Tuesday, August 17, 2010

Daily Business Update from the Boston Globe

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Tuesday, August 17, 2010

Cohmad cited for violations in Madoff case
A Massachusetts administrative officer has found that Cohmad Securities Corp. violated securities laws and failed to cooperate with an investigation by the state into Cohmad's role in directing assets to Bernard Madoff's massive Ponzi scheme.

Cranberry production forecast to rise 6 percent
The US Department of Agriculture expects cranberry production to grow by 6 percent this year, which would make the 2010 crop the second largest on record.

Zynga buys Conduit Labs
Zynga, a San Francisco social game developer known for such games as FarmVille and Mafia Wars, said it has bought Boston-based social games company Conduit Labs, which is changing its name to Zynga Boston.

Regulators step up supervision of Brockton bank
The Federal Deposit Insurance Corp. and the Massachusetts Division of Banks issued a consent order against the Community Bank of Brockton ordering the bank to address weaknesses in its operations, replacing an earlier order against the bank.

Lester signs on with Sullivan Tire
Sullivan Tire & Auto Service, a Norwell-based chain with more than 50 retail locations, said that Boston Red Sox pitcher Jon Lester has agreed to become a company spokesperson and TV commercial pitchman for the 2011 baseball season.

Seaport Square gets a state OK
The state has given a key environmental approval to the developers of Seaport Square, putting the project a big step closer to construction of 20 blocks of buildings, public parks, and new boulevards that seeks to transform a vast swath of the South Boston waterfront.

AMSC invests in UK firm
American Superconductor Corp., or AMSC, a Devens company focused on the wind energy market, said it has acquired its 25 percent stake in Blade Dynamics Ltd. for $8 million in cash.

Staples announces executive changes overseas
Staples Inc., the Framingham-based office supplies giant, announced executive appointments in its international business, including the appointment of John Barton as executive vice president of international development.

JetBlue reprises All You Can Jet sale
JetBlue Airways is bringing back its All You Can Jet Pass, a $699 ticket that allows passengers to fly as much as they want to wherever they want between Sept. 7 and Oct. 6.

Boston-Power tapped for moon robot project
Boston-Power Inc., the Westborough company specializing in lithium-ion batteries, said that NASA has selected its Swing battery system for use in Project M, a proposed project to land an operational humanoid robot on the moon in 1,000 days.

TJX profit up 16 percent as sales climb
FRAMINGHAM -- TJX Cos. says its second-quarter net income rose more than 16 percent as sales climbed and more customers came to its stores to buy its off-price clothing.

UFood teams up with Dr. Oz
UFood Restaurant Group Inc. said it has created a cause marketing partnership with HealthCorps Inc., a New York-based nonprofit organization founded by celebrity sawbones and talk show host Mehmet Oz.

Boston Realty taps Friedberg
Boston Realty Advisors announced today the appointment of David Friedberg as chief executive of the company?s residential division.

MassHousing closes apartments loan
MassHousing, the state's affordable housing bank, announced a loan closing of $5.9 million that aims to preserve affordability for low-income families at the 86-apartment St. Michael?s House in Northampton.

Hoop greats honored with peanut butter cheesecake
Here's something the discerning food buff should know: The Cheesecake Factory, a California-based restaurant chain, said its its newest signature cheesecake was the official dessert at a Basketball Hall of Fame dinner last Thursday.

Today in Globe Business
A sample of Business stories from today's Globe.

Monday, August 16, 2010

Massport testing new Toyota Prius plug-in
For the next two months, the Massachusetts Port Authority vehicle fleet will have one more car: a 2012 Prius Plug-in Hybrid.

Suffolk Downs announces purse reduction
Suffolk Downs, the East Boston race track, said it will reduce its average daily purse distribution by 26 percent for the second half of its 2010 racing season.

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