Business in brief

Greenhouse gas program gains $13.3m from auction

September 30, 2008
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Massachusetts netted $13.3 million from a regional auction of allowances intended to help it and nine other states reduce carbon dioxide emissions by power plants, state officials said. The money will be used to fund energy efficiency programs. The state collective, known as the Regional Greenhouse Gas Initiative, hosted the auction Thursday. Power plants in the region are required to obtain an allowance for each ton of carbon dioxide they emit, or find ways to reduce such pollution, as part of an environmental program that caps carbon dioxide emissions. Fifty-nine bidders from the energy, financial, and environmental sectors vied for more than 12.5 million allowances, which ultimately sold for $3.07 apiece. More allowances will be auctioned in December, and on a quarterly basis thereafter. (Erin Ailworth)

MassHousing makes a record $466.4m in loans
MassHousing, the Commonwealth's housing bank, said it made a record $466.4 million in affordable home loans last year, topping the previous record of $425.2 million, set in 2007. The agency's executive director, Thomas Gleason, called the volume of new loans remarkable, especially given the "unprecedented turmoil in the mortgage industry." Last year, MassHousing, which makes low-interest loans to middle- and working-class people, said that $30.6 million in loans were refinancings of adjustable-rate or subprime loans. But most of the loans made last year, worth $428.6 million, were for first-time buyers. (Kimberly Blanton)

Restructuring will save up to $75m, Covidien says
Covidien Ltd., one of the state's largest life sciences companies, said it plans to restructure its operations to save $50 million to $75 million a year. The healthcare products company, based in Mansfield, declined to say how many jobs it will cut and where, but a spokesman said it plans to go forward with plans to add another building to its Mansfield campus, providing space for 50 additional employees. Covidien also said it named chief executive and president Richard J. Meelia to the additional position of chairman of the board, replacing Dennis H. Reilley. Reilley has been nonexecutive chairman since Covidien became an independent, publicly traded company in June 2007 after it split from parent Tyco International. Covidien has about 42,000 employees worldwide, including 2,000 in Massachusetts. (Todd Wallack)

Expanded Terminal B at Logan set for unveiling
After two years and $33 million, Logan Airport's Terminal B concession expansion has been completed, said developer BAA Boston, which will hold an unveiling ceremony today. The renovation to the American Airlines portion of Terminal B added more than 25,000 square feet, with the addition of concessions including Sunglass Hut, Virgin Books, Legal C Bar, Todd English's Bonfire, Au Bon Pain, UFood Grill, and XpresSpa. (Nicole C. Wong)

Charles River Labs creates a new executive position
Wilmington-based Charles River Laboratories International Inc. said it has named Dr. Christophe Berthoux to the new position of executive vice president of global sales and marketing and chief commercial officer. Berthoux will lead the global realignment of Charles River's sales and marketing organization in the new role. (AP)

CMGI loss widens in quarter on $12m charge
CMGI Inc., a supply chain and inventory management software provider, said its fiscal fourth-quarter net loss increased sharply, hurt by a $12 million goodwill impairment charge related to its European operations. For the three months ended July 31, the company posted a loss of $22.7 million, or 48 cents per share, compared with a loss of $6.2 million, or 13 cents per share, in the same period a year earlier. For the full year, the Waltham company earned $11.1 million, or 23 cents per share, down from a profit of $49.4 million, or $1.01 per share. (AP)

6-year-old New York Sun is closed as cash runs out
The New York Sun is shutting down after running out of money, ending a six-year run in which the newspaper provided an alternative conservative voice in the city's crowded media market. Today's edition will be the paper's last, spokesman Michael Moi said. Editor Seth Lipsky had been scrambling to attract new investors for the paper, one that laid claim to a grand tradition by taking the name of the original New York Sun, a Pulitzer Prize-winning giant that was published for more than a century before disappearing in a merger in 1950. (AP)

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