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TripAdvisor purchases GateGuru for undisclosed sum

06/19/2013 10:53 AM

NEWTON, Mass. (AP) — Online travel review company TripAdvisor has purchased GateGuru, a mobile app that provides flight and airport information.

Financial terms were not disclosed.

TripAdvisor Inc. co-founder and CEO Steve Kaufer said in a statement on Wednesday that the acquisition will add to its flight-related offerings. The Newton, Mass., company currently provides a flight pricing and availability search on its namesake web site and offers seat maps and other options through SeatGuru.com.

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Proposed Back Bay building plan now includes 224 more homes

06/19/2013 9:51 AM

After a year and a half delay, the developer of a massive residential and retail tower in Boston’s Back Bay says it wants to move forward under a new plan that would add another 224 homes to the building.

Executives with Simon Property Group of Indianapolis outlined a series of changes Wednesday to its $500 million Copley Place tower during a meeting with neighbors. The company now wants to build 433 apartments and 109 condominiums in a 52-story skyscraper that would rise above an expanded Neiman Marcus store.

Simon will need approval for the revisions from the Boston Redevelopment Authority, which approved a prior version of the project in November 2011 that included 318 residential units on 47 stories.

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No more Stanley Cup shutouts for Bruins fans without cable TV service

06/18/2013 6:06 PM

Like the Chicago Blackhawks, thousands of Boston area residents who don’t subscribe to a cable television service were also shut out of Monday night’s Stanley Cup Finals game.

Games two and three were shown on NBC Sports Network, a channel available only through a cable or satellite subscription. But for the rest of the series, the games will be shown on NBC, which can be picked up without cable service.

“If you’re in Boston, and you turn your TV to Channel 7, you will be able to see it,” said Jake Wright, who works on WHDH’s assignment desk.

Game 4 is scheduled for Wednesday night in Boston, with the Bruins leading the series 2-1.

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Insurer to pay $5.25 million to settle AG complaint

06/18/2013 3:54 PM

A company alleged to have used deceptive practices to sell supplemental health insurance to veterans and other Massachusetts residents will now pay more than $5 million to settle case, Attorney General Martha Coakley said.

The settlement, now totaling $5.25 million, represents an increase of $1.5 million over an earlier agreement reached between Coakley’s office and Life Insurance Company of North America in July 2012. The increase in restitution to consumers and penalties is a result of the insurer’s failure to meet the conditions of the original settlement, Coakley said.

In a statement, the insurance company said it believes it complied with the provisions of the initial settlement and will continue to return premiums, as it has been doing, to affected Massachusetts residents.

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Techne to buy Bionostics for $104m in cash

06/18/2013 3:22 PM

MINNEAPOLIS — Techne Corp., which makes medical testing and diagnostic products, said Tuesday that it reached a deal to buy Bionostics Holdings Ltd. and its operating subsidiary Bionostics Inc. for $104 million in cash. Bionostics develops, manufactures, and distributes products that verify the proper operation of in vitro diagnostic devices mainly used in blood glucose and blood gas testing. The company has supply relationships with the vast majority of in vitro diagnostic device manufacturers, Techne said. Founded in 1981, Devens-based Bionostics posted about $29.3 million in revenue for its fiscal year ended Aug. 31, 2012. Bionostics and Techne’s hematology division will operate together under a new clinical controls division of Techne’s research and development systems business after the deal closes, which is expected in the first quarter of fiscal 2014.

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Blue Cross Blue Shield’s Andrew Dreyfus to chair local United Way

06/18/2013 12:48 PM

The board of directors of United Way of Massachusetts Bay and Merrimack Valley announced Tuesday the unanimous election of Andrew Dreyfus of Blue Cross Blue Shield of Massachusetts to serve as United Way’s board chair. Dreyfus will succeed William K. Bacic of Deloitte, who has served as board chair for the past year. United Way of Massachusetts Bay and Merrimack Valley is one of the region’s largest nonprofits. It describes part of its mission as working to ensure that children enter school ready to learn. Another objective is to ensure that children stay engaged once they are in school so that they can graduate with options for the future. To help achieve those goals, United Way looks to help the parents of those students attain financial stability.

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Equity Office sells Burlington office park for $216m

06/18/2013 8:47 AM

Equity Office and Blackstone have sold New England Executive Park, a 10-building office park in Burlington, to Charles River Realty Investors and National Development for $216 million, said a broker involved in the transaction. The broker is Cushman & Wakefield. The park is 86-percent leased and is poised for the development of an additional 750,000 gross square feet of new ground-up development, Cushman & Wakefield said. New England Executive Park is currently permitted for office, commercial, retail, hotel and structured parking. The park’s amenities include parking for 3,352 vehicles, two full-service restaurants, a state-of-the-art fitness center, bank and credit union, a dry cleaner, a tailor, and a conference center. The park is located near the Burlington Mall.

