, designated ALTU-238, in North America. Altus added that California-based Genentech, which formerly held those rights, declined an option to develop and sell the drug in the rest of the world.

ALTU-238 is a weekly version of human growth hormone for patients with deficiencies of that hormone.

Genentech will receive a "nominal royalty" on ALTU-238 sales if the drug reaches market. Genentech will provide Altus with some supplies of the hormone and will help Altus fund its reclamation of the drug.

Wachovia analyst George Farmer downgraded Altus shares to "Market Perform" from "Outperform" and reduced his estimated fair price to $7 to $8 per share from $16 to $17 per share.

Farmer said the move was "highly unexpected," and that it is not clear why Genentech lost interest in a drug candidate it bought only a year ago.

"We can't help but wonder if due diligence conducted over the past year turned up something amiss with 238, although Altus management insists the drug is fine," he said. "Back in Altus's hands, the company is free to move forward with development of 238 on its own or seek another global partner."

Analysts had different interpretations of Altus' announcement, since the company did not explain the move. Farmer said Altus appears to have decided to buy the drug back because Genentech did little to help development.

But Cowen & Co. analyst Eric Schmidt differed, saying Altus said Genentech ended the partnership.

On the Nasdaq Stock Market, Altus shares closed at $9.88 yesterday and have ranged between $8.47 and $20.50 in the last year. (AP)

Posted by globebusiness at 9:48 AM | Comments (0)

Thermo Fisher buys German company

Thermo Fisher Scientific Inc. today announced it has acquired La-Pha-Pack, a German manufacturer and provider of chromatography consumables and related accessories.

Financial details of the transaction were not disclosed.

Thermo Fisher is a Waltham-based company that makes lab equipment and scienfic instruments.

With revenues of approximately $25 million, La-Pha-Pack will allow Thermo Fisher to offer customers an expanded line of chromatography consumable products through broad geographic coverage in Europe, Thermo Fisher said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:35 AM | Comments (0)

Akamai's Sagan will serve on EMC's board

EMC Corp. announced today the election of Paul Sagan, president and chief executive of Akamai Technologies Inc., to EMC's board of directors.

Hopkinton-based EMC offers data-storage products and information infrastructure solutions.

Akamai of Cambridge is a global service provider for accelerating content and applications online.

Sagan will also serve as a member of EMC's Mergers and Acquisitions Committee, EMC said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:19 AM | Comments (0)

MocoSpace teams up with Nokia

MocoSpace announced a strategic advertising relationship with Nokia Corp., the Finnish manufacturer of mobile devices.

MocoSpace of Boston has created a social network primarily geared for phones.

"Mobile ads are an exploding growth area, and Nokia is leading this industry worldwide to connect brands with customers,” Michael Baker, vice president and head of Nokia Ad Business, said in a statement. “To be successful, particularly in the US, we’re securing partnerships that can help us reach the right audience. MocoSpace is a natural fit with a large community of its own.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:05 AM | Comments (0)

Novelos chief purchases company stock

Novelos Therapeutics Inc. announced that Harry Palmin, its president and chief executive, purchased 150,000 shares of the company's common stock yesterday in open market transactions.

Novelos Therapeutics is a Newton biopharmaceutical company focused on the development of therapeutics to treat cancer and hepatitis.

In total, Palmin has purchased 300,000 shares of common stock in open market transactions over the past thirteen months, the company said.

"This purchase reinforces my continued confidence in Novelos and our prospects," Palmin said in a statement. "We are in a pivotal Phase 3 lung cancer trial, which is on track for full enrollment in March 2008. We have Phase 2s in breast and ovarian cancers, having already announced encouraging results in an ongoing ovarian cancer trial. We also recently commenced Novelos' ex-US partnering initiative."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:43 AM | Comments (0)

Q1 Labs taps Hannigan to be president

Q1 Labs today announced the appointment of Brendan Hannigan as president.

Waltham-based Q1 Labs is a network security management company.

For nearly two years, Hannigan served as Q1 Labs' chief operating officer responsible for product development and strategy, while leading the company's overall operations, the company said.

In his new role as president and chief operating officer, Hannigan will continue to focus on strategic planning and resource allocation with a focus on expanding Q1 Labs strategic partnership programs, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:33 AM | Comments (0)

Biopure gets Nasdaq notice

Biopure Corp. announced today that it received notice on Dec. 14 from the Nasdaq Stock Market that its closing bid price had fallen and remained below $1.00 for 30 consecutive business days.

As a result, Biopure said it is out of compliance with Nasdaq's $1.00 minimum bid price requirement for continued listing set forth in Nasdaq's marketplace rules; this notification has no effect on the listing of the company's common stock at this time.

The Cambridge company develops and manufactures oxygen therapeutics.

The company, in accordance with Nasdaq rules, has 180 calendar days, or until June 11, to regain compliance by having the bid price of its common stock close at $1.00 per share or more for at least 10 consecutive business days.

Biopure received a similar Nasdaq notice earlier this year, but in October, it was able to announce that it had regained compliance with the $1 minimum bid price requirement.

Separately, Biopure said its board of directors has approved the appointment of David A. Butler as interim chief financial officer.

Butler most recently served as vice president of finance and administration at the Millard Group, a services and consulting company, Biopure said.

Earlier this year, chief financial officer Francis H. Murphy, then 69, announced his plans to retire on Dec. 14; Biopure said today that Murphy has entered into a consulting agreement with the company for a six-month term.
(By Chris Reidy, Globe staff)

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

Leerink Swann wins top rankings

Leerink Swann & Co., a Boston investment banking firm focused on healthcare, today announced that it secured top rankings in Institutional Investor's 2007 Best of Boutiques survey for the seventh consecutive year.

The company said it secured top honors in five out of six health care categories including categories for biotechnology, healthcare technology and distribution, medical supplies and devices, and pharmaceuticals.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:10 AM | Comments (0)

Online shoppers hunt for toys and bargains

Visitors to online toy stores surged in November despite concern about toy safety, and many consumers used online comparison-shopping sites and shopped at discount retailers in a bid to save money.

Those were among the findings of an Media Metrix analysis of online retail activity in November by comScore Inc., a Virginia firm that seeks to track and measure the digital world.

Traffic to toy retailers rose 32 percent to 31.1 million visitors in November, making it the top-gaining category for the month, comScore reported.

Meanwhile, comparison-shopping engines and retail websites for discounters such as Wal-Mart Stores Inc. and Target Corp. got a big November workout as consumers looked to stretch their dollars, comScore said.

Target's website attracted nearly 42 million November visitors, followed by Walmart.com with nearly 40 million visitors and JC Penney Co. sites with 18 million visitors, comScore said.

“With November marking the start of the holiday shopping season, online retailers, comparison shopping engines, and discount sites experienced a flood of visitors,” said Jack Flanagan, executive vice president of comScore Media Metrix, said in a statement. “With the sub-prime meltdown and high gas prices having an impact on retail spending, consumers are doing their research and searching for the best deals online.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:05 AM | Comments (0)

December 19, 2007

Ex-broker faces fraud charge in market-timing case

Federal prosecutors charged a Jamaica Plain man with fraud and obstruction of justice in connection with his role in placing deceptive market-timing trades in mutual funds.

US Attorney Michael Sullivan alleged today that Justin Ficken committed abuses while he was employed as a broker at Prudential Securities Inc. in Boston.

He says Ficken and two coconspirators disguised their own and their clients' identities in order to execute prohibited market-timing trades, earning more than $6 million in commissions.

Prosecutors allege Ficken tried to obstruct justice by providing false testimony to the Securities and Exchange Commission's investigators in October 2003.

Market timing -- quick in-and-out trading to exploit price -- can be detrimental to long-term investors.

If convicted, Ficken faces up to 170 years imprisonment and a $12 million fine.
(AP)

Posted by globebusiness at 8:25 PM | Comments (0)

Indevus's cancer drug faces more delay

Indevus Pharmaceuticals Inc. said it received a non-approvable letter from the Food and Drug Administration for its bladder cancer drug Valstar, which was taken off the market in 2002.

An inactive ingredient found to be unstable led to Valstar’s withdrawal.

The letter was the latest setback on Valstar for the Lexington company. In August, Indevus said the FDA asked for clarification related to the drug’s manufacturing process. In April, it asked the FDA to reapprove the drug, saying it had solved the stability issue.

The company reiterated today that the issues that caused the withdrawal have been resolved.

However, a recent FDA inspection of the company’s third-party manufacturing plant found deficiencies.

The FDA said the company needs to resolve these deficiencies in order to obtain reapproval. Indevus said it expects the issue to be resolved within several months.
(AP)

Posted by globebusiness at 8:04 PM | Comments (0)

Avid names a new CEO

The multimedia software developer Avid Technology Inc., of Tewksbury, has named Gary Greenfield chief executive and chairman of the board.

Greenfield, CEO of GXS since 2003 and an operating partner with Francisco Partners, replaces Nancy Hawthorne, who has served as interim CEO since Aug. 1. She will be lead director on the board.

Greenfield has been granted an option to purchase up to 725,000 shares of Avid’s common stock and 100,000 share of restricted stock as part of his compensation package.
(AP)

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

FedEx fined for classifying drivers as contractors

Massachusetts’ attorney general fined FedEx Corp.’s ground delivery unit more than $190,000 today, alleging the company illegally classified 13 drivers as independent contractors rather than employees.

Attorney General Martha Coakley said that deprived them of benefits such as healthcare, workers’ compensation and, in some cases, overtime pay.

Pittsburgh-based FedEx Ground Package Systems Inc. also deprives Massachusetts of tax revenue by not deducting and withholding taxes from employee pay checks, Coakley alleged.

Maury Lane, a spokesman for FedEx, said the company believed the drivers were properly classified and planned to appeal the citations.

In addition to levying penalties of more than $190,000, Coakley ordered the company to pay restitution to 13 drivers.

Coakley’s office began investigating after receiving a tip from a driver. It is continuing to investigate FedEx Ground, which has more than 400 drivers in Massachusetts.

Lane said Coakley’s action ‘‘will have a chilling effect’’ on the ability of employers to hire independent contractors.

While some FedEx drivers have embraced their contractor status, others have fought to be classified as employees in lawsuits brought in dozens of states. In October, a federal judge in Indiana approved class-action status for a lawsuit filed on behalf of about 14,000 drivers.

FedEx’s independent contractor drivers own trucks and routes and pay all operating costs. They can hire employees to drive for them and can potentially earn more than they would as FedEx employees.
(AP)

Posted by globebusiness at 2:21 PM | Comments (0)

PerkinElmer to buy Pediatrix Medical Group

PerkinElmer Inc. of Waltham said today it has agreed to buy the newborn metabolic screening business of Florida-based Pediatrix Medical Group Inc.

Financial terms of the transaction were not disclosed, said PerkinElmer, which sells an array of life sciences instruments and services.

The acquisition is expected to have no material effect on PerkinElmer's adjusted earnings per share in 2008 and to be slightly accretive in 2009, PerkinElmer said.

PerkinElmer said it will acquire Pediatrix's metabolic screening laboratory and its StepOne newborn screening product that is capable of analyzing more than 50 inherited disorders in newborns.

"This announcement builds on our strategy to expand the capabilities of our Genetic Screening business to protect the health of mothers and babies from pregnancy to birth and beyond," said PerkinElmer chairman and chief executive Gregory L. Summe said in a statement.

Pursuing that strategy, PerkinElmer recently completed the $300-million acquisition of Cambridge-based ViaCell, Inc., providing it with ViaCord, a cord blood preservation service.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:21 PM | Comments (0)

GlassHouse plans IPO

GlassHouse Technologies Inc., an information-technology services provider, plans an initial public offering of common stock, according to a Securities and Exchange Commission filing Tuesday.

The Framingham, Mass.-based company did not disclose the expected size or price range of the IPO but indicated that the offering price could total up to $100 million. GlassHouse noted the total price was estimated solely to calculate its registration fee and may change.

The company focuses on storage and data-protection services, as well as virtualization services, which lets a single computer function like multiple machines. GlassHouse also helps customers plan and manage their data centers to reduce power needs, creating "green" data centers. "We believe this market will grow rapidly, as companies seek to reduce their energy costs," GlassHouse said in its prospectus.

The company plans to use the net proceeds from its offering for working capital and general corporate purposes. GlassHouse also intends to use some of the proceeds to repay acquisition-related loans.

For the nine months ended Sept. 30, GlassHouse reported a wider loss of $10.9 million, from $7.2 million. During the same period, the company increased its revenue to $40.6 million, from $28.5 million. GlassHouse said it expects to continue to incur losses and may not become profitable.

Chairman, President and Chief Executive Mark Shirman founded GlassHouse in 2001. Previously, he served as chief technology officer of Convergent Group Corp., a privately held IT company that served utilities and local governments.

Goldman Sachs, JP Morgan Securities, Banc of America Securities and Thomas Weisel Partners are underwriting the IPO.

GlassHouse plans to list its shares on the Nasdaq Global Market under the symbol "GLAS."
(AP)

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

Genzyme drug gets European approval

Biotechnology company Genzyme Corp. said today that it received European approval for Synvisc-One as a single-dose treatment for pain relief in osteoarthritis of the knee.

As a multiple-dose treatment, Synvisc is currently approved in Europe and Canada to treat pain caused by osteoarthritis in the knee and hip and also approved in Europe for ankle and shoulder pain.

Synvisc is delivered through three administrations, each given at one-week intervals.

The company said the European approval of Synvisc-One combines those three doses of Synvisc into a single treatment.

"Delivering the benefits of Synvisc through one treatment rather than three will provide additional options for physicians and their patients to reduce the cost and burden of multiple injections," said Ann Merrifield, president of Genzyme Biosurgery, the Genzyme unit that makes and markets Synvisc.

In November, Genzyme, which is based in Cambridge, said the U.S. Food and Drug Administration asked for additional information about Synvisc-One, resulting in a possible approval delay in the U.S. until the second half of 2008.

The single-dose treatment of Synvisc has been shown in the European Union to provide up to six months of pain relief from osteoarthritis of the knee, according to Genzyme.

Shares of Cambridge, Mass.-based Genzyme fell 83 cents to $72.40 in midday trading. (AP)

Posted by globebusiness at 12:14 PM | Comments (0)

Bitstream lands 3rd Thunderhawk patent

Cambridge software developer Bitstream Inc. announced today that the US Patent and Trademark Office has awarded it a third patent for its ThunderHawk technology.

According to Bistream, this patent covers the technology that controls how Web pages are retrieved and displayed on mobile devices - technology that is the foundation of the company's ThunderHawk product.

Bitstream describes ThunderHawk as a browser that can provide a consistent, full HTML browsing experience between mobile and desktop environments.

"The technology covered in this patent supports a critical part of the ThunderHawk user experience: the ability to see information on a mobile device the same way you see it on a desktop," Bitstream president and chief executive Anna Chagnon said in a statement.
(By Chris Reidy, Globe staff)

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

Amag submits new drug application

Amag Pharmaceuticals Inc. said today announced that it has submitted a New Drug Application to the US Food and Drug Administration.

The application is for marketing approval of ferumoxytol as an intravenous treatment of iron deficiency anemia in patients with chronic kidney disease, including dialysis dependent and non-dialysis dependent patients, the Cambridge company said.

The application is supported by data from three open-label, multi-center, randomized Phase III efficacy and safety clinical studies and a fourth Phase III safety study, said Amag, which noted that more than 1,700 patients and healthy volunteers were treated with ferumoxytol in its 11 clinical studies.
(By Chris Reidy, Globe staff)

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

BUPA completes Health Dialog purchase

Health Dialog announced today that BUPA, its largest shareholder, will purchase for cash the equity in the company it does not already own.

The transaction values Health Dialog at $775 million, said Health Dialog, a Boston company that provides care management services, including disease management.

Headquartered in London, BUPA is a provider of private healthcare-related services in the United Kingdom.

“Being a part of BUPA will permit us to accelerate our growth,” George Bennett, chairman and chief executive of Health Dialog, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:30 AM | Comments (0)

Acquia raises $7 million

Acquia Inc. announced today that it has secured $7 million in a Series A financing led by North Bridge Venture Partners, a venture capital firm with offices in Boston.

North Andover-based Acquia said it plans to use the capital to create value-added software and network services around the Drupal open-source Web collaboration and publishing platform.

Sigma Partners, with offices in Boston, and O’Reilly AlphaTech Ventures, with offices in San Francisco, also participated in the financing, Acquia said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:25 AM | Comments (0)

Nuance prices public offering

Nuance Communications Inc., a maker of speech recognition and digital imaging software, said today that its public offering of 7 million shares has priced at $17.50 per share for net proceeds of $112.8 million.

Nuance is offering about 6.8 million shares, while certain members of the company's management are selling an additional 227,000 shares.

Total proceeds of the offering will be about $118.5 million, or $112.8 million after underwriting and other offering expenses.

Citi and Goldman, Sachs & Co. are joint book-running managers. Lehman Brothers, Thomas Weisel Partners, Craig-Hallum Capital Group, Needham & Co. and Raymond James Financial are also serving as underwriters. Nuance has given the underwriters the option to buy up to an additional 1.1 million shares at the offering price to cover any overallotments.

The offering is expected to close on Dec. 21.

Nuance shares jumped 76 cents, or 4.3 percent, to $18.35 in morning trading. Shares have traded between $11 and $22.55 in the past 12 months. (AP)

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

Alkermes completes Reliant deal

Alkermes Inc., a Cambridge biotechnology company, said today that it has received $166.3 million upon completion of the previously announced sale of its stake in Reliant Pharmaceuticals Inc. to GlaxoSmithKline PLC, the British drug giant.

An additional $7.7 million is due to Alkermes, subject to the terms and conditions of an escrow arrangement that will remain in effect for a 15-month period following the closing of the transaction, Alkermes said.

Alkermes sells Vivitrol, a medication for alcohol dependence, and Risperdal Consta, a schizophrenia treatment.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:17 AM | Comments (0)

Altra Holdings sells unit to Finnish firm

Power transmissions maker Altra Holdings Inc. said today it agreed to sell its TB Wood's adjustable speed drives unit to Finland-based Vacon for $29 million in cash.

The TB Woods unit being sold had revenue of $39.2 million last year.

Altra, which is based iin Quincy, said the move will help it focus on its power transmissions business while bolstering its balance sheet. (AP)

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

Skype approves new Zoom device

Zoom Technologies Inc. announced today that its Model 5900 phone adaptor has received certification from Skype, an Internet phone company.

Boston-based Zoom focuses on communications products, and according to Zoom, the Model 5900 allows someone to use any phone, even a cordless phone, for Skype calls.

The Model 5900 also allows cell phone users to remotely access their Skype service to make international calls, Zoom said.
(By Chris Reidy, Globe staff)

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

Abiomed gets FDA approval

Abiomed Inc., a Danvers medical-device company, said today it has received approval from the US Food and Drug Administration to distribute its combination iPulse Circulatory Support System in the United States.

The iPulse drives Abiomed and other manufacturer's intra-aortic balloons (IAB), Abiomed's BVS(R) 5000 and AB5000 Ventricular Assist Devices (VAD), as well as new products Abiomed may offer in the future, the company said.

These products are designed to treat patients suffering from acute heart failure by offering various levels of cardiac support, whether minimal, moderate, or full bi-ventricular, to potentially recover the patient's native heart, Abiomed said.

According to Abiomed, the iPulse is the first console with the capability to provide either VAD or IAB support in the catheterization lab and surgery suite.

"This is an important milestone for Abiomed and an opportune time to be entering the $200 million IAB market," company chairman, chief executive, and president Michael R. Minogue said in a statement.
(By Chris Reidy, Globe staff)

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

TUV SUD America relocates HQ to Peabody

TUV SUD America Inc., a global testing and certification services firm, said it is relocating and expanding its NAFTA corporate headquarters to Peabody to meet rapid growth.

TUV said its corporate offices and testing laboratory have been located in Danvers.

The move will relocate the corporate offices to Peabody while the testing laboratory will remain in Danvers, TUV said.

The new, 18,000-plus-square-foot headquarters will significantly increase the total office space the company presently occupies, TUV said, and the new space will also allow the company to expand for future organic growth.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)

Pro-Pharmaceuticals' Davanat advances

Pro-Pharmaceuticals Inc. of Newton said today it took an important step in the approval process for Davanat, a delivery system for chemotherapy drugs that is its lead product candidate.

Pro-Pharmaceuticals, whose mantra is "advancing drugs through glycosciences, announced a collaboration with the custom-manufacturing division of Sigma-Aldrich Corp., a Missouri company that develops, manufactures, purchases, and distributes biochemicals and organic chemicals.

The collaboration is for submitting a drug master file for Davanat to the US Food and Drug Administration, Pro-Pharmaceuticals said.

A drug master file, or DMF, is a submission to the FDA that will be used to provide detailed information about the facilities, processes, and articles used in the manufacturing, processing, packaging, and storing of drugs for human consumption.

"DMF submission is an important milestone in the company's commercialization road map," Pro-Pharmaceuticals president Theodore Zucconi said in a statement.
(By Chris Reidy, Globe staff)

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

U.S. mortgage applications down

Mortgage applications decreased in the latest weekly survey from the Mortgage Bankers Association, a trade group that represents the real estate finance industry.

For the week ending Dec. 14, the association's mortgage composite index, a measure of mortgage loan application volume was 653.8, a decrease of 19.5 percent on a seasonally adjusted basis from the previous week's reading; on an unadjusted basis, the index was up 1.7 percent when compared with the same week one year earlier, the association said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:13 AM | Comments (0)

Idera partners with Merck

Idera Pharmaceuticals Inc. of Cambridge said today it has entered into a worldwide licensing and collaboration agreement with Merck KGaA that will yield Idera an upfront payment of $40 million.

The agreement with Merck KGaA, a global pharmaceutical company based in Germany, calls for collaboration on the research, development, and commercialization of Idera's Toll-like Receptor 9 agonists for the treatment of cancer, Idera said.

As part of the deal, Merck KGaA has agreed to pay an upfront license fee of $40 million to Idera; in addition, Idera is eligible to receive milestone payments of up to $381 million, depending on success in achieving clinical development and commercialization, as well as royalties on sales of any products developed and commercialized by Merck KGaA using agonists covered by the agreement, the companies said.
(By Chris Reidy, Globe staff)

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

December 18, 2007

British insurer buys Health Dialog of Boston

BUPA, the large British health insurer, will buy Health Dialog Inc., a Boston provider of health information and services. BUPA was an early investor in Health Dialog and is its largest shareholder.

Although BUPA did not say how much additional stock it bought to take over the company, the transaction gives Health Dialog, a private firm, a total value of $775 million.

Health Dialog provides services such as disease management, a popular technique used by insurance companies to control costs and improve outcomes. It also sells tools to measure the performance of healthcare providers.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 5:30 PM | Comments (0)

Fallon adds Lahey Clinic doctors

Fallon Community Health Plan of Worcester said it is adding physicians from the Lahey Clinic in Burlington to its Direct Care HMO network.

The new doctors expand the network for the HMO product, which Fallon said is intended to provide high quality care at a lower cost than competing HMOs, in part by using a restricted network of healthcare providers.

The insurer has been adding physician groups and hospitals in eastern Massachusetts, but has largely avoided academic-center hospitals, such as those in the Longwood Medical Area, that can have higher costs.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 4:36 PM | Comments (0)

Ibis Technology picks Reid as chief executive

Ibis Technology Corp. today announced that Martin J. Reid has resumed the role of president and chief executive, following the unexpected death of previous chief executive Charles McKenna last month.

The Danvers company develops, manufactures, and markets implantation equipment for semiconductor industry.

Reid, who had previously been the company's former chief executive, had been serving as the company's executive chairman, Ibis Technology said.

Ibis Technology also said it has selected Axia Advisors LLC, a boutique investment bank, to advise and act as a consultant to Ibis Technology as it considers a broad range of strategic growth alternatives and alternative business strategies, designed to optimize shareholder value.

According to its website, Axia has offices in Burlington.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:39 PM | Comments (0)

iRobot wrests Army contract from rival

In a dramatic reversal of fortune, iRobot Corp. has snatched away a $286 million military contract previously awarded to a rival, Robotic FX Inc., which iRobot accused of stealing trade secrets.

IRobot will make up to 3,000 next-generation robots for the Army over the next five years.

The victory for iRobot, of Burlington, is the climax to a fierce battle with Robotic FX, a tiny company started in Alsip, Ill., by Jameel Ahed, a former iRobot engineer.

The companies faced off last summer over a contract to build the new X-Bot — a confrontation that Robotic FX initially won with a low bid of $279.9 million. In August, iRobot sued Robotic FX in federal courts in Alabama and Massachusetts, alleging patent infringement and theft of trade secrets.

The clash in US District Court in Boston has resembled the plot of a paperback thriller, complete with claims of shredded documents, erased computer files, and planted evidence.

‘‘It’s a story of theft and betrayal and coverup, and coverup of the coverup,’’ said Joseph Dyer, president of iRobot’s government and industrial robot business unit.

IRobot hired detectives, who photographed Ahed disposing of materials he had obtained from iRobot before leaving the company. Ahed claimed that one of the items, a device used in making a robot’s caterpillar treads, may have been planted by the detectives to incriminate him.

Ahed conceded he had destroyed dozens of CD-ROM disks after his company was sued by iRobot, but insisted the disks contained nothing illegal.

Meanwhile, the Army filed papers urging US District Judge Nancy Gertner not to block Robotic FX from fulfilling the contract. The Army argued that it needed the new robots quickly, to save the lives of US soldiers fighting in Iraq and Afghanistan.

In early November, Gertner issued a partial injunction against the company, saying that Ahed’s behavior suggested ‘‘consciousness of guilt.’’ Gertner said Robotic FX must stop making rubber caterpillar tracks for its robots, because its methods could involve trade secrets stolen from iRobot.

Gertner also held that because iRobot’s machines met the Army’s standards, the military could transfer the contract.

Kristen Dooley, a spokeswoman for the Army, said it canceled the deal with Robotic FX and signed with iRobot, because the injunction made it impossible for Robotic FX to fulfill the contract.

Calls to Robotic FX headquarters were not returned.

Dyer said iRobot can start building the new robots quickly. ‘‘We will deliver our first two robots in support of the contract in January, then we deliver five systems in February, then 30 in March,’’ he said. IRobot then expects to produce 30 more machines each month for the duration of the contract.

The X-Bot will be smaller and lighter than iRobot’s current machines, which are mostly used by explosives disposal teams to disarm or safely detonate roadside bombs and booby traps. The X-Bot is designed for surveillance and scouting missions.

An infantry team will be able to remotely guide the X-Bot through a building or other hazardous area, and use its TV cameras or other sensors to spot possible threats without exposing soldiers to danger.

Dyer said the X-Bot will be superseded in coming years by iRobot’s Small Unmanned Ground Vehicle, a smaller, lighter machine being codeveloped with the Army.

Dyer said the contract victory won’t halt iRobot’s legal attacks on Robotic FX. No trial date has been set in the Alabama patent case; the trade secrets case in Massachusetts is expected to come to trial by April.
(By Hiawatha Bray, Globe staff)

Posted by globebusiness at 3:22 PM | Comments (0)

New England compensation costs outpace nation's

New England had total compensation costs of $30.03 per employee per hour worked, compared with the national figure of $26.09, the Bureau of Labor Statistics said in a report today.

