Friday, November 6, 2009

Daily Business Update from the Boston Globe

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Friday, November 6, 2009

Verizon's FiOS TV gained subscribers in 2008
While many other providers of cable television service lost subscribers, Verizon Communications Inc.'s FiOS TV service has seen gains off a modest starting point, according to figures from the Massachusetts Department of Television and Cable. As of 2005, Verizon did...

Mandarin Oriental is awarded AAA's five diamonds
(Photo provided by the Mandarin Oriental, Boston) It's official. The Mandarin Oriental, Boston may be as chi-chi and as elegant as you think it is. The American Automobile Association said it has conferred its highest rating - five diamonds...

Suffolk Construction unit is tapped for URI project
Suffolk Education, a unit of Suffolk Construction Co. Inc., said it has been awarded a contract to manage the construction of a $45 million College of Pharmacy building at the University of Rhode Island. The new 147,000 square-foot laboratory and...

British chocolatier will open Chestnut Hill boutique
(File photo of Newbury St. Hotel Chocolat: Suzanne Kreiter/Globe Staff) Not content to sell sweets just on Newbury Street, Hotel Chocolat says it will open a second US location at the Mall in Chestnut Hill later this month. The...

Boston Scientific agrees to $296m Guidant settlement
Boston Scientific Corp., the Natick medical device maker, said it has reached an agreement in principle with the US Justice Department under which it will pay $296 million to settle allegations that its Guidant subsidiary had violated the Food, Drug,...

Ariad's 3Q loss widens slightly on costs
Associated Press Cambridge drug developer Ariad Pharmaceuticals Inc. said yesterday its third-quarter loss widened slightly on overall costs as it continues developing potential cancer treatments. The company reported a loss of $20.8 million, or 21 cents per share, compared with...

ArQule 3Q loss narrows on partnership revenue
Associated Press Biotechnology company ArQule Inc., a Woburn biotechnology company, said yesterday that its third-quarter loss narrowed on a boost in partnership payments, with a focus on the potential cancer treatment ARQ 197. ArQule reported a loss of $8.1 million,...

Beerman will lead RXi Pharmaceuticals
RXi Pharmaceuticals Corp., the Worcester biopharmaceutical company that seeks to develop drugs based on the Nobel Prize winning work of Craig Mello in gene-silencing research, announced that Noah D. Beerman has joined the company as its new president and...

State Street increases legal reserve
State Street Corp., a Boston company that provides financial services to large investors, said that it added $250 million as of Sept. 30 to the reserve it established in 2007 to address legal exposure related to losses incurred by investors...

Sapient 3Q profit plummets on charges, sales drop
Associated Press BOSTON - Technology-services provider Sapient Corp. said Thursday that third-quarter profits plunged by two-thirds, partly due to special charges, and the chief executive said customers were growing more confident in business prospects. The company said it earned $5.9...

Today in Globe Business
Credit card firms hurry to raise rates Credit card companies are rushing to increase interest rates to historic highs of more than 30 percent, cut credit limits, and add new fees, even for customers who pay their bills on time....

Thursday, November 5, 2009

Borders to close five Massachusetts stores
By Jenn Abelson, Globe Staff Borders Group is shuttering about 200 book stores, including 5 shops in Massachusetts, as part of an effort to turn around the struggling company. All four Waldenbooks stores in the Commonwealth will be closing in...

Bank of America officials asked to testify
By Todd Wallack, Globe Staff Three Bank of America officials with Boston ties have been asked to testify at a congressional hearing later this month. The House Committee on Oversight and Government Reform has asked two key board members, former...

Gibson is named as chair of NH Bankers Assoc.
The New Hampshire Bankers Association, a not-for-profit trade association representing banking institutions in New Hampshire, has named Piscataqua Savings Bank president and chief executive Jay S. Gibson as the new chairman of the association's board. Gibson had served on the...

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