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Relevant24, part ad agency, part multi-media content production firm, has official launch

06/18/2013 7:46 AM

Relevant24, a Boston-based marketing firm, is officially launching Tuesday, its leaders said. The agency, known as R24 for short, is headed up by advertising/publishing veteran Marc Gallucci, who serves as CEO, and by former Goldman Sachs vice president and private banker Lane Murphy. According to Gallucci and Murphy, R24 is a hybrid of sorts --- a publisher, ad agency, and multi-media content production company rolled into one. Early clients include Frito-Lay, Enterprise Rent-A-Car, Fox Television, and KIA Motors, R24 said. In a statement, Gallucci added: “With unprecedented access to real-time consumer data, the challenge has been turning this chaos of information into a legitimate marketing discipline. One that produces highly engaging and relevant content that is on strategy, every day.”

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Hasbro, Rovio enter into expanded Angry Birds licensing agreement

06/17/2013 2:03 PM

Hasbro Inc., the Rhode Island toy maker known for such products as G.I. Joe and Mr. Potato Head, and Rovio Entertainment announced an expanded licensing agreement for Hasbro to develop toys and physical games based on the globally popular Angry Birds brand.Rovio Entertainment Ltd. is a company headquartered in Finland and the creator of the Angry Birds characters franchise. “The new agreement makes Hasbro the premier toy licensee for Angry Birds, including the upcoming game Angry Birds Go! set to be released this year,” the two companies said in a press release. “In addition, Hasbro will continue to develop and expand their already highly successful collaboration with Angry Birds Star Wars from Rovio Entertainment and LucasFilm.” The original mobile game was launched in 2009 and remains the number one paid app of all time.

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Massachusetts gas prices up a penny a gallon, AAA Southern New England says

06/17/2013 10:46 AM

The average price of gas in Massachusetts was $3.50 a gallon in the latest weekly AAA survey, up 1 cent from the previous week’s average, AAA Southern New England said Monday. Prices locally are up 1 penny over the past month. The current national average is $3.61 a gallon. A year ago at this time, the Massachusetts average price was $3.43, AAA Southern New England said. In the latest weekly survey, the range in prices was 32 cents, from a low of $3.37 a gallon to a high of $3.69. The weekly surveys focus on self-serve, regular unleaded gas.

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Many college professors plan to work past 65, Fidelity survey finds

06/17/2013 10:28 AM

Nearly three-quarters of baby boomer professors, or 74 percent, plan to work past 65, and a subset said they plan to never retire at all, according to a survey just issued by Fidelity Investments, a Boston-based financial services firm. One Fidelity speciality is workplace retirement plans in general, including retirement plans in the not-for-profit higher education market. “Of those who say they will delay retirement for economic reasons, 55 percent are unsure they have enough retirement savings, 42 percent want to maximize Social Security payments, and 42 percent believe they will need continued health insurance,” Fidelity said. But many said they plan to continue to work for professional reasons --- 64 percent said they love their work too much to give it up.

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Datawatch agrees to buy Swedish firm in deal valued at about $31.4m

06/17/2013 9:46 AM

Datawatch Corp., a Chelmsford company that develops business software for data analysis, said it has agreed to acquire Panopticon Software AB, a privately held Swedish company specializing in the delivery of real-time visual data discovery solutions. The all-stock transaction is valued at about $31.4 million based on the the closing price of Datawatch common stock as of June 14, Datawatch said in a press release. Completion of the transaction is subject to the approval of the Datawatch stockholders, which is expected to occur during its fiscal fourth quarter, which ends Sept. 30. “The acquisition of Panopticon is a transformative event for Datawatch and the industry,” Michael A. Morrison, president and CEO of Datawatch, said in a statement.

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A Cheesecake Factory restaurant is coming to the Mall at Chestnut Hill

06/17/2013 9:25 AM

The Mall at Chestnut Hill said Monday that it welcome another dining option to its retail and dining mix when the Cheesecake Factory opens at the end of the year. “The addition of the Cheesecake Factory, continues our reputation as the premiere, high-end shopping destination in the area,” mall manager Justin Feldhouse said in a statement. “We offer a variety of unique restaurants for our shoppers and are sure they will enjoy their dining experiences at the mall,” he added. The Mall at Chestnut Hill is an upscale, two-level enclosed shopping mall, located in the Chestnut Hill section of Newton on Boylston Street (a.k.a. Route 9). The mall is anchored by Bloomingdale’s in two locations.

