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June 30, 2008

Indevus to cut workforce by 12 percent

Indevus Pharmaceuticals plans to reduce its workforce by about 12 percent after a regulatory delay for the Lexington company’s testosterone drug.

Indevus says most of the cutbacks will be at its headquarters. It will record a third-quarter restructuring charge of $3 million to $4 million.

The company received a letter from the Food and Drug Administration indicating the drug, Nebido, could be approved if the company adequately responds to some safety concerns.

Indevus says a small number of patients in Europe have experienced respiratory symptoms, such as coughing or shortness of breath, after being injected with Nebido. The company says the drug is safe and effective.

Indevus shares fell 5 cents to close at $1.51.
(AP)

Posted by globebusiness at 7:46 PM | Comments (0)

Powers is named a Globe vice president

The Boston Globe said today that it has appointed Robert M. Powers to the position of vice president of communications and public affairs, effective tomorrow.

In his new capacity, Powers, 52, will oversee media communications for both the Globe and Boston.com, and he will report to Globe publisher Steven Ainsley. Powers' responsibilities include external and internal communications as well as community relations, the Globe said in a statement.

Powers, a graduate of Bentley College, started at the Globe in 1981, and his current title is executive director of internal communications.

The Boston Globe Foundation, which awards grants to local nonprofit groups, and the Globe Santa program, which supplies toys to needy children during the holidays, will report to Powers, the Globe said.
(Globe staff)

Posted by globebusiness at 3:33 PM | Comments (0)

Acusphere seeks approval for heart test

Acusphere Inc., a specialty pharmaceutical company headquartered in Watertown, said today that the Food and Drug Administration will review Imagify, its lead product candidate.

Acusphere describes Imagify as an ultrasound imaging agent for the detection of coronary artery disease.

In a press release, the company said that the FDA has agreed to review its new drug application for approval to market Imagify.

Currently, tests to assess blood flow in the heart must be obtained by "using a nuclear stress test, an expensive and time-consuming test that involves injecting the patient with a radioactive imaging agent," said Acusphere in a press release that added that more than 10 million stress imaging procedures are done each year in the United States.

"In our view, Imagify could enable great strides forward in the detection of heart disease, with such important benefits as lower costs, speedier results, and greater accessibility without exposure to radiation," Sherri C. Oberg, Acusphere's president and chief executive, said in a statement.
(By Chris Reidy, Globe staff)

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

Amtrak completes bridge work in Connecticut

Amtrak has resumed regular service between New York and Boston after completing work on a 90-year-old bridge in Connecticut.

Workers installed a new vertical lift span on the Thames River Bridge between New London and Groton last week. Amtrak says upgrading the bridge was one of its largest-ever engineering projects, which spanned several years and cost $83 million.

Last year, more than 2 million people crossed the bridge, which serves up to 36 passenger trains and two freight trains a day. The drawbridge span opens for marine traffic more than 1,600 times a year.

Amtrak says the bridge is scheduled to open to marine traffic by July 10. (AP)

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

Mass. gas price is unchanged at $4.06 a gallon

Massachusetts gas prices remained unchanged from last week, AAA Southern New England reported today.

In its latest weekly survey, AAA Southern New England said that it found that the price of a gallon of self-serve, regular unleaded gas averaged $4.06 in Massachusetts, the same price as the last two weeks.

As a result, local drivers heading out for Fourth of July trips and vacations should find gas prices "high, but relatively stable," AAA Southern New England said.

Massachusetts is currently 2 cents below the national average of $4.08 for regular unleaded; a year ago at this time, the average price in Massachusetts was $2.92, AAA Southern New England said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:06 AM | Comments (0)

Want to get rich? Move to Texas

"Go west, young man," was deemed splendid career advice 140 years ago or so, and an updated version of that piece of wisdom might be, "Go to Plano, Texas."

Located near Dallas, Plano topped a list of the best American cities in which to "build personal wealth." The list, called the Salary Value Index, was compiled by Salary.com Inc., a Waltham company that makes software that helps businesses to address compensation and talent-management issues.

(The image above is from Plano's website and shows a downtown streetscape.)

In examining cities, Salary.com said it focused primarily on the relationship between living costs and pay. To check out the full list, please click here.

Just behind Plano on the list of good places to amass wealth are Aurora, Colo.; Omaha; Minneapolis; and Albuquerque, Salary.com said.

At the bottom of the list, in 69th place, was New York City; the worst cities to build personal wealth include Washington, D.C.; Los Angeles, and San Francisco, according to Salary.com.

Boston ranked in 58th place on Salary.com's list. A surprise perhaps is that Fresno, Calif., may be a tougher place to amass wealth; Fresno ranked 60th on the Salary.com list.

"The end result of this analysis is a list in which the most favorable cities offer the largest difference between pay and costs," Bill Coleman, chief compensation officer at Salary.com, said in a statement. "Plus, each additional qualifying factor helped to further refine the list by highlighting the 'employment strength' of cities with a variety of industry, strong focus on education, and low unemployment."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:05 AM | Comments (0)

Dunkin' Donuts debuts flatbread chicken sandwich

Dunkin' Donuts, the Canton-based coffee-and-baked-goods chain, continues to beef up its foods offerings as it pursues an aggressive nationwide expansion plan.

Today Dunkin' Donuts unveiled the Southwest Chicken Flatbread Sandwich, the latest addition to its all-day menu. (The image above this story, taken from the Dunkin' Donuts website, is of another flatbread sandwich on the menu.)

According to Dunkin', the new entree features a grilled chicken fillet topped with cheddar cheese, grilled peppers and onions, and a maple-chipotle sauce, all pressed in a flatbread.

Once the chain was known as regional breakfast powerhouse, serving up doughnuts and coffee in stores heavily concentrated in the Northeast.

In recent years, the chain has looked to give its customers plenty of reasons to visit its stores at lunch time, the afternoon, and the early evening, and the Southwest Chicken Flatbread Sandwich seems to be the latest example of this effort as Dunkin' Donuts looks to enter new markets.

Dunkin' Donuts said in today's press release that its "Oven-Toasted" menu, launched earlier this year, is the most significant change to Dunkin' Donuts product lineup since the company launched espresso-based beverages in 2003.

The Oven-Toasted menu includes flatbread sandwiches, such as the new Southwest Chicken Flatbread Sandwich, as well as "personal pizzas" and hash brown, the company said.

Dunkin' Donuts is a subsidiary of Dunkin' Brands Inc., also of Canton.
(By Chris Reidy, Globe staff)

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

Skyhook Wireless enters partnership

Skyhook Wireless of Boston and CSR today announced a partnership that they say will enable mobile device makers to more easily launch and support location-based services for consumers.

Skyhook Wireless is focused on a "hybrid positioning system" that leverages Wi-Fi, GPS, and cell towers to deliver precise location data to support location-based services.

CSR of the United Kingdom is a provider of personal wireless technology.

According to the two companies, their partnership will "benefit consumers by enabling them to more quickly and reliably perform tasks such as planning a trip, finding friends nearby, or locating the closest restaurant."
(By Chris Reidy, Globe staff)

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

Mass. foreclosure deeds set another record in May

Foreclosure deeds in Massachusetts broke another record in May, the Warren Group said today.

Foreclosure deeds, the final step in the foreclosure process, rose 107.5 percent in May, from 677 in May 2007 to 1,405 in May 2008, said the Warren Group, adding that deeds are also up 5.3 percent from 1,334 in April 2008.

The Warren Group of Boston is a provider of regional real estate data and the publisher of Banker & Tradesman.

Petitions to foreclose, the first step in the mortgage process, declined in May, but that's because a new state law that took effect May 1 has extended the time period for the foreclosure process, the Warren Group noted.

There were 390 petitions to foreclose filed in May, down 81.9 percent from the 2,158 filed in May 2007 and down 88.3 percent from the 3,327 filed in April 2008, the Warren Group said.

“May petitions to foreclose were down to one-tenth of what they were in April, but that was surely a temporary decline,” Timothy Warren Jr., chief executive of the Warren Group, said in a statement. “Foreclosure deeds continued to rise to levels we haven’t seen since we started to record them in 2005, signaling that this problem is far from over."
(By Chris Reidy, Globe staff)

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

Report: Local office market is holding steady

Leasing fundamentals for the Greater Boston office market were "sluggish but holding steady" during the first half of the year, according to a new report out today from Colliers Meredith & Grew, a Boston real estate services firm.

"Net absorption across all submarkets was just over 1 million square feet, compared to over 2.5 million square feet through the first six months of 2007," Colliers Meredith & Grew said in its report. "Despite the positive absorption, the addition of over a half million square feet of new supply has kept the vacancy rate unchanged since the fourth quarter 2007 at 14.3 percent."

The firm added: "Instability in the residential markets, inflationary concerns, and a still-tight credit market are causing some tenants to pause before executing transactions. Employment conditions in Greater Boston are generally positive, however, so that neither a drop-off in demand nor a significant amount of sublease activity - both early indicators of a negative turn for the office markets - have occurred."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:59 AM | Comments (0)

Patriots Hall of Fame voting ends July 4

Patriot Place is more than a mere shopping center, the New England Patriots are quick to tell you; it's got some of the glitz and glam of Vegas and Hollywood as well.

In mid 2007, the Kraft family, which owns the Patriots, unveiled details of a $350 million retail and entertainment complex that would occupy land near Gillette Stadium in Foxborough, and one big coming attraction will be CBS Scene Restaurant and Bar, an upscale food palace that will also feature dozens of high-definition television sets presenting CBS network content such as "Late Night from David Letterman."

This week, though, the Patriot Place spot light is highlighting the Patriots Hall of Fame. Fans are urged to choose among three worthy former Patriots players by Friday. The three finalists are tight end Ben Coates (right), center Jon Morris, and running back Jim Nance, the Patriots said.

The winner will be enshrined along with other Patriots greats such as Steve Grogan and John Hannah, the Patriots said.

And where will the enshrinement take place? At a "ceremony at the Hall at Patriot Place presented by Raytheon," the Waltham defense contractor, the Patriots said.

Voters will be limited to one vote per computer IP address, and fans can vote on the Patriots’ website, the Patriots said.

For additional coverage of Patriot Place, please click here.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:37 AM | Comments (0)

June 27, 2008

Plans for $350m ethanol plant are announced

Michigan's Upper Peninsula is expected to be the host of a $250 million plant that would turn wood chips into fuel.

Governor Jennifer Granholm and Boston-based Mascoma Corp. announced some details of the project today. The plant will be built at one of two sites under consideration in Chippewa County with the help of a $15 million grant from the state.

The facility could have more than 50 jobs when it hits full production in 2012. Hundreds of jobs could be created in its forest-based supply chain. Granholm said the project overall could help generate 500 to 700 jobs across the Upper Peninsula.

Investors in the project include General Motors Corp. and Marathon Oil Corp.

The ethanol plant is part of the state's strategy to help reduce dependence on oil. Granholm said Michigan's forests, wind, and water put it in good position to be an alternative energy leader.

Granholm and Mascoma first announced they were working on a project last year. Today's announcement provided more details of what they say would be the nation's first commercial scale operation using a particular kind of bioprocessing technology.

The factory will convert wood chips and other non-food fibers to make about 40 million gallons of wood ethanol a year.

The governor said that when Michigan and Mascoma officials first starting working on the project, oil sold for about $67 per barrel. The price was more than $140 per barrel Friday.

"The timing for this project is wonderful," Mascoma chief executive Bruce Jamerson said.

Michigan State University and Michigan Technology University will be allied with the project, which could help further the state's alternative energy efforts.

Michigan's alternative energy push is intended to produce both less expensive fuels and jobs for the state's struggling economy.

Michigan's May unemployment rate, 8.5 percent, was highest in the nation. (AP)

Posted by globebusiness at 2:59 PM | Comments (0)

Bay Copy chief executive will lead trade group

Bay Copy, a Rockland company specializing in providing document images for local businesses, said today that Ray Belanger, its chief executive, has been voted president of the Select Dealer Group.

The Select Dealer Group is a national trade organization whose membership draws from office product and services dealers across the country.

Belanger said in a statement: "In our industry, we have seen many changes, and have believed there is a need for a strong organization where leaders can meet, brainstorm, and exchange ideas with the goal of providing even better service to our individual customers as a result of our effort.”
(By Chris Reidy, Globe staff)

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

Brigham's Ice Cream agrees to sell to H.P. Hood

Brigham's Ice Cream Inc. of Arlington today announced it has agreed to sell its product lines to a subsidiary of HP Hood LLC "in a move that brings together two of the region's biggest and best-loved ice cream brands."

Terms of the transaction were not disclosed.

Under the agreement, Lynnfield-based Hood will acquire the Brigham's 94-year-old brand name, all its products, proprietary flavors, and recipes.

In a separate transaction, Brigham's 28 retail outlets and restaurants will be sold to Baltimore-based Deal Metrics LLC. Terms of that transaction were not disclosed either.

About 40 employees at Brigham's ice cream facility will lose their jobs and receive separation pay, a Brigham's spokesman said. The roughly 100 employees at Brigham's 28 retail locations will continue under the new management, he added.

Lynne Bohan, a spokesperson for Hood, said in a statement: “Hood is pleased to welcome Brigham’s Ice Cream to our family, bringing together two of New England’s most beloved ice cream brands. Brigham’s Ice Cream, like Hood, has a strong heritage and passionate following among consumers—and we are delighted to have the opportunity to preserve the Brigham’s name and products. Hood’s primary focus will be on the strengths of the Brigham’s packaged ice cream business and preserving Brigham’s proprietary flavors and recipes.”

Last month, Brigham's confirmed that it had hired an investment banking firm to explore a possible sale or merger of the company.

At that time, Brigham's cited tough competition and the rising costs of ice-cream ingredients as among the reasons for its decision to explore its options.

In a statement issued last month, Brigham's said, "Like other independent premium ice cream brands, Brigham’s has been subject to a variety of market pressures, including the unprecedented rise in the cost of commodities and the price of fuel and utilities."

Brigham's also said in that statement that it faced "heavy competition from a highly consolidated industry that, unlike Brigham's, has not been committed to quality," but has made "huge investments in technological innovation, packaging changes, promotional discounting, and cost-cutting."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:45 PM | Comments (8)

Delta Dental will offer individual coverage

Delta Dental of Massachusetts announced today that it is offering individuals the opportunity to purchase dental benefits directly from Delta Dental.

Previously, Delta Dental said its coverage could only be purchased through an employer as part of an employee benefits group plan.

Delta Dental said its decision was driven by consumer demand.

Employees at small companies that don't offer dental benefits are asking for individual coverage, and so are older consumers who are keeping their teeth longer but often lose their dental coverage after retirement, Delta Dental said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:32 PM | Comments (0)

Super 88, Mass. AG reach wage settlement

Super 88 Market, a local supermarket chain, has agreed to pay $200,000 in restitution and fines to settle allegations that it failed to pay some employees minimum wages and overtime pay, the office of Massachusetts Attorney General Martha Coakley said today.

Coakley's office said it began an investigation into the chain last year after receiving complaints from former Super 88 employees.

Under the settlement agreement disclosed today, Super 88 agreed to pay $175,000 in restitution to more than 300 current and former employees, along with a fine of $25,000 to the commonwealth, Coakley's office said

As part of the settlement, Super 88 must also implement a new timekeeping-audit system and provide education and a handbook to employees that describes their benefits, Coakley's office said.

The attorney general's office is responsible for enforcing the prevailing wage, minimum wage, and overtime laws, and the payment of wages laws in the commonwealth.

An attempt to reach Super 88 for comment was not immediately successful.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:47 AM | Comments (0)

Stow grants cable franchise for Verizon FiOS TV

Verizon Communications Inc. said that the board of selectmen in Stow has granted a cable franchise for Verizon's FiOS TV service.

FiOS TV is the company’s new fiber-optic television service, which Verizon claims offers a better-quality picture, more high-definition and on-demand programs, and more reliable service at competitive prices than rival TV services. (The photo above shows Boston Celtics star Kevin Garnett, center, taking a break between shooting scenes for a recently released TV ad promoting FiOS.)

The decision by Stow means that FiOS TV is now either already available or soon will be available in 75 Massachusetts communities, 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 10:13 AM | Comments (0)

Evergreen Solar expands and prices notes offer

Evergreen Solar Inc., the Marlborough maker of solar panels, said today it has widened the scope of its public offering to up to $325 million in notes due 2013, from $300 million, and set an initial price of $12.11 per share.

The initial conversion rate is about 82.6 shares per $1,000 in 4 percent senior convertible notes.

The company also gave underwriters an option to purchase an additional $48.8 million in notes, compared with a previous $45 million option.

In connection with the offering, the company entered into a capped call transaction with an affiliate of Lehman Bros. The capped call, designed to reduce the potential dilution of the notes, increases the conversion price to $19 per share, Evergreen said.

A capped call is an option with a pre-established profit cap.

Evergreen plans to use net proceeds from the offering to pay initial costs of the capped call transaction, expenses related to the offering and for building and stocking its solar panel manufacturing plant at the sight of the former Fort Devens base in Central Massachusetts.

Evergreen also said it has entered into a stock lending agreement with an unnamed Lehman Bros. affiliate in which the company has agreed to lend about 30.9 million shares. When the note offer closes, the affiliate has agreed to sell 18.2 million of the shares at $9.50 each. The remaining shares will be sold at current market prices.

Evergreen said the deal is intended as a hedge for investors in its notes offering and capped call transaction.

Evergreen will receive no proceeds from the sale of those shares.

Evergreen shares hares fell 91 cents, or 8.4 percent, to $9.92 in premarket electronic trading. Evergreens shares trade on the Nasdaq Stock Market. (AP)

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

Sonus Networks adopts shareholder rights plan

Sonus Networks Inc., a Westford company that makes networking hardware and software, said late yesterday that its board has adopted a three-year stockholder rights plan to help protect shareholders and the company from an unwanted takeover.

The board adopted the plan in response to recent heavy trading volume and because it has yet to reach a satisfactory agreement with its largest shareholder, Legatum Capital. A shareholder rights plan, or "poison pill" provision, generally makes a hostile takeover more difficult for the buyer.

Under the plan, preferred stock purchase rights will be distributed as a dividend at the rate of one right for each share of common stock. The rights will expire on June 26, 2011

The rights are generally exercisable only if a person or group acquires 15 percent or more of the company's common stock. A person or group already owning 15 percent or more will not cause the rights to become exercisable upon adoption of the plan. Thus, the rights will not be triggered even though Legatum holds a 25 percent stake in the company. However, Sonus said the rights would become exercisable if Legatum buys additional shares or their ownership decreases below 15 percent and then subsequently increases to 15 percent or more.

Legatum has said the company lacks transparency and is unresponsive to shareholders. The investor has also expressed concern over a decline in Sonus' stock price, shareholder lawsuits and high senior management turnover.

Last week, the shareholder withheld its votes for three board nominees up for re-election at the company's annual meeting.

The three directors were re-elected despite Legatum's action. Sonus subsequently engaged in discussions with Legatum regarding its complaints following the meeting, but said it has been unsuccessful in reaching a satisfactory conclusion.

"We continue to remain open to discussions with Legatum about the company, its business and prospects, as well as Legatum's investment in Sonus," said Chief Executive Richard Nottenburg, in a statement. "Regrettably, we have not received the necessary assurances from Legatum under the securities laws, to allow us to have the confidential and full discussion we believe is needed to resolve Legatum's issues." (AP)

For earlier coverage of Sonus, please click here.

Posted by globebusiness at 9:40 AM | Comments (0)

Millipore unveils Missouri expansion

Millipore Corp. today unveiled a $3.4 million expansion of its Missouri facility, the company's headquarters for its drug discovery business unit.

Based in Billerica, Millipore provides technologies, tools, and services for bioscience research and biopharmaceutical manufacturing.

The expansion of the facility at St. Charles, Mo., will "enable Millipore to keep pace with the growth of its worldwide drug discovery and development business, which provides products and services that help pharmaceutical and biotechnology companies discover, evaluate, and develop drug candidates," the company said in a press release.

Millipore said it plans to hire an additional 60 employees at the St. Charles site, which currently employs 187 people.

The St. Charles site became part of the company as a result of Millipore's 2006 acquisition of Serologicals Corp., Millipore said.
(By Chris Reidy, Globe staff)

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

Mobile website targets wine lovers on the go

For the wine lover who can't bear the thought of traveling from home without a personal sommelier, Fleming's Prime Steakhouse & Wine Bar claims to have come up with the next best thing.

The chain, which has a restaurant in Boston, said it has unveiled a mobile website; at m.flemings100.com, visitors to the site can get instant access to the chain's list of 100 wines by the glass.

In other words, if oenophiles find themselves bewildered in some desolate outback where they might otherwise be talked into sampling a rugged vin ordinaire, the mobile website will give them a data dump of useful information that will help guide them into making a more felicitous choice.

"The mobile site offers a detailed description of the wines with bottle logo, categorized by varietal, in progression, similar to the in-restaurant wine list," Fleming's said in a press release. "To assist guests in making their selections, the mobile list presents a natural, easily understandable flow from lighter to more full-flavored wines. "

Explaining the rationale for the mobile wine website, Fleming's said, "For many on-the-go wine lovers, finding a good glass of wine is a challenging yet enjoyable experience; the real trick is trying to remember the particular type of wine the next time you want to order a glass."

According to Fleming's, the mobile wine website was specifically designed "to help alleviate dining-dilemma stress" of that sort.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:59 AM | Comments (0)

Foxwoods Resort Casino lays off 200 employees

The tribe that owns the Foxwoods Resort Casino in Mashantucket, Conn., says nearly 200 employees have been laid off.

A spokeswoman for the Mashantucket Pequots says the layoffs of middle-managers and some hourly employees are part of what she calls a strategic organizational review process begun in January.

The job cuts are believed to be the first in the casino's 16-year history. Foxwoods employs about 10,000 people at its casinos.

The spokeswoman says the workers let go yesterday will get two weeks severance pay for each year they were employed up to 13 years as well as health benefits. (AP)

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

Boston Sports Club is coming to Westborough

Boston Sports Clubs, a fitness-center chain, said it plans to open a 32,000-square-foot health club this summer at Bay State Commons, a "lifestyle center" in Westborough.

The club will feature a swimming pool, basketball court, and dedicated cycling and aerobics studios and will offer an extensive array of group exercise classes, the chain said in a statement.

Aside from Westborough's demographics, one attractive feature of Bay State Commons is the presence of such other retailers and restaurants as Stein Mart, Panera Bread, Ted's Montana Grill, and a Roche Bros. supermarket, Boston Sports Club said.

Boston Sports Club is operated by Town Sports International Holdings Inc. of New York.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:57 AM | Comments (0)

Progressive offers insurance to local boaters

The Progressive Group of Insurance Cos. today announced that it is offering boat insurance for Massachusetts residents who shop online at www.progressive.com.

Ohio-based Progressive said it began writing car insurance for online shoppers in Massachusetts in May and has been offering commercial auto insurance to business owners in the state through independent insurance agents for more than a year.

Dominic Mediate, Progressive's boat product manager, said in a statement: "We're excited to offer our unique combination of coverages and services to Massachusetts boaters. Things like 24/7 claims service and specialized coverages such as Emergency Towing and Labor and Total Loss Replacement are designed to help get boaters back on the water fast in the event of a loss."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:16 AM | Comments (0)

June 26, 2008

Southwest Airlines adds flights at T.F. Green Airport

Southwest Airlines Co. is giving T.F. Green Airport two more daily flights to Florida starting Nov. 2, the Warwick, R.I., airport announced today.

The low-cost carrier is increasing its daily departures to Orlando to six and to Fort Lauderdale to two.

The additions will boost service from T.F. Green Airport's largest airline to 33 daily flights.

“Although these are challenging times in the industry, Southwest has responded to the demand for additional flights," Kevin Dillon, chief executive of the Rhode Island Airport Corp., which runs T. F. Green Airport, said in a prepared statement. "We are pleased that they continue to add service and to recognize the potential for further growth to some of the top destinations from Green.”
(By Nicole C. Wong, Globe staff)

Posted by globebusiness at 3:41 PM | Comments (0)

Smith & Wesson sees no big impact from gun ruling

Smith & Wesson Holding Corp. expects only a modest increase in sales as a result of a U.S. Supreme Court ruling upholding an individual's right to own guns for self-defense.

But a spokesman for the Springfield-based gun maker says today's high court decision sends a long-awaited and unequivocal message that law-abiding American citizens have the right to own firearms.

The more than 150-year-old company relies on the commercial market for 75 percent of its sales.

The court's 5-4 ruling struck down the District of Columbia's 32-year-old ban on handguns as incompatible with gun rights under the Second Amendment. (AP)

Posted by globebusiness at 3:14 PM | Comments (0)

Boger addresses chamber's life sciences forum

Joshua S. Boger, president and chief executive of the Cambridge biotechnology company Vertex Pharmaceuticals Inc., discussed some of the company's experimental drugs at a life sciences forum this morning sponsored by the Greater Boston Chamber of Boston.

Part of his speech touched on an experimental drug called telaprevir, which Vertex is developing to treat the hepatitis C virus. The virus, which destroys the liver, infects an estimated 170 million worldwide, and some analysts think that when telaprevir wins regulatory approval, it could generate annual sales of more than $2 billion.

In a summary of Boger's speech that Vertex made available, Boger discussed the evolution of telaprevir's research and development program, recent Phase II clinical results, the start of a Phase III clinical trial, and the rationale for the company's decision, 14 years ago, to enter the hepatitis C virus space.

Boger also talked about Vertex's program to develop a cystic fibrosis treatment.

His remarks noted that the science behind Vertex's "novel approach" to cystic fibrosis therapy - using an oral drug to target a genetic defect - struck many people as "crazy" when the company started the program 10 years ago.

Today that program has "yielded promising early clinical results," Boger said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:00 PM | Comments (0)

Galvin charges UBS with fraud

Massachusetts Secretary of State William F. Galvin said today that he has charged UBS Securities LLC and UBS Financial Services Inc. "with fraud and dishonest conduct in retail sales of auction rate securities to investors who were told by their UBS representative that the investments were safe, liquid 'cash alternatives' when UBS knew they were not."

UBS today vowed to defend itself against Galvin's allegations.

The Globe reported today that Galvin's action was expected. Please click here to read that story.

In a statement e-mailed to the Globe, UBS referred to auction rate securities as ARS.

"We are disappointed that the Massachusetts Securities Division has filed this complaint against us, as we, our peers, and the industry work toward solutions," UBS said. "We continued to support the auction rate securities market longer than any other firm. We held approximately $11 billion worth of ARS at the end of 1Q08. We have offered our clients loans of up to 100 percent of the par value of their ARS holdings at preferred lending rates. UBS, our clients, and clients of other industry participants all share the impact of this unprecedented loss of liquidity in the ARS market."

UBS also said: "We will defend the specific allegations of the complaint. Contrary to the allegations, UBS is committed to serving the best interests of our clients. We will continue to work with the industry toward broad solutions."

Galvin said in a statement today: “UBS pushed the sales of these instruments as ‘cash alternatives’ without telling their customers of their vulnerabilities. Nor did UBS tell them that the only ARS products being offered were what UBS had underwritten and that UBS was trying to unload at the eleventh hour. The game was fixed; only the customers were in the dark.”

To read the complaint that Galvin's office filed, please click here.
(By Chris Reidy and Beth Healy, Globe staff)

Posted by globebusiness at 2:39 PM | Comments (0)

Monster plans to open S. Carolina facility

Monster.com, a job-search and employee-recruitment company, said today that it will open a customer-service facility in Florence, S.C., that will eventually employ 350 people.

Although formally headquartered in New York, Monster has much of its operations in Maynard; Monster is the flagship brand of Monster Worldwide Inc., a communications and technology company.

Monster said the rationale for opening a facility in South Carolina results from a decision to stop outsourcing its US customer-service needs and to bring them in-house at a centralized location.

Monster's head count in Maynard of 1,350 employees will be unaffected by the South Carolina decision, a company spokeswoman said.

“Opening the new customer support service center stems from an initiative to bring North American customer support in-house to ensure Monster leads the online recruitment industry in proactive service,” Art O’Donnell, Monster's executive vice president of service, said in a statement. “Florence is an ideal choice for us because it’s a rapidly developing labor market with the talent we’ll need to bring best-in-class service to our customers.”

Monster said that it will break ground for its new Florence facility in the coming months and begin area operations in September at a temporary location.

Over the last year or so, Monster has forged agreements with media companies representing more than 200 news publications. In early 2007, Monster disclosed a relationship with The New York Times Co., whose properties include The Boston Globe and Boston.com; the relationship is an alliance to sell help-wanted advertising.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:09 PM | Comments (0)

July 4 weekend travel is projected to decline

AAA is projecting a decline in the number of Americans traveling 50 miles or more from home during the Fourth of July travel period for the first time in a decade, according to AAA Southern New England.

Sky-high gas prices are a big reason.

AAA Southern New England said that AAA projects that almost 40.5 million Americans will travel during the July 4 weekend, down 1.3 percent from the 41 million who traveled last year.

“Clearly gas prices are continuing to take a toll on the traveler’s budget, but the travel industry is continuing to respond, as they have in the past, with discounts, promotions, and other incentives to get people traveling this holiday,” Lloyd P. Albert, AAA Southern New England senior vice president of public and government affairs and new business development, said in a statement.
(By Chris Reidy, Globe staff)

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

CVS and Microsoft announce collaboration

CVS Caremark Corp. and Microsoft Corp. announced plans to collaborate to offer consumer health care solutions to help people manage their health and wellness and control their health information using Microsoft HealthVault.

"Through this collaboration, consumers will be able to download a comprehensive list of prescriptions filled at CVS/pharmacy or through CVS Caremark by mail as well as save copies of their health records, including laboratory tests, from visits to MinuteClinic, the retail-based health clinic subsidiary of CVS Caremark, into their individual HealthVault record," CVS Caremark, which is headquartered in Woonsocket, R.I., said in a press release.

