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Saturday, March 31, 2012
Daily Headlines
Friday, March 30, 2012
Daily Business Update
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| Fri. Mar. 30, 2012 Chanel plans to open two-story boutique on Newbury StreetFrench designer Chanel is planning next year to open a boutique on Newbury Street and close its current shop at the Taj Hotel. The 10,000-square-foot House of Chanel will be located on the first block of Newbury Street as part of a new luxury residence building called No. 6 Newbury. Peter Marino, a well-known architect and longstanding Chanel collaborator, will design the two-story space to evoke the style of Coco Chanel’s famed Paris apartment. | Advertisement | ||
RI unemployment rate second highest in USRhode Island’s jobless rate is now the second-highest in the nation, and the state is one of only three still recording double-digit unemployment. The U.S. Bureau of Labor Statistics said Friday the rate in February declined in 29 states and rose in 8, including Rhode Island. The state rate is 11 percent, up one-tenth of a percentage point from January. | |||
RI governor posts online video on work to aid citiesRhode Island Gov. Lincoln Chafee is mounting a public relations campaign to build support for his plan to allow struggling municipalities to cut pension benefits to retired workers. The independent governor released an internet video Friday highlighting his efforts to rescue cities and towns like Woonsocket, Providence and Pawtucket. | |||
Tribe seeks casino compact with Mass.The Wampanoag Tribe of Aquinnah is stepping up efforts to develop a casino in southeastern Massachusetts. The Martha’s Vineyard-based tribe says it has secured options on two attached tracts of lands, one in Freetown and the other in neighboring Lakeville. Freetown officials have scheduled a May 29 referendum on the proposed casino and the tribe has asked that a vote be set in Lakeville. | |||
Boston Properties CEO Mortimer Zuckerman earned $10 million last year - 23% jumpBoston Properties Inc. Chief Executive Mortimer B. Zuckerman earned about $10 million in total compensation last year, a 23 percent increase from 2010, as the company’s profits jumped last year, the real estate investment trust disclosed Friday. | |||
Boston mayor protests proposed Comcast/Verizon Wireless dealBoston mayor Thomas Menino has submitted a brief to the Federal Communications Commission opposing a plan that would allow Verizon Wireless, Comcast and Time Warner to jointly market each other’s products, allowing them to offer a “quadruple play” of video, Internet access, voice and wireless service. | |||
MasterCard, Visa warn of data breachMasterCard Inc., the second-biggest payments network, said it’s investigating a potential breach of account data and that card issuers and law enforcement have been notified. | |||
CVS Caremark names new unit presidentCVS Caremark Corp. said Friday that Jon Roberts, executive vice president and chief operating officer of the company’s pharmacy-benefit management division, will become the unit’s president on Sept. 1. Roberts will continue to report to Per Lofberg, who currently runs that unit. Lofberg, who has been president since early 2012, in December extended his employment agreement through 2013. | |||
ImmunoGen rises after drug delays cancer worsening in studyImmunoGen Inc. rose the most in almost a year after partner Roche Holding AG said a breast cancer drug delayed the disease worsening in a patient study. Patients who received the medicine, T-DM1, lived “significantly” longer without their disease progressing compared with those who received a combination of GlaxoSmithKline Plc’s Tykerb and Roche’s Xeloda, Basel, Switzerland-based Roche said in a statement today. Roche is developing T-DM1 with technology it licensed from ImmunoGen. | |||
Dunkin Brands stockholders increase public offerDunkin’ Brands Group Inc., the parent company of Dunkin’ Donuts and Baskin-Robbins, said Friday that some of its stockholders are increasing the number of shares they plan to sell in a secondary offering. Dunkin said the selling shareholders will now sell 26.4 million shares, up from 22 million planned previously. | |||
