Friday, August 31, 2012

Daily Business Update

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Friday. Aug. 31, 2012

Bernanke: With unemployment high, Fed can do more

Chairman Ben Bernanke made clear Friday that the Federal Reserve will do more to boost the economy because of high US unemployment and an economic recovery that remains "far from satisfactory."

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Innovation Amplifiers: 25 people who are turning up the volume on innovation in Boston

Who has been most active in 2012 at working to make Boston's innovation economy better?

Gas prices at record levels for Labor Day weekend

Gasoline prices in Massachusetts and nationwide are the highest ever heading into Labor Day weekend, causing some drivers to rethink travel plans for the end-of-summer holiday.

Ford on track to beat Toyota with best-selling car

Ford Motor Co. says its Focus small car is on track to become the best-selling car in the world this year, trumping the Toyota Corolla.

Twitter unveils new targeting tool for advertisers

Twitter is offering a new way for advertisers to deliver their marketing pitches to the people who are most likely to buy their products and services.

Why read the fine print when booking hotels?

New fees and novel freebies continue to pop up on hotel bills. Knowing what’s included — and what you’re willing to pay for — can make a big difference when it comes time to settle the bill.

Mass. Division of Insurance rejects proposed hike of workers’ compensation rate

The Division of Insurance said Thursday that it has rejected a request to increase Massachusetts workers’ compensation rates by 18.8 percent. As a result of that decision, which followed a five-month hearing process, rates will be unchanged, and businesses will save an estimated $200 million on projected premium increases, according to the Division of Insurance. Workers’ compensation insurance provides coverage for such things as lost wages and medical care for workers injured on the job.

Sunovion to buy Elevation Pharmaceuticals in a deal with a $100m upfront payment

Sunovion Pharmaceuticals Inc, the Marlborough-based subsidiary of a big Japanese drug company, said Thursday that it has agreed to buy Elevation Pharmaceuticals Inc., a privately held company specializing in the development of aerosol therapies for patients with respiratory diseases. Sunovion said it will make an upfront payment of $100 million to the shareholders of California-based Elevation on the closing of the acquisition. The sales agreement also calls for more than $300 million in additional milestone payments if certain conditions are met.

HFF facilitates $59m ground lease of Boston’s 177 Huntington Ave.

HFF, a provider of commercial real estate and capital markets services, said Thursday it has finalized a long-term $59 million ground lease of 177 Huntington Ave. on the Christian Science Plaza in Boston. In the transaction, HFF said it exclusively represented The First Church of Christ, Scientist, and the trustees of Church Realty Trust and procured the ground lessee, an affiliate of Beacon Capital Partners. 177 Huntington Ave. is a 26-story office tower with nearly 200,000 square feet of space.

FDA approves Cambridge firm’s drug for constipation, irritable bowel syndrome

The Food and Drug Administration said Thursday that it has approved Ironwood Pharmaceuticals Inc.’s drug to treat chronic constipation and irritable bowel syndrome. Chronic constipation affects an estimated 63 million people, and Ironwood’s drug, called linaclotide, has the potential to be a blockbuster drug, with some stock analysts projecting that the Cambridge company’s drug could ring up sales of more than $1 billion a year worldwide.

Ariad says EU regulator grants accelerated review for its cancer drug candidate

Ariad Pharmaceuticals Inc. of Cambridge said the European Union’s drug regulator has granted its request for accelerated assessment of its new cancer medicine, which may lead to a faster approval. Ariad submitted ponatinib to the European Medicines Agency Wednesday for a cancer of the white blood cells known as chronic myeloid leukemia, the company said in a statement Thursday. The accelerated assessment may shave off “several months” from the typical process that takes about a year, Ariad said.

TJX reports 8 percent rise in August same-store sales

TJX Cos., the Framingham company that operates such retail chains as T.J. Maxx, Marshalls, and HomeGoods, said Thursday said that its August same-store sales rose 8 percent when compared with sales from August of last year. Same-store sales, which include sales only at stores open at least a year, are regarded as an important measure of a retailer’s performance.

