Tuesday, August 16, 2011

Daily Business Update from the Boston Globe

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Tue. Aug. 16, 2011

Schilling video game firm to debut game in Feb.
PROVIDENCE-- 38 Studios, the Rhode Island-based video game company founded by former Red Sox pitcher Curt Schilling, said its latest game will be released next February in North America and Europe. Designer Ken Rolston today showcased a trailer for “Kingdoms of Amalur: Reckoning” at the gamescom conference in Germany. The game will be released in North America on Feb. 7 and in Europe on Feb. 10.

Copley tower developer presses forward
Simon Property Group is moving forward with plans for a 47-story tower at Copley Place that would be the largest residential building in Boston, saying in a new city filing today that the development would ensure the complex “maintains its status as the most attractive retail destination in Boston metropolitan area.” Simon is proposing to build 318 residences, a larger Neiman Marcus store, and a glass-enclosed garden with additional retail stores at the corner of Dartmouth and Stuart streets.

Corero Network Security has new CEO
Corero Network Security, a Hudson company focused on network security, has promoted Marty Meyer to chief executive. Meyer joined the company earlier this year as general manager and chief financial officer.

Putnam gives shout-out to winning golfer
Putnam Investments officially congratulated professional golfer Keegan Bradley on his exciting come-from-behind victory Sunday in the prestigious Professional Golfers’ Association Championship. When not performing dramatic feats on the links, Bradley is a Putnam pitchman.

T.J. Maxx parent sees higher net income
TJX Cos., the Framingham-based parent of T.J. Maxx and other off-price retail chains, said its second-quarter net income rose 14 percent as it lured in budget-conscious shoppers. Revenue rose 8 percent to $5.47 billion, topping analysts’ predictions of $5.44 billion. Net income was up 14 percent to $348 million from $305 million.

AMSC appoints new chairman
American Superconductor Corp., or AMSC, an embattled Devens company focused on power technologies, today announced the appointment of John W. Wood Jr. as chairman of the board. Wood succeeds former chairman and company founder, Gregory J. Yurek, who retired as chief executive earlier this year. Last week, the company said it has cut its workforce by about 30 percent, or 150 jobs on expectations that it will post a “significant loss” for the fiscal quarter that just ended.

Confidence index falls for Mass. Realtors
Concerned about the economy, real estate agents were feeling less positive about the Massachusetts residential real estate market in July than they were at the same time last year, the Massachusetts Association of Realtors said today. In July, a market index that the association uses to gauge confidence posted a reading of 26.89 on a 100-point scale.

Health insurers post strong quarterly earnings
The biggest commercial health insurers in Massachusetts today posted sharply higher second-quarter earnings, citing their efforts to rein in administrative spending and a slower rise in medical costs reflected in the contracts they’ve negotiated with hospitals and doctors.

Clean Harbors agrees to $1.7m settlement
An environmental cleanup company has agreed to pay $1.7 million to settle allegations that it improperly stored hazardous waste at its facility in Braintree. The Environmental Protection Agency’s agreement with Clean Harbors includes a $650,000 penalty as well as more than $1 million to plant about 1,400 trees in low-income and historically-disadvantaged environmental justice areas in Boston.

Freshii opens first Hub restaurant
Freshii, a restaurant chain that aspires to be the last word in eco-friendly dining, officially opened its first location in Massachusetts today. The new Freshii, located in about 2,000 square feet of space at 100 High St. in Boston’s Financial District, doesn’t just feature wraps and burritos with some locavore ingredients; it also serves up its fare in biodegradable and recyclable packaging.

Evergreen Solar files for Chapter 11
Evergreen Solar Inc., the once promising alternative energy company that received millions in state subsidies, announced today that that it has voluntarily filed a petition for relief under Chapter 11 of the US Bankruptcy Code. Headquartered in Marlborough, Evergreen makes solar cells. Struggling with low-price competition from Chinese rivals, it shut its manufacturing plant in Devens in March.

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