Today in Globe Business
UMass makes a deal for Bayside
The University of Massachusetts Boston has reached an agreement to acquire the troubled Bayside Exposition Center at Columbia Point in what would mark a major expansion by the school into neighboring waterfront property in Dorchester.
The move also significantly alters plans for a prime 20-acre piece of land that had once been targeted for a $1 billion development, until the property faced foreclosure.
UMass, which said it has reached a preliminary agreement with the real estate company that owns the property, plans to immediately use the Bayside’s nearly 2,000 parking spaces as it constructs new facilities at its existing space along its Morrissey Boulevard campus. The 275,000-square-foot Bayside building will also be used for classrooms and offices during renovations of buildings.
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Wellesley executive Brian T. Moynihan completed his meteoric rise through Bank of America Corp. yesterday when he was tapped to be chief executive of the nation’s largest bank.
Bank of America directors named Moynihan, 50, to succeed Kenneth Lewis, who is retiring at the end of the month under the cloud of his company’s controversial acquisition of Merrill Lynch.
Moynihan, who moved to the bank in 2004, when it acquired FleetBoston Financial Corp., currently heads Bank of America’s vast consumer and small-business banking franchise. Before that, he served in a variety of positions at the company, including general counsel during a key period in the Merrill Lynch acquisition.
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Tiger Wood’s withdrawal may hurt sport’s popularity, profits
There are the obvious casualties from Tiger Woods’s infamous infidelity: the tarnished reputation, lost sponsors, broken marriage, angry fans, and spurned mistresses.
But the fallout from Woods’s implosion stretches far beyond the orbit of the disgraced superstar, and the aftershocks carry serious implications for Massachusetts, with its $1.6 billion golfing industry. The indefinite leave from golf of this lord of the links has left many businesses - from golf courses to retail shops - worried about the future of a sport that has already been hurt by the recession.
Attendance at the Deutsche Bank Championship in Norton, the biggest golfing event in New England, which brings in upward of $50 million annually for the region, is likely to fall with the absence of Woods.
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Tech Lab: Controller does it harmoniously
At home, we don’t squabble over the remote control. There are too many to squabble over. One for the TV, another for the cable box, and one more for the DVD player and home theater audio system. My wife and I each grab one and start changing channels or adjusting the sound. At last, a rough consensus emerges, and we end up watching “Bridezillas."
A single remote to control everything would upset this delicate balance of power. Still, it’s a cool idea, and I’ve enjoyed trying out several universal remotes, including a flawed but attractive new product that turns an Apple iPhone into an entertainment control center.
Lots of us have purchased cheap replacement remotes that come with a list of numeric codes to make the remote compatible with your particular TV, stereo, or whatever.
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Hospital posts a gain, not the loss it expected
Beth Israel Deaconess Medical Center, which in March warned it was on track to lose $20 million for the 2009 fiscal year, instead managed to post a $10.3 million operating gain for the year, and might move to restore annual raises as early as next spring.
The gain for the 12 months ended Sept. 30, while smaller than the $37.3 million operating gain last year, represents a turnaround for the 620-bed Boston hospital. Last winter, in the teeth of the economic downturn, it laid off about 70 workers, consolidated research operations, and made other cuts to stabilize finances.
Beth Israel Deaconess yesterday said it recorded an overall gain, including investment income, of $19.5 million for the most recent fiscal year, compared with $31.6 million the previous year.
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