Friday, February 8, 2013

Daily Business Update

 
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Daily Business Update Fri. Feb. 08, 2013
 
Kiefer Sutherland among those hunkering down in Boston hotels
Hotels across Greater Boston were trying to make the best of the storm, offering snowstorm rates, complimentary parking and free hot chocolate to guests and emergency workers.
Planes are still flying in and out of Logan, but service will be suspended at 4 p.m. Friday
Planes were still flying in and out of Logan International Airport early Friday afternoon, but only a few more arrivals and departures are expected, said Matthew Brelis, spokesman for the Massachusetts Port Authority, which runs Logan. By 4 p.m., no more flights will be coming in and out of Boston, and the current expectation is that service will resume Saturday afternoon, Brelis said. Across the Northeast, airlines have canceled more than 4,000 flights on Friday and Saturday, according to the flight-tracking website FlightAware.
With stock markets expected to stay open, Boston investment firms carry on
With stock markets expected to stay open all day, Boston’s downtown investment firms kept core investment staff in the office, while letting most others work from home. Pioneer Investments was closed for the day, except for “essential” staff, while Loomis Sales & Co. sent all but necessary workers home by 1 p.m. Many of Fidelity Investments’s employees worked from home.
South Station packed as commuters scramble for last trains
South Station is pulsing with anxious commuters and other travelers as the last Amtrak trains are preparing to leave the train depot by 1:40 Friday afternoon, and commuter rail trains stop running after 3:30 as the region’s transportation system prepares for the blizzard.
Boston bars see booming business in snow storm
Some Boston bars enjoyed extra -- and early -- business from people who were snowed out of work or school Friday. Lincoln Tavern & Restaurant in South Boston, which normally opens at 5 p.m. on Fridays, welcomed its first guests at 11 a.m.
NStar activates Level 5 emergency response for ‘potentially catastrophic’ blizzard
NStar is warning that tens to hundreds of thousands of customers could lose power during Friday’s “potentially catastrophic” blizzard, and says it has activated its highest emergency response level – level 5 – to deal with the storm. “This blizzard has the potential to deliver devastating damage to our electric system and while we are hoping for the best, we are preparing for the worst,” Craig Hallstrom, president of NStar Electric, said.
Massachusetts Life Sciences Center awards $5m grant to support launch of LabCentral
The Massachusetts Life Sciences Center, a quasi-public agency of the Commonwealth of Massachusetts, said that it has awarded a $5 million capital grant to support the launch of LabCentral, a state-of-the art 27,000 square-foot facility that is scheduled to open in Cambridge in November. A goal of LabCentral is to foster biotechnology startups by enabling them to rent small amounts of lab space. The lab will be located in Kendall Square, a hub of much life sciences activity.
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Daily Headlines | Boston.com Today

 
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Boston.com Today Feb. 8, 2013
Daily Headlines is now Boston.com Today. Continue receiving the latest headlines and get a fresh look at what's new on Boston.com.
 
Storm Forcast
Breaking weather news: Full storm coverage
By all indications “snowmageddon” is barreling towards Boston. Hourly, starting at 11 am, watch meteorologist David Epstein live on Boston.com to track this potentially historic blizzard. For the absolute latest right now, Boston.com’s StormCenter has all of your forecasts, school closings, transit updates and urgent weather alerts.

WBZ Accuweather forecast   live video updates:
http://www.boston.com/news/weather/video

Full StormCenter coverage:
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Thursday, February 7, 2013

Daily Business Update

 
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EDITORIAL EMAIL PUBLISHED BY   Boston.com
Daily Business Update Thu. Feb. 07, 2013
 
