Tuesday, August 30, 2011

Daily Business Update from the Boston Globe

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Tue. Aug. 30, 2011

Amtrak and airline flights are mostly back to normal
Transportation services were largely back to normal today after disruptions caused by Tropical Storm Irene. All trains, including the Acela high speed rail, were back in operation between Boston and New York, with some delays, according to Amtrak. Northbound service between Philadelphia and New York, however, has yet to be restored because of flooding and debris on the tracks. At Logan International Airport, airlines had resumed normal schedules, working to get passengers stranded by the storm to their destinations.

Boston-area home values up for second month in a row
Home values in the Boston area increased by 2.4 percent in June, marking the second straight month of rising prices after nearly a year of depressed values, according to a report released today by the S&P Case-Shiller Home Price Indices.

All Mass. Wal-Marts that lost power have reopened
Wal-Mart Stores Inc. said that all its Massachusetts stores are now open. Yesterday morning, six of the big discount chain’s 47 Bay State stores were closed as a result of power outages caused by Tropical Storm Irene. Wal-Marts in Wareham, Avon, Abington, Brockton, Framingham, and Bellingham were temporarily closed but have since reopened, the company said.

State Street: Investor confidence falls
A global investor confidence index maintained by a unit of State Street Corp. fell to 89.6 in August, down 12.9 points from July’s revised reading of 102.5. The most significant decline was shown by North American investors, with confidence registering a reading of 88.6, down 13.9 points from July’s revised level of 102.5. Diminished growth expectations, the downgrade of the US sovereign debt rating, and continued difficulties in Europe were among the reasons why investors were so skittish.

Just under 220,000 Mass. customers still without power
There were about 218,000 Massachusetts electricity customers without power as of just after noon today, down from 480,000 last night, a spokesman for the Massachusetts Emergency Management Agency said today. The state’s two largest utilities, NStar and National Grid, also reported progress in restoring power in the aftermath of damage inflicted by Tropical Storm Irene. Earlier this morning, NStar said that 84,000 of its customers remained without power, down from 200,000 yesterday afternoon, concentrated on the South Shore, Cape Cod, and west of Boston.

EMD Millipore acquisition would strengthen its bioscience business
EMD Millipore, which sells products such as lab filtration equipment to biotechs, pharmaceutical companies, and academic research labs, said that it has agreed to buy Amnis Corp., a small Seattle company, as Billerica-based EMD Millipore looks to strengthen its bioscience business.

Avantra Biosciences is now Courtagen Life Sciences
Avantra Biosciences Corp. said it is changing its name to Courtagen Life Sciences Inc. The Woburn company sells products and services to the life sciences industry. It will continue to use the Avantra name for one of its product portfolios. According to the company, the name change reflects a new strategic focus on developing advanced technologies in both the genomic and proteomic areas.

Irene gives local billboard crews a workout
Wind is the enemy of the billboard, says Stephen Ross, president of the Boston division of Clear Channel Outdoor. To protect Clear Channel billboards from wind damage, crews removed about 100 ads in the days leading up to the Hub arrival of Hurricane/Tropical Storm Irene. Now exhausted crews must put all those signs back up again. Clear Channel has a local billboard inventory of 400 faces. (Some boards can have two faces --- or ads on two sides).

Mass. gas prices fall 3 cents a gallon
The average price for gas in Massachusetts is $3.619 a gallon in the latest weekly survey from AAA, down 3 cents from the previous week’s average, AAA Southern New England said this morning.

Lantos announces new CEO, new funding
Lantos Technologies announced the appointment of a new chief executive and the closing of a $4.1 million Series B round of financing. Jeffrey C. Leathe will take over as the company looks to commercialize technology for mapping the human ear canal. The hope is that this technology will lead to improved products such as hearing aids and noise-cancelling earphones.

Six Mass. Wal-Marts remain closed because of power outages
Local officials for Wal-Mart Stores Inc. said six of the discount chain’s 47 Massachusetts stores are closed this morning because of storm-related power outages. The closed stores are in Wareham, Avon, Abington, Brockton, Bellingham, and Framingham. The hope is that some or all of the stores will be able to reopen later in the day.

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