"It will also be possible to upload personal health data, such as blood pressure or glucometer readings, from HealthVault into CVS Caremark applications for use by pharmacists or nurse practitioners in providing care," said the companies, adding that these services are expected to be available to consumers beginning in the fall of 2008.

Microsoft is heaquartered in Redmond, Wash.
(By Chris Reidy, Globe staff)

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

Dunkin' Donuts unveils "bases loaded" promotion

Dunkin' Donuts, the Canton-based coffee-and-baked-goods chain, announced today the launch of "Bases Loaded," a summer iced beverage promotion.

The promotion is licensed by MLB.com, the Major League Baseball Players Association, and certain individual teams and players as well as 2K Sports, Dunkin' Donuts said.

"Beginning today, all Dunkin' Donuts cold beverages purchased, including Iced Coffee, Iced Tea and Smoothies, will have a peel-away sticker on the cup revealing a one-time login code for participation in an instant-win game at www.dunkindonuts.com/basesloaded," the chain said in a press release. "Coupons for free items from Dunkin' Donuts' new Oven Toasted menu such as flatbread sandwiches and personal pizzas will also be given away."

"At the website, customers can face either Jonathan Papelbon (right) of the Boston Red Sox or Joba Chamberlain of the New York Yankees," the press release also noted. "With a hit off of one of these pitching stars, customers can win additional prizes such as games from 2K Sports, Sharp AQUOS high definition LCD TVs, Xbox360 video game systems, and tickets to local baseball games in participating markets."

Part of Dunkin' Brands Inc., Dunkin' Donuts is in the midst of aggressive national expansion program.
(By Chris Reidy, Globe staff)

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

Mountz of Kiva Systems wins award

Kiva Systems said today that Mick Mountz, its founder and chief executive, has won an award for entrepreneurship from Ernst & Young, the global firm that offers assurance, tax, transaction, and advisory services.

Mountz received the Ernst & Young Entrepreneur Of The Year 2008 Award in the emerging business category for the New England region, said Kiva Systems, a Woburn company that develops picking, sortation, and shipping systems for distribution center automation.

Mountz said in a statement: "In 2003, we set out to create a game-changing system that could revolutionize the retail fulfillment supply chain, and I am grateful for the strong validation this prestigious Ernst & Young award provides. For large retail and e-commerce operations, efficient fulfillment is synonymous with competitive advantage, and we are continually energized by the excitement we hear from our customers who report unprecedented productivity, cycle time, and order accuracy metrics."
(By Chris Reidy, Globe staff)

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

Fidelity: $85k needed for long-term care costs

A 65-year-old couple needs $85,000 on average to cover insurance costs for long-term care such as nursing home stays in retirement, according to a study to be released today by Fidelity Investments, the Boston mutual funds giant.

The finding underscores the need to financially prepare for the possibility of eventually needing assistance to get by, a burden that often falls on elders' adult children, who can jeopardize their own finances by caring for an ailing parent while finding they must cut their work hours.

Setting aside adequate savings heading into retirement can help defuse family tensions should physical or mental illness hit parents who slowly realize they can no longer perform tasks such as household chores, or bathe or dress on their own.

"If you plan adequately and you have the ability to pay for assistance in whatever form that might be, it makes it easier on everybody if you can do that," said Kathleen Kelly, executive director of the Family Caregiver Alliance, a San Francisco-based nonprofit that helps families cope with adults' disabilities. "Families really want to do the right thing, but there are so many pressures on them."

Fidelity surveyed insurers offering long-term care policies to come up with the estimate that a couple aged 65 this year can expect to need $85,000 to cover annual premiums for long-term care coverage throughout retirement.

It's the first year Fidelity has conducted the study, which supplements a survey the company completed in March estimating a couple retiring this year would need $225,000 in savings to cover medical costs in retirement. That estimate covers expenses associated with Medicare premium payments, as well as co-payments and deductibles, plus out-of-pocket prescription drug costs.

The $85,000 for long-term care insurance, which can cover costs for everything from regular visits to a home by a caregiver, to living in a nursing home, is in addition to the $225,000 for other health care needs.

The study's goal is to get people thinking about long-term care -- an unpleasant topic made more difficult by rising costs, and the growing demand for such care as baby boomers enter retirement and eventually need help caring for themselves.

"A lot of people shy away from thinking about it," said Joan Bloom, senior vice president for Fidelity's life insurance group, which distributes long-term care insurance issued by an unaffiliated firm, Genworth Financial.

About 5 million Americans are covered by long-term care policies, a number that has remained largely flat over the last 10 years, Bloom said. While some employers provide benefit programs offering long-term care coverage, the cost generally isn't subsidized by employers.

Bloom recommends people consider buying long-term care insurance when they're in their 50s. Policies generally cost less the earlier in life they're purchased.

While someone may never end up needing long-term care, the financial hit can be hard if it is needed, with the average cost of a one-year stay in a private room at a nursing home now at more than $76,000, Bloom said.

In part because of those high costs, about three-quarters of all long-term care is provided by a family member, Fidelity says. The company's research found about 29 million Americans informally provide long-term care to family members, spending an average 34 hours per week, or nearly a full work week.

Such a commitment can take a toll on a caregiver's finances. A 50-year-old earning $50,000 per year who provides four years of long-term care to a family member could lose more than $140,000 in wages, retirement savings, and Social Security over their lifetime, Fidelity estimates.

Such scenarios are becoming more common. By 2050, the number of Americans using paid long-term care services in any setting - at home, in assisted living, or a nursing home - is expected to double from the 13 million who used such services in 2000, to 27 million people, according to a federal estimate.

"Almost everybody I see now who is over the age of 40 or 45 has a story involving caregiving for their parents," said Kelly, of the Family Caregiver Alliance. "If they don't have one already, they will." (AP)

Posted by globebusiness at 8:35 AM | Comments (0)

Interactive Data agrees to buy Kler's Financial Data

Interactive Data Corp., a Bedford-base provider of financial market data, said today that it will acquire Kler's Financial Data Service S.r.l. for about $29.6 million in cash.

Kler's provides reference data to the Italian financial industry.

The acquisition is being made as part of Interactive Data's plans to expand its reference data services and grow its operations in Europe.

Interactive Data plans to retain Kler's Rome office and expand its presence in Milan, Italy.

Kler's services will be marketed at Interactive Data Kler's once the deal closes.

The deal is expected to close early in the third quarter. (AP)

Posted by globebusiness at 7:37 AM | Comments (0)

National Amusements readies de Lux debut

National Amusements Inc., a Dedham-based operator of more than 1,500 movie screens around the world, announced it will officially unveil its new Showcase Cinema de Lux, the company's upscale cinema concept, tomorrow in Florence, Ky.

According to the company, this is the first new National Amusements theater that features the premium reserved-seating concept called Lux Level, where guests can enjoy meals, snacks, and cocktails before and during the show.

Showcase Cinema de Lux is National Amusements' newest brand, providing guests an enhanced level of luxury comfort and transforming the theater into a community entertainment destination, the company said.

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 7:14 AM | Comments (0)

June 25, 2008

American to pull out of T.F. Green

American said that its regional carrier, American Eagle, will stop serving T.F. Green Airport near Providence as part of the cost-cutting plan announced a month ago.

T.F. Green is one of five airports nationwide that will lose American Eagle flights in November as the carrier whittles fourth-quarter regional seat capacity by 10 to 11 percent compared with the same period a year earlier.

An airport spokeswoman could not be reached immediately for comment.

American Eagle carried less than 4.35 percent of the airport's passengers during the 12-month period ended in April, according to the latest data from the Department of Transportation.
(By Nicole C. Wong, Globe staff)

Posted by globebusiness at 3:28 PM | Comments (0)

Hologic gets FTC approval for Third Wave takeover

Medical technology company Hologic Inc. of Bedford said today that the Federal Trade Commission cleared its $580 million takeover of Third Wave Technologies Inc. of Wisconsin.

The federal agency granted an "early termination" of their antitrust review. Early termination refers to the completion of a review by the FTC or Justice Department before the end of a 30-day period required under antitrust law.

The acquisition is still subject to completion of a tender offer of all outstanding shares of Third Wave stock for $11.25 per share. The offer is set to expire at midnight on July 16.

Hologic shares rose 73 cents, or 3.3 percent, to $22.83, while Third Wave shares edged up 5 cents to $11.18 in afternoon trading. Shares of both companies trade on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 2:18 PM | Comments (0)

Aspen Aerogels gets $37 million investment

Arcapita Ventures announced today that it has led a $37 million round of investment in Aspen Aerogels Inc., a Northborough provider of advanced insulation materials.

Arcapita is an investment firm with offices in Atlanta.

"Aspen's proprietary aerogel technologies and manufacturing processes have the potential to redefine large portions of the $30 billion global insulation market," Ramsay Battin, director of Arcapita Ventures, said in a statement. "We believe the macro environment for this type of advanced insulation material is extremely favorable, and the past twelve months have marked a period of increasing momentum for the company with new and existing customers across a variety of industries."

Battin will join the Aspen Aerogels' board of directors, Arcapita said.
(By Chris Reidy, Globe staff)

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

Staples slightly ups price for Corporate Express

Framingham office supplies retailer Staples Inc. today said that it has slightly sweetened its offer to buy Corporate Express NV, a Dutch company that specializes in delivering office supplies to large corporate customers.

After earlier sales offers were rejected as too low, Staples and Corporate Express announced June 11 that they had reached an agreement on a deal with a $2.6 billion purchase price.

Staples said today it will increase its offer price for investors who own Preference Shares A in Corporate Express, a move that will ad nearly $40 million to the $2.6 billion price, a Staples spokesman said.

Corporate Express has roughly 239 million shares outstanding, and about 53 million of that total are Preference Shares A, the Staples spokesman said.

In the June 11 announcement, Staples said it would pay 3.15 Euros per Preference Shares A, and today Staples said it would raise that offer price to 3.60 Euros per Preference Shares A, the Staples spokesman said.

In a statement issued today, Staples said that it anticipates that the price increase will be "attractive to the remaining shareholders of the Preference Shares A and encourage all holders of Corporate Express' ordinary shares and Preference Shares A and all holders of the Corporate Express two-percent subordinated convertible bonds to tender their securities into the offer."

Unless extended, that offer is set to expire Friday, Staples noted.

Staples shares were up 97 cents, or about 4 percent, to $25.10 in mid-day trading on the Nasdaq Stock Market.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:30 PM | Comments (0)

Parexel shares rise on strong 2009 forecast

Shares of Parexel International Corp. jumped today after the clinical research services provider lifted its outlook for 2008 services revenue and forecast 2009 profit above Wall Street expectations.

Waltham-based Parexel issued the guidance late yesterday ahead of its investor day today in Boston. Shares rose $1.33, or 5.6 percent, to $25.03 in midday trading on the Nasdaq Stock Market.

Parexel helps companies bring experimental medications and medical devices to market by running clinical trials and clearing regulatory hurdles. The company now expects services revenue between $950 million and $957 million, up from a prior low-end of $947 million. Fiscal 2009 profit is forecast between $1.10 and $1.20 per share, compared with analysts' average estimate of $1.08, according to Thomson Financial.

Jefferies & Co. analyst David Windley said the estimates look attractive but conservative. He said backlog growth in recent quarters has been very strong, which should support continued solid revenue growth.

Most analysts remained neutral on the stock in the wake of Parexel's forecast, noting that the estimates don't include any impact from the potential acquisition of ClinPhone, which is expected to close in September. Parexel is paying $182 million for the British provider of services for drug clinical trials.

Robert W. Baird analyst Eric Coldwell said if not for the overhang of possible earnings dilution expected from the ClinPhone deal, he would be inclined to raise his 2009 profit estimates, especially since Parexel has beat Wall Street forecasts in 10 of the last 11 quarters and regularly boosts guidance.

"Instead, we are opting to maintain our current estimates under the expectation that our conservatism, and potential conservatism in PRXL's core business outlook will absorb ClinPhone dilution if, and when, the deal closes," he wrote in a note to clients. "Among late-stage clinical research organizations we continue to prefer Icon PLC because we believe there are fewer unresolved issues." (AP)

Posted by globebusiness at 12:38 PM | Comments (0)

Citizens agrees to sell 18 NY bank branches

Citizens Financial Group Inc. said it agreed to sell 18 branches in northern New York to Community Bank System Inc.

Citizens, the Rhode Island parent of Citizens Bank, did not give a price in a statement describing the deal this morning.

Citizens vice chairman Dana A. Drago said in the statement that the sale of the branches in the Adirondack region was part of a ''strategic business line decision'' to refocus its distribution network, and that it will continue to expand in metropolitan parts of New York state.

The branches being sold are just a fraction of its 1,600 total branches and include half a percent of total deposits, she said.

Meanwhile, Citizens plans to add 57 new in-store branches in Stop & Shop supermarkets in New York through next year, she said.

Community Bank System Inc. of DeWitt, N.Y., has 140 branches in New York and northeastern Pennsylvania, where it operates as First LIberty Bank & Trust.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 11:06 AM | Comments (0)

Brook Venture leads $7.1 million investment

Brook Venture Partners, a Wakefield investment firm, said today it has led a $7.1 million investment in Security Innovation Inc.

Security Innovation, which has its US headquarters in Wilmington, provides software security products and services to mid-size and Forbes 500 companies.

Security Innovation, or SI, "seeks to capitalize on a growing market need for its commercial security tools that help organizations develop secure software and implement sound test processes," Fred Morris, a partner with Brook, said in a statement. "The unique blend of SI's products and services enables companies not only to better understand software security but also how to minimize the risk that software brings to their enterprise and their customers."
(By Chris Reidy, Globe staff)

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

Evergreen Solar plans to sell $300 million in notes

Evergreen Solar Inc. said it plans to sell $300 million of senior convertible notes due 2013.

The solar panel producer, which has its headquarters in Marlborough, said it also expects to grant the offering's underwriters a 30-day option to buy up to an additional $45 million of notes to the extent the underwriters sell more than $300 million of notes in the offering.

The notes will be convertible into cash up to their principal amount and shares of Evergreen's common stock for the remainder, if any, of the conversion value in excess of the principal amount.

The interest rate, conversion rate, conversion price, offering price and other terms of the notes will be determined when the notes are priced.

Lehman Brothers Inc. is the offering's sole underwriter.

Evergreen plans to use the net proceeds to complete and equip a solar panel manufacturing facility in Massachusetts, to begin construction of a facility that will produce heat-resistant string for wafers, and for general corporate purposes.

In connection with the offering, the company plans a capped call transaction with a Lehman Bros. affiliate to increase the effective conversion premium of the notes and reduce possible dilution upon conversion.

A capped call is an option with a pre-established profit cap.

Evergreen Solar shares fell 41 cents, or 3.5 percent, to $11.16 in premarket trading. They closed at $11.57 yesterday in Nasdaq Stock Market trading. (AP)

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

Cynosure expands its presence in China

Cynosure Inc., a Westford-based developer and manufacturer of light-based aesthetic treatment systems, today announced the opening of its second sales office in the People's Republic of China.

The office in Beijing will be headed by Aileen Ren, vice general manager of sales and marketing for Cynosure China, the company's wholly owned subsidiary, said the company, which added that it also has a sales office in Suzhou, near Shanghai.

(At left is the Smartlipo MPX, a laser body sculpting workstation. The image was taken from Cynosure's website.)

"Consistent with our strategy, we are continuing to broaden the global reach of our newest aesthetic laser systems in key international markets," Cynosure president and chief executive Michael Davin said in a statement. "China, with its rapidly growing affluent middle class and the world's largest population, is an important region for Cynosure. We have operated in the People's Republic since 1995, and in 2006, we became the first US aesthetic laser company to establish a wholly owned subsidiary there. Following on the successful introduction of our Elite family of workstations in China last year, we are continuing to pursue additional regulatory approvals of our flagship products for this expanding market."
(By Chris Reidy, Globe staff)

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

Report: Internet ad spending will hit $65 b this year

Worldwide spending on Internet advertising is projected to total $65.2 billion this year and account for nearly 10 percent of all ad spending, according to a new report.

The report is from IDC, a Framingham firm focused on providing global market intelligence.

IDC said its Digital Marketplace Model and Forecast projects 15- to 20-percent annual growth in the coming years, and the Internet's share of total ad spending will reach 13.6 percent by 2011, when worldwide Internet ad spending is expected to be $106.6 billion.

"Compared to more mature types of advertising, Internet advertising is growing at a phenomenal rate," John Gantz, chief research officer at IDC, said in a statement. "But Internet advertising is still relatively new and growing from a much smaller base. By the end of the forecast period, spending for Internet advertising will trail direct mail, the third largest form of advertising, by more than $30 billion, while spending on TV and print ads will each be nearly twice as great as for online ads. The long-term opportunity for Internet advertising can be seen in the disparity between per capita spending. Total advertising revenues equate to more than $105 per inhabitant of the planet, while Internet advertising revenues are less than $50 per active Internet user."

According to IDC's report, keyword ads will remain the dominant type of Internet advertising in the next few years, capturing more than a third of annual online ad spending worldwide.
(By Chris Reidy, Globe staff)

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

Lawrence summit will focus on local labor market

Massachusetts Secretary of Labor and Workforce Development Suzanne M. Bump is scheduled to meet tomorrow with business, community, and education leaders from Merrimack Valley and Greater Lowell, her office said.

The purpose of the meeting is to "talk about strategies to fill jobs that are in high demand in these regions," her office said.

At the summit, researchers from Northeastern University will present new information on the region’s labor market and the training and education needs of workers, her office added.
(By Chris Reidy, Globe staff)

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

Progress Software agrees to buy Iona

Progress Software Corp. said today that it has agreed to buy Ireland-based Iona Technologies Plc for about $148.4 million

Progress Software of Bedford is a maker of tools for integrating different software programs.

In outlining the sales agreement, Progress said it will pay $4.05 per share for the Dublin maker of software integration technology. The offer represents a premium of 13 percent over Iona's closing price of $3.60 yesterday.

Iona had put itself up for sale in February after a period of steady sales decline, particularly to banks, its largest customer segment.

The price projects to a total value of $148.4 million, based on the 36.6 million shares Iona had outstanding at the end of March. Progress said the deal has an equity value of $162 million and is worth $106 million net of cash and marketable securities that Iona held as of March 31.

Iona's board has approved the deal, which the companies expect to close in September. (AP)

Posted by globebusiness at 7:47 AM | Comments (0)

Vlingo unveils new BlackBerry smartphone service

Vlingo Corp., a Cambridge firm that offers speech recognition services for mobile devices, said today it is debuting a new application for BlackBerry smartphones.

"Vlingo gives BlackBerry smartphone users control over mobile information and tasks with the power of their voice," the company said in a press release.

Vlingo’s BlackBerry application lets users send emails and text messages, search the Web, open such applications as BlackBerry Calendar and BlackBerry Maps, dial their phones, look up contacts, and even send notes to themselves, all with the power of voice, vlingo said in its release.

The applications are generally available free of charge, though wireless charges may apply, vlingo said.

BlackBerry smartphones are made by Research in Motion Ltd. of Canada.

To see a demonstration on the new service that was prepared by vlingo, please click here. The demonstration is just under two minutes long.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:20 AM | Comments (0)

June 24, 2008

Arbella plans to expand its geography

The Arbella Insurance Group of Quincy said today that it has received regulatory approval to offer commercial insurance policies to businesses in New Hampshire and Connecticut.

Arbella, which describes itself as the third largest seller of personal auto insurance and the fourth largest carrier in the commercial automobile market in Massachusetts, said it will begin selling commercial auto, property, liability, workers compensation, and other commercial lines on July 1 through its existing independent agents in Massachusetts, Rhode Island, and Connecticut.

"We're making this move in response to demand from small and mid-sized businesses in those states who appreciate the personal relationship that independent agents can offer their customers," Douglas R. Jones, president and chief executive of Arbella's commercial insurance companies, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:11 PM | Comments (0)

Vermont says IBM plant to lay off 180 workers

Vermont state officials say they're being told that the IBM plant in Essex Junction is laying off 180 people.

Vermont Agency of Commerce and Community Development officials say they're being told by International Business Machines Corp., a technology giant based in Armonk, N.Y., that 110 regular positions are being eliminated along with 70 long-term supplemental positions.

The state is activating its rapid response system to help former IBM employees find new jobs.

The IBM Microelectronic Plant in Essex Junctions was once the state's largest private employer.

At its peak in 2001, Vermont's IBM plant employed more than 8,000 people. IBM now employs about 5,500 people in Vermont. (AP)

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

MassMutual appoints executive to oversee diversity

Massachusetts Mutual Life Insurance Co. announced today that it has appointed Lorie Valle-Yanez (right) as vice president of diversity and inclusion.

In the newly created position, Valle-Yanez will be responsible for MassMutual's diversity strategy development and implementation, Springfield-based MassMutual said.

"Lorie brings with her more than 15 years of experience in the diversity arena and has an exceptional track record," Debra Palermino, senior vice president of corporate human resources and Valle-Yanez's immediate superior at MassMutual, said in a statement. "Diversity is at the very core of MassMutual's values."

Before joining MassMutual, Valle-Yanez spent six years working on diversity issues at the sports network ESPN in Bristol, Conn., MassMutual said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:40 PM | Comments (0)

AT&T working with ExtendMedia of Newton

AT&T Inc. has formed an alliance with privately-held ExtendMedia Corp. of Newton to expand AT&T's presence in the Internet content delivery market now dominated by Akamai Technologies Inc. of Cambridge. Financial details of the deal were not released.

Companies like Akamai use their own global networks of server computers to speed up delivery of data from major Internet sites.

Akamai is the market leader, but AT&T said it will spend $70 million this year to enhance its ability to distribute digital media in the United States, Europe and Asia.
(By Hiawatha Bray, Globe staff)

Posted by globebusiness at 12:22 PM | Comments (0)

Genzyme and Isis finalize cholesterol drug deal

Genzyme Corp. and Isis Pharmaceuticals Inc. said today that they finalized their agreement to give Genzyme exclusive rights to mipomersen, a cholesterol drug candidate discovered and developed by Isis.

Under original terms of the deal, first announced in January, Genzyme of Cambridge bought five million Isis shares for $150 million and agreed to pay Isis a $175 million upfront license fee.

The companies now say California-based Isis will contribute up to $50 million in additional development funding for mipomersen, bringing the company's funding commitment up to $125 million. After that, Isis and Genzyme will share development costs equally.

In exchange for the additional contribution, Isis may receive $75 million in milestone payments early.

Mipomersen is currently in late-stage trials to treat patients with homozygous familial hypercholesterolemia, a severe form of high cholesterol. The companies expect to apply with the Food and Drug Administration in the second half of 2010 for approval, and will approach regulatory authorities in Europe.

The companies said other financial terms are unchanged under the final agreement. Isis is eligible to receive up to $750 million in commercial milestone payments and up to $825 million in development and regulatory milestone fees.

Genzyme and Isis will share mipomersen profits on a sliding scale. The split will be 50/50 when annual revenue reaches $2 billion.

As part of the relationship, Genzyme will also have preferred access to future Isis drugs for certain diseases.

Genzyme Chairman and Chief Executive Henri A. Termeer said the company will manage mipomersen's clinical development within its current budget and financial guidance.

In morning trading, Genzyme shares fell 19 cents to $69.81 and Isis shares dipped 3 cents to $14. The shares of both companies trade on the Nasdaq Stock Market. (AP)

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

Kraft company ranks high among US exporters

The Kraft family may be best known for New England Patriots football, but it's no slouch in the world of paper products either.

Today the Krafts' International Forest Products Corp. of Foxborough noted that it "has moved up 60 positions in the past six years and now ranks in 40th place on the list of the Top 100 US Exporters by the Journal of Commerce."

The company goes by the initials of IFP.

"IFP is the only Massachusetts-based company to make the Top 100 list and ranks second to Connecticut’s General Electric among all New England-based exporters," the forest products company said.

International Forest Products is a member of the Kraft Group of companies, which was founded in 1972 by Robert Kraft (right).
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:19 AM | Comments (0)

BBN Technologies agrees to buy California firm

BBN Technologies, the Cambridge company that developed much of the early technology for the Internet, said today it has agreed to acquire Digital Force Technologies for an undisclosed amount.

Under the agreement, Digital Force Technologies, a California engineering firm that provides rapid tactical engineering solutions and products for US government customers, will become a wholly owned subsidiary of BBN Technologies.

"Digital Force Technologies will continue to operate from its San Diego, Calif., office, and founder Justin MacLaurin will remain as president and CEO," BBN said in a press release.

Tad Elmer (right), president and chief executive of BBN Technologies, said in a statement, "The acquisition of Digital Force Technologies supports BBN's growth strategy by providing us with additional opportunities to leverage the substantial intellectual property and technologies we create here."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:41 AM | Comments (0)

Genzyme completes licensing for cholesterol drug

Genzyme Corp., a Cambridge company known for orphan drugs, and Isis Pharmaceuticals Inc. today said that they have completed the license and collaboration agreement for the cholesterol drug candidate mipomersen.

Announced earlier this year, the collaboration provides Genzyme with exclusive worldwide rights to mipomersen, a novel lipid-lowering drug discovered and developed by Isis that is in phase 3 clinical development, the companies said in a release.

Under the agreement, Isis of California will receive a $175 million license fee from Genzyme for mipomersen, said the companies, which noted that in February, Isis received a $150 million payment from Genzyme to purchase 5 million shares of Isis common stock.

The companies also said in their press release: "The companies have updated the deal terms so that Isis will contribute up to $50 million in additional development funding for mipomersen, bringing Isis' development funding commitment up to $125 million. Thereafter Isis and Genzyme will share development costs equally. The initial Isis development funding commitment and the shared funding will end when the program is profitable. In exchange for this additional contribution, Isis has the opportunity to receive $75 million in milestone payments early."

The companies experienced a setback in April when the US Food and Drug Administration said that they must conduct additional studies of mipomersen. Click here to read that story.
(By Chris Reidy, Globe staff)

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

Retailer chooses PTC software

Parametric Technology Corp., or PTC, today announced that the Oxylane Group, a French manufacturer and retailer of sports equipment, has chosen PTC software to accelerate the development of its private-label products.

Needham-based PTC provides product lifecycle management, content management, and dynamic publishing solutions to more than 50,000 organizations worldwide.

PTC said that the Oxylane Group, which is the new corporate identity of the Decathlon Group, will use FlexPLM, PTC's product lifecycle management solution dedicated to the retail, footwear, and apparel industry.

Oxylane will use FlexPLM for the design and development of clothing items sold under the sports retailer's "Passion Brands," PTC said.
(By Chris Reidy, Globe staff)

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

Uber chefs join forces. English, Hazen team up

Todd English (above), a celebrity uber chef with local ties, said he has added more star power to his cooking empire.

English, who owns Olives in Charlestown among other restaurants, announced that chef and restaurant operator Sam Hazen has joined the corporate team of Todd English Enterprises.

As the food cognoscenti can tell you, Hazen has been most recently acclaimed for helping to establish the Tao New York and Tao Las Vegas restaurants.

Plans call for Hazen to oversee new concept development and to partner on future projects with English, a spokeswoman for English said in an e-mail.

"I am honored to have such a brilliant culinary mind join my organization," English said in a statement.

According to his press release, English opened his most recent restaurant, Beso, in March with actress Eva Longoria (left) in Los Angeles.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:44 AM | Comments (0)

Vitale Caturano announces expansion

Vitale Caturano, an accounting and consulting firm, said it has leased an additional 22,000 square feet of space to bring the total amount of space it leases at 80 City Square in Charlestown to 91,000 square feet.

The lease for the additional space is a response to "rapid growth across all its practices," said the firm, which added that it currently employs 370 people.

“Our Charlestown, Mass., facility is an ideal location for employees, clients, and business associates of the firm," Richard J. Caturano, president and chief executive of the firm, said in a statement. "We are excited to be expanding in a building that offers first-class amenities at leasing costs substantially less than downtown rates."

Richard Vitale, a firm cofounder and a friend of Massachusetts House Speaker Salvatore F. DiMasi, has been in the news of late over questions of whether or not he engaged in lobbying activities without first registering as a lobbyist. Vitale has insisted that he was a "strategist" and not a lobbyist. Vitale retired from Vitale Caturano in May.
(Chris Reidy, Globe staff)

Posted by globebusiness at 7:13 AM | Comments (0)

June 23, 2008

IRS increases mileage rates through Dec. 31

The Internal Revenue Service announced today an 8-cent increase in optional standard mileage rates in response to rising gas prices.

Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes for the second half of 2008, the IRS said.

The rate will increase to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, said the IRS, which noted that 50.5 cents was the rate in effect for the first six months of 2008.

"Rising gas prices are having a major impact on individual Americans," IRS commissioner Doug Shulman said in a statement. "Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile. We want the reimbursement rate to be fair to taxpayers."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:19 PM | Comments (0)

GTC Biotherapeutics will collaborate with Ovation

GTC Biotherapeutics Inc. of Framingham and Ovation Pharmaceuticals Inc. said today that they have entered into a collaboration agreement to develop and market a drug treatment called ATryn in the United States.

ATryn is GTC’s recombinant form of human antithrombin, a plasma protein with anticoagulant and anti-inflammatory properties, and the collaboration includes development and commercialization of ATryn in the hereditary antithrombin deficiency, or HD, indication, the companies said in a press release.

The agreement includes $257 million in potential payments to GTC for meeting clinical, regulatory, and sales milestones, the companies said.

According to its website, Ovation is headquartered in Illinois.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:59 PM | Comments (0)

Checkpoint Systems agrees to buy OATSystems

Checkpoint Systems Inc. today announced that it has agreed to buy OATSystems Inc., a Waltham firm focused on radio-frequency identification, or RFID, software and middleware.