The report examined employee compensation in private industry during September, said the bureau, which is part of the US Department of Labor.

Nationwide, benefits as a percentage of total compensation in the private sector increased from 27 percent of total compensation in 2000 to 29.4 percent in September 2007, the bureau said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:50 PM | Comments (0)

Converse launches national ad campaign

Converse, the famed athletic footwear brand with local roots, has launched a national television campaign called "Disruption" to celebrate its upcoming centennial.

Converse of North Andover said the campaign "seeks to positively disrupt the status quo of media consumption and marketing while encouraging people to engage with life and follow their hearts."

National TV spots titled "Pageant," "Marketers," and "Grateful" are set to begin rolling out today, Converse added, and they will air on programming such as MTV, VH-1, CW, and Comedy Central.

Converse Inc., which was founded in 2008, is a wholly owned subsidiary of Nike Inc., the Oregon-based footwear giant.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:23 PM | Comments (0)

Boston Properties declares special dividend

Boston Properties Inc. declared a special dividend of more than $700 million to distribute to shareholders money collected on real estate sales this year, the office landlord said today.

The real estate investment trust plans to pay a special $5.98 dividend on Jan. 30 to shareholders of record on Dec. 31.

Boston Properties said the dividend funnels to shareholders some proceeds from five property sales this year: the $1.28 billion sale of an office building in Times Square; the $37 million sale of Newport Office Park in Massachusetts; the $126.7 million sale of Orbital Science Campus and a building in Broad Run Business Park in Virginia; and the sale of Worldgate Plaza in Virginia for $109 million.

The special dividend does not affect the company's regular 68 cent dividend, which is payable the same day.

With a portfolio of 134 office buildings, one hotel and three retail properties, Boston Properties invests in commercial real estate in New York, Washington, San Francisco and Princeton, N.J.

Boston Properties' stock climbed $2.56, or 2.8 percent, to $93.46 in premarket trading today. On the New York Stock Exchange, shares closed yesterday at $90.90, down 18.8 percent for the day. (AP)

Posted by globebusiness at 12:20 PM | Comments (0)

Pfizer: Proposed Coley sale moves forward

Drug maker Pfizer Inc. said today it cleared U.S. and German antitrust reviews to acquire Coley Pharmaceutical Group Inc.

Wellesley-based Coley specializes in making vaccine technology and drugs to treat cancer, allergies, asthma, and autoimmune diseases.

On Nov. 30, Pfizer commenced a tender offer for all of Coley's outstanding shares for $8 apiece in cash, in an offer worth $164 million.

Pfizer said today the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, and that it has received clearance from the Federal Cartel Office of Germany for the buyout offer.

Expiration of the waiting period under the HSR Act and the FCO's actions meet one of the conditions needed to complete the pending acquisition. Other customary closing conditions still apply.

Unless extended, the tender offer is scheduled to expire at midnight on Dec. 28.

On the New York Stock Exchange, shares of New York-based Pfizer rose 23 cents to $23.22 in morning trading, while Coley's stock gained 4 cents to $7.98 on the Nasdaq Stock Market. (AP)

Drug maker Pfizer Inc. said today it cleared U.S. and German antitrust reviews to acquire Coley Pharmaceutical Group Inc.

Posted by globebusiness at 12:10 PM | Comments (0)

Lincoln Institute helps establish center in China

The Lincoln Institute of Land Policy and Peking University said they have established the Center for Urban Development and Land Policy on the campus of the university in Beijing.

Based in Cambridge, the Lincoln Institute conducts research and evaluations, holds conferences, provides education and training, supports demonstration projects, and publishes books and reports on policy issues relating to land.

Joyce Yanyun Man, director of the Lincoln Institute’s China program, will serve as executive director of the new center, Lincoln Institute said.

“With this center we seek to develop institutional capacity in China to address the many challenges that the country’s rapid growth has for land,” Gregory K. Ingram, president of the Lincoln Institute of Land Policy, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:30 AM | Comments (0)

GlassHouse Technologies plans public offering

GlassHouse Technologies Inc., an information-technology services provider, plans an initial public offering of common stock, according to a Securities and Exchange Commission filing today.

The Framingham company did not disclose the expected size or price range of the IPO but indicated that the offering price could total up to $100 million. GlassHouse noted the total price was estimated solely to calculate its registration fee and may change.

The company focuses on storage and data-protection services, as well as virtualization services, which lets a single computer function like multiple machines. GlassHouse also helps customers plan and manage their data centers to reduce power needs, creating "green" data centers. "We believe this market will grow rapidly, as companies seek to reduce their energy costs," GlassHouse said in its prospectus.

The company plans to use the net proceeds from its offering for working capital and general corporate purposes. GlassHouse also intends to use some of the proceeds to repay acquisition-related loans.

For the nine months ended Sept. 30, GlassHouse reported a wider loss of $10.9 million, from $7.2 million. During the same period, the company increased its revenue to $40.6 million, from $28.5 million. GlassHouse said it expects to continue to incur losses and may not become profitable.

Chairman, president and chiefeExecutive Mark Shirman founded GlassHouse in 2001. Previously, he served as chief technology officer of Convergent Group Corp., a privately held IT company that served utilities and local governments.

Goldman Sachs, JP Morgan Securities, Banc of America Securities and Thomas Weisel Partners are underwriting the IPO.

GlassHouse plans to list its shares on the Nasdaq Global Market under the symbol "GLAS." (AP)

Posted by globebusiness at 11:13 AM | Comments (0)

Epix shares soar on data from Alzheimer's test

Epix Pharmaceuticals Inc. of Lexington said today that its experimental Alzheimer's disease treatment was safe and well-tolerated in a short-term, midstage study, and helped improve memory in certain patients.

The results sent the company's stock soaring $1.56, or 53 percent, to $4.53 in morning trading on the Nasdaq Stock Market. Though the drug showed mixed improvement based on dosage, the results were positive enough for the company to look forward to a longer and larger midstage study, scheduled to begin early next year.

In the Phase IIa clinical trial, 80 patients were given various doses of PRX-03140 over a two-week period. The drug proved to be safe and well-tolerated, but most dramatically, patients taking a 150-milligram oral dose of the drug each day showed significant improvement in cognitive function and memory, compared with a worsening of symptoms for patients on placebo. Patients taking a 50-milligram dose showed slight improvement.

A second arm of the study compared doses of 5 milligrams to 200 milligrams combined with Pfizer Inc.'s Alzheimer's drug Aricept. After two weeks of treatment, none of the doses' effects proved to be statistically significant.

However, Epix said significant improvements in cognitive function are not typically seen until patients have had at least 12 weeks of drug therapy, according to current standards.

"While we recognize that this is a two-week study on a relatively small population of patients, these statistically significant results, as well as the anecdotal reports we have received from study investigators and patients' families since the trial concluded, support our belief that PRX-03140 has the potential to improve memory and cognition," said Epix chief executive Michael G. Kauffman, in a statement.

PRX-03140 is being developed as part of a collaboration with GlaxoSmithKline, which has the option to license the drug. Epix is responsible for developing it through the "proof-of-concept" phase to show it has potential. The company likely accomplished that with the midstage results, said Cowen and Co. analyst Ian Sanderson.

In a note to clients, Sanderson said the results are encouraging, and he expects a filing with the Food and Drug Administration in 2011 if additional studies prove positive. Sales could reach $75 million in 2012, he said, reaffirming a "Neutral" rating on the stock.

The drug candidate targets the 5-HT4 receptor in the brain, and is believed to stimulate the production and release of the neurotransmitter acetylcholine. This may improve memory and cognition in Alzheimer's patients, since the brains of Alzheimer's patients have been shown to have severely diminished acetylcholine activity.

The drug also stimulates the alpha-secretase pathway, which processes certain proteins, thereby potentially slowing the disease's progression. (AP)

Posted by globebusiness at 10:49 AM | Comments (0)

Rutland gets JetBlue connection

You're stuck in Rutland and it's Cold. And Dark. You're thinking about gnawing off your right paw (make that the left; you write with your right one).
The only thing that's getting you through is a dim and distant dream that some day when the sun returns you'll be able to snag a cheap JetBlue flight to see the A's in the East Bay. Well, today your dream has come true, and it didn't involve Publisher's Clearinghouse, dudes with video cameras, or a big fake check with your name misspelled in cursive.
The good folks at Rutland Herald say that thanks to partnership agreements with Cape Air, folks in Rutland can book flights between there and the 15 domestic JetBlue destinations that connect with Cape Air at Logan.
So oil that glove and sing: "The future's so bright, I gotta wear shades....''
(By Paul S. Makishima, Globe staff)

Posted by globebusiness at 10:42 AM | Comments (0)

Investor confidence index falls

State Street Global Markets said today that its global investor confidence index fell 75.8 to 65.9 in December and that its reading for North American investors hit an all-time low.

State Street Global Markets is the investment research and trading arm of Boston-based State Street Corp., which provides a range of services to institutional investors.

Still reacting largely to the fallout from the summer credit crisis, the Global Investor Confidence fell by 9.9 points to a level of 65.9, from last month's revised reading of 75.8, State Street Global Markets said.

North American investors were once again the key drivers of this decline as their confidence fell over 10 points from 75.4 to reach an all-time low of 65.3, the firm said.

Elsewhere, European investor appetite improved from 83.9 to 85.0, while the confidence of Asian investors fell from 86.6 to 85.8, State Street Global Markets said.
(By Chris Reidy, Globe staff)

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

Is it time to start holiday shopping yet?

Once again a number of men have landed themselves in the penalty box for poor holiday shopping habits.

Christmas is only a week away, but according to a survey from the National Retail Federation, nearly one in five men had yet to begin his holiday shopping.

That's hardly shocking news. Men have long been procrastinators in the holiday shopping department. And lately many shrewd shoppers have joined them. The theory is that retailers start panicking as Christmas gets closer and offer their biggest discounts and bargains in the final days before Dec. 25.

In contrast to procrastinators, the federation noted that 25 million consumers, or 11.7 percent of the shopping public, have already finished their holiday shopping,

Whether in search of great last-minute deals or not, male procrastinators will likely throng jewelry stores and Victoria's Secret stores on Christmas Eve once again as they look for small, portable gifts that can be purchased with a minimum of fuss.

That's one reason why Tracy Mullin, president and chief executive of the National Retail Federation, can confidently predict a busy final stretch of this year's holiday shopping season.

Said Mullin in a statement, “The last-minute rush will be busier than ever this year, and retailers are preparing by expanding employee schedules, keeping shelves stocked, and extending store hours.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:51 AM | Comments (0)

Johnson Medtech opens facility in China

Johnson Medtech today announced the opening of a new facility in Shajing, China.

Johnson Medtech, which has its US headquarters in Methuen, is the medical products network of Johnson Electric, a Hong Kong-based provider of motion actuators.

The new facility in China is exclusively devoted to the design and manufacture of medical devices and increases Johnson Medtech's ability to meet the demands of its growing customer base, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:29 AM | Comments (0)

Second Wind gets second round of financing

Second Wind Inc. announced today that it has secured $4 million in second round financing from Good Energies, a leading global investor in the renewable energy and energy efficiency industry.

Second Wind is a Somerville-based provider of electronics and software for the utility-scale wind energy industry. Good Energies has offices in such cities as London, New York, and Toronto.

"This second round of financing will support us in continuing our launch and rollout of our Triton sonic wind profiler," Second Wind president Walter Sass said in a statement.

According to Second Wind, its Sonic Wind Profiler reinvents sodar technology for wind assessment by capturing accurate wind data up to 200 meters, in any weather, at any location, without being attended or requiring any expert analysis.
(By Chris Reidy, Globe staff)

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

Mascoma expands its management team

Mascoma Corp. announced that Alan Belcher has joined the company in a new position as senior vice president of operations.

The Cambridge company focuses on advanced low-carbon energy biotechnology.

"In addition to a long career in engineering, project management and manufacturing, Alan has had considerable experience in the renewable energy industry including the construction of plants for the production of cellulosic ethanol," Bruce A. Jamerson, Mascoma chief executive, said in a statement.

Before joining Mascoma, Belcher served as executive vice president of technology at Ethanex Energy Inc., a company developing manufacturing technology and operations in the ethanol industry, Mascoma said.
(By Chris Reidy, Globe staff)

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

Spire looks to Europe

Spire Corp. said today it has selected Electronic Production Partners GmbH as its representative in Germany.

Bedford-based Spire is a global solar company providing turnkey solar factories and capital equipment to manufacture photovoltaic modules.

Besides Germany, Electronic Production Partners, or EPP, will also represent Spire exclusively in Austria, Switzerland and the Benelux countries with non-exclusive coverage in Eastern Europe and beyond, Spire said.

  "Europe is the focal point of photovoltaic (PV) demand and we recognize the need to expand Spire's reach and exposure in this critical marketplace," Spire chairman and chief executive Roger Little said in a statement. "EPP is an excellent firm with a deep background in semiconductor capital equipment and complex electronic systems."
(By Chris Reidy, Globe staff)

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

iRobot lands Army contract

Burlington's iRobot Corp. announced today that it has been awarded a $286 million contract from the US Army.

Under the terms of the contract, the Army could order up to 3,000 military robots, spare parts, training, and repair services over the next five years, said iRobot.

According to iRobot, the award marks a turning point in the way the Army uses robots in combat, which until now have been deployed in limited numbers only to explosive-ordnance-device, or EOD, specialists.

With this award, the Army broadens the deployment of robots in larger scale to general infantry forces for a variety of critical missions in addition to EOD, said iRobot, which added that it will begin to deliver the first 101 robots for urgent deployment.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:14 AM | Comments (0)

Epix has high hopes for potential Alzheimer's drug

Epix Pharmaceuticals Inc. of Lexington today announced encouraging results from a Phase 2a two-week clinical trial of a potential treatment for Alzheimer's disease.

Epix described the potential treatment as its novel 5-HT4 agonist, PRX-03140, and in the trial, results show that patients receiving PRX-03140 orally once daily as monotherapy achieved a mean 5.7 point improvement on the Alzheimer's Disease Assessment Scale cognitive subscale versus a 0.2 point worsening in patients on placebo.

In a statement, Epix chief executive Michael G. Kauffman said: "We are very excited by the measurable impact on memory and cognition, achieved in such a short period of time, in a trial that was designed primarily to assess safety and tolerability. While we recognize that this is a two-week study on a relatively small population of patients, these statistically significant results, as well as the anecdotal reports we have received from study investigators and patients' families since the trial concluded, support our belief that PRX-03140 has the potential to improve memory and cognition. We look forward to initiating a larger Phase 2b clinical trial early next year to further explore the potential of PRX-03140."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:00 AM | Comments (0)

Local home sales slide

Massachusetts home sales market had its worst November since the real estate slump of 1991, the Warren Group said today.

In a monthly report on the state's housing market, the Warren Group said there were 3,538 sales of single-family houses statewide in November, the lowest sales volume in November since 1991. The data include foreclosed properties.

The Warren Group is a Boston-based publisher of real estate data.

"Massachusetts' housing market remained in the doldrums during November, and it's not likely that December will bring much holiday cheer to home sellers," said Timothy Warren Jr., Warren Group's chief executive. "The last three months have dragged down the year-to-date sales, and if December's market is as lackluster as November's, sales in 2007 could be nearly 10 percent below 2006's.

The median price, including foreclosed houses, fell 5.8 percent in November, to $295,000 this year. Year-to-date, the median dropped 4.7 percent.

But when foreclosed properties are excluded from price data, single family prices have fallen less than 1 percent for the entire year to date, Warren said.

Sales of all condominiums plunged 23.2 percent in November compared with a year earlier, and the median price was down 4.2 percent, to $258,006.

Sales data from the Massachusetts Association of Realtors will be released in coming days, the association said.
(By Kimberly Blanton, Globe staff)

Posted by globebusiness at 7:43 AM | Comments (0)

December 17, 2007

New Bedford manufacturing facility to be sold

Symmetry Medical Inc., a Warsaw, Ind., company that provides products to the orthopedic device industry and other medical markets, will buy an orthopedic instrument manufacturing facility in New Bedford from DePuy Orthopaedics Inc. for $45 million.

Symmetry today said it will sign a supply agreement which will require DePuy to make minimum purchases from the New Bedford facility for four years.

Symmetry also said it signed a waiver and amendment to its credit agreement with Wachovia Bank, which will provide the required funding for the acquisition and remove the earlier reported default status.

The company said the New Bedford facility adds a skilled workforce to its operational group and offers additional capacity for growth.
(AP)

Posted by globebusiness at 2:56 PM | Comments (0)

Campanelli is building more refrigerated warehouses

Campanelli Cos. today announced its construction of several additional facilities for Preferred Freezer Services, a provider of refrigerated warehouses.

Braintree-based Campanelli provides a range of commercial real estate services, including site identification, permitting, design, construction, and lease, or sale.

Campanelli said today that it is currently constructing facilities for New Jersey-based Preferred Freezer in Jacksonville, Fla.; Elizabeth, N.J., and Everett.

Campanelli added that it has already completed facilities for Preferred Freezer in Atlanta and Philadelphia as well as in Raynham, Sharon, and Westfield.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:52 PM | Comments (0)

Two local products make "dumbest" list

Fortune, a business magazine and website, revealed today what it calls the "101 Dumbest Moments in Business, 2007," a list of dubious business decisions including some made by such local organizations and brands as One Laptop Per Child and Oral-B.

China topped the list for countless recalls of toys and tainted food products, and drug maker Eli Lilly and Co. ranked second for winning regulatory approval to put Prozac into chewable, beef-flavored pills to treat separation anxiety in dogs, Fortune said.

One Laptop Per Child Foundation of Cambridge was 82 on the list.

The foundation's guiding light is Nicholas Negroponte of the Massachusetts Institute of Technology, and the foundation's goal is to provide low-cost laptops to poor schoolchildren around the globe; the nonprofit has designed its laptop to eventually cost less than $100 each.

But according to Fortune, some Nigerian school children quickly learned how to use the laptops to find adult websites and store their favorite images on the computers' hard drives.

Then there's the case of Oral-B, once a toothbrush brand for Gillette Co. and now part of Procter & Gamble Co.

Oral-B placed 33rd on the Fortune list after P&G attorneys sent a cease-and-desist letter to a British sex-toy company demanding that the company stop using images of Oral-B electric toothbrushes to promote one of its products, Fortune said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:26 PM | Comments (0)

Point Therapeutics gets Nasdaq extension

Biotechnology company Point Therapeutics Inc. said today that a Nasdaq panel granted its request for continued listing on the Nasdaq Capital Market.

Point shares faced delisting because the company doesn't meet the exchange's $1 minimum share price requirement or its $2.5 million stockholders' equity requirement. Nasdaq also said Point became a "public shell," or non-operating company, when it stopped its clinical and research operations.

To remain listed, Point's takeover by privately held Dara BioSciences Inc. must close by Jan. 30 and the two companies must receive approval of their Nasdaq initial listing application.

Nasdaq said there is no guarantee it will grant Point an extension if it does not meet the listing requirements on time.

Point agreed in October to be purchased by Dara for an undisclosed amount, with the two companies submitting the initial listing application because they expected Nasdaq to consider the deal a "reverse merger," a method private companies use to go public.

After the acquisition's anticipated closing during the first quarter, Dara stockholders will hold 96.4 percent of Point shares and Point will be called Dara BioSciences. The transaction is planned as a tax-free reorganization under Internal Revenue Code rules. (AP)

Posted by globebusiness at 12:21 PM | Comments (0)

Gas prices dip a penny in Massachusetts

Gasoline prices are down a penny a gallon in Massachusetts for the second week in a row.

A statewide survey by AAA of Southern New England found an average price is $3.00 for a gallon of regular, self-serve gasoline, compared to $3.01 a week ago.

Last week's one cent per gallon decrease snapped a seven-week string of higher prices.

Massachusetts' average price is a penny above the national figure of $2.99 per gallon. (AP)

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

Genzyme drug gets expanded FDA approval

Genzyme receives expanded FDA approval for its thyroid cancer drug Thyrogen

Biotechnology company Genzyme Corp. said today that the Food and Drug Administration expanded the approved use of its thyroid cancer drug Thyrogen to include the destruction of remaining cancerous tissue following the removal of thyroid glands.

The drug was first approved in 1998 as a treatment for thyroid cancer in patients who have already had their thyroid removed. It allows patients to remain on hormone supplements during testing for recurrent cancer. The new approval allows for its use in combination with radioiodine to destroy any remaining thyroid tissue.

The company received approval for the additional use in Europe in 2005.

About 90 percent of all thyroid cancers potentially fall within the new use category, the company said.

Shares of Genzyme rose 2 cents to $74.89 in morning trading. (AP)

Posted by globebusiness at 12:17 PM | Comments (0)

Stop & Shop pharmacies add Spanish

Stop & Shop Supermarket Co. announced that all its pharmacies now offer Spanish language prescription labels and information.

Quincy-based Stop & Shop operates 389 stores throughout Massachusetts, Connecticut, Rhode Island, Maine, New Hampshire, New York and New Jersey.

The Spanish language service is being offered as a convenience to Stop & Shop Pharmacy customers who prefer to receive their prescription information in Spanish and ensures Spanish-speaking customers have clear and complete instructions when receiving prescriptions, the company said.

Stop & Shop, in conjunction with Language Line Services, also began testing a new program that provides limited English speaking pharmacy customers immediate access to live interpreters who speak more than 170 languages, Stop & Shop said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:14 PM | Comments (0)

Mass. AG reaches settlement with Boston Baby

The office of Massachusetts Attorney General Martha Coakley said today it has reached a settlement agreement with the former president of the now-defunct Boston Baby Inc. of Avon for not paying about a dozen employees.

Harvey L. Slobodkin of Canton has agreed to pay $41,840.84 in restitution to the affected employees, Coakley's office said.

An investigation by the Coakley's office began in March 2006 after several complaints were received by former Boston Baby employees, Coakley's office said.

According to Coakley, the company abruptly closed without explanation in March 2006, and during the final weeks of Boston Baby’s operation, 12 employees did not receive their paychecks.

The amount of money owed to the workers ranged from $1,600 to $5,800, Coakley's office said.
(By Chris Reidy, Globe staff)

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Study: Mass. business taxes spiking up

The state and local tax bill for Massachusetts businesses has increased 45 percent, or $4.2 billion over the past five years, according to a study released today by Associated Industries of Massachusetts, a statewide employers association. The study, conducted by the Big Four accounting firm Ernst & Young LLP, found Massachusetts business taxes grew much faster than non-business taxes, which increased 33 percent since 2002.

The study comes as the Patrick administration and lawmakers consider corporate tax changes, including plugging so-called loopholes that would add to business' tax bill. The study attributes the growth in business taxes to a rebouning economy that boosted corporate profits and hence taxes; tax law changes, including loopholes closed under former Governor Mitt Romney; and increases in unemployment insurance taxes.

All told, the study said, busineses pay nearly 40 percent of combined state and local taxes, and almost half of local property taxes.

"Massachusetts business tax competitiveness is affected by all taxes imposed on business,'' said AIM President Richard Lord. "The Commonwealth's overall tax policy should be to create a simple, fair and predictable system that supports capital investment and new job creation, not to place the state's economy in an even more uncompetitive situation."
(By Robert Gavin, Globe staff)

Posted by globebusiness at 10:54 AM | Comments (0)

BU topping off ceremony today

Mayor Thomas M. Menino is scheduled to attend a topping-off ceremony today for Boston University's newest addition to its student residents village, the Boston Redevelopment Authority, the city's planning agency, said.

Two new buildings, which began going up in January, will eventually accommodate 960 students in "apartment-style and suite-style settings," the BRA said; one building is 26 stories, the other is 19 stories.

BU president Robert A. Brown and BRA director John F. Palmieri are also expected to attend the ceremony, the BRA said.
(By Chris Reidy, Globe staff)

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

Covidien selling its retail products unit

Medical device maker and diversified health care company Covidien Ltd. said today that it is selling its retail products unit to First Quality Enterprises Inc. for $335 million.

The retail products unit, based in King of Prussia, Pa., had sales of $744 million in fiscal 2007, which ended Sept. 28. Covidien, which is based in Mansfield, Mass., was spun off from Tyco International Inc. in June and has since been reviewing its units and product portfolio. The sale is expected to close in early 2008.

First Quality has three divisions that focus on making, selling and distributing absorbent hygiene, paper and non-woven products. The deal gives First Quality a portfolio including adult incontinence products, feminine hygiene products and baby diaper products.

"Following a thorough review and evaluation of strategic alternatives for the business, we determined that the unique characteristics of retail products did not fit with Covidien's goal to be the leading global health care products company," said Richard J. Meelia, president and chief executive of Covidien, in a statement.

Retail products will be reported as a discontinued operation as of Covidien's first fiscal quarter of 2008. (AP)

Posted by globebusiness at 9:53 AM | Comments (0)

Bristol-Myers Squibb to sell medical imaging unit

Drug developer Bristol-Myers Squibb Co. said today that it will sell its Billerica-based medical imaging unit to private equity firm Avista Capital Partners for about $525 million.

The unit, which makes medical imaging products used during ultrasound and other diagnostic procedures, has 800 employees, including 400 in Massachusetts. Bristol-Myers announced plans to put the unit up for sale two weeks ago as part of a broad restructuring plan.The company also said it would lay off about 4,300 employees, or 10 percent of its staff, and close more than half of its manufacturing plants.

"As Bristol-Myers Squibb continues to focus on evolving into a next-generation biopharma company, we determined the best way to maximize the value of medical imaging for shareholders was to sell this business and reinvest the proceeds into our pharmaceutical research, development and commercialization efforts," said Bristol-Myers Chief Executive James M. Cornelius.

The sale of the medical imaging business is expected to close by the end of January.

Avista said this marks the company's sixth investment in the health-care industry, including the buyout of Boston Scientific Corp.'s fluid management and venous access businesses for $425 million in cash, announced Thursday.
(By Todd Wallack, Globe staff and AP)

Posted by globebusiness at 9:12 AM | Comments (0)

Advent takes majority stake in Hudson

Hudson Group said today that it has signed a definitive agreement with global private equity firm Advent International, based in Boston, making Advent the majority owner.

New Jersey-based Hudson Group operates more than 550 newsstands, bookstores, cafes, and specialty retail concessions in 69 airports and transportation terminals throughout the United States and Canada, including more than 400 Hudson News stores.

Hudson said its revenues are set to top $630 million in 2007.

With Advent, Hudson said it will leverage its position as the premier travel retailer in North America, enabling future strategic acquisitions and the global expansion of the brand.

The existing management team, led by president and founder Mario DiDomizio and executive vice president and chief operating officer Joseph DiDomizio, will continue to manage the business, Hudson said.
(By Chris Reidy, Globe staff)

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

Starent powers Mexican mobile operator

Starent Networks Corp. today announced Mexican mobile operator Iusacell is using Starent Networks' ST16 Multimedia Core Platform to deliver multimedia applications, such as streaming video, over one of its networks.

Tewksbury-based Starent is a provider of infrastructure hardware and software products that enable mobile operators to deliver multi-media services to their subscribers.

"Latin America is a large growth area for mobile services and is an important region for mobile communications and for Starent Networks," Ashraf Dahod, chief executive of Starent Networks, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:49 AM | Comments (0)

Cognex gives employee $25k to donate

On Wednesday, Cognex Corp. said it plans to give an employee $25,000 to donate to charities of the employee's choice.

