BOSTON – Delta Airlines recently marked its 30th year of service to Boston with the start of reconstruction of Terminal A at Logan Airport. Completion of the project is scheduled for the first quarter of 2005. Until then, Delta services will be divided between Terminals B and C. Delta Shuttle operations will continue in Terminal B during this period. Terminal C will still accommodate Delta, Delta Express, Delta Connection carriers and international partner (Air France and Alitalia) flights. The project will produce a 560,000-square-foot terminal and concourse connected by an underground walkway and moving sidewalks, 64 ticket counters and direct road and parking lot access.
Raytheon gets $117 million
missile contract
LEXINGTON – The Navy has awarded the Raytheon Co. a two-year contract to supply it with 96 missiles at a total cost of $117.7 million, Bloomberg News reported. The contract calls for Raytheon to supply the Navy with the so-called Standard Missile-2, along with parts and kits to upgrade older missiles by December 2004. Additional sales of 64 missiles to South Korea, Canada, Spain and Germany have been authorized, the Defense Department announced. The Standard missile, which dates back to 1967, is used to defend naval vessels against missile and aircraft attack.
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Hewlett-Packard might buy
EMC, Barron’s says
HOPKINTON – Hewlett Packard Co. may buy computer data-storage systems company EMC Corp., Barron’s reported, citing Andrew Neff, an analyst at Bear Stearns & Co. in New York.
The purchase would give Hewlett-Packard a high-end storage line and complement the business it acquired through its purchase of Compaq Computer Corp., Barron’s said. The acquisition would also disrupt EMC’s relationship with Dell Computer Corp., a rival of Hewlett-Packard, Barron’s said, citing Neff.
EMC and Hewlett-Packard are in talks, Barron’s said, citing Neff. The companies also said on July 17 that they would exchange application programming interfaces, or software platforms on which storage management systems sit. That agreement creates an open standard so the companies’ products can work with one another, Barron’s said.
Valuations of technology companies have fallen enough to make mergers and acquisitions more attractive, Barron’s said. Some companies are likely to enter transactions to prepare themselves for when technology spending by increases, Barron’s reported. (Bloomberg News)
Fidelity ex-manager Muresianu
to open hedge fund
BOSTON – Fidelity Investments’ former manager of the Fidelity Fifty Fund, John Muresianu, said he plans to open a hedge fund called Lyceum Partners.
Muresianu, who quit Fidelity in June, said he is talking to investors and expects to open the fund in a couple of months.
“When I retired, the original plan was to just manage my own personal account, but a few days of retirement convinced me that I was a little too young to retire,’’ said Muresianu, 49. He declined to give more details about the fund.
Muresianu ran the $746.4 million Fidelity Fifty Fund the past three and a half years. His leadership contributed to the fund’s average annualized gain of 5.7 percent in the five years ended yesterday, which beat 97 percent of the fund’s global equity peers, according to Bloomberg data.
On June 20, Fidelity said Fergus Shiel, manager of Fidelity Independence Fund, would take over Fidelity Fifty.
As of May 31, Fidelity Fifty had 32 percent of its assets in cash, 30 percent in materials including gold stocks and 26 percent in energy shares, according to Fidelity’s Mutual Fund Guide. The large stakes Muresianu took in a few sectors may mean his investment style will be better suited for a hedge fund than a retail mutual fund, Lowell said. (Bloomberg News)
FleetBoston risk managers
Mastromarino, Bayone leave
BOSTON – FleetBoston Financial Corp. said risk managers John Mastromarino and Ed Bayone left the bank as part of a reorganization to help stem rising loan losses.
Three loan officers in the seventh-biggest U.S. bank’s credit group also left. Spokesman Jim Mahoney declined to identify them.
“Some of the jobs were eliminated and some of them chose to leave the company,”’ said Mahoney. “I don’t want to give the specifics on who was which.” Mastromarino and Bayone didn’t return calls seeking comment.
Chief Executive Chad Gifford shut his investment bank and cut off funding to Latin American branches this year, trying to reduce risk after net income fell 76 percent in 2001, the largest decline among the 10 biggest U.S. banks. The seventh-biggest U.S. arranger of syndicated loans, FleetBoston has lent to WorldCom Inc., Enron Corp., Global Crossing Ltd., and Kmart Corp., four of the top-10 biggest U.S. bankruptcies.
Mastromarino, executive vice president of risk management, and Bayone, chief of global risk, left recently, Mahoney said. Both men worked at BankBoston Corp., bought by Fleet Financial Group Inc. in 1999 to form FleetBoston.
(Compiled from news reports and releases.)