Headquartered in New Jersey, Checkpoint Systems describes itself as a manufacturer and a marketer of identification, tracking, security, and merchandising solutions for the retail industry.

Its press release did not disclose a purchase price for the proposed transaction.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:27 PM | Comments (0)

Mass. May home sales drop on year-to-year basis

The median selling price in May for single-family homes in Massachusetts fell 9.2 percent to $322,500, compared with $355,000 in May 2007, the Massachusetts Association of Realtors reported today

The volume of Massachusetts single-family homes sold fell 10.1 percent in May to 3,491 in a year-to-year comparison, the association said, and the median selling price for a Massachusetts condominium in May dropped 2.6 percent from $290,000 in May 2007 to $282,500 in May 2008, the association said.

On a volume basis, the number of Massachusetts condos sold in May fell 24.5 percent to 1,640, the association said.

The Warren Group, a provider of local real estate data and publisher of Banker & Tradesman, issued a separate report on the Massachusetts housing market today. The Warren Group uses a different method to track residential real estate activity than the realtors association does.

The median price of single-family homes dropped 7.8 percent in May, falling from $350,000 last year to $322,500, the Warren Goup said, and sales of single-family homes fell 12.7 percent from 4,284 in May 2007 to 3,739 in May 2008.

Condominium sales continued to fall dramatically in May, with a 29.6 percent decline, from 2,855 to 2,010, the Warren Group said, and condo prices rose 1 percent in May from $285,000 to $288,000.

Ever upbeat, the Massachusetts Association of Realtors saw bright spots in the monthly report.

"Both single-family home sales and condominium sales experienced their biggest April-to-May percentage increase in the past 10 years," the association said in a press release. "While year-over-year single-family home sales were down 10.1 percent in May, this is the smallest decrease since September 2007."

In a statement, Susan M. Renfrew, president of the Massachusetts Association of Realtors, added: “While the number of sales for both single-family homes and condos were down in May, these decreases continue to narrow since the start of the year, which is definitely a move in the right direction. It is also a positive sign that median prices on a month-to-month basis continue to move up. However, the 9.2 percent year-to-year median price drop indicates that the growing number of distressed sales continues to have an impact.”

In a statement, Timothy Warren Jr., chief executive of the Warren Group, said: “The first sign of a recovery in the housing market will be a rebound in home sales. We’re not there yet, but this is the second month in a row that sales have shown smaller declines than we’ve been seeing since the last quarter of last year. It could mean that more people were coming out to view and buy houses on the market as the weather warmed up earlier this year. But we still have a long way to go before we’ll see sales increase, and even longer before prices will turn around.”

The Warren Group said last month that the median single-family home price in Massachusetts fell about 12 percent in April to $305,000.

Meanwhile, in a separate report that took a long-range view of the housing market, the Joint Center for Housing Studies at Harvard University said today that the housing downturn continues to pressure the US economy.

"The nation is in the throes of a housing downturn that is shaping up to be the worst in a generation," the Harvard study said. (Read more about the Harvard study.)

Along with its monthly report, the Massachusetts Association of Realtors is introducing a new feature called "Housing Numbers Podcast." To hear that podcast, in which Renfrew gives the association's analysis of the local housing market, please click here.

(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:13 PM | Comments (0)

Evergreen Solar shares jump as Lehman ups target

Shares of Evergreen Solar Inc. climbed today after a Lehman Brothers analyst raised his price target on the solar wafer maker, saying Wall Street is overly cautious on the company's new factory in Devens.

The stock advanced 69 cents, or 5.9 percent, to $12.36 in morning trading on the Nasdaq Stock Market.

Vishal Shah raised his price target to $15 from $12 in a client note early today. He said a recent analyst visit to the company's Devens factory left him convinced that Evergreen's capacity expansion is progressing on schedule.

"We believe Street estimates for 2009 are conservative and reflect execution risks," with the Devens factory, Shah wrote in a client note.

The new target implies he expects shares to gain 29 percent over Friday's close of $11.66. He cut his 2008 estimate on the company, forecasting a wider loss on higher expected startup costs from the factory, and maintained his "Equal Weight" rating. However, he raised his 2009 estimate and introduced a 2010 profit outlook ahead of Wall Street estimates.

Separately, Deutsche Bank's Steve O'Rourke said he was also upbeat following the analyst meeting, saying the company's plans for capital raising and capacity increases were positive.

But Evergreen's capital needs are "immense," he said. O'Rourke estimated the company would need about $700 million to fund capacity expansion through 2010, buy additional polysilicon and lay the groundwork for expansion through 2012.

O'Rourke maintained his "Hold" rating and $12 price target on the stock.

A company representative could not immediately be reached for comment this morning.

Shares of Evergreen Solar, which is headquartered in Marlborough, have traded between $7.52 and $18.85 in the last 52 weeks, and are off 32 percent since the start of the year. (AP)

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

NewBridge marks construction milestone

Hebrew SeniorLife is scheduled to mark a construction milestone today for its NewBridge on the Charles with a topping-off ceremony.

A Boston group dedicated to improving the life of the elderly, Hebrew SeniorLife is developing the NewBridge project in Dedham.

When completed in the fall of 2009, the 1-million-square-foot continuing-care retirement community will provide a range of state-of-the-art residences and healthcare services for older adults, Hebrew SeniorLife said.

Today's ceremony is to mark the placing of the last piece of steel in the community's health center, Hebrew SeniorLife said.

The image that appears above this story is a rendering of what a portion of NewBridge will look like upon completion. The rendering, which shows some of NewBridge's apartments, was taken from the project's website.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:18 AM | Comments (0)

Massachusetts gas prices hold steady

Massachusetts gas prices remained unchanged at $4.06 per gallon, AAA Southern New England said today.

In the group's weekly survey, out today, the price of a gallon of self-serve, regular unleaded gas held steady after 10 straight weeks of increases.

Massachusetts is currently 1 cent below the national average for regular unleaded of $4.07; a year ago at this time, the average price in Massachusetts was $2.93, AAA Southern New England said.
(By Chris Reidy, Globe staff)

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

Raytheon wins $76 million Army contract

Waltham defense contractor Raytheon Co. said it has been awarded a $76.2 million Army contract to provide support for a surveillance system that protects US and coalition forces in Iraq and Afghanistan.

The contract is for mission sustainment and support for the Rapid Aerostat Initial Deployment, or RAID, systems, Raytheon said. (At right is a tower that is part of a RAID system. The image was provided by Raytheon.)

According to Raytheon, it first developed RAID to meet the military's increasingly critical need for persistent surveillance in Operations Enduring Freedom and Iraqi Freedom; RAID consists of infrared sensor systems elevated on a stationary platform, and this capability enables US and coalition forces to respond rapidly to threatening situations.
(By Chris Reidy, Globe photo)

Posted by globebusiness at 9:34 AM | Comments (0)

Firm files for patent on iris ID device

Biometric Intelligence & Identification Technologies announced today that it has filed a patent application and has received a patent pending designation for an iris biometric identification device with the US Patent and Trademark Office.

The Plymouth company, which refers to itself as BI2 Technologies, is a provider of iris biometric identification technologies to law enforcement agencies.

The device is mobile, wireless, and hand-held, and it is called MORIS for Mobile Offender Recognition and Information System, the company said.

The MORIS positively identifies previously enrolled individuals by operating as a peripheral device connected to a commercially available wireless mobile computing device; when connected to the Internet, MORIS compares and matches unique features in the human iris with those stored in a central database to identify the individual, the company said.

If a biometric match is made, the identity of the individual is transmitted back to the mobile computing device and displayed, BI2 Technologies said.

According to the company, the device will be used by law enforcement, public safety, and other organizations that need the capability to quickly and positively identify an individual in their custody or presence.
(By Chris Reidy, Globe staff)

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

Sonus Networks in talks with Legatum Capital

Sonus Networks Inc., a Westford company that makes networking hardware and software, said late yesterday that it is in ongoing talks with Legatum Capital to address dissident shareholder complaints about board representation.

Legatum is Sonus' largest shareholder, with a 25 percent stake in the company. On Friday, the shareholder withheld its votes for three board nominees up for re-election at the company's annual meeting. In a statement prior to the meeting, Legatum said Sonus' directors have not taken "necessary action to change the way the company is managed or to deliver value to shareholders."

Legatum has said the company lacks transparency and is unresponsive to shareholders. The investor also cited a decline in Sonus' stock price, shareholder lawsuits and high senior management turnover.

The three directors were re-elected to three-year terms despite Legatum's action.

Sonus said that members of its management and board met with Legatum after the company's annual meeting on Friday to discuss the shareholder's complaints. Sonus said it has made a formal proposal to work collaboratively with Legatum "to resolve questions of Legatum's representation on Sonus' board of directors and other matters."

Sonus said its board believes a quick resolution is in the best interest of the company's shareholders. (AP)

Posted by globebusiness at 8:12 AM | Comments (0)

Harvard: Housing slump hasn't run full course

The current US housing slump is "shaping up to be the worst in a generation," according to the Joint Center for Housing Studies of Harvard University.

The center today issued its annual "State of the Nation's Housing Report."

The center said in a press release, "While the falloff in housing starts, new home sales, and existing home sales already rivals the worst downturns in the post World War II era, home price declines and mortgage defaults are the worst on records that date back to the 1960s and 1970s."

"The slump in housing markets has not yet run its full course,” Nicolas P. Retsinas, the director of the Joint Center for Housing Studies, said in a statement. “Mortgage rates have barely responded to the aggressive easing of the Federal Reserve, the supply of for-sale vacant units continues to grow, and much tighter underwriting is locking many would-be homebuyers out of the market. With home prices falling in most metropolitan areas, homeowners are tightening their belts, remodeling less, and staying on the sidelines.”

One report finding: "The number of homeowners paying more than half their income on housing rocketed from 6.5 million in 2001 to 8.8 million in 2006."

To view the report, please click here.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:34 AM | Comments (0)

June 20, 2008

Bain Capital wins race for audio maker

Boston private equity firm Bain Capital will launch a $445 million bid to buy out Japan's D&M Holdings Inc., the maker of Denon audio equipment, from US buyout firm Ripplewood and the other shareholders.

RHJ International SA, which took over Japanese assets from Ripplewood, said it would sell its roughly 49 percent stake in D&M Holdings, an audio equipment firm that also owns the Marantz brand, once Bain Capital launches its takeover bid.

Bain had been competing with Japanese private equity fund Advantage Partners and other companies to buy D&M, and partnered with Japanese audio maker Kenwood Corp in the buyout, according to sources familiar with the transaction.

Kenwood spokesman Takaaki Nose said it is considering joining Bain Capital in the buyout but has not made a decision yet.

Kenwood is set to merge with electronics maker Victor Co of Japan Ltd on Oct. 1, and Nose said this was company's focus for now.

US electronics retailer Best Buy Co and Merrill Lynch Global Private Equity, the private equity investment arm of Merrill Lynch, which had also been eyeing D&M, withdrew after the first round of bidding, said the sources.

Bain Capital will bid 510 yen per share for D&M, an 8.5 percent premium over yesterday's closing price and valuing the audio maker at 48 billion yen ($445 million), D&M said in a statement on Friday.

Dutch electronics maker Philips Electronics is the second-largest shareholder in D&M with a 12 percent stake.

Bain Capital will launch the bid by July 25 and aim to acquire 100 percent of D&M, the audio maker said.

Bain Capital has secured about 70 billion yen in loans, which will be arranged by banks including Morgan Stanley, which advised D&M. The lenders also include Societe Generale, Aozora Bank Ltd, Mizuho Corporate Bank and Shinsei Bank Ltd, the sources said, asking not to be identified because the deal has not been closed.

Goldman Sachs Group Inc and Lehman Brothers Holdings Inc advised Bain Capital, D&M said.

RHJ International, which also holds stakes in Asahi Tec Corp and Columbia Music Entertainment Inc, said it would gain 15.8 billion yen from the sale of D&M.

Of the total lending, about 50 billion yen will be used for the purchase of D&M and the remainder will be spent on future acquisitions, the sources said. (Reuters)

Posted by globebusiness at 3:24 PM | Comments (0)

ArQule names new chief medical officer

Woburn biotechnology company ArQule Inc. today said it named Dr. Brian Schwartz to be its chief medical officer effective July 14, replacing Dr. Nigel Rulewski.

He most recently worked as senior vice president of clinical and regulatory affairs, and chief medical officer at Ziopharm Oncology Inc. Rulewski will remain chief medical officer until July 14, then assist with the transition.

Other personnel changes at the company include the June 9 appointment of Paolo Pucci to chief executive and director, succeeding Stephen A. Hill, who left to take the president and chief executive position at Solvay Pharmaceuticals.

Shares of ArQule fell 30 cents, or 7.3 percent, to $3.80 in afternoon trading on the Nasdaq Stock Market. The stock has traded between $3.48 and $8.34 over the last 52 weeks. (AP)

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

Brady Bunch mom pitches for Agion Technologies

According to legend, actress Florence Henderson earned the title of "America's favorite TV mom" for her work in the demanding role of the matriarch in "The Brady Bunch," and now the veteran trouper is reprising her star turn in new "webisodes" for Agion Technologies of Wakefield.

The webisodes are part of online marketing efforts to promote such products as SilverClene24, said Agion Technologies, which claims to be at the cutting edge of natural antimicrobial solutions; the company's website describes SilverClene24 as a "liquid disinfectant and virucide that harnesses the natural, safe, antimicrobial properties of silver."

At another website, www.thatsrevolting.com, visitors can view webisodes with the theme of "That's Revolting," and they feature Henderson, "a classic 70s TV sitcom family," and enough lurid outfits to give polyester a bad name.

(The image above this story is from a webisode. It was provided by the company.)

Amid laugh-track inducing pratfalls and hijinks, these webisodes pack a serious message about the microbial menace and how Agion products are available to keep a consumer's household in a pristine and a sanitized condition.

"The webisodes tackle modern issues of how microbes continue to proliferate in common places, and demonstrate how they may lurk, unseen, in everyday households," the company said in a press release.

"'That's Revolting' offers Web viewers a chance to interact with Florence Henderson and understand where potential microbes run rampant on household surfaces," the press release also said.

Agion chief executive Stuart Patterson added in a statement, "By creating funny and engaging videos, we're using this viral website to penetrate the market with timely education about the benefits of antimicrobial-treated products in the home."
(By Chris Reidy, Globe staff)

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

Delta to halt flights to Jacksonville and Norfolk, Va.

Delta, which is poised to merge with Northwest and become the world's largest carrier, has said that it will further trim its domestic schedule from the 11 percent it announced in April to 13 percent.

As part of the latest reduction plans, the carrier said that it will discontinue flights between Logan and Jacksonville, Fla., and Norfolk, Va., in late summer.

These reductions come on top of others announced in March, when Delta said it would cut nonstops from Logan to Las Vegas; New Orleans; Greensboro, N.C.; Savannah, Ga.; Louisville, Ky.; and Charleston, S.C.

Delta, along with virtually all other major domestic carriers, has been trimming schedules and grounding planes in response to surging fuel costs.

The saga of shrinking domestic air schedules continues. Stay tuned.
(By Paul S. Makishima, Globe staff)

Posted by globebusiness at 12:02 PM | Comments (0)

State Street entrance opens at Museum of Fine Arts

The Fenway doors are now open, so head on over. You can also hit the Museum of Fine Arts on Sunday when it'll be free to go in.

The doors will be known as "the State Street Fenway Entrance." Last September, State Street Corp., a Boston-based company that provides financial services to institutional investors, made a gift of $10 million to the museum, the largest corporate gift in its history, the museum said. The museum noted then that the doors would bear State Street's name in recognition of that gift.

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

ARC wins YMCA design project in Keene, N.H.

ARC/Architectural Resources Cambridge announced today that it has been awarded a design project from the Keene Family YMCA.

The projects calls for ARC to design a 60,000-square-feet community recreation center to replace the existing center in Keene, N.H.

ARC said in a press release: "The design of the new Keene Family YMCA is inspired by the historic farms that populate this area of New Hampshire. The building's massing and materials carefully articulate the region's barn vernacular.Incorporated in the design are gabled roofs, rich red corrugated siding reminiscent of vertical wood boarding, a heavy timber canopy, crisp white trim that consistently frames the windows and openings, and a grey metal roof."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:03 AM | Comments (0)

United Way unveils "Live United" message

United Way of Massachusetts Bay and Merrimack Valley said it is launching a new branding message with the goal of shifting the voice of United Way to the community.

The title of the campaign is "Live United," and it "aims to cultivate a culture in which everyone has a voice, whether they have one dollar or a million, hours of time to contribute or hardly a moment," United Way said in a press release.

Since becoming president of United Way of Massachusetts Bay and Merrimack Valley in January, Michael K. Durkin (right) has made "collaborative action a clear priority for the organization and its network," the organization said in a press release.

"'Live United' is larger than United Way,” Durkin said in a statement. “It is about deconstructing barriers throughout the commonwealth and stewarding collaborative approaches to common challenges. “
(By Chris Reidy, Globe staff)

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

Sonus responds to shareholder letter

In response to a letter from shareholder earlier this week, Sonus Networks Inc. of Westford said today that its board has "significant concerns" whether Legatum Capital understands its business, but added it remains willing to meet in person.

Legatum owns about 25 percent of the networking hardware and software maker's shares. It said on Wednesday it will withhold its votes for all nominees up for election to Sonus' board at the company's annual meeting today because it doesn't believe the directors have taken "necessary action to change the way the company is managed or to deliver value to shareholders." (AP)

Posted by globebusiness at 8:38 AM | Comments (0)

Timberland, Mullen's mediaHUB win award

Wenham ad agency Mullen said its media agency, mediaHUB, and client Timberland Co. have won an award from MediaWeek magazine for the best media plan that spent less than $10 million.

The award-winning campaign was for the "eco-conscious product launch" of Timberland's Earthkeepers boot collection, Mullen said.

The boots were made from recycled materials, and it was decided that recycled materials would also be used in the marketing campaign.

For example, billboards from the campaign have been "repurposed into reusable tote bags which are currently being sold at Timberland retail stores," Mullen said.

The image above, provided by Mullen, is of a kiosk at a shopping mall that promoted the Earthkeepers line; a boot sits atop a pile of recyclable plastic water bottles, Mullen said.

In addition, Mullen said in a press release, "The carbon dioxide emissions associated with the commercial air time of the campaign - across television, radio, and Internet - were offset with wind power from the Jiminy Peak Mountain Resort wind project in Western Massachusetts."

Headquartered in New Hampshire, Timberland is known for its rugged outdoor apparel and footwear.
(By Chris Reidy, Globe staff)

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

Talbots shares jump on executive-level promotions

Shares of Talbots Inc., the Hingham retailer known best for its classic style clothing for middle-age women, rose nearly 11 percent after the women's clothing retailer promoted three senior executives.

The company's shares rose $1.30 yesterday to close at $13.30 on the New York Stock Exchange.

Talbots' chief executive and president Trudy Sullivan said her executive team is now fully in place after yesterday's appointments.

(At right, a model from Talbots online catalog shows off a cotton-lawn and rib-knit shirt in an island turquoise coloration.)

The moves promote three current Talbots employees. John Fiske has been named executive vice president of human resources and administration, Julie Lorigan is now senior vice president of investor and media relations, and Carol Stone is senior vice president of finance.

Talbots has been suffering from falling sales as shoppers increasingly seek discounts in a tough economy.

Talbots also has had to search for new financing after a pair of banks recently decided to stop lending to the chain of 871 stores. (AP)

Posted by globebusiness at 7:52 AM | Comments (0)

Verizon gets OK for FiOS TV in Ashland, Plymouth

Verizon Communications Inc. said that the boards of selectmen in Ashland and Plymouth have granted cable franchises for its FiOS TV service.

Verizon also said that it has made FiOS TV service available to residents in North Andover, where it received a cable TV franchise license June 2.

As a result of these actions, there are now 74 Massachusetts communities where FiOS TV service is either already available or soon will be, 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 7:36 AM | Comments (0)

Foley Hoag addresses life sciences issues

Foley Hoag LLP, a law firm with a big presence in Boston, said that it released a snapshot of key legal, business, and regulatory issues facing the life sciences industry at the Biotechnology Industry Organization conference in San Diego.

According to Foley Hoag, some key issues facing the biotech industry include developing a strong intellectual property portfolio, outsourcing as a business strategy, the regulation of in-vitro diagnostics, follow-on biologics legislation, and patent litigation in front of the International Trade Commission.

The firm noted that its life sciences group provides a full range of services that can meet the industry's needs.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:19 AM | Comments (0)

June 19, 2008

Peerless Insurance re-enters Massachusetts

Peerless Insurance of Keene, N.H., said it has just issued its first Massachusetts personal auto insurance policy in more than 20 years.

After announcing last November its intention to re-enter the Massachusetts marketplace under the new managed competition auto insurance system, Peerless Insurance said it issued its first auto policy through Berkshire Insurance Group Inc., an agency in Western Massachusetts.

Peerless is a regional company of Liberty Mutual Agency Markets. Liberty Mutual is headquartered in Boston.

"We are absolutely delighted to be back and look forward to providing consumers with another quality choice in the marketplace," Michael Christiansen, Peerless Insurance president and chief executive, said in a statement.

Under the managed competition system put in place in Massachusetts April 1, companies have greater freedom to set prices and create innovative auto insurance products; previously, state regulators set prices for all auto insurers in Massachusetts.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:54 PM | Comments (0)

Pyramis Global Advisors taps Uebelein

Pyramis Global Advisors today announced the appointment of Kevin C. Uebelein as its president and chief executive.

A unit of Boston mutual funds giant Fidelity Investments, Pyramis is an investment management firm focused on serving institutional investors.

Uebelein joins Pyramis from Prudential Financial, where he served as chief investment officer for its international businesses.

Uebelein succeeds Peter J. Smail, who announced his retirement from the firm earlier this year, Pyramis said.
(By Chris Reidy, Globe staff)

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

Alnylam shares rise on new Japanese partnership

Alnylam Pharmaceuticals Inc. today signed its second collaborative deal in as many months, sending shares higher.

The Cambridge company will work with Japanese drug developer Kyowa Hakko Kogyo Co. to develop and market the experimental respiratory drug ALN-RSV01 in Asia. The deal, which will bring in about $15 million upfront and possibly $78 million in the future, comes on the heels of a collaboration potentially worth $1 billion with Japan-based Takeda Pharmaceutical Co.

Shares rose 55 cents, or 2.1 percent, to $26.55 in midday trading on the Nasdaq Stock Market. They are up about 68 percent over the last 52 weeks as the company continues to form collaborations to develop its genetic-based therapies.

"Alnylam has consistently delivered on and exceeded every milestone it has set on its goal of advancing RNAi therapeutics in the clinic, while providing large amounts of non-dilutive capital to its shareholders via multiple, validating partnerships," wrote Broadpoint Capital analyst Simos Simeonidis, in a note to investors.

The company's key focus is on RNAi technology, which aims to shut down the protein at the root of disease or condition, in effect "silencing" genes. Researchers Craig Mello and Andrew Fire won the 2006 Nobel Prize for their discovery work on the technology and Wall Street views RNAi-based drugs as potentially market-changing medical science.

ALN-RSV01 is currently in midstage development for respiratory syncytial virus, which can cause severe lower respiratory infections, particularly in infants. Most of Alynlam's pipeline, though, is still in the preclinical phase of development, with potential candidates for liver cancer, Huntington's disease, pandemic flu, and cystic fibrosis, among others.

Alnylam's collaboration with Takeda focuses on treatments for cancer and metabolic diseases. In July 2007, the company signed a similar, non-exclusive, licensing deal with Switzerland-based Roche worth up to $1 billion. Alnylam has also partnered with Carlsbad, Calif.-based Isis Pharmaceuticals to create the joint venture Regulus Therapeutics.

"We continue to be strong believers in both the technology and the company, and consider Alnylam a core holding in biotech," Simeonidis said, reaffirming a "Buy" rating and $38 price target.

The field of competitors working on RNAi technology has widened since Whitehouse Station, N.J.-based Merck & Co. paid $1.1 billion for Sirna Therapeutics in 2006. Furthermore, Nastech Pharmaceutical Inc. recently announced its intention to reorganize the company to focus solely on RNAi technology.

Other companies concentrating on the technology include RXi Pharmaceuticals Corp., which Craig Mello helped found. (AP)

Posted by globebusiness at 1:04 PM | Comments (0)

Mass. shines in tech study, Calif. loses luster

Massachusetts remains the "gold standard" for mining economic growth from technology and science while California is losing its luster, according to a study released today.

The report by the Milken Institute has ranked Massachusetts as the top US technology incubator all three times that it has been compiled since 2002.

But California slipped from second place for the first time, despite being home to Silicon Valley's fount of innovation.

Drawing upon a complex index that analyzes a variety of factors, the Milken Institute dropped California to fourth place in its 2008 rankings. The rankings are swayed by a state's entrepreneurial environment, population of technology-savvy workers and government commitments to education and other programs that plant the seeds for more tech growth.

Maryland moved into the second spot while Colorado held on to third, where it stood the last time the study was done in 2004. Washington, the home state of Microsoft Corp., rounded out the top five.

The Milken Institute, a California-based think tank, assembles the index in an attempt to identify states that appear to be in the best position to foster innovation and, theoretically, cash in on the resulting benefits.

North Dakota and Hawaii made the most significant strides since the Milken Institute released its last report. North Dakota moved up from 45th to 31st place while Hawaii catapulted from 39th to 28th place.

The report attributed North Dakota's rapid rise to government programs that have helped keep tech-savvy workers in the state.

Hawaii, meanwhile, appears to be benefiting from an emphasis on "clean" technology aimed at reducing the United States' reliance on fossil fuels. The island also is leveraging its splendor to attract older tech workers looking for a more laid-back lifestyle.

At the other end of the spectrum, Mississippi ranked last in the rankings for the second consecutive time. West Virginia, Arkansas and Kentucky all remained in the bottom five, just as they were in the last report in 2004.

Ohio also fared badly as the state plummeted from 24th to 36th place. The erosion largely reflected the state's struggles to reduce its reliance on manufacturing, the report said.

Overall, though, more states appear to be doing a better job cultivating technology and science, said Ross DeVol, the Milken Institute's director of regional economics.

"States are starting to recognize they need to change because, as a country, we can no longer compete using the low-cost, low-skill formula of the past," DeVol said.

California's high-tech stature is diminishing largely because it's having more trouble educating and retaining future computer engineers and scientists.

The state ranked 13th in the Milken Institute's "human capital investment" category, which was headed up by Maryland.

"This should be seen as a red flag" for California," DeVol said. "It's not the end of the world, but it's something that needs to be addressed."

Some of California's problems can be traced to an "unintended consequence" from the U.S. government's response to the September 2001 terrorist attacks, DeVol said.

It's now more difficult for people outside the United States to attend school in the country - a factor that DeVol said has hurt California more than most states because its publicly subsidized universities tend to attract a disproportionate number of students from outside the US. (AP)

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

Unemployment rate jumps in the Bay State

The Massachusetts unemployment rate jumped nearly a point in May to 4.9 percent, the state's Executive Office of Labor and Workforce Development reported.

Massachusetts employers added 1,400 payroll jobs.

The unusually large jump from 4.1 percent in April reflects the volatility of monthly employment statistics, and viewing them over a longer period probably provides a better picture of state labor markets, said Elliot Winer, chief economist at the Department of Workforce Development. Over the past three months, the jobless rate averaged about 4.5 percent.

The national jobless rate also experienced an unusually large jump in May, to 5.5 percent from 5 percent. The dynamics of the labor market during this time of the year, when the school year end and large numbers of young workers enter the labor force, can cause the wide swings in jobless estimates, US Labor Department officials said.
(By Robert Gavin, Globe staff)

Posted by globebusiness at 12:42 PM | Comments (0)

IRS to retirees and disabled vets: Don't lose out

The Internal Revenue Service said today that it is launching a campaign to reach retirees and disabled veterans who for economic stimulus payments under a new law but have not yet filed to claim them.

According to the IRS, only 74 percent of taxpayers who fall into those categories have taken the steps needed to qualify for receiving stimulus payments.

The flip-side of that statistic means that there are roughly 5.2 million potential recipients who may lose out if they don't take action, the IRS added.

In a press release, the IRS said: "In Massachusetts, 66 percent of the 443,000 potential retiree/disabled veterans’ filers are accounted for, leaving about 151,000 potential recipients who still need to file for their economic stimulus payments."

Of the top cities statewide with potential recipients who have not yet filed, Boston is number one with 16,015 potential remaining filers; Worcester is number two with 5,407 people in that category; Springfield is number three with 4,249 people, and Fall River is number four with 3,780, the IRS said.

The economic stimulus payments are a result of legislation that President Bush signed in February.

The centerpiece of government efforts to buck up a weak economy, the legislation was then projected to send rebates ranging from $300 to $1,200 to more than 130 million taxpayers.

To receive an economic stimulus payment, a person must file a tax return. In normal years, many retirees and disabled veterans are not required to do so.

The new IRS publicity campaign seeks to reach those people and let them know that they must file a tax return before Oct. 15 this year to receive the economic stimulus payments that they are entitled to.
(By Chris Reidy, Globe staff)

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

Sydney eclipses Hub as the apple of Apple's eye

Much Mac ado was made last month when Apple Inc. opened its Boylston Street shrine to the iPod, the iPhone, and the MacBook Air.

For local Apple buffs, the store's debut was a case of high excitement only painfully restrained, and Apple publicists duly noted that the new Boston store, with roughly 20,000 square feet of space, was the company's second largest in the world, exceeded in size by only the company's store in London.

But such second-place primacy is fleeting, and Apple envy may soon envelop the Hub.

According to a story from Australian Macworld, the new Boston store has been displaced in size by an even newer Apple emporium in Sydney.

