Business Week in Review
Royal Philips HQ coming to bay state
Massachusetts is destined to get another corporate headquarters now that Dutch company Royal Philips Electronics plans to relocate its main North American office to Andover from New York.
About 50 to 75 jobs will be shifted to the town, where the company already employs about 2,200 at its Philips Healthcare plant.
Greyhound racing foes win legal battle
Anti-greyhound racing advocates won a key legal battle when the Supreme Judicial Court ruled that a referendum question to end dog racing in the state could go on the ballot in November.
The measure could put hundreds of workers at the state's two dog tracks - Raynham Park and Wonderland Greyhound Park in Revere - out of work in January 2010 if the measure passes.
Mass. added almost 3,000 jobs in June
The state's employers added nearly 3,000 jobs in June as Massachusetts continued to buck a national trend of employment declines.
The local hospitality and leisure sector saw the biggest improvement last month, and the education and social services sector continued its steady growth.
However, the state's unemployment rate rose to 5.2 percent from 4.9 percent, bringing it closer to the national jobless rate of 5.5 percent.
State Street shares up 25 percent in four days
Shares in State Street Corp. rose by nearly 25 percent in just four days after the Boston-based financial services giant reported better-than-expected earnings Tuesday morning.
The increase in State Street shares represented a dramatic reversal from declines that the company has seen since April amid a widespread slump in financial services stocks. The company appears to be successfully building on its acquisition a year ago of Investors Financial Services Corp., a smaller rival in Boston.
Cahill questions Turnpike plan
State Treasurer Tim Cahill found himself in a public battle with Gov. Deval Patrick's administration over a legislative proposal to refinance some of the Massachusetts Turnpike Authority's debt.
Cahill is concerned that the plan could jeopardize the state's credit rating and raise the likelihood that the state eventually may need to pay for a financial rescue for the turnpike system.
The Patriot Ledger