Senate committee backs nomination of Jeremy Stein for Federal Reserve; Senate confirms Thomas Curry to head bank regulator.A Senate committee on Thursday approved President Barack Obama’s two nominations to fill vacancies on the Federal Reserve’s board: Jeremy Stein, a Harvard economics professor, and Jerome Powell, an investment banker who served in the George H.W. Bush administration. The Senate Thursday approved the nomination of Thomas Curry to serve as head of the Office of the Comptroller of the Currency, a position that also gives him a spot on the FDIC board. | |||
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Daily Headlines
Thursday, March 29, 2012
Daily Business Update
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| Thu. Mar. 29, 2012 Dunkin’ Donuts partners with Jerry Jones, Troy Aikman to open 50 Dallas/Ft. Worth restaurantsDunkin’ Donuts today said that a group led by Dallas Cowboys Football Club owner and Jerry Jones and former quarterback Troy Aikman plan to open at least 50 new Dunkin’ Donuts restaurants throughout the Dallas/Fort Worth region over the next five years. | Advertisement | ||
34 Boston-area restaurants owe back wagesMore than $1.3 million in back wages are owed to nearly 500 restaurant employees at 34 popular local restaurants, including 15 Not Your Average Joe’s locations, six Science Partners restaurants in Cambridge and Boston, four Fresh City eateries, and three Metropolitan Club restaurants, according to an ongoing enforcement initiative conducted by the US Department of Labor. | |||
NH exports down slightly in 2011New Hampshire state economic officials say exports of the state’s products totaled nearly $4.3 billion last year, down slightly from a year ago. This comes after a record year for the state in exports, amounting to nearly $4.4 billion, which was up more than 42 percent in 2009. | |||
RI Senate panel endorses Newport casino referendumVoters are one step closer to deciding whether to authorize a casino at the Newport Grand slot parlor. A state Senate committee endorsed legislation Wednesday that would seek voter approval for table games at the facility in Newport. A full vote by the Senate is expected next week. | |||
Providence Chapter 9 inevitable, Central Falls receiver saysProvidence, Rhode Island’s capital and biggest city, probably will seek bankruptcy court protection to deal with a budget deficit, Robert Flanders, the state-appointed receiver for nearby Central Falls, said Tuesday. | |||
Vermont kale artist to challenge trademark rulingA Vermont man who prints T-shirts urging people to ‘‘Eat More Kale’’ has six months to challenge a trademark ruling against him. The Chick-fil-A restaurant chain says folk artist Bo Muller-Moore’s T-shirt infringes on its trademarked ‘‘Eat Mor Chikin’’ slogan. | |||
Mass. lawmakers to weigh bill on energy costsThe state Senate will consider a proposal aimed at controlling energy costs in Massachusetts while also promoting the growth of renewable power sources. The wide-ranging measure, backed by Senate leaders, is scheduled for debate on Thursday. Among its provisions is a requirement that utilities purchase at least 7 percent of their total energy supplies from renewable sources, up from the current 3 percent. But utilities would also have a lower guaranteed investment return from renewable energy contracts. | |||
RI foreclosures take heavy toll on rental marketForeclosures in Rhode Island have taken a heavy toll on renters in a state with a large stock of multi-family homes, shrinking the inventory of available apartments and driving up prices, according to a study released Thursday. A coalition of groups that promotes affordable housing, found that nearly a third of all foreclosures in the state during the last three years were multi-family homes — and that, for every one foreclosure, two to three families have been affected. | |||
Bank of America quadruples pay for chief executive Brian MoynihanBank of America Corp., the second- biggest US lender, more than quadrupled chief executive Brian T. Moynihan’s 2011 compensation to $8.09 million as the company returned to profitability. (A Wellesley resident, Moynihan is a former executive of FleetBoston Financial Inc., which was bought by Bank of America in 2004.) | |||
Webster First Federal Credit Union to merge with Filene Federal Credit UnionWebster First Federal Credit Union, which has taken over three credit union in the past year, now plans to absorb a fourth.In the latest deal, Worcester-based Webster said Wednesday it will merge with Filene Federal Credit Union in Boston on March 31. Last year, Webster First acquired Saugus Federal Credit Union, Fitchburg Federal Credit Union and Winthrop Federal Credit Union. | |||