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Boston Globe’s Top Places to Work survey deadline extended until June 28

06/17/2013 8:52 AM

Love where you work? Now you have even more time to tell us all about it. We are extending the nomination deadline until June 28 for The Boston Globe’s Top Places to Work survey, our annual ranking of the most progressive employers in the state. We’ve had tremendous response so far but are extending the deadline so more organizations can participate. All kinds of employers are eligible, from public and private companies to nonprofits. They have to be operating in Massachusetts and employ more than 50 people. If your organization is nominated and agrees to participate, employees will be surveyed by our partner, WorkPlaceDynamics LLC. Employers will be measured on six factors including leadership and opportunities for training. All responses are confidential.

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Health Policy Commission won’t review Partners HealthCare’s acquisition of Cooley Dickinson

06/14/2013 5:09 PM

The state’s new Health Policy Commission has decided not to launch a cost and market impact review of Partners HealthCare System’s agreement to acquire Cooley Dickinson Hospital in Northampton, a move that will allow the parties to close on their merger. In a statement issued Friday, the commission said conditions imposed on Partners and Cooley Dickinson by the state attorney general’s office “change the nature of the transaction and contributed to the Health Policy Commission’s decision not to conduct a cost and market impact review at this time.” One requirement mandated by the AG was that the organizations negotiate separate contracts for five years with the commercial health insurers that reimburse them for service.

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Cushman & Wakefield arranges refinancing for One Harbor Street in the Seaport District

06/14/2013 3:23 PM

Commercial real estate services firm Cushman & Wakefield said it has arranged a $30 million refinancing of One Harbor Street, a mixed-use complex in Boston’s Seaport District. Cushman & Wakefield said it advised Cargo Ventures LLC, the Florida company that owns One Harbor Street, on the refinancing. The property, which totals about 209,000 square feet, is 100 percent leased; companies that are leasing space there include First Trade Union Bank, Geotrans, and Vertex Pharmaceuticals Inc., Cushman & Wakefield said. The refinancing transaction was led by Jay Wagner, managing director of Cushman & Wakefield equity, debt, and structured finance practice. “We had significant interest in the financing driven by the tenant’s long term commitments to the property, their financial strength, and the attractive sponsorship,” Wagner said in a statement.

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Nine affordable housing projects across the state to receive state and federal funding

06/14/2013 12:20 PM

Nine housing projects across the state will receive $25.8 million in affordable housing funds and tax credits, the state announced Friday. The funding includes $17.2 million in state and federal housing subsidies and $8.4 million in state and federal low-income tax credits, according to the state Department of Housing and Community Development. It is expected to create 694 housing units and some 600 construction jobs, the state said. “Creating affordable housing helps to generate jobs, grow local businesses and strengthen our communities,” said Governor Deval Patrick in a prepared statement. The announcement comes seven months after Patrick announced a goal to create 10,000 units of multi-family housing each year through 2020. Projects are located in Boston, Cambridge, Chelsea, Falmouth, Shrewsbury, Brockton, and Springfield.

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Developer: Project to build a Jamaica Plain apartment complex gets BRA approval

06/14/2013 8:20 AM

Cedar Valley Development LLC said its plan to a build a a new 195-unit at 105A South Huntington Ave. in Jamaica Plain has been approved by the Boston Redevelopment Authority’s board of directors. The complex is called Serenity, and Serenity is to be constructed on a vacant one-acre lot formerly owned by the Commonwealth between the Jamaicaway and South Huntington Avenue, Cedar Valley Development said. The plan is for the residences to be of a lower scale on the Jamaicaway side of the building, rising no higher than five floors. A slender tower of 13 floors will be located on the Huntington Avenue side, Cedar Valley Development said. Serenity will have 32 units of city-certified affordable housing, with a mix of apartments ranging from studios and one-bedrooms to two- and three-bedrooms.

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General Motors CEO in Boston promotes auto technology

06/13/2013 4:29 PM

At a speech in Boston Thursday General Motors chief executive Dan Akerson said the American car company is stepping up its efforts to woo younger drivers, including opening an app store to bring new technologies to its vehicles.

Akerson spoke at the Boston College Chief Executives’ Club of Boston Thursday afternoon, outlining some of the initiatives the automotive giant has taken on since receiving a government bailout package in 2008.

“It’s a different GM than it was a few years ago,” Akerson said.

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Tandem parking spots sell for $560,000

06/13/2013 4:05 PM

Two tandem parking spaces in a Back Bay alley sold for $560,000 at an IRS auction Thursday, making them among the most expensive parking spots in the city’s history.