The new Sydney store is the second largest Apple store in the world, that story claims, and its Genius Bar (the Apple euphemism for the help desk) is the longest in the world, even longer than the one in the London store, the article's author assures readers.

"Whether this is because Australia is seen as more in need of help than other countries, or whether it’s just because we have an unusually high concentration of Geniuses (Genii?) was not explained," wrote the author in attempting to grasp the significance of locating the world's longest Genius Bar Down Under.

Meanwhile, the Hub will just have to make do with the world's third largest Apple store and a Genius Bar that doesn't quite measure up to record length.

To read more about Boston's Apple store, please click here.
(By Chris Reidy, Globe staff)

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

New firm announces ties to UK pension fund

Constitution Capital Partners LLC of Andover, a new private equity firm, said today that it has raised $600 million from one of Britain's largest pension funds to invest in North American middle market private equity funds and to direct co-investments.

The British pension fund is Universities Superannuation Scheme, or USS, which is the principal pension scheme for British universities and academic institutions, Constitution Capital Partners said.

In addition, USS has committed $150 million to a warehouse line, and London-based USS will also take about a 10-percent ownership stake in Constitution Capital Partners, the firm said.

"This investment by USS is a huge vote of confidence in the North American middle market and in Constitution Capital Partners," Constitution Capital Partners managing partner Daniel M. Cahill said in a statement.
(By Chris Reidy, Globe staff)

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

Biogen Idec investors reject Icahn's board nominees

Shareholders of Biogen Idec Inc. defeated a slate of directors proposed for the board of the Cambridge biotechnology company by activist investor Carl Icahn.

Neither side released voting totals from the biotech's annual meeting today in Cambridge, but Alexander Denner, one of Icahn's nominees, conceded the slate of three candidates failed to win the support of a majority of shareholders. He declined to discuss what steps his side might now take, such as whether it would sell its shares.

Icahn, who owns more than four percent of the company, had said he would push to seek a sale of Biogen Idec to a larger drug company. Speaking with reporters after the meeting, Denner said his side realized it wouldn't likely prevail after proxy review firms such as RiskMetric Groups had recommended against its slate of candidates earlier this month.

Denner said Icahn's group believed it deserved at least one seat on the Biogen Idec board given its stake. He said Biogen Idec's research strategy and morale among employees could both be improved, though he did not provide specifics.

Biogen spokeswoman Naomi Aoki said in response she ''begs to differ." Aoki noted that the company has four products in late-stage development and a number of others at least in phase II clinical tials. "Those are the kind of things that keep our scientists excited about the company,'' she said.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 9:45 AM | Comments (0)

Sepracor epilepsy drug shown to reduce seizures

Marlborough drug maker Sepracor Inc. today said that late-stage studies of an epilepsy drug demonstrated a reduction in the frequency of seizure in patients given the drug, eslicarbazepine, along with standard anti-epileptic drugs.

The more than 1,000 patients enrolled in the studies had a history of monthly seizure despite receiving up to three anti-epileptic medications simultaneously. Patients who received eslicarbazepine 800 mg once-daily saw a 35.4 percent reduction in seizures and those on the 1200 mg dose had a 38.8 percent reduction compared with those on placebo.

The company added that the seizure reduction was maintained after 52 weeks.

An application for approval is expected to be submitted to the Food and Drug Administration in late 2008 or early 2009.

An application was submitted to European regulators in March by Portuguese pharmaceutical company Bial - Portela & Ca SA, which developed eslicarbazepine. (AP)

Posted by globebusiness at 9:20 AM | Comments (0)

Boston Scientific to sell investments for $140 m

Boston Scientific Corp., the Natick medical-device maker, said that it will sell its investments in a portfolio of companies to investment firm Saints Capital for more than $100 million.

In a separate deal, Boston Scientific says it will sell investments in a portfolio of venture funds and companies to private equity firm Paul Capital Partners for $40 million.

The company says it will record an after-tax loss of $55 million, or 4 cents per share, in the second quarter and an after-tax gain of $15 million, or 1 cent per share, during the rest of the year on the first deal.

Boston Scientific expects an after-tax loss of $6 million on the second deal.

The company says it made the sales to focus on its core business. (AP)

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

Progress Software profit jumps 72 percent

Business management software company Progress Software Corp. of Bedford said today that its second quarter profit jumped 72 percent due to strong sales and lower one-time charges.

For the quarter ended May 31, net income climbed to $14.5 million, or 33 cents per share, from $8.4 million in the prior year quarter.

Excluding charges for amortization, a stock option investigation and stock-based compensation, the company said it earned 47 cents per share.

Excluding similar charges, the company earned 41 cents in the 2007 second quarter. In that quarter, the company also reported a charge of 4 cents per share from a write-down associated with implementing a new software system. That charge was not included in the 2008 second quarter results.

Revenue rose 7 percent to $127.9 million from $119.6 million in the second quarter of 2007.

The company said software license revenue rose 1 percent.

Progress Software also said today that it expects its profit to be essentially flat in the third quarter and to rise for the full year. (AP)

Posted by globebusiness at 8:45 AM | Comments (0)

Rockport readies new ad campaign

The Rockport Co., known for its Canton-based Rockport footwear brand, said it is about to debut a marketing and advertising campaign titled "Are You Established?"

The campaign will feature "rising talent" in music, entertainment, and fashion, the company said.

"The campaign includes a series of portraits, visually depicting the unique style and personality of each talent and fresh looks from the new Established 1971 collection," Rockport said in a press release.

Talent includes Raheem DeVaughn (right), a Grammy-nominated R&B artist; photographer Johnny Nunez; and Bee Nguyen, a marketing guru and fashion tastemaker, Rockport said.

The campaign will include print, online, and outdoor ads as well as special events, the company said.

"Launched in 2006, Established 1971 is a luxury-inspired metro-urban division within the Rockport Co.," Rockport said in its release. "The collection seamlessly meshes street-inspired style with advanced technology to provide shoes that are not only on-trend and stylish, but also offer the support, stability, and overall comfort that have defined the Rockport brand for nearly 40 years."

Rockport is now a brand within the adidas Group portfolio.
(By Chris Reidy, Globe staff)

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

Spalding highlights Pierce of the Celtics

Spalding, the Springfield sporting goods brand, said it is moving Paul Pierce of the Boston Celtics to the front of a variety of marketing efforts following Pierce's star turn in the play-offs that led to a basketball championship for the C's.

"On spalding.com, there is a home-page takeover highlighting this championship season, including exclusive Spalding interviews with Paul," Spalding said in a press release.

The press release included a statement from Dan Touhey, vice president of marketing for Spalding.

“Paul has been a great Spalding ambassador over the years, and we’re pleased to have him on our team as he reaches the pinnacle of his career,” Touhey said in his statement. “Paul typifies our ‘True to the Game’ mantra with his consistency, work ethic and game-changing results. He’s brought joy to many, many Celtics fans and the Spalding family.”

Spalding is a division of Russell Corp.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:34 AM | Comments (0)

Alnylam forms Asian alliance

Alnylam Pharmaceuticals Inc. of Cambridge said today it has formed an exclusive alliance with a Japanese company to develop a treatment of Respiratory Syncytial Virus, or RSV, infection for Asian markets.

Alnylam said it will work with Kyowa Hakko Kogyo Co. Ltd. to develop and commercialize ALN-RSV01, an RNAi therapeutic in Phase II clinical development by Alnylam, for the treatment of RSV infection in Japan and other major markets in Asia, the companies said in a press release.

"Under the terms of the collaboration, Kyowa Hakko will pay Alnylam $15 million in an upfront cash payment and up to an additional $78 million in development and sales milestone payments," the companies said. "Upon commercialization, Alnylam will receive double-digit royalties from Kyowa Hakko based on the sales of ALN-RSV01 in this territory."

Just a few weeks ago, Alnylam said it inked a drug-licensing partnership with Takeda Pharmaceutical Co. of Japan worth at least $150 million; the deal could be potentially worth as much as $1 billion to Alnylam depending on how successful the companies are in developing and marketing new treatments.

For some previous coverage of Alnylam, please click here.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:12 AM | Comments (0)

June 18, 2008

DiNardo named Globe's multimedia editor

Bennie DiNardo was named The Boston Globe's deputy managing editor for multimedia, editor Martin Baron said today.

Currently deputy business editor, DiNardo, 51, will replace John Yemma, who is leaving the newspaper to become editor of The Christian Science Monitor. Yemma's last day at the Globe is Friday.

In a staff memo, Baron cited DiNardo's work that "has helped make his department a multimedia model within our newsroom.''

"One need only look at the latest Globe 100 magazine, which he edited, to see how we can marshal all our talents to produce journalism that sparkles in print, video, and interactive graphics,'' Baron wrote. "Day after day, Bennie and the Business section have embraced the Web's possibilities.''

In his new role, DiNardo will oversee editorial operations at Boston.com and the development of online video and other new-media ventures.

DiNardo has worked at the Globe 16 years and has held his current job since 1999, responsible for the day-to-day management of the Business section.

Previously, he was an assistant editor at the Globe Magazine and a copy editor. Before the Globe, DiNardo had been editor of the Boston Business Journal.

A graduate of Cornell University, DiNardo also received a master's degree from Yale Law School after completing a journalism fellowship.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 3:17 PM | Comments (0)

Amtrak reschedules bridge work in Connecticut

Amtrak has rescheduled a bridge replacement project in Connecticut for next week and will offer limited alternate train and bus service on the Northeast Corridor between New York and Boston.

The job over the Thames River between New London and Groton is now scheduled for June 24 to June 27. It was originally set to begin June 7 before being postponed twice.

The work marks the final stage of a multiyear, $83 million improvement project on the 90-year-old bridge.

All Acela Express service north of New York will be canceled during the project. Train service between New York and Boston will still be available via Hartford and Springfield. (AP)

Posted by globebusiness at 2:59 PM | Comments (0)

Mortgage firms settle foreclosure "rescue" case

Massachusetts has reached a settlement with 10 mortgage firms over so-called home foreclosure "rescues" that authorities say were fraudulent.

Attorney General Martha Coakley (right) says a federal bankruptcy court has approved the agreement with the companies that funded or serviced mortgage loans for transactions arranged by Brockton attorney Alec Sohmer.

Coakley alleges Sohmer misled 26 homeowners who faced foreclosure and agreed to transfer ownership of their homes to him. Their hope was that they could later reclaim their properties through refinancing.

Coakley filed a complaint against Sohmer, who sought bankruptcy protection for himself in an ongoing case.

Under the settlement, the mortgage firms have agreed to provide $1.8 million in reduced mortgage obligations to owners of the 26 properties. (AP)

Posted by globebusiness at 2:31 PM | Comments (0)

Bingham appoints Shah to new diversity post

Bingham McCutchen LLP, a national law firm with offices in Boston, announced that Minita Shah has joined the firm as its first manager of diversity and inclusion.

Based in Boston, Shah will manage Bingham's diversity and inclusion agenda throughout the firm, Bingham said.

"Believed to be the first large-firm position of its kind in Boston, the manager of diversity and inclusion works with the firm-wide diversity committee, and lawyers and staff in each office to develop programming and implement the long-term goals of the (firm's) diversity action plan," Bingham said in a press release.

Bingham said it has nearly 1,000 attorneys in 13 offices.
(By Chris Reidy, Globe staff)

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

Tom's of Maine mounts river clean-up promotion

Help clean up a river, and you could win a new Prius from Tom's of Maine, the Kennebunk-based company known for such products as toothpaste.

According to Tom's, its products are "natural," and last year, the company pledged $1 million over five years to help support American Rivers and River Networks, two groups dedicated to cleaning up US rivers.

Taking its river mission to the next level, Tom's of Maine said it is now sponsoring a contest in which a winner will receive a 2008 Toyota Prius.

In a press release today, Tom's of Maine said: "From now through October 31, 2008, applicants nationwide can showcase their role in promoting the safety and cleanliness of our rivers by uploading their online-video submissions at www.tomsofmaine.com/savingrivers. Eligible contestants must comply with all the contest rules stated on the competition website. Online entries will be internally evaluated, and the winner will be announced on our website by January 31, 2009. This year's winner will be profiled on the Tom's of Maine official website and will be awarded a 2008 Toyota Prius Hybrid!"

Tom's of Maine is now part of the Colgate-Palmolive Co. of New York.

The Globe's Office Invasion team recently visited Tom's of Maine. They produced this video:

For more installments of Office Invasion, click here.

(By Chris Reidy, Globe staff)

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

Millipore awards stem-cell research grant

Millipore Corp. today said it has awarded a $150,000 grant to Jeanne Loring (left) to support her stem-cell research at the Scripps Research Institute of La Jolla, Calif.

Headquartered in Billerica, Millipore provides technologies, tools, and services for bioscience research and biopharmaceuticals manufacturing, and stem-cell research is a particular focus of the company's.

This is the first time that Millipore has awarded a major grant for stem-cell research on the West Coast, and the grant was presented to Loring at the Biotechnology Industry Organization convention now underway in San Diego, Millipore said.

Among those attending the convention is Massachusetts Governor Deval L. Patrick, who is eager to attract more biotech companies to operate and create new jobs in the Bay State.

Millipore employs roughly 1,100 people in Massachusetts and another 300 at a facility in California, a hotbed for stem-cell research, a company spokeswoman said.

Last year, the company made a grant to the Harvard Stem Cell Institute, she said.

In a press release, Millipore said, "Dr. Loring is studying gene-regulating molecules known as microRNAs in relation to the ability of stem cells to self renew and to develop into diverse cell types."

The release included a statement from Loring, which said in part, "Stem cells are a crucial component to understanding and addressing diseases such as Alzheimer's and Parkinson's, which impact millions of people."
(By Chris Reidy, Globe staff)

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

TA Associates sells control of refrigeration firm

TA Associates, a private equity and buyout firm with offices in Boston, said today that it has sold control of Preferred Freezer Services LLC of New Jersey for an undisclosed amount.

TA Associates said it invested in the firm in 2005 and identified the buyer as a partnership between company management and Fenway Partners LLC.

According to its website, Fenway Partners is a middle-market leveraged buyout firm with offices in New York and Los Angeles.

In a press release, TA Associates said: "Preferred Freezer is the fifth largest company and one of the fastest growing in the public refrigerated warehousing industry in the United States. Operating through a national footprint of 23 strategically located facilities, Preferred Freezer is the leader in the storage of frozen seafood and is rapidly expanding into other frozen categories."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:09 AM | Comments (0)

See Aerosmith and Guitar Hero at 150 mph

The Chip Ganassi Racing team announced today that it has partnered with game company Activision Inc. and its long-time sponsor, discount retailer Target Corp., to feature the latest version of the Guitar Hero series, "Guitar Hero: Aerosmith," on Dario Franchitti's Dodge in the NASCAR Sprint Cup race at New Hampshire Motor Speedway in Loudon on June 29.

Activision's "Guitar Hero: Aerosmith," which is scheduled for release that day, is the latest installment from the Activision franchise that was the top-selling video game in 2007, Activision said.

Aerosmith, as local rock fans know, is among the most beloved of Boston-area bands.

"The game puts players in the shoes of Joe Perry (guitar), Brad Whitford (guitar) and Tom Hamilton (bass) as they rock out alongside front man Steven Tyler and drummer Joey Kramer. Gamers will experience Aerosmith's GRAMMY winning career, from their first gig to becoming rock royalty while jamming to the band's top songs," the companies said in a press release.

With the launch of "Guitar Hero: Aerosmith," Target stores will carry an exclusive $149.99 bundle for Nintendo's Wii that includes the game, two wireless guitar controllers, and a tour book, the companies said.

The press release continued: "Franchitti will be making his debut in the Sprint Cup Series at New Hampshire in the fading yellow to red Target/Guitar Hero: Aerosmith Dodge. The 2007 IndyCar champion has eight starts this season in his rookie campaign in the Cup Series and currently sits 39th in the 2008 point standings."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:56 AM | Comments (0)

Effort focuses on next-generation manufacturing

Mason Box Co. of North Attleboro is among several local companies that have been selected to participate in the "Next Generation Manufacturing Initiative, or NGMI, an effort to foster best-in-class manufacturing processes.

(Some Mason boxes are displayed at left.)

Other participants in the initiative include Hoppe Tool Inc. of Chicopee, Matouk Textiles of Fall River, Munksjo Paper Inc. of Fitchburg, and Spectro Coating Corp. of Leominster.

The initiative is a partnership of the Associated Industries of Massachusetts, a nonprofit group representing Bay State employers; MassDevelopment, the commonwealth's finance and development authority; and the Massachusetts Manufacturing Extension Partnership, a group dedicated to helping local manufacturers remain competitive in a global marketplace.

According to members of the partnership, the initiative is a "proactive approach" to help "businesses that want to change and are willing to reinvent themselves to remain globally competitive and accelerate growth."

Hoppe makes tools for the manufacturing of firearms. Matouk makes luxury linens. And Spectro Coatings produces flock textiles and films used by the auto and the home goods industries.
(By Chris Reidy, Globe staff)

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

Celtics fans can honor champs at breakfast

News flash from the Breakfast of Champions.

Shortly after the Celtics made oatmeal and mush out of the Los Angeles Lakers last night in the final game of the National Basketball Association championship series, cereal maker General Mills Inc. made the following announcement: Celtics star Kevin Garnett will be lionized on a Wheaties box.

General Mills of Minnesota said in a statement: "Wheaties will issue a special-edition commemorative package honoring the 2008 NBA Champion Boston Celtics following their victory over the Los Angeles Lakers in The Finals. The 15.6-ounce Celtics Wheaties box will be available nationally beginning in the next three weeks. The package features Boston's 11-time NBA All-Star, Kevin Garnett. This package marks the third Wheaties box appearance for Garnett and the fourth Wheaties box appearance for the Celtics organization."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 6:54 AM | Comments (0)

June 17, 2008

Galvin charges Plymouth man with defrauding investors of $3m

A Plymouth man already facing rape and kidnapping charges was charged today with defrauding investors of more than $3 million, according to a statement by Secretary of State William F. Galvin.

Read the complaint and order filed by Galvin's office.

Galvin's office said it brought an administrative complaint against Stephen Francis Clifford, previously a registered broker-dealer, who was arrested at Foxwoods Resort Casino on June 4 on a previous warrant. According to a statement, Galvin's office said after the arrest was reported it heard from a number of people in southeastern Massachusetts who said they couldn't recover money invested with his firm, Clifford Financial Associates.

An attorney for Clifford didn't immediately return a message. Clifford is being held on $1 million bail at the Barnstable House of Correction.
(By Ross Kerber, Globe staff)

Posted by bdinardo at 5:43 PM | Comments (0)

GreenFuel Technologies taps new chief executive

GreenFuel Technologies Corp. said today it has recruited Simon Upfill-Brown, a former Dow Chemical executive, to take over as its chief executive July 14.

The Cambridge company is focused on seeking to replace imported oil with home-grown algae.

Upfill-Brown is scheduled to succeed interim chief executive Robert Metcalfe , a founder of 3Com Corp., the Marlborough-based provider of networking products and services, GreenFuel said

GreenFuel said in a press release: "Upfill-Brown comes to GreenFuel from Haltermann Custom Processing, of which he was CEO starting in 1993. After Dow Chemical bought the $50 million Houston company in 2001, he was General Manager of Dow Haltermann until it was spun out in 2008 with international operations employing 435 people and earning $230 million in annual revenues. Haltermann provides specialty chemical manufacturing services, including biodiesel, for which GreenFuel plans to be an algae oil feedstock supplier."
(By Chris Reidy, Globe staff)

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

Boston office building changes hands

Synergy Investment & Development said today that it has purchased an office building near North Station for $11.7 million.

The six-story building is 100 North Washington St., and its roughly 53,000 square feet of space is fully leased and occupied, said Synergy, a Boston-based real estate and development firm.

The seller was A.W. Perry Inc. of Boston, a privately owned real estate company, Synergy said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:34 PM | Comments (0)

Megabus launches double-decker buses

Megabus, they of the clan that offers free Wi-Fi and Net fares as low as $1, is introducing double-decker buses on its New York to Washington run.

How cool is that.

Megabus, whose parent Coach also owns Gray Line New York Sightseeing, says it's the first company in the United States to use double-deckers for city-to-city travel.

Company representatives say that the tall guys will be available on the Boston-New York route sometime in the next four months. Stay tuned.
(By Paul S. Makishima, Globe staff)

Posted by globebusiness at 12:16 PM | Comments (0)

Phoenix website wins kudos

The Boston Phoenix newspaper said that its online home, ThePhoenix.com, was awarded the prize of the country's "Best Alternative Newsweekly" website at last week's convention of the Association of Alternative Newsweeklies.

The Phoenix noted that the judging process for the award was governed by the Medill School of Journalism at Northwestern University.

In a statement, Carly Carioli, Web editor for ThePhoenix.com, said: “We are extremely excited to have received this award. ThePhoenix.com has grown dramatically over the past few years to become one of the go-to sites for folks in Boston looking for the latest in news, arts, and entertainment. We are thrilled to bring that to them in an innovative and exciting way.”
(By Chris Reidy, Globe staff)

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

Converse celebrates anniversary in song

Converse Inc., the North Andover footwear brand known for such sneaker icons as the Chuck Taylor All Star, has released a "genre-blending" song as part of its ongoing 100th birthday celebration.

The original music track, titled “My Drive Thru,” features the talents of Pharrell Williams, Santogold, and Julian Casablancas as part of the brand’s Century celebration, and the track will be distributed digitally free of charge to a global audience exclusively on converse.com and authorized Converse web sites around the world, Converse said.

(The photo above, supplied by Converse, shows, left to right, Casablancas, Santogold, and Williams.)

According to Converse, its brand has long been associated with the worlds of music, sport, art, and fashion.

Converse said in a press release: "The brand’s current century celebration is largely inspired by its role in disrupting the status quo over the last 100 years. The Chuck Taylor shoe has been worn by musical icons ranging from Sid Vicious to current artists like Common and M.I.A."

"In addition to collaborating on the track, the artists also participated in the creation of a music video that will be released during the summer," the press release added. "The song will be promoted, in part through Converse print, outdoor, and online advertising tagged Three Artists, One Song."

Converse is a wholly owned subsidiary of Nike Inc., the Oregon sneaker giant.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:57 AM | Comments (0)

Bedford's iRobot wins another Pentagon contract

Bedford's iRobot Corp. today said it has received a $3.3 million Pentagon contract to develop a flexible version of its battlefield robot.

The project to develop chemical robots, or ChemBots, is from Defense Advanced Research Projects Agency, or DARPA, and the US Army Research Office, and the goal of the program is to "develop a soft, flexible, mobile robot that can identify and maneuver through openings smaller than its actual structural dimensions" to perform tasks "within complex and highly cluttered environments," iRobot said.

IRobot's press release included a statement from Mitchell Zakin, a DARPA program manager.

"During military operations, it can be important to gain covert access to denied or hostile space. Unmanned platforms such as mechanical robots are of limited effectiveness if the only available points of entry are small openings," Zakin said in his statement. "We believe that a new class of soft, flexible, meso-scale mobile objects that can identify and maneuver through openings smaller than their dimensions to perform various tasks will be quite valuable in many missions."

IRobot not only makes robots designed to perform battlefield tasks, but it also makes products that can do household chores such as vacuuming a room or cleaning a swimming pool. The image above this story is of one of iRobot's existing battlefield robots.

To date, iRobot said it has delivered more than 1,500 PackBot robots - its battlefield robots - to a broad range of military and civilian customers worldwide,
(By Chris Reidy, Globe staff)

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

Casual Male deal helps expansion in Mountain West

Casual Male Retail Group Inc., the Canton-based haberdasher to the outsized gentleman, said today it has agreed to acquire certain assets of Dahle Management Corp., operator of 15 big-and-tall men's clothing stores in nine states.

(At right, a model sports an ensemble in a photo from Casual Male's online catalogue.)

Precise financial terms of the transaction were not disclosed in a press release, but Casual Male said: "The acquisition is not considered to be a material transaction to CMRG and is not expected to impact CMRG earnings in 2008. The transaction is expected to be accretive to CMRG earnings in fiscal year 2009." (CMRG is Casual Male's stock symbol.)

Under the agreement, Casual Male plans to convert seven Dahle's Big and Tall men's stores to the Casual Male XL brand. With annual sales of $5 million, the stores will bring the Casual Male XL brand into three new markets - Salt Lake City; Billings, Mon.; and Boise, Idaho - as well as reinforce the brand in the Phoenix and Las Vegas markets, the company said.

The balance of Dahle's men's operation, which consists of about eight other store locations, be liquidated by Dahle Management and closed by the end of January, the press release said.

According to its website, Dahle's is based in Utah, and its marketing slogan is, "We make the above average person look even better."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:59 AM | Comments (0)

Jones Lang LaSalle agrees to buy Staubach Co.

Jones Lang LaSalle, a national real estate firm with a major presence in Greater Boston, said it will pay $613 million over five years to buy the Staubach Co., a real estate firm founded by former football star Roger Staubach.

(At right, a file photo of Staubach from his football glory days.)

In April, the Postal Service selected Jones Lang LaSalle, a Chicago-based real estate money management and services firm, to develop the annex site that the service will vacate, 16 acres on Fort Point Channel in a rapidly developing section of downtown near South Station.

Two years ago, Jones Lang LaSalle bought Spaulding & Slye, a well-known name in the local real estate industry that had worked on such projects as Fan Pier on the South Boston waterfront and NorthPoint, a mini city under construction in East Cambridge.

According to a press release from Jones Lang LaSalle and the Dallas-based Staubach Co., the Staubach Co. is a national real estate services firm specializing in tenant representation.

The firms said in their release: "The combined firm will operate under the Jones Lang LaSalle brand. The transaction does not include Staubach Real Estate Services or Cypress, Staubach's investment development business."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:25 AM | Comments (0)

June 16, 2008

State urged to invest $64m in `innovation gateway'

BEDFORD -- Lamenting the Route 128 brand has lost its luster, leaders of the information technology, communications, and defense industries today called on state government to invest more than $64 million in new efforts to make Massachusetts an "innovation gateway."

Among the recommendations was creating a talent development bank to help attract, retain, and train high-tech employees, focusing on building up the information technology security cluster, and creating a new branding strategy for the high-tech and defense sector.

The recommendations, contained in a report released by the Boston research firm Mass Insight Corp. at a meeting here hosted by the defense contractor Mitre Corp., came amid rising sentiment in traditional high-tech and defense businesses -- still the state's largest sector, with 331,000 jobs -- that their struggles are being overshadowed by the state's bid to promote and grow the life sciences industry.

Governor Deval L. Patrick traveled to San Diego today to tell the world's largest biotechnology industry trade trade show about the state's $1 billion investment in expanding life sciences in Massachusetts.

Mass Insight's president Bill Guenther told about 70 executives and trade association leaders that the state must pay equal attention to the other two legs of its economy, technology and financial services, at a time when growth in the technology industry has been slowing and many young people are moving elsewhere.

"We have a very proud and extensive heritage in Massachusetts in the high-tech and defense sector," Guenther said. "However, we're losing share and we're losing momentum to other states." If the trend continues, Guenther said Massachusetts is in danger of becoming a "high-tech outpost and startup boutique."

The report, prepared with assistance of management consulting firm McKinsey & Co., said the sector has shed 64,000 jobs since 2001, a drop of 3.5 percent, and its sales growth has slowed to 4.3 percent, one-third the rate of the previous five years. But the sector still employs 331,000 people, 10 percent of the Massachusetts workforce, roughly four times as many as the life sciences industry.
(By Robert Weisman, Globe staff)

Posted by globebusiness at 3:21 PM | Comments (0)

Racepoint opens Washington office

Racepoint Group, a Waltham-based public relations firm specializing in digital media relations, said today that it is opening an office in Washington, D.C.

The move is part of Racepoint's expansion of corporate and public-affairs capabilities and follows the recent hiring of Rich Blewitt as a senior advisor.

The Washington office will be led by David Whitmore, formerly of Qorvis Communications and the Cassidy Cos., Racepoint said.

"What's exciting about our new corporate and public affairs practice is that our offering is entirely based on a contemporary view of communications in a digital age - or World 2.0," Larry Weber (right), chairman of Racepoint Group, said in a statement.
(By Chris Reidy, Globe staff)

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

Acceleron doubles its space in Cambridge

Acceleron Pharma Inc. said today that it has doubled its space in Cambridge to 75,000 square feet as it looks to grow its head count by about 40 percent by the end of the year.

The privately held biopharmaceutical company is developing novel therapeutics that modulate the growth of tissues, including bone and muscle.

Acceleron said it plans to build its second protein manufacturing facility at the additional 37,500 square feet of space it has leased; as a result of the new lease, the company will fully occupy two buildings in Central Square.

Acceleron ended 2007 with 85 employees, and it expects to end this year with 120 to 125 employees, a company spokesman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:09 PM | Comments (0)

Mass. gas prices rise for 10th straight week

The price of a gallon of self-serve regular unleaded gas averaged $4.06 in a Massachusetts survey out today from AAA Southern New England, up 3 cents from last week's survey.

It was the 10th straight week of gas price increases in Massachusetts, AAA Southern New England said.

The Massachusetts average price is 2 cents below the national average of $4.08 per gallon, said AAA Southern New England, which noted that this time a year ago, the average price in Massachusetts was $2.95.
(By Chris Reidy, Globe staff)

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

Alkermes expects 2009 profit on Eli Lilly payment

Cambridge biotechnology company Alkermes Inc. expects to report a fiscal 2009 profit, after receiving a $40 million payment from former AIR inhaled insulin partner Eli Lilly & Co.

The company now expects profit between 11 cents and 16 cents per share on revenue between $200 million and $225 million, up from prior guidance for a loss of 11 cents to 16 cents per share on revenue between $175 million and $200 million.

