Wednesday, November 17, 2010

Daily Business Update from the Boston Globe

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Wednesday, November 17, 2010

Five Bugaboo Creeks in Mass. will close
CB Holding Corp., a New Jersey company that operates several restaurant chains, said it will close a number of its Bugaboo Creek Steak Houses, including restaurants at five locations in Masschusetts.

Raytheon awarded $240m for Aegis production
The US Navy has awarded Raytheon Co. a $240 million contract for the production and delivery of components of the Aegis weapons system for the Arleigh Burke class of destroyers, said Raytheon, a Waltham-based defense contractor.

City Council OK’s new construction rules
The Boston City Council today approved tougher energy efficiency rules for new buildings, casting aside arguments from some developers that the measures will increase costs and make it harder to recover from the construction slowdown.

Wenneker, Boches have new roles at Mullen
Mullen, the Boston ad agency, said that Mark Wenneker, who joined the agency nearly three years ago as executive creative director, is now chief creative officer.

Putnam’s Reynolds calls for ‘The New Solvency’
The head of Putnam Investments has outlined a series of reforms he called "The New Solvency" to stimulate job growth, address the nation's Social Security shortfall, and help reduce the federal budget deficitnvestments.

S. Boston apartment building project gets an OK
A site that was once home to the Quiet Man, a 60-seat saloon located near the Broadway MBTA stop in South Boston, could be redeveloped as a six-story apartment building with 50 rental units, the Boston Redevelopment Authority said.

Kayak files for an IPO
Kayak Software Corp., an online travel-information service provider with offices in Concord and Norwalk, Conn., filed for an initial public offering worth as much as $50 million, Bloomberg News reported today.

Stop & Shop plans turkey delivery to food bank
The Stop & Shop Supermarket Co. said it will delivering more than 7,000 Thanksgiving turkeys to the Greater Boston Food Bank today as part of the Quincy-based chain's goal to collect 40,000 turkeys for families in need this holiday.

Nixon Peabody expands presence in China
Nixon Peabody LLP, an international law firm with Boston offices, announced a new office and a strategic association with the Hong Kong law firm of Cheng Wong Lam & Partners.

BJ's Wholesale Club net income rises
NATICK -- BJ's Wholesale Club says its third-quarter profit rose on higher revenue of gas and merchandise. The earnings beat expectations and the company is raising its guidance for the year.

Mass. economy will slow, report says
The Massachusetts economy, which grew strongly in the first half of this year, will slow considerably over the next several months before accelerating again near the middle of 2011, according to a new forecast.

Roche R&D cuts won’t hurt Alnylam, firm says
Alnylam Pharmaceuticals Inc. said a decision by drug maker Roche to scale back on some research activities "does not fundamentally impact Alnylam's financial position.

Rosengren defends Fed policy
Boston Federal Reserve Bank President Eric Rosengren today defended of the Federal Reserve�s controversial move to buy government bonds, arguing it has already lowered interest rates and boosted stock markets.

Covidien surpasses $5m in relief agency support
Covidien, a health care products company with operations in Mansfield, said it that the wholesale value of the medical supplies it has donated to Direct Relief International, along with cash support, has exceeded $5 million.

Tuesday, November 16, 2010

Bankruptcy case of ex-Anglo Irish Bank CEO delayed
Former Anglo Irish Bank Chief Executive David K. Drumm appeared before a member of the US Trustee's office in US Bankruptcy Court in Boston today, but a hearing of his case was delayed on procedural grounds.

Mass. banking commissioner tapped for fed post
Massachusetts Commissioner of Banks Steven L. Antonakes will leave the post he has held since 2003 to help set up a consumer protection bureau created by a new federal law, the Massachusetts Division of Banks said today.

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