Moving to a new place? Comcast wants to help with your ‘digital’ move

As one of the busiest moving periods of the year approaches, Comcast Corp. is promoting its Movers Edge program as a way of making a move to a new home a little less stressful. In the Internet age, though, moving isn’t just about filling out change-of-address forms and hauling sofas and book-cases from Point A to Point B; it’s also about moving an individual’s “digital” presence, says Comcast, a company that provides of a range of entertainment and information services such as Internet service and cable TV.

Six Flags New England to add a big new water-slide complex to its line-up of rides

Six Flags New England announced plans Thursday to add Bonzai Pipelines, a 65-foot tall water-slide complex featuring six drop hatch slides, to its theme park in Agawam next spring. Bonzai Pipelines will feature six looping slides set atop a 65-foot tower. After reaching the top of the tower, thrill-seekers will step into the ‘DrenalineDrop launching capsule. The floor will then drop out beneath them, sending them free-falling down the slide, twisting and turning before landing in a splash run-out. Riders will surf the 257-foot slide at up to 40 miles per hour.

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Thursday, August 30, 2012

Daily Business Update

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Thu. Aug. 30, 2012

Sunovion to buy Elevation Pharmaceuticals in a deal with a $100m upfront payment

Sunovion Pharmaceuticals Inc, the Marlborough-based subsidiary of a big Japanese drug company, said Thursday that it has agreed to buy Elevation Pharmaceuticals Inc., a privately held company specializing in the development of aerosol therapies for patients with respiratory diseases. Sunovion said it will make an upfront payment of $100 million to the shareholders of California-based Elevation on the closing of the acquisition. The sales agreement also calls for more than $300 million in additional milestone payments if certain conditions are met.

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HFF facilitates $59m ground lease of Boston’s 177 Huntington Ave.

HFF, a provider of commercial real estate and capital markets services, said Thursday it has finalized a long-term $59 million ground lease of 177 Huntington Ave. on the Christian Science Plaza in Boston. In the transaction, HFF said it exclusively represented The First Church of Christ, Scientist, and the trustees of Church Realty Trust and procured the ground lessee, an affiliate of Beacon Capital Partners. 177 Huntington Ave. is a 26-story office tower with nearly 200,000 square feet of space.

FDA approves Ironwood’s potential blockbuster drug for constipation, irritable bowel syndrome

The Food and Drug Administration said Thursday that it has approved Ironwood Pharmaceuticals Inc.’s drug to treat chronic constipation and irritable bowel syndrome. Chronic constipation affects an estimated 63 million people, and Ironwood’s drug, called linaclotide, has the potential to be a blockbuster drug, with some stock analysts projecting that the Cambridge company’s drug could ring up sales of more than $1 billion a year worldwide.

Ariad says EU regulator grants accelerated review for its cancer drug candidate

Ariad Pharmaceuticals Inc. of Cambridge said the European Union’s drug regulator has granted its request for accelerated assessment of its new cancer medicine, which may lead to a faster approval. Ariad submitted ponatinib to the European Medicines Agency Wednesday for a cancer of the white blood cells known as chronic myeloid leukemia, the company said in a statement Thursday. The accelerated assessment may shave off “several months” from the typical process that takes about a year, Ariad said.

TJX reports 8 percent rise in August same-store sales

TJX Cos., the Framingham company that operates such retail chains as T.J. Maxx, Marshalls, and HomeGoods, said Thursday said that its August same-store sales rose 8 percent when compared with sales from August of last year. Same-store sales, which include sales only at stores open at least a year, are regarded as an important measure of a retailer’s performance.

Moving to a new place? Comcast wants to help with your ‘digital’ move

As one of the busiest moving periods of the year approaches, Comcast Corp. is promoting its Movers Edge program as a way of making a move to a new home a little less stressful. In the Internet age, though, moving isn’t just about filling out change-of-address forms and hauling sofas and book-cases from Point A to Point B; it’s also about moving an individual’s “digital” presence, says Comcast, a company that provides of a range of entertainment and information services such as Internet service and cable TV.