Analysts polled by Thomson Financial expect a loss of 10 cents per share on revenue of $194.9 million.

The company's 2009 fiscal year ends in March.

Eli Lilly canceled the AIR inhaled insulin program in February, citing regulatory and market uncertainties. Alkermes already received $14.5 million of the total $40 million in the fourth quarter of fiscal 2008. The remaining $25.5 million will be recognized as research and development revenue during the first quarter of fiscal 2009.

Shares of Alkermes jumped $1.05, or 8.6 percent, to $12.97 in morning trading on the Nasdaq Stock Market. The stock has traded between $10.32 and $18.78 over the last 52 weeks. (AP)

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

New law creates temporary lull in foreclosures

Foreclosure filings in Massachusetts dropped 89 percent from April to May, but the decline was due to a change in state foreclosure procedures and not a change in market conditions, ForeclosuresMass.com said today.

The reason for the drop was caused by a mandated extension before lenders can take foreclosure action in Massachusetts Land Court, said ForeclosuresMass.com, a provider of local foreclosure data for investors, real estate professionals, and mortgage brokers.

Massachusetts recently enacted a new law to protect home owners, and one of the law's provisions includes a 90-Day “Right To Cure” period after a default on mortgage loans in many cases; previously, the “Right To Cure” period was 30 days, the firm noted. As a result of the new law, which went into effect May 1, lenders must wait an additional 60 days before foreclosure proceedings can begin in Massachusetts Land Court against homeowners who have defaulted on their mortgages, ForeclosuresMass.com said.

The number of Massachusetts foreclosure filings in May was 392, an 89 percent drop from April and an 82 percent drop from May 2007, said ForeclosuresMass.com, which noted that the 3,414 filings in April 2008 set a record.

“We are in the midst of a foreclosure tsunami here in Massachusetts, and this storm is not going away any time soon," Sheila Farragher-Gemma, cofounder of ForeclosuresMass.com, said in a statement. "The new filing requirements have created a situation similar to the eye of a hurricane. It may seem calm now, but the storm will come raging back with even more force in the days ahead. The fact is that nothing has changed in the Massachusetts real estate market. More homeowners than ever before are defaulting on their loans, and we expect that we will return to historic foreclosure filing levels within weeks.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:06 AM | Comments (0)

While the RemDawg's air guitar gently weeps

Jerry Remy, the Red Sox color analyst on NESN, reprises his air-guitar star turn in a new TV ad for Sovereign Bank.

The ad is the latest in a campaign that features Remy and promotes Sovereign as "America's neighborhood bank." The campaign was created by Boston ad agency Partners + Simons.

This particular ad was inspired by some Remy antics from the 2007 baseball season.

Just about a year ago, Remy was vamping on air guitar during a game's commercial break when he lost his balance and stumbled, causing much mirth and merriment among his NESN colleagues.

NESN - a.k.a. New England Sports Network - quickly aired an instant replay of Remy's Keith Richards impersonation - or should we say, "RemDawg being RemDawg." The un-fancy footwork footage can be viewed on Youtube.com, the video-sharing website, by clicking here. Remy could turn a mean double-play in his days as a Red Sox infielder, and he was fleet of foot on the base paths, but if the air-guitar video is any guide, his duck-walk and sideways shimmy seemed to be in need of a bit of tweaking. (He's in much better air-guitar form in the new Sovereign TV ad. Maybe he's gotten some lessons.)

In an e-mail, a spokesman for Partners + Simons noted that the new Sovereign ad seeks to take "more advantage of Jerry's personality."

Sovereign has a large presence in Massachusetts, where the Remy ad will air. Sovereign is owned by Sovereign Bancorp Inc. of Philadelphia.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:20 AM | Comments (0)

Quattro Wireless launches mobile news websites

Quattro Wireless of Waltham said today it has launched 19 mobile websites for Cox Newspapers Inc.

The new mobile websites cover regions from Texas to Ohio and Florida and offer visitors access to breaking local and national news and "Quick Search" features for accessing local restaurants, events, music, and movie listings, Quattro Wireless said.

(At right is a front page from the Cox newspaper in Austin, Texas. It is one of the Cox papers that Quattro Wireless will be launching a mobile website for.)

According to the company, the sites represent a way for advertisers to reach a local and targeted audience on a mobile device, and by using the Quattro Wireless Ad Platform, Cox Newspaper publishers now have additional inventory to offer advertisers interested in reaching a audiences in local markets.

In addition to Cox Newspapers, Quattro powers and sells mobile advertising for a number of news sites, including Boston.com.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:01 AM | Comments (0)

Patriot Place restaurants kick-off job fairs

Two restaurants coming to Patriot Place, a Foxborough venue that hopes to take shopping and entertainment to a whole new level, have scheduled job fairs for this week, the Patriots organization said.

The CBS Scene Restaurant & Bar, a three-level restaurant and entertainment destination, is set to kick off a hiring fair today at Gillette Stadium; the fair is set to run from 11 a.m. to 8 p.m. each day this week through Friday, and more than 150 jobs are available, the Patriots said.

Red Robin Gourmet Burgers, a family restaurant chain, is also set to begin hiring today, with a trailer stationed at Patriot Place for two weeks, the Patriots said.

Don't call Patriot Place a shopping complex. According to management, this venue is too vast and spectacular to rate such a ho-hum description. Its website says that Patriot Place "promises to become one of New England's most popular daily, year-round destinations. Adjacent to Gillette Stadium, this amazing development will feature more than 1.3 million square feet of shopping, entertainment, and commercial uses."

In a press release, the Patriots added: "Tenants in Patriot Place’s north lifestyle center begin opening in August and will join Bass Pro Shops, Staples, Circuit City, Christmas Tree Shops, Off Broadway Shoe Warehouse, and Bed Bath & Beyond, all already open in Patriot Place’s south retail center. When complete, Patriot Place will feature more than 70 shopping, dining, and entertainment destinations, more than half of which will be open by September."

According to management projections, Patriot Place will create 2,000 full- and part-time jobs over the next year.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:24 AM | Comments (0)

June 13, 2008

Patrick is `BIO Governor of the Year'

Massachusetts Governor Deval Patrick, who championed legislation to invest $1 billion in the state's life sciences sector, is being honored in San Diego next week by a biotechnology trade group, which represents companies who stand to benefit from the bill.

The Biotechnology Industry Organization plans to give Patrick its "BIO Governor of the Year" award on Tuesday at the BIO 2008 International Convention.

Patrick is slated to sign the life sciences legislation into law on Monday. The bill provides $250 million in tax incentives, $250 million in grants and $500 million for facilities, much of which has been earmarked for the state university system.
(By Todd Wallack, Globe staff)

Posted by globebusiness at 5:35 PM | Comments (0)

Lukey is moving to Ropes & Gray

Ropes & Gray LLP, a national law firm with offices in Boston, said that Joan A. Lukey will join the firm's litigation department as a partner in its Boston office next week.

Lukey was recently elected the president-elect designate of the American College of Trial Lawyers, Ropes & Gray said.

Lukey is coming to Ropes & Gray from the law firm of WilmerHale, Ropes & Gray said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:15 PM | Comments (0)

Money tree is set to officially debut in Greenfield

(Photo credit: Michael Thomason of Pivot Media.)

Automated teller machines, or ATMs, seem to be the most generic of contraptions - highly convenient, of course, when it comes to dispensing cash but a device decidedly devoid of color, character, and flair - at least until now.

In its home town of Greenfield, Greenfield Savings Bank is set to officially debut tomorrow an ATM that's built into an artificial 25-foot-high tree - a gnarly and Disney-esque "money tree" that features "playful critters and lush landscaping," according to a press release from the bank.

The hope is that the "GSB Money Tree" will become more than a mere ATM but also a regional roadside attraction for locals, leaf-peepers, and ski enthusiasts who regularly ply two nearby major thoroughfares, Interstate 91 and the scenic Mohawk Trail, the bank said.

The money tree is the brainchild of bank president and chief executive Rebecca Caplice, who said that part of the intent is to "add a bit of entertainment to an everyday errand."

The money tree was designed by the Holbek Group, an Orange firm that specializes in such art forms as camouflaging communications towers and making educational exhibits for visitor centers.

The GSB Money Tree is "essentially sculpted from Fiberglas," a spokeswoman for the Holbek Group said.

Originally, Caplice envisioned a more natural looking replica of a tree for a bank with six branches and eight other ATMs, but logistics and local zoning rules influenced the bank to take a different direction, she said.

In its present form, the bank suggested, its money tree might seem to evoke memories of the Keebler elves - Keebler (right) is a cookie-and-cracker brand for the Kellogg Co. of Michigan - and the tree is "adorned" with a turtle, owl, and an eagle, the bank said.

The GSB Money Tree - the tree art work itself - represents a $120,000 investment, or roughly twice the amount of a regular ATM kiosk, Caplice said.

The hope is that the money tree will be so unusual that it will attract many tourists and families with children and that the resulting high volume of ATM customers will justify the extra investment, Caplice said.

"In the world of banking, differentiating yourself is very hard to do," she said. "And we wanted to do something unique."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:27 PM | Comments (1)

Firm eyes linking flywheel batteries to power grid

A Tyngsborough company wants to build a unique array of 200 flywheel batteries over several acres to store spare power from New York's electrical grid and zap it back as needed.

Beacon Power Corp. wants to connect the 20-megawatt, short-term energy storage unit to New York's power grid in Stephentown, a rural community near the Massachusetts border. The company claims the matrix of batteries would make the grid more efficient and conserve energy, though they have some final hurdles to clear.

Officials in Stephentown will consider a zoning variance for the $50 million-plus facility on June 19, and Beacon is awaiting a crucial permission from the operators of the state's electrical distribution system, The New York Independent System Operator.

If approved, some of the batteries could be tied into New York's electricity supply grid by the end of this year.

Beacon officials say the batteries would help NYISO maintain the ever-fluctuating balance between electricity supply and demand across New York. Right now, selected generators regularly bid with the NYISO to gear up or scale back production to keep the grid in balance, which is necessary for reliable electricity service.

Beacon claims they can do a better job than generation plants - or at least a faster job. Beacon's Gene Hunt said flywheels can balance supply and demand about 100 times quicker.

"It's the difference between a speedboat and an ocean liner," he said.

The quicker reaction time would create a more efficient system and conserve energy, he said.

"Clearly there's an advantage," Hunt said. "These are clean, they consume no fuel, they have no emissions at all."

Beacon's flywheel batteries are different from the chemical batteries in cars and phones. As the name implies, these batteries store power as kinetic energy - think of the way potters' wheels are hard to stop once they're up to speed. The flywheels will be encased in vacuum capsules seven feet high and three feet around and will rotate 16,000 times a minute.

Flywheel batteries are nothing new, though lining up a bunch of them to regulate electricity supplies is novel. The Electric Power Research Institute, an industry research group, said this appears to be the first flywheel battery system of this size serving a power grid.

NYISO in its annual energy report noted that energy storage devices could provide significant energy and environmental benefits. But NYISO spokesman Ken Klapp said Beacon's permission to connect to the grid will be based on an impact study now being conducted.

If approved, Beacon would bid against the power generators who currently perform that service.

Klapp said grid operators, as always, would be concerned with reliability and price.

"It's just a question of economics," he said.

Hunt said the rural area close to the Massachusetts line was chosen because it offers a place to plug into the grid and because it's less than a three-hour drive from the company's headquarters north of Boston.

They also have applied to build similar flywheel units at their plant northwest of Boston and in Ohio. (AP)

Posted by globebusiness at 2:02 PM | Comments (0)

Consumer price index rises for Greater Boston

The Consumer Price Index for Greater Boston increased 1 percent for the two months that ended in May, the Bureau of Labor Statistics said today.

Since May 2007, the index for Greater Boston has risen 4 percent, the highest annual increase since January 2006, said the bureau, which is part of the US Department of Labor.

The bureau cited rising gas and food prices as major factors in the increase.

Among the 14 metropolitan areas for which data are available, Boston tied with New York for the 6th highest annual increase in a consumer price index, the bureau said.

With jumps of 5 percent, Dallas and Washington, D.C., had the highest annual increases, the bureau said.
(By Chris Reidy, Globe staff)

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

Mullen wins Best of Show

Mullen, an advertising and marketing agency headquartered in Wenham, has won the Best of Show award at the New England Direct Marketing Association 2008 Awards for Creative Excellence.

Mullen was cited for work on behalf of Virgin Money, a peer-to-peer lending company owned by celebrity entrepreneur Richard Branson, who is featured in the campaign.

The work entailed an integrated brand launch campaign for Virgin Money that included website design, online advertising, print advertising, special event, guerilla marketing, and public relations, said Mullen, which added that the brand launched in October.

The image above, supplied by Mullen, is from the Virgin Money website; that's Branson beaming happily.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:42 AM | Comments (0)

Monotype Imaging prices 5-million-share offer

Text imaging services provider Monotype Imaging Holdings Inc. of Woburn said it priced a public offering of five million common shares at $12 apiece.

All the stock is being sold by stockholders, and Monotype Imaging will not receive any proceeds from the sale. One stockholders has granted underwriters a 30-day option to purchase up to 750,000 shares of its common stock at the public offering price to cover any over-allotments.

J.P. Morgan Securities Inc. and Banc of America Securities LLC are acting as joint book-running managers, and William Blair & Co., Canaccord Adams Inc., Jefferies & Co. and Needham & Co. acting as co-managers for the offering.

Shares closed yesterday at $11.99 on the Nasdaq Stock Market. The company currently has about 34.3 million shares outstanding. (AP)

Posted by globebusiness at 8:12 AM | Comments (0)

Reebok shoe marks Red Wings' cup triumph

Moth-ball those wing-tips, hockey buffs. Give those pumps and penny loafers a night off. As of now, you can purchase customized footwear that celebrates the Detroit Red Wings' recent Stanley Cup victory.

That's the good word from Reebok International Ltd., the Canton sneaker brand that is the "authentic outfitter" of the National Hockey League.

Reebok said in a press release: "Fans who log on to RbkCustom.com will have the opportunity to customize footwear that celebrates the Red Wings’ fourth Stanley Cup in 11 years. Fans may color-customize every part of their shoes, which feature specially-designed artwork that bears the logos of the Stanley Cup, the Detroit Red Wings, and the National Hockey League. The shoe starts at $90.00 on RbkCustom.com."

The release also said, "In honor of Reebok athlete and Detroit Red Wings Stanley Cup Champion Pavel Datsyuk (left), Reebok, the Authentic Outfitter of the NHL, will provide 40 Reebok gift cards to Detroit Hockey Association, a Detroit-based youth hockey organization, which is part of NHL Diversity, to use on RbkCustom.com."

Datsyuk was just awarded the Selke Trophy, which is given to the NHL's best defensive forward.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:57 AM | Comments (0)

Parexel plans to buy UK clinical tech firm ClinPhone

Parexel International Corp., a Waltham company that provides clinical research and consulting to pharmaceutical and biotechnology companies, said today that it will buy clinical technology provider ClinPhone PLC for about $182 million.

UK -based ClinPhone provides interactive voice response and electronic data capture services to the pharmaceutical industry in Europe and the United States. Its products help centralize management of the clinical trial supply chain, track and manage trial data, and screen candidates and qualify appropriate subjects for studies.

Parexel said it has arranged a $300 million credit facility with JPMorgan Chase Bank NA and Keybank National Association to fund the acquisition and refinance the companies' existing debt.

The transaction is expected to close by Sept. 30, subject to ClinPhone shareholder and regulatory approvals.

Parexel expects the deal to dilute earnings in the first year, but add to adjusted profits. The company will take a one-time charge to write off loan fees and interest rate hedges. (AP)

Posted by globebusiness at 7:37 AM | Comments (0)

Mass. foreclosures rose in national survey

Massachusetts ranked eighth in the nation for foreclosure activity in May, according to a monthly survey issued today by RealtyTrac Inc. of California, an online marketplace for foreclosed properties.

In April, the same survey, titled the US Foreclosure Market Report, found Massachusetts in 10th place.

By RealtyTrac's definition, foreclosure filings include default notices, auction sale notices, and bank repossessions.

Nationwide in May, there were foreclosure filings reported on 261,255 properties during the month, a 7 percent increase from the previous month and a 48 percent increase from May 2007, RealtyTrac said, and the report also shows that one in every 483 U.S. households received a foreclosure filing during the month, the highest monthly foreclosure rate since RealtyTrac began issuing the report in January 2005.

Nevada posted the highest state foreclosure rate with one in every 118 households receiving a foreclosure filing in May, RealtyTrac said; the comparable number for Massachusetts was one foreclosure filing for every 406 households.

According to RealtyTrac, there were 6,676 foreclosure filings in the Bay State during May, a 33 percent jump from April, and a 55 percent increase from May 2007.

Commenting on the national survey results for May in a statement, RealtyTrac chief executive James J. Saccacio: "May was the third straight month where we’ve seen a month-to-month increase in foreclosure activity and the 29th straight month we’ve seen a year-over-year increase. The nationwide rate of increase for default notices and foreclosure auction notices slowed in May, with default notices up just 1 percent from the previous month and auction notices down 3 percent from the previous month. However, bank repossessions continued to surge in May, posting a double-digit percentage increase from the previous month and more than twice the number reported in May 2007, which pushed the total inventory of bank-owned REOs in our database to more than 700,000.”

REO stands for "REO" properties, which have been foreclosed and repurchased by a bank, RealtyTrac said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:21 AM | Comments (0)

June 12, 2008

Red Sox executive to run Hartford team, venues

Red Sox executive Charles Steedman has been named senior vice president and general manager for Northland AEG LLC, a sports and entertainment company in Connecticut, today.

Steedman spent the last seven years marketing the Red Sox, negotiating movie and broadcasting deals that helped build the team into a global brand. Now Northland AEG wants him to do the same for the American Hockey League team it owns, the Hartford Wolf Pack.

Steedman will be in charge of expanding the company's operations in Hartford, which including managing the city's sports and entertainment venues, the XL Center and Rentschler Field, as well as the business operations of the Wolf Pack.

"The Red Sox loss is certainly a big win for the Northland AEG team," said Larry Lucchino, president and chief executive officer of the Red Sox. "I'm confident that Chuck will put his fine skills to much needed use in making Hartford a true sports and entertainment destination."

Since 2001, Steedman has worked with New England Sports Ventures, the parent company of the Boston Red Sox, New England Sports Network, and Fenway Sports Group. Most recently, he has served a dual role as executive vice president of Fenway Sports Group and also vice president of Fenway Enterprises and broadcasting for the Red Sox.

While working for the team, Steedman brokered the largest radio broadcast agreement in major league baseball history and led the deal that landed the Red Sox being featured in the big-screen motion picture, "Fever Pitch."

Steedman started his career in sports and entertainment at the University of Connecticut, where he spent six years as a director of athletic marketing.

"His experience, knowledge of the market, strong UConn ties and proven marketing skills are just what Northland AEG needs to increase fan attendance and take Hartford to the next level," Northland's chief operating officer, Bob Newman, said.
(By Angel Jennings, Globe correspondent)

Posted by bdinardo at 5:35 PM | Comments (0)

Blue Cross signs on to Google Health

Come this fall, members of Blue Cross Blue Shield of Massachusetts will be able to go online to look up their healthcare claims and some medical records, which the insurer says will help them manage their medical care and have more productive conversations with doctors.

The feature is being offered through Google Health, the new online healthcare Web portal recently opened by the Internet search giant, based in Mountain View, Calif. Blue Cross Blue Shield of Massachusetts said it is the first health insurer to sign on to the service.

"We believe Google Health will be an important tool used by our members to improve the safety and effectiveness of their healthcare," said Cleve Killingsworth cq, chairman and chief executive of Blue Cross, in a statement.

Steven Fox, a Blue Cross vice president heading the online project, said the Web tool will make it easier for members to access information about their claims.

"It will make the quality of your experience with the physician a little better," Fox said. "It will be portable. It could improve compliance with treatment protocols. Now, when you get blood work, you'll have the ability to see the actual report."

Blue Cross Blue Shield of Massachusetts has been at the forefront of healthcare information technology. It donated $50 million to the Massachusetts eHealth Collaborative, a pilot project that outfitted physicians in three Massachusetts communities with equipment to start using electronic medical records.

Google Health debuted last month, with partners such as hospitals, including Beth Israel Deaconess Medical Center in Boston, and pharmacies such as CVS/CareMark.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 4:14 PM | Comments (0)

Reynolds to run Putnam

Putnam Investments today named Robert L. Reynolds (right) chief executive officer, hoping the former Fidelity Investments executive can remake the smaller Boston mutual fund firm into a more signficiant competitor for its crosstown rival.

Reynolds will start work July 1, a year after he left the second-in-command job at Fidelity, where he worked 23 years. He will succeed Charles “Ed” Haldeman, who was named chairman of Putnam Investment Management LLC. Haldeman came to Putnam in 2002, when it was under the control of Marsh & McLennan Cos., and became chief executive the next year with a mandate to clean house after it was rocked by revelations that employees were making improper trades in its funds.

Haldeman succeeeded in settling regulatory actions and policing Putnam's culture, but performance in many of its key funds has significantly lagged, a problem Reynolds will have to address. Last year Haldeman helped arrange Putnam's sale to Canada's Power Financial Corp. but stayed at the helm and recently had his contract extended at least through 2010.

On a conference call with reporters this morning, Reynolds said Putnam has many areas of good performance but that he plans to ''take a hard look research'' and to study various changes. "We realize what our clients expectations are,'' he said. Reynolds also said Putnam will introduce new products, and while he wasn't prepared to discuss exactly which ones, he mentioned that he is a fan of funds that use short-selling to create leverage and expects more demand for products that create income for baby boomers.

“For more than two decades, I have known Putnam as a formidable and respected investment management company, and, quite frankly, a very tough competitor,” Reynolds said in a statement. Asked about Fidelity on the call, Reynolds said "They're just one of the other players that is out there. They have a dominant market share in the 401(k) business, but to me they're just someone else we have to compete against.''

On the same call Haldeman said his goal in the new role is to support Reynolds, and acknowledged the problems during his tenure. He also cited successess such as restoring flows in the company's instititonal business. There were "a lot of difficult days, and a lot of things we can be proud of,'' he said. "Certainly not an A in all subjects, but pretty respectable.''
(By Ross Kerber, Globe staff)

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

Indevus chief postpones retirement

Drug developer Indevus Pharmaceuticals Inc. of Lexington said today that Chief Executive Glenn L. Cooper is postponing his retirement as a result of a delay in the company's injectable testosterone drug candidate.

In March, Cooper said he intended to retire by Sept. 1. A search for a new chief executive is now on hold.

On June 4, Indevus said that it will likely have to perform an additional study on Nebido due to Food and Drug Administration safety concerns over a reaction from one patient after receiving a dose.

Indevus shares rose 4 cents, or 2.9 percent, to $1.40 in morning trading.
(AP)

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

Wilens to head Fidelity asset management unit

Fidelity Investments, the world's biggest mutual fund company, today named former Thomson Reuters executive Michael Wilens as head of asset management.

Fidelity said in a statement that Wilens will oversee Fidelity Management & Research Co., its mutual funds operations; Pyramis Global Advisors, its institutional business; and Strategic Advisers.

Wilens will join Fidelity in mid-July.
(Reuters)

Posted by bdinardo at 11:48 AM | Comments (0)

Putnam names Robert Reynolds chief executive

Putnam Investments named former Fidelity Investments executive Robert L. Reynolds chief executive officer. He will succeed Charles “Ed” Haldeman, who was named chairman of Putnam Investment Management LLC.

The changes take effect July 1. Reynolds previously served as chief operating officer at Fidelity, a post he vacated in April 2007 after 23 years with the company.

“For more than two decades, I have known Putnam as a formidable and respected investment management company, and, quite frankly, a very tough competitor,” Reynolds said in a statement.

Click here to read the statement.

(Danielle Kost, Boston.com)

Posted by globebusiness at 9:40 AM | Comments (0)

June 11, 2008

CFO is leaving American Tower

American Tower Corp., which owns wireless communication towers, today said that its chief financial officer, Brad Singer, is leaving the company.

Singer, with Boston-based American Tower since 2000, will become CFO at Discover Communications LLC.

Jean Bua, executive vice president of finance and corporate controller at American Tower, will assume the CFO’s responsibilities on an interim basis.

Shares of American Tower fell 2.5 percent to $42.23.
(AP)

Posted by globebusiness at 5:48 PM | Comments (0)

Merrimack Pharmaceuticals raises $60 million

Merrimack Pharmaceuticals Inc. a Cambridge biotechnology company, said it raised $60 million in its sixth round of private financing.

Since its founding in 1993, the company has raised more than $200 million.

The company is developing treatments for cancer and autoimmune diseases. Merrimack's lead experimental drug, a treatment for rheumatoid arthritis, is in mid-stage clinical trials.
(By Todd Wallack, Globe staff)

Posted by globebusiness at 3:15 PM | Comments (0)

Boston Scientific expects continued stent recovery

Boston Scientific Corp., the Natick medical-device company, expects the drug-coated stent market to continue recovering, as it works to place its line of Taxus products at the front of a crowded, competitive field.

Sales of drug-coated stents declined sharply over the last few years as research questioned the devices' safety and effectiveness compared with older, bare-metal versions. The devices are used to open and unclog blocked arteries, and drug-coatings are used to prevent the growth of scar tissue.

More recent studies have shown the stents are both safe and effective -- driving a slow sales recovery, according to several medical device executives.

"The market hasn't gone away," said Boston Scientific chief executive Jim Tobin (right), speaking to investors at Goldman Sachs' annual health care conference today. "This is a market that is going to be robust in terms of patient flow for a long time."

Tobin did acknowledge the $4.5 billion market is not what it used to be, though, and may never rise to its $6 billion pre-safety issue levels. But while market penetration may never regain its 88 percent level, it's not going to stay at 60 percent, he said.

The company's first-quarter results showed drug-coated stent sales remain depressed, falling 9 percent to $428 million. Boston Scientific fared better with implanted defibrillator sales, which rose 3 percent to $411 million.

Boston Scientific is among a group of companies trying to rebuild the drug-coated stent market and their piece of the sales pie.

Rival Medtronic Inc., based in Minneapolis, is making a push with its Endeavor drug-coated stent, which got off to a strong launch with $81 million in sales during the company's fiscal fourth quarter. North Chicago, Ill.-based Abbott Laboratories is looking to its Xience stent, which is awaiting Food and Drug Administration approval, as a key revenue driver in the market. And, New Brunswick, N.J.-based Johnson & Johnson has been investing in its Cypher stent.

Meanwhile, Boston Scientific continues to expect strong growth in the implantable cardiac device market, which together with stents accounts for about half of the company's sales.

Boston Scientific shares fell 21 cents to $12.89 in afternoon trading on the New York Stock Exchange. (AP)

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

Northeastern signs lease for 101 Belvidere St.

Northeastern University has signed a short-term lease for about 72,000 square feet of space at 101 Belvidere St. from the First Church of Christ, Scientist, the university and the church said today.

Northeastern said it will use the new space, which is near its main campus, for administrative purposes; the lease will enable the university to free up additional space on campus for classrooms and research.

Northeastern said it is scheduled to occupy the space it is leasing at Belvidere Street in August.

The church said that it announced its intention to offer short-team leases at both 101 Belvidere St. and 177 Huntington Ave. in April, and the church added today that 120,000 square feet of space at the Huntington Avenue building is still available.

The church said its long-term intentions for the buildings are part of ongoing review of its master plan that involves the city of Boston and community input.
(By Chris Reidy, Globe staff)

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

Fed's Kohn addresses soaring oil prices and inflation

HARWICH -- Allowing inflation and unemployment to rise in the short-term would be an "appropriate" response by policy makers to soaring oils prices, Donald L. Kohn, vice chairman of the Federal Reserve, said today.

Kohn, speaking here at a conference sponsored by the Boston Federal Reserve Bank, said that moving to quickly bring down inflation in the face of oil and commodity price shocks could produce an sharp increase in unemployment.

Kohn noted that recent history shows big jumps in oil prices have had only "modest effects" on long-term inflation.

"It may be efficient to allow some adjustment period in which both overall inflation exceeds its desired low level and the unemployment rate is higher than its long-run sustainable level," Kohn said. "Setting policy in a manner that balances the undesirable effects of a shock to the system on both inflation and employment will tend to be more efficient than setting policy so as to deliver more extreme outcomes in either inflation or employment."

Kohn's remarks, made during a panel discussion with central bankers from other countries, reflect the tricky situation faced by the Fed. The economy is weak, perhaps in recession, while inflation is rising. If the Fed cuts interest rates further to give the economy a further boost, it risks sparking rapid inflation.

If it raises rates to stamp out inflation, it risks a deeper economic downturn.

The Fed has cut interest rates by 2.25 percentage points this year to try to right the listing economy, but rising energy and commodity prices, including food crops, have pushed inflation to its highest levels in years. Many economists expect the Fed to stop cutting rates when policy makers meet later this month.

Earlier this week, Fed Chairman Ben S. Bernanke addressed the conference. He said chances have improved that the nation will avoid a "substantial downturn" following the Fed's aggressive interest rate cuts and other actions, and the Fed will keep a close eye on inflation.

Kohn echoed Bernanke in that the Fed will act if expectations for higher long-term inflation threaten to take root.

Expectations are important because if consumers expect prices to rise quickly, they buy more in advance to avoid higher prices, adding to demand and pushing prices even higher. In addition, workers might demand higher wages to offset increased costs of living, leading producers to increase prices more. That's called a "wage-price spiral" which was a key component of the runaway inflation of the 1970s.
(By Robert Gavin, Globe staff)

Posted by globebusiness at 12:44 PM | Comments (0)

Boston Ventures invests in Richard Petty

Local private equity firm Boston Ventures said today that it has made a "significant investment" in a company linked to NASCAR racing legend Richard Petty and his family.