Two neighbors drove up the bidding until it reached nearly double the $313,000 median sales price for a single family home in Massachusetts. Lisa Blumenthal, who owns the building and three parking spots next door, walked away with the tandem spaces

The spots, behind a residential building at 298 Commonwealth Ave., were seized by the Internal Revenue Service from a man who owes more than $600,000 in back taxes. He purchased the spots for $50,000 in 1993.

A space behind 48 Commonwealth Ave. set the record for a single spot at $300,000 in 2009.

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Progress Software selling Apama to Software AG

06/13/2013 10:37 AM

Progress Software Corp. is selling its Apama product to Software AG so that it can concentrate on cloud and mobile application development technologies. Apama helps companies to build processing applications that help them monitor events, detect complex patterns, and take immediate action, according to Progress’ web site. Financial terms of the deal were not disclosed. ‘‘The Apama target market, deployment and sales model differ significantly from those of Progress’ application development platform and we feel this agreement protects our customers’ existing investments in the Apama solution,’’ president and CEO Phil Pead said in a statement. Progress’ chief technology officer and co-founder of Apama, John Bates, is expected to join Software AG and lead the Apama division. Progress, based in Bedford, makes software to simplify the deployment and management of cloud-based platforms.

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Kayem Father’s Day grilling tip: Low heat is a hot dog’s best friend

06/13/2013 9:19 AM

Forget artisanal sausages and other semiprecious fare. When it comes to paying culinary tribute to the family patriarch on Father’s Day, you can’t go wrong with hot dogs. So suggests Kayem Foods Inc., a Chelsea-based purveyor of franks, brats, and deli favorites. As a public service of sorts, Kayem is offering tips for grilling up a Father’s Day feast. One tip: Low heat is a hot dog’s best friend. For a frank to achieve hog-heaven perfection, it needs a patient chef who can wait out a slow burn. Another piece of advice: For the thoughtful griller, tongs are the trenching tool of choice. Use forks, and hot dog casings get pierced, causing the frank’s natural juiciness to drip out. When it comes to hot dogs, handle with care. And handle with tongs.

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The Bonzai Pipelines water-slide complex launches at Six Flags New England

06/13/2013 7:46 AM

Six Flags New England, a theme park located in Agawam, said it is launching its new waterslide complex Bonzai Pipelines. “The six-story tower is part of an expanded area inside New England’s largest water park, Hurricane Harbor,” Six Flags said in a press release. “With 33 waterslides, pools, and attractions, Hurricane Harbor houses 3 million gallons of water and offers water thrills for every member of the family.... Riders experience speeds of up to 40 miles per hour, as they rocket down a 257-foot long slide. After conquering the 360 degree loop, guests then splash into 6 inches of water in the slide’s run-out.” Six Flags Entertainment Corp. is a regional theme park company with more than $1.1 billion in revenue and 18 parks across the United States, Mexico, and Canada.

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Busy summer tourism season expected

06/12/2013 5:35 PM

Summer tourists are starting to roll in, and local officials are expecting a bumper crop.

A record number of passengers are expected to fly in and out of Logan International Airport this year -- peaking in June, July, and August with as many as 100,000 passengers a day -- and topping last year’s record 29.3 million travelers, according to the Massachusetts Port Authority. Airlines have raised seat capacity by 6 percent over last summer at Logan, including new service to Panama City.

The number of cruise passengers sailing in and out of Boston Harbor is forecast to exceed 350,000 for the second consecutive year – a nearly 70 percent increase since 2006 -- with more than 20 cruise lines calling on the Port of Boston.

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Celtics co-owner Wyc Grousbeck raising fund to invest in sports media

06/12/2013 5:06 PM

Boston Celtics co-owner and chief executive Wyc Grousbeck is looking to raise a $125 million fund called Causeway Media Partners to invest in sports media businesses.

According to a filing with securities regulators, Grousbeck and two partners had raised $74 million of that as of last week. Grousbeck used to be a partner at Highland Capital Partners in Cambridge and is joined in the new effort by Bob Higgins, a Highland founder. A third executive involved in Causeway, Mark Wan of Three Arch Partners, is also a minority investor in the Celtics.

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Massachusetts nurses union approves contracts at Quincy, Worcester hospitals

06/12/2013 3:55 PM

Members of the Massachusetts Nurses Association have ratified new labor contracts with Quincy Medical Center and the UMass Memorial Medical Center in Worcester.

Unionized nurses, who mounted a 24-hour strike at the Quincy hospital April 11 to dramatize their complaints about staffing levels, ratified a one-year agreement with the hospital, union officials said Wednesday. The hospital is owned by Boston-based Steward Health Care System, which operates 11 for-profit hospitals across eastern Massachusetts.