Six Flags New England to add a big new water-slide complex to its line-up of rides

Six Flags New England announced plans Thursday to add Bonzai Pipelines, a 65-foot tall water-slide complex featuring six drop hatch slides, to its theme park in Agawam next spring. Bonzai Pipelines will feature six looping slides set atop a 65-foot tower. After reaching the top of the tower, thrill-seekers will step into the ‘DrenalineDrop launching capsule. The floor will then drop out beneath them, sending them free-falling down the slide, twisting and turning before landing in a splash run-out. Riders will surf the 257-foot slide at up to 40 miles per hour.

Boston Properties buys San Francisco office development

Boston Properties Inc. bought an office project under construction in San Francisco’s South of Market district from Rockwood Capital and TMG Partners as investors scour the city for purchases. The company’s Boston Properties LP unit paid $62.2 million in cash and 1.59 million units of preferred stock that can be sold for $50 each and carry an annual dividend yield of 2 percent, according to a filing with the US Securities and Exchange Commission.

Massachusetts consumers to get $2 million as part of proposed $69 million e-book pricing settlement

Three book publishers have agreed to pay more than $69 million — including more than $2 million to Massachusetts customers — to resolve allegations that they conspired to fix prices on electronic books, Attorney General Martha Coakley said late Wednesday. Under the agreement reached with 54 attorneys general, Hachette Book Group Inc., HarperCollins Publishers LLC, and Simon & Schuster Inc. will compensate consumers who purchased so-called e-books by these publishers between April 1, 2010 and May 21, 2012.

NE economy growing sluggishly; hiring modest, outlook uncertain

The New England economy grew sluggishly through the summer, helped by a rebound in tourism and business travel and the gradual recovery in the region’s residential real estate market, according to a Federal Reserve survey. The region’s software and information technology firms also reported that “business is good,” even though some high-tech companies reported slowing sales in recent months. Overall, businesses are “hiring only modestly,” the Fed’s report said. “Outlooks remain uncertain.”

Container Store, DSW, and Orvis stores are coming to Northshore Mall

The operator of Northshore Mall said the Peabody shopping center will soon welcome the Container Store, DSW, and Orvis to its lineup of stores. The Container Store, which bills itself as the “original storage and organization store,” is scheduled to open in mid October. Also set to open in October is Orvis, a brand known for outdoor gear and fashions. And in November, plans call for the opening of a DSW store, which Northshore Mall describes as a “shoe sanctuary.”

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Wednesday, August 29, 2012

Daily Business Update

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Wed. Aug. 29, 2012

AvalonBay ups the number of residences to 500 for planned tower next to TD Garden

AvalonBay Communities Inc. is proposing to significantly increase the number of residences in a 40-story complex it wants to build next to the TD Garden. The developer filed documents this week with the Boston Redevelopment Authority outlining its new plan for the property, which is situated on air rights above an MBTA Parking garage off Nashua Street. A previously approved plan called for 363 residences, but AvalonBay’s amended proposal now calls for 500.

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Zipcar of Cambridge plans to relocate to Boston’s ‘Innovation District’ next year

Zipcar Inc., the Cambridge-based vehicle sharing service that rents cars by the hour, plans to relocate from Cambridge to Boston’s Innovation District next year. Zipcar has signed a letter of intent to lease space there, but declined to disclose additional details until the contract has been finalized.

UMass 14th nationally in commercializing research

The five-campus University of Massachusetts system generated $35 million during the 2011 fiscal year from the commercialization of its academic research, putting the school 14th nationally. A report from the Association of University Technology Managers found that UMass signed 25 licenses, created one startup company, and filed 50 patent applications. UMass was sixth overall among public institutions and second behind only the Massachusetts Institute of Technology among Bay State schools.

Julia Child group in legal battle with oven maker

A foundation set up by Julia Child is locked in a legal battle with the manufacturer of Thermador ovens over a marketing campaign that celebrates the late celebrity chef’s use of its high-end appliances. The foundation claims the company is using Child’s name and image without permission. But BSH Home Appliances Corp., the California-based manufacturer, says it is simply making a factual reference to her use of its appliances. Child had a Thermador oven in her Cambridge kitchen.