Boston Ventures said it has invested in Petty Enterprises, which includes the Richard Petty Driving Experience.

According to Boston Ventures, this marks the first time since family patriarch Lee Petty formed the organization in 1948 that an outside firm has invested in the legendary race team.

The Richard Petty Driving Experience is a program that offers fans the opportunity to get behind the wheel or to ride along with a professional in a NASCAR style stock car at speeds up to 165 mph, Boston Ventures said.

Petty Enterprises also operates two NASCAR race teams - the .43 race car driven by former NASCAR champion Bobby Labonte and the .45 race team that features driver Kyle Petty, grandson of company founder Lee Petty and the son of Richard Petty, Boston Ventures noted in a press release.

Boston Ventures said it will provide growth capital and management support to enhance all aspects of the company, including investing in the necessary resources and initiatives to improve the performance of the race team and to grow the Driving Experience in its core and ancillary businesses.

Barry Baker, a Boston Ventures managing director, will become chairman of the company upon completion of the transaction, which is expected to occur in the second quarter, Boston Ventures said, and Andrew C. Davis, another managing director of Boston Ventures, will also serve on the Petty Enterprises board of directors.

"This investment is consistent with Boston Ventures' strategy of investing in highly recognizable media and entertainment franchises and partnering with families who are looking to transition their company to the next level," Davis said in a statement.

Boston Ventures said that David F. Zucker, a former executive of Playboy Enterprises, has joined Petty Enterprises as chief executive.
(By Chris Reidy, Globe staff)

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

Aegean Capital buys Fort Point Channel building

Aegean Capital LLC has purchased an office building in Boston's Fort Point Channel district for $14.25 million, a broker involved in the transaction said today.

The broker is Richards Barry Joyce & Partners LLC, a Boston commercial real estate advisory firm.

According to its website, Aegean Capital is a private equity real estate investment and management firm with offices in Peabody and New York City; on its website, the firm says it currently owns and manages more than 750,000 square feet of commercial office and retail real estate properties in New England.

The building, with 53,790 square feet of space, is at 285 Summer St. and is fully occupied by Payette Associates, a Boston architectural firm.

Payette is also the seller - it bought the building in 1991 - and Payette plans to remain in the building following the sale, a spokesman for Richards Barry Joyce said.

The firm noted that 285 Summer St. was originally built in 1897.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:48 AM | Comments (0)

Talbots' shareholder agrees to provide $50 m loan

Talbots Inc. of Hingham said today that its majority shareholder, Aeon Co., has agreed to provide the women's clothing retailer with a $50 million unsecured subordinated term loan to support its turnaround plan.

The facility, which matures Jan. 28, 2012, will increase the company's total working capital borrowing capacity to $215 million.

"While we believe we had in place sufficient liquidity to fund the turnaround of our business, this new credit facility will provide us with an additional level of assurance and even greater flexibility to weather the current uncertainty in the credit markets," said president and chief executive Trudy F. Sullivan.

Last week, Talbots said it will cut 129 jobs in its corporate offices, affecting about 9 percent of its employees there. The company also eliminated its post of chief operating officer, currently held by Philip Kowalczyk.

Talbots has a goal of reducing costs by a total of $100 million by the end of the next fiscal year.

Sullivan noted that the company is experiencing improving sales trends at both of the company's brands and remains on track to meet its 2008 earnings per share guidance.

(In April, Talbots disclosed that it had been notified by two lenders that they would no longer provide credit totaling $265 million to the company.)

For previous coverage of Talbots, please click here. (AP)

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

Staples agrees to buy Corporate Express for $2.6 b

Staples Inc., the Framingham office supplies retailer, announced early this morning that it has agreed to buy Corporate Express NV for roughly $2.6 billion.

Over the past few months, Staples made three bids for the Dutch company, with an initial bid of $2 billion; Corporate Express had rebuffed earlier bids as too low.

After Staples again lifted its offer price, Corporate Express signalled its willingness to enter negotiations last week.

Corporate Express has a strong presence in the business of contract deliveries of office supplies to large corporate customers, an area in which Staples wants to expand.

Staples may be best known for its roughly 1,775 stores in North America. But in reporting quarterly results last month, the company noted that while total company sales were up, sales at North American stores open at least a year, a key measure of a retailer's performance, decreased 6 percent.

Its North American delivery business to small and mid-size companies, in contrast, reported a sales increase for the quarter of 8 percent, Staples said.

In its release this morning, Staples said: "This acquisition establishes Staples as the world’s premier provider of office products to businesses of all sizes."

Staples also said the the combination of Staples and Corporate Express will establish "a contract business for Staples in Europe and Canada, while fueling Staples’ North American Delivery business in the US, which is currently Staples’ fastest growing and most profitable business unit. The combination will also extend Staples’ geographic reach to Australia and New Zealand."

In a note to investors this morning, Credit Suisse analyst Gary Balter wrote, "We see at least $250 million in synergies over three years."

In his note, Balter sometimes used stock symbols - SPLS for Staples and ODP for rival Office Depot Inc. of Florida.

Balter wrote: "With the acquisition of Corporate Express, Staples will dwarf other office-supply distributors with a combined $27 billion (in annual revenue) in SPLS compared to the next largest player, ODP, with $16 billion. The acquistion will move Staples to a leadership position in the contract (large company) segment in North America and will create a solid base on which to build its global footprint with a number two position in Europe and a number one position in Asia-Pacific."

According to the Globe 100 survey, Staples had 2007 revenue of $19.37 billion.

Last month, in a move apparently designed to keep Staples at bay, Corporate Express made an offer to buy Lyreco SAS of France for $2.7 billion.

In its press release today, Staples said that Corporate Express has terminated its merger agreement with Lyreco.

When the sale is completed, Staples added that Corporate Express chief executive Peter Ventress will become president of Staples International, a new position that will oversee Staples' business outside the United States and Canada.

In late morning trading on the Nasdaq Stock Market, Staples shares were up 95 cents, or 4.1 percent, to $24.10.

For additional coverage of how hostile bids from Staples ultimately resolved themselves into today's sales agreement, please click here.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:02 AM | Comments (0)

June 10, 2008

New Balance supports Special Olympics Mass.

The New Balance Foundation said today it is supporting the Special Olympics Massachusetts with a gift of $100,000.

The foundation is funded by New Balance Athletic Shoe Inc., a Boston-based maker of athletic footwear and apparel.

According to its website, Special Olympics Massachusetts is dedicated to providing "year-round sports training and athletic competition in a variety of well-coached Olympic-type sports for individuals with intellectual disabilities."

The New Balance Foundation said its gift "will be used to support the athletic training and competition activities for all Special Olympics Massachusetts athletes during the summer season."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:54 PM | Comments (3)

American Superconductor shares rise on order

American Superconductor Corp. has received a $450 million order to supply electrical components for wind turbines in China, sending the firm's stock up sharply.

The Central Massachusetts firm said today that the order from Beijing-based Sinovel Wind Corp. calls for shipments to begin in January and run through 2011.

American Superconductor chief executive Gregy Yurek says the wind turbines that will be equipped with his firm's components would nearly double China's current total wind energy capacity.

The firm supplies components that regulate wind turbine power flow, monitor performance and control the pitch of turbine blades.

Shares of American Semiconductor rose $8.27, or 23 percent, to $44.35 in afternoon trading on the Nasdaq Stock Market. That's the stock's highest price in nearly eight years. (AP)

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

Netezza confirms Marlborough move

Netezza Corp., a provider of data warehouse appliances, said that it recently relocated its headquarters from Framingham to Marlborough in a move prompted by a need to accommodate the firm's continued growth.

A Netezza spokesman confirmed a story from The Worcester Telegram & Gazette.

(Above is an image that Netezza provided of its new digs.)

Netezza is now located in 59,000-square-feet of space at 26 Forest St., Marlborough, where it has 200 employees.

The new space can accommodate up to 350 employees, the spokesman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:59 PM | Comments (0)

Advisory firms back Biogen over Icahn

Two influential shareholder advisory firms recommended today that Biogen Idec Inc. shareholders reject billionaire investor Carl Icahn's effort to win several seats on the Cambridge biotechnology company's board at its annual meeting June 19.

Although the RiskMetrics Group found that Icahn's slate of three nominees have impressive credentials, the advisory firm concluded there was no compelling reason to oust Biogen Idec's own board members.

"Biogen appears to have outperformed its peers,'' the report said. "The industry analyst consensus is that Biogen has performed well from a strategic perspective."

In addition, RiskMetrics said it didn't see much evidence to support Icahn's complaints about Biogen Idec's unsuccessful efforts last year to sell the company. Icahn has suggested executives may have sabotaged the sales process by blocking prospective bidders from talking to Biogen Idec's partners before submitting a bid.

Glass Lewis & Co., another advisory firm, also said it found no compelling reason to vote against Biogen Idec's nominees, noting it has performed well and made a reasonable effort to consider outside bids for the company last year.

"In our opinion, the current board and executives have created substantial value for shareholders," Glass Lewis wrote.

A third shareholder advisory company, Proxy Governance Inc., plans to make its own recommendations later this week.

Most large institutional shareholders tend to follow the recommendations of either the company or shareholder advisory firms.

Icahn has nominated three people to sit on Biogen Idec's 12-person board. Since the company has staggered elections, only four seats are up for grabs. The votes are slated to be counted shortly after the annual meeting.

Biogen Idec shares were little changed in morning trading. Just before 11 a.m., shares were trading at $61.04, down 24 cents.
(By Todd Wallack, Globe staff)

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

Zipcar ousts local PhillyCarShare as city's supplier

A Massachusetts-based for-profit service has passed local nonprofit PhillyCarShare as rental car supplier for the city of Philadelphia.

City Procurement Commissioner Hugh Ortman says the city used six to 10 cars a day from PhillyCarShare for a cost of about $35,000 a year.

Ortman says the city expects to use about the same number of cars from Cambridge-based Zipcar. But Ortman says the expected cost for Zipcar service will be about $30,000 a year. (AP)

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

Canadian bank agrees to buy Access Capital assets

A unit of the Royal Bank of Canada has agreed to buy certain assets of Access Capital Strategies LLC, a Boston-based investment adviser serving banks, public pension funds, foundations, and related financial institutions.

Terms of the transaction were not disclosed, and plans call for Voyageur Asset Management Inc., a Minnesota-based unit of the Royal Bank of Canada, to buy the Access Capital assets.

The Royal Bank of Canada, or RBC, said in a press release, "Access Capital represents a strong strategic fit for Voyageur and helps RBC to build a US presence and increase its activities in socially responsible investment assets."

In a statement included in RBC's press release, Access Capital chief executive Ron Homer (right) said, "I look forward to becoming a part of the Voyageur team and building on that success.”
(By Chris Reidy, Globe staff)

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

Four companies notify state of layoffs

Several Massachusetts manufacturers notified the state last month that they would be cutting jobs.

In May, Alcatel-Lucent, Pliant Corp., Kronos Inc., and Jevic Transportation Inc. all notified the state Department of Labor that they would be laying off workers in the coming months.

Alcatel-Lucent, the telecommunications firm based in France, will lay off 127 workers at its plant on the Haverhill-North Andover line on July 2. The layoff is the third since December, and the largest since Alcatel-Lucent announced plans to close the plant by the end of the year. Between 60 and 70 workers remain at the plant.

Pliant, a manufacturer of film and flexible packaging products based in Schaumburg, Ill., plans to close its South Deerfield plant and lay off 103 employees before the plant shuts its door for good in December. The company plans to lay off employees in six phases with the first rounds of cuts resulting in eight employees losing their jobs next month. Kronos, a supplier of software for workforce management systems, will discontinue its manufacturing operating unit in Chelmsford and lay off 79 employees starting in July. Jevic Transportation, based in Delanco, N.J., permanently shut down its Oxford facility earlier this month and laid off approximately 88 employees.

Companies must file a worker adjustment and retraining notification to the Department of Labor when they lay off more than 50 workers.
(By Angel Jennings, Globe correspondent)

Posted by bdinardo at 11:01 AM | Comments (0)

State Street aligns servicing capabilities

State Street Corp., a Boston firm that provides financial services to institutional investors, today announced the alignment of its global alternative investment servicing capabilities into one unit.

The newly formed State Street Alternative Investment Solutions combines State Street's hedge fund, private equity, and alternative risk offerings to provide a complete set of fund accounting, fund administration, and risk services to hedge funds and private equity funds, State Street said.

"The alternative investments market is estimated at $4.2 trillion in global assets under management with a 16 percent compound annual growth rate," Jack Klinck, executive vice president and global head of State Street's Alternative Investment Solutions team, said in a statement. "Combining our expertise in the hedge fund, risk and private equity servicing business under one name and unit provides our clients with dedicated solutions for these complex and rapidly growing market segments."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:13 AM | Comments (0)

Rosengren: Dollar's impact on oil is modest

CHATHAM - The weak dollar has had very little impact on the rapid rise in energy prices, Eric Rosengren, president of the Boston Federal Reserve Bank, said today.

Although the decline in the dollar against other currencies has been a popular explanation for oil’s record run, Rosengren said that the data show the increases in oil prices have far outstripped the pace of the slide of the dollar in recent years.

Oil is traded in dollars, and analysts say that when it loses value, it prompts producers to demand higher prices to offset the loss. The weaker dollar also increases demand from buyers who hold stronger currencies and investors seeking a hedge against inflation, analysts say.

But correlating oil prices with changes in the dollar’s value against other currencies shows “the cumulative change in exchange rate pales in comparison to the enormous run-up in oil prices,” Rosengren said. “In other words, the exchange rate cannot explain more than a very small fraction of the change in the dollar price of oil.”

Rosengren made these remarks to open the second session of a Boston Fed conference examining the relationship between inflation and unemployment. He said economists, researchers, and policy makers need to gain a better understanding of how so-called supply shocks that send energy and food prices soaring affect inflation over the long-term.

That question is critical as the Federal Reserve policy makers consider how to react to record food and oil prices in the face of a sluggish economy. The Fed finds itself in a tricky position: if it raises interest rates to fight inflation, it risks worsening the current economic downturn. But if it leaves interest rates too low for too long, it could spark a period of high, persistent inflation.

Lower interest rates encourage borrowing and spending, which increases demand and upward pressure on prices. Higher rates have the opposite effect.

Among the issues economists must consider is whether to craft policies based on total inflation or so-called "core" or underlying inflation. For the most part, policy makers focus on core inflation, believing that short-term swings in food and energy prices have little long-term impact on inflation.

But, Rosengren added, some economists argue that higher food and energy prices are here to stay as rising global demand pressures supplies, changing inflation dynamics.

Historically, Rosengren noted, market forces have eventually reined in high oil prices as supplies rose, demand fell, and technological improvements were introduced.

“That said, it seems to be taking quite a long time to date for the long-run supply and demand influences to rein in oil prices,” he said. “You might say the short-run is getting longer every day."
(By Robert Gavin, Globe staff)

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

iRobot looks to "conquer underwater frontiers"

Bedford's iRobot Corp. today said that it signed a licensing agreement with the University of Washington that "will help our robots conquer new underwater frontiers."

The company makes PackBots, robots that can perform dangerous tasks on battlefields, and household robots such as the Roomba, which can do vacuuming chores.

Today the company announced a sole licensing agreement with UW TechTransfer at the University of Washington to commercialize Autonomous Underwater Vehicle, or AUV, Seaglider technology previously supported by the Office of Naval Research and the National Science Foundation. (An image of the Seaglider is at right.)

IRobot said in a press release: "Seagliders help civilian, academic, and military personnel make oceanographic measurements at a fraction of the cost of traditional research vessels or moored instruments. These long-range, high-endurance vehicles economize on energy consumption with a buoyancy-based propulsion system to support mission ranges of thousands of kilometers and deployments lasting up to several months. Instruments can be attached to the Seaglider to continuously collect oceanic physical properties across a range of depths and areas, providing valuable insights to oceanographers and military planners."
(By Chris Reidy, Globe staff)

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

Stop & Shop gives grants to local schools

The Stop & Shop Supermarket Co., the Quincy-based grocery chain, said it has presented $185,000 in grants to more than 300 school through its A+ BonusBucks program.

"Running from last fall until spring 2008, the A+ BonusBucks program gave Stop & Shop customers the opportunity to assist local schools when they made purchases with their Stop & Shop Card," the chain said in a press release. "Under the program, customer-designated schools would receive points or BonusBucks for every dollar spent using the Stop & Shop Card."

Stop & Shop, which operates stores throughout the Northeast, is owned by Royal Ahold NV, a Dutch food retailer.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:39 AM | Comments (0)

Topping off ceremony is set for downtown tower

Mayor Thomas M. Menino is scheduled to participate this afternoon in a topping-off ceremony for 45 Province St., along with the project's developer, the Abbey Group, and Suffolk Construction Co., Menino's office said.

Half a block from Old City Hall and across an alley from the Omni Parker House, the site for many years was occupied by a 13-story parking garage and the Littlest Bar. (At right is a rendering of what 45 Province will look like on its completion.)

Scheduled to be completed next spring, the new 45 Province St. will be a 32-story residential building with 138 condominiums, Menino's office noted.

According to City Hall, the project "will significantly strengthen the Downtown Crossing neighborhood with the influx of new residents who will add vitality to the burgeoning 24-hour district."

Plans for the topping-off ceremony include hoisting an American flag and a Boston Celtics flag at the highest point of the building, Menino's office said.

The Abbey Group is a part-owner of the Celtics.

Among the local projects that the Abbey Group is known for is the redevelopment of an old Sears building into Landmark Center, an office and shopping complex near Fenway Park. A Celtics flag has been observed flying over the Landmark Center as well.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:15 AM | Comments (0)

June 9, 2008

Fed chief says US may avoid a big downturn

Despite the recent jump in the national unemployment rate, chances have improved that the United States will avoid a ‘‘substantial downturn,’’ Federal Reserve chairman Ben S. Bernanke said tonight.

Bernanke, speaking in Chatham at a conference sponsored by the Boston Federal Reserve Bank, said low interest rates, federal tax rebate checks, strong exports, and stabilizing financial markets should lift the economy during the rest of the year.

He warned, however, that soaring energy prices and the continued housing slump remain threats.

‘‘Although activity during the current quarter is likely to be weak,’’ he said, ‘‘the risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.’’

His assessment appears to be the latest indication the Fed has turned its attention to inflation after making deep cuts in interest rates and taking extraordinary actions to keep financial and credit markets functioning, including engineering the sale of a failing Wall Street firm, Bear Stearns Cos.

Mounting inflation concerns, many economists say, will keep the Fed from cutting rates when policy makers meet later this month.

Bernanke has emphasized inflation in recent speeches, including one at Harvard University last week. Tonight, he said rapidly rising prices of oil and other commodities have kept inflation high.

He suggested the Fed will act forcefully to prevent inflation from gaining a long-term foothold.
(By Robert Gavin, Globe staff)

Posted by globebusiness at 8:59 PM | Comments (0)

On appeal, activist loses fight over Sox ticket price

A Dorchester consumer activist, Colman Herman, has no grounds to sue a Weymouth ticket agency for reselling Red Sox tickets because Herman never purchased tickets from the company, the appellate division of the state District Court said today.

Herman sued Admit One Ticket Agency LLC for trying to sell an $85 Red Sox-Yankees ticket for $500 in 2005. He said the price violated state law.

Admit One argued the anti-scalping statute, which prohibits markups of more than $2, did not apply because Herman merely inquired about tickets but did not buy any.

A Quincy District Court judge awarded him $25 in damages; the company appealed.

Three appellate justices today agreed with Admit One and dismissed the case.
(By Angel Jennings, Globe correspondent)

Posted by globebusiness at 4:00 PM | Comments (0)

Zip drive maker's shareholders back EMC deal

EMC Corp. has won backing from Iomega Corp.’s shareholders to acquire the San Diego data storage company best known for the Zip drive.

Hopkinton-based EMC today said that holders of 83 percent of Iomega’s stock agreed to tender their shares in support of the $213 million deal, announced two months ago.

EMC intends to buy additional Iomega shares to achieve more than 90 percent support and to complete the acquisition in the next several business days without a vote by Iomega shareholders.

Iomega is best known for the more than 50 million Zip storage drives and 300 million Zip disks sold since 1995. With more advanced storage technologies replacing Zip disks, Zip products now make up a small share of Iomega’s current business.
(AP)

Posted by globebusiness at 3:14 PM | Comments (0)

Yemma to lead Christian Science Monitor

John Yemma, the deputy managing editor for multimedia at The Boston Globe, was named editor of The Christian Science Monitor today.

Yemma, 55, will replace Richard Bergenheim, who will become editor at large.

When he takes charge of the Monitor in two weeks, Yemma will be returning to a newspaper where he worked for much of the 1980s. “In a sense, it's going back to my roots,’’ Yemma said. “I’m very excited about the opportunity to lead a newsroom and also reposition the newsroom and the organization.’'

The future of the Monitor has been a topic of speculation recently. As it prepares to celebrate its 100th year of publication in November, the newspaper, like many others, has been buffeted by declining circulation -- down to 56,000, after peaking at 230,000 in the early 1970s -- and by questions about its role in an era when many readers get their news online. Managing publisher Jonathan Wells has acknowledged that the Monitor is exploring a “weekly product’’ but has not said whether a weekly publication would complement or replace the daily paper.

Yemma said yesterday he knows only that “a lot of things are being studied’’ by the Monitor, but added that he considers it vital to have a “robust multimedia strategy that includes not just a website but a very deep commitment to an Internet presence.’’

“The challenge for the Monitor is the same challenge every news organization has, which is to figure out a way to preserve the core journalistic mission at a time when the whole industry is going through these profound changes,’’ he said. Yemma made it clear he considers coverage of international news, long a Monitor hallmark, to be part of that core mission.

Yemma has been in charge of the editorial operations at Boston.com, and has been involved in the Globe's development of online video and other new-media ventures. He has also played a key role in enlisting Globe reporters and editors in multimedia efforts.

“He is among our most versatile editors and among our most effective. And, without doubt, among our most liked,’’ Globe editor Martin Baron said in an e-mail to staffer members.

Baron said that Yemma “has led a transformation in our own newsroom, and he brought to that task his trademark diplomacy but also unwavering determination. While all of us know there is much still to do, we have come a remarkably long way in understanding what the new-media environment requires of us and in actually doing what we must. John’s leadership has been essential to our progress.’’

Baron said he expects to name a replacement for Yemma “within the week.’’

Yemma worked at the Monitor from 1979 to 1988, serving stints in the paper’s Washington bureau, as a Middle East correspondent, and as business editor. During his 20 years at the Globe, Yemma wore many hats: He worked as assistant editor on the Globe magazine for two years before returning to reporting to cover the first Gulf War. He served as foreign editor from 1991 to 1995, then switched back to reporting to cover ideas and culture from 1996 to 1999. He was named deputy managing editor for the Sunday paper in 2000, a post he held for several years before becoming national political editor during the presidential campaign of 2004, after which he was named to his multimedia post. “Few people in the Globe newsroom have ranged as far and wide as John,’’ Baron wrote.

The Monitor is likely to present Yemma with his biggest challenge yet. There were several references to the newspaper last week during the annual meeting of the First Church of Christ, Scientist, which owns the newspaper. Church leaders spoke of the need to re-think the role of the Monitor and other church periodicals. Mary Trammell, editor in chief of The Christian Science Publishing Society, said yesterday in a statement: “We are delighted a journalist of John Yemma’s professional stature and multimedia experience is returning to help launch the Monitor into its second century.’’
(By Don Aucoin, Globe staff)

Posted by bdinardo at 1:40 PM | Comments (0)

Gas prices top $4-a-gallon mark in Massachuestts

Gasoline prices in Massachusetts have broken the $4-a-gallon mark for the first time ever.

A weekly statewide survey Monday by AAA Southern New England found an average price of $4.03 per gallon for self-serve, regular unleaded. That's up from $3.96 a week ago, and marks the ninth consecutive week of higher prices.

AAA spokesman Art Kinsman says a smaller daily survey showed the statewide average rose above the $4 mark on Saturday night. Nationally, gas prices also eclipsed the $4 mark over the weekend.

Many analysts expect prices to continue climbing after last week's surge in oil prices and with seasonal demand rising as more people drive in the summer.

Until the recent spike in prices, the state's record price was $3.23 per gallon, set in the aftermath of Hurricane Katrina in 2005. (AP)

Posted by globebusiness at 11:29 AM | Comments (0)

Survey: High gas prices are changing driving habits

Americans are making "lasting changes" in their driving patterns following two-and-a-half years of record gas prices, the NPD Group Inc. reported today.

The NPD Group is a global provider of consumer and retail market research with headquarters in Port Washington, N.Y.

The NPD Group said it surveyed 43,000 drivers and found that 12 percent of respondents have indicated that they have cancelled their vacation plans as a result of higher gas prices; another 12 percent told the firm that they are now car-pooling.

With the average price for a gallon of regular unleaded gas heading over the $4 mark, some consumers are either changing jobs to work closer to home or are moving closer to work, and still others are choosing to take public transportation, NPD said.

“Gasoline prices reached inflation adjusted highs in the fall of 2005, which is different than previous gas price spikes when gas was still relatively inexpensive,” David Portalatin, director of industry analysis for NPD Group's automotive division, said in a statement. “The longevity and degree to which gasoline prices have surpassed inflation adjusted highs have caused people to make significant, long-term changes to deal with high gasoline prices.”

AAA is expected to release results of its weekly survey on gasoline prices, including a survey for Massachusetts, later this morning.
(By Chris Reidy, Globe staff)

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

Vertex hepatitis C drug shows patient benefit

Vertex Pharmaceuticals Inc. of Cambridge said today that patients who previously failed on a common hepatitis C drug regimen responded when the company's telaprevir was added.

In an interim analysis of a section of mid-stage study participants, 115 previously treated patients were given telaprevir plus two standard hepatitis C drugs, Pegasys and ribavirin, for 12 weeks, followed by only Pegasys and ribavirin for another 12 weeks.

Vertex said that 12 weeks after treatment was completed, 52 percent of patients showed no signs of hepatitis C in their systems. After 36 weeks of taking only Pegasys and ribavirin, 30 percent of patients showed no signs of the virus.

Vertex and its partner, Tibotec, said they plan to start a late-stage trial of telaprevir in patients who failed prior treatment. Telaprevir is already in late-stage development in patients who have had no prior treatment.

Vertex shares rose 52 cents to $32.76 in morning trading on the Nasdaq Stock Market. (AP)

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

Report: US online ad revenues surged in first quarter

Revenue generated by US Internet advertising rose roughly 24 percent to $7.1 billion during the first quarter despite the sluggish economy.

That was the headline of a press release out today from IDC, a Framingham-based firm that provides global market intelligence.

Google Inc. continued to extend its leadership position in the US Internet advertising market in the first quarter, said IDC, which added that Google's estimated net U S advertising market share was 24.8 percent in the first quarter of 2008, up from 23.1 percent in the first quarter of 2007.

"What happens is that the current economic crisis puts pressure on advertisers to save money and find more effective marketing channels," Karsten Weide, director of the Digital Marketplace and New Media program at IDC, said in a statement. "Effectively, the crisis accelerates the shift of advertising budgets from traditional media into new media."
(By Chris Reidy, Globe staff)

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

JetBlue plans to bolster US to Puerto Rico routes

JetBlue Airways Corp. said today that it plans to add daily flights to Puerto Rico from New York, Orlando, and Boston starting this fall.

Beginning in September, JetBlue said it will add four more daily flights between John F. Kennedy International Airport in New York City and San Juan. The carrier plans a fifth daily flight in November and a sixth and seventh in December.

The airline company said it will add two more daily flights between Orlando International Airport and San Juan this fall, doubling the number of flights on the route. JetBlue said it will add a fifth daily flight in the peak December travel season.

Between Boston's Logan International and San Juan, the company will ramp up seasonal service two months early this year. JetBlue will operate flights twice a week in September and three times per week in October before moving to daily service on Nov. 2. It also plans to operate a second daily flight during December and January. (AP)

Posted by globebusiness at 8:31 AM | Comments (0)

Hologic agrees to buy Wisconsin company

Hologic Inc., a Bedford medical equipment maker, said today that it has agreed to pay $580 million to acquire Third Wave Technologies Inc., a molecular diagnostics company headquartered in Wisconsin.

“The combination of Hologic and Third Wave brings together two great companies that employ complementary technologies but share a common mission: to help save the lives of women," Jack Cumming, Hologic's chairman and chief executive, said in a statement. "Hologic is an established, diversified provider of diagnostic products and therapeutic devices. Third Wave’s HPV tests and other products currently in development employ a patented molecular diagnostic platform to help identify cervical cancer and other diseases at an early stage."

Hologic said the sales agreement values Third Wave at $11.25 per share, representing about a 24 percent premium to Third Wave’s average trading price over the last three months.

The boards of directors of both companies unanimously approved the transaction in which Hologic is to acquire 100 percent of Third Wave’s stock in a cash tender offer to be followed by a merger to acquire any untendered shares, Hologic said.

The transaction, likely to completed in the third quarter, is expected to be modestly dilutive to Hologic’s adjusted earnings per share in the first full year after closing, and increasingly accretive thereafter, Hologic said.

Hologic is a big player in the market for mammography machines, and the company is planning to launch its next generation of the X-ray machines within the next year - a so-called 3-D version. For a recent Globe story on Hologic, please click here.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:34 AM | Comments (0)

Akamai will help distribute Olympic news on the Web

Akamai Technologies Inc. today announced that its Web Application Accelerator service will be used to enable faster accessibility to Olympic-related news coming from China.

The Cambridge company provides managed services for powering rich media, dynamic transactions, and enterprise applications online.

Akamai said today that its teaming up with the NewsMarket, a platform for global brands to market and deliver video to all their audiences, on the Olympics project.