Massachusetts officials say $67 million targeted for affordable housing
Massachusetts officials said Thursday that $67 million in state and federal funding and tax credits has been designated to build and preserve 23 affordable-housing developments in 21 communities.
Whole Foods CEO John Mackey says business is ‘under attack’
Whole Foods Market co-chief executive John Mackey, known for his outspoken style, says business in the US is “under attack.” Speaking at a Greater Boston Chamber of Commerce breakfast Thursday, Mackey said businesses are often unfairly maligned. “The latest Gallup poll shows big business enjoys only a 19 percent approval rating,” he told an audience at the Seaport World Trade Center. “Yet business is fundamentally good and has created more value in the world than any other institution.”
Asset sales help quarterly profit at The New York Times Co.
The New York Times Co., which owns newspapers and news websites including The Boston Globe and Boston.com, reported a big jump in fourth-quarter profit Thursday, largely because of gains from asset sales, according to The New York Times newspaper website. Net income was $176.9 million, or $1.14 a share, a 200 percent increase from $58.9 million, or 39 cents a share, in the period a year earlier.
Liberty Mutual gears up for the Olympics with its Team USA sponsorship
Boston-based Liberty Mutual Insurance is celebrating its four-year sponsorship of Team USA with kick-off ceremonies Thursday that include such famous Olympic athletes as Aly Raisman, Michelle Kwan, and Mike Eruzione. Why the timing? Because exactly one year from today the Winter Olympics are scheduled to start in Sochi, Russia. Liberty Mutual is also a Team USA sponsor for the 2016 summer games in Brazil.
DataXu, a Boston provider of digital marketing software, raises $27m
DataXu, a Boston company that makes digital marketing software, said Thursday that it has closed a $27 million round of funding. The investment was led by Thomvest Ventures. All three current major investors – Atlas Venture, Flybridge Capital Partners and Menlo Ventures – participated in the round, DataXu said in its press release. Since its founding in 2009, the company has raised a total of $65 million.
TJX says January sales were above plan and raises 4Q and full-year outlook
TJX Cos., the Framingham retailer that operates such chains as T.J. Maxx, Marshalls, and HomeGoods, said Thursday that its same-store sales for January rose 3 percent on a year-to-year comparison basis. Same-store sales, or sales at stores open at least a year, are considered a good indicator of a retailer’s performance. TJX also said it’s raising its outlook for fourth quarter earnings per share to be about $.80-$.81, a 29 percent to 31 percent increase over last year.
Agreement aims to make Dyax’s hereditary angioedema drug available in China
Dyax Corp. of Burlington is partnering with CVie Therapeutics as part of plan to make Dyax’s hereditary angioedema drug available in China, Hong Kong, and Macau. The drug, Kalbitor, is currently marketed in United States for the treatment of acute attacks of hereditary angioedema, or HAE, in patients 16 years of age and older. According to Dyax’s website, HAE is a rare disease of the immune system, affecting an estimated 1 in 10,000 to 1 in 50,000 people around the world.
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Daily Headlines | Boston.com Today

 
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Boston.com Today Feb. 7, 2013
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Wednesday, February 6, 2013

Daily Business Update

 
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Daily Business Update Wed. Feb. 06, 2013
 
WBUR is set to begin broadcasting on its new Martha’s Vineyard FM signal Saturday
WBUR, a Boston National Public Radio news station, said Wednesday that it plans to begin broadcasting its programming Saturday on its new 92.7-FM signal on Martha’s Vineyard. The 92.7-FM signal has long been held by a rock station with the call letters of WMVY. In November, WBUR announced an agreement to buy the 3,000-watt signal from Aritaur Communications for an undisclosed amount. For WBUR, the sales agreement was part of a plan to expand its reach in Southeastern Massachusetts and to add up to as many as 60,000 potential new listeners.
Houghton Mifflin Harcourt will become Samsung’s first major educational content partner
Houghton Mifflin Harcourt, a Boston publisher with a large textbook business, said Wednesday that some of its educational content will now be available on a range of Android-powered devices from Samsung Electronics America Inc., including on Samsung’s Galaxy Note 10.1 tablet computer. This collaboration sees Houghton Mifflin Harcourt become Samsung’s first major educational content partner.
Jim Braude and Margery Eagan join WGBH’s talk radio line-up
WGBH said Wednesday that Jim Braude and Margery Eagan are joining the talk-show line-up at the Boston Public Radio station following their recent departure from WTTK radio. WTTK recently switched to an all music format. Braude and Eagan will join the established team at Boston Public Radio, the two-hour local talk show that airs Monday through Friday from noon unitl 2 p.m. on WGBH 89.7, as new co-hosts. The program will continue to include contributions from station regulars such as Callie Crossley and Emily Rooney, WGBH said.
Acquisition to give Customers Bank entree to New England
Customers Bank, a $4 billion asset bank headquartered in Pennsylvania, said that it is entering the New England market, thanks to a planned acquisition of all the local New England commercial banking business from Michigan-based Flagstar Bank of Michigan. Currently, Customers Bank has a presence in the New York, New Jersey, Pennsylvania, and Washington, D.C., markets. The chief executive of Customers Bank is Jay Sidhu, who once headed Sovereign Bancorp.
Hadley spirit-meister launches V-One Love vodka
Western Massachusetts is generally not regarded as a hotbed of vodka-making, but Paul Kozub of Hadley hopes to make it one. After extensive travels to Poland and much trial-and-error, Kozub said his Valley Vodka Inc. is launching a flavored vodka called V-One Love. V-One Love will come in 750 milliliter bottles and will retail for between $30.99 and $35.99; it will be available next month in select stores in Massachusetts and Connecticut.
Biogen Idec to make $3.2b upfront payment to buy full rights to the MS drug Tysabri
Biogen Idec Inc. has agreed to make an upfront payment of $3.2 billion as well as future contingent payments to acquire the full rights to the multiple sclerosis drug Tysabri from its Irish partner Elan Corp. Plc, which owns 50 percent, Biogen Idec said. The deal would give the Weston biotech complete control of Tysabri, its fastest growing product, which many doctors and patients view as one of the most effective therapies now on the market in treating MS.
Ocean Spray to Valentine’s Day lovebirds: Don’t overlook the cranberry
In its ongoing quest to alert consumers that the cranberry is a fruit for all seasons, Ocean Spray is suggesting that thoughtful lovers shouldn’t overlook its product line when it comes to expressing Valentine’s Day sentiments. “Whether it’s a love note in their lunch, serving their favorite meal, or whipping up an extra special treat, Ocean Spray’s here to help capture your Valentine’s heart,” said the agricultural cooperative with a headquarters campus that straddles the border of Lakeville and Middleborough.
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Boston.com Today Feb. 6, 2013
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Tuesday, February 5, 2013