The Natick company designs, develops, manufactures, and markets machine vision systems, or computers that can see. They are used to automate a range of manufacturing processes.

The Cognex program is called the 25-Year Perseverance Award, in which employees with 25 years of service are given the opportunity to become philanthropists and share their success with others.

One of the first employees to receive the reward is using the money to fund girls’ education in third world countries, Cognex said.

For each 25-year employee, Cognex said it opens a $25,000 Fidelity Charitable Gift Fund that they can use to make contributions to one or more charities of their choice.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:47 AM | Comments (0)

Emerging companies reconsidering exit strategies

Emerging companies are experiencing greater uncertainty in the current private equity and venture capital market, but are not panicked or pessimistic about market conditions.

That's the headline of a national survey conducted by Foley & Lardner LLP, a national law firm with offices in Boston.

Due to predictions of less growth in emerging company valuations and decreased access to capital over the next two years, more entrepreneurs are uncertain of their exit strategy and have extended their exit timeframe, compared to surveys conducted in previous years, the survey found.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:41 AM | Comments (0)

Wise Construction completes Emerson project

Wise Construction Corp. announced that it has recently completed renovations of the Walker Building, a 180,000 square-foot core-teaching facility at Emerson College in Boston.

Winchester-based Wise Construction is a construction management firm specializing in the healthcare, biotechnology, education and corporate clients.

The Walker Building project included renovations to the library, cafe, administrative offices, and counseling center as well as upgrades to the building's mechanical, electrical and plumbing systems, Wise Construction said.

Wise Construction said it worked on the project in conjunction with the project design team of Darlow Christ Architects of Cambridge.
(By Chris Reidy, Globe staff)

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

CompUSA launches consumer site

CompUSA, a consumer-electronics-and-technology chain that is going out of business, announced a special website to provide consumers with up-to-date information related to the company’s customer service programs and policies.

The website can be accessed at www.compusaconsumerhelp.com.

Headquartered in Texas, CompUSA announced earlier this month that it has been acquired by an affiliate of Gordon Brothers Group, LLC, a Boston-based advisory, restructuring, and investment firm focused on the retail, consumer products, real estate and industrial sectors.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:30 AM | Comments (0)

Survey: December "vacation heavy"

More than half of all full-time employees plan to take time off during "vacation heavy" December, according to a survey commissioned by Kronos Inc.

The Chelmsford firm supplies software and services that help companies and organizations manage their work forces.

This year in particular, with both Christmas Eve, Dec. 24 and New Year’s Eve, Dec. 31, falling on Mondays, many of those who are employed full-time are planning to make long weekends out of both, Kronos said.

According to the Kronos surve, 63 percent of the respondents who were full-time employees plan to take the day off on Dec. 24, with 49 percent of these having the day off as a holiday and the rest, 14 percent, planning to take it off using paid or unpaid leave.
(By Chris Reidy, Globe staff)

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

December 14, 2007

Army cancels Robotic FX contract

The Army has canceled a $280 million contract with a Chicago-area robot maker that is being sued by iRobot Corp. of Burlington.

Robotic FX Inc. of Alsip, Ill., in September won the contract to supply up to 3,000 robots for use by bomb-disposal soldiers in Iraq and Afghanistan. At the same time, iRobot was suing Robotic FXcq in federal courts in Massachusetts and Alabama. The suits alleged the Robotic FX robots featured patented technologies and trade secrets belonging to iRobot.

Joanne Byrd, the Army administrator overseeing the contract, said in October that she was putting the deal on hold pending further investigation.

On Friday, Byrd said ‘‘The Robotic FX contract is no longer in existence.’’ She cited ‘‘peripheral complications’’ as the reason for the cancellation, but offered no further details.

Officials of Robotic FX could not be reached for comment, and iRobot officials said they had no additional information about the government’s decision. (By Hiawatha Bray, Globe staff)

Posted by globebusiness at 6:17 PM | Comments (0)

Chiofaro completes purchase of Harbor Garage

Developer Donald J. Chiofaro issued a statement today saying that his Chiofaro Co. has closed the previously announced deal to purchase the Harbor Garage.

A Globe story last month noted that Chiofaro, who developed International Place, had agreed to buy the Harbor Garage, between the New England Aquarium and the new Greenway on Boston's waterfront, for about $155 million; he also said he would probably replace the garage with a large complex of offices, residences, and a hotel.

Today Chiofaro said through a spokeswoman that he had no further details to offer on his plans for the site beyond what he said last month.

Sometimes referred to as the Aquarium garage, the seven-story block of concrete, with parking for 1,380 cars, went on the market in June. It was designed by the firm of I.M. Pei and built in the 1960s, and has been owned since 2002 by InterPark, the Globe story from last month noted; the garage site is next to the two 40-story Harbor Towers condo buildings.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:46 PM | Comments (0)

Harvard Bioscience gets buyout offer

Skystone Advisors LLC has offered to buy out scientific instruments maker Harvard Bioscience Inc. for $5 per share in cash, according to a Securities and Exchange Commission filing today.

Skystone's funds currently own about 15.4 percent of the Holliston, Mass.-based company's shares.

In a letter to Harvard Bioscience's board sent Dec. 12 and filed with the SEC, Skystone said it believes its offer represents "a superior financial alternative" for shareholders.

"In order for the company to begin to realize its potential, we believe the company needs to execute a plan to roughly double its revenue and pretax profits within the next three years," wrote Kerry Nelson, Skystone's managing member.

The company can achieve this only through aggressive acquisitions, Nelson continued. There is significant risk to executing this acquisition strategy while trying to meet the requirements of being a public company, the letter said.

Skystone said the company's planned buyback of up to $10 million of stock, announced Dec. 6, will only increase the liquidity problem.

Skystone, which has been an investor since September 2005, said it may consider raising the offer price following due diligence of the company.

Harvard Bioscience shares jumped 21 cents, or 4.9 percent, to $4.47 in midday trading. Shares have traded between $3.62 and $6.18 in the past 12 months. (AP)

Posted by globebusiness at 12:46 PM | Comments (0)

FDA panel recommends new Hologic device

An advisory panel to the Food and Drug Administration recommended on Thursday the approval of a new method for sterilizing women that would give them another option to tubal ligation.

The alternative procedure recommended takes about 15 minutes to complete and involves using radio signals to create a lesion inside the fallopian tube. A catheter delivers a soft material smaller than a grain of rice into the tube. Healthy tissue then grows on and around the material to create a permanent blockage. Patients are typically able to return to work within a day.

The device, called Adiana, is made by Hologic Inc. of Bedford, Mass. The company markets the product as a low-risk procedure that can be performed in the doctor's office. Overall, about 700,000 women in the U.S. elect to have their tubes tied each year, which typically occurs in a hospital operating room.

FDA documents showed that the procedure was not foolproof. During a clinical trial, 570 women were told they could rely on Adiana for contraception. That assurance came after they had the procedure and made follow-up visits to the doctor. During the 15 months following the procedure, pregnancies occurred in 11 cases. Five of the pregnancies happened while the women were told to rely also on alternative birth control. Six pregnancies occurred after they were told they could rely exclusively on Adiana.

The FDA said the one-year efficacy rate for Adiana was 98.9 percent.

The recommendation for Adiana's approval came from the FDA's Obstetrics and Gynecology Devices Panel. The vote was 10-3, and the approval came with six conditions. They include long-term follow-up of current patients, the conducting of studies tracking patients yet to be treated and a requirement that the company will have to make adjustments to the product's suggested labeling with emphasis on the uncertainty of "long-term effectiveness and risk."

Company officials said they had not yet set a price for the procedure. It will be up to the FDA to determine when Adiana will be made available to the public. (AP)

Posted by globebusiness at 12:43 PM | Comments (0)

Boston consumer price index rises

The consumer price index for Greater Boston rose 1.2 percent for the two-month period that ended in November, the highest bimonthly increase since September 2005.

The index report was issued by the Bureau of Labor Statistics, part of the US Department of Labor, and factors contributing to the increase included higher gasoline costs and, to a lesser extent, increases in education and household energy costs, the bureau said.

The Boston-area consumer price index was up 3.4 percent over the year, the bureau said.

Among metropolitan areas nationwide, Boston's annual increase was lowest while Chicago's 5.0 percent increase was highest, said the bureau, which added that the US city average consumer-price-index increase was 4.3 percent from a year ago.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:50 AM | Comments (0)

Weber's social media book goes into 3rd printing

Local Internet marketing guru Larry Weber announced today that his book, "Marketing to the Social Web: How Digital Customer Communities Build Your Business," has just gone into its third printing.

One audience that Weber and his company, W2 Group Inc. of Waltham, are seeking to court are corporate chief marketing officers, or CMOs.

"It's exciting to see how the book is taking off and that CMOs are increasingly giving social media marketing a seat at the table," Weber said in a statement.

W2 describes itself as "a global marketing services ecosystem organized to help CMOs in their new role as builders of communities and content aggregators."

A translation of the book in Russian will be published in 2008, Weber added.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:47 AM | Comments (0)

Mass. likely spared Novartis layoffs

Massachusetts will likely be spared from a massive layoff at Novartis AG, the Swiss pharmaceuticals giant with major operations in Cambridge.

Novartis AG said Thursday it plans to cut 2,500 jobs worldwide by 2010 in an attempt to save US$1.6 billion, becoming the latest major pharmaceutical company to announce layoffs.

The drug company, which employs 2,000 workers in Massachusetts, hasn't publicly given details about where all the cuts will occur. But two company officials said the Massachusetts operations will probably be unaffected, since they are growing.

Novartis also offered a downbeat outlook for its U.S. pharmaceutical business in the first quarter due to generic competition for four drugs and lost sales on a discontinued product.

Novartis said it would take a restructuring charge of about US$450 million (euro306 million) in the fourth quarter of this year because of the job cuts. The company had already announced in October that it would slash 1,260 jobs in U.S. pharmaceuticals marketing and sales. The new cuts represent about 2.5 percent of Novartis' global work force.

Other major drug companies have announced job losses in recent weeks as the industry tightens its belt against generic competition following expirations of key drug patents. The list includes Pfizer Inc., Merck & Co., Bristol-Myers Squibb and GlaxoSmithKline PLC.

"We have taken the opportunity given the short-term down-cycle in our pharmaceuticals business to initiate this project," Chairman and Chief Executive Daniel Vasella said. "This will simplify our organization and redesign the way we operate."

Growth in the U.S. will be hurt by the loss of sales from bowel drug Zelnorm and generic competition for the company's Lamisil, Lotrel, Famvir and Trileptal drugs, the company said.

"We expect the first quarter to again be strongly negative, while there will be around zero growth in the second (quarter)," Vasella said on a conference call.

Novartis had said in October that its third-quarter earnings more than tripled from large divestments -- including the sale of its Gerber baby foods and Medical Nutrition units to Nestle SA -- but poor U.S. pharmaceuticals sales forced it to cut 1,260 American jobs and reorganize its divisional management. Without the divestments, Novartis' profit fell 12 percent in the third quarter.

The company has struggled with increased regulatory demands and stronger competition from generics in the United States. It says it has partly balanced these setbacks through strong growth in its vaccines and diagnostics division, and sales of its own generic drugs.

The company makes hypertension drug Diovan, leukemia drug Gleevec -- known as Glivec in Europe -- and breast cancer treatment Femara, among others.

The Basel-based pharmaceutical maker said Thursday that it would focus on engineering new drugs. It also said it would streamline its units and improve its sales force organization to begin expanding its presence in emerging markets such as Africa, Central Asia and Southeast Asia.
(By Todd Wallack, Globe staff, with wire reports)

Posted by globebusiness at 10:43 AM | Comments (0)

Schilling pitches game design contest

Boston Red Sox pitcher Curt Schilling is issuing a challenge to students at Massachusetts-area universities: Design a video game.

When not throwing strikes, Schilling is the founder of 38 Studios, a Maynard-based company dedicated to delivering a broad spectrum of entertainment products, and today 38 Studios announced the First Annual Massachusetts Game Challenge.

According to the contest's rules, students must establish teams of no less than two and no more than three eligible members. Each team is strongly encouraged to contain members of varied disciplines of study such as engineering, art, and marketing.

The mission? Build a playable video game featuring the 38 Studios mascot and his alter ego, Mean Munch, as well as create additional characters for Munch's "posse."

Winners of the contest will be announced on or before April 21, the company said, and first prize is $3,000 to each winning team member; second prize is $2,000 each; and third prize is $1,000 each, the company said.

"The Boston area is a growing hotbed of game development," Schilling said in a statement. "This contest encourages students to demonstrate their talents, as well as raise awareness of what it takes to release a product into the competitive video game industry."

The deadline for submissions is February 18, the company said.

For complete rules and other details regarding the contest, visit the 38 Studios web site at www.38studios.com.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:24 AM | Comments (0)

Talbots makes executive changes to "realign"

Talbots Inc., a Hingham-based retailer best known for women's clothing, announced more changes today as it looks to re-energize its brand.

Talbots today announced that it has named two senior executives with extensive merchandising and design expertise who will work closely together to "realign Talbots product and elevate its brand image," the company said

Talbots said it has appointed Michael Smaldone as chief creative officer of the Talbots brand and Basha Cohen as executive vice president and chief merchandising executive of the Talbots brand.

Both will report directly to Trudy F. Sullivan, Talbots president and chief executive, who joined the company earlier this year.

The company currently operates 1,428 stores under the brand names of Talbots and J. Jill.

Talbots forte is classically styled clothing for women 35 and older, but as casual clothing becomes increasingly permissible in the work place, many women are opting to dress down or go for edgier fashions than Talbots is known for.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:54 AM | Comments (0)

Memsic prices IPO at $10 a share

Shares of Memsic Inc. are expected to begin trading Friday after its initial public offering of 6 million shares priced at $10 per share, below the expected price range.

Memsic, which develops semiconductors used for motion, direction and pressure sensing applications, expected the IPO to price between $11 and $13 per share.

Based on the offering price, Memsic has a market capitalization of roughly $226.2 million and raised $60 million from the IPO, before expenses.

Memsic plans to use the net proceeds from the IPO to expand an existing manufacturing plant in Wuxi, China, and to fund the construction of a new plant there. The proceeds will also be used for acquisitions, research and development, capital expenditures, working capital and other general corporate purposes.

Memsic uses micro electromechanical, or MEMS, technology to create semiconductor sensors and systems. Its products are used to measure tilt, shock, vibration and acceleration and have a wide range of applications such as in mobile phones, automotive safety systems and video projectors. The Andover, Mass.-based company, which has a subsidiary in China, has shipped more than 25 million units since 2004.

For the nine months ended Sept. 30, the company's earnings increased to $4.7 million, from $806,000 in the first nine months of 2006. During the same period, net sales rose to $18.8 million from $9.2 million.

Citi served as the IPO's sole bookrunning manager. Jefferies & Co., Needham & Co. and Thomas Weisel Partners were also underwriters for the offering.

The underwriters have an option to buy up to 900,000 additional shares to cover any overallotments.

Memsic shares will trade on the Nasdaq Global Market under the symbol "MEMS." (AP)

Posted by globebusiness at 9:49 AM | Comments (0)

Thermal North America sale completed

A French conglomerate yesterday completed the takeover of Thermal North America, Inc., the Boston parent of the steam utility Trigen. The deal was valued at $788 million in June, when the acquisition by Veolia Energy, a unit of Veolia Environnement of Paris, was first announced. A final purchase price was not disclosed.

Thermal's Trigen provides steam for heating buildings in nine US cities, including Boston, and cooling networks in two. The company employs about 450, including about 100 in Boston, where it serves 230 office, hospital, and hotel buildings through a 22-mile network of pipes.

Mayor Thomas M. Menino has pushed for stricter regulation of steam utilities after steam leaks in recent years ago burned a child and woman, tied up traffic and sent temperatures to 116 degrees in a Chinatown basement. Veolia said after the deal was announced that it was committed to safety and upgrading the system.
(By Robert Gavin, Globe staff)

Posted by globebusiness at 9:43 AM | Comments (0)

Liberty Mutual enhances liability offering

Liberty Mutual, a Boston-based global insurance company, said it has "substantially enhanced" its general liability offering to mid-market businesses in order to account for key coverage gaps in the industry.

In addition, Liberty Mutual said it is expanding general liability coverages for 10 specific industry segments in the middle market.

"As the needs of our customers evolve, it's important that our offerings keep pace," Tom Rudder, a Liberty Mutual executive vice president, said in a statement. "By keeping current on case law and routinely analyzing industry coverages on behalf of our customers, we've identified exposures and common gaps that are addressed with these enhancements."
(By Chris Reidy, Globe staff)

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

Reebok donates to Oakland high school

Reebok, the Canton-based athletic footwear and apparel brand, said it has teamed up with one of its basketball endorsers to support Oakland High School in Oakland, Calif.

Baron Davis of the Golden State Warriors joined to provide product to the school and scholarships to two deserving students as part of the "Reebok 4 Real Education & Community Program," Reebok said.

Davis and Reebok, a subsidiary of the Adidas Group, are conducting an essay contest with a $2,500 scholarship prize to be awarded to one male and one female senior at the school.

"Reebok 4 Real is about empowering youth around the world to fulfill their potential and lead healthy, active lives. It is our responsibility to make a positive, lasting difference in the lives of young people locally and globally," Denise Kaigler, Reebok's head of global corporate communications and corporate citizenship, said in a statement.
(By Chris Reidy, Globe staff)

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

Analyst bullish on Boston Beer

A Wachovia analyst today initiated coverage on several beverage companies and gave Fortune Brands Inc. and The Boston Beer Co. "Outperform" ratings.

Analyst Jonathan Feeney said Fortune Brands, which makes consumer products ranging from Jim Beam bourbon to Moen faucets, is a good value because of its mix of spirits, home and golf brands. The company can can focus on its spirits business instead of its home products as the housing market sags, he said.

"Fortune clearly joined the club of top global spirits businesses in 2005 with the Allied Domecq brands, but has yet to be proportionately recognized with the multiple accorded these growing, high-return businesses," Feeney wrote.

Meanwhile, he said brewer Boston Beer will benefit from a brewery in Lehigh Valley, Pa., it acquired in August from Diageo PLC's U.S. division.

The cost of the brewery and higher costs for hops, grains, kegs and logistics have caused analysts to lower earnings estimates. However, Feeney said the acquisition had more positives than negatives.

"This transaction triples in-house capacity (adds 1.4 million barrels), necessary to support Boston Beer's category driven growth," he said.

He gave both companies "Outperform" ratings.

He also praised PepsiCo Inc.'s distribution-driven management style, expansion into emerging markets and its innovation with new products.

"In our view, PepsiCo's long-term international opportunities, coupled with its dominant market positions in North America strengthen the company's already best in class position in the food and beverage space," he wrote.

Finally, Feeney said Anheuser-Busch Cos. has remained the dominant player in the beer industry, despite competition from spirits, imported beer, SABMiller PLC, global consolidation and a low-carb craze, with a 48 percent market share.

"Alliances and co-distribution have pressured margins, but we can be thankful A-B didn't deleverage its competitive advantage by doing a dilutive spirits or wine deal," Feeney wrote.

Feeney gave PepsiCo and Anheuser-Busch "Market Perform" ratings. (AP)

Posted by globebusiness at 8:51 AM | Comments (0)

Peermeta names Ricotta to top spot

Peermeta Inc. today announced the appointment of Jim Ricotta as president and chief executive.

The Acton company bills itself as an early stage mobile software platform developer focused on the intersection of digitized content, Web 2.0 services, and mobile technologies.

Most recently, Ricotta was vice president and general manager of the appliance business unit for IBM Corp., Peermeta said.
(By Chris Reidy, Globe staff)

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

Early online holiday shopping up

Online shoppers spent more than $20 billion between Nov. 1 and Dec. 11, marking a 19-percent gain versus the corresponding days last year, reported comScore Inc.

The Virginia company tracks online spending.

“Green Monday,” a term recently coined by eBay Inc. to describe the second Monday in December as the heaviest online spending day of the season, may well live up to its lofty billing, as US online retail spending on December 10 reached $881 million, up 33 percent versus last year, setting a record as the heaviest online spending day in history, comScore said.
(By Chris Reidy, Globe staff)

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

Dahn & Leahy team up with Hanify & King

Two local firms said they are teaming up to offer a broader range of financial and legal services.

Dahn & Leahy LLP, an Andover-based consulting firm, and Boston law firm Hanify & King P.C. announced a strategic alliance to make the professional services of each firm available to clients.

The alliance converges tax, legal, investor relations, treasury,and international trade services and enables each of the firms to offer more comprehensive and cohesive business solutions to its clients, the firms said.
(By Chris Reidy, Globe staff)

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

Anti-tobacco campaign consolidates with Arnold

The American Legacy Foundation announced that for financial reasons, it will consolidate the advertising efforts for the "truth" youth smoking prevention campaign solely with Boston ad agency Arnold Worldwide, effective in 2008.

According to the foundation, the announcement follows seven years of a successful partnership between the foundation, Arnold, and Florida ad agency Crispin Porter + Bogusky, or CP+B.

The foundation said it is hopeful that funding for the campaign will return to higher levels in the future allowing a resumption of a working arrangement with both Arnold and CP+B.

Created as a result of the 1998 settlement agreement reached between attorneys general from 46 states, five U.S. territories, and the tobacco industry, the American Legacy Foundation is dedicated to building a world where young people reject tobacco.
(By Chris Reidy, Globe staff)

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

Alnylam names Greene president

Alnylam Pharmaceuticals Inc. of Cambridge today announced that it has promoted Barry Greene to the position of president and chief operating officer.

Greene previously held the title of chief operating officer.

In his new role, he will assume responsibility for business, corporate, and commercial development activities and will continue to report to John Maraganore, who remains the company's chief executive.

Alnylam is a biopharmaceutical company seeking to develop novel technologies based on RNA interference, or RNAi, a naturally occurring mechanism within cells for selectively silencing and regulating specific genes.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:13 AM | Comments (0)

December 13, 2007

FDA panel questions pregnancy prevention device

An advisory panel today expressed concern about whether an experimental sterilization device made by Hologic Inc. is effective, calling the Bedford company’s data inconclusive.

Advisers to the Food and Drug Administration said the device is generally safe, but a majority had doubts about whether the stated success rate in preventing pregnancies can be generalized to the population, because of problems with the study’s design.

The system, called Adiana, uses a catheter to implant a silicone device in the Fallopian tubes to prevent pregnancy.

The FDA is not bound to accept such panels’ advice, but typically it does.
(Reuters)

Posted by globebusiness at 4:15 PM | Comments (0)

Fidelity sponsors college philanthropy program

In an effort to nurture a future generation of philanthropists, the charitable arm of Fidelity Investments is giving five colleges nationwide -- including Boston University, the only school selected in Massachusetts -- a $15,000 fund that committees of students will decide how to distribute as grants.

The program, sponsored by the Fidelity Charitable Gift Fund, the country's fourth-largest public charity, will put the students in the role of real-life philanthropists. Just as trustees at private foundations and other grant-making organizations do, they will have a chance to form boards of directors, create donor guidelines, research prospective grant recipients, choose which nonprofit groups should get the money, and determine how much they should receive.

"They get to do the whole thing," said Kristen McCormack, faculty director of the public and nonprofit management program at Boston University's School of Management, which offers a philanthropy course that will dovetail with Fidelity's program. "It's a really awesome way to learn about nonprofit management and noprofit organizations."
(By Sacha Pfeiffer, Globe staff)

Posted by globebusiness at 4:04 PM | Comments (0)

Airport's geared up for storm; flights canceled

Logan International Airport officials says they are geared up to deal with the season’s first significant snowstorm, which forecasters predict will drop 6 to 10 inches of snow today.

Before snow started falling around noon, Logan officials said, all 50 pieces of its snow-removal equipment were ready to roll down the runways, and portable snow melters were positioned throughout the airfield.

Nevertheless, by 1:45 p.m. American Airlines, Delta Air Lines, JetBlue Airways, Northwest Airlines, United Airlines, and US Airways had canceled 48 flights that were scheduled to arrive in Boston through 7:15 p.m.

Airport officials encourage passengers to check the status of their flights before heading to Logan.
They have also asked concessionaires to stay open late and to make sure their inventories are stocked.
(By Nicole C. Wong, Globe staff)

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

Microsoft starts public test of rival to VMware

Microsoft Corp. said today that it has begun public trials of new virtualization software that competes with programs from VMware Inc., saying the tests are starting ahead of schedule.

EMC Corp., the Hopkinton storage giant owns a majority stake in California-based VMware, and EMC stock fell 3.7 percent in mid-day trading on the New York Stock Exchange.

VMware shares fell 6 percent on the New York exchange, while on the Nasdaq Stock Market, Microsoft shares rose 2.5 percent following Microsoft's announcement that it has released the trial software, known as Hyper-V.

Microsoft of Washington state said it previously told customers the first public release of the test version of Hyper-V would come out in the first quarter of next year.

Global Equities Research analyst Trip Chowdhry said the release of the trial versions of the Microsoft virtualization programs, which come on the heels of Oracle Corp's unexpected entry last month into the market for virtualization software, is bad news for VMware.

Chowdhry said that engineers at Microsoft have told him Microsoft's virtualization programs are three times as efficient as those from VMware. Oracle has publicly made a similar claim.

Officials with VMware could not immediately be reached for comment. (Reuters)

Posted by globebusiness at 1:59 PM | Comments (0)

Hartford Financial will buy Sun Life Hub unit

The Hartford Financial Services Group Inc., an insurer and investment manager, said today it has agreed to acquire Boston-based Sun Life Retirement Services Inc. from the U.S. division of Sun Life Financial Inc.

Sun Life Retirement, which provides record keeping and administrative services to defined-contribution plans, was formerly known as MFS Retirement Services.

The acquisition is expected to close during first quarter of 2008. Financial terms were not disclosed, but Hartford Financial said the deal is not expected to have a material impact on its operations.

Hartford Financial said the acquisition will increase its retirement-plan assets by nearly two-thirds to about $46 billion across more than 24,000 plans. The company will also add 465,000 retirement-plan participants to its business for a total of 1.3 million.

Hartford Financial said each of Sun Life Retirement's more than 400 employees will be offered positions with the company. Hartford Financial also plans to maintain Sun Life Retirement's current sites in Boston and Phoenix.

In afternoon trading on the New York Stock Exchange, Hartford Financial shares fell $1.65 to $88.60, and Sun Life Financial shares fell 66 cents to $53.58. (AP)

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

Major lender leaves Massachusetts

Washington Mutual Inc., one of the nation's 10 largest mortgage lenders, has shuttered all seven of its offices in Massachusetts.

A sign on the door of the company's South End store directed customers to contact an office in Connecticut, which is now the location closest to Boston.

A company spokesman said people in Massachusetts still could borrow from WaMu, either by working through a mortgage broker or by contacting the company directly. "What we're doing is exiting the brick-and-mortar home loan presence there," said spokesman Shane Winn.

He said the stores would not be sold to another mortgage company.

The closings are part of a broader decision by Washington Mutual, announced Monday, to close 190 of its 336 mortgage offices nationwide, and to stop making subprime loans.

Washington Mutual also said it would cut more than 3,000 jobs, or about 11 percent of its workforce, and take other financial austerity measures, including reducing its dividend to shareholders by 73 percent.

