Malden hospital shifting to outpatient care
MALDEN – Citing increasing financial problems, Malden Hospital has changed its name to Malden Medical Center, is eliminating most of its inpatient care beds, and converting to an outpatient ambulatory care facility. In addition the hospital is replacing its 24-hour emergency room service to a 12-hour urgent care center. The only inpatient care beds will be in the psychiatric section, and those will be eliminated in the fall, according to the Boston Globe.
Vascular Genetics gets backing for gene therapy
BOSTON – Vascular Genetics, Inc. announced that it had raised an unspecified amount of money to finance its next human trials of a pioneering gene therapy for cardiovascular disease. The company is partially owned by Human Genome Sciences of Rockville, Md.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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Fiber optic cable agreement to benefit turnpike
BOSTON – An agreement reached between the Massachusetts Turnpike Authority and Level 3 Communications of Colorado to permit the installation of fiber optic cable along the 135-mile route, along with an earlier agreement for Communications ducts with Williams Communications of Tulsa, Okla., will bring the Turnpike project up to $48 million over 25 years, according to Turnpike officials. Furthermore, officials expect the income to enable the Turnpike to eliminate tolls between Route 128 and the New York border by the year 2007. The Turnpike tolls between Boston and Route 128 are being increased to help pay for the “Big Dig” through Boston. The cable would be used to transmit voice, data and video signals at high speeds. It would be part of a network that is planned to link Boston and New York City. It is part of many projects involving many companies to wire the world with high speed communications links.
Boston Design Center bought by local firm
BOSTON – The Boston Design Center has been bought by the Davis Cos. from Crow Design Centers of Dallas, Texas. Developed in 1986 as a showplace for interior design the 550,000 square feet center on the South Boston waterfront was owned by an affiliate of a national real estate company, Trammel Crow. The design center is part of an eight story building used for maritime and light industrial purposes. This space is not part of the purchase. The Davis Cos. announced that $3 million would be spent to complete interior and exterior improvements begun by the previous owner.
EMC’s market value surpasses Gillette’s
HOPKINTON – EMC Corp., a technology company located in this community, reached the pinnacle of market value for Massachusetts companies last week, exceeding $67 billion, and surpassing Gillette Co. of East Boston, at $64 billion, for the first time. Gillette has been at the top of the heap in stock value for the last seven years. EMC makes devices that store information, providing storage systems for Cisco, Delta Airlines and Visa, among other customers. Meanwhile, Gillette Co., the largest manufacturer of razors and blades, reported last week that its first quarter profits would be lower than analysts’ predictions. The company blamed the decline on lower sales in South America.
John Hancock to sell insurance in China
BOSTON – John Hancock Mutual Life Insurance Co. has been approved to sell life insurance in China. Hancock joins Chubb Corp., American International Group, and Aetna Group with approval from the Beijing government for sales. About 20 more American insurers have offices in China lobbying for permission to begin selling there.
Beth Israel moves emergency room
BOSTON — Beth Israel Deaconess Medical Center will move its emergency room and many inpatient beds as it shifts toward a possible consolidation of operations into a single campus after the merger three years ago of Beth Israel Hospital and Deaconess Medical Center. The decision to move the emergency room and most of the 350 beds from Beth Israel, known as the east campus, to the former Deaconess facility, or west campus, means that for the first time in the 83-year history of Beth Israel, the campus could lack acute-care beds, The Boston Globe reported. The move — which will be phased in over three to five years — is part of a top-to-bottom restructuring at the medical center, which will be “examining the feasibility of a one-campus solution,” said spokeswoman Patti Jacobs. “We’ll seek to determine whether the effort to consolidate on one campus would pay for itself.”
Tax collections down in March
BOSTON — The state collected $100 million less in tax revenues last month than during March 1998, but revenues for the fiscal year so far are up by 5 percent. The state collected $1.2 billion in taxes, down from about $1.3 billion in March 1998. But so far this fiscal year, the state has collected $10.25 billion for all taxes, compared with about $9.71 billion for the first nine months of the 1998 fiscal year. One area that revenue officials were examining closely was corporate tax collections, which were $331.5 million, down from $347.4 million in March 1998.