Yankee Candle’s Harlan Kent to star in episode of ‘Undercover Boss’ TV showYankee Candle’s Harlan Kent is taking a page from Clark Kent’s playbook by concealing his true identity. The chief executive is taking part in “Undercover Boss,” a CBS television show that disguises company executives as entry-level employees. In Friday’s episode, which airs locally at 8 p.m., Kent will work in four different jobs, including one as a packer in the Whately manufacturing plant. Kent also works at the company’s flagship store in Deerfield, a shrine to the scented candles that are the company’s signature product. | |||
| ADVERTISEMENT Looking to catch the next big game in town? Search from a wide range of Red Sox, Bruins, Celtics and Patriots seats in our exclusive ticket section powered by Ace Ticket. For the best seats to any sporting event in Boston, go to Boston.com Tickets. | |||
Daily Headlines
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Wednesday, March 28, 2012
Daily Business Update
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| Wed. Mar. 28, 2012 Bank of America quadruples pay for chief executive Brian MoynihanBank of America Corp., the second- biggest US lender, more than quadrupled chief executive Brian T. Moynihan’s 2011 compensation to $8.09 million as the company returned to profitability. (A Wellesley resident, Moynihan is a former executive of FleetBoston Financial Inc., which was bought by Bank of America in 2004.) | Advertisement | ||
Webster First Federal Credit Union to merge with Filene Federal Credit UnionWebster First Federal Credit Union, which has taken over three credit union in the past year, now plans to absorb a fourth.In the latest deal, Worcester-based Webster said Wednesday it will merge with Filene Federal Credit Union in Boston on March 31. Last year, Webster First acquired Saugus Federal Credit Union, Fitchburg Federal Credit Union and Winthrop Federal Credit Union. | |||
Yankee Candle’s Harlan Kent to star in episode of ‘Undercover Boss’ TV showYankee Candle’s Harlan Kent is taking a page from Clark Kent’s playbook by concealing his true identity. The chief executive is taking part in “Undercover Boss,” a CBS television show that disguises company executives as entry-level employees. In Friday’s episode, which airs locally at 8 p.m., Kent will work in four different jobs, including one as a packer in the Whately manufacturing plant. Kent also works at the company’s flagship store in Deerfield, a shrine to the scented candles that are the company’s signature product. | |||
Region’s largest seafood wholesaler working with Legal Sea Foods to improve fish labelingAgar Supply, New England’s largest independent food distributor, has partnered with Legal Sea Foods to launch a new label that will allow restaurants and supermarkets to track fresh fish all along the supply chain. Legal Sea Foods wholesale division, Nor’Easter, will supply nearly all of the fresh fish marketed under Agar’s “Nautifish” brand, including haddock, cod, salmon, and tuna. Nor’Easter will use new technology to create a barcode on each package that will include details such as when the seafood was caught, who caught the product, what region is was caught in and when the seafood was prepared for packaging. | |||
Liverpool Football Club will play soccer at Fenway Park in July game against AS RomaThe Liverpool soccer team that now shares a corporate parent with the Boston Red Sox is set to play a game against AS Roma at Fenway Park July 25, Fenway Sports Management said Wednesday. The “match” is part of Fenway Park’s 100th anniversary celebration, added Fenway Sports Management, the sales arm of Fenway Sports Group, parent company of the Boston Red Sox and the Liverpool Football Club, the formal name of the Liverpool soccer team. | |||
Mullen to create ads for Grey Goose vodkaLift a vodka martini to Boston ad agency Mullen --- a Grey Goose vodka martini. The reason for the toast? The premium vodka brand said it has selected Mullen to handle the creative side of Grey Goose’s global advertising. Previously, an ad agency called @Radical handled the creative duties for Grey Goose, and @Radical will continue to partner with Grey Goose on some initiatives. | |||