The company, based in Seattle, is struggling with declining demand for new mortgages and rising defaults on loans it has already made. Washington Mutual is the largest survivor of the savings-and-loan industry, which mostly collapsed after a similar lending debacle in the 1980s.
(By Binyamin Appelbaum, Globe staff)

Posted by globebusiness at 12:34 PM | Comments (0)

iSkoot taps new chief executive

Cambridge's iSkoot Inc. a provider of mobile VoIP solutions, today announced that they have brought Mark Jacobstein aboard as its new chief executive.

Jacobstein most recently served as executive vice president at loopt Inc., a social mapping startup in California, iSkoot said.

Jacobstein’s appointment follows iSkoot’s collaboration with Skype, an Internet telephone service, for the global launch of the 3 Skypephone, a Skype-enabled mobile handset, said iSkoot, which is focused on enabling mobile Internet voice and chat services.
(By Chris Reidy, Globe staff)

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

Amag: Partner pulls application of imaging agent

Cambridge biotechnology company Amag Pharmaceuticals Inc. said today that its European marketing partner Guerbet S.A. withdrew the application for a stalled cancer imaging agent.

Guerbet, based in France, told Amag that European regulators indicated the data for Sinerem did not show sufficient effectiveness. It applied for approval in November 2006.

The imaging agent, called Combidex in the U.S., has been stalled with the Food and Drug Administration since March 2005, when the regulatory body asked for additional data.

Combidex, or Sinerem, is aimed at detecting cancerous lymph nodes in conjunction with magnetic resonance imaging.

Guerbet said it is evaluating its options as to how it can fulfill European regulatory requirements. Meanwhile, Amag said it is trying to determine whether additional data from a European late-stage study along with other information will satisfy the FDA's request for more information.

"Based on a preliminary review of the data from the Guerbet trial, it remains highly uncertain whether the data from that trial will be sufficient to address the concerns raised by the FDA," Amag said in a statement.

Shares of Amag fell $2.64, or 4.3 percent, to $59.51 in morning trading on the Nasdaq Stock Exchange. The stock has traded between $51.17 and $72.95 over the last 52 weeks. (AP)

Posted by globebusiness at 11:04 AM | Comments (0)

Biogen Idec shares plunge 28 percent

Shares in Biogen Idec Inc. dropped 28 percent in trading today after the Cambridge biotechnology company said it failed to find a buyer and would remain independent.

In early trading on the Nasdaq Stock Market, Biogen Idec shares were down $21.63, or 28 percent, at $54.24.

Two months ago, the company said it was considering putting itself up for sale. A strategic review began Oct. 12 after billionaire investor Carl Icahn bought up shares of Biogen Idec, which analysts expected could have fetched a price of more than $20 billion.

Icahn's investment led to speculation that he could be preparing a buyout bid or might seek to increase the value of his shares by encouraging a higher bid by a major pharmaceutical company.

But the Cambridge-based company said after the markets closed yesterday that a search for a possible buyer failed to yield any definitive offers.

It said the board had decided the firm "will continue on its present course as an independent company."

The company makes drugs to treat conditions including multiple sclerosis and arthritis.

Cowen & Co. analyst Eric Schmidt said the stock's rise in the wake of the Icahn buy could have scared away potential buyers, who found the company too pricey.

Schmidt said potential buyers also may have held off because of Biogen Idec's partnerships with Genentech Inc. and Elan Corp. for some of its key drugs -- relationships that could have created complications for any buyer.

As for Icahn's failure to submit a definitive offer, Schmidt said, "I don't think Icahn was ever serious about buying at any price. I don't think he's in the business of buying biotech companies for around $20 billion."

Deutsche Bank analyst Jennifer Chao said lingering safety concerns about Biogen Idec's MS drug Tysabri also could have scared off potential buyers.

Biogen Idec became the second Boston area biotech firm this month to commit to remaining independent after investments by Icahn. Last week, the chief executive of Genzyme Corp. said he had no interest in selling his company, despite speculation that Icahn's recent purchase of Genzyme shares could trigger a sale.

Icahn often pushes for major changes at companies he invests in, and his threat of a shareholder fight at MedImmune Inc. preceded the purchase of the Gaithersburg, Md.-based drug maker by AstraZeneca PLC for $15.6 billion in April.

In Biogen Idec's case, Wall Street analysts speculated that potential buyers could include Pfizer Inc., GlaxoSmithKline PLC, Sanofi-Aventis SA, and Novartis AG.

A couple weeks after the review began, Biogen chief executive James Mullen called the uncertainty about a sale "unsettling" for Biogen's nearly 4,000 employees and said he hoped to conclude the process "as quickly as is reasonable." (AP)

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

Fidelity sponsors college philanthropy program

In an effort to nurture a future generation of philanthropists, the charitable arm of Fidelity Investments is giving five colleges nationwide -- including Boston University, the only school selected in Massachusetts -- a $15,000 fund that committees of students will decide how to distribute as grants.

The program, sponsored by the Fidelity Charitable Gift Fund, the country's fourth-largest public charity, will put the students in the role of real-life philanthropists. Just as trustees at private foundations and other grant-making organizations do, they will have a chance to form boards of directors, create donor guidelines, research prospective grant recipients, choose which nonprofit groups should get the money, and determine how much they should receive.

"They get to do the whole thing," said Kristen McCormack, faculty director of the public and nonprofit management program at Boston University's School of Management, which offers a philanthropy course that will dovetail with Fidelity's program. "It's a really awesome way to learn about nonprofit management and noprofit organizations."
(By Sacha Pfeiffer, Globe staff)

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

IDC issues bullish forecast

Interactive Data expects to hit top end of revenue target for 2007

Interactive Data Corp. said today that it expects to hit the high end of its revenue forecast this year.

The financial data provider in October forecast 2007 sales to increase 11 percent to 12 percent. On Thursday, the company said it expects sales to rise 12 percent for the year, which implies 2007 revenue of $685.9 million.

Analysts polled by Thomson Financial forecast revenue of $685 million.

Shares of Interactive Data fell 5 cents to $31.34 in morning trading today. (AP)

Posted by globebusiness at 10:30 AM | Comments (0)

American Dental Partners shares plunge on court decision

Shares of American Dental Partners Inc., which provides business services to dental practices, plunged this morning after a Minnesota District Court found it liable to PDG PA for compensatory damages of nearly $88.3 million.

The jury on Wednesday found American Dental or one of its Minnesota subsidiaries liable for breaches of the service agreement, implied covenant of good faith and fair dealing, fiduciary duty and tortious interference with contract or prospective advantage.

The jury is now considering whether PDG should also be awarded punitive damages, according to American Dental, which said it "is considering and evaluating the jury's verdict and the company's options."

Shares of American Dental dived $7.47, or 52 percent, to a 52-week low of $6.87 in morning trading. The stock has ranged from $14.19 to $29.50 over the past year. (AP)

Posted by globebusiness at 10:13 AM | Comments (0)

Novelos reports positive hepatitis treatment results

Newton biopharmaceutical company Novelos Therapeutics Inc. today reported encouraging preliminary results for a hepatitis C treatment.

Novelos is focused on the development of therapeutics to treat cancer and hepatitis, and it said today that it has concluded the initial U.S.-based Phase 1b trial evaluating NOV-205 as monotherapy in chronic hepatitis C genotype 1 patients who previously failed treatment with pegylated interferon plus ribavirin.

Based on favorable safety data in this 14-dose trial with 18 subjects - 12 treated with NOV-205 and six with placebo - Novelos said it plans to initiate a longer proof-of-concept trial in hepatitis C non-responders in the second half of 2008.
(By Chris Reidy, Globe staff)

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

Toth Brand Imaging lands K-Swiss ad account

K-Swiss Inc. has named Toth Brand Imaging of Cambridge to be the advertising agency of record for the K-Swiss brand of athletic and lifestyle footwear and apparel, Toth said.

Toth said it will work closely with K-Swiss to help the California company recapture its premium sports roots.

Billings were not disclosed in Toth's press release, but Toth said its team will be responsible for developing a branding campaign that uses TV, print, outdoor, and online messaging; new work is expected to debut in March.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:11 AM | Comments (0)

Stop & Shop raises $1.24m for hunger relief

The Stop & Shop Supermarket Company said it has raised $1.24 million for hunger relief in this year’s Food for Friends campaign.

The program, in its 18th year, supports local and regional food pantries in the Northeast, said the Quincy-based company, which operates 389 stores in the region.

As part of the Food for Friends campaign, each Stop & Shop store sold paper turkeys at checkout in $1, $3, and $5 denominations, and 100 percent of the funds raised will be donated to local and regional hunger relief organizations, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:08 AM | Comments (0)

Spire renames Bandwidth Semiconductor

Spire Corp. today announced that Bandwidth Semiconductor, a wholly owned subsidiary, will become Spire Semiconductor effective Jan. 1.

Bedford-based Spire provides turnkey solar factories and capital equipment to manufacture photovoltaic modules worldwide, and Spire said the name-change will better align Bandwidth with Spire's overall solar industry focus.

Bandwidth currently provides Spire with crystalline silicon solar-cell process technology and has re-entered the fast-growing, gallium arsenide (GaAs) concentrator solar cell market, Spire said.

"GaAs solar cell activities are growing at Spire Semiconductor and are supplementing revenue growth from its portfolio of defense, biomedical, and consumer products," Roger G. Little, Spire's chairman and chief executive, noted in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:59 AM | Comments (0)

Inverness completes Matritech deal

Inverness Medical Innovations Inc. of Waltham today announced that it has finalized its $36-million acquisition of Matritech Inc., a Newton company focused on protein-based diagnostic products for the early detection of cancer.

The deal was structured as an asset purchase under which a newly formed subsidiary of Inverness acquired substantially all of the assets of Matritech for aggregate consideration of 616,713 shares of Inverness common stock, valued at approximately $36 million, said Inverness, adding that it has agreed to pay Matritech up to $2 million of incremental consideration, in cash and/or Inverness common stock, conditioned on the achievement of certain revenue targets for the upcoming twelve month period.

An early focus of Inverness was over-the-counter pregnancy and fertility tests, but through a series of acquisitions of companies that make medical diagnostic products, Inverness has been pursuing a strategy of assembling a portfolio of products that enable individuals to take charge of their health.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:54 AM | Comments (0)

PerkinElmer gets more mobile phone flash business

PerkinElmer Inc. said it has received additional production orders for mobile phone flash assemblies incorporating its Xenon-based flash technology.

The Waltham company provides instruments and services to the health sciences and photonics industries.

PerkinElmer said its Xenon flash technology is now integrated by four of the five leading mobile phone manufacturers to enhance the performance of high-end mobile phone cameras.

The company said it anticipates generating revenue in excess of $20 million in the first half of 2008 from this high-growth market segment.

According to PerkinElmer, a Xenon flash enables 100 to 150 times faster shutter speeds as compared with LED flash.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:44 AM | Comments (0)

Houghton Mifflin completes Harcourt purchase

Boston-based publisher Houghton Mifflin Co. today announced that it has completed the acquisition of the Harcourt Education, Harcourt Trade and Greenwood-Heinemann divisions from Reed Elsevier PLC of London.

The proposed deal, valued at $4 billion, was disclosed in July.

The combination of Houghton Mifflin's and Harcourt's elementary, secondary and supplemental businesses, renamed Houghton Mifflin Harcourt Publishing Co., solidifies the company's position as the preeminent educational publisher in the United States, Houghton Mifflin said.

Earlier this month, Houghton Mifflin said it had agreed to sell its College Division to Cengage Learning as it looks to focus its efforts on its elementary school, secondary school, trade, and reference businesses.

Best known as the publisher of the American Heritage Dictionary and the US editions of "The Lords of the Rings" books, Houghton Mifflin traces its local roots to a Boston publishing house that started in 1832.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:38 AM | Comments (0)

Campanelli buys 90-acre Norton tract

Campanelli Cos. said it has acquired a 90-acre parcel of undeveloped land in Norton near the TPC-Boston Golf Course.

Financial terms of the purchase were not disclosed.

The site, acquired from the Park at Great Woods Corp. in a deal brokered by Grubb & Ellis Co., holds considerable development potential for a mix of uses, including biotech, high-tech, retail, hospitality, and office, said Campanelli Cos., a commercial real estate development firm headquartered in Braintree..

“Being right next to a world-class golf venue, this site offers a unique development opportunity,” Campanelli partner Robert C. DeMarco said in a statement. “Not only will it be attractive to companies looking to expand or relocate in new facilities, but it also offers a prime location for a transformative, destination development that capitalizes on TPC-Boston’s status and allure.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:06 AM | Comments (0)

December 12, 2007

Massport spreads the holiday cheer

From the Globe-trotting blog:

Who’s that sliding down your chimney a couple of weeks early? Why it’s Santa Massport.

It seems the good folks there want to spread a little cheer by giving holiday travelers a break on parking at Logan International Airport (which at this time of year can be like one of Dante’s less choice rings of hell).

If you pull into the Central Parking Garage, Terminal B Garage, or Terminal E lots between Dec. 21 at 3 a.m. and Dec. 29 at 3 a.m., they will give you the economy lot rate, which is $18 a day, or a $6 discount.

Worth setting your alarm for 3, I’d say, to take full advantage.

A tip: If you need to park for seven days, the economy lot offers a weekly rate, which will save you even more.

But wait. Santa Massport has another gift: live music in the terminals.

To quell your holiday frazzles, musicians, including an a cappella group, a jazz trio, a horn quartet, and the Winchester High School Octets, will be in terminals at peak travel hours on Dec. 20 and Dec. 21. Live piano will begin in Terminal A on Dec. 17.

Thank you, Santa Massport. I told you it would pay to be good.
(By Paul Makishima, Globe staff)

Posted by globebusiness at 5:43 PM | Comments (0)

Biogen Idec says it won't be sold

The Cambridge biotechnology company Biogen Idec Inc. said today that it did not receive any definitive buyout offers during a recent strategic review and will remain independent.

The stock plunged 26 percent to $55.92 in after-hours trading after closing at $75.88.

The company announced its intention Oct. 12 to explore the possibility of a sale. It already had interest from billionaire investor Carl Icahn. Wall Street speculated that potential buyers could include Pfizer Inc., GlaxoSmithKline PLC, Sanofi-Aventis, and Novartis AG.

The board of directors ‘‘emphasized that Biogen Idec’s business strategy is working and generating strong operating and financial performance,’’ the company said.

"The board noted that it is confident that continued execution of the company’s business plan will result in attractive value for stockholders.’’
(AP)

Posted by globebusiness at 4:43 PM | Comments (0)

Ribatt tapped to run Stride Rite brand

Shoe retailer Collective Brands Inc. said today that it had named Gregg Ribatt to take over as chief executive officer and president of its Lexington-based subsidiary, the Stride Rite Corp.

Ribatt, 39, will start Jan. 7, overseeing the operation of 300 Stride Rite stores and developing its Stride Rite, Keds, Saucony, and Sperry Top-Sider brands, said Kansas-based Collective Brands.

He most recently served as chief executive officer of Stuart Weitzman Holdings, a New York-based designer of women's shoes and handbags. He also worked for 13 years at Bennett Footwear Group before it was sold to Brown Shoe Co. in 2005.

Ribatt replaces current chief operating officer Rick Thornton, who has left Stride Rite.

Payless ShoeSource Inc. bought rival Stride Rite for about $800 million this summer, before changing the corporate name to Collective Brands.

Company shares fell 1 cent to $17.76 in midday trading on the New York Stock Exchange. (AP)

Posted by globebusiness at 3:51 PM | Comments (0)

Auto rates still too high, Coakley says

Attorney General Martha Coakley says the rates Massachusetts auto insurers plan to offer next year are still too high, even after a recent adjustment.

Under the state’s shift to a more competitive market, insurers last month submitted initial rate proposals, then adjusted them a week later in response to their rivals’ plans.

Coakley maintains the initial filings would cut rates 6 percent. Today, she said the adjustments would bring only slight improvement and still leave rates at unjustifiable levels.

Coakley also questions why four of the state’s biggest auto insurers offered rate cuts that are roughly equal in size.

Coakley says the average premium would have fallen 11 percent had the companies not factored unjustified profit and commissions into initial rate filings.
(AP)

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

Travel site touts Down Under New Year's

Sydney, Australia; Reykjavik, Iceland, and the Denver Zoo are among ideal spots for intrepid travelers to celebrate New Year's.

So says Cheapflights.com, an online travel search engine with offices in Boston.

According to Cheapflights.com, Sydney features some of the most technologically advanced fireworks displays in the world, and in Reykjavik, Icelanders mark the new year with lavish meals and giant bonfires.

As for Denver, it's Zoo Lights experience, described by the zoo as "a holiday light safari," is "a New Year's celebration for the whole family," Cheapflights.com said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:31 PM | Comments (0)

BAE Systems opens NH facility

BAE Systems said it has opened a new 30,000-square-foot facility at its South Nashua, N.H., location for production work on the electronic warfare programs for the F-22A Raptor and F-35 Lightning II aircraft.

The site will support more than 1,400 of the company's 4,500 employees who work in New Hampshire and who contribute to the F-22 and F-35 programs, said BAE Systems, a global defense and aerospace company.

“The new facility is capable of assembling and testing complex microwave products and performing assembly, integration, and acceptance testing at significantly reduced cost and cycle times,” Mike Dow, vice president of operations for BAE Systems in Nashua, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:59 AM | Comments (0)

Jet Blue's free WiFi sale

From the Globe-trotting blog:

Yes, it’s another four-day JetBlue sale. Stop with the fake yawn. Sit up straight and pay attention or no recess.

Remember last week’s announcement that the discounter was going to introduce free WiFi access? (Stage direction: Crackberry fiends solemnly nod in unison).

Well, this sale is all about giving you, The American Buying Public, a chance to kick the digital tires.

The fine print: Flights must be booked online by Friday, require at least a 14-day advance purchase; you can go no earlier than Jan. 8, and your coach reverts to pumpkin status on Feb 13. You generally have to fly on Tuesday, Wednesday, or Saturday and there are other restrictions.
Still. From Logan, it’s as low as $139 to California’s Bay Area. Or Aruba. Most of Florida for $79.
And then there’s the free email. Not yawning now, are you?
(By Paul Makishima, Globe staff)

Posted by globebusiness at 10:59 AM | Comments (0)

TA Associates invests $200m in 5.11 Tactical

TA Associates, a private equity and buyout firm with offices in Boston, today announced that it has completed a $200 million majority investment in 5.11 Tactical.

California-based 5.11 Tactical is a manufacturer and distributor of apparel and accessories focused primarily in the law enforcement market, and TA said that it believes the company is poised for growth and expansion.

TA added that it will hold a majority stake in 5.11 Tactical and that the company's senior management team will remain in place.

“We are delighted to make this investment in 5.11 Tactical, which has become a leader in the tactical/law enforcement market through creative sourcing and product development and an innovative retail strategy,” Jeffrey T. Chambers, a TA managing director, said in a statement.

TA said Chambers and Jon E. Kossow, a TA principal, will join 5.11 Tactical's board of directors.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:40 AM | Comments (0)

Diversified handles Ophir Optics move

Diversified Project Management Inc. announced today that it has been retained to help manage Ophir Optics' relocation from Wilmington to 32,000 square feet of space in North Andover.

Diversified Project Management is a Newton-based construction management, facilities, and move-planning firm, and Ophir Optics is an infrared optics supplier and manufacturer.

“Ophir is experiencing strong growth, requiring the firm to nearly double its space and manufacturing capacity,” Robert Keeley, president of Diversified Project Management, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:56 AM | Comments (0)

Vermont leads NE in multiple job holders

When it comes to holding down two or more jobs, Vermonters are on the case.

According to the US Department of Labor's Bureau of Labor Statistics, 9.3 percent of Vermonters worked two jobs in 2006, compared with a national number of 5.2 percent.

In 2006, Vermont had the third highest rate in the nation of multiple job-holders, and Maine ranked 10th, with 8.2 percent of its workforce holding two or more jobs, the bureau said.

The comparable 2006 statistic for Massachusetts was 5.6 percent, the bureau said.

Nationally, among primary jobs, the highest rate of multiple job holders was in the education and health services industry, the bureau said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:49 AM | Comments (0)

Staples adds TJX executive to board

One giant Framingham company is appointing a board member from another.

Office-supplies retailer Staples Inc. of Framingham announced today the appointment of Carol Meyrowitz, president and chief executive of TJX Cos., to its board of directors.

TJX, also of Framingham, operates such apparel-and-home-fashions retail chains as T.J. Maxx, Marshalls, HomeGoods, A.J. Wright, and Bob's Stores.

Meyrowitz's "merchandising expertise and product sourcing background make her a great addition to our strong board of directors," Ron Sargent, Staples chairman and chief executive, said in a statement.

Meyrowitz has been president of TJX since 2005 and chief executive since January 2007, noted Staples, which operates more than 2,000 stores.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:47 AM | Comments (0)

Teradyne buys Nextest Systems for $325 million

Teradyne, Inc. of North Reading said today it has agreed to buy Nextest Systems Corp. of California and added that the aggregate purchase price is expected to be about $325 million.

Teradyne is a supplier of automatic test equipment products, including the System-On-Chip , or SOC, test; Nextest's core business is the design and manufacture of flash-memory test products.

As a result of the acquisition, Teradyne said it will expand its served market into the fast-growing flash memory test segment, estimated to have been more than $700 million in 2006.

Of Nextest's $95.8 million in revenue in calendar year 2006, flash memory tester sales totaled about $80 million, Teradyne noted.

Under terms of the agreement unanimously approved by both boards of directors, Teradyne said it will pay $20 per share in cash for all the outstanding shares of Nextest.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:44 AM | Comments (0)

Demandware powers new Timberland site

Demandware Inc., a Woburn developer of e-commerce platforms, today announced the launch of a United Kingdom retail website for Timberland Co.

The UK site - www.timberlandonline.co.uk - is part of Timberland's strategic push into international markets, Demandware said, and the new site offers UK shoppers the ability to buy Timberland products directly from the web.

New Hampshire-based Timberland designs and markets footwear, apparel, and accessories to consumers around the world.
(By Chris Reidy, Globe staff)

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

Pro-Pharmaceuticals partners with UMass Lowell

Pro-Pharmaceuticals Inc. of Newton announced today that it has entered a research collaboration with University of Massachusetts Lowell.

The collaboration is to evaluate Pro-Pharmaceuticals' lead product candidate, Davanat, with chemotherapy drugs, said the company, which noted that UML has leading edge capabilities in nanotechnology and polymer characterization.

In a statement, David Platt, Pro-Pharmaceuticals chairman and chief executive, said, "We continue to advance the development of Davanat, our lead product candidate in clinical trials, and the work from this collaboration will help further expand its potential as a first-in-class, targeted drug delivery system."
(By Chris Reidy, Globe staff)

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

Fish & Richardson group moves to LL&A

Cambridge law firm Lowrie, Lando & Anastasi LLP announced that six biotechnology, pharmaceutical, and chemical sciences practitioners from Fish & Richardson P.C. are joining LL&A.

Louis Myers, Laurie Lawrence, and Diana Collazo, all principals from Fish & Richardson’s Boston office, will join LL&A as partners, said LL&A, adding that Cathy McCarty and Natalie A. Lissy, who are associates, and Allyson R. Hatton, a patent agent, in the same office, will also join LL&A.

“Establishing a strong biotech and pharmaceutical practice is a natural for LL&A,” Peter C. Lando, a co-founder and partner of the firm, said in a statement. “The potential for a strong biotech and pharmaceutical practice in Cambridge is clear. Launching an outstanding biotech and pharmaceutical practice has been an important strategic goal since 2003."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:31 AM | Comments (0)

IRobot upgrades its PackBot robot

Burlington's iRobot Corp. today announced upgrades to its PackBot battlefield robot.

The company unveiled PackBot with Mapping Kit, a platform with a new payload designed to help warfighters deftly manage the dangerous tasks of search, surveillance, and reconnaissance missions, iRobot said.

According to iRobot, PackBot with Mapping Kit is the first field-tested and deployed robot to integrate real-time mapping and semi-autonomous remote operational capabilities, delivering soldiers advanced situational awareness while they remain a safe distance from danger.

Through a combination of sensors and artificial intelligence, PackBot with Mapping Kit can relay a real-time two-dimensional structural map of the environment that it is moving through back to its operator, while simultaneously detecting and avoiding obstacles in its path, iRobot said.

The soldier still maintains control of the robot, but if an obstacle is encountered, PackBot is capable of autonomously changing course to avoid imminent collisions; this advanced autonomy enables the operator to navigate faster and smarter through unknown environments, increasing the safety and tempo of operations in time-critical situations, iRobot said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

Abiomed invests in WorldHeart

Abiomed Inc. today announced a strategic investment in WorldHeart Corp.

Danvers-based Abiomed is a provider of medical devices that provide circulatory support to acute heart failure patients; WorldHeart of California is a developer of implantable mechanical circulatory support systems for chronic heart failure patients.

Under the terms of the transaction, Abiomed said it has agreed to loan $5 million in convertible secured debt to WorldHeart, with a term of two years and bearing interest at 8 percent per year.

Abiomed added that the loan is convertible, at Abiomed's option, into common shares of WorldHeart at a conversion price of about $1.75 per share, resulting in an approximately 19.9 percent ownership interest in WorldHeart upon conversion.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:10 AM | Comments (0)

December 11, 2007

FDA panel to vote on Hologic's alternative to tubal ligation

A Food and Drug Administration panel is scheduled to vote Thursday to vote on an application by Hologic Inc. to market an alternative to tubal liigation to prevent pregnancy.

The Bedford company says its method, called the Adiana Transcervical Sterilization System, allows doctors to close women's Fallopian tubes in 15 minutes without having to make any surgical incisions.

Five years ago, the FDA approved another alternative to tubal litigation by Conceptus Inc. called Essure. But Hologic says its system is better because the device is made from silicone, rather than metal.

Adiana was originally developed by Adiana Inc., which was purchased by Cytyc Corp. last year for $60 million, plus up to $155 million in contingent payments. Hologic, in turn, acquired Cytyc in October.
(By Todd Wallack, Globe staff)

Posted by globebusiness at 5:57 PM | Comments (0)

Survey: most life sciences companies would consider leaving Mass.

More than 3 in 4 life sciences companies would consider leaving Massachusetts, according to preliminary results of a survey by the Massachusetts Life Sciences Collaborative.

The survey found 78 percent of respondents would consider leaving, and 63 percent have already been contacted by other states about moving. The majority of respondents said the state could help them stay in Massachusetts by offering increased tax credits and other financial incentives, better transportation, low-cost space and improvements in infrastructure.

Companies said Massachusetts is attractive because it offers a strong workforce and research opportunities, but is also expensive.

The survey comes at a time when the lawmakers are considering Governor Deval Patrick's $1 billion proposal to boost the life sciences sector. Legislative leaders have promised to act on the bill by mid-February, though lawmakers have raised questions about some provisions in the legislation.
(By Todd Wallack, Globe staff)

Posted by globebusiness at 2:54 PM | Comments (0)

Galvin charges broker/dealer

Massachusetts Secretary of State William F. Galvin today charged Cantella & Co. Inc. with failure to supervise its representatives in the sale of highly complex and risky investment vehicles called structured products.

In a statement, Cantella said it has "acted properly."

Galvin's office defines structured products as “securities derived from or based on a single security, a basket of securities, an index, a commodity, a debt issuance and/or a foreign currency.”

