Tuesday, December 7, 2010

Daily Business Update from the Boston Globe

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Tuesday, December 7, 2010

Carl Shapiro, family agrees to return $625m in Madoff funds
Boston philanthropist Carl Shapiro and his family have agreed to return $625 million they received from Bernard Madoff to help repay other victims of the convicted swindler, according to a federal court filing made today.

Pending home sales in Mass. hold steady
The number of Massachusetts single-family homes put under agreement in November was unchanged compared to the same time last year, the first time in six months that pending sales have not declined on a year-to-year basis.

Mass. company involved in $100 bill glitch
The US government said it is still trying to identify the source of the production glitch that forced it to postpone introducing the new $100 bill and could force it to shred hundreds of millions of error-ridden bills, printed on paper from a Western Massachusetts company.

Hockey’s Ovechkin to be Gillette brand ambassador
Consumer products giant Procter & Gamble Co. announced a multi-year partnership with National Hockey League star Alex Ovechkin that calls for the Washington Capitals winger to serve as a brand ambassador for P&G's Gillette grooming business.

Cuff to take Leader Bank post
Arlington-based Leader Bank announced that it has hired Kevin M. Cuff to serve as its new vice president of Residential Lending Compliance and director of Community Investment.

Business confidence index off in November
The Associated Industries of Massachusetts said its Business Confidence Index lost 3.2 points in November to post a 52.1 reading, but held on to most of the gains from its record 7.7-point rise in October.

State pension fund posts gains
The state pension fund has gained 9.5 percent for the calendar year through October, beating its benchmark and adding $4.2 billion in value, pension officials said at a meeting today.

Dunkin’ has big plans for Milwaukee
To the outside world, Milwaukee is known for beer and bratwurst, but soon its streets could be awash in Dunkin' Donuts coffee.

Talbots 3Q profit rises, cuts outlook, shares sink
HINGHAM -- Talbots Inc. said today that its third-quarter profit rose 17 percent on cost cutting. But its shares tumbled more than 20 percent in morning trading as revenue fell and the retailer offered weak fourth-quarter guidance and cut its full year outlook.

Staples buys Miami Systems
Staples Inc., the Framingham-based office supplies retailer, said it has acquired PRINTSouth Corp., a national manufacturer of business forms that operates under the name of Miami Systems.

Consumer Reports: AT&T cell service rates last
AT&T is the worst-rated cell-phone service carrier in a new survey from Consumer Reports.

HFF arranges financing for Radisson Boston Hotel
Holliday Fenoglio Fowler LP, or HFF, said it has arranged $75 million in senior debt financing for the Radisson Boston Hotel, a 358-room hotel in Boston�s Theatre District.

Evergreen Solar eyes recapitalization plan
MARLBOROUGH -- Evergreen Solar Inc. said Monday that its board of directors has approved a plan to recapitalize the debt-laden maker of solar-power products.

Monday, December 6, 2010

Boston magazine editor resigns
Andrew Putz, the editor of Boston magazine, has resigned from the glossy publication about city life and events, executives ad the magazine announced today.

Loch Capital says it’s not a target of FBI probe
Loch Capital Management Co., one of three hedge funds raided recently by the FBI, is not a target of the government's insider-trading investigation, according to a letter the firm sent to clients on Friday.

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