Daily Business Update

 
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EDITORIAL EMAIL PUBLISHED BY   Boston.com
Daily Business Update Tue. Feb. 05, 2013
 
Ocean Spray to Valentine’s Day lovebirds: Don’t overlook the cranberry
In its ongoing quest to alert consumers that the cranberry is a fruit for all seasons, Ocean Spray is suggesting that thoughtful lovers shouldn’t overlook its product line when it comes to expressing Valentine’s Day sentiments. “Whether it’s a love note in their lunch, serving their favorite meal, or whipping up an extra special treat, Ocean Spray’s here to help capture your Valentine’s heart,” said the agricultural cooperative with a headquarters campus that straddles the border of Lakeville and Middleborough.
On heels of federal suit, Massachusetts AG Martha Coakley says she also is investigating S&P agency
On the heels of a federal lawsuit against Standard & Poor’s Ratings Services, Massachusetts Attorney General Martha Coakley said Tuesday that her staff also is looking into allegations the New York credit rating agency helped fuel the country’s mortgage meltdown and financial crisis.
States lose $40b in revenue to offshore tax havens, MASSPIRG study says
While the debate over offshore tax loopholes generally takes a national focus, a consumer advocacy group is reporting that states lose nearly $40 billion a year in tax revenues to companies and wealthy people who shelter money abroad. Multinational corporations accounted for $26 billion of that lost revenue in 2011, according to the Massachusetts Public Interest Research Group, a nonprofit known as MASSPIRG, which helped conduct a national study of the impact on states of offshare tax havens.
PRIM: State pension fund posted a 13.9 percent gain for 2012
The state pension fund posted a 13.9 percent gain for 2012, beating its benchmark by 0.84 percent. Fixed income and global equities had strong results, with double digit returns, the Massachusetts Pension Reserves Investment Management Board said Tuesday. (The board, which manages the state pension fund, is also known as PRIM.) Hedge funds fared well, up 8.4 percent, versus a 4.8 percent benchmark. Total assets in the fund closed the year at $51.9 billion, up from $47 billion at the start of the year.
AIM: Business confidence rises in Massachusetts
Massachusetts Business Confidence Index rose 2.6 points in January to post a 50.4 reading; despite signs of weak economic growth, the state’s employers were seemingly encouraged by progress made towards addressing federal fiscal issues, the Associated Industries of Massachusetts, or AIM, said Tuesday. While January’s index reading is better than December’s, it’s 2.4 points lower than the reading posted for January 2012.
Fidelity partnership aims to help retiring employees transition to private health coverage
Fidelity Investments, the Boston-based financial-services company, and Extend Health, a Towers Watson company, today announced a strategic agreement to enhance Fidelity’s retirement guidance capabilities to include retiree health care. According to Fidelity, this agreement will “simplify the transition process for millions of retiring Americans as they shift from employer-sponsored medical coverage to the individual Medicare market for health insurance.” Extend Health is a large private Medicare exchange.
Biofuels industry needs feedstock innovations to boom, Lux Research report says
Innovations on biomass production are needed for the biofuels market to boom, a new Lux Research Inc. report concludes. “Using today’s technologies, an area the size of Russia would need to be cultivated to replace all of petroleum use for chemicals and fuels – feedstock innovation will be needed to keep growing biomass’s market share,” said Lux Research, a Boston-based firm provides strategic advice and intelligence for emerging technologies.
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