Over the summer, Galvin's office made inquiries of several firms offering structured products, and according to Galvin, office, Cantella made "false and misleading" responses to these inquiries.

Galvin's office said its complaint seeks a cease and desist order, a censure of Cantella, an administrative fine, and payment of investigatory costs.

Cantella said in its statement, "We are confident that the process will show that Cantella & Co. Inc. has acted properly in dealing with the Massachusetts Securities Division and in serving its own clients in this matter."

Galvin also issued general guidelines to Massachusetts-registered broker dealers on the handling of structured products to make sure they adhere to Massachusetts law.

The Securities Division guidance on retail sales of structured products, which is available on the Secretary’s website www.sec.state.ma.us/sec, states in part:

“Registrants must ensure that disclosures are forthright, clear, and complete. Moreover, disclosures must be balanced as to the risks and rewards of structured product transactions. Such fair and balanced disclosure is all the more important given the complexity and opacity of many structured products.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:53 PM | Comments (0)

MonsterTrak, mtvU expand alliance

MonsterTrak said today that it has become the exclusive careers provider for 550 online student newspapers in mtvU's college media network.

A division of Monster.com, a recruiting and job-search website with a big presence in Maynard, MonsterTrak focuses on the job market for young consumers, including recent college graduates looking for their jobs.

MtvU is MTV's 24-hour college network.

MonsterTrak and mtvU today announced the expansion of a strategic alliance designed to help students nationwide land the right job directly out of college.

As part of the expanded relationship, mtvU will debut 12 additional episodes of "The Opening," a collaborative television series sponsored by MonsterTrak, the two entities said.

The companies also said they will co-host a series of "Ultimate Internship" contests, giving students the chance to intern at concerts, awards shows, mtvU Spring Break '08 events, and more.

The New York Times Co., parent company of The Boston Globe, has an alliance with Monster to sell help-wanted advertising.
(By Chris Reidy, Globe staff)

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

Roark acquires Mass. wood products facility

The Atlanta private equity firm Roark Capital Group today said it has completed its acquisition of a Massachusetts distribution center operated by Weyerhaeuser Co., a wood products provider.

Terms were not disclosed.

Roark acquired the facility in Assonet through Wood Structures Inc., a wood products manufacturer it owns. Wood Structures makes roof trusses, floor trusses, and wall panels and distributes other wood products.

The distribution center ‘‘will allow Wood Structures to extend its geographical reach beyond its core markets into Western Massachusetts, Vermont, and Eastern New York,’’ said Roark’s managing director, Lawrence J. DeAngelo.
(AP)

Posted by globebusiness at 1:30 PM | Comments (0)

MIT study: Holiday discounts may not be enough

Simply offering discounts on merchandise may not be enough for retailers intent on luring holiday shoppers.

According to research at the Massachusetts Institute of Technology, a way for merchants to improve their chances of clinching a sale may be to help shoppers visualize the extra gifts they might also buy with the money they save from the discount on their original purchase.

The research is from Shane Frederick, an associate professor at MIT's Sloan School of Management who focuses on judgment and decision-making strategies.

Holiday retailers trying to persuade shoppers that they offer the best deal on that jacket for Dad can do more than emphasize the cost savings - they can remind shoppers that cost savings could mean an additional gift, such as new gloves to go with that jacket, said a press release issued today on Frederick's research.

This recent research challenges the conventional wisdom that consumers "spontaneously consider opportunity costs," that cash savings have a greater psychological impact than any specific use of that cash, MIT said in the release.

According to Frederick, retailers or brands trying to persuade consumers to buy the cheaper of two options should provide the shopper more explicit cues about what they could do with that extra money - perhaps even bundling the less expensive product with something else that the shopper could purchase with the price savings.

Frederick recognized the effectiveness of emphasizing "opportunity costs" when shopping for a stereo system, the press release noted.

Frederick was torn between two similar systems, except one was about $300 cheaper. But the lower price alone was not decisive - until the salesman noted that the $300 savings could be used to buy 30 new CDs to go with his new stereo.

The MIT press release quoted Frederick in reflecting on that experience, "I was stunned at the huge effect that had on my preference."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:34 PM | Comments (0)

LP Innovations gets the Limited contract

LP Innovations, a Milford-based provider of loss prevention services for the retail industry, today announced that the Limited has retained its services for all of its stores nationwide.

In its press release, LP Innovations noted that the Ohio-based Limited chain sells women's clothing in more than 240 stores.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:04 AM | Comments (0)

Genzyme signs with Best Doctors

Best Doctors Inc., a Boston-based medical resource for ensuring patients with serious illnesses have the right diagnosis and the right treatment, today announced that Genzyme Corp. will make its service available to Genzyme's US employees.

More than 6,500 Genzyme employees and their eligible family members will have access to Best Doctors services when faced with decisions about the diagnosis and treatment of serious health conditions, Best Doctors said.

Genzyme is a Cambridge-based biotechnology company.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:01 AM | Comments (0)

Inverness will buy British test firm

Medical diagnostics company Inverness Medical Innovations Inc. will buy U.K.-based BBI in a cash or stock deal, the companies said today.

Under the proposal, Inverness would offer BBI shareholders 195 pence, or $3.95 per share, in Inverness stock with an option for a cash alternative of 185 pence, or $3.75 per share. The deal is worth just under $149 million if all remaining BBI shares were purchased with Inverness stock, while an all cash deal would be worth $141.4 million.

BBI makes lateral flow tests, which include pregnancy and other rapid-result diagnostic tests.

Inverness already owns just over 5.2 million of the total 42.9 million outstanding shares of BBI. BBI employees also have options to buy just over 5.3 million shares. Inverness intends to give option holders the change to swap existing BBI options for new Inverness options with the equivalent market value.

The deal has to receive court approval in the U.K. BBI shares are traded on the London Stock Exchange.

Shares of Inverness closed at $57.92 Monday. (AP)

Posted by globebusiness at 10:32 AM | Comments (0)

Dunkin' partners with Hess, Sara Lee

Dunkin' Donuts, the Canton-based coffee-and-baked-goods chain, today announced new agreements with Hess Corp. and Sara Lee Corp. in support of its aggressive US expansion plans.

Dunkin' Donuts, part of Dunkin' Brands Inc., said it has signed an agreement with Hess to offer its coffee and donuts in a new self-service station in many of Hess' gas-convenience locations throughout the country.

Dunkin' Donuts said its presence within Hess Stores will roll out starting in January, primarily outside of New England.

In addition, Dunkin' Donuts and Sara Lee Foodservice have partnered to offer self-service coffee stations in locations such as office building break rooms, cafeterias and other venues with large food-service operations, Dunkin' Donuts said.

Two years ago, Dunkin' Brands announced plans to be acquired by a trio of private equity firms for $2.43 billion; under its new owners, Dunkin' Donuts later said it planned to triple its number of stores nationwide to 15,000 by 2020.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:28 AM | Comments (0)

Boston Private buys Davidson Capital

Boston Private Financial Holdings Inc. agreed to buy an investment advisory that caters to Philadelphia's wealthy suburbs, the investment manager said today.

Boston Private is buying Davidson Capital Management, a trust bank and investment advisory that offers advice and investment and tax services for rich people.

The company will buy 70 percent of the trust bank division, and Davidson executives will own the remaining 30 percent stake. Other terms weren't disclosed.

Boston Private said it wants access to the "Main Line," a series of suburbs outside Philadelphia featuring wealthy communities like Haverford and Merion.

The company's strategy is to provide investment services to rich people in "clusters," through regional offices in places like Boston, New York and California. This is the company's first foray into Philadelphia.

Davidson Capital Management consists of a trust bank and an investment advisory. The investment advisory has $1 billion in investments under management, mostly bonds and other fixed-income investments.

Boston Private has about $31.7 billion in assets under management.

Berkshire Capital and Goodwin Procter advised Boston Private on the deal. (AP)

Posted by globebusiness at 10:17 AM | Comments (0)

Leerink Swann sales force recognized

Leerink Swann, a healthcare investment banking firm based in Boston, today announced that its sales force ranked first in healthcare institutional sales on a survey by Institutional Investor magazine.

Institutional Investor's All-America Sales Team surveys buy-side analysts, portfolio managers, chief investment officers, and directors of research at 537 investment management firms in the US, Europe and other countries, Leerink Swann noted in its press release.

“Leerink Swann’s first place ranking is further validation of the power of our specialized healthcare approach, supported by our integrated knowledge platform,” Jeff Leerink, chairman and chief executive of Leerink Swann, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:09 AM | Comments (0)

FDA requests more data from Cyberkinetics

Cyberkinetics Neurotechnology Systems Inc. of Foxborough announced today that it has received a letter from the Food and Drug Administration requesting additional analyses and data regarding its treatment of acute spinal cord injury.

Based on the FDA's request, the company said it now expects that approval of its Andara System, a nerve growth stimulator, may be delayed until at least the first half of 2008.

The company said it had applied for a Humanitarian Device Exemption, or HDE, marketing application for the Andara.

The Andara System is intended as a treatment option for people with acute spinal cord injuries; the device is designed to be implanted in patients within 18 days following a spinal cord injury to stimulate nerves to grow across the area of injury, the company said.

"We believe that we can provide the information that the FDA has requested in an additional amendment to our HDE application in early 2008," Timothy R. Surgenor, Cyberkinetics' president and chief executive said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:06 AM | Comments (0)

Red Sox employ Bluesocket technology

Bluesocket Inc., a Burlington provider of trusted wireless access and enterprise mobility, today announced that the Boston Red Sox deployed its technology during the playoff season.

According to Bluesocket, it provided secure guest access, additional network bandwidth, and reliable wireless coverage to members of the media and facility-operations personnel during the playoffs.

With a Bluesocket solution in place, media members at Fenway registered through a Red Sox branded Web portal, allowing them to instantly connect to the Internet; this network access, in conjunction with bandwidth management capabilities, enabled journalists and photographers to file stories and upload digital photographs of game action in real-time, giving media outlets and fans immediate access to scores, player stats, commentary, and analysis, Bluesocket said.
(By Chris Reidy, Globe staff)

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

AMG invests in BlueMountain Capital

Affiliated Managers Group Inc., a Beverly-based asset management holding company, and BlueMountain Capital Management announced today that AMG has acquired an equity interest in BlueMountain's business.

BlueMountain's management team continues to hold a majority of the equity in the company, and consistent with AMG's partnership approach, will retain operating autonomy to manage the business, said the firms, which did not disclose the financial terms of the transaction in a press release.

Based in New York and London, BlueMountain is a leading global credit alternatives manager specializing in relative value strategies in the corporate loan, bond, credit, and equity derivatives markets.

"BlueMountain is an excellent addition to our top-performing group of Affiliates, and the credit alternatives segment further diversifies our participation in alternative investment strategies," Sean M. Healey, AMG's president and chief executive, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:23 AM | Comments (0)

Report: PC shipments on the rise

The market for personal computers has rebounded, fueling hopes for holiday sales, according to a new report from IDC.

According to IDC, a Framingham-based market research firm, the adoption of portable PCs remains a key driver.

Worldwide PC shipments are projected to rise by 16.7 percent in the fourth quarter of 2007, according to IDC's Worldwide Quarterly PC Tracker. Following a slow second half of 2006, with growth reaching a low of 7.9 percent in the fourth quarter, growth has accelerated steadily in 2007, reaching 16% in the third quarter, IDC said; as a result, annual growth is expected to reach 14.6 percent in 2007, up from 10.1 percent in 2006.

In the third quarter, worldwide portable PC shipment growth of 37 percent was the fastest in more than a decade, IDC said.

"The peak portable growth seen in the third quarter will be difficult to sustain, but it reflects strong demand across regions and segments that will fuel growth going forward," Loren Loverde, director of IDC's Worldwide Quarterly PC Tracker, said in a statement. "It will be increasingly important for PC vendors to have a strong Portable offering to stay competitive as the market continues its rapid shift to mobile computing."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:45 AM | Comments (0)

Gift cards reducing return rate

The popularity of holiday gift cards means that consumers are saying that they are returning fewer items than in previous years, the National Retail Federation said today.

The federation, a national trade group, said that a recent survey, conducted for it by BIGresearch, found that 64.3 percent of consumers did not return anything last holiday season, up slightly from 62.4 percent in 2005.

“Gift cards take the guessing out of giving,” said federation president and chief executive Tracy Mullin said in a statement.

Gift givers say that they are continuing to increase their use of gift receipts, the survey found.

According to the survey, 57.5 percent of consumers plan to hand over a gift receipt with holiday gifts either most of the time or some of the time this year, compared with 56.9 percent from last year.
(By Chris Reidy, Globe staff)

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

Menino still pushing for South Boston City Hall

He's not giving up.

Mayor Thomas M. Menino today repeated his bold - some would say, crazy - notion of abandoning City Hall Plaza, selling it to the private sector, and moving city government to the rapidly developing new waterfront in South Boston.

In a speech to the Greater Boston Chamber of Commerce this morning, Menino touted the economic growth of the city, from what he called a time when "Boston was just another mid-sized Northeastern city."

"Today the city of Boston is in a league of its own," he said.

But to keep it that way will require increasing collaboration between government and the private sector.

Menino said his new Boston Redevelopment Authority director, John Palmieri, "will think boldly to empower Boston" in new ways, focusing the planning and economic development division of the authority.

The authority will continue to focus on real estate, Menino said, but it will also concentrate on creating clusters of industries, like life sciences, that foster the growth of tax revenues and jobs.

Menino said he is allocating $250,000 from the Neighborhood Jobs Trust to fund workforce development in "green" jobs to help clean up the environment.
(Thomas C. Palmer Jr., Globe staff)

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

Javelin sets UK price for Dyloject

Javelin Pharmaceuticals, Inc.of Cambridge announced today announced that it has received and published its UK pricing for Dyloject, a treatment for post-operative pain.

"Today is a watershed in Javelin's evolution from a development company to a revenue-generating organization," Daniel Carr, Javelin's chief executive and chief marketing officer, said in a statement. "Pricing publication marks the UK launch of Dyloject."

Pricing was received from the Department of Health Pharmaceutical Price Regulation Scheme, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:31 AM | Comments (0)

ESPN promotion to feature Celtics

Kevin Garnett, Paul Pierce, and Ray Allen of the Boston Celtics will be featured in the next on-air promotional spot for "This is SportsCenter,” an ESPN TV show, ESPN said.

The spot is set to debut tonight in the “Best of This is SportsCenter” special at 8 p.m., ESPN said.
(By Chris Reidy, Globe staff)

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

DebtX signs deal with FDIC

DebtX, a Boston-based loan-sale advisors for commercial debt, announced that it has signed a five-year agreement with the Federal Deposit Insurance Corporation to sell assets in FDIC receiverships.

“We’re pleased the FDIC selected DebtX,” DebtX chief executive Kingsley Greenland said in a statement. “The FDIC will have immediate access to DebtX’s sophisticated and proven technology, and we will provide a complete range of loan sale advisory services to deliver superior price execution through the DebtX marketplace.”

DebtX says it provides an established online marketplace to market acquired assets to the largest number of potential buyers safely and securely.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:10 AM | Comments (0)

December 10, 2007

Sox to buy minor league franchise

First it was stock-car racing. Now, minor league baseball.

Fenway Sports Group, an arm of the company that owns the Boston Red Sox and Fenway Park, said today it is buying a controlling stake of the minor league Salem Avalanche baseball franchise, based in Salem, Va.

No price was announced.

The Avalanche play in the Class A Carolina League, three rungs down from the major league level. The Avalanche has served as an affiliate of the Houston Astros since 2003, and it is expected to maintain that relationship for the 2008 season. The Red Sox currently have relationships with three Class A teams, the Lancaster JetHawks of Lancaster, Calif.; the Greenville Drive of Greenville, S.C.; and the Lowell Spinners.

In February, Fenway Sports Group bought 50 percent of Roush Racing, one of the largest teams in NASCAR auto racing.

The deal is subject to the approval of Major League Baseball and Minor League Baseball.

"The Salem Avalanche is a model minor league sports franchise with a rich history, having played in a region that has supported professional baseball for more than a century," group president Mike Dee said in a press release, prepared before the 2:45 p.m. announcement that was made in Salem today.

The Avalanche plays at Lewis-Gale Medical Center Field at Salem Memorial Baseball Stadium. The Avalanche's record is 360-334, or .519, since it joined with the Astros.

"We look forward to a long and rewarding relationship with Fenway Sports Group," John Hopkins, president of the Carolina League, said in the press release.

Fenway Sports Group will be the lead investor in the ownership group. Red Sox principal owner John Henry founded Fenway Sports Group to boost revenue for New England Sports Ventures, the parent company that owns the Red Sox. In addition to its Nascar investment, it provides consulitng and marketing services to Major League Baseball Advanced Media, the PGA tour's Deutsched Bank Championship, and Boston College athletics.

The New York Times Co., parent of the Globe, holds a 17 percent interest in New England Sports Ventures.
(By Thomas C. Palmer Jr., Globe staff)

Posted by globebusiness at 3:22 PM | Comments (0)

CVS to pay $226,598 for labor law violations

CVS Pharmacy Inc., a division of Woonsocket, R.I.-based CVS Caremark Corp., has agreed to pay $226,598 in penalties following an investigation by the US Department of Labor, which cited violations of wage and youth labor laws, the department said today.

Of 63 Northeastern locations investigated, the department said, 43 stores were found to have violations of the Fair Labor Standards Act.

The department said 78 minors had been exposed to hazardous working conditions, including loading and operation of cardboard compacters and bailers.

Seven minors were in violation of time standards, and 51 employees were owed back wages — mostly due to improper editing of time cards by store managers, the department said.
(AP)

Posted by globebusiness at 2:30 PM | Comments (0)

Organogenesis signs China agreement

Organogenesis, Inc., a Canton-based regenerative medicine company, announced today that it has signed a memorandum of understanding with China’s National Tissue Engineering Center.

The center is a stem cell and regenerative medicine consortium, the company said.

Organogenesis said it formed the agreement with the center while visiting China as a delegate of a Massachusetts trade mission headed by Governor Deval L. Patrick.

The agreement includes the commercialization and exporting of existing Organogenesis technology, including its signature product, Apligraf, which Organogenesis describes as a "bio-active wound healing" product.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:23 PM | Comments (0)

DNA dating coming to Boston

DNA dating, anyone?

Ready or not, a Florida-based dating service says it's coming to the Greater Boston market, and what makes ScientificMatch.com different from garden-variety dating services is that it determines people's compatibility partly based on DNA samples, the company claims.

One DNA researcher contacted by the Globe said, "Very interesting," though he wanted to know much more about ScientificMatch.com's methodology, but another researcher expressed extreme skepticisim.

In any case, ScientificMatch.com notes on its website, "Our patent-pending technology uses your DNA to find others with a natural odour you'll love, with whom you'd have healthier children, a more satisfying sex life, and more."

Using DNA to sniff out a would-be beloved with beguiling body odor doesn't come cheap; the online service will charge $1,995.95 for a one-year membership, but that fee also includes "a values-matching system, for further compatibility on a psychological level, and background checks for all members."

According to a press release issued by ScientificMatch.com, it's a one-employee company headed by Eric Holzle, a Northeastern University graduate.

In a brief telephone interview, Holzle noted that ScientificMatch.com's website cites a number of sources that confirms the company's claims, and he added, "Every source cited on the website meets the gold standard of scientific research."

One researcher expressing doubts was Bruce A. Jackson of the University of Massachusetts at Lowell's biomedical engineering and biotechnology program and a co-director of the African-American DNA Roots Project.

"With respect to the DNA testing dating service, it's undiluted nonsense," Jackson wrote in an e-mail. "Please inform those who would partake of same that I own a large orange bridge that spans San Francisco Bay that I am selling at a holiday discount."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:48 AM | Comments (0)

Celgene share plunge after trials disappoint

Shares of Celgene Corp. plunged today, as analysts were disappointed with results from trials of Celgene's drug Revlimid as a treatment for a blood cancer.

The stock gave up $9.16, or 17 percent, to $48.20 in morning trading.

On Sunday, Celgene reported results from two late stage tests of Revlimid, combined with a steroid, in treating patients recently diagnosed with multiple myeloma.

One trial compared Revlimid combined with a steroid, dexamethosone, to only dexamethosone. The second trial combined Revlimid with two different doses of dexamethosone. Analysts voiced some dissatisfaction with the levels of "complete response," or the number of patients who experienced total remission.

Several analysts said Revlimid will still become the primary treatment for the disease, beating out Millennium Pharmaceuticals Inc.'s Velcade. However, Christopher Raymond of Robert W. Baird & Co. described the trial data as "a resounding disappointment" that could hurt Revlimid sales. Millennium is based in Cambridge.

"We came away from ASH surprised and disappointed by Revlimid's showing in front-line multiple myeloma," he said, referring to the annual meeting of the American Society of Hematology. "We believe this meeting could serve to blunt front-line and other off-label Revlimid use."

Raymond said Revlimid did not lead to a statistically significant improvement in survival compared to the steroid alone. He kept a "Neutral" rating on the stock, and lowered his price target to $61 per share from $63. (AP)

Posted by globebusiness at 11:34 AM | Comments (0)

HydroCision patent application approved

HydroCision Inc. announced today that its US patent application for its fluidjet products has been allowed.

Based in Billerica, HydroCision is a designer, developer, and distributor of fluidjet-based surgical tools.

Fluidjet products using HydroCision's proprietary technology have now been successfully used in more than 15,000 spine, arthroscopic, and wound debridement procedures combined, the company said.

According to HydroCision, its family of fluidjet products, which is covered in its expanding worldwide intellectual property portfolio, enables surgeons to simultaneously cut, ablate, and remove hard and soft tissue quickly, safely, and effectively without the collateral thermal or mechanical trauma of other surgical modalities.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:41 AM | Comments (0)

Survey: law firm rates rise 7.7% in 2007

Attorney billing rates shot up in 2007, with about three-quarters of the law firms that participated in an annual survey indicating that they had boosted the amounts they charged for partner and associate services.

The survey is from the National Law Journal, which covers the legal industry.

The average firm-wide billing rates, which included partner and associate rates, climbed by 7.7 percent while the firm-wide median rates rose by 7.1 percent, compared with the firms that reported billing data in 2006, the journal reported.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:37 AM | Comments (0)

Kadant gets $7 million mill contract

Kadant Inc. of Westford announced today that it has received an order of about $7 million for a stock-preparation system for a mill to be built in the southern United States.

The system, which includes approach flow screens, spare parts, and related services, will produce 1,000 tons per day of linerboard from OCC and mixed waste paper, said, Kadant, a supplier to the global pulp and paper industry.

"This is the first greenfield OCC mill to be built in the US in over 10 years and demonstrates the improving condition of the containerboard industry in North America," Kadant chairman and chief executive William A. Rainville said in a statement.
(By Chris Reidy, Globe staff)

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

Verizon Wireless adds go2

Boston's go2 Media, a company focused on growing user demand for more localized, personalized mobile content, today announced that Verizon Wireless has added go2 as a link on the Verizon Mobile Web 2.0 menu.

Verizon Wireless Mobile Web subscribers now have easy access to the go2 Media search and directory services directly from the Verizon Wireless screen under the ‘local’ category, making it quick and easy to locate the nearest destination of their choice and receive localized information on their mobile devices, go2 Media said.

According to go2 Media, it offers users a local search feature that can find anything from restaurants, movies, golf courses, dry cleaners and manicurists to the closest pizza parlor near a college campus, quickly and easily at the touch of a button.

Go2 Media said its advertisers include ABC, Acura, Delta, and Holiday Inn.

Headquartered in New Jersey, Verizon Wireless is a joint venture of Verizon Communications Inc. and Vodafone Group PLC.
(By Chris Reidy, Globe staff)

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

New Balance buys Vital Apparel

New Balance Athletic Shoe Inc., a Boston-based company known for its athletic footwear, announced today that it has acquired the Vital Apparel Group for an undisclosed amount.

“Our acquisition of Vital gives us significant opportunities to accelerate the growth of New Balance apparel,” Rob DeMartini, New Balance chief executive, said in a statement.

In June, Vital signed an apparel license licensee agreement with New Balance-owned Warrior to design and develop Warrior branded apparel as well as introduce new and innovative materials and designs, New Balance noted.

Terms of the acquisition were not disclosed.

Headquartered in Huntington Station, NY, Vital Apparel Group includes Vital Apparel, a leading women's active brand; Vital Accessories, which includes the license for Soffe Accessories; and the Vital Performance division, which includes InSport, New Balance said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:11 AM | Comments (0)

GTC drug gets "orphan status"

GTC Biotherapeutics Inc. said today its drug candidate aimed at treating a rare blood-clotting disorder will get seven years of market exclusivity if approved in the U.S.

The Food and Drug Administration granted the drug candidate, called ATryn, "orphan drug" status. The special status is granted to drugs being developed to treat rare conditions and includes the exclusivity benefit along with application fee waivers.

ATryn is nearly out of late-stage clinical development for hereditary antithrombin deficiency. People with the rare condition are at a higher risk for blood clots. The drug is already approved in the European Union for patients going into surgery.

The condition affects a combined 500,000 people in the U.S. and E.U., the company said.

Results from the U.S. study are expected in December or early January. The FDA previously granted the program "fast-track" status, which allows for a faster review process.

Shares of GTC Biotherapeutics jumped 18 cents, or 19.6 percent, to $1.10 in premarket trading. (AP)

Posted by globebusiness at 9:08 AM | Comments (0)

Cambridge medical group adopts EClinicalWorks

EClinicalWorks today announced that a doctors' group in Greater Boston has selected its unified electronic-medical-records and practice-management solution to improve patient care.

The doctors' group is Mount Auburn Cambridge Independent Practice Association Inc., an organization developed by its physicians in Greater Boston to enable them to deliver high quality patient care in a demanding managed care environment; its membership is made up of more than 500 doctors on staff at Mount Auburn Hospital, Cambridge Hospital, and Somerville Hospital.

Headquartered in Westborough, eClinicalWorks is a privately held company focused on the ambulatory clinical systems market.
(By Chris Reidy, Globe staff)

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

BBN gets $5.7m DARPA grant

BBN Technologies announced today that it has been awarded $5.67 million in funding by the Defense Advanced Research Projects Agency, or DARPA, to automate the translation of foreign documents.

The award is from the Multilingual Automatic Document Classification, Analysis, and Translation, or Madcat, program, said BBN Technologies of Cambridge, an advanced technology solutions firm.

The contract includes options that could bring the total value to nearly $30 million, the firm said.

The goal of the Madcat program is to create a prototype system that quickly provides relevant, distilled, actionable information to military commands and personnel by converting foreign language text images into English transcripts automatically, without the use of linguists and analysts, and with high accuracy, BBN Technologies said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:45 AM | Comments (0)

PTC backs robotic competition

Parametric Technology Corp. of Needham today announced that it will serve as a collaboration sponsor for the For Inspiration and Recognition of Science and Technology Robotics, or FIRST, competition.

This educational initiative was founded in 1989 by inventor and entrepreneur Dean Kamen and reaches more than 125,000 students in grades K-12 annually, the company noted; the goal of FIRST is to design accessible, innovative programs for children that build science and technology skills and interests, as well as self confidence, leadership and life skills.

Parametric, which refers to itself as PTC, provides product lifecycle management, content management, and dynamic publishing solutions to more than 50,000 organizations worldwide.