Meanwhile, union leaders said nurses at the Memorial/Hahnemann campus of UMass Medical Center earlier ratified a new three-year contract. Nurses had threatened a strike at that hospital last month, also over staffing levels, but the strike was averted by a tentative agreement.

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Dassault Systèmes launches ‘Target Zero Defect,’ collaborative design solution for car makers

06/12/2013 12:41 PM

Dassault Systèmes, a French company with nearly 1,000 employees in Waltham, has just unveiled “Target Zero Defect,” a collaborative platform for helping automakers to reduce costs by detecting mistakes earlier in the design process. This Target Zero Defect solution builds on Dassault Systèmes’s expertise in 3D software used for the virtual design, testing, and manufacturing of products. Automakers are key customers for such software. A Globe story from 2012 noted that company engineers in Waltham were working with such automakers as Ford, Honda, and BMW. Designing a new car model is now a global project, with design teams, suppliers, and factories scattered all over the world. That means a collaboration platform such as “Target Zero Defect” has the potential to be a valuable resource for an automaker.

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State Street Corp. to service $1.9b in assets for Pinnacol Assurance

06/12/2013 9:21 AM

State Street Corp., the Boston-based financial-services company, said Wednesday that it has been appointed by Pinnacol Assurance to provide full service custody and accounting services as well as compliance monitoring and performance and analytics solutions. Pinnacol is Colorado’s leading provider of workers’ compensation insurance, State Street said in a press release. “We are very pleased to be selected by Pinnacol to support their continued growth,” Alan Greene, State Street’s executive vice president of investment services and institutional services for the Americas, said in a statement. “According to our newly published research on the insurance sector, 82 percent of insurers globally say that effectively allocating capital to the most business critical priorities represents a challenge for them today.”

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Isabella Products raises $9.2m to support the launch of its Fable tablet for kids

06/12/2013 9:13 AM

Isabella Products Inc., a mobile internet device company headquartered in Concord, said Wednesday that it has closed $9.2 million in a series A financing round as it looks to launch Fable, an Android tablet designed for children between the ages of 3 and 10. The financing round was led by Rudyard Partners of Concord, with additional investments from Blue Pacific Group of Bogota, Colombia; Pinewood Trading of Texas, and Spouting Rock Investments of Pennsylvania. Isabella Products describes Fable as “the world’s first secure wireless tablet created solely for children. Designed to engage children in reading, learning, video, gaming, and music, Fable can be customized for each child with thousands of apps, e-books, and videos through partnerships with over 400 world-renowned publishers and app developers.”

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W.P. Carey buys Arbella HQ in Quincy for $26m

06/12/2013 8:39 AM

W.P. Carey Inc., a New York-based provider of corporate sale-leaseback financing, said Wednesday that it has acquired the corporate headquarters for the Arbella Insurance Group. The property, located in Quincy is currently leased to Arbella with a remaining term of 14 years.  The purchase price was about $26 million, W.P. Carey said in a press release. The 132,000-square-foot facility has served as Arbella’s corporate headquarters since 1996 and is located on a 5.8 acre site in an office park whose other tenants include the Boston Marriott Quincy hotel, a medical office building, and a daycare center. W.P. Carey managing director Jason Fox said, ‘‘This acquisition represented the opportunity to invest in an attractive real estate asset leased to a credit rated tenant on a long term basis.”

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Local pending home sales hit all-time high in May, Massachusetts Association of Realtors says

06/12/2013 7:47 AM

More Massachusetts single-family homes were put under agreement in May than in any month since January 2004, the Massachusetts Association of Realtors said Wednesday. January 2004 was the month that the association began tracking this data. Condominium pending sales also hit their highest point in nine years of tracking, the association said in a press release. There were 9,075 Bay State single-family homes put under agreement last month, up nearly 84 percent from the number in May 2012. Pending sales for condos was up about 63 percent on a year-to-year comparison basis, with 3,469 units put under agreement last month. “May was a tipping point as increasing prices and interest rates pushed qualified buyers to make offers that sellers accepted in great numbers,” association president Kimberly Allard-Moccia said in a statement.

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State House panel considers options aimed at preventing seafood mislabeling in Massachusetts

06/11/2013 3:07 PM

Massachusetts consumers may soon get reassurance that the fish they order in restaurants is actually what ends up on their plates.

A State House hearing on food safety Tuesday included discussion about a bill that would fine supermarkets and restaurants that mislabel certain seafood, and impose a ban the sale of escolar, an oily species that is often sold under a different name in sushi restaurants.

The Massachusetts Joint Committee on Public Health hearing comes after more than two years of reporting by the Boston Globe that revealed widespread mislabeling of fish in area restaurants. Less expensive fish was routinely substituted for more desired and costly species. A year after the newspaper’s initial investigation, a follow-up report found most of the restaurants were still serving mislabeled fish.

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Ad Age: Team of ad agencies that includes Hill Holliday to land Cadillac account

06/11/2013 2:28 PM

Cadillac is expected to award its advertising account to a team of ad agencies that includes Hill Holliday of Boston, trade journals are reporting. A story in Ad Age cited unnamed executives “familiar with the matter” in reporting that Cadillac is poised to shift its creative account from from Publicis Groupe’s Fallon in Minneapolis to a team of agencies at Interpublic Group of Cos. Interpublic is the parent company of Hill Holliday and agencies Campbell-Ewald and Lowe --- the three agencies expected to work on the Cadillac account in the future. Hill Holliday declined comment. Winning a piece of the Cadillac account would be the agency’s first big victory under Karen Kaplan, the agency veteran who took over as Hill Holliday’s chief executive last month.

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Patriots ready to capitalize on marketable Tebow

06/11/2013 2:12 PM

Before Tim Tebow even had a number on the New England Patriots roster, his jersey was already selling online at the team’s pro shop for $99.95.

One day after signing the former Heisman Trophy winner as a third-string quarterback, the Pats wasted no time capitalizing on one of the NFL’s most marketable players. They offered fans a chance to pre-order Tebow’s replica jersey, which the team said would be shipped whenever he was assigned a number.

Tebow got number 5 later in the day.

Lest there be any doubt that a benchwarmer can generate sales, consider this: Tebow ranked third in the league in jersey sales as a Denver Broncos rookie in 2010 and second in 2011 -- ahead of Tom Brady both seasons.

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Cambridge biotech Agios Pharmaceuticals files for an IPO

06/11/2013 1:54 PM

Agios Pharmaceuticals Inc. is the latest Massachusetts biotechnology company to explore an initial public stock offering this year. In a regulatory documents, Cambridge-based Agios said it is planning to move forward with an IPO. According to an estimate by the Reuters news service, the company could raise up to $86 million in an initial public offering of common stock. Agios looks to use its expertise in cellular metabolism to develop treatments for cancer. In 2012, Agios reported revenue of about $25 million and a net loss applicable to common shareholders of about $27.3 million. IPOs for biotech companies seem to be heating up. Two weeks ago, shares of Cambridge biotechnology company Epizyme Inc. soared by more than 50 percent on their first day of trading.

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Data storage firm SageCloud raises $10m

06/11/2013 12:15 PM

SageCloud Inc., a Boston company that is designing storage systems that aim to reduce the costs of data storage, said Tuesday that it has has completed a $10 Million Series B financing, which will be used to accelerate deployment and expand operations. Braemar Energy Ventures led the round and was joined by existing investor Matrix Partners, the company said in a press release. SageCloud has now raised $13.2 million to date, a company spokeswoman added. SageCloud has a focus on so-called “cold data” --- data that are written once and infrequently accessed. Industry analysts have estimated that as much as 80 percent of data growth falls under the definition of cold data, the company noted. According to SageCloud, it is “revolutionizing the economics of data storage.”

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Rockland Trust is opening its first office in Boston

06/11/2013 9:58 AM

Rockland Trust, a commercial bank founded in 1907, is opening its first Boston office. The bank is leasing about 5,000 square feet of space at 101 Arch St., said a broker involved in the transaction. The broker is CBRE/New England, which represented the building’s owner, the real estate investment management firm Clarion Partners of New York, in lease negotiations. CBRE/New England’s press release included a statement from Rockland Trust CEO Chris Oddleifson, who said: “We are very excited about our entrée into Boston in such a prominent location. While we’ve served the Boston market for decades, this marks our first physical presence, and we will have seasoned investment management and commercial lending team members at 101 Arch St. as we continue to strategically invest in the growth of our franchise.”

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Aveo defends kidney cancer drug rejected by the FDA

06/11/2013 9:08 AM

A day after saying US regulators rejected their kidney cancer drug application and faulted their clinical results as “unintepretable,” Aveo Pharmaceuticals Inc. executives Tuesday defended their program and said they still believe their experimental drug can effectively treat kidney cancer. In a conference call with industry analysts, executives of the Cambridge biotechnology company insisted they had been transparent throughout their dealings with the Food and Drug Administration. Even when FDA regulators had suggested another study, Aveo executives argued, they did not say approval of tivozanib -- the company’s drug to treat renal cell carcinoma -- would hinge on that study. “We are still disappointed that the FDA did not approve our application,” Aveo CEO Tuan Ha-Ngoc said. “Overall, we think this is a loss for patients who would have benefitted from tivozanib.

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New England Aquarium to advise NC-based grocery chain on sustainable fishing practices

06/11/2013 7:45 AM

The Fresh Market Inc., a North Carolina-based of about 130 grocery stores, is the latest food-industry company to team up with the New England Aquarium to promote sustainable fishing practices and responsible aquaculture. The Fresh Market said it will work with the aquarium to ensure that its seafood suppliers utilize responsible fishing and farming methods that maintain and preserve the ocean’s ecosystem. For about a decade, the Boston-based aquarium has operated its Sustainable Seafood Advisory Services unit as a fee-for-service consultancy. The consultancy advises companies in the food industry on issues regarding environmentally responsible seafood and facilitates proactive changes along their supply chains to favor marine conservation. Aquarium partners on this program include Darden, which operates several restaurant chains including Red Lobster, and Ahold USA, whose supermarket chains include Stop & Shop.

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FDA formally rejects Aveo Pharmaceuticals application for approval of kidney cancer drug

06/10/2013 4:53 PM

Federal regulators have formally rejected Aveo Pharmaceuticals Inc.’s application to sell its kidney cancer drug in the US, the Cambridge company said Monday.

Aveo acknowledged it received a letter from the Food and Drug Administration alerting the company that the agency will not approve the new drug application for the experimental drug, called tivozanib, in its present form. The drug treats advanced renal cell carcinoma, a form of kidney cancer that kills tens of thousands of people around the world each year.

The rejection has been expected since an FDA advisory committee voted 13 to 1 on May 1 to recommend the agency reject the application, suggesting it was not clearly superior to existing renal cell carcinoma treatments. The agency had promised a decision by July 28.

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SF agency buys Burlington PR firm Davies Murphy Group

06/10/2013 12:53 PM

Lewis PR, a San Francisco-based digital communications company with offices around the world, said it has acquired the Davies Murphy Group, a public relations firm headquartered in Burlington. Financial terms of the acquisition are not being disclosed. In 2012, the Davies Murphy Group, or DMG, had revenues of nearly $9 million; the firm has 65 employees. Eric Davies, who founded DMG in 1998, and partner Andy Murphy will continue to lead the firm under the DMG name, Lewis PR said in its press release. After the acquisition, Lewis PR said it projects global revenues of more than $45 million. Its global head count is now 420 employees. “There can be no clearer statement of our global ambitions than this deal with DMG,” Lewis PR chief executive Chris Lewis said in a statement.

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Peter Greenleaf is the new CEO of Histogenics

06/10/2013 10:58 AM

Histogenics Corp., a regenerative medicine company based in Waltham, said Monday that it has appointed Peter Greenleaf to be its new chief executive. Greenleaf most recently served as President of MedImmune, the worldwide biologics arm of drug giant AstraZeneca. Greenleaf succeeds Patrick O’Donnell. Histogenics looks to combine cell therapy and tissue engineering technologies to develop highly innovative products for tissue repair and regeneration. Histogenics’ key product initiatives are focused on providing treatment options for patients suffering from articular cartilage derived pain and immobility. In an e-mail statement, Histogenics explained why it decided to appoint Greenleaf. “Histogenics is now a late-stage development company that is rapidly approaching commercialization,” the statement said. “This new set of needs and challenges warranted new leadership and expertise.”

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Massachusetts gas prices drop a penny a gallon, AAA Southern New England says

06/10/2013 10:44 AM

The average price for gas in Massachusetts was $3.49 a gallon in the latest weekly AAA survey, a penny less than the average in the previous week’s survey, AAA Southern New England said Monday. Massachusetts prices are up 1 cent over the past month, AAA Southern New England added. The current national average for gas is $3.63 a gallon. A year ago at this time, the Massachusetts average was $3.48. In the current Massachusetts survey, the range in prices was 34 cents, from a low of $3.35 to a high of $3.69. The weekly surveys look at prices for self-serve, regular unleaded gas.

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FDA formally rejects its kidney-cancer drug candidate, Aveo Pharmaceuticals says

06/10/2013 10:14 AM

Aveo Pharmaceuticals Inc. said in a Monday press release that it has received a formal rejection of a kidney-cancer drug candidate from the US Food and Drug Administration. The news was expected. Last week, Cambridge-based Aveo said it would lay off 140 employees as it looks to scrap the kidney-cancer drug candidate and re-focus on other experimental drugs in its pipeline. Aveo announced the restructuring after an advisory panel recommended last month that the FDA reject Aveo’s new drug application for tivozanib as a treatment for renal cell carcinoma. The disease is a form of kidney cancer that kills tens of thousands of people around the world annually.

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NY real estate firm Related Cos. is rolling out Zagster bike-sharing to its luxury buildings in New York, Chicago, and San Francisco

06/10/2013 9:58 AM

Related Cos., a New York real estate company whose properties include luxury condominium and apartment buildings, said it plans to roll out the Zagster bike-sharing program at several of its New York properties following a successful pilot program in Boston. Cambridge-based Zagster aims to be to bike sharing what Zipcar is to car-sharing. Zagster’s business model is to convince hotels, condo and apartment buildings, businesses, and college campuses that bike-sharing is a desirable amenity. Related tested the Zagster program at its One Back Bay luxury residential building in Boston. Now Related plans not only to expand the program to some of its properties in other cities. Zagster CEO Timothy Ericson said, “By offering Zagster, Related can meet their residents’ needs while providing Related a key differentiator in a highly competitive market.”

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Mass. seeks 10,000 mortgages for new homebuyers

06/10/2013 9:49 AM

State officials in Massachusetts are seeking a commitment from banks to approve at least 10,000 mortgages for first-time homebuyers over the next five years. The Massachusetts Home Ownership Compact, to be announced by Governor Deval Patrick and state officials on Monday, calls on lenders to originate mortgage loans for buyers with household incomes that fall below the median income in their geographical areas. ‘‘By giving more young people and families the opportunity to own a home, we retain our talent pool and create sustainable long term economic growth,’’ Patrick said in a prepared statement. Representatives of several banks that have signaled support for the compact planned to join Patrick for the announcement, which was planned at the home of a first-time homeowner in Boston’s Dorchester neighborhood.

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Walking while texting can put pedestrians at risk, Liberty Mutual survey says

06/10/2013 8:37 AM

Once pedestrians flourished stout sticks and walking canes; now thanks to smartphones and mobile devices, many text while they stroll, and that can lead to distracted street-crossing, a new survey finds. The survey is from Boston-based Liberty Mutual Insurance. According to the Liberty Mutual Insurance Pedestrian Safety Survey, 60 percent of pedestrians walk while texting, e-mailing, talking on the phone, or listening to music despite the fact that 70 percent of respondents consider those behaviors to be dangerous. In 2010, there were 4,280 pedestrian deaths in traffic crashes, a 4 percent increase from the previous year, said Liberty Mutual, citing industry data. Liberty Mutual commissioned the survey from Ketchum Global Research & Analytics, which conducted a nationwide phone survey of 1,004 adults from April 1 through April 10.

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Boston Globe’s Top Places to Work survey deadline extended until June 28

06/10/2013 8:01 AM

Love where you work? Now you have even more time to tell us all about it. We are extending the nomination deadline until June 28 for The Boston Globe’s Top Places to Work survey, our annual ranking of the most progressive employers in the state. We’ve had tremendous response so far but are extending the deadline so more organizations can participate. All kinds of employers are eligible, from public and private companies to nonprofits. They have to be operating in Massachusetts and employ more than 50 people. If your organization is nominated and agrees to participate, employees will be surveyed by our partner, WorkPlaceDynamics LLC. Employers will be measured on six factors including leadership and opportunities for training. All responses are confidential.

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GM’s Daniel F. Akerson to address BC’s Chief Executives’ Club of Boston

06/10/2013 7:54 AM

Daniel F. Akerson of General Motors is scheduled to be the keynote speaker at a Boston College’s Chief Executives’ Club of Boston lunch event on Thursday. Akerson has served as chairman and CEO of GM since 2010. From passenger cars to light- and heavy-duty trucks, electric and mini-cars to monocabs and convertibles, GM and its partners manufacture some of the world’s iconic automotive brands. GM employs more than 212,000 people in nearly 400 facilities around the globe, with revenues of $151 billion last year. The host for the event at the Seaport World Trade Center’s Harborview Ballroom is Joseph L. Hooley, president and chief executive of State Street Corp., a financial-services company headquartered in Boston.

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Mass. strawberry crop coming in strong

06/10/2013 7:37 AM

GILL — It’s strawberry season in western Massachusetts, and farmers are encouraged by the early yield. Thanks to unseasonably warm weather recently, the strawberries are slightly early and growers in Montague, Sunderland, Gill. and Whately have begun picking this year’s crop. Montague’s Red Fire Farm has been picking strawberries for the past three weeks. Sorrel Hatch at Upinngil Farm in Gill tells the Recorder he may open pick-your-own operations as soon as Sunday. Other growers are aiming for next weekend. At Nourse Farms in Whately, Tim Nourse said his 12 acres of strawberries will probably not be ready this weekend, and he expects to start picking next week. The pick-your-own fields may be ready for the following weekend, depending on the weather.

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