The NewsMarket is also using Akamai's Media Delivery solution for Adobe Flash streaming and Electronic Software Delivery for faster video download services for journalists, Akamai said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:04 AM | Comments (0)

June 6, 2008

Fidelity funds' top lawyer quits to teach law

Fidelity Investments' top lawyer for its fund management business, Eric Roiter, has quit to take up full-time teaching of law, according to the world's biggest mutual fund company.

Roiter, senior vice president and general counsel of Fidelity Management & Research Co, left the Boston firm on May 31 and has been succeeded by Scott Goebel, a senior attorney with Fidelity, company spokesman Vin Loporchio said today.

"Eric has accepted appointments from both Harvard Law School and Boston University Law School as an adjunct professor, beginning in the fall," Loporchio said.

As chief legal officer for Fidelity's mutual funds, Roiter was the group's main public voice in its ongoing battle with human rights activists, who are campaigning for screening of the funds' investments for links to genocide in Sudan.

Before joining Fidelity in 1997, he was a professor at Columbia University Law School and was also with the US Securities and Exchange Commission. Roiter was a part-time law professor during his tenure with based Fidelity.

Roiter is the latest in a string of senior executives to leave or retire from Fidelity since Rodger Lawson rejoined as president in August.

Since then, Fidelity has seen the departure of Ellyn McColgan, who was president of distribution and operations, Peter Smail, head of its Pyramis Global Advisors unit, and Jeff Carney, a top executive in its retirement business.

Privately owned Fidelity manages $1.5 trillion in assets. (Reuters)

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

Stewart resigns as Harvard Business Review editor

Thomas A. Stewart, 60, has resigned as editor and managing director of Harvard Business Review, the monthly magazine said today, adding that it is immediately starting a search for a successor.

With a circulation of 246,000 and a focus on management thought and practice, Harvard Business Review, or HBR, is published by Harvard Business Publishing, a not-for-profit, wholly-owned subsidiary of Harvard University.

After six years on the job, Stewart is leaving for personal reasons, said an HBR spokeswoman who declined to comment further.

During the search for a successor, HBR said that deputy editor Karen Dillon, editorial director Sarah Cliffe, and publisher Hank Boye will serve as the senior leadership team for the magazine.

During Stewart's tenure, HBR was "twice named a finalist for General Excellence in the National Magazine Awards, won the 2007 Folio Magazine “Eddie” award for best issue, and launched fruitful content partnerships with such organizations as the World Economic Forum," HBR said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:54 PM | Comments (0)

Celtics? Lakers? It may be a toss-up

The basketball world may be focused on the final round of the play-offs between the Boston Celtics and the Los Angeles Lakers, but a battle of predictions may also be brewing between Electronic Arts Inc. and Lenovo.

To promote an upcoming video game, EA Sports NBA Live 09, Electronic Arts said that it ran game simulations that concluded that the Lakers will win the series.

Meanwhile, Lenovo, a provider of personal computers and laptops and the "official PC partner" of the National Basketball Association, crunched basketball data on team chemistry and came up with the forecast that the Celtics will triumph.

In EA's simulation scenario, the series is a "seven-game thriller" decided in the final game when Kobe Bryant of the Lakers emerges as the hero.

EA said in a press release, "After a quiet first half, Kobe scored 29 of his 38 points in the second half in an astounding triple-double performance cementing himself as this year’s NBA Finals MVP. The Lakers beat the Celtics in the NBA Finals for the third time in a row."

In coming to a different conclusion, Lenovo said it relied on the Lenovo Stat, a plus/minus statistic that is featured on NBA.com and that analyzes the "power of teamwork by calculating the point differential when a player, or a combination of players, is in the game to assess their effect on the team."

Lenovo said in a press release, "During an exciting 2007-08 NBA postseason, the Eastern Conference Champion Boston Celtics featured the most dominant five-man player combination on the court and have the edge to win the Finals."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:48 AM | Comments (0)

Celtics, NBA help unveil Boston reading center

Members of the Boston Celtics organization are scheduled this morning to help unveil a new Reading & Learning Center at the Blackstone Community Center, which is operated by the city of Boston.

A press release from the National Basketball Association said that Mayor Thomas M. Menino was among those scheduled to join NBA commissioner David Stern and former Celtic greats Bill Russell, John Havlicek (left), and Satch Sanders (right) at the event.

The NBA said in its release: "The center, renovated by NBA Cares and Toyota, will provide more than 100 children each day with a safe place to read and learn. The transformed space will include a library stocked with new books and a technology center equipped with 15 laptop computers, courtesy of Lenovo. In addition to the technology lab, the facility’s first, the center will also feature new flooring donated by Lumber Liquidators, as well as new couches, tables, chairs, and bookcases."
(By Chris Reidy, Globe staff)

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

City Year, Comcast extend partnership

City Year Inc. today said it has expanded its partnership with Comcast Corp., which has agreed to provide the Boston nonprofit organization with advertising and financial support valued at $27 million over three years.

(Above is a Globe file photo of former General Colin Powell greeting City Year corp members during a recent visit to Boston.)

City Year exhorts young people to volunteer for community service with the mantra: "Give a year. Change the world."

The expanded agreement between City Year and Comcast aims to "encourage young people to commit to volunteer service by increasing awareness of City Year's mission and investing in leadership training for City Year corps members and staff," the two organizations said in a press release today.

Philadelphia-based Comcast is a provider of cable TV, entertainment, and communications products and services.

Comcast has had two previous agreements with City Year over the past five years with a total value of $30 million, the two groups said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:05 AM | Comments (0)

Axcelis, Sumitomo agree on confidentiality talks

Microchip component maker Axcelis Technologies Inc. of Beverly said today that it entered into a confidentiality agreement with Japanese machinery manufacturer Sumitomo Heavy Industries Ltd. and TPG Capital in regards to a possible sale of Axcelis.

In March, Axcelis rejected a takeover bid from Sumitomo that valued the company at $630 million.

Last month, three members of Axcelis' board offered to resign after receiving less than a majority of shareholder votes, but the board refused to accept the resignations saying it would not be in the company's best interests.

Axcelis shares closed yesterday at $5.86 on the Nasdaq Stock Market.

For earlier coverage of Axcelis and Sumitomo, please click here. (AP)

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

American Superconductor grants a license

American Superconductor Corp., an energy technologies company in Central Massachusetts, announced today that it has licensed one of its proprietary wind turbine designs to TECO Electric & Machinery Co. Ltd. of Taiwan.

TECO is the world's third largest motor manufacturer, American Superconductor noted in its press release.

Financial details of the contract were not included in American Superconductor's release, but the company did say that its subsidiary AMSC Windtec will license to TECO the design for its FC-2000, a proprietary 2 megawatt wind turbine.

A statement from TECO president Zhaokai Liu was included in the release.

That statement read in part: “Wind power is one of the fastest growing and most lucrative business opportunities today in Taiwan. With decades of manufacturing experience, including the production of wind turbines, TECO aims to become Taiwan’s leading wind turbine manufacturer and a major supplier for China."

American Superconductor has its headquarters on the site of the former military base Fort Devens.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:54 AM | Comments (0)

Arnold is honored with an Effie award

Arnold of Boston was among the local ad agencies and public relations firms that were honored in a New York ceremony earlier this week for the 40th Annual Effie Awards, which salutes excellence in advertising and marketing.

Arnold was cited for its work for Ocean Spray Cranberries Inc., the agricultural cooperative whose headquarters are in Lakeville and Middleborough.

Arnold's work for Ocean Spray features the theme of "Straight from the Bog," and TV ads have included "two 'growers' humorously touting the many taste and health attributes of Ocean Spray produts, while hip-deep in a flooded cranberry bog," an Arnold press release on the campaign noted.

Ads seek to celebrate the cranberry's unique taste, its health benefits, and the history of cranberry growers, the release added.

Other local winners included Boston ad agency Connelly Partners and Weber Shandwick, a PR firm with offices in Cambridge.

The Grand Effie was won by Leo Burnett of Chicago for its work promoting Wii, the gaming system from Nintendo. The theme of the ads: "Wii Would Like to Play."

A press release from the Effie event's organizers said, "The 'Wii Would Like to Play' campaign chose not to embrace an obvious strategy, namely fawning over the prized teenage male gamer. Instead, Wii targeted his mom, dad, and grandmother. While the competition catered to a narrow audience, Wii invited everyone to play. As a result, Wii has been sold out nationwide since the launch and ignited a cultural phenomenon in how people experience video games."

(At right, folks use the Nintendo Wii to enjoy some virtual bowling.)

In selecting winners, Effie judges don't simply evaluate a campaign's creativity but also take into account the effectiveness of a campaign in producing results, the press release noted.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

Friendly's plans ice-cream freebie for tomorrow

Friendly's Restaurants, which has evolved into a local ice cream tradition since its start in 1934, said it will mark the coming of summer by offering customers a free ice cream cone or an ice cream dish between noon and 5 p.m. tomorrow.

Customers at all of its roughly 505 restaurants can request any flavor of ice cream, said Friendly's, which is debuting two new ones - Reese's Peanut Butter Cup and Mud Pie Crush. No purchase is necessary, a Friendly's spokeswoman added.

With gas prices soaring, Friendly's felt that locals needed some bucking up, and it thinks that handing out free ice cream just might do the trick, Friendly's suggested in a press release.

Friendly's, a chain of family restaurants known for sandwiches, ice cream, and its kids' menu, is operated by Friendly Ice Cream Corp. of Wilbraham.

Last year, the company agreed to be sold for $337.2 million to a division of Sun Capital Partners Inc., a Florida private equity firm with a history of investing in restaurant and food companies.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:18 AM | Comments (0)

June 5, 2008

Boston Fed expands mortgage relief program

Another 45 New England banks have joined an initiative to refinance local borrowers into more affordable loans.

The Mortgage Relief Fund is a campaign coordinated by the Federal Reserve Bank of Boston that seeks to attract borrowers who could qualify for a loan with a lower interest rate. It was launched in December with five of the region's largest banks. The new members mostly are small community banks.The participating banks are pledged to work with borrowers, but the banks generally will not bend their normal lending rules. As a result, the program has struggled to find people it can help. In the first six months, the initiative has received about 1,325 inquiries from borrowers, but it has produced only 16 new loans.

"We remain convinced that many borrowers can indeed be helped, and we are trying to find them," said Thomas Lavelle, a spokesman for the Boston Fed. A list of the new participating banks is available here, while the original participants are listed at the bottom of the Mortgage Relief Fund website.
(By Binyamin Appelbaum, Globe staff)

Posted by bdinardo at 2:50 PM | Comments (0)

Nuance prices 5.6 million shares at $18.15 apiece

Nuance Communications Inc. of Burlington said it will sell 5.6 million shares for $18.15 apiece in hopes of raising $110 million in proceeds.

The offer price represents a discount of 3 percent from the stock's closing price of $18.80 yesterday. In mid-day trading today on the Nasdaq Stock Market, the stock fell 68 cents, or 3.6 percent, to $18.12.

Nuance said it also granted underwriters a 30-day option to buy up to another 836,250 shares. Thomas Weisel Partners LLC is acting as the sole underwriter for the offering. If all the options are exercised, gross proceeds would reach $115 million.

As of April 30, Nuance had about 211.5 million shares outstanding.

The company said it will use proceeds for general corporate purposes, including working capital and to fund investments and acquisitions.

The offering is expected to close on or about June 10. (AP)

Posted by globebusiness at 12:57 PM | Comments (0)

Analogic shares rise on quarterly report

Shares of Analogic Corp. of Peabody rose sharply today after the maker of medical imaging systems reported fiscal third-quarter adjusted income above analyst estimates.

The company posted income of $6.7 million, or 50 cents per share, compared with $7 million, or 50 cents per share, in the same quarter a year before. Excluding one-time items, adjusted income was 59 cents per share, up 9 percent from the year-ago quarter.

Revenue grew to $102.8 million from $83.9 million.

Analysts polled by Thomson Financial expected income of 52 cents per share on revenue of $97 million for the quarter ended in April.

Revenue in Analogic's medical imaging product segment rose 25 percent to $58.6 million. Sales of clinical ultrasound systems climbed 17 percent to $22.7 million. About one-third of the increase in the ultrasound segment was from organic growth, with favorable foreign exchange rates contributing the rest.

Analogic shares rose $7.17, or nearly 11 percent, to $73.59 in mid-day trading on the Nasdaq Stock Market. The stock has ranged from $50 to $79.02 over the past year. (AP)

Posted by globebusiness at 12:33 PM | Comments (0)

Corporate Express invites Staples to enter buyout talks

Corporate Express NV has invited Staples Inc., the Framingham-based retailer of office supplies, to talk about a deal, a reversal after the Netherlands-based office products supplier rebuffed two previous buyout offers from Staples, and reacted cautiously earlier this week to a third offer of $2.6 billion.

In agreeing to talk with Staples, Corporate Express signaled it could potentially scuttle an alternative proposal it reached May 21 to acquire French-based rival Lyreco SAS for $2.7 billion in cash and shares.

Corporate Express issued a brief news release saying it "has invited Staples to enter talks in order to receive further clarification and exchange information."

Spokesmen for Staples did not immediately return phone calls seeking comment.

Corporate Express' statement came two days after it said it would "carefully review" the latest Staples bid to acquire it for a per-share price of $14.21, or 9.15 euros.

That bid for a total 1.67 billion euros in cash was up from earlier bids of 7.25 euros and 8 euros per share, made on Feb. 19 and May 19.

Two days after the second bid was rejected as too low, Corporate Express announced its proposed acquisition of privately held Lyreco, in a deal scheduled to come before a vote of Corporate Express shareholders on June 18. Corporate Express has said it would discuss the rival Staples offer at the meeting as well. Staples' offer hinges on Corporate Express shareholders rejecting the Lyreco deal.

Staples has taken its bid directly to Corporate Express shareholders after saying the management of the Amsterdam-based company had refused to negotiate. On Wednesday night, Staples said it had entered into agreements to buy an additional 12.3 percent of Corporate Express' shares. That announcement came a day after Staples said other investors holding 23 percent of Corporate Express' shares have already agreed to back its latest offer.

Staples, the world's largest office products retailer with more than 2,000 stores, hopes to head off the greater competition it would face if Corporate Express were to pair up with Lyreco.

Staples also wants to acquire Corporate Express to bolster its more profitable segments serving business customers -- including big businesses that are Corporate Express' mainstay in the U.S., Europe and Australia -- and overseas clientele.

Staples shares rose 20 cents to $24.24 in midday trading today on the Nasdaq Stock Market. They have traded in a 52-week range of $19.69 to $25.32. (AP)

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

Massachusetts economy grew 2.5 percent last year

Economic growth for Massachusetts in 2007 was estimated at 2.5 percent, compared with 2 percent growth for the nation as a whole.

Those new estimates are from the US Bureau of Economic Analysis.

"Real GDP growth slowed in 36 states, with declines in construction and finance and insurance restraining growth in many states," the bureau said in a statement. "Nationally, real economic growth slowed from 3.1 percent in 2006 to 2.0 percent in 2007, one percentage point below the average growth of 3.0 percent for 2002-2006."

Along with Delaware and Michigan, New Hampshire was one of three states whose economies contracted in 2007, with New Hampshire's economy down 0.1 percent in 2007, the bureau said.

As a region, New England had estimated economic growth of 2.1 percent in 2007, the bureau said.
(By Chris Reidy, Globe staff)

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

Struggling Talbots is eliminating 129 jobs

Talbots Inc., the struggling retailer of women's clothing, said today that it will reduce its corporate headcount by 9 percent as part of its long-term plan to streamline its operations.

Hingham-based Talbots differentiates its corporate headcount from its workforce total, which was 16,600, including part-timers, as of Feb. 2.

Talbots reviewed 1,455 positions and decided to eliminate 129 of those positions; 104 people lost their jobs, and 25 open positions will not be filled, a Talbots spokeswoman said.

Among the positions eliminated was that of chief operating officer, which was held by Philip Kowalczyk, the spokeswoman said.

Talbots said it expects today's action to result in estimated annualized cost savings of about $14 million, which helps its goal of reducing its cost structure by a minimum of $100 million by the end of fiscal 2009.

Trudy Sullivan, Talbots president and chief executive, said in a statement: “The actions we are taking are designed to further enhance our ability to successfully execute our long-range strategic plan. While the decision to reduce our corporate headcount was clearly a difficult one, it was an important and necessary step towards strengthening our organization and positioning the business for long term success. We remain confident in the strength of our brands and in our ability to identify and implement operational improvements to restore profitability and deliver long term shareholder value.”

In January, Talbots said it was getting out of the children's and men's apparel businesses and was slashing 5 percent of its workforce as part of a massive overhaul. The shuttering of 78 stores across the country follows a series of shake-ups at Talbots since Sullivan took over as chief executive in August. The company's stock plummeted 50 percent last year.

In April, a pair of lenders notified Talbots that they would no longer provide credit totaling $265 million to the even as Talbots negotiated an extension of a smaller $18 million line of credit with a third lender.

With the exception of discounters and low-price chains, many retailers are struggling as a result of the weak economy; Talbots may also be hurt as more women opt for casual clothing over its classic styles.

For additional coverage of Talbots, please click here.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:46 AM | Comments (0)

Weak economy has more folks going wireless

Landline telephones may not be growing as scarce as polar bears, but many young people are learning to live without them, especially in today's sluggish economic climate.

In a new report, IDC, the Framingham-based global market research firm, noted that currently 16 percent of the US population does not have a landline.

Although the number of customers without a landline has increased every year since 2004, the number of customers who've never subscribed to landline more than doubled from 2007-2008," IDC said.

Citing a weak economy and higher gas prices, IDC added: "Cost savings and cellular's better fit for a mobile lifestyle are driving landline displacement."

Cost-conscious younger consumers are more than twice as likely not to subscribe to both wireline and cellular service, and the economic downturn is likely to accelerate the trend of younger consumers pursuing a landline-free lifestyle, the firm said.

IDC analyst Irene Berlinsky added in a statement:"Wireline displacement by wireless will continue to increase due to growing comfort with cutting the cord, and the cost savings of giving up wireline. It will accelerate in the near future as consumers tighten their belts to ride out the economic downturn."

IDC report is titled, "Why, When, and Who Cuts the Cord: Landline Displacement Survey Data."
(By Chris Reidy, Globe staff)

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

May sales soar at BJ's Wholesale Club

BJ's Wholesale Club Inc., the Natick operator of a warehouse club store chain, said today that its May sales at stores open at least a year, or same-store sales, rose 13.4 percent, with gasoline sales contributing 6.6 percent of the increase.

The results easily beat the 8.9 percent jump expected by analysts surveyed by Thomson Financial. Discount and warehouse club retailers have benefitted from greater numbers of cash-strapped customers flocking to their stores in search of bargains amid a difficult economic environment.

Same-store sales is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones. In May 2007, same-store sales rose just 4.1 percent, including a 1 percent bump from gasoline sales.

BJ's said same-store sales increased the most during May at its Southeast and Upstate New York stores, with metro New York and New England having the lowest sales gains. Excluding gas sales, traffic increased 5 percent, and the average check rose 2 percent.

BJ's also said food sales rose 11 percent, driven by strong sales of perishable foods, but general merchandise sales were about flat, as cooler temperatures affected sales of air conditioners and seasonal summer goods. Groceries and household necessities showed the strongest sales increases, while sales of discretionary items such as cigarettes, clothing and televisions were weaker.

Total sales for the month rose 15.9 percent to $824.3 million from $711 million in May 2007.

The company currently operates 178 BJ's Wholesale clubs in 16 states. (AP)

Posted by globebusiness at 8:50 AM | Comments (0)

TJX reports solid sales in May

TJX Cos., the Framingham retailer that operates such chains as T.J. Maxx, Marshalls, and HomeGoods, said today that May sales rose 6 percent to $1.45 billion.

At stores open at least a year, a key measure of a retailer's performance, sales were up 2 percent from May 2007, said TJX, which refers to that measure as "consolidated comparable store sales."

Carol Meyrowitz, TJX president and chief executive, said in a statement: "Our 2 percent consolidated comparable store sales increase in May was at the high end of our expectations and on top of a strong increase last year. All of our off-price divisions met or exceeded our expectations for comparable store sales increases in the month. In regions where weather was seasonable, comparable store sales were particularly strong. We achieved these results despite the challenging retail environment by remaining focused on the fundamentals of our off-price business model, with inventories in excellent shape."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:35 AM | Comments (0)

Epix qualifies for $5.5 m in milestone payments

Epix Pharmaceuticals Inc. of Lexington said today that it has met the goals needed to trigger $5.5 million in milestone payments under the terms of its collaboration agreement with GlaxoSmithKline PLC, the British drug giant.

In 2006, EPIX and GlaxoSmithKline, or GSK, announced a worldwide multi-target strategic collaboration to discover, develop, and market novel medicines targeting four G-protein coupled receptors for the treatment of a variety of diseases.

Today Epix said that as a result of using its proprietary, integrated computational-medicinal chemistry approach to drug discovery, it has identified three lead treatment candidates in one of its discovery programs with GSK; those efforts qualify Epix to receive $5.5 million in milestone payments from GSK, Epix said.

When the collaboration with GSK was announced, EPIX said it received total initial payments of $35 million, including $17.5 million through the purchase of its common stock.

Epix also said that it may be eligible to earn up to $1.2 billion in milestones from its collaboration programs with GSK.
(By Chris Reidy, Globe staff)

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

Shaw's Supermarkets taps GriffinConnect

GriffinConnect of Duxbury said it has been selected by Shaw's Supermarkets Inc. to design and implement Shaw's "Get Inspired" media and Web campaign.

In April, Shaw's, a West Bridgewater-based chain with just over 200 New England stores, announced that it was teaming up with the folks at the America's Test Kitchen public television show to launch "Get Inspired," a program to devise intriguing recipes that Shaw's customers could easily prepare within 30 minutes; among the early recipes were such offerings as Mediterranean pork chops and seared salmon with balsamic glaze.

The "Get Inspired" program includes Internet-only coupons, e-mail notices, and video clips featuring America's Test Kitchen content, added GriffinConnect, which specializes in providing a suite of Web services for the food and retail industries.

GriffinConnect, a division of Griffin Publishing Co., said it manages the integration of the Web and e-mail marketing as well as the program's customer acquisition strategy.

Shaw's is owned by Supervalu Inc., a Minnesota company that operates nearly 2,500 grocery stores.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:39 AM | Comments (0)

June 4, 2008

Bernanke doesn't expect deja vu of 1970s inflation

Federal Reserve Chairman Ben S. Bernanke said today that the nation is unlikely to relive the 1970s when high inflation and stagnant growth gave way to the term stagflation.

Bernanke, addressing graduating seniors at Harvard College Class Day at Harvard University this afternoon, said that despite similarities to that period - particularly soaring oil prices - the modern economy is more flexible, energy efficient, and productive, according to a text of Bernanke's prepared remarks.

In addition, Bernanke said that the Fed has learned the lessons of the past and is prepared to act to maintain stable prices.

While inflation surged at double-digit rates in the 1970s, Bernanke noted that the current inflation rate has averaged about 3.5 percent over the last year.

"I see the differences between the economy of 1975 and the economy of 2008 as more telling than the similarities," he said. "Today's situation differs from that of 33 years ago in a large part because our economy and our society have become much more flexible and able to adapt to difficult situations and challenges."
(By Robert Gavin, Globe staff)

Posted by globebusiness at 5:47 PM | Comments (0)

Walgreen will pay Massachusetts $5 million

Walgreen Co. will pay the Medicaid program in Massachusetts more than $5 million in a multi-state settlement over alleged drug billing improprieties.

The Illinois-based drug store chain agreed today to pay more than $35 million to the federal government, 42 states, and Puerto Rico.

The settlement stems from a whistelblower lawsuit alleging Walgreen boosted the price for prescriptions paid by Medicaid by switching from capsules to tablets, or vice versa, depending on which was most expensive. Attorney General Martha Coakley says Massachusetts was among the states to investigate, along with the federal government.

Investigators say the practice of switching dramatically increased the amount of taxpayer money that Walgreen charged to the Medicaid program. Walgreen denied any wrongdoing. (AP)

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

Logan's on-time performance improves

Boston's Logan International Airport improved its ranking among major US airports for both on-time departure and arrival performance in April, according to data released today by the Department of Transportation's Bureau of Transportation Statistics.

Logan ranked 14th with 81.8 percent of its flights leaving within 15 minutes of scheduled departure, up from No. 26 a year earlier when 72 percent left on time. It also moved up to No. 25 on the on-time arrival list with 75.1 percent of its flights landing on time, rising from No. 27 a year earlier when 65.7 percent were on time.

Likewise, the national on-time arrival rate rose to 77.7 percent in April, higher than both the previous April's 75.7 percent and March 2008’s 71.6 percent. 
(By Nicole C. Wong, Globe staff)

Posted by globebusiness at 3:01 PM | Comments (0)

Indevus shares plunge on testosterone drug delay

Shares of Indevus Pharmaceuticals Inc. plunged today after the company said its injectable testosterone drug candidate will face a regulatory delay of up to two years with the Food and Drug Administration because of safety concerns.

The Lexington company said it expects the FDA to formally request additional safety data on Nebido before considering it for approval. Indevus will likely have to perform another study on the drug to get that data.

The stock fell $2.77, or 67 percent, to $1.33 in early afternoon trading on the Nasdaq Stock Market.

Indevus said it plans to refile its application with the FDA in about 18 months, followed by a six-month review. The FDA is concerned about a reaction seen in one patient immediately following injection of the drug, which led to coughing episodes and shortness of breath. In rare cases, symptoms from amounts of the oily injectable solution entering the vascular system can include dizziness, flushing or fainting.

The drug, which treats male hypogonadism, in which the testicles fail to produce enough testosterone, is already approved in Europe. Indevus said safety concerns likely arose from post-marketing studies conducted in Europe.

"We are very surprised and disappointed by the position the FDA is taking regarding the safety profile of Nebido given the large European experience," Dr. Glenn L. Cooper, chairman and chief executive of Indevus, said in a statement. "Rare coughing reactions have been well-described in the European product labeling of Nebido." (AP)

Posted by globebusiness at 1:34 PM | Comments (0)

Turbine Inc. raises $40 million in equity financing

Turbine Inc., a Westwood online gaming company whose offerings include a game titled "The Lord of the Rings Online: "Shadows of Angmar," said today it has raised $40 million in equity financing.

(A rendering from the game, which is based on the books of J.R.R. Tolkien, appears above this story.)

In describing its work in the genre of massively multiplayer online games, Turbine said it creates and operates "massive, persistent online worlds that foster powerful social gaming communities."

Turbine said that the investment was led by Time Warner Inc., the New York media and entertainment company, and GGV Capital, a venture capital firm that according to its website has offices in Silicon Valley, Shanghai, and Singapore.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:22 PM | Comments (0)

Food company expands with Mass. tax-exempt bond

MassDevelopment, the state's finance and development authority, announced the closing of a $6.5 million financing package for a Haverhill expansion project for Cedar's Mediterranean Foods Inc.

Cedar's expects to add 41 new jobs when the project is completed, MassDevelopment said.

The specialty food manufacturer of such products as hummus and Greek-strained yogurt dips plans to use the proceeds from a tax-exempt bond to expand and automate operations at its Haverhill manufacturing facility, MassDevelopment said.

Cedar's expansion demonstrates that manufacturers can succeed and add jobs in Massachusetts with the help of low-cost financing solutions, MassDevelopment said.

During fiscal 2007, MassDevelopment said it financed or managed 211 projects statewide representing the investment of more than $2 billion in the Massachusetts economy.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:51 AM | Comments (0)

Suffolk will renovate Northwest gates at Logan

Suffolk Construction Co. of Boston said today that it has been awarded a renovation project at Logan International Airport for Northwest Airlines Corp.'s gates in Terminal E.

The $8-million project will include a fit-out for the relocation of Northwest Airlines, a second floor addition to the main concourse, and a full upgrade to the security checkpoint, Suffolk said.

Suffolk added that the Terminal E project will mark Suffolk’s first aviation project since the company began targeting the sector early this year.

Suffolk said that its team will complete the project while the terminal remains open and operational and that work will be completed in two phases over a 12-month period.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:06 AM | Comments (0)

State Street expects up to $2.8 b in share offering

State Street Corp. said today that it will sell 35.7 million shares at a 2 percent discount to yesterday's closing price.

The financial services company priced the offering $70 per share. The company's stock closed yesterday at $71.36 on the New York Stock Exchange.

The news sent shares down in premarket trading. In heavy trading, shares fell $1.71, or 2.4 percent, to $69.65.

The company said it expects to take in $2.5 billion from the offering. Assuming underwriters exercise their 5.4 million-share allowance for overallotments, State Street could net up to $2.8 billion.

Goldman Sachs & Co. and Morgan Stanley are joint book-running managers. Goldman, Sachs & Co. will be syndicate trading manager and settlement agent. Credit Suisse Securities (USA) LLC, Lehman Brothers Inc., and UBS Securities LLC are co-managers. (AP)

Posted by globebusiness at 10:19 AM | Comments (0)

Tweeter Center will now be Comcast Center

The Tweeter Center will become the Comcast Center under a naming-rights switch at the outdoor concert amphitheater in Mansfield.

Philadelphia-based cable TV provider Comcast Corp. and the center's owner, Live Nation, announced the change today. The switch takes effect tonight for a concert by Eric Clapton.

The nearly 20,000-person capacity venue has 35 to 40 concerts per year.

The site had carried the name of Tweeter Home Entertainment Group, the Canton-based chain of electronics stores that entered bankruptcy protection last year. The bankruptcy triggered Tweeter to pull out of four naming-rights deals at outdoor concert sites on the East Coast.

In the bankruptcy, Tweeter's assets were sold under a court-supervised auction. (AP)

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

Spire wins contract for solar energy facility in India

Spire Corp., a Bedford company with a focus on the solar energy industry, said today that it has received a contract to provide a photovoltaic assembly line for a solar energy facility in India.