PTC said it is offering a hosted version of its collaboration solution, Windchill, to be used by teams in the robot competition to improve collaboration among team members, helping teams work faster and smarter.
(By Chris Reidy, Globe staff)

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

Tech, workforce partnership on North Shore

The North Shore Technology Council announced that it is partnering with the North Shore Workforce Investment Board to help the board learn more about the specific workforce training needs of the biotechnology and technology manufacturing industries.

The biotechnology and technology manufacturing industries are "highlighted as critical to our region in our recently completed Labor Market Blueprint," Mary W. Sarris, executive director of the North Shore Workforce Investment Board, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:38 AM | Comments (0)

Online sales on record-breaking pace

Move over, Cyber Monday. Last Thursday saw even bigger online retail sales.

According to comScore Inc., a Virginia company that measures digital activity, online sales on Dec. 6 were $803 million, making it the heaviest online spending day in history. (ComScore previously estimated Cyber Monday's online retail spending at $733 million.)

Online spending for the holiday season so far - Nov. 1 through Dec. 7 - was more than $18 billion, an 18 percent gain versus the corresponding days last year, comScore said.

The company said it expects this week to be the heaviest online spending week of the holidays as the "procrastinators and late-season deal-seekers come out in earnest" to place orders that will arrive in time for Christmas.

Nintendo Wii and iPod lead the way among hot-tech product searches, comScore added.
(By Chris Reidy, Globe staff)

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

Akamai launches Protocol

Akamai Technologies Inc. today announced the introduction of the Akamai Protocol.

Cambridge-based Akamai is a global service provider for accelerating content and applications online.

As a core component of Akamai's distributed computing platform, the Akamai Protocol combines the high-performance application acceleration technology developed from the company's March 2007 acquisition of Netli Inc. with Akamai's worldwide network of servers and SureRoute technology, Akamai said.

The Akamai Protocol comprises both transport-layer optimizations that address challenges such as packet loss and congestion, as well as application-layer optimizations that facilitate caching, intelligent prefetching, and compression, Akamai said.
(By Chris Reidy, Globe staff)

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

Gordon Brothers buys CompUSA

Gordon Brothers Group LLC, a venerable Boston retail firm that has been conducting going-out-of-business sales for struggling retailers for more than a century, has acquired CompUSA, the Dallas-based retail chain said.

Gordon Brothers, an advisory, restructuring, and investment firm, "will initiate an orderly wind-down of CompUSA's retail store operations and is engaged in discussions with various parties regarding the sale of certain assets, CompUSA said in a statement.

CompUSA added that its 103 stores will remain open during the holiday season and "will offer consumers attractive bargains on computer and electronic products as part of store closing sales."

Terms of the acquisition were not disclosed, CompUSA said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:37 AM | Comments (0)

December 7, 2007

Downtown Crossing will exhibit World Series Trophy

The World Series Trophy will be on display tomorrow afternoon in front of Borders Bookstore as part of an effort to attract holiday shoppers to Downtown Crossing, the office of Mayor Thomas M. Menino said.

The 1 p.m-to- 2 p.m. event will also feature appearances by Red Sox mascot Wally the Green Monster, a surprise Red Sox player, and the mayor himself, Menino's office said.

Downtown Crossing has long been an urban retail mecca, but part of it is undergoing massive redevelopment.

Filene's Basement, one of Downtown Crossing's major retail attractions, is closed during the redevelopment.

Looking to bring shoppers to the area, Menino and the district's merchants have embarked on a number of initiatives, including tomorrow's promotional event, which will have many of the district's retailers offering discounts and two-for-one sales, said Menino's office, which had some advice for holiday shoppers: "Don't forget your coupons."

At the event, shoppers will also be able to get free photos of their kids with Santa at the new Lambert's Holiday Market & Village on Summer Street, Menino's office said.

Also on tomorrow's schedule is entertainment by the Kiss-108 radio station from noon until 2 p.m. at the intersection of Winter and Summer streets, Menino's office said.
(By Chris Reidy, Globe staff)

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

Boston Ventures completes acquisition

Private equity firm Boston Ventures said today it has completed the previously announced agreement to buy SJI LLC, a private telecommunications and broadband services provider serving southern Louisiana.

Boston Ventures added that industry veteran Rich Gerstemeier has been appointed chief executive of SJI.

The deal was first announced in August, and its financial terms were not disclosed.

Boston Ventures of Boston is a middle-market private equity firm that invest in the media, information and publishing, entertainment, and communications sectors.
(By Chris Reidy, Globe staff)

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

Mass. Municipal Ludlow plant gets approval

The Massachusetts Municipal Wholesale Electric Co. said today that state regulators have certified a final environmental report for a power plant that the company is proposing to build at its Stony Brook Energy Center site in Ludlow.

The company is a Ludlow-based joint action agency for the consumer-owned, municipal utilities of Massachusetts, and the company said that Secretary of Energy and Environmental Affairs Ian A. Bowles has determined that its proposed generating unit “adequately and properly complies” with the Massachusetts Environmental Policy Act.

In the certificate of compliance, Bowles stated that the project “may proceed to permitting,” the company said.

The company is proposing construction of a 280-megawatt, combined-cycle generating unit.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:13 AM | Comments (0)

Smith and Wesson shares tumble

Shares of Springfield gun maker Smith and Wesson Holding Corp. fell in morning trading today after the company lowered its profit outlook yesterday.

In morning trading today on the Nasdaq Stock Market, Smith and Wesson shares had dropped 28 percent, or $2.80, to $7.12.

The company lowered its outlook because of higher promotional spending and a plant shutdown.

While Smith and Wesson reported yesterday that its profit rose 3 percent for the quarter that ended Oct. 31, the company also said it expects profit of $17 million, or 40 cents per share, for fiscal year ending in April; that's 12 cents below the average estimate of analysts polled by Thomson Financial.

The company issued its forecast after previously saying in October that sales might be hurt by softness in the hunting market.
(By Chris Reidy, Globe staff and AP)

Posted by globebusiness at 10:49 AM | Comments (0)

Hanover lowers motorcycle premiums

The Hanover Insurance Group Inc. of Worcester said today it is lowering premiums in Massachusetts for motorcycle insurance policies by 8.5 percent.

The new rates will be effective April 1, Hanover said.

After 30 years under a system in which state regulators set auto insurance rates in Massachusetts, the administration of Governor Deval L. Patrick is moving to what it calls managed competition, under which insurers set their own rates, subject to regulatory approval; the administration has said that managed competition will lower rates for good drivers, expand policy benefits, and bring new competitors into the market.

In a statement about motorcycle insurance rates, Vincent Nieroda, president of The Hanover's Massachusetts personal lines group, "This is one more example of how good drivers in the state can benefit from managed competition."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:25 AM | Comments (0)

First Marblehead cuts dividend

Student loan services provider First Marblehead Corp. said today that it is cutting its quarterly cash dividend 56 percent and said it will not securitize any loans during the quarter.

Shares of First Marblehead fell $2.07, or 11.5 percent, to $15.89 in morning trading. The stock earlier traded at a new 52-week low of $15.75, after ranging from $16.92 to $57.56 over the past year.

First Marblehead cut its quarterly cash dividend to 12 cents per share, from 27.5 cents per share last quarter. The dividend is payable Dec. 21 to shareholders of record on Dec. 17.

First Marblehead said it chose not to securitize any pools of student loans during the current quarter because of the volatility in the capital markets.

"We are exploring non-securitization and securitization alternatives for future quarters to enhance our business model and provide long-term capacity to the private student loan market in a manner that benefits our shareholders," Jack Kopnisky, First Marblehead's chief executive and president, said in a statement. (AP)

Posted by globebusiness at 10:18 AM | Comments (0)

Kagan joins Boston Chamber board

Constellation Energy today announced that Michael P. Kagan, president of its subsidiary, Constellation NewEnergy, has been appointed to The Greater Boston Chamber of Commerce board of directors.

Kagan is based in Constellation NewEnergy's Boston office; Constellation Energy has its headquarters in Baltimore.

As a supplier to commercial and industrial customers, Constellation NewEnergy currently serves many Greater Boston companies and organizations including the city of Boston; Boston University; Genzyme Corp., the Cambridge biotechnology company; and Gillette Stadium.
(By Chris Reidy, Globe staff)

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

KeyPoint leasing 3 shopping centers

KeyPoint Partners, a commercial real estate firm in Burlington, said it has been engaged as exclusive leasing agent for three shopping centers, including one in West Roxbury.

All three shopping centers are anchored by stores operated by Shaw's Supermarkets Inc., the firm said.

Besides a free-standing Shaw's, the West Roxbury shopping center on Spring Street has a separate retail strip that includes Finagle A Bagel and Supercuts, with 1,142 square feet of available space, KeyPoint Partners said.

The other shopping centers that KeyPoint Partners will be leasing space at are Webster Plaza in Webster and Brookside Plaza in Enfield, Conn., the firm said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:12 AM | Comments (0)

Springfield hospital recruits minorities

Julitza Jimenez has dreamed of being a pediatrician ever since she was a little girl with asthma and spending countless days in hospitals.

Jimenez, 20, is poor, Hispanic and comes from an urban school district. In many places those circumstances would have made it almost impossible for her to get the training or course work needed to pursue a career in medicine.

But not in Springfield, where BayState Health began an initiative three years ago with the city's public schools to give interested children supplemental math and science classes, labs and medical internships.

Jimenez has used the Springfield-BayState Educational Partnership to become a certified nurses assistant, get a job at the BayState Medical Center, and get into a nursing program at a local college. She plans to go from there to medical school.

"The hospital encouraged me to come up here and do different programs that I didn't know about," she said. "My teacher and the hospital they helped me a lot, showing me how to go apply for a job, helping me with the interviews and stuff like that. I was hired right away."

While blacks, Hispanics and American Indians make up more than 25 percent of the U.S. population, a 2004 federal study found that only 9 percent of the nation's nurses, 6 percent of its physicians, and 5 percent of dentists come from these minority groups.

The Sullivan Commission study cited education as a major barrier between minorities and those medical careers.

"They don't get adequate math or science preparation that would help them be successful in college or in a health profession," said Polly Bednash, who heads the American Association of Colleges of Nursing, and was a member of that commission.

That is what BayState was finding in Springfield, where about 80 percent of the students are minority, and 52 percent are Hispanic. The city has an unemployment rate of 4.3 percent, and the hospital had unfilled jobs, because it could not get qualified workers.

Instead of complaining that the schools were not doing their job, hospital officials met with city school officials and came up with the idea for the partnership.

"Nationally, the engagement of industry in education has typically has been, let's give the schools some extra money, said Peter Blain, the director of the Springfield-Baystate educational partnership. "That's just not doing it. We need to be invested at a different level, not just with money but with staff, curriculum, design, much, much more."

At Putnam High School, the city's vocational-technical high school, the hospital agreed to provide lab space, equipment, and professionals to teach everything from phlebotomy to job-interviewing skills. The students take their certified nursing assistant exams in 11th grade, and by 12th grade are doing internships at nursing homes, BayState and other medical facilities.

"This has opened up the doors to people who wouldn't have known how to get into BayState, said Debi Clark, a nursing manager in the cardiology department. "It's really helped bring the education piece along, and just the experience too. Health care can be overwhelming experience, and we're providing them an opportunity to come in and get experience in a comfortable, learning-type environment."

At other city schools, students can sign up for extra math and science classes after school or on weekends to help them prepare for nursing or medical schools. They also can participate in shadowing programs at the hospital, and other hands-on experience.

"This was a match made in heaven," said Joseph Burke, Springfield's superintendent of schools. "We have a need to drive up student achievement, particularly in the math and science area, and they needed particular jobs filled that required the same skill set. It was perfect."

Because BayState is supplementing, not replacing, what the schools already were offering, the teachers' union got on board too, he said.

Last year, 374 students participated in the partnership. This year, the number is expected to exceed 500, Blain said. So far, 22 students have been hired into full-time positions at BayState. The hospital, Blain said, continues to be involved with other graduates, helping them apply for medical schools and providing mentors.

"We are getting students hired and we are finding pathways for them," Blain said. "They are also developing great professional and peer networks."

The schools are also seeing an increase in math scores, and the number of students seeking advance placement science courses, Burke said.

Blain said he's already received inquiries from other industries, who interested in setting up similar programs for engineering and other professions.

Besides giving the kids educational opportunities, the Springfield-BayState partnership also will allow the hospital to better reflect the community in serves, something studies have showed leads to better medical outcomes for patients, Bednash said.

Jimenez said she sometimes serves as a translator for Hispanic patients on her floor. They tend to trust her more than non-Spanish speaking hospital employees, she said.

"We need more programs like this," Bednash said. "The fastest growing work force in this country is the health professions work force. If we are not able to provide people support to get into these health professions, we limit tremendously their potential to have a successful career and life."

Jimenez , who grew up in a single-parent home, helping support two brothers and her grandparents, said without the partnership, she never could have pursued her dream of becoming a doctor.

"I don't care how long it takes me, I'm doing it," she said. (AP)

Posted by globebusiness at 9:08 AM | Comments (0)

Harvard Bioscience approves stock buyback

Harvard Bioscience Inc. said Thursday its board of directors has authorized the repurchase of up to $10 million of common stock over the next two years.

The company, which makes scientific instruments, has about 31.4 million shares outstanding. (AP)

Posted by globebusiness at 9:05 AM | Comments (0)

Analogic dividend: 10 cents per share

Analogic Corp. on Thursday announced a regular quarterly dividend of 10 cents per share.

The health and security imaging equipment manufacturer said the dividend is payable Jan. 2 to shareholders of record as of Dec. 18. (AP)

Posted by globebusiness at 9:03 AM | Comments (0)

Movoto expands to Mass.

Movoto.com, a California company whose website provides online tools for consumers who are buying or selling homes, today announced the expansion of its online home buying solution to include property listings in Massachusetts.

According to Movoto.com, it provides first time and experienced buyers with easy access to a large amount of data, statistics, and proprietary real estate information, all of which are bolstered by a network of real estate professionals with local market expertise.

Movoto.com said its expansion into Massachusetts will enable home buyers in cities like Boston, Worcester, and Springfield to take advantage of its Web tools and services.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:52 AM | Comments (0)

Good Clean Food serves up new sauces

Good Clean Food of Portland, Maine, announced its new line of hand-crafted, all-natural simmer sauces for chicken.

Sauces in such flavors as cacciatore, French tarragon, and Maine cider, have hit shelves of many Northeast stores in the Whole Foods Market Inc. chain, and the chicken sauces augment an existing Good Clean Food line of sauces for seafood, the company said.
(By Chris Reidy, Globe staff)

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

Study: Open-end fund declining

The open-end mutual fund, long the dominant investment product of choice by financial advisors, will suffer declines in its portion of the product mix by more than 10 percent by 2009, according to a new study.

The study, the Advisor Product Forecast, is by Cogent Research LLC, a Cambridge-based marketing research firm.

The forecast is built upon a detailed channel-by-channel survey of advisors, providing data beginning with where advisors are currently directing assets under management and where they expect to be two years from now, the firm said.

Armed with better technology and more product options and pushed by clients to achieve strong performance, financial advisors are more readily exploring newer investment vehicles, Cogent Research said.

Products expected to see the most dramatic increase in market share include separately managed accounts, or SMAs, and exchange-traded funds, or ETFs, Cogent Research said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)

Salvation Army honors Sheehan

The Salvation Army has presented its Others Award to Mike Sheehan, chief executive of Boston ad agency Hill Holliday.

The award is the highest recognition that the Salvation Army can give to a civilian; Sheehan and Hill Holliday were honored for the agency's long-standing support of the army in Massachusetts, the Salvation Army said.

At its annual luncheon yesterday, the army also debuted a new public service announcement featuring Red Sox pitcher Curt Schilling, the Salvation Army said; in the announcement, Schilling pitches for the future Ray and Joan Kroc Corps Community Center, which hopes to serve the needs of the community at location just outside Uphams Corner on the Dorchester-Roxbury line.
(By Chris Reidy, Globe staff)

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

Backyard Farms names Lubetkin to top spot

Backyard Farms, a greenhouse grower of vine-ripened tomatoes, announced the appointment of Roy Lubetkin as president and chief executive officer.

In a previous press release, Backyard Farms of Madison, Maine, noted that it uses the latest technology to grow tomatoes year-round in its environmentally-friendly greenhouses.

Its tomatoes, marketed as Backyard Beauties, have better taste and freshness than other supermarket tomatoes, which are often imported from Holland and Israel, the company claims.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:01 AM | Comments (0)

Hasbro will pay regular dividend

Hasbro Inc. has announced a regular quarterly dividend of 16 cents per share.

The Pawtucket, R.I., toy manufacturer said the dividend is payable Feb. 15 to shareholders of record as of Feb. 1. (AP)

Posted by globebusiness at 7:57 AM | Comments (0)

December 6, 2007

Gun maker again lowers profit outlook

Gun maker Smith & Wesson Holding Corp., of Springfield, again lowered its full-year profit outlook due to higher promotional spending and a plant shutdown, sending its stock plunging in after-hours trading.

The company expects profit of $17 million, or 40 cents per share, in the fiscal year ending in April, 12 cents below the average estimate of analysts polled by Thomson Financial. It expects product sales of $300 million for the year. Analysts expected $321.8 million.

In October, Smith & Wesson lowered its full-year profit guidance to $23.5 million, or 53 cents per share, from an initial outlook of $28.5 million, or 63 cents.

Smith & Wesson expects results to improve toward the end of its fiscal year as high inventory levels moderate.
(AP)

Posted by globebusiness at 7:20 PM | Comments (0)

JetBlue to test free airborne e-mail service

E-mail anyone?

On Tuesday, JetBlue Airways plans to become the first US carrier to offer airborne travelers the ability to e-mail or chat online. And the service will be free.

On select flights, passengers using wireless-enabled laptops or WiFi-enabled BlackBerry smartphones will be able to send and receive e-mails and instant messages through their free Yahoo accounts or their BlackBerry service.

During a six-month test, the service will be available only on the one plane JetBlue has retrofitted with WiFi access points. That Airbus A320, dubbed BetaBlue, will fly five times a day, mostly on transcontinental routes.

If it works well, said David Neeleman, JetBlue’s chairman, ‘‘we’ll roll it out to our whole fleet.’’

The test run is part of an industrywide dash to attract passengers with high-tech amenities, potentially building a buffer against the airfare wars that so often lure customers away. American Airlines, Virgin America, and Alaska Airlines in the past four months have said they’ll introduce in-flight Internet access in 2008.

And snazzy offerings already abound, from Virgin’s seat-to-seat text messaging to United Airlines’ LCD screens playing shows on international flights.
(By Nicole C. Wong, Globe staff)

Posted by globebusiness at 3:27 PM | Comments (0)

Forecasters expect tech spending to slow

Weakness in the US economy figures to take a bite out of the technology industry’s growth rate in 2008, when analysts expect tech spending to slow around the world.

The picture is not exactly dire: A forecast released today by the analyst firm IDC calls for the worldwide information-technology market to grow 5.5 percent to 6 percent in 2008, the lower end of what has become a usual range. In the United States, the market is expected to expand 3 to 4 percent.

Those growth rates would be softer than this year’s 6.9 percent worldwide and 6.6 percent US growth rates.

Other firms differ on precise numbers but also see a slowdown coming.

Gartner Inc.’s most recent estimates, compiled in October, see US technology spending rising 5.7 percent, down from 6.1 percent this year. Gartner pegs worldwide growth at 5.5 percent, down from 8 percent.

Forrester Research Inc. is still finalizing its worldwide forecast, but research analyst Andrew Bartels expects the US market to grow 4.6 percent, down from 5.4 percent. He said that presumes an economic slowdown in the United States that stops short of becoming a recession.
(AP)

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

WRKO announces a lineup of new contributors

Boston talk radio station WRKO-AM today announced that a lineup of new contributors will be joining host Tom Finneran on “Finneran’s Forum,” beginning next week.

New contributors will include civil attorney Wendy Murphy, political expert Major Garrett, and a variety of Boston Globe columnists including Kevin Cullen, Joan Venocchi and Jeff Jacoby, said WRKO, which is part of a network of radio stations owned by Entercom Communications Corp. of Pennsylvania.

The new lineup is in addition to Globe columnist Steve Bailey, a regular contributor to Finneran's show.
(Chris Reidy, Globe staff)

Posted by globebusiness at 2:01 PM | Comments (0)

Verdasys signs Asian distribution agreement

Verdasys Inc. and Rikei Corp.announced today the signing of an exclusive distributor agreement that will significantly expand the availability of Verdasys' flagship product Digital Guardian in Japan and other Asian markets.

Waltham-based Verdasys is a provider of data-security and loss-prevention solutions. Rikei of Japan is a provider of information-technology systems integration.

The strategic partnership will enable Rikei to penetrate the rapidly growing Japanese data security market with Verdasys products, certified training, and support, the companies said.

The partnership should also result in a wider availability of Verdasys products in such markets as Korea, Thailand, China, India, Singapore, Australia, Malaysia, Vietnam, and the Philippines, the companies said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:50 PM | Comments (0)

Covidien issues upbeat outlook

Medical device maker and diversified health care company Covidien Ltd. said today that it expects sales to rise between 4 percent and 6 percent in 2008, led by medical devices and pharmaceutical products.

The outlook, which includes the impact of foreign exchange rates, amounts to revenue between $10.58 billion and $10.78 billion. In 2007, the company had revenue of $10.17 billion.

Analysts polled by Thomson Financial expect sales of $10.65 billion.

The outlook includes expectations for a 6 percent to 8 percent increase in medical device sales and a 3 percent to 6 percent increase in pharmaceutical product sales. Imaging solutions sales are expected to increase 7 percent to 10 percent.

Meanwhile, medical supply sales are expected to range from being flat to falling 3 percent, while retail product sales are forecast to be between flat and down 5 percent.

The fiscal year ends in September. (AP)

Posted by globebusiness at 12:02 PM | Comments (0)

Analogic swings to profit

Analogic Corp., which makes health and security imaging equipment, said today that the company swung to a profit in the first quarter, beating Wall Street forecasts, primarily on growth in the company's medical business.

Analogic shares surged $7.55, or 13.3 percent, to $64.29. The stock has traded between $48 and $79.02 during the past 52 weeks.

First-quarter earnings totaled $6.4 million, or 48 cents per share, compared with a loss of $5.4 million, or 39 cents per share, in the prior year.

Excluding one-time items, first-quarter earnings per share totaled 53 cents, compared with 12 cents per share in the prior year. Analogic noted that the prior-year period included pretax asset-impairment charges of $9.7 million associated with the company's digital radiography systems business.

Quarterly revenue jumped 25 cents to $94.2 million, from $75.6 million in the first quarter of 2006.

Analysts surveyed by Thomson Financial forecast earnings of 40 cents per share on revenue of $87.4 million.

President and Chief Executive Jim Green noted that medical technology revenue grew 14 percent to $77.5 million.

Security technology revenue nearly tripled to $13.3 million, compared with $4.6 million in last year's first quarter, which Green said was a very weak quarter for the business.

"Our security business is performing at a modestly higher and more stable level than last year, and we are on plan to run it profitably at the current level of shipments," Green said.

Analogic noted that the company has not yet finalized its stockholders' equity and some tax-related asset and liability accounts on its balance sheet. The company said any related adjustments will not affect its statement of operations. (AP)

Posted by globebusiness at 11:55 AM | Comments (0)

BG Medicine lowers IPO share price

Diagnostic test maker BG Medicine Inc. has significantly reduced the expected price range of its planned initial public offering, according to a Securities and Exchange Commission filing today.

BG Medicine now expects the IPO, which totals 4.5 million common shares, to price from $8 to $10 per share. The company previously expected the offering to price between $14 to $16 per share.

Based on the revised terms, BG Medicine will have a market capitalization of $152.4 million to $190.5 million.

The price reduction also lowers BG Medicine's expected net proceeds to $35.1 million, after fees and expenses, from the previous estimate of $60.2 million. The revised estimate assumes an IPO price of $9 per share.

The Waltham, Mass.-based company designs molecular diagnostic tests to predict a patient's response to a drug therapy, identify patients likely to develop a specific disease, make a prognosis and monitor disease progression or drug response.

For the nine months ended Sept. 30, BG Medicine posted a wider loss, after paying preferred dividends, of $5.9 million, compared with $4.7 million in the prior-year period. During the same period, the company nearly doubled its revenue to $6.6 million, from $3.3 million in the first nine months of 2006.

The company plans to use net proceeds from the IPO to develop and launch its molecular diagnostic product candidates, to establish a commercial and laboratory infrastructure, to build a marketing and distribution force, to repay some debt and for other general corporate purposes.

Cowen & Co. is serving as the IPO's lead underwriter. Leerink Swann is also underwriting the offering.

The underwriters have an option to buy up to 675,000 additional shares from the company to cover any overallotments.

BG Medicine plans to list its shares on the Nasdaq under the symbol "BGMD." (AP)

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

Mass. mortgage delinquency rates up

The delinquency rate for mortgage loans on residential properties in Massachusetts increased by 85 basis points to 5.3 percent by the end of the third quarter, the Mortgage Bankers Association said today.

Nationwide, Massachusetts ranked 23rd in delinquencies and 22nd in foreclosure inventory, said the association, a trade group representing the real estate finance industry, which added that it is important to note that Massachusetts has 13 percent nonprime borrowers.

Nationwide, the delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 5.59 percent of all loans outstanding in the third quarter of 2007 on a seasonally adjusted basis, the association said.

That was up 47 basis points from the second quarter of 2007, and up 92 basis points from one year ago, according to MBA's National Delinquency Survey.

The delinquency rate does not include loans in the process of foreclosure, the association said.

The percentage of loans in the foreclosure process was 1.69 percent of all loans outstanding at the end of the third quarter, an increase of 29 basis points from the second quarter of 2007 and 64 basis points from one year ago, the association said.

The total delinquency rate is the highest in the MBA survey since 1986, the association said.
(By Chris Reidy, Globe staff)

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

Spire expands Bedford headquarters

Spire Corp.today announced it has expanded into an additional 53,000 square feet of solar equipment manufacturing space at its Bedford headquarters facility.

Spire is a solar company providing turnkey solar factories and capital equipment to manufacture photovoltaic modules worldwide.

With the expansion, the company said it now maintains a total of about 144,000 square feet of manufacturing and headquarters space at its headquarters location.

"Spire's solar capital equipment business is benefiting from the confluence of two powerful market forces," Roger G. Little, Spire's chairman and chief executive officer, said in a statement. "Global demand for solar power is accelerating, and manufacturers of photovoltaic wafers, cells, and modules anticipate greater availability of solar-grade silicon - the industry's primary raw material - within the next year. They want to have new factory capacity in place to take advantage of these market forces, which is creating unprecedented new requirements for solar capital equipment."
(By Chris Reidy, Globe staff)

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

Hill Holliday hires John Dukakis

Boston ad agency Hill Holliday announced that entertainment industry veteran John Dukakis has joined the agency’s main office as senior vice president and director of branded entertainment.

In that capacity, Dukakis will manage client marketing initiatives rooted in the entertainment industry, and he is currently working on several branded entertainment projects that will be released in 2008, Hill Holliday said.

Dukakis is the son of former Massachusetts Governor Michael S. Dukakis.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:49 AM | Comments (0)

Genzyme chief: We're not for sale

Biotechnology company Genzyme Corp is not for sale, despite recent interest
from financier Carl Icahn, the company's chief executive said in The
Wall Street Journal today.

