Tuesday, February 19, 2013

Daily Business Update

 
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EDITORIAL EMAIL PUBLISHED BY   Boston.com
Daily Business Update Tue. Feb. 19, 2013
 
‘Top Chef’s’ Gail Simmons to be entrepreneur-in-residence at Babson College
Babson College said that TV uber chef Gail Simmons has been appointed to the post of entrepreneur-in-residence. Her appointment was co-sponsored by Babson’s Center for Women’s Entrepreneurial Leadership and the Lewis Institute for Social Innovation at Babson College, the school said. Simmons is a judge on “Top Chef,” a food show on the Bravo cable network. At Babson, Simmons will mentor and guide the school’s budding entrepreneurs.
TD Bank appoints Nandita Bakhshi to head of Retail Distribution and Products
TD Bank said it has appointed Nandita Bakhshi to the post of executive vice president, head of Retail Distribution and Products. TD Bank, a unit of The Toronto-Dominion Bank of Toronto, Canada, is one of the largest regional banks on the East Coast with more than 1,300 locations. The US division is headquartered in Cherry Hill, N.J., and Portland, Maine. TD Bank is the fourth largest retail bank in Massachusetts with more than 160 branches in the state.
Hydroid begins production of AUVs for the Navy
Hydroid Inc., a Bourne-based manufacturer of autonomous underwater vehicles, said that three of its AUVs are now in production for the US Navy, which plans to use them for such jobs as collecting oceanographic and meteorological data. The decision by the Navy’s Space and Naval Warfare Systems Command, or SPAWAR, follows more than a year of testing and evaluation.
Global Partners completes acquisition of West Coast crude oil and ethanol facility
Global Partners LP, a Waltham company that operates oil terminals, said Tuesday that it has completed its previously announced acquisition of a West Coast crude oil and ethanol facility. The company acquired 100 percent of the membership interests of Cascade Kelly Holdings LLC, a West Coast crude oil and ethanol facility near Portland, Ore. The purchase price, subject to post-closing adjustments, was approximately $95 million.
Dean of MIT School of Science joins Bruker board
Bruker Corp., Billerica-based maker of scientific instruments, announced the election of Marc Kastner to its board of directors, replacing Charles F. Wagner Jr., who stepped down from the board in the summer in order to become Bruker’s new chief financial officer. Kastner is Donner Professor of Physics and dean of the School of Science at the Massachusetts Institute of Technology.
Boston officials OK AvalonBay tower near Garden
The Boston Redevelopment Authority has approved construction of 38-story residential tower next to the TD Garden that will include more than 500 apartments, restaurants and stores.
Fidelity income falls 29 percent due to stock fund outflows, low interest rates, higher expenses
Fidelity Investments said its operating income dropped 29 percent last year, to $2.3 billion, as revenues slipped and expenses rose. The Boston-based mutual fund giant, in its annual report, said its revenues fell 1 percent to $12.6 billion, despite a year of strong gains in the markets. Chairman Edward C. Johnson III said in his annual letter that revenues were hurt by investors continuing to move out of the firm’s stock funds, and by “extremely low” interest rates, price pressures and lower trading volumes by customers.
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