A Wegmans in Downtown Crossing? Grocery chain is scouting Boston locationsWegmans is looking to open a supermarket in Boston and would consider a site in Downtown Crossing, the company’s chief executive Danny Wegman said today during a speech before the Greater Boston Chamber of Commerce. The New York grocery chain launched its first Massachusetts store last fall in Northborough and had a record grand opening at the massive 138,000 square foot food emporium. “We believe we belong in Boston, not just in the suburbs,” Wegman said. | |||
Analyst: A123 may lack fundraising ability after defectsWaltham-based A123 Systems Inc. may be unable to raise capital and could lose contracts as a result of the battery maker’s recall of defective packs sent to customers, a Deutsche Bank analyst said. The $55 million that A123 estimates it will cost to replace the flawed battery packs and modules “represents a severe impact” on cash reserves, wrote Dan Galves, a New York-based analyst at Deutsche Bank. | |||
Ember Therapeutics licenses brown fat protein from Joslin Diabetes CenterEmber Therapeutics Inc., a Boston start-up looking to build a portfolio of intellectual property related to brown fat, has completed a licensing agreement with the Joslin Diabetes Center. Joslin researchers have been studying a protein shown to play a role in the regulation of brown fat development. White fat stores energy; brown fat burns it off. Ember believes that proteins regulating brown fat can be used to treat such metabolic diseases as obesity and Type 2 diabetes. | |||
Rattle wins ad account for Enterprise BankRattle, a Beverly-based advertising agency, said that Enterprise Bancorp Inc. of Lowell, commonly referred to as Enterprise Bank, has hired Rattle to help the bank launch its first major consumer ad campaign. Rattle won the business after an ad agency review; billings are expected to be in “the mid six-figure range,” Rattle said. The plan is for Rattle to work with Enterprise Bank to roll out a campaign that introduces the bank’s new Rewards Checking account program. | |||
Mass. home sales rise in FebruaryFebruary home sales rose 33 percent in Massachusetts when compared to the same month a year ago, a sign that the statewide rebound in the housing market is “starting to look pretty solid,” the Warren Group reported Wednesday. Last month, 2,350 single-family homes sold in the Bay State, the highest sales volume for the month of February in five years. But the median price for a single-family home in Massachusetts fell nearly 3 percent in February to $245,000. | |||
| ADVERTISEMENT Looking to catch the next big game in town? Search from a wide range of Red Sox, Bruins, Celtics and Patriots seats in our exclusive ticket section powered by Ace Ticket. For the best seats to any sporting event in Boston, go to Boston.com Tickets. | |||
Daily Headlines
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Tuesday, March 27, 2012
Daily Business Update
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| Tue. Mar. 27, 2012 MassBio elects new board membersThe Massachusetts Biotechnology Council, a not-for-profit trade association that represents the Massachusetts biotechnology industry and that is also known as MassBio, said Tuesday that its members elected Geoff MacKay to a two-year term as the organization’s chairman. MacKay is president and chief executive of Organogenesis Inc., a Canton-based regenerative medicine company. | Advertisement | ||
State Street: Investor confidence rises 5 points in MarchA global investor confidence index rose 5 points in March, posting a reading of 91.6, said State Street Global Markets, the investment research and trading arm of State Street Corp. and the firm that maintains the index. The revised reading for February was 86.6. There was a lift in sentiment among North American investors --- the North American sub-index for March rose 8.7 points. | |||
Princeton Review to sell test prep business, namePrinceton Review Inc. is selling its test preparation business for $33 million in cash to a private equity firm and plans to change its name as it focuses on its online education division. The Framingham-based company is best known for the test preparation materials that it sells under the Princeton Review brand, which is also being sold as part of the deal to an affiliate of Charlesbank Capital Partners, a Boston-based private equity firm. | |||