In an interview with the Journal Henri Termeer said that selling
Genzyme to a big pharmaceutical company does not make sense.

"To integrate us to into a very large entity is not that attractive,"
the Journal quoted Termeer saying. "It is not that good a logical fit.
It is much stronger as it is right now -- as a stand-alone rather than
as part of a company 10 times our size."

In the interview, Termeer said he hasn't heard from Icahn and first
learned he was interested in Genzyme last month when a regulatory
filing revealed he held 1.5 million shares of the company, or about
one half of one percent of the firm.

A Genzyme spokesman could not be immediately reached for comment.

Termeer also said in the interview that Genzyme expects earnings to
grow at an annual compound rate of at least 20 percent over the next
five years, citing the company's diversified products and the fact
that it doesn't share the rights to its best-selling products with
other companies.

Icahn has spurred deal activity in the biotechnology sector lately. He
recently took control of ImClone Systems Inc and the Journal has previously reported that he made an offer for Biogen Idec Inc which
put itself up for sale in October. (Reuters)

Posted by globebusiness at 9:51 AM | Comments (0)

New chief executive at Cabot Corp.

The board of directors of Cabot Corp. announced today that Patrick M. Prevost was elected president and chief executive effective Jan. 1.

Prevost will also join Cabot's board of directors; he will succeed Kennett F. Burnes, Cabot's current president and chief executive, who will step down from those positions on Jan. 1, the company said.

Boston-based Cabot is a global specialty chemicals and materials company whose major products include carbon black, fumed silica, inkjet colorants, capacitor materials, and cesium formate drilling fluids.

Since 2005, Prevost has served as president of Performance Chemicals, which is part of BASF AG, an international chemical company, Cabot said.

Burnes will remain as chairman of the board until the 2008 Annual Meeting of Stockholders, which is set to be held March 13, after which he will retire from the company, Cabot said.

It is anticipated that John F. O'Brien, a member of Cabot's board, will become the non-executive chairman of the board, effective at the annual meeting, Cabot said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:20 AM | Comments (0)

Kopin gets $1.6m US contract

Kopin Corp. today announced that recently enacted federal appropriations legislation includes $1.6 million for Kopin to develop enhanced microdisplays for night vision applications.

According to Taunton-based Kopin, the funds were included in the legislation through the efforts of the Massachusetts congressional delegation.

In a statement included in Kopin's press release, US Representative Barney Frank, Newton Democrat, noted that Kopin has a good track record of developing and providing key microdisplays for the US Army's night vision systems.

Kopin said its technology is used in many high-volume commercial applications such as digital still cameras and mobile video eyewear as well as high-end military applications including thermal weapon sights, night vision goggles, helmet-mounted displays, and other battlefield systems.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:17 AM | Comments (0)

Smith & Nephew debut arthroscopic products

The Andover-based endoscopy division of Smith & Nephew PLC today announced the launch of a redesigned and expanded family of products for arthroscopic surgeons.

The product line is called Clear-Trac Disposable Cannulas, and it features a new, triple-seal system that reduces fluid leakage and helps surgeons manage sutures during arthroscopic surgery, the division said.

Cannulas provide a sterile pathway through which surgeons insert instruments during minimally invasive procedures.

Smith & Nephew is a London-based medical device company.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:13 AM | Comments (0)

Upbeat November for TJX

Sales at TJX Cos. stores rose 10 percent to $1.8 billion in November, further evidence that shoppers remain undismayed by a massive security breach of the Framingham company's computer system.

TJX, the operator of such apparel and home-fashion chains as T.J. Maxx and Marshalls, reported sales today for the four-week period ending Dec. 1.

At stores open at least a year, which the company calls "consolidated comparable store sales," sales rose 7 percent over the same period last year.

"Our consolidated comparable store sales increase of 7 percent in November was above our expectations and a solid start to the fourth quarter," Carol Meyrowitz, president and chief executive TJX said in a statement. "We are focused on flowing fresh, exciting gift-giving merchandise into our stores throughout this holiday season. Our continued discipline in maintaining a liquid inventory position allows us to take advantage of the plentiful buying opportunities in the marketplace."

Earlier this year, TJX reported the largest data breach in history.

Beginning in January, the company and outside investigators disclosed how intruders were able to penetrate the store's data network, apparently by intercepting wireless transmissions at stores in Florida, and download account numbers that have been used to conduct fraudulent purchases worldwide, a recent Globe story noted.

TJX has since taken steps to improve its security, and it recently agreed to reimburse banks up to $40.9 million as a result of the largest data breach in history, which compromised millions of credit and debit card accounts before it was discovered at the end of last year, according to a story in Saturday's Globe.

Besides T.J. Maxx and Marshalls, TJX operates such chains as HomeGoods, A.J. Wright, and Bob's Stores.
(By Chris Reidy, Globe staff)

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

Raytheon could reap $7b from Middle East sale

A proposed sale of more than $10 billion of defense systems to two Middle Eastern countries should be an enormous cash boost to Raytheon Co., analysts said today.

On Wednesday, the U.S. Department of Defense informed Congress of the potential sale of Patriot air defense systems and upgrades to the United Arab Emirates and Kuwait. Congress has up to 30 days to lodge any complaints regarding the sale, which is not final.

JPMorgan analyst Joseph B. Nadol III said the deal could be worth up to $7 billion for the Tewksbury, Mass., company, and could portend greater international sales to Saudi Arabia and South Korea.

"The announcements are part of a major arms package the Bush administration has proposed for the nations in the Persian Gulf," Nadol said in a client note. He kept his "Overweight" or "Buy" rating.

Jefferies & Co. analyst Howard Rubel said the deal -- especially the one with the U.A.E. -- has broad implications and expands the company's customer base.

"We believe that the potential $9 billion Patriot system sale to the U.A.E is particularly meaningful given its magnitude, the fact that it is a new customer for the air defense system, and it had not previously been singled out as a specific, near-term opportunity by the company," Rubel said in a client note.

However, it could take months for the deal to be hammered out, he said, and as such kept his "Hold" rating, $70 price target and earnings forecasts.

"However, these and other potential military export deals to the Middle East provide a solid foundation for the company's outlook in 2010 and beyond," Rubel said.

Shares closed Wednesday at $62.04. (AP)

Posted by globebusiness at 9:04 AM | Comments (0)

Sales up at BJ's

Warehouse club operator BJ's Wholesale Club today said same-store sales rose 7.7 percent in November, ahead of analyst expectations, helped by sales of flat-screen TVs, gas and consumables.

Analysts polled by Thomson Financial predicted a smaller 4.2 percent rise.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

Total sales for the four-week period ended Dec. 1 rose 12 percent to $746.3 million, from $668.2 million last year.

BJ's said results were helped by gas sales, but that was offset by pharmacy closures.

Year-to-date, same-store sales rose 3.6 percent while total sales rose 8.1 percent to $7.1 billion.

Upstate New York stores performed the best while Southeast stores were weaker.

Shares rose $1.24, or 3.4 percent, to $38 during premarket electronic trading, after closing Wednesday at $36.76. (AP)

Posted by globebusiness at 8:57 AM | Comments (0)

TJX quarterly dividend: 9 cents per share

TJX Companies Inc. on Tuesday announced a regular quarterly dividend of 9 cents per share.

The retailer said the dividend is payable Feb. 28 to shareholders of record as of Feb. 7. (AP)

Posted by globebusiness at 8:47 AM | Comments (0)

Princeton wind project secures financing

The recently formed Massachusetts Municipal Light Department Wind Energy Cooperative said it has secured financing from PeoplesBank of Holyoke for a three-megawatt wind power project in Princeton.

The Princeton project, tentatively scheduled for operation in the fall of 2008, calls for the installation of two, 1.5-megawatt wind turbines at the Princeton Municipal Light Department’s 23-year-old wind farm in Central Massachusetts.

The Massachusetts Municipal Wholesale Electric Co., a Ludlow-based joint action agency for the consumer-owned, municipal utilities of Massachusetts, provides the Wind Energy Cooperative with a range of services and helped negotiate the financing package.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:43 AM | Comments (0)

Intellidyn names Levy to top spot

Intellidyn Corp. announced the appointment of Renan Levy as president and chief operating officer.

The Boston company provides direct response marketing and multi-channel database marketing solutions for ROI-based acquisition and retention strategies.

Most recently, Levy worked with Cambridge-based n2N Commerce developing e-commerce solutions for large e-retailers, and before that, he served as chief executive of KaBloom, a flower retail chain that was acquired in 2006, Intellidyn said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:38 AM | Comments (0)

Verizon unwraps HD for FiOS markets

Verizon Communications Inc. said it is "unwrapping" high-definition video-on-demand in many of its FiOS TV markets.

The HD video-on-demand feature is now available in such markets as parts of Virginia, Florida, and Pennsylvania, and it will soon be available in Washington, D.C.; Massachusetts, and Rhode Island, the company said.

Verizon said last month that it expects to have more than 150 HD channels by the end of 2008 and also said that it would increase its HD video-on-demand titles to more than 1,000 in 2008.

Headquartered in New York, Verizon delivers broadband and other wireline and wireless services to mass market, business, government, and wholesale customers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)

Worcester lands AHL All-Star game

The American Hockey League has announced that the Worcester Sharks and the city of Worcester have been awarded the 2009 AHL All-Star Classic.

The event is scheduled to take place at the DCU Center in January 2009, the league said.

According to the league, the 2009 event in Worcester will mark the fourth time since it was revived in 1995 that the AHL All-Star Classic will have taken take place in New England; the AHL All-Star Game was last held in Massachusetts in 1959 at the Eastern States Coliseum in West Springfield.
(By Chris Reidy, Globe staff)

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

Boston Doubletree earns conservation honor

The Doubletree Hotel Boston-Downtown said it has earned an Energy Star from the US Environmental Protection Agency for energy conservation.

To earn the Energy Star, the hotel said it has to use at least 35 percent less energy than average buildings while still providing quality service and comfort to its hotel guests and employees.

Located in the heart of Boston’s Chinatown and downtown Theater District, the 268-room hotel is a Corcoran Jennison property managed by Hilton Hotels Corp.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

Peabody Energy signs on with Best Doctors

Best Doctors Inc. of Boston announced that coal company Peabody Energy Corp. has selected it to administer a diagnosis and treatment evaluation program for Peabody Energy’s employees, covered retirees and eligible family members.

The program, which will be offered as part of Peabody Energy’s benefits package, will cover more than 6,000 employees, said Best Doctors, which provides services to employers, insurers, and health plans that aim to improve the quality of healthcare at the point of treatment for individuals with serious illnesses and injuries.

Peabody Energy’s employees, covered retirees, and their eligible family members who are uncertain of a serious diagnosis or have questions about their treatment plan can receive answers from doctors at Best Doctors, the company said.

Peabody Energy is based in Missouri.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:01 AM | Comments (0)

December 5, 2007

Medley named as MCAD chairman

Governor Deval L. Patrick has named Boston lawyer Malcolm S. Medley as the chairman of the Massachusetts Commission Against Discrimination, the state's chief civil rights agency, Patrick's office said today.

Sunila Thomas-George, the commission's acting chief of enforcement, has been appointed as a commissioner of the agency, Patrick's office also said.

As a lawyer, Medley focused on cases involving discrimination based on race, age, disability, and ethnicity, Patrick's office said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:51 PM | Comments (0)

Scripps Networks chooses Maven

Maven Networks Inc. said today that it has been selected to power the online video offerings of Scripps Networks.

Cambridge-based Maven is an Internet TV platform company; Scripps of Tennessee is the home of such lifestyle brands as HGTV, Food Network, and Fine Living.

Scripps Networks will leverage the Maven Internet TV Platform to manage and distribute hundreds of hours of short- and long-form lifestyle video through seamless integration with existing content management systems, Maven said.

Other Maven customers include Fox News, Gannett Co., Sony Pictures Television, and TV Guide.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:39 PM | Comments (0)

VMware says competition is not eroding pricing

VMware Inc. Chief Executive Diane Greene said today that the company has been able to keep the price of its virtualization software from eroding, even as new competitors emerged in recent months.

Until last year, VMware had a near monopoly in the virtualization software market as its scientists were the first to commercialize the technology for server computers; VMware's products boost the efficiency of server computers by allowing one machine to perform the work of several.

California-based VMware is majority owned by EMC Corp., the Hopkinton data-storage giant.

"Certainly (competitors) come up when we are negotiating a deal," Greene said at a Lehman Brothers investor conference. "It is the natural thing for a purchasing agent to do. But at the end of the day they know they are deploying VMware."

Typically server computers run one operating system which might utilize 10 or 15 percent of its power. A server using VMware software can simultaneously run five to 10 operating systems. Each of these systems becomes a virtual machine working as an independent server.

The technique was adopted from one developed decades ago to run mainframe computers. VMware says that companies save hundreds of dollars per year in electricity costs with each server running its virtualization software.

VMware's competitors, including Citrix Systems Inc , Oracle Corp, Sun Microsystems Inc and Microsoft Corp, have either recently introduced virtualization software or have products in their pipeline.

VMware shares more than quadrupled following their August IPO at $29 per share. They hit a record $125.25 on Oct. 31, on expectations the software maker's technology is one or two years ahead of its closest competitor.

But the stock has declined more than 20 percent since then as analysts took a closer look at software from competitors, particularly after Oracle unexpectedly introduced on Nov. 12 a rival product that it had secretly developed.

Shares in VMware rose $1.28, or 1.35 percent, to $96.36 at midday on the New York Stock Exchange. It has a market value of about $37 billion, making it the world's fourth-largest publicly traded software maker.

Greene told investors at the Lehman conference that VMware's software has far more advanced capabilities than that of rival virtualization software companies, and allows businesses to do more than simply get more power out of server computers.

VMware sells a suite of data center management software that is designed to boost the efficiency of entire data centers, streamlining operations and allowing companies to quickly recover from disasters.

Greene said none of her competitors has such a product.

"We have been able to maintain our price points because there is all this amazing functionality that is of very high value," she said. "We are not seeing a price point issue." (Reuters)

Posted by globebusiness at 1:14 PM | Comments (0)

Mass. regulator charges A.G. Edwards

Massachusetts Secretary of the Commonwealth William F. Galvin today charged the brokerage firm A.G. Edwards & Sons, Inc. with dishonest and unethical conduct and failure to supervise a South Shore broker.

According to Galvin, broker Howard McHugh's aggressive pursuit of Boston Edison retirees resulted in their losing large chunks of their retirement money.

A spokeswoman for A.G. Edwards declined to comment.

The administrative complaint filed by the secretary’s securities division seeks more than $1 million in compensation for the retirees' losses and seeks a censure of A.G. Edwards, an administrative fine, and investigation costs

According to Galvin's office, A.G. Edwards initially defended McHugh’s trading in the face of complaints from several
retirees but has since paid out at least $400,000 to some victims.

“But rather than acknowledge the full extent of its wrongdoing, A.G. Edwards continues to ignore many of the other complaining victims,” Galvin's complaint said. “The losses sustained by those victims would have likely never occurred had A.G. Edwards exercised anything that resembled reasonable supervision of McHugh."

St. Louis-based A.G. Edwards is a subsidiary of a holding company owned by Wachovia Corp., a North Carolina-based financial services company.
(By Chris Reidy, Globe staff)

http://boston.stockgroup.com/sn_overview.asp?ticker=WB

Posted by globebusiness at 11:49 AM | Comments (0)

Parents projected to meet just 24% of college costs

Parents nationwide are projected to meet only 24 percent of the total cost their children's college education, according to a survey out today from Boston mutual funds giant Fidelity Investments.

But parents who utilize a tax-advantaged 529 college savings plan are on track to cover 52 percent of their children's college costs, said Fidelity, which manages a variety of investment products, including college savings plans.

The total cost of a college education is currently projected to be more than $100,000.

"Parents who do not have a solid college savings strategy or who are not utilizing a tax-advantaged savings account, such as a 529 plan, may see their child having to rely more heavily on student loans or other means to supplement costs," Carolyn Clancy, executive vice president of Fidelity Personal and Workplace Investing, said in a statement.
(By Chris Reidy, Globe staff)

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

Mass. targets energy costs at water plants

The Patrick administration today launched a pilot program aimed at helping cities and towns cut energy costs at drinking water and wastewater treatment plants. The $326,000 program aims to help 13 local and regional treatment facilities to cut energy costs by 20 percent as well as reduce pollutants, including greenhouse gases, from power generation. The program also aims to develop a funding model to help municipalities pay for energy saving upgrades.

Statewide, cities and towns spend about $150 million on electricity to treat drinking water and wastewater. “Drinking water and wastewater treatment are vital services, but they consume large amounts of energy,” said Secretary of Energy and Environmental Affairs Ian Bowles. “This pilot project will help a first round of municipalities reduce their energy use and save money for their customers – and lead the way for others to do the same.”
(By Robert Gavin, Globe staff)

Posted by globebusiness at 10:52 AM | Comments (0)

Buzzwire lands $8m in financing

Buzzwire Inc., which is jointly headquartered in Boston and Denver, said today that it has secured $8 million in Series B venture capital financing.

Buzzwire, which provides streaming online audio, video, and radio to mobile phones, said it will use the new round to move from planning and testing to deployments with major carriers in the US and overseas.

The new funding round was led by Sequel Venture Partners, a Colorado venture capital firm, Buzzwire said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:23 AM | Comments (0)

Survey: online recommendations boost sales

Online retailers that serve up poor quality product recommendations fare worse than those that make no recommendations at all, according to a new survey from ChoiceStream Inc.

Cambridge-based ChoiceStream provides personalization solutions to entertainment, e-retail, TV, and mobile brands.

According to ChoiceStream, nearly 40 percent of the 811 respondents to its online survey indicated they are less willing to return to sites with poor recommendations.

The survey also indicated that personalized product recommendations have a strong influence on shopper behavior and that the bigger the spender, the greater the influence; the survey found that 69 percent of consumers who spent more than $1,000 online over the past six months were more likely to shop at sites with personalized recommendations than at those without them, ChoiceStream said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:03 AM | Comments (0)

Electronic Living expo moves to November

Living Expositions, Inc.said that it will move the date of the Electronic Living Exposition Boston to November.

The exposition -- a national event joining together manufacturers, retailers, service providers and installers with consumers -- was planned to debut in February.

But consensus from the organizers' consumer electronics contacts is that the November time frame offers a better opportunity for consumers and the industry to connect with the public at the beginning of the holiday shopping season, said Living Expositions, which noted that The Boston Globe is among the event's media sponsors.

Now the event is scheduled for the Bayside Expo Center on Nov. 14 through Nov. 16, the company said.

According to the company, the event is expected to draw an estimated 30,000 attendees from the Greater Boston area.

Living Expositions specializes in producing lifestyle-themed expositions that provide entertaining experiences for consumers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:00 AM | Comments (0)

Novell delays earnings report

Business-software developer Novell Inc. said today it will delay filing its fourth-quarter earnings results as the Securities and Exchange Commission reviews its financial filings.

The SEC sent a comment letter in August regarding the company's 10-K report for the fiscal year ended Oct. 31, 2006, and its 10-Q report for the quarter ended April 30, 2007.

The SEC and Novell have since been in correspondence related to accounting matters. Novell responded to the SEC's last letter on Nov. 7 and is waiting for a response.

After the SEC review is complete, Novell plans to release its fourth-quarter and full-year 2007 earnings report.

It expects to file its Form 10-K for the 2007 fiscal year on or before its due date of Dec. 31. (AP)

Posted by globebusiness at 9:47 AM | Comments (0)

Millipore partners with Rohm and Haas Co.

Millipore Corp. of Billerica and Rohm and Haas Co. today announced a joint development agreement to create new high-performance chromatography products that are used to manufacture biologic drugs.

According to the companies, the strength of this partnership lies in combining Millipore's biopharmaceutical manufacturing expertise with Rohm and Haas' knowledge of ion exchange resins, polymer chemistry and manufacturing.

Rohm and Haas is based in Philadelphia.
(By Chris Reidy, Globe staff)

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

Synta gets $80m payment from GlaxoSmithKline

Synta Pharmaceuticals Corp. announced today that it has received an upfront cash payment of $80 million from the giant drug maker GlaxoSmithKline as part of their collaboration agreement.

Synta of Lexington and GlaxoSmithKline of the United Kingdom have a collaboration agreement for the joint development and commercialization of elesclomol, a drug candidate currently in a global Phase 3 trial for the treatment of metastatic melanoma.
(By Chris Reidy, Globe staff)

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

Wise Construction completes Bentley project

Wise Construction Corp. said it has completed renovations of Bentley College's Lewis Hall in Waltham.

Headquartered in Winchester, Wise is a construction management firm that specializes in projects for healthcare, biotechnology, education, and corporate clients.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:24 AM | Comments (0)

US mortgage applications surge

Mortgage applications surged in the latest weekly survey from the Mortgage Bankers Association, a trade group that represents the real estate financing industry.

For the week ending Nov. 30, an index that measures mortgage loan application volume had a reading of 791.8, an increase of 22.5 percent on a seasonally adjusted basis from the previous week, the association said.
(By Chris Reidy, Globe staff)

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

Stride Rite signs Jessica Simpson

Stride Rite, a local brand often associated with sensible shoes, has entered into a licensing agreement that will result in a footwear line for tweens inspired by actress Jessica Simpson.

"Jessica Simpson's charisma, style, and values make her a role model and an inspiration to women and girls across America," Pam Salkovitz, president of Stride Rite Children's Group, said in a statement.

Owned by Collective Brands Inc. of Kansas, Stride Rite said it entered into an exclusive, multi-year licensing agreement for the Simpson shoe line with the Camuto Group, the master licensee for the Jessica Simpson Collection.
(By Chris Reidy, Globe staff)

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

BioEnergy expands to Quincy, Woburn

BioEnergy International has executed a lease at Batterymarch Park II in Quincy to relocate from Norwell and expand its corporate headquarters by about 10,000 square feet, a broker involved in the transaction said.

The broker is Meredith & Grew, a Boston-based commercial real estate company.

BioEnergy is developing biorefineries and proprietary technologies to produce fuels and specialty chemicals from renewable sources.

BioEnergy also signed a lease for nearly 11,000 square feet of lab space at 42 West Cummings Park in Woburn, said Meredith & Grew, which added that the Woburn space will serve as "BioEnergy's strategic hub for leading innovation in the development and commercialization of next-generation biofuels, biopolymers, and specialty chemicals from renewable sources."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:10 AM | Comments (0)

December 4, 2007

Chamber will honor Natalie Jacobson

The Greater Boston Chamber of Commerce said today it will honor eight women with its Pinnacle Awards, which salute excellence in business and management.

At a January ceremony, the chamber said it will present Natalie Jacobson, a former anchor at WCVB-TV, with a lifetime achievement award.

Others in line for awards at the January ceremony include Leslie Kirwan, Massachusetts Secretary of Administration and Finance; Catherine D'Amato, president and chief executive of the Greater Boston Food Bank; Paula Johnson, M.D., chief of women's health at Brigham & Women's Hospital; and Jacqueline Weis Liebergott, president of Emerson College.

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

MassHousing supports Fitchburg apartment complex

MassHousing, the state's affordable housing bank, today announced a loan commitment of up to $11.9 million for refinancing a Fitchburg apartment complex.

The aim of the loan commitment is to ensure that the Fitchburg Green Apartments will remain affordable for at least 15 years, MassHousing said.

With 159 units, the complex is a housing community for senior citizens and families that receives a federal subsidy that is used to help pay the tenants' rent, MassHousing said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:47 PM | Comments (0)

New Boston will co-develop Va. lifestyle center

New Boston Fund Inc. said today it is part of an effort to build a "lifestyle retail center" near the campus of Virginia Tech in Blacksburg, Va.

New Boston, a Boston-based real estate investment, development, and management firm, is part of a joint venture partnership that plans to develop the first phase of First & Main Blacksburg, a lifestyle retail center expected to include stores, a movie theater, and restaurants.

New Boston said its partner in the joint venture is Fairmount Properties LLC, a Cleveland-based real estate firm.

"Our partnership with Fairmount Properties is enabling us to further diversify our portfolio by breaking into the university development niche," Peter Barber, senior vice president of development at New Boston, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:27 PM | Comments (0)

Calvin Klein store coming to Natick Collection

Calvin Klein Inc., a fashion brand known for edgy styling, is planning an official Friday opening for its new store in the Natick Collection, the shopping center formerly known as the Natick Mall.

The company said this will be the first store of its kind in Massachusetts.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:40 PM | Comments (0)

Re/Max launches new brand

Re/Max of New England, a brokerage with more than 280 real estate offices in the region, said it has officially introduced the Re/Max Collection, a new luxury residential real estate brand.

Marketing luxury homes requires special training, and agents for Re/Max Collection will be skilled in selling such residences as "waterfront estates, mountain retreats, and golf-course homes," Natick-based Re/Max of New England said.
(By Chris Reidy, Globe staff)

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

Staples launches online catalog

Staples Inc. of Framingham said it has debuted its first online office-supplies catalog for its mid-sized and large-sized business customers.

The hope is that the online catalog will make ordering easier while reducing the environmental impact of paper catalogs.

Staples may be best known for its more than 2,000 office superstores, but it also has a Staples Contract division that serves mid-sized and large-sized businesses.

"Our customers are increasingly looking for us to provide them with environmentally friendly solutions," Marci Grebstein, vice president of marketing for Staples Contract, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:14 PM | Comments (0)

Mass. tourism office offers hotel deals

From today's Globe-trotting travel blog....

Lips blue yet? Let's play fortune teller (OK, you can put on a costume. We'll wait.): It's going to get colder. And darker. Earlier. Everyone you know is going to get crankier. Maybe even you.

Now I am a great believer in geographic solutions to nongeographic problems. What does this means? Road Trip, muchachos.

The state tourism folks, with a little help from their lodging friends, are offering deals at more than 200 hotels in the state between now and the end of March. You simply go to the site , click on the region you want, pick a hotel, and get the discount code.

What kind of deals? Check this out: Want to try the Taj? Right now, the best advertised rate for a room for two is $295. Through the site, you score one for $229 -- and that includes breakfast. (You would be so in with The Significant Other)

Too rich for you? At the Hyatt Place in Medford, hoi polloi must pony up $169, but for you it could be $79.

How about the Cape this weekend? The Cape Codder Resort & Spa in Hyannis says it's $129, but if you know the password it's $99.

The fine print: There may be blackout dates; you need the deal codes and a reservation; taxes and gratuities are extra; and rooms are subject to availability.

OK, this is no Club Meditteryuckiness. But with the holidays coming you can't afford it anyway. And if you can, feel free to leave the room anytime you like. Like now.
(By Paul Makishima, Globe staff)

Posted by globebusiness at 12:02 PM | Comments (0)

Honey Dew bakes "virtual donuts"

Virtualization is a hot concept in the computer industry, and now the Honey Dew chain is bringing it to doughnuts.

At the company's "virtual bakery" at http://honeydewdonuts.com/bakery/bakery.html, consumers can create "virtual donuts;" consumers are then urged to include the virtual doughnut in an e-mail that can be sent to a friend or a family member as a holiday greeting, Plainville-based Honey Dew Donuts said.

Consumers can create a "virtual donut" by selecting from among a variety of icings, toppings, fillings, and other options.