The contract is from the PLG Power Limited, the energy and power division of the PLG Group of India, Spire said.

Spire's press release did not include any financial details about the contract.

Spire said it will provide PLG Power Limited with a high performance, semi-automated crystalline cell module manufacturing line capable of producing up to 25 megawatts of solar modules per year.

In a statement, Roger G. Little, Spire's chairman and chief executive, noted, "The photovoltaics market is expanding exponentially in India and is expected to grow by more than 500% in the next few years."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:00 AM | Comments (0)

Senior Housing Properties prices public offering

Senior Housing Properties Trust, a Newton real estate investment trust with a focus on investing in hospitals, nursing homes, and assisted-living facilities, said it priced a public offering of 17 million shares of its common stock at $21.09 per share.

The REIT also said late yesterday that it raised the offering by 7 million shares from and initial offering of 10 million.

The company plans to use proceeds from the offering to repay borrowings under its revolving credit agreement and for general corporate purposes such as funding acquisitions.

Senior Housing also gave the underwriters a 30-day option to buy up to an additional 2.6 million shares to cover any overallotments. (AP)

Posted by globebusiness at 8:11 AM | Comments (0)

New solution aims to help medical-device firms

The Lowell office of Dassault Systemes SA announced today the availability of a new product-lifecycle-management solution developed specifically for medical-device companies.

The new product is called the ENOVIA Life Sciences Accelerator for Engineering Design, the company said.

Dassault said in a press release: "In order to succeed in an increasingly competitive and highly regulated market, medical-device companies need to focus on business design processes and managing intellectual assets effectively across the medical-device value chain. The ENOVIA Life Sciences Accelerator for Engineering Design provides design control capabilities to manage all elements of the Device Master Record with a single, integrated system."

Massachusetts is home to a number of medical-device companies, including Boston Scientific Corp. of Natick.

Dassault is headquartered in France.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:54 AM | Comments (0)

Fresh Market is coming to Hingham

Boston developer Samuels & Associates said that Fresh Market, which bills itself as an "extraordinary food destination" store, will be an anchor tenant at the Launch at Hingham Shipyard, its 1.2-million-square-foot mixed-use waterfront project that is set to open next spring.

Hingham will be the first Northeast location for the 78-store Fresh Market chain, which is headquartered in North Carolina, said Samuels & Associates, which added that construction is set to begin on Fresh Market's 24,000-square-foot store in the fall.

(The photo above of a Fresh Market store was provided by Samuels & Associates.)

Fresh Market says it focuses on "bountiful produce," "high-quality meats," "convenient prepared foods," and "a high level of customer service."

Plans call for the Launch at Hingham Shipyard to include restaurant, retail, and entertainment space, as well as offices and 92 residences, Samuels & Associates said.

Samuels & Associates is known for such projects as the Trilogy, a new 1-million-square-foot mixed-use development in Boston's Fenway neighborhood.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:30 AM | Comments (0)

June 3, 2008

BRA approves project for 93 Massachusetts Ave.

The Boston Redevelopment Authority, the city's planning agency, granted an approval to a $22.8 million proposal for an office-and-retail project at the northwest corner of Massachusetts Avenue and Newbury Street.

Kingston Realty Trust, the developer of the project at 93 Massachusetts Ave., received approval for a nearly 50,000-square-foot commercial development, the BRA said.

(Above is a rendering of the project provided by the BRA.)

The project envisions a substantial rehabilitation of an existing 21,500-square-foot building and the creation of a 27,362-square-foot addition, said the BRA, which added that the development team expects to start construction next spring.

Plans call for retail space on the project's ground and basement levels and offices on floors two through five, the BRA said.

The existing building is currently occupied by three restaurants and a store at street level with three floors of office space above, the BRA said.

When the redevelopment project is completed, it could house a large retail tenant in a space of 14,000 to 20,000 square feet; a store of that size could effectively extend the Newbury Street shopping corridor, the BRA said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:54 PM | Comments (0)

Leventhal Walk-to-the-Sea trail gets an approval

The Boston Redevelopment Authority, the city's planning agency, approved the Norman B. Leventhal Walk to the Sea, Mayor Thomas M. Menino said today.

The one-mile trail will stretch from the top of Beacon Hill to Boston Harbor, and it will feature panels that seek to showcase four centuries of Boston and American history, the BRA said. (A rendering of one of those panels appears above, and it was provided by the BRA.)

The Walk-to-the-Sea trail will honor Leventhal, a prominent philanthropist, developer, and cofounder of the Beacon Cos., a Boston real estate firm. As a developer, he is known for such projects as the Park at Post Office Square and Rowes Wharf, among many others.

City Hall said in a press release, "From Beacon Street down State Street to Long Wharf, the Walk to the Sea will incorporate 10 architecturally designed glass-and-stainless panels with text, images, and maps, each reflecting how part of the city has been transformed."

A map buff, Leventhal contributed $10 million last year for a permanent endowment of the Boston Public Library's map center.

On the occasion of Leventhal's 90th birthday last August, Menino announced that the Walk to the Sea would be renamed in Leventhal's honor.

In a statement today, Menino said of Leventhal, "For years, he has helped to shape our city, and now we will have a lasting way to recognize his dedication in a way that will inform others of the rich history of our city."

Leventhal is a 1933 graduate of Boston Latin School, and the school's original site will be referenced on the Walk to the Sea, the BRA said.

No city funding will be used in the project, a BRA spokeswoman said; plans call for the panels to be paid for and maintained by the Mapping Boston Foundation.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:07 PM | Comments (0)

Boston Financial Data Services launches Maine operation

ROCKLAND, Maine - Boston Financial Data Services Inc. is moving into MBNA's former waterfront property and plans to hire 100 people by year's end, officials said today.

Headquartered in Quincy, Boston Financial Data Services provides services to the mutual fund and employer retirement plan markets. The company has call center and processing operations in Boston, Kansas City, Mo., and Lawrence, Kan. Its 116 clients represent more than 25 million accounts and 6,800 funds.

"The building once housed MBNA and much of that company's highly trained and competent work force remains in the area. It was a good fit for Boston Financial," said Matt Jacobson, president of Maine & Company, a nonprofit corporation which helped to facilitate the deal.

Although Boston Financial will initially hire 100 people, the company expects its work force to expand to 250 within two years, Jacobson said in a statement.

Boston Financial will lease the entire two-story Rockland Harbor Park complex, which has more than 70,000 square feet of space. The city's planning commission recently gave its approval to add 115 parking spaces, bringing the total number of parking spaces on the property to 483.

The Rockland Harbor Park complex was shut down by the MBNA credit card company, which was later acquired by Bank of America. MBNA had about 300 workers at the Rockland call center in 2005 when it was announced that the center would close. (AP)

Posted by globebusiness at 3:27 PM | Comments (0)

SkillWorks aims to raise $10M for workforce initiative

SkillWorks, a Boston group dedicated to developing the Massachusetts workforce, said today it has raised more than $4.5 million toward meeting its goals.

SkillWorks, Partners for a Productive Workforce, describes itself as an effort on the part of philanthropic agencies, government, community organizations, unions, and employers to "create a workforce development system that helps low-skill, low-income residents move to family-sustaining jobs."

Another objective is to help employers find and retain skilled employees, the group says on its website.

SkillWorks said it is looking to raise a total of $10 million to support new workforce partnerships, and among its funders are the city of Boston's Neighborhood Jobs Trust, the Boston Foundation, the commonwealth of Massachusetts, Microsoft Corp., the State Street Foundation, and the United Way of Massachusetts Bay & Merrimack Valley.

“SkillWorks demonstrates the kind of innovative thinking that will help keep Boston and the entire region economically competitive as we face increased globalization,” Paul Grogan, president and chief executive of the Boston Foundation, said in a statement included in SkillWorks' press release. “This initiative brings together employers, community agencies, philanthropic institutions, and area residents to maintain the talent pool Greater Boston needs to thrive.”

The SkillWorks press release also included a statement from Mayor Thomas M. Menino, which read in part, "SkillWorks has helped a lot of people in the city of Boston find jobs and careers."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:31 PM | Comments (0)

Coakley sues subprime lender Option One for racial discrimination

Massachusetts Attorney General Martha Coakley (right) filed a lawsuit today against Option One Mortgage Corp., charging that the subprime lender discriminated against blacks and Latinos by targeting them for the high-risk mortgages and by charging them higher application fees than it charged white customers.

The lawsuit, filed in Suffolk Superior Court in Boston, also claimed that Option One engaged in unfair and deceptive lending practices when selling the loans. This is the first state suit against a subprime lender that alleges discrimination, Coakley's office said.

Option One "has significantly contributed to the foreclosure crisis in Massachusetts," Coakley's office said.

Option One could not be reached immediately for comment.

Recent Massachusetts studies of data that lenders are required to submit to federal regulators have shown that blacks and Lations were far more likely to obtain subprime mortgages. These data show that even blacks and Latinos earning high incomes had a higher probability of receiving the loans.

The suit said the loans had "layers" of risk, including 100 percent financing that require no downpayment; low introductory rates that spiked two years after the loan started; and no requirement that borrowers prove their incomes.

Option One "induced homeowners to accept their risky loan products by failing to clearly and conspicuously disclose how much and how soon" the interest rate would rise, the lawsuit said.
(By Kimberly Blanton, Globe staff)

Posted by bdinardo at 12:44 PM | Comments (0)

North Andover OK's Verizon FiOS TV service

The board of selectmen in North Andover has granted a cable franchise to Verizon Communications Inc. for its FiOS TV service, Verizon said today.

(The image above, provided by Verizon, shows how Verizon FiOS TV viewers can continue watching their shows while searching the listings for other shows.)

According to Verizon, its FiOS TV service is delivered to customers' homes via the most advanced all-digital, fiber-optic network and is superior to rival TV services.

The board’s vote brings to 72 the total number of Massachusetts communities where Verizon’s FiOS TV is or will soon be available, the company 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 12:35 PM | Comments (0)

Vertex sells HIV royalty stream for $160 million

Vertex Pharmaceuticals Inc. of Cambridge said todat that it sold the rights to its royalty stream from two HIV drugs sold by GlaxoSmithKline PLC for $160 million.

Vertex said it sold the royalty stream from Lexiva and Agenerase, which it licensed to Glaxo, to strengthen its financial position and invest in other programs, particularly its hepatitis c drug programs.

In 2007, Vertex received net HIV royalty revenue of $34.1 million. The company received royalties of $48 million form Glaxo, but also made a $13.9 million revenue payment to a third party.

Shares of Vertex rose 86 cents, or 3 percent, to $29.41 in morning trading on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 11:52 AM | Comments (0)

Analogic gets $6.9 million L-3 contract

Peabody technology company Analogic Corp. said it received a contract from L-3 Communications Security and Detection Systems Inc. for $6.9 million in US Transportation Security Administration funding.

The contract is for operational hardening and final testing of the eXaminer XLB baggage screening system developed by Analogic, the company said.

After the completion of the testing and achievement of TSA certification, the system is expected to be available for shipment by L-3 in August 2009, Analogic said.

The $6.9 million in funding is part of an overall $10.5 million grant from the TSA to L-3 to prepare the XLB system for field use.

In March, Analogic awarded L-3 the rights to market and service the eXaminer SX and the eXaminer XLB security imaging systems for air carrier checked baggage applications.

Analogic shares rose $1.05 to $66.50 in morning trading on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 11:40 AM | Comments (0)

JPMorgan fund services unit to add jobs in Boston

JPMorgan Chase & Co.'s Boston-based fund services group, one of the industry's biggest, will add more than 300 new jobs in the next five years, the company said today.

JPMorgan made the announcement after signing a lease in the city's South Boston waterfront area - a lease for about 100,000 square feet of space at 451 D St.

In late April, the Globe reported that local officials proposed giving $4 million in tax breaks to JPMorgan to persuade the banking giant to relocate from Downtown Boston to the South Boston waterfront.

The new jobs will be created to meet customers' growing demands as the unit, which has roughly $4.7 trillion in assets under administration worldwide, expects to see a 40 percent jump this year in the roughly $1 trillion in assets it administers out of Boston alone, the company said.

A month ago, Daniel Kramer, managing director of the Fund Services Operations in Boston, told Reuters that the unit would hire roughly 400 hundred employees in the next three years as clients add billions of dollars in new assets.

Fund services units provide accounting and financial reporting to thousands of portfolios and while the business is not glamorous it can be lucrative because it is essential to anyone who buys and sells stocks or bonds.

Boston has traditionally been a hub for mutual fund management and by extension for fund services as well. State Street Corp., one of JPMorgan's most prominent rivals, is headquartered here and the Bank of New York Mellon, another large competitor, also has a big presence in Boston.

Kramer said in early May that JPMorgan would would hire outsiders as well as possibly bringing people on board from Bear Stearns, the collapsed investment bank it bought this year.

The Boston area's many universities and the concentration of other companies specializing in fund servicing nearby offer a large pool to choose from. (Reuters)

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

Staples raises bid for Corporate Express to $2.6B

AMSTERDAM, Netherlands - Staples Inc. boosted its offer for competitior Corporate Express NV.

Staples, the Framingham-based office supplies retailer, is now offering $2.6 billion in its hostile bid for the Dutch office supplies company. The previous bid was $2.47 billion.

Corporate Express management has twice rejected prior bids by Staples.

Staples last month pitched its second offer directly to shareholders, complaining that Corporate Express management was not willing to negotiate.

Rather than accepting two previous overtures from Staples, Corporate Express last month struck a surprise deal to buy a French competitor, Lyreco SAS, which would create an international competitor to Staples.

Corporate Express shares are now worth more than twice what they were when rumors of a Staples bid began circulating in February. (AP)

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

Locals make Women to Watch list

Trade publication Advertising Age has included several executives with local connections on its annual list of "Women to Watch" in the marketing industry.

They include Pam Hamlin (left), president of Boston ad agency Arnold Boston, and Karen Kaplan (right), president of Boston ad agency Hill Holliday.

Also on the list is Charlene Li, a vice president and principal analyst at Forrester Research Inc., a Cambridge company conducting technology and market research; Li works on the West Coast.

Ad Age said it has been publishing an annual report on women in advertising for each of the past 12 years.

The 2008 list of Women to Watch are "recognized for having played significant roles in defining the future in their fields," Ad Age said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:33 AM | Comments (0)

Boston Scientific extends Tobin's tenure

Boston Scientific Corp., the Natick medical-device maker, said today that chief executive Jim Tobin (right) will be "extending his tenure" and staying on for the "foreseeable future."

The company also said that Fred Colen will become the president of its cardiac rhythm management, or CRM, group and that Paul LaViolette, chief operating officer, will be retiring.

Colen has been with Boston Scientific since 1999, most recently as executive vice president of operations and technology for the CRM group.

LaViolette joined the company in 1994, and he has been chief operating officer since 2005.

"I am very pleased to announce that Jim Tobin will be extending his tenure as president and chief executive officer of Boston Scientific," Pete Nicholas, the company's cofounder and chairman of the board, said in a statement. "Two years ago we announced a similar extension."

For additional Globe coverage of Boston Scientific, please click here.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:56 AM | Comments (0)

Mass. business confidence slips in May

Confidence among Massachusetts employers slipped back into negative territory in May, according to a monthly confidence index compiled by the Associated Industries of Massachusetts, or AIM.

From April to May, AIM’s Business Confidence Index lost seven-tenths of a point to 49.4, below the midpoint of its 100-point scale, said AIM, an association representing Bay State employers.

“Although Massachusetts is doing better than the nation as a whole so far, we certainly see a weakening economy," Richard C. Lord, AIM’s president and chief executive, said in a statement.

AIM's press release also included a statement from Fred Breimyer, regional economist for the Federal Deposit Insurance Corp.

“Employers are experiencing a slowdown, but seem inclined to ride it out without reducing their workforces, which is good news – if they can sustain it,” Breimyer said in his statement. “Our concern must be that very low consumer confidence, nationally and in Massachusetts, signals the spread of the downturn from a few hard-hit sectors to the economy as a whole, with potentially severe consequences.”

AIM's confidence index, which has been conducted since 1991, is based on a monthly survey of AIM's member companies. On the index's 100-point scale, a reading above 50 indicates that the state's employer community is predominantly optimistic while a reading below 50 suggests a negative assessment of business conditions.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:35 AM | Comments (0)

Arnold will create ads for Carnival Cruise Lines

Arnold's ship has come in - the Boston ad agency confirmed that it has landed the account of Carnival Corp.'s Carnival Cruise Lines of Miami.

Advertising Age, a trade publication, cited TNS Media Intelligence data to estimate that Carnival allocated about $75 million to buy space and air time for its advertising in the United States last year.

Arnold said its Carnival assignment covers the "complete marketing spectrum, including general advertising, collateral design, direct marketing, and digital services."

"We love this category, and we are really proud to have the opportunity to work with the market leader," Pam Hamlin, president of Arnold Boston, said in a statement.

For many years, Arnold created ads for Royal Caribbean Cruises Ltd. before the two parted ways.

Seeking to attract younger consumers, some Arnold ads for Royal Caribbean used the music of Iggy Pop to suggest that cruises weren't just for old fogeys.

Arnold is owned by the French advertising firm Havas.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:52 AM | Comments (0)

Sepracor completes Oryx acquisition

Sepracor Inc., a Marlborough pharmaceuticals company known for such drugs as the insomnia treatment Lunesta, announced today that it has completed the acquisition of Oryx Pharmaceuticals Inc., an affiliate of the Arrow Group.

Early last month, Sepracor said it would buy Oryx Pharmaceuticals Inc., a Canadian marketer of branded prescription drugs to doctors and hospitals, in a move to expand into the Canadian market.

Describing the terms of the sales agreement today, Sepracor said that Oryx's shareholders received $50 million, or about 2.5 times projected 2008 sales, and may become entitled to receive subsequent payments up to $20 million upon accomplishment of various Canadian regulatory milestones.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:20 AM | Comments (0)

June 2, 2008

NetSuite agrees to buy Open Air of Boston

NetSuite Inc. of California said today that it has agreed to acquire OpenAir Inc., a Boston provider of on-demand professional services automation software.

NetSuite said it has agreed to pay approximately $26 million in cash, net of cash on the balance sheet of OpenAir. In addition, at closing, NetSuite said it will assume approximately $5 million of restricted stock units that will be held by the employees of OpenAir and which will continue to vest through mid-2010.

This acquisition brings together two of the industry’s leading providers of cloud computing business applications, NetSuite said.

Cloud computing generally means that a company relies on remote data centers to perform important business tasks rather than on computers located on company premises.

NetSuite said in a statement: "All 56 OpenAir employees are expected to become NetSuite employees and continue in their current roles upon close of the acquisition. In addition, NetSuite will establish an East Coast headquarters in OpenAir’s Boston location and will continue to invest in the current OpenAir software solutions for a minimum of 10 years. OpenAir customers will not be required to migrate to NetSuite products."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:00 PM | Comments (0)

Avant soars as cancer vaccine doubles survival

Shares of Avant Immunotherapeutics Inc. surged today, after the Needham vaccine developer and partner Pfizer Inc. released mid-stage data showing their vaccine doubled overall survival time and delayed disease progression in certain brain cancer patients.

The companies presented data from two Phase 2 studies at the American Society of Clinical Oncology's annual meeting in Chicago. CDX-110 is an experimental vaccine targeting a growth factor specific to tumors in patients with glioblastoma multiforme (GBM), the most common and agressive form of brain cancer.

There are an estimated 10,000 new cases of GBM annually in the United States, including the case of US Senator Edward M. Kennedy. An aggressive tumor with a traditionally very poor survival prognosis, current treatment options include surgical tumor removal, radiation and chemotherapy.

(Photo at right is of Una S. Ryan, president and chief executive of Avant.)

In a study of 23 patients with GBM, patients receiving the vaccine lived an average of 33.1 months, compared with 14.3 months for patients receiving standard therapy. The time it took for tumors to recur also more than doubled to 16.6 months for patients receiving the vaccine, from the historical 6.4 months.

The companies said CDX-110 was generally well-tolerated in the ACT II study, with side effects mainly reported as injection site reactions. Avant is starting a mid-to-late-stage clinical trial called ACT III, to evaluate the vaccine in 90 patients at over 20 cancer centers across North America and confirm the latest results. The Phase 3 portion of the trial won't open until data is available from Phase 2b and pending further discussions with the FDA.

Another study of 21 newly-diagnosed GBM patients who had had surgical tumor removal and radiation therapy before starting the vaccine lived an average of 26 months compared with 15.2 months in patients on standard therapy alone. No significant adverse events were seen in this ACTIVATE study.

In midday trading on the Nasdaq Stock Market, Avant shares rose $4.21, or 30 percent, to $18.22 on sharply higher volume, and earlier reached a new 52-week high of $19.79. Pfizer shares slipped 19 cents to $19.17 in trading on the New York Stock Exchange. (AP)

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

Gas prices edge closer to $4-a-gallon mark in Mass

Gasoline prices in Massachusetts have hit another record, but remain just shy of the $4-a-gallon mark.

A statewide survey Monday by AAA Southern New England found an average price of $3.96 per gallon for self-serve, regular unleaded. That's up from $3.90 a week ago, and marks the eighth consecutive week of higher prices.

Although the average remains below $4, prices are above that level at many filling stations across the state. The survey found prices as high as $4.19 to as low as $3.84.

The state's $3.96 average is a penny a gallon below the national average.

Until the recent spike in prices, the state's record price was $3.23 per gallon, set in the aftermath of Hurricane Katrina in 2005. A year ago at this time, the average stood at $3.03. (AP)

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

Liberty Mutual plans expansion into India

Liberty Mutual Group said today it plans to expand its operations into India.

The Boston insurance company said it plans to partner with Dabur GI Invest Corp. to form a non-life insurance company in India to provide personal and commercial insurance products through a range of distribution channels, including agents and banks.

“India’s rapidly expanding middle class illustrated by GDP per capita growth of more than 50 percent over the past 10 years means that ever more Indians will be buying insurance to protect their property and possessions,” Edmund F. Kelly (right), Liberty Mutual Group’s chairman, president, and chief executive officer, said in a statement. “Entering India’s insurance marketplace at this exciting time offers tremendous growth opportunity for our international operations while reinforcing our position among the leading global insurance companies.”

Liberty Mutual Group said it has singed a joint-venture agreement with Dabur GI Invest Corp. Under the agreement, Liberty Mutual Group, through a subsidiary, will initially hold a 26 percent stake in the new company and Dabur will hold 74 percent, Liberty Mutual Group said.

The agreement allows Liberty Mutual Group to increase its stake as changes to Indian law permit, said Liberty Mutual, which added that upon approval by Indian regulators, the new entity will operate under the name Dabur Liberty General Insurance Company.

Liberty Mutual Group’s International business, which has a meaningful presence in 24 countries, reported 2007 revenue of approximately $6.1 billion, the company said. Overall, the Liberty Mutual Group reported annual consolidated revenue of $25.9 billion for 2007.

Liberty Mutual made news recently when it disclosed in April that it has agreed to buy Safeco Corp., a Seattle insurance company, for $6.2 billion.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:15 AM | Comments (0)

Abiomed gets an FDA approval

Abiomed Inc.said today that it has received a federal approval for selling a blood pump in the United States.

In morning trading on the Nasdaq Stock Market, Abiomed shares rose $2.12, or 14.3 percent, to $16.90.

The Danvers medical-device company said it has received 510(k) clearance from the Food and Drug Administration for its Impella 2.5 Cardiac Assist Device (right); this clearance allows Abiomed to begin selling the device to the estimated 14,000 interventional cardiologists at about 1,700 heart hospitals in the United States.

According to Abiomed, the device "seamlessly provides immediate, minimally invasive circulatory support for critical patients."

  The Impella 2.5 is inserted percutaneously in the catheterization laboratory via the femoral artery into the left ventricle, and up to 2.5 liters of blood per minute are delivered by the pump from the left ventricle into the ascending aorta, providing the heart with active support in critical situations, said the company, which also makes the AbioCor artificial heart.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:40 AM | Comments (0)

Meade joins Rasky Baerlein

Rasky Baerlein Strategic Communications Inc., a Boston public relations and public affairs firm, said that Peter Meade has joined the firm as managing director, effective today.

Most recently an executive vice president for health insurer Blue Cross Blue Shield of Massachusetts, Meade has a long local resume; he offered political commentary as an analyst for WBZ radio and TV from 1983 to 1992, and he held several positions in the administration of former Boston Mayor Kevin H. White, according to a bio provided by Rasky Baerlein.

Meade is the chairman of the Rose Fitzgerald Kennedy Greenway Conservancy and the chairman of the board of trustees of Emerson College, the biography said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:08 AM | Comments (0)

EMC extends tender offer for Iomega until Friday

Hopkinton data storage products company EMC Corp. said today that it extended its tender offer for San Diego-based Iomega Corp. until this Friday.

The offer of $3.85 per share in cash was already extended last month. EMC has agreed to buy data storage device maker Iomega for $213 million to expand its offerings for small businesses and consumers. The price represented a 20 percent increase over EMC's initial bid of $178 million, or $3.25 per share.

EMC said it extended the deadline to give the European Commission time to complete its review process of the offer.

The tender offer began April 24. As of May 30, about 45 million shares had been tendered, representing about 82 percent of Iomega's outstanding shares, EMC said.

EMC shares fell 17 cents to $17.27 in morning trading on the New York Stock Exchange. (AP)

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

Signiant is distributing NHL video content

Signiant Inc. said today that the National Hockey League has been using its digital media distribution technology to help provide video content to the league's website and to the Jumbotrons of the league's arenas.

Signiant of Burlington describes itself as a "digital media supply chain company."

Signiant said it has been conducting tests with the NHL for the last few months, and now plans call for the program to go fully operational next hockey season.

Here is one example of what Signiant says its media distribution technology can do. Suppose a hockey fan is watching a Bruins game at the TD Banknorth Garden. Meanwhile, in an NHL game elsewhere, Penguins superstar Sidney Crosby (left) scores a nifty goal. Thanks to Signiant technology, Bruins fans can see a video replay of Crosby's goal on the TD Banknorth Jumbotron shortly after it happens, Signiant said.

Signiant will also continue to help the NHL rapidly distribute video content taken at league rinks for packaging into footage that appears at NHL.com.

According to Signiant, its technology allows the NHL to leverage existing IP connectivity at all of its 30 arenas at less cost than some of the NHL's other options.
(By Chris Reidy, Globe staff)

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

Ritz-Carlton Club taps Fenway Sports Group

Fenway Sports Group said today it has been selected by the Ritz-Carlton Club to provide it with sports marketing services.

Fenway Sports Group is a wholly owned subsidiary of New England Sports Ventures, which also owns the Boston Red Sox, Fenway Park, and 80 percent of New England Sports Network.

The Ritz-Carlton Club is a deeded, fractional ownership real estate offering combining the benefits of second home ownership with personalized Ritz-Carlton services and amenities.

The Fenway Sports Group said it will now help the Ritz-Carlton Club develop a sports marketing strategy to successfully leverage existing sponsorships and strategic partnerships and ultimately serve as a complement to future marketing efforts.

The New York Times Co., parent of The Boston Globe, owns a minority stake in the Red Sox.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:51 AM | Comments (0)

Survey looks at local digital technology industry

A survey released today claims that New England's digital marketing, media, and technology industry is made up of 2,877 companies that employ 93,000 people and collectively generate about $29 billion in annual revenue.

The survey is from the Massachusetts Innovation & Technology Exchange, or MITX, a Cambridge-based trade group for the industry.

Other survey findings noted that Massachusetts dominates the industry in New England and that the industry continues to thrive despite a sluggish economy, MITX said.

The Massachusetts head count for the industry is 78,000, and 41,000 of those folks work in Boston, Cambridge, Waltham, and Burlington, MITX said.

The survey also asked MITX members to assess attitudes and expectations within the industry; respondents said they expect staffing to grow an average of 6 percent during 2008, with revenue growth over last year expanding by 14 percent, MITX said.

"We've all seen the headlines - softening economy, enterprises retrenching and downsizing underway," Kiki Mills, executive director of MITX, said in a statement. "However, the MITX constituency is bucking the trend with growth and expansion. The economic impact these companies have on the local economy is much greater than people think. We always hear about Massachusetts as the hub for biotechnology; however New England's digital business sector is leading in employment and driving innovation on a global scale."
(By Chris Reidy, Globe staff)

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

Iron Mountain will offer $300 million in notes

Data storage and protection company Iron Mountain Inc. today said that it plans to sell $300 million in senior subordinated notes due 2020.

The exact terms and timing of the offering have yet to be determined.

Proceeds will be used to redeem its outstanding 8.25 percent senior subordinated notes due 2011, among other general corporate purposes. (AP)

Posted by globebusiness at 7:33 AM | Comments (0)

Boston convention center reaches milestone

The Boston Convention & Exhibition Center has surpassed a total of one million hotel room night bookings since its opening in 2004, the Massachusetts Convention Center Authority said.

The authority owns and oversees the operations of the Boston Convention & Exhibition Center, the John B. Hynes Veterans Memorial Convention Center, the MassMutual Center in Springfield, and the Boston Common Parking Garage.

The one-million bookings milestone for the Boston convention center was reached with the opening of the general meeting of the American Society for Microbiology that is taking place at the center between June 1 and June 5, the authority said.

Since its opening in June 2004, the Boston convention centers "has welcomed nearly 1.4 million national and international visitors during 520 meetings, conventions, and trade shows and generated $910 million in economic impact for the city and region," the authority said.

The American Society for Microbiology event will book 23,100 hotel room nights, draw 12,000 educational, research, industrial, and government professionals to the Boston convention center, and bring in $15.6 million in economic activity for Greater Boston, the authority said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:11 AM | Comments (0)