Thursday, November 18, 2010

Daily Business Update from the Boston Globe

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Thursday, November 18, 2010

Casual Male moves to profit in 3rd quarter
CANTON -- Casual Male Retail Group Inc. said today that it bounced back from last year's third-quarter loss as higher customer traffic helped lift the clothing retailer's sales and it recorded lower store occupancy and merchandise costs.

Aveo sees positive safety results from early study
CAMBRIDGE -- Aveo Pharmaceuticals Inc. said today that a potential gastrointestinal cancer drug met key safety goals in an early-stage study.

Osram Sylvania debuts new light bulb
Osram Sylvania, a lighting company headquartered in Danvers, said it is working with the Lowe's home-improvement chain to introduce a bright LED replacement for America's most popular light bulb, the 60-watt incandescent.

iPad sommelier is now on duty at Aura
The Aura restaurant at the Seaport Hotel has reformatted its wine list to appear on a special iPad presented to customers.

Naps are a Thanksgiving ritual, Dunkin’ says
The nap has become an essential part of Thanksgiving, according to Dunkin' Donuts research.

Mass. unemployment rate drops to 8.1 percent
The Massachusetts unemployment rate dropped from 8.4 percent in September to 8.1 percent in October, the lowest unemployment rate since April 2009 and the steepest two-month consecutive drop since 1976, state labor officials said today.

Local retailers predict holiday gains
The Retailers Association of Massachusetts said it is predicting a 4.3 percent gain in retail sales during the holiday period, more than 2.3 percent increase projected by the National Retail Federation.

Genzyme agrees to sell diagnostics unit for $265m
Genzyme Corp., a Cambridge biotechnology company, said that it has entered into an asset purchase agreement under which Sekisui Chemical Co. Ltd. will buy Genzyme's Diagnostic products business for $265 million in cash.

Foreclosure activity drops sharply in Massachusetts
Foreclosure activity in Massachusetts dropped sharply in October , the first month in 2010 to post a drop in year-to-year comparisons, as some banks temporarily supsended mortgage reviews, the Warren Group said today.

Staples 3Q net income rises on cost controls
FRAMINGHAM -- Staples Inc. says its third-quarter net income rose 7 percent despite only a small increase in revenue as the company clamped down on expenses.

Zipcar UK deal passes a regulatory milestone
Zipcar Inc., the Cambridge-based car sharing service, said that its acquisition of Streetcar Limited has been provisionally cleared by British regulators with a final decision expected by or before late January.

Wednesday, November 17, 2010

City formally pulls Filene’s permit
Boston officials today formally revoked projects for the stalled Filene's redevelopment in Downtown Crossing, telling the developers that their failure to proceed with construction has cost the city $20 million in tax revenue and thousands of jobs.

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