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Tue. Jul. 17, 2012 RI agency in disarray after 38 Studios collapse The collapse of Curt Schilling’s video gaming company has left Rhode Island’s economic development agency in disarray — without a permanent chief and a half size board. The Economic Development Corp. has been without a permanent executive director since May, when Keith Stokes resigned, facing questions over the $75 million loan guarantee the EDC board approved in 2010 for Schilling’s 38 Studios. But several other leaders at the agency have also stepped down, leaving six of the 12 appointed spots on the board vacant.	Advertisement
Cake Boss comes to BJ’s --- and he’s bringing ‘Da Bomb.’ Cupcakes to follow Buddy Valastro --- a.k.a. the Cake Boss --- is bringing the culinary flair that has made him a reality TV star to BJ’s Wholesale Club, the Westborough-based chain that operates warehouse club stores in 15 states. The owner of the now famous Carlo’s Bake Shop in Hoboken, N.J., Valastro has teamed up with BJ’s to create two cakes that are being rolled out to BJ’s 195 clubs. One cake is called “Da Bomb,” and it features chocolate layers and caramel icing.
Ads from Connelly Partners feature the New England Aquarium’s new sea lions The summer ad campaign for the New England Aquarium features two young sea lions, Zoe and Sierra. The campaign was developed by Boston ad agency Connelly Partners, and it marks the first time that Connelly Partners has served as the aquarium’s lead creative agency.
MassHousing helps finance the sale of affordable housing developments MassHousing, the state’s affordable housing bank, said Tuesday that it helped finance the sale of five affordable housing developments to a Boston-based nonprofit, protecting 733 apartments from the threat of steep rent increases. MassHousing helped provide nearly $168 million in financing for the sale of the apartments to the nonprofit, Preservation of Affordable Housing, which is committed to keeping the developments at lower-cost rents for at least 40 years. The properties, mostly in Boston, were at risk of being converted to market rents or condominiums.
DoubleTree by Hilton-Hyannis completes multi-million dollar renovation DoubleTree by Hilton formally announced Tuedsay that its “newly renovated, upscale full-service hotel” is now open in Hyannis. The hotel was previously a Radisson. It was closed for about eight months, then re-opened as the DoubleTree by Hilton Cape Cod-Hyannis. Renovations were completed in all areas. Guest rooms feature new carpeting, window treatments, furniture and bedding “in muted shades of blue, beige, and brown,” the chain said. Bathrooms got a full overhaul, and an outdoor pool has been added in the landscaped courtyard.
Report: Executive swap at EMC and VMware The technology trade magazine CRN reports that Paul Maritz has left his post as chief executive of VMware Inc., the virtualization software subsidiary of Hopkinton data storage giant EMC Corp. Pat Gelsinger, who now heads EMC’s information infrastructure products division, is expected to replace Maritz, according to the story, which appeared on CRN’s website Monday night.
Shoebuy founder Scott Savitz launches new venture capital firm, Data Point Capital Shoebuy founder Scott Savitz, who left the Boston e-commerce company last year, is launching a new Boston-based venture capital firm, Data Point Capital. The firm doesn’t have a website yet, but it does have $50 million in committed capital, and a pretty stellar group of investors and advisors, including Sycamore Networks founder Desh Deshpande, CommuniSpace CEO Diane Hessan, and Endeca CEO Steve Papa. Data Point will invest in “mobile, gaming, social networks, payments, comparison shopping, e-commerce, and emerging technologies.”
iRobot receives $7.7m order from the US Navy Bedford’s iRobot Corp. said Tuesday that it has received a $7.7 million order from the Naval Sea Systems Command, or NAVSEA, for robot upgrades. The order calls for software upgrades and the delivery of advanced sensor suites for 248 fielded Man Transportable Robotic System MK 1 MOD 1 robots, the company said. The company said it expects to complete these deliveries by November.
State Street quarterly profit rises 2.3 percent on gain from sale State Street Corp., the third- largest custody bank, said second-quarter profit rose 2.3 percent after the firm sold investment securities for a gain. Net income on an operating basis rose to $494 million, or $1.01 a share, from $483 million, or 96 cents, a year earlier, the Boston-based company said Tuesday in a statement. Excluding certain items, 21 analysts surveyed by Bloomberg estimated earnings of 97 cents a share on average.
Electric ship project taps AMSC AMSC, a Devens company focused on energy technologies, said Tuesday it has been selected to provide its high temperature superconductor wire, also known as HTS wire, to a project in Europe that is looking to design electric ships. The project that AMSC will work on is called POSE2IDON, or Power Optimised Ship for Environment with Electric Innovation Designs. The project’s goal is to improve the efficiency and reduce the environmental impact of Europe’s commercial shipping fleet. The project is funded by the European Union.
State Street Corp. agrees to buy Goldman Sachs unit for $550m State Street Corp., a financial services company headquartered in Boston, said Tuesday that it has agreed to pay $550 million to buy Goldman Sachs Administration Services as it looks to become the leading global administrator of hedge funds. A global service provider to hedge funds, Goldman Sachs Administration Services, or GSAS, administers about $200 billion in single manager hedge fund assets on behalf of approximately 150 investment manager clients. The transaction does not include Goldman Sachs’ Prime Brokerage business.
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