Tuesday, December 4, 2012

Daily Business Update

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Daily Business Update


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Tue. Dec. 04, 2012

State pension fund board OK’s new bonus plan for investment staff

The board of the state pension fund voted Tuesday 5-to-4 to approve a new compensation plan that would raise potential bonuses for investment staff. State treasurer Steve Grossman, who is chairman of the $50 billion pension board, voted against the plan because it lacked a key provision he supported. Grossman had pushed for bonuses to be linked to the fund’s 8 percent annual return goal; in years when the fund doesn’t hit that threshold, the ultimate bill to taxpayers increases.

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PETA ranks Gillette Stadium as 2d most vegetarian-friendly venue in the NFL

Grilled veggie flatbread wraps may not be the first thing a New England Patriots fan thinks about when attending a home game, but the wraps are one reason why Gillette Stadium ranked second on a list of vegetarian friendly stadiums. The list is compiled by PETA, an advocacy group formally known as People for the Ethical Treatment of Animals. Among the vegetarian options offered at Gillette Stadium: burgers made from black-beans or grilled portobello mushrooms, along with veggie hot dogs and salads.

Massachusetts business confidence drops as employers fret about the ‘fiscal cliff’

A monthly index that seeks to measure business confidence in Massachusetts fell 4.3 points in November as local employers fretted about the so-called fiscal cliff, a combination of steep tax increases and deep budget cuts that will go into effect unless President Obama and Congress can devise an alternative plan. The index, which uses a 100-point scale, posted a reading of 46.8 for November, down 4.3 from a reading of 51.1 in October; the index had a reading of 50.1 in November 2011.

Cynosure gets FDA clearance to market laser system that removes tattoos

Cynosure Inc., a Westford-based company specializing in laser- and light-based treatments for aesthetic applications, said Tuesday that it has received regulatory clearance to market a laser work station designed for the removal of tattoos and benign pigmented lesions. Getting a 510(k) clearance from the Food and Drug Administration clears the way for Cynosure to begin selling its PicoSure laser work stations to aesthetic dermatologists and plastic surgeons in early 2013.

Adelphic Mobile raises $10m from Google Ventures and Matrix Partners

Google Ventures and Matrix Partners are putting $10 million into Waltham-based Adelphic Mobile, which delivers targeted ads to mobile devices. Adelphic says that its technology can deliver ads not just based on the phone and network you’re using, but as many as 30 other parameters, including time, place, age, and gender. Co-founders Jennifer Lum and Changfeng Wang previously worked at the ad startup Quattro Wireless, which was acquired by Apple to help that company build its mobile ad product, iAds.

Babson College president Len Schlesinger to step down

Babson College, a private business school located in Wellesley, said that its president Len Schlesinger will step down at the end of this academic year and that a search committee has been formed to look for his successor. In a statement, the 60-year-old Schlesinger said: “It is now time to reorient much of my attention to those in my family who both deserve and require it.  An orderly transition for the president’s role over the coming months will make that possible. “

American Airline workers voting to unionize

American Airlines passenger service agents are voting to form a union, a process that began two years ago and weathered a bankruptcy filing and several attempts by the airline to stop the organizing effort by the Communication Workers of America. About 9,600 passenger service agents who handle tickets and cargo, work in the VIP lounges, and take customer service calls – including 120 at Logan International Airport – start voting Tuesday to join the Communication Workers of America.

Berklee College of Music report: Versatility is crucial to a successful music career

A Berklee College of Music report takes an updated look at the music industry. Titled “Music Careers in Dollars and Cents,” the report finds the industry faces a number of challenges. The chronic theft of music content has lessened music’s perceived value among many consumers who think that anything online should be free. To succeed in such a tough environment, today’s musician needs to be highly versatile and possess professional skills beyond music making.

Massachusetts gas prices are down 2 cents a gallon, AAA Southern New England says

The average price for gas in Massachusetts is $3.549 a gallon in the latest weekly survey by AAA, down 2 cents from the previous week’s average, AAA Southern New England said Monday.

Iron Mountain appoints William Meaney president and chief executive

Iron Mountain Inc., an information storage and management company headquartered in Boston, said Monday that its board of directors has voted unanimously to appoint William Meaney president and chief executive, effective Jan. 7. Meaney will succeed executive chairman and chief executive Richard Reese, who announced his intention to retire after 31 years at the company, Iron Mountain said. Reese served as chief executive from December 1981 to June 2008 and returned as CEO in April 2011.

Cystic fibrosis drug from Vertex is approved by Canadian regulators

Vertex Pharmaceuticals Inc. said Monday that Canadian regulators have given their approval to Kalydeco, a drug designed to treat some patients suffering from cystic fibrosis, a rare and often fatal genetic disease. The news comes roughly 10 months after the Cambridge company received a similar approval for the drug from the Food and Drug Administration in the United States.

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