According to Honey Dew, more than 400,000 combinations are possible.

A grape-filled doughnut with bubble gum icing, anyone?

"What a fun way to let a friend know you care by sending them a dozen Honey Dew Donuts in an e-mail," Richard J. Bowen, founder and president of Honey Dew, said in a statement.

So what's the point of a virtual doughnut?

The hope is that this marketing program will raise doughnut awareness, particularly among younger consumers. Once someone has created a virtual doughnut, the thinking goes, that individual will perhaps be inspired to visit one of the chain's more than 140 stores and buy some real doughnuts, a Honey Dew spokesman said.

Now if only someone could figure out a way to make a virtual holiday fruit cake.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:25 AM | Comments (0)

Gather launches presidential debate forum

Gather.com unveiled its presidential debate feature, called Create Debate, at http://createdebate.gather.com.

Gather.com is a Boston-based social networking website that has signed up members who share bookmarks and discussion on everything from politics to fine dining; unlike many other social sites, which seek out youthful consumers, Gather.com targets a well-educated, middle-age audience.

On the presidential debate front, more than 100 visitors to the Gather site have already submitted questions for review, and the candidates will answer one selected question each week, beginning December 10th, Gather.com said; every candidate is invited to participate and will be given unlimited time and space to respond on Gather.com.

Candidates can post articles, images, videos, and links to additional resources in their responses, Gather.com added.

"In past elections, most of us cast our votes based on thirty-second sound bites and rehearsed debate answers,” Tom Gerace, founder and chief executive of Gather.com, said in a statement. “At Create Debate, we're asking our candidates to go beyond the bite to a place with no mediators and no time limits. We’re asking for real answers to real questions from real people.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:01 AM | Comments (0)

Analog top financial officer to retire

Analog Devices Chief Financial Officer to retire in May after 24 years with the company

Chip maker Analog Devices Inc. said today that Chief Financial Officer Joseph E. McDonough, 60, will retire next May.

McDonough, who is also vice president of finance, has been with ADI for 24 years and has served as CFO since 1991.

ADI makes both analog and digital microchips as well as integrated circuits, which translate pressure, temperature and sound into digital signals. Its chips are sold to Dell, Siemens, Sony and other technology companies. (AP)

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

Gyenes joins Netezza board

Framingham-based Netezza Corp., whose products enable companies to store and analyze large amounts of data, announced today that it has named Peter Gyenes as a member of its board of directors.

Before joining Netezza's board, Gyenes served as chairman and chief executive of Ascential Software, which was acquired by IBM Corp. in 2005, Netezza said.
(By Chris Reidy, Globe staff)

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

Mass. business confidence down

The Associated Industries of Massachusetts said today that its Business Confidence Index was 53.6 in November, down 1.6 points from the previous month and hitting its lowest level since mid 2006.

The employers association, known as AIM, attributed the decline to growing concerns among Massachusetts employers that a spreading financial crisis and declining home prices could signal a significant economic slowdown if not an outright economic recession.

"Survey respondents' ratings of business conditions in Massachusetts and nationally tipped to marginally negative, from marginally positive in October, although assessments of their own companies' situations remained more favorable," Raymond G. Torto, co-chair of AIM's Board of Economic Advisors, said in a statement.

The decline, Torto noted, "is the third in four months and leaves the index at its lowest point since June 2006 and 5.9 points below its level of last November."
(By Chris Reidy, Globe staff)

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

Nextcat debuts gaming community site

Nextcat.com of Quincy announced today the launch of Gaming, an online community created to provide video-game industry professionals with a new way to network and advance their careers.

The new gaming community will provide professionals in the space with free access to post rich media examples of their work and the opportunity to promote new titles as well as to network, collaborate, and look for work opportunities, Nextcat.com said.

Founded last year by two alumni of the Berklee College of Music, Nextcat.com bills itself as a worldwide professional network for the entertainment industry.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:38 AM | Comments (0)

Verizon FiOS arrives in Waltham, Sherborn

Verizon Communications Inc. said that its FiOS TV service is now available in Waltham and Sherborn.

According to Verizon, the FiOS TV service is superior to TV services offered by rivals.

With Waltham and Sherborn, the FiOS TV service is now available to 60 Bay State communities and more than 400,000 Massachusetts households, Verizon said.

Headquartered in New York, Verizon delivers broadband and other wireline and wireless services to mass market, business, government, and wholesale customers.
(By Chris Reidy, Globe staff)

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

Constant Contact staffer writes Dummies book

Constant Contact Inc announced today the release of "E-Mail Marketing for Dummies."

Constant Contact, a Waltham-based provider of e-mail marketing and online surveys for small businesses and organizations, noted that the book's author is John Arnold, a regional development director at the company.

The book is designed to help small businesses and organizations to capitalize on the latest e-mail marketing techniques and best practices.

The e-mail book is the latest "For Dummies" reference book from Wiley Publishing, Constant Contact noted.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:31 AM | Comments (0)

Target taps Metabolix for gift cards

Metabolix Inc. announced today that Mirel, the company's biobased plastic, is being used in gift cards from giant retailer Target Corp.

Metabolix is a Cambridge bioscience company focused on developing clean, sustainable solutions for plastics, fuels, and chemicals.

Minnesota-based Target has introduced gift-cards made of Mirel in 1,600 stores in time for the holiday shopping season, Metabolix said.

Mirel, the company added, degrades in a wide range of environments, including soil, home compost, and wetlands.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:24 AM | Comments (0)

Gentle Giant's interstate revenue tops $5 million

Gentle Giant Moving Co. said that its year-to-date revenue from its interstate moving business has exceeded $5 million annually for the first time and is likely to reach at least $6 million by the end of the year.

The Somerville company, which is known for local moves within the same state, was founded in 1980 and established its interstate moving division in 2004.
(By Chris Reidy, Globe staff)

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

Dunkin' gives $700k to fire fighters

The Dunkin' Brands Community Foundation, the foundation of the Canton-based parent company that owns Dunkin' Donuts, said it is awarding more than $700,000 in grants to emergency response organizations.

The purpose of the grants is to help these groups to better serve their communities, especially in times of crisis, the foundation said, and nearly $400,000 is being allocated to the National Volunteer Fire Council, which, according to its website, is a nonprofit group representing the interests of volunteer fire, EMS, and rescue services.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:10 AM | Comments (0)

December 3, 2007

Dunkin' Donuts sister chain is sold

A San Francisco-based private equity firm announced today that it has acquired the Togo Eateries sandwich chain, a sister chain of Dunkin' Donuts, for an undisclosed amount.

The San Francisco firm is Mainsail Partners.

Along with Dunkin' Donuts and Baskin-Robbins ice cream, Togo and its 260 stores in the Western United States had been part of Dunkin' Brands Inc., a Canton-based company in the quick quality restaurant category that is looking to take the Dunkin' Donuts brand nationwide.

Dunkin' Brands said its more than 13,000 stores had $6.4 billion in system-wide sales in 2006.

According to Bloomberg News, Togo's had sales of $157 million in 2006.

Just over a year ago, Dunkin' Brands announced its intention to explore selling Togo's not long after it disclosed plans to triple its number of US Dunkin' Donuts stores to 15,000.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:49 PM | Comments (0)

JetBlue customers can rebook today's flights

Because of the Northeast’s first snowstorm of the season, JetBlue Airways passengers with reservations to travel to or from Boston, Washington, and the New York metro area today or tomorrow may rebook their flights, if desired, without paying change fees or buying higher-priced tickets, the airline said.

The airline will waives fees and differences in airfare as long as customers travel on or before Dec. 11.

Customers can check the status of flights or the availability of alternate flights at jetblue.com or at 800-JETBLUE (800-538-2583).
(By Nicole Wong, Globe staff)

Posted by globebusiness at 3:05 PM | Comments (0)

Governor meets in China with business leaders

A Massachusetts trade delegation led by Governor Deval Patrick has visited with Chinese academic and business leaders at a leading university in Beijing.

The governor described the meetings as ‘‘very, very productive.’’ In an interview with WBZ-AM, he said Tsinghua University is sometimes described as the MIT of China, with cutting-edge programs in life sciences and clean-energy research.

Patrick says representatives from Massachusetts companies also met today with Chinese counterparts at the Tsinghua Science Park.

Patrick says the day began with a briefing at the US embassy that focused on economic growth in China.

The trade mission is scheduled to continue through Friday.
(AP)

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

State taps Cimetrics

Cimetrics Inc. of Boston announced today that the company has been selected by the commonwealth of Massachusetts to provide energy advisory services in facilities statewide.

Cimetrics said its Infometrics service offers remote continuous building monitoring and analysis; the Infometrics service gathers information from thousands of points, such as sensors and valves, throughout a facility's heating, ventilation, and air-conditioning system and provides expert analysis and prioritized recommendations for reducing building energy consumption and greenhouse gas emissions.

Cimetrics said its Infometrics will help state facilities to meet the governor's mandate to reduce energy consumption 20 percent from 2002 levels by 2012 and reduce greenhouse gas emissions 25 percent by 2012.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:01 PM | Comments (0)

Mass. subprime business shrinks

Many Massachusetts homeowners with subprime mortgages are finding they need to find new lenders to refinance as they seek to avoid foreclosure.

Eight of the ten largest subprime mortgage specialists in Massachusetts are no longer lending in the state.

Eric Rosengren, head of the Federal Reserve Bank of Boston, says that the only two such lenders still operating in Massachusetts are Option One Mortgage and First Franklin Financial. (AP)

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

Gas prices rise a penny in Mass.

Gasoline prices are up a penny a gallon this week in Massachusetts, and have now risen for seven straight weeks.

A statewide survey by AAA of Southern New England found an average price is $3.02 for a gallon of regular, self-serve gasoline. That compares with $3.01 a week ago, when the state average topped the $3 per gallon mark for the first time in six months.

Massachusetts' average price is four cents below the national figure of $3.06 per gallon.

Prices at the pump are rising after a recent spike in crude oil prices on the global market. (AP)

Posted by globebusiness at 11:15 AM | Comments (0)

NMS launches LiveWire Mobile

NMS Communications Corp. announced today the formation of LiveWire Mobile, a new division committed to delivering mobile personalization services.

This move allows NMS to provide greater focus and individual brand for its distinct operator and developer business areas, said Framingham-based NMS, which is a provider of enabling technologies, platforms, and systems to wireless and wireline telecommunications operators and network equipment and applications providers.

LiveWire Mobile's new services empower subscribers to create a personalized mobile identity and experience with today's existing communication mediums, said NMS, adding that operators can expect these services to drive subscriptions, content consumption, and advertising revenue.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:20 AM | Comments (0)

Mass. foreclosure deeds rise sharply

October home foreclosure deeds in Massachusetts jumped 119.5 percent to 731, when compared with 333 in October 2006, the Warren Group reported today.

The October 2007 total was 8.6 percent higher than the September 2007 total of 673, said the Warren Group, the Boston-based publisher of Banker & Tradesman and a provider of New England real estate data.

The number of foreclosure deeds in Massachusetts so far this year has nearly tripled when compared with the same period in 2006, and more petitions to foreclose a home loan were filed during the first three quarters of 2007 than during all of 2006, the Warren Group said.

Petitions to foreclose are the first step in the foreclosure process and do not always end in actual foreclosure.

Commenting on the numbers in a statement, Warren Group chief executive Timothy Warren Jr. said: "Lenders have apparently lost patience with borrowers, and it's pretty clear that a lot more Bay State homeowners are going to be getting a visit from the Grinch this year. Petitions to foreclose might have fallen in September when compared to August, but I think we'll see petitions during the rest of this year continue their steady upward march. August's numbers were incredibly high, but we will probably see them matched before too long."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:51 AM | Comments (0)

Mass. offers job training program for American Indians

Army veteran Craig Cournoyer left behind his community of 400 people on a South Dakota reservation, moving thousands of miles to learn how to fix moldy, broken down ventilation systems.

With the nearest town 30 miles away, there is not enough skilled labor remaining among his fellow Yankton Sioux in Wagner, S.D. Any construction work puts a financial drain on the tribe, because members have to hire outside workers.

"There's lots of work out there, but nobody there is trained to do it," said Cournoyer, 47.

A program specifically designed for American Indian veterans aims to help ease that burden, by providing training in carpentry, ventilation, plumbing, electrical work and more at some of the nation's premier trade and craft schools in the Boston area.

The goal of the Veterans Construction Crew program at the Edith Nourse Rogers Memorial Veterans Hospital in Bedford is to have the veterans return home with skills they can use -- and pass on. The goal is to break a cycle of poverty, unemployment and substandard housing.

Cournoyer said he was willing to travel to Boston for the chance to make a difference.

"This is the first time I've been in this area and there are so many millions of people and I'm just not used to that," he said. "At first I couldn't understand the people, it was like a foreign language. But I see this as an opportunity to get an education, and that comforts me."

The project is an offshoot of the U.S. Department of Veterans Affairs compensated work therapy job training program that has been established at more than 160 agency facilities across the country.

The veterans construction group was started in 1992 by Bernie Cournoyer, a licensed rehabilitation counselor who coordinates the program at the hospital. The Cournoyers are not related.

"Indians have more veterans per capita than any other ethnic group, yet they are the most underserved," he said. "I felt uncomfortable with that being a veteran myself."

Bernie Cournoyer started the program to train Boston-area veterans. In the last few years he has expanded it to include American Indians from out of state.

It started after he met with officials from the Black Hills Health Care System veterans hospital in Fort Meade, S.D. who thought he might be Sioux because he shared a common surname with many.

He's not, but the conversations prompted him to visit seven reservations in South Dakota, where he met with tribal leaders, some of whom greeted him with skepticism.

"One elder said to me 'Oh, you're from Washington? How long are you going to stay? Two hours?"' Bernie Cournoyer said.

He stayed 10 days, explaining and recruiting for the program.

"I got a bird's eye view of the poverty and lack of opportunities," he said. "I realized the need for services on the reservations. They were left out."

Department of Veterans Affairs statistics show that American Indian males serve in greater proportion than eligible males in general.

But once their service ends, many come home to economic troubles, high levels of post-traumatic stress disorder and substance abuse problems, said Anthony Campinell, director of therapeutic employment programs for the Veterans Health Administration.

"The outreach to Native Americans is quite significant," Campinell said. "We have job training programs on some reservations, but opportunities for work there are extremely limited. But there is plenty of work in the building trades here."

Bob Dunsmore, 46, a Crow Creek Sioux from South Dakota, has been in Massachusetts for more than a year and expects to remain until the end of next summer. He has earned his construction supervisor's license and obtained federal safety training, and is currently enrolled in the carpentry program at the North Bennet Street School in Boston, one of the world's leading trade and handcraft schools.

Dunsmore stays in touch with his tribal elders, who offer support and encouragement. "They say 'Bob, you're our hope."'

Rudy Beans, 42, a Yupik Eskimo from Mountain Village, Alaska, has applied to the North Bennet Street School. He is doing renovation work at government facilities in Connecticut and Rhode Island.

His hometown of fewer than 800 residents is in the rural far western portion of the state, about 70 miles from the mouth of the Yukon River. Construction costs are driven up by the vast distances that have to be crossed transporting crews and construction materials, he said.

"My goals are to get back out there and do the same thing and keep the jobs and money in the community," said Beans, who was in the Army from 1986 to 1991.

So far, the program has only reached out to the Native communities in South Dakota and Alaska, but Bernie Cournoyer envisions a much wider reach. He has 15 more participants lined up, including four women, to take part in the next year or so.

"We're just getting started," he said. (AP)

Posted by globebusiness at 9:17 AM | Comments (0)

Wash. DC tops in bar tabs

Folks with a powerful thirst for adult refreshments are advised to head for Oklahoma City - and give Washington, D.C. a good leaving-alone.

Such is the wisdom that might be gleaned from research published by Intellaprice, a Boston-based pricing intelligence firm.

The study included an audit of 16 different bar beverages in various bar and restaurant chains across the country; beverages studied included beer, vodka and tonics, cosmopolitans and margaritas.

While the results determined that Oklahoma City has the least expensive bar beverages for more than half of the selections, Washington, D.C., fell on the high end of the spectrum with the most expensive beverages, Intellaprice said.
(By Chris Reidy, Globe staff)

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

Regulus names Xanthopoulos to top spot

Regulus Therapeutics LLC announced today the appointment of Kleanthis G. Xanthopoulos as president and chief executive officer.

Regulus is a joint venture between Alnylam Pharmaceuticals Inc. of Cambridge and Isis Pharmaceuticals Inc. of California formed to discover, develop and commercialize microRNA therapeutics,

Xanthopoulos is the co-founder and former president and chief executive of Anadys Pharmaceuticals Inc. of California.

Regulus maintains facilities in California.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:03 AM | Comments (0)

Bruker BioSciences buys magnetic resonance firm

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Bruker BioSciences purchasing Bruker BioSpin in cash-and-stock deal valued at $914M

BILLERICA, Mass. (AP) -- Bruker BioSciences Corp. said today that it is buying Bruker BioSpin, a company owned by its majority shareholders, in a cash-and-stock deal valued at $914 million.

The deal for the privately held company includes $388 million in cash and 57.5 million shares of Bruker BioSciences. The stock was worth $526 million based on a trailing 10 trading day average closing price of $9.14 per share as of Nov. 28.

Brucker, an X-ray technology maker, said the acquisition will help expand its market reach and product offerings. Bruker BioSpin makes research systems that use magnetic resonance technology.

Members of the Laukien family, majority shareholders of Bruker BioSciences, fully own Bruker BioSpin and are expected to own about 69 percent of the new company after the deal is complete.

The transaction was approved by Bruker BioSpin's shareholders as well as the boards of its companies. It also received the unanimous approval of Bruker Biosciences' independent directors and a special committee of independent directors.

Bruker BioSpin will become a unit of Bruker BioSciences after the acquisition closes, with the combined company likely being renamed Bruker Corp. The new business is anticipated to have 2007 pro forma revenue of more than $900 million and more than 3,700 workers.

Bruker BioSciences will hold a shareholder meeting to vote on the transaction in the first quarter. Dirk Laukien, a Bruker BioSpin shareholder and president of Bruker Optics, and Executive Chairman and Former Co-Chief Executive of Bruker BioSpin Tony Keller with join Bruker Biosciences' board once they receive stockholder approval.

The transaction is expected to close early next year, subject to customary conditions including shareholder and regulatory approvals as well as financing. It is expected to add to Bruker BioSciences' earnings as well as improve its operating margin and cash flow. (AP)

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

Biofuel emerging as heat option

The yellow furnace in the basement of Richard Grady's Massachusetts home puts the retired engineer at the forefront of an environmental revolution. It's stoked by fuel derived from soybeans.

Grady and a growing number of homeowners in the U.S. Northeast are taking a stand against record oil prices, American dependence on Middle East oil and climate change by turning to biofuels to heat their houses during the cold winter months.

"We've got to do what's right," said Grady, 67 in the Boston suburb of Westwood. "If I don't do it then who is?"

Massachusetts Gov. Deval Patrick is trying to speed up the trend, having proposed a bill on Nov. 5 that would require all home heating oil and diesel fuel contain at least 5 percent of the cleaner-burning fuel by 2013, a big step in the U.S. Northeast, where 32 percent of homes use oil to stay warm in winter.

The bill would make Massachusetts the first U.S. state to require home heating oil to contain biofuels, beginning with 2 percent renewable fuel alternatives by 2010 and increasing to 5 percent by 2013. Leaders in the state legislature back the bill, though it has yet to go to a vote.

"Biofuel makes people talk and it kind of bonds people because it's more for a cause than just heating your home," said Elizabeth Warren, who runs Mass Biofuel, a distributor of fuel refined from virgin soybean oil or used vegetable oils.

She now has about 400 customers who blend traditional heating oil and biodiesel, up from seven just three years ago.

Tightening world oil supplies put the spotlight on biodiesel, a form of biofuel usually made from soybeans, animal fats or waste cooking oil from restaurants.

When blended with conventional oil, it cuts toxic emissions -- from sulfur oxide to carbon dioxide and particulate matter, the small particles that cause smog and respiratory problems.

Worldwide biofuel capacity and demand are expected to double by 2010, driven by government policies to fight against energy dependence and climate change.

The boom is greatest in the United States and Europe, where backing includes tax credits, import tariffs plus minimum blending rules. In March the European Union (EU) set a target to source 10 percent of transport fuel from biofuels by 2020.

But biofuels aren't without their problems.

In Europe and the United States they largely depend on subsidies to compete with oil, and an expansion in biofuel output worldwide is competing for land with tropical rainforests and food crops.

Environmental groups say palm oil plantations are driving rainforest slash and burn in Indonesia, raising carbon emissions and threatening endangered species, while the U.N.'s food body says biofuel plantations globally are competing with crop land and driving up food prices.

Studies also show that biodiesel generates a small increase in emissions of a potent greenhouse gas called nitrous oxide, also known as laughing gas.

Armond Cohen, executive director of the Boston-based nonprofit Clean Air Task Force, said the Massachusetts biofuel bill could do more harm than good to the climate.

INDUSTRY HURDLES

In the United States, about 175 companies distribute a blend known as bioheat, according to the National Oilheat Research Alliance in Virginia, even though it costs about 10 to 20 cents more per gallon than regular heating fuel.

But for distributors like Warren, biofuel is not yet a profitable enterprise because of transportation costs.

"If we had availability of the biofuel around here then it would actually be a cheaper product, but because we have to buy it from the Midwest, we have to bring it on rail car which jacks up the prices for us," she said.

Warren absorbs the extra costs. Her company, part of century-and-a-half-old oil distributors Fisher-Churchill Oil Co. run by her father, sells heating oil mixed with 20 percent biofuel at the same price as conventional heating oil.

She says it's an important marketing tool. "Half of our customers switched over from other companies," she noted.

New York has 33 distributors of biofuel, the country's largest number and up from just a handful a few years ago. Many are selling to buildings that hope to reduce emissions of soot and carbon dioxide. From next year, New York City plans to use a biodiesel blend to heat city-owned buildings.

Vermont's Sugarbush ski resort uses a 20 percent blend of biodiesel for its snow-making and mountain-grooming machinery, citing the threat to ski resorts from global warming.

"It's currently a niche area but there's potential for growth, especially given the overall production surplus of biofuels in the United States," said Sander Cohan, oil market analyst at Energy Security Analysis Inc.

Some significant hurdles remain, including the difficulty harnessing existing U.S. petroleum pipelines, a step that would give the biofuel industry a huge boost by allowing for faster, cheaper transportation from big producers in the U.S. Midwest.

Recent tests show that biodiesel leaves residue that can corrupt products that share the pipeline such as jetfuel.

"The sensing equipment on the pipelines has to be able to sense how much biodiesel is left in the pipeline," said Jenna Higgins Rose, spokeswoman at the National Biodiesel Board, a Missouri-based U.S. lobby group.

"And the sensing equipment doesn't seem to be sensitive enough to give an accurate reading," she added. "In Europe they do move biodiesel through the pipeline but in the United States that's one of the things that appears to be holding it up." (Reuters)

Posted by globebusiness at 8:52 AM | Comments (0)

PTC completes CoCreate purchase

Parametric Technology Corp. said today it has completed its previously announced acquisition of CoCreate Software GmbH, a German company that provides product development solutions.

Just over a month ago, Parametric, a Needham company that refers to itself as PTC, disclosed plans to buy CoCreate for about $250 million.

Parametric makes software to manage online content and publishing system.

In a statement, Parametric president and chief executive C. Richard Harrison said: "The acquisition of CoCreate enables PTC to broaden its customer base, its distribution channel, and its product offering. Additionally, we expect the acquisition will be immediately accretive to our non-GAAP operating margins and earnings."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:41 AM | Comments (0)

Oscient gets positive Nasdaq ruling

Oscient Pharmaceuticals Corp. of Waltham announced today that a Nasdaq Listing Qualifications Panel has granted the company's request for continued listing of its securities on the Nasdaq Global Market.

Oscient said its continued listing is subject to the filing of the company's 10-K form for the fiscal year ending December 31, on or before February 6, which evidences over $50 million in revenue and $50 million in total assets.

During the nine months that ended September 30, Oscient said it recorded $54.7 million in revenues, above the $50 million threshold; the company also reported total assets of $282 million on September 30.

As previously announced, Oscient received notice of non-compliance from Nasdaq due to the company's failure to evidence that the market value of its common shares was above the $50 million requirement for continued listing.

In response, the company said it appeared before the Nasdaq panel at a hearing on November 8, at which it presented its plan to evidence compliance with the alternative listing standard which requires $50 million in total assets and $50 million in total revenue in either the most recent fiscal year, or two of the three most recent fiscal years, according to marketplace listing rules.

As a result, the company said it currently expects to be able to comply with the panel's conditions for continued listing of Oscient's securities on Nasdaq.
(By Chris Reidy, Globe staff)

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

Survey: "bright greens" will pay more for environmentally friendly electronics

Some 25 million Americans, or 12 percent of US adults, are willing to pay a premium for consumer electronics that use less energy or come from a company that is environmentally friendly.

That's a key finding of a new survey by Forrester Research Inc., a Cambridge-based technology and market research company.

These "bright greens," as Forrester calls the consumers that fall into this group, are the vanguard of an emerging consumer market segment that will be an attractive target for technology companies, according to a report based on a survey of 5,000 US adults.

"The green leadership position is open: Which manufacturer will create the iconic 'Prius' product in consumer electronics?" said Forrester Research senior vice president Christopher Mines in a statement.
(By Chris Reidy, Globe staff)

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

Houghton Mifflin sells its College Division

Boston publisher Houghton Mifflin Co. announced today that it has agreed to sell its College Division to Cengage Learning, formerly Thomson Learning, for $750 million in cash.

In addition, Houghton Mifflin and Cengage will enter into a long-term agreement at closing to cooperate in expanding the distribution of Cengage's titles into the high school Advanced Placement market in the United States, Houghton Mifflin said.

"The College Division has been an important contributor to Houghton Mifflin for many years, but moving forward we will focus our efforts on our K-12, trade and reference businesses," said Tony Lucki, chairman, president and chief executive of Houghton Mifflin.

Best known as the publisher of the American Heritage Dictionary and the US editions of "The Lords of the Rings" books, Houghton Mifflin traces its local roots to a Boston publishing house that started in 1832.
(By Chris Reidy, Globe staff)

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

Online sales stay strong

Online spending stayed strong in the days following Cyber Monday, which was one week ago today.

A Virginia company called comScore Inc., which specializes in measuring the digital world, said that online shopping on several days last week exceeded $700 million; that compares with the $733 million that shoppers spent on Cyber Monday.

Sales on Cyber Monday were only "marginally higher" than online sales last Thursday, comScore said.

More than $13.4 billion was spent online during November, up 18 percent versus the corresponding period last year, and more than $4 billion was spent online last week, comScore said.
(By Chris Reidy, Globe staff)

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

Advertising school plans to open in Boston

David Register, a former creative director at Boston ad agency Arnold Worldwide, said he plans to open a creative advertising school called Option in January.

In a press release, Register said he plans to offer two eight-week programs at Arnold's offices in the Back Bay; plans call for the courses to meet once a week for two hours.

"I know how hard it is to get started in advertising," Register said in a statement. "They don't teach creative advertising in college so if I can fill a void in this town, it would be great for students, for local agencies in search of talent, and for me. This is what I want to do."
(By Chris Reidy, Globe staff)

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