OmniGuide closes $35m financing

OmniGuide Inc., a Cambridge-based medical device company specializing in such products as optical laser scalpels, announced the closing of a $35 million non-dilutive financing with an affiliate of OrbiMed Advisors LLC. With offices in such cities as New York and San Francisco, OrbiMed is an investment firm focused on health care with about $6 billion under management. “This financing allows us to accelerate the commercialization of our advanced energy surgical products for the operating room,” OmniGuide chief executive Scott Flora said.

Warren Group: Mass. single-family home sales post best July in seven years

July sales of single-family Massachusetts homes rose 27 percent on a year-to-year basis, the best July in seven years, the Warren Group reported Wednesday morning. A total of 4,979 single-family homes statewide sold last month. The median price of single-family homes inched up about 1 percent to $318,000. July condo sales in Massachusetts were up 34 percent to 1,994 units sold, and the median condo selling price was $295,000, down 0.3 percent from July 2011.

Fidelity promotes Abby Johnson to No. 2

Fidelity Investments said it given Abigail Johnson a new title, president of Fidelity Financial Services, “consolidating all of the company’s core businesses under her leadership.”

Peapod launches grocery pickup service at Stop & Shop in Abington

Peapod.com, the service that allows Stop & Shop customers to order groceries online and have them delivered to their homes, said Tuesday that it has begun offering a new variation of its service, called Peapod Pick-Up, at a Stop & Shop store in Abington. Under a test-pilot program that is debuting the service in New England, customers can order groceries online, then pick them up later at the Abington store at 375 Centre Ave. Initially, Peapod Pick-Up will be offered free of charge.

Weather Channel CEO joins local start-up board

Weather Channel chief executive officer David Kenny is joining the board of Boston’s SessionM, a mobile advertising start-up that was co-founded last year by a former Apple Inc. executive. Kenny, who became CEO of the The Weather Channel Companies earlier this year, is a familiar name in local and national technology circles. He served as president of the Cambridge Internet infrastructure giant Akamai Technologies Inc. for a year until he resigned in October 2011 to reportedly seek the top job at Yahoo Inc.

Global investor confidence falls in August

Global investor index fell in August on a month-to-month basis, according to an index maintained by State Street Global Markets. The index posted a 90.9 reading in August, down from a revised reading of 94.3 in July. On the index, a reading of 100 represents a neutral outlook. The index also issues readings on investor sentiment in various continents. Driving the global decline in July was “a sharp deterioration in risk appetite among North American investors,” State Street Global Markets said.

INRIX study: Boston’s Labor Day traffic will be fifth worst in the country

Boston area traffic over Labor Day weekend will be the fifth worst in the nation, according to a new study from INRIX Inc., a Washington state company that provides traffic data to auto manufacturers and companies that operate truck fleets. During peak times, a Labor Day trip to Portland, Maine, will take twice as long as usual, and a trip to the Cape three times as long, INRIX said. Places where Labor Day traffic will be even worse include New York, Los Angeles, and Washington, D.C.

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Tuesday, August 28, 2012

Daily Business Update

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Tue. Aug. 28, 2012

Peapod launches grocery pickup service at Stop & Shop in Abington

Peapod.com, the service that allows Stop & Shop customers to order groceries online and have them delivered to their homes, said Tuesday that it has begun offering a new variation of its service, called Peapod Pick-Up, at a Stop & Shop store in Abington. Under a test-pilot program that is debuting the service in New England, customers can order groceries online, then pick them up later at the Abington store at 375 Centre Ave. Initially, Peapod Pick-Up will be offered free of charge.

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Weather Channel CEO joins local start-up board

Weather Channel chief executive officer David Kenny is joining the board of Boston’s SessionM, a mobile advertising start-up that was co-founded last year by a former Apple Inc. executive. Kenny, who became CEO of the The Weather Channel Companies earlier this year, is a familiar name in local and national technology circles. He served as president of the Cambridge Internet infrastructure giant Akamai Technologies Inc. for a year until he resigned in October 2011 to reportedly seek the top job at Yahoo Inc.

