Thursday, June 9, 2011

Daily Business Update from the Boston Globe

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Thu. Jun. 09, 2011

Borders to close in Downtown Crossing
The troubled Borders Group bookstore chain is closing its Downtown Crossing location, leaving another big empty store front in the heart of the city.

Zipcar is expanding to Providence
Zipcar Inc., the Cambridge-based car-sharing service, said today that it is expanding into Providence.

Long to succeed Kelly as Liberty Mutual CEO
Liberty Mutual Group said today that Edmund F. Kelly, 65, will retire from active management in Liberty Mutual on June 28 and that David H. Long, 50, will become president and chief executive.

Vertex falls on cystic fibrosis study data
Shares of Vertex Pharmaceuticals Inc. skidded after the company reported initial results from a study of two drugs designed to treat cystic fibrosis. The combination therapy did not appear to be as effective as Wall Street hoped.

Galvin fines Goldman Sachs $10 million
Secretary of State William F. Galvin has fined Goldman Sachs & Co. $10 million in a settlement related to communications on trades among its staff and certain clients.

Study: Brown-nosing keeps you healthy
Sucking up to the boss may not only win you a promotion, but it can also keep you healthy. So suggests a new study from the Journal of Management Studies. Refuse to grovel, and debilitating workplace mood swings could ensue.

Pedroia: Hydrate with Vita Coco
Vita Coco, a line of coconut water, said that Red Sox star Dustin Pedroia has signed on as a brand ambassador who will pitch the product as an ideal way to stay hydrated. Pedroia will be featured in an ad campaign set to launch in the Hub this summer.

Wellness Natural Food adds to menu for tabby gourmets
Wellness Natural Food for Pets, the Tewksbury-based pet food brand, said it is unveiling 12 new varieties of 100-percent grain-free canned cat food. New flavors include Minced Chicken Dinner, Sliced Salmon Entree, and Cubed Tuna Entree.

Steward cuts administrative jobs
For-profit hospital group Steward Health Care System Inc. confirmed it has eliminated an unspecified number of jobs in billing, finance, and other business functions.

New England economy grows modestly
The region's businesses report better sales, stronger demand as they pass rising costs onto consumers, according to Fed survey.

Lamothe to head Uno Foods unit
Uno Restaurant Holdings Corp., the Boston-based company that operates a chain of more than 150 company-owned and franchised restaurants, said that industry veteran Mark Lamothe will head its Uno Foods division.

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