Thursday, July 28, 2011

Daily Business Update from the Boston Globe

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Thu. Jul. 28, 2011

MassMutual unit agrees to $1 billion Madoff settlement
A hedge fund unit of Massachusetts Mutual Life Insurance Co. has agreed to pay more than $1 billion to customers of imprisoned fraudster Bernard Madoff, in a settlement with the trustee in Madoff bankruptcy case.

Obama nominates former Boston VC to Energy Department post
David Danielson, who co-founded the clean energy investment practice at Boston venture capital firm General Catalyst Partners, is nominated as assistant secretary for Energy Efficiency and Renewable Energy.

Fidelity: Pension plan participants under-educated
Corporate pension participants are under-educated about the details of their plans, fund manager Fidelity Investments said in a report released today.

Dunkin’ stock still robust
Investors experienced a morning rush for shares of Dunkin’ Brands Group, and the Canton company’s stock opened at $29.21, the highest price it’s reached since debuting on the NASDAQ yesterday.

Shire 2Q revenues rise above $1 billion
Revenues at drug maker Shire Plc.

Sanofi won’t make Genzyme milestone payment
French drug maker Sanofi SA today said it won’t make a milestone payment to shareholders of the former Genzyme Corp., which Sanofi acquired earlier this year, because the Cambridge biotechnology company failed to meet manufacturing targets for a pair of drugs.

Raytheon revenues grow in 2Q

JetBlue offers flat-rate pass for unlimited flights
From Aug. 22 to Nov. 22, passengers can take an unlimited number of flights to 55 destinations out of Logan International Airport for a flat rate of $1,999. For $1,499, Boston pass holders can fly to 13 nonstop destinations, mainly on the East Coast.

Boston Scientific to cut up to 1,400 jobs
Medical device maker Boston Scientific reported a better-than-expected second-quarter profit Thursday and announced it would reduce its staff by between 5 and 6 percent to streamline operations.

Comcast adds more Hispanic TV networks
Comcast is providing more Hispanic networks on its cable systems, which will add about 14 million subscribers.

Former broker sentenced to 8 to 12 years for fraud, larceny
Former financial broker Shane Selewach, 48,

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