Filene’s Basement’s Running of the Brides, other intellectual property to be put up for auctionDo you want to buy the Running of the Brides? Filene’s Basement LLC and its parent Syms Corp. want to sell off the intellectual property rights of the now shuttered discount clothing chains. They have filed a motion with the US Bankruptcy Court in Delaware to approve an auction for assets, including the Filene’s Basement trade name and the famed Running of the Brides event, an annual sale during which brides-to-be would madly scramble to claim deeply-discounted wedding gowns. | |||
In London speech, Boston Fed president Rosengren warns against economic complacencyThe nation’s economic recovery is moving forward, but not so fast that the Federal Reserve should abandon policies aimed at stimulating growth, Eric S. Rosengren, president of the Federal Reserve Bank of Boston, said in a speech in London Tuesday. Rosengren cited several positive economic signs, including strong stock market performances, a falling unemployment rate, and job gains, Still, he said consumer spending remains subdued and the housing market weak, while government spending cuts, and the European debt crisis continue to hurt. | |||
Welch’s signs lease for new HQWelch’s, a brand known for its grape juice, said it is relocating to new space in Concord as it merges its corporate headquarters and technology center at a single site. Welch’s said Tuesday that it has signed a lease for 85,000 square feet of space at 300 Baker Ave., which is owned by Normandy Real Estate Partners. The address of Welch’s current headquarters is 575 Virginia Rd., Concord. Its technology center is located in Billerica. The plan is to move both sites under one roof. | |||
NStar: Gas customers could pay less this yearNStar said it is seeking a rate adjustment that could mean its natural gas customers will save about $4.60 a month from what they paid a year ago. The reason? The natural gas supply continues to be plentiful. If approved by state regulators, the change would go into effect May 1. Under the proposed rate, NStar customers using an average of 29 therms of gas a month between May and October would pay $33.20 a month, down from $37.81. | |||
Zipcar expands ‘Zipvan’ service to BostonZipcar Inc., the Cambridge-based car-sharing service, said it is expanding its Zipvan service to the Boston and Washington, D.C., markets following a successful pilot test in San Francisco. In the case of Greater Boston, Zipcar said it is adding 15 Ford E-150 full size cargo vans to its local fleet of vehicles. The vans are available for hourly or daily rental with rates starting at $15.75 per hour and $109 per day. | |||
CloudLock closes $8.7m in Series B fundingCloudLock, a Waltham software company, said Tuesday that it has raised $8.7 million in a Series B funding round from new investor Ascent Venture Partners and existing investor Cedar Fund. CloudLock said it will use some of the money raised to help expand its cloud-data-security services to new markets. Luke Burns, a partner with Ascent Venture, will join CloudLock’s board of directors. | |||
Constellation Pharmaceuticals appoints Keith E. Dionne as chief executiveIt looks like a straight-up swap between Boston venture capital firm Third Rock Ventures and Cambridge start-up Constellation Pharmaceuticals Inc. --- Keith E. Dionne is leaving Third Rock to replace Constellation chief executive Mark A. Goldsmith, who is off to the West Coast to be a venture partner in Third Rock’s San Francisco office. Constellation looks to develop disease treatments from epigenetics, the study of molecular changes in cells that can activate or deactivate genes without affecting the underlying DNA code. | |||
Staples offers tax-season specialLooking to encourage customer loyalty while getting out the word that it’s an ideal venue for one-stop shopping during tax season, office-supply giant Staples Inc. said it is offering customers free copies of their tax returns. “Starting April 8 and continuing through tax-filing day on April 17, Staples Copy & Print Centers (with full service at all Staples locations) will provide savings to its customers by offering 30 pages of free tax return copies (15 double-sided sheets),” Framingham-based Staples said. | |||
| ADVERTISEMENT Looking to catch the next big game in town? Search from a wide range of Red Sox, Bruins, Celtics and Patriots seats in our exclusive ticket section powered by Ace Ticket. For the best seats to any sporting event in Boston, go to Boston.com Tickets. | |||
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