Massachusetts business in brief
Globe cutting pay for nonunion employees
BOSTON – The Boston Globe is cutting the salaries of its nonunion employees by 5 percent for nine months starting in April as part of broad salary cuts throughout the paper’s parent company, The New York Times Co. In exchange, the company will provide 10 additional days off to use before the end of the year. The company is also trying to reach a deal to roll back salary levels for union members. The salary cuts come amid staff cuts in a range of positions at the Globe, including 50 job cuts in the newsroom through a mix of buyouts and layoffs, as the paper adjusts to an ad revenue downturn affecting the entire newspaper industry.
PFK Consulting to join real estate brokerage
BOSTON – Hotel researcher PKF Consulting has moved its Boston office to the headquarters of commercial real estate brokerage Colliers Meredith & Grew. PKF’s specialty in the hospitality industry will give Meredith & Grew more expertise on mixed-use projects that include hotels, said Jim Elcock, executive vice president of Colliers Meredith & Grew. Both companies are owned by Toronto’s FirstService Corp.
Investment company taps ex-Putnam exec
BOSTON – Boston fund company MFS Investment Management has tapped a former chief financial officer at Putnam Investments to be the new CFO at MFS, a crosstown rival of Putnam’s. Amrit Kanwal will report to MFS CEO Robert Manning. Kanwal will oversee corporate finance for MFS and act as a liaison with its parent, Sun Life Financial.
Masspike bonds back to negative rating
BOSTON – Fitch Ratings has given Massachusetts Turnpike Authority bonds a “rating watch negative” grade after the authority voted on Monday to delay a March 29 toll increase. Fitch said the delay means the turