businessupdates

Partners earnings edge up in the second quarter as state drops assessment on health insurance unit

Fri, 17 May 2013 20:33:44 GMT

Earnings edged up in the second quarter despite narrowing profit margins at Partners HealthCare System, aided partly by a state government decision to drop an assessment on Partners’ newly acquired health insurance division, Neighborhood Health Plan.

Biogen Idec Foundation program to introduce students to the science of genetics

Fri, 17 May 2013 19:32:25 GMT

The Biogen Idec Foundation announced a $250,000 grant to East End House to develop, implement, and evaluate an interactive out-of-school-time genetics program for middle school students in Cambridge. The program, known as GenoExplorers, will initially reach about 150 students and it will offer them hands-on experiments, collaboration with local scientists, and field trips, all designed to introduce young people to the science of genetics. The program is scheduled to launch this fall. The plan is to provide four hours per week of teaching for 35 weeks during the school year, and nine hours per week for four weeks during the summer. The goal is to expand the initiative to additional centers in the coming years and to create a national program.

Carnegie Hall will honor New England Patriots chief executive Robert Kraft

Fri, 17 May 2013 19:30:06 GMT

Carnegie Hall, the storied New York performance venue, said that Robert K. Kraft, chief executive of the Kraft Group and the New England Patriots, will receive its Medal of Excellence at a benefit at the Waldorf Astoria in mid June. The award recognizes Kraft’s leadership in business and philanthropy, and it will be presented by Sanford I. Weill, chairman of Carnegie Hall’s board of trustees. CBS Evening News anchor Scott Pelley is the evening’s master of ceremonies. In a statement, Weill said of Kraft. “Bob has made such a remarkable impact on the lives of so many, complementing his great success in business with a strong commitment to giving back to the community.... We’re proud to recognize Bob for his great spirit of generosity and his friendship to the hall.”

Shaw’s, Star Market in-store donation campaign raises $300k for the One Fund Boston

Fri, 17 May 2013 17:29:19 GMT

The Shaw’s and Star Market supermarket chain said Friday that its in-store donation campaign raised $300,000 for the One Fund Boston, the fund established by Governor Deval Patrick and Boston Mayor Thomas M. Menino to help people affected by the Boston Marathon bombings. Besides the in-store donation campaign, Shaw’s and Star Market donated an additional $200,000 to The One Fund Boston from their foundation, the company said. “Our customers and associates have a well-earned reputation of generosity, and I sincerely want to thank everyone who donated to support those affected by this tragedy,” Shane Sampson, president of Shaw’s and Star Market, said in a statement. Headquartered in West Bridgewater, the Shaw’s and Star Market chains operate 169 stores in New England.

Curious George is recruited for more iPhone app teaching duties

Fri, 17 May 2013 13:49:14 GMT

Houghton Mifflin Harcourt is hoping its 72-year-old signature monkey can learn new smartphone tricks --- and help teach pre-schoolers to boot. Boston-based Houghton Mifflin Harcourt has a long history in textbooks and literature, and in 1941, it published a children’s book starring a monkey named Curious George. As times have changed, the company has looked to technology to augment and evolve its text-book business. In its latest effort, the publisher has developed a new Curious George teaching app series for iPads and iPhones. One app is called “Curious About Shapes & Colors,” and it seeks to teach pre-kindergarten-aged children about simple and complex shapes and primary and secondary colors. Games and reward are used to motivate young learners, the company also known as HMH said.

MassHousing awards support affordable sober housing programs

Fri, 17 May 2013 11:51:34 GMT

MassHousing, the quasi-public agency charged with providing financing for affordable housing in the Bay State, said it has awarded $104,950 to support sober housing programs in Boston, Worcester, and Springfield. The MassHousing grants will come from the Center for Community Recovery Innovations Inc., or CCRI, a nonprofit subsidiary corporation of MassHousing that supports nonprofits that create or preserve affordable sober housing in Massachusetts for recovering substance abusers. To date, CCRI has awarded more than $6 million in grants for more than 1,500 units of substance-free housing. “Substance abuse impacts not only those dealing with addiction but their families as well,’’ MassHousing executive director Thomas R. Gleason said. “Affordable sober housing is greatly needed across Massachusetts, and MassHousing’s CCRI funding is a very useful resource in helping to expand and rehabilitate that housing.’’

Globe 100 honors top Massachusetts companies in 25th anniversary edition

Thu, 16 May 2013 23:47:09 GMT

The top companies on the 25th anniversary edition of the Globe 100 all work in different industries, but each achieved record or near-record financial results in 2012. Smith & Wesson Holding Corp. of Springfield tops the 2013 list. Retailer TJX Cos. was second, followed by Global Partners of Waltham, American Tower Corp. of Boston and Parexcel International of Waltham. TJX topped a special 25th anniversary Hall of Fame list ranking the aggregate performance of top Globe 100 companies over the past quarter century. State Street Corp. of Boston was second on the all-time list, followed by Eaton Vance Corp. of Boston, EMC Corp. of Hopkinton and Staples Inc. of Framingham. The Globe 100 magazine, which appears Sunday, and a complete online package, also honors a dozen top Massachusetts innovators.

Wegmans pushes back opening of Newton store to spring 2014

Thu, 16 May 2013 18:51:22 GMT

Wegmans, a New York-based supermarket chain, is delaying the opening of a store planned for the Chestnut Hill neighborhood of Newton from the fall to the spring of 2014, a spokeswoman for the chain said Thursday. Construction delays and the juggling of other projects are the reasons for the delay, said the spokeswoman, Jo Natale. Family-owned Wegmans currently operates 81 stores in six states and is opening new stores at a rate of two or three a year, Natale said. Fall openings are planned for a new store in suburban Washington, D.C., and another in suburban Philadelphia. Plans for opening a Wegmans in Newton were first disclosed in late 2011, a few months after the chain opened its first (and still only) Massachusetts store in Northborough.

New Logan signs to encourage passengers to use high-occupancy vehicles

Thu, 16 May 2013 18:31:50 GMT

New electronic signs announcing bus arrival times will be installed at Logan International Airport this fall as part of the airport’s attempts to encourage passengers to use high-occupancy vehicles. The Massachusetts Port Authority on Thursday approved a partial $4 million budget for signs announcing buses that will take passengers to the Blue Line MBTA station, Logan Express satellite parking lots, and the new rental car facility opening in the fall. Signs showing arrival times for the Silver Line were installed last year. The $4 million will also cover signs directing passengers to high-occupancy ground transportation at all four terminals to better accommodate these vehicles. Massport has been promoting high-occupancy vehicle usage to help deal with the parking crunch at the airport, where lots could exceed capacity 40 days this year.

Walmart announces completion of 8 solar arrays at Mass. stores

Thu, 16 May 2013 18:09:26 GMT

Walmart, the giant retail chain, held a ceremony earlier this week to mark the installation of a new solar array system at its Walpole store. Eight of the 50 Walmarts in Massachusetts now have such systems, a company spokesman said. The other local Walmarts with solar arrays are in Springfield, Ware, Lunenberg, Northbridge, Halifax, Abington, and Tewksbury, he said. Collectively, the installations at those eight Walmarts are projected to provide 2.8 million kilowatt hours of energy annually, saving about 1,484 metric tons of carbon dioxide emissions annually – roughly the equivalent of taking 309 cars off the road, Walmart said. The eight Massachusetts array were installed by Greenskies Renewable Energy LLC of Connecticut. The inverter for the solar PV array is from Massachusetts-based Solectria Renewables.

Towers proposed in front of TD Garden

Thu, 16 May 2013 16:51:58 GMT

A Boston development team filed plans Thursday to build two, 400-foot towers in front of the TD Garden with 300,000 square feet of stores and restaurants, 500 residences, office space and a 200-room hotel.

Technology to control smartphones by gesture wins MIT $100K Entrepreneurship prize

Thu, 16 May 2013 14:53:05 GMT

The top prize of the MIT $100K Entrepreneurship Competition was awarded to 3dim, a startup whose 3D sensing technology allows users to control the latest generation of smartphones through gestures, MIT said Thursday. In choosing 3dim for the Robert P. Goldberg $100,000 grand prize, judges looked at proposals from seven finalists winnowed from a field of 215 applicants. 3dim cofounder Andrea Colaço offered this description of the start-up’s technology: “The need for specialized hardware and high power has, to date, prevented 3D gesture capture in mobile devices, leaving users to poke at their small screens. Unlike existing 3D sensing methods which require high power illumination, sophisticated sensors, and complex processing, the 3dim solution exploits the compressibility of 3D signals to reduce power, cost, and complexity of 3D acquisition.”

Dynamics Research gets contract extension from US Department of Veterans Affairs

Thu, 16 May 2013 13:54:38 GMT

Dynamics Research Corp., an Andover company that provides technology and management consulting services to government agencies, said Thursday that a subsidiary has been awarded a federal contract extension from the US Department of Veterans Affairs. The company, which refers to itself as DRC, won a contract from the Department of Veterans Affairs in 2010, and now the department has decided to extend that contract through next year, DRC said. Over a five-year period, that arrangement could have a total contract value to DRC of $125.5 million. The contract covers work DRC is doing on behalf of the department’s Veterans Relationship Management program, which is a multi-year initiative for delivering fast, accurate, and easily accessible health care information and benefits to veterans, service members, and eligible beneficiaries

Massachusetts economy shed 1,400 jobs in April as unemployment rate remains 6.4 percent

Thu, 16 May 2013 13:16:46 GMT

The Massachusetts unemployment rate remained unchanged at 6.4 percent in April, but the state’s economy shed 1,400 jobs, the Massachusetts Executive Office of Labor and Workforce Development reported Thursday. April was the third consecutive month that the Massachusetts economy has lost jobs, and April numbers add to evidence that the state economy is slowing after a period of strong growth. The current national unemployment rate is 7.5 percent. April’s job losses in Massachusetts were spread across a variety of sectors. Leisure and hospitality, financial services, construction, and government were among the sectors of the Bay State economy that lost jobs last month.

Budget cuts, tax increases hurting economy, Rosengren says

Thu, 16 May 2013 12:06:51 GMT

Eric S. Rosengren, president of the Federal Reserve Bank of Boston, called on Congress and President Obama to delay efforts to lower the federal deficit, arguing that budget cuts and tax increases have slowed the economy and contributed to high unemployment.

The Boston Conservatory to mark groundbreaking for new rehearsal hall

Thu, 16 May 2013 11:50:43 GMT

The Boston Conservatory, which bills itself as the oldest performing arts conservatory of its kind in the nation, has scheduled a ceremonial groundbreaking for Thursday afternoon for a new building that will house orchestra rehearsal hall and dance studios. The new building will be located at 132 Ipswich St, about a thousand feet from the school’s main building at 8 The Fenway. Plans call for conservatory president Richard Ortner to host the event, and other dignitaries are expected to be in attendance. “As a multi-disciplinary performing arts conservatory, our highly specialized curriculum requires equally specialized studios and teaching spaces,” Ortner said in a statement. “This project addresses many current needs and also makes provisions for future development.” The project will also breathe new life into the neighborhood, he added.

Harvard endowment chief earned $5.3 million in 2011, up 52 percent

Wed, 15 May 2013 22:46:57 GMT

First-quarter financial results mixed for Massachusetts health insurance firms

Wed, 15 May 2013 20:49:42 GMT

The state’s biggest health insurers reported mixed first-quarter financial results Wednesday, with two notching income gains, one registering lower earnings, and one posting a loss.

Keith F. Higgins is named director of SEC’s Division of Corporate Finance

Wed, 15 May 2013 19:58:34 GMT

Boston attorney Keith F. Higgins of the firm Ropes & Gray was named director of the Security and Exchange Commission’s Division of Corporate Finance. Higgins, 61, has been with Ropes since 1983 and has worked on more than 50 initial public offerings for corporations. He also has advised public companies on mergers and acquisitions, compliance and corporate governance. In joining the SEC, he would be in charge of rules to help make sure investors are provided all the information they need about companies to make sound investment decisions. His group also is in charge of reviewing filings and ensuring that companies meet their disclosure obligations. He will assume the new job next month.

Algeta’s prostate cancer drug gets FDA approval

Wed, 15 May 2013 17:42:28 GMT

Algeta ASA, a Norwegian company with its US operational center in Cambridge, said Wednesday that its injectable drug for a certain kind of prostate cancer has been granted approval by the US Food and Drug Administration. The drug, called Xofigo, has been approved to treat patients with castration-resistant prostate cancer, or CRPC, that has spread to the bones but not to other organs. According to Algeta’s press release, Xofigo is the first alpha particle-emitting radioactive therapeutic agent approved by the FDA. The commercial production of Xofigo is already underway, the company said, and the first doses are expected to be ready for patient treatment within a few weeks. According to Algeta, the FDA approval is a major milestone for the company.

State Street CEO Jay Hooley sounds optimistic note on the economy

Wed, 15 May 2013 16:24:38 GMT

State Street Corp. chief executive Jay Hooley sounded a more optimistic tone on the economy than he has in some time at the company’s annual shareholder meeting Wednesday, saying the recovery is “perhaps a little better than advertised.” Hooley said the economy is still “not where we want it to be’’ and said customers are “still pretty risk averse.” However, the Boston financial services giant is continuing to invest “for greater growth going forward,’’ he said. It was a notably short meeting with few questions – a change for State Street since the financial crisis, when its meetings have been attended by protesters and activist investors. It’s likely a surging stock price has helped: State Street shares were up nearly 33 percent for the 12-month period ended March 31.

IRobots could help provide security when the pope visits Brazil

Wed, 15 May 2013 15:39:57 GMT

Bedford’s iRobot Corp. said Wednesday that it has been awarded contracts totaling $7.2 million from the Brazilian government for robots that can help provide security as Brazil gears up for a World Cup soccer tournament, a scheduled papal visit this summer, and the 2016 Olympics. The company makes several kinds of robots. Some, such as the Roomba vacuum-cleaning robot, are designed for home use by consumers. Another line is designed to let doctors interact with patients remotely. The company’s military and law-enforcement robots, meanwhile, can perform such tasks as battlefield reconnaissance and detecting explosive devices. Following big cuts in Pentagon spending, iRobot has generally been putting more emphasis on its nonmilitary robots. In any case, Brazil represents an important international market for the company’s unmanned ground vehicles.

QuickBase is relocating from Waltham to the Alewife section of Cambridge

Wed, 15 May 2013 14:34:45 GMT

QuickBase, a database software brand of Intuit Inc., said it will relocate its Waltham offices to the Alewife section of Cambridge in the fall. The new office will have 60,884 square feet of space at 150 CambridgePark Drive, which is owned by Equity Office. QuickBase and other Intuit units have about 200 employees in about half the space in Waltham; the new space in Cambridge can accommodate an additional 100 employees. And it’s one block away from the MBTA Alewife Station. The new office space features such perks as a yoga and meditation room, locker room with showers, game room with ping pong and Xbox Kinect, and bocce ball court. QuickBase chose Alewife because of its proximity to public transportation and easy access to nearby universities.

Fidelity: Couples will need $220,000 to cover medical expenses throughout retirement

Wed, 15 May 2013 14:00:43 GMT

A 65-year-old couple retiring in 2013 is estimated to need $220,000 to cover medical expenses throughout retirement, according to a health care cost analysis by Fidelity Investments, a Boston-based financial services company whose investment products include retirement savings plans. Fidelity’s estimates for such costs had increased an average of 6 percent annually between 2002 and 2012, but the 2013 figure is 8 percent lower than a year ago. A change in demographics as well as smaller payment increases to doctors and hospitals were among reasons Fidelity cited for the decrease. “It is extremely important that health care costs are factored into retirement savings strategies today so that retirees can be prepared to pay their medical bills throughout retirement,” said Brad Kimler, executive vice president of Fidelity’s Benefits Consulting business.

Acacia Communications closes a $20m round

Wed, 15 May 2013 13:19:28 GMT

Acacia Communications Inc., a Maynard-based provider of infrastructure equipment and services for the telecommunications industry, said it has closed a new $20 million round of financing. The round was led by Summit Partners. Other participants in the round included existing investors Matrix Partners, Commonwealth Capital Ventures, and Egan Managed Capital. Summit Partners managing director Peter Chung will join Acacia’s board of directors. In a statement, Acacia president and chief executive Raj Shanmugaraj said: “Enthusiastic investor support culminates an exciting year of growth across all dimensions of our business and validates the market momentum we’ve established in the fast-growing coherent 100G transceiver market. Acacia has developed fundamentally innovative technologies that dramatically drive down the costs, size and power of high-speed fiber optics communication equipment.”