Global investor confidence falls in August

Global investor index fell in August on a month-to-month basis, according to an index maintained by State Street Global Markets. The index posted a 90.9 reading in August, down from a revised reading of 94.3 in July. On the index, a reading of 100 represents a neutral outlook. The index also issues readings on investor sentiment in various continents. Driving the global decline in July was “a sharp deterioration in risk appetite among North American investors,” State Street Global Markets said.

INRIX study: Boston’s Labor Day traffic will be fifth worst in the country

Boston area traffic over Labor Day weekend will be the fifth worst in the nation, according to a new study from INRIX Inc., a Washington state company that provides traffic data to auto manufacturers and companies that operate truck fleets. During peak times, a Labor Day trip to Portland, Maine, will take twice as long as usual, and a trip to the Cape three times as long, INRIX said. Places where Labor Day traffic will be even worse include New York, Los Angeles, and Washington, D.C.

Alnylam and Monsanto form strategic alliance

Alnylam Pharmaceuticals of Cambridge has been using RNAi gene-silencing technology in its quest to develop new drugs. Now as a result of a new alliance with Monsanto Co., researchers will seek to apply Alnylam’s technology to agricultural uses. With the formation of the alliance, Monsanto will make an upfront payment to Alnylam of $29.2 million. “We believe biological products have great promise in agriculture,” a Monsanto vice president said. Headquartered in St. Louis, Monsanto is a provider of technology and agricultural products that improve farm productivity and food quality.

Sonus Networks completes $42m acquisition

Sonus Networks Inc., a Westford-based maker of Internet network hardware and software, said it has completed its acquisition of Network Equipment Technology. In June, Sonus disclosed plans to buy California-based Network Equipment for $42 million. Sonus said in a statement that the acquisition brings the company a talented engineering and sales work force that can accelerate its ability “to lead the market transition to cloud-based unified communications.”

New Balance taps Crimson Hexagon

Crimson Hexagon Inc. said it has been hired by New Balance Athletic Shoe Inc. to glean consumer insights from “social media conversation.” Both companies are based in Boston. New Balance markets athletic footwear and apparel. Crimson Hexagon provides so-called Big Data analysis software that corporate customers use to gather business intelligence. Crimson Hexagon said its technology will help New Balance to make “the partnering process with large retailers more collaborative.”

TSA moves to fire 6 bag screeners, suspend 14 at Logan

The Transportation Security Administration has moved to fire six bag-screening officers at Logan International Airport for violating inspection procedures for checked luggage and suspend 14 others for inattention to duty, agency officials said. The action was triggered by a routine audit that showed some officers weren’t paying close attention to computer monitors that display the contents of each bag as it is screened by an explosive detection machine, TSA officials said. The screeners were distracted by their cellphones and other electronic devices, according to the TSA.

WPI looks to develop sensors that can detect blood loss in wounded soldiers

Worcester Polytechnic Institute, or WPI, is preparing to launch a project that will focus on the early detection of blood loss as a way of saving the lives of soldiers who are wounded in battle. The three-year project is funded by a $1.9 million grant from the US Army, and the research will be conducted in collaboration with the University of Massachusetts Medical School. Part of the project will be devoted to developing miniaturized wireless sensors that soldiers wear into battle.

Karen Clark study: Many US hurricanes would cause $10b or more in losses in 2012 dollars

Gulf Coast residents have been intently watching Tropical Storm Isaac over the last few days, but for one Boston firm, studying hurricanes is a nearly full-time pursuit. The firm is Karen Clark & Co., which provides software products and consulting services that help insurance companies evaluate and manage risk. The firm has just issued a report that concludes that 28 of the roughly 175 Atlantic hurricanes that have hit the United States since 1900 would cause $10 billion or more in insured losses if they occurred today.

AAA: Mass. gas prices are unchanged

The average price of gas in Massachusetts was $3.739 a gallon in the latest weekly AAA survey, the same as the previous week’s average, AAA Southern New England said Monday. Prices locally had risen 18 cents over the past month. The current national average for gas is $3.75 a gallon, AAA Southern New England said; a year ago at this time, the Massachusetts average price was $3.61.

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