BOSTON – Massachusetts Gov. Mitt Romney has signed into law a measure that streamlines commercial permitting and makes it easier for companies to expand and add jobs.
Under the new law, communities will be able to select certain sites for expedited permitting, agreeing to complete their local permit process in 180 days.
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“For too long, the burdensome permitting process has been a barrier to job growth,” Romney said in a news release. “By cutting the red tape, we will spur job growth and give employers and communities greater control over where they want to locate businesses.”
Romney and legislators have also created a $100 million fund to help municipalities pay for infrastructure costs directly related to job growth and set aside another $1.5 million to hire a sales force to market Massachusetts to companies looking to grow or expand.
Business leaders have praised the changes as a big step forward.
LIN TV loses $244.4M in 2Q with one-time charge
PROVIDENCE – LIN TV Corp., owner of the local CBS and Fox affiliates as well as more than two dozen TV stations nationwide, says it lost $244.4 million in the second quarter.
Net revenues were $115.4 million, including revenues from stations acquired in 2005, the company said in a news release last week. That was up 17 percent from $99.0 million in the second quarter of 2005, or 1 percent on a pro forma basis.
In the second quarter of 2005, LIN TV reported a net profit of $10.1 million and net operating income of $24.0 million; for the last quarter, it reported a $315.1 million operating loss.
The loss includes expenses from last year’s acquisitions as well as a one-time charge of $333.56 million that the company said was “related to the impairment of goodwill and broadcast licenses.” Overhead for the quarter included a $5.6 million charge related to the retirement of former CEO Gary Chapman.
Brazilian lottery won’t renew GTECH contract
WEST GREENWICH – GTECH Holdings Corp. told federal regulators last week that its largest customer – Caixa Economica Federal, the bank that governs the Brazilian national lottery in Brazil – has said it won’t extend its contract, which was set to end on Sunday.
The Brazilian lottery was GTECH’s largest source of revenue in the fiscal year that ended Feb. 25, accounting for about $144 million or 11.1 percent of its income, GTECH told regulators.
Caixa Economica last year began building a central system to operate its own lottery; GTECH, which has run the Brazilian lottery since 1994, said it had planned to leave Brazil after the conversion was complete. Separately, GTECH is under investigation for alleged corruption in the South American country, where it faces a civil suit seeking repayment of alleged excess expenses from 1994 to 2003. GTECH maintains that the probe is politically motivated.
Raytheon gets $100M in Navy torpedo contracts
TEWKSBURY, Mass. – The Raytheon Co. and the Naval Sea Systems Command last week said they have finalized a $95.4 million contract modification for lightweight and heavyweight torpedo hardware, engineering and support services.
This modification adds fiscal year 2006 procurement quantities to the consolidated torpedo contract awarded to Raytheon Integrated Defense Systems in 2004. Also awarded was a $5 million contract modification for torpedo spares, production engineering and technical support for fleet operational requirements for the U.S. and Royal Australian navies.
The U.S. Navy and Raytheon have formed a partnership, Team Torpedo, that combines Raytheon’s manufacturing, design engineering, and support services with the systems engineering and testing capabilities of the Naval Undersea Warfare Centers in Newport and Keyport, Wash. Work will be performed in Portsmouth and in Keyport.
CVS posts record sales, plans real estate selloff
WOONSOCKET – CVS Corp. says its total revenues for the four weeks ending July 29 were a record $3.4 million, up 27.5 percent from the same period last year, including the impact of the June 2 acquisition of 701 stand-alone Sav-On and Osco drugstores from Albertson’s Inc.
Same-store sales were up 9.5 percent, CVS said, and pharmacy same-store sales were up 10.6 percent. Year-to-date, total revenues for the 30 weeks ending July 29 were up 14.2 percent, to $23.9 billion.
Separately, CVS told the U.S. Securities and Exchange Commission on Tuesday that it plans to sell off a “substantial portion” of the real estate obtained in its purchase from Albertson’s, probably in the fourth quarter, and then lease the property.
The money would be used to pay off a $1 billion loan, CVS said.
JVC Jazz Festival lineup on view on MSN Video
NEWPORT – MSN Video has made a deal with the JVC Jazz Festival to post video from the event on its Web site, at video.msn.com/newportjazz. The clips became available Sunday.
Artists whose performances are featured include Arturo Sandoval, Savion Glover, Angelique Kidjo, The Bad Plus, The Robert Glasper Trio, Dr. John & The Lower 911, The McCoy Tyner Septet and The Dave Brubeck Quartet.
“The JVC Jazz Festival is one of the most renowned events in the jazz community, bringing together some of the best and brightest artists with true fans,” said Rob Bennett, general manager of entertainment and video services for MSN. “We’re thrilled to bring this incredible lineup of performances to millions of MSN Video viewers.”
Festival artistic director Dan Melnick, of Festival Productions Inc., said the online video “extends the festival’s reach and provides a larger platform upon which musicians can display their talents.”
