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Wed. May. 16, 2012 Northeast Utilities CEO seeks to overcome storms The new chief executive of Northeast Utilities said Wednesday that New England’s largest utility has its work cut out for it following two storms last year that damaged power lines and the company’s reputation. Thomas J. May told reporters he is reassuring customers and regulators that Northeast Utilities has learned from last year’s problems that resulted from a tropical storm in late August and a freak snow storm two months later. Hundreds of thousands of customers were without power for as long as 11 days after the October storm.	Advertisement
Big layoffs at rock station WFNX as it’s sold to Clear Channel Most of the staff at Boston alternative rock station WFNX 101.7 FM was laid off Wednesday as Stephen M. Mindich, founder of station owner Phoenix Media/Communications Group, revealed in a memo that it is being sold to radio giant Clear Channel Communications Inc.
Governor Deval Patrick breaks ground at UMass Dartmouth center for biomanufacturing Governor Deval Patrick joined UMass officials Wednesday to break ground on a new center that they say will be the first-in-the-nation to allow startups the ability to test their biomanufacturing methods and products during development, as well as access a wide-range of support. Patrick, University of Massachusetts president Robert Caret, and UMass Dartmouth chancellor Jean MacCormack spoke at the morning groundbreaking ceremony for the Massachusetts Accelerator for Biomanufacturing. Patrick said the new UMass Dartmouth center will help Massachusetts strengthen its leadership in science.
Speaker Robert DeLeo to Mark Zuckerberg: Open a Facebook office in Massachusetts Massachusetts House Speaker Robert A. DeLeo is urging Facebook to consider opening an office in the Bay State, where the social media company has its roots. DeLeo made his plea in an open letter to chief executive Mark Zuckerberg, who cofounded Facebook in a Harvard University dorm room in 2004. Zuckerberg later moved the company to California, where Facebook became a phenomenon. DeLeo’s letter comes as Facebook is poised to issue an initial public stock offering.
Schilling asks R.I. for more money to help game company Former Red Sox pitcher Curt Schilling asked Rhode Island officials for more money for his video game company 38 Studios LLC in a private meeting Wednesday morning, held to discuss whether its reported financial troubles threaten the state’s $75 million investment in the company.
State Street’s Jay Hooley says he favors stricter trading rules in wake of JPMorgan Chase loss State Street Corp. chief executive Jay Hooley is in favor of stricter trading rules in the wake of JPMorgan Chase & Co.’s $2 billion derivatives loss during an annual shareholders meeting Wednesday that was interrupted several times by protesters. Hooley said he didn’t fully understand what went wrong at JPMorgan, but he sees such mistakes through the lens of “reputational impact.” Hooley said State Street, a Boston-based manager of pension assets and custodian for large investment funds, does not engage in the kind of proprietary trading that’s at issue.
Former McDonald’s exec joins Dunkin’ Brands board Dunkin’ Brands Group Inc. has named a former McDonald’s Corp. executive to its board of directors. The Canton-based parent company of Dunkin’ Donuts and Baskin-Robbins said Wednesday that Raul Alvarez is joining its board. Alvarez, 56, previously served as McDonald’s president and chief operating officer. He has also held positions at Wendy’s International Inc. and Burger King Corp. Alvarez is currently on the boards of Lowe’s Cos. and Eli Lilly and Co.
AAA projects a 1.2% rise in Memorial Day travel Many Americans will be taking shorter trips over the Memorial Day holiday weekend even as the number of travelers edges up slightly, AAA Southern New England said Wednesday. While gas prices have fallen over the last month, comparatively high prices during the spring prompted many people to cut their travel budgets, AAA Southern New England said. The organization projects 34.8 million Americans will travel 50 miles or more from home during the Memorial Day holiday weekend, up 1.2 percent from a year ago.
Union: Workers locked out of Pilgrim Nuclear Power Station Amidst stalled contract negotiations over health care, safety, and staffing issues, dozens of workers have been locked out of the Pilgrim Nuclear Power Station in Plymouth as the plant’s owner, Entergy Corp., is barring all non-essential employees from the facility, a union representing many of the workers said Wednesday. But Entergy countered, “There is no employee lockout, some of the affected bargaining unit members are receiving a paid day off while we work through these issues.”
Staples cuts 500 jobs worldwide as 1Q net income fell 6 percent Office supply giant Staples Inc. said Wednesday that it has cut 500 jobs worldwide as first-quarter net income fell 6 percent to $187 million. About 200 of those cuts were in the company’s operations in North America, the rest in Europe and Australia. The Framingham-based company declined to say how many cuts took place in Massachusetts. The company’s worldwide headcount is about 88,000. Total company sales for the first quarter of 2012 were $6.1 billion, a decrease of 1 percent in US dollars.
Massachusetts health insurers report their operating earnings dropped in first quarter After registering higher earnings in 2011, the state’s nonprofit health insurers posted falling operating income -- and in two cases, operating losses -- for the first quarter as they handled more medical claims. The early months of the year typically bring more claims. People delay elective procedures until after the holidays and insurance companies have to make payments for supplemental Medicare policies until members meet their deductibles and government funding kicks in. But another factor affected finances in the first quarter: pressure to hold down premiums.
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