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Fri. Oct. 26, 2012 Massachusetts fines Citigroup $2m over Facebook IPO The top securities regulator in Massachusetts has fined Citigroup Global Markets Inc. $2 million for failing to supervise analysts who improperly disclosed confidential information about Facebook’s initial public offering. Secretary of State William Galvin announced Friday that CGMI acknowledged a statement of facts in the case and agreed to permanently stop violating state securities laws.	Advertisement
State’s economy slows as US growth picks up Massachusetts’ economic growth slowed significantly over the summer while the nation showed a modest pick-up, according to two reports released Friday. The diverging trajectories highlight the difference between the consumer-driven US economy and the Massachusetts economy, which is more dependent on business spending. Nationally consumer spending increased solidly while overall business investment declined. Robert Nakosteen, an economist at the University of Massachusetts , described the state’s pace of growth as “not very heartwarming.”
IT software maker Rapid7 has a new chief executive Rapid7, a Boston-based provider of information technology security risk management software, has named Corey Thomas as its new chief executive and president. Thomas -- formerly the chief operating officer --replaces Mike Tuchen, who became chief executive in 2009. Under Tuchen, the company prospered, and on Friday it reported third quarter earnings that were up 75 percent compared with the same period last year. Tuchen will stay on and serve as an advisor to the company, Rapid7 said.
Specialty retailer Tilly’s is opening stores at South Shore Plaza and Northshore Mall Specialty retailer Tilly’s is opening a store in South Shore Plaza in Braintree and another in Northshore Mall in Peabody. If you’re into surfing, skateboarding, or motorcross sports, Tilly’s may be the outfitter for you. Its lifestyle apparel is specifically fashioned for folks who enjoy such activities. A chain with Southern California roots now has about 160 stores across the country. The Tilly’s stores at South Shore Plaza and Northshore Mall are scheduled to open in mid November.
Whole Foods agrees to buy leases for six Johnnie’s Foodmaster locations Whole Foods Market Inc., the Texas-based upscale supermarket chain, said Friday that it has agreed to buy six leases from Johnnie’s Foodmaster, a family-owned grocery chain based in Chelsea. Terms of the transaction are not being disclosed. The six leases are for stores in South Weymouth, Arlington, Charlestown, Brookline, Melrose, and the Beacon Street store in Somerville. Plans call for Johnnie’s Foodmaster to will close all six locations before the sales agreement’s Nov. 30 closing date. Whole Foods hopes to reopen the fall of 2013.
bluebird bio is awarded $9.3m to support its gene therapy treatments bluebird bio, a Cambridge companyr that eschews capital letters, said Friday that the California Institute for Regenerative Medicine has approved a $9.3 million award to support the development one of bluebird bio’s gene therapies. The award will support the testing of a gene therapy called LentiGlobin, said the company, which also has an office in San Francisco. LentiGlobin is designed to treat beta-thalassemia, an inherited blood disorder that causes the body to have an inadequate amount of functional hemoglobin.
CEOs urge Congress to take action on the national debt by raising taxes and cutting spending Chief executives from some of the nation’s biggest companies are urging Congress to forge a bipartisan deal to address the national debt by raising taxes and cutting spending.
Quest Diagnostics to open new laboratory facility in Marlborough In a major boost to the suburban Boston real estate market, Quest Diagnostics Inc. has agreed to move into the former Hewlett-Packard office complex in Marlborough, moving more than 950 jobs to the city, according to a person with direct knowledge of the deal. The New Jersey-based provider of medical testing services will spend more than $64 million to create a Northeast laboratory facility on the former Hewlett-Packard site, which has been vacant for more than two years, according to the source, who was not authorized to speak publicly because the deal has not been publicly announced.
Philips Healthcare is cutting jobs in Andover Nearly 150 jobs are being cut at Philips Healthcare operations in Andover as part of the company’s worldwide effort to improve its competitiveness, reduce duplications, and focus on innovation, a company spokeswoman said Thursday. At the end of 2011, the number of Philips Healthcare employees in Massachusetts was 3,000. In September, the company disclosed plans to cut 2,200 jobs worldwide, or less than 2 percent of its workforce. At the end of 2011, Philips had 121,000 employees.
New York Times Co.’s revenues and profit drop The New York Times Co., which owns The Boston Globe, Boston.com, BostonGlobe.com as well as The New York Times newspaper, reported net income of about $2.3 million, a drop of nearly 86 percent from the same quarter a year ago, when the company took several one-time items, including a gain from the sale of investments and a charge for paying down debt. The Times Co. is a smaller organization than it was a year ago. In January, the company sold 16 regional newspapers, including papers in Florida, North Carolina, and California, for about $150 million.
Zmags raises $6m to fuel innovation in tablet-based commerce Zmags, a Boston-based provider of commerce-enabled digital catalogs and publications, announced Thursday that it has completed a $6 million investment led by North Atlantic Capital. Zmags’ previous investors – OpenView Venture Partners and NorthCap Partners – also participated in the round. Proceeds from the round will be used to fuel product innovation to meet the needs of large retail and consumer brands looking to engage with shoppers across mobile, social, and online channels, said Zmags, which added that this latest round brings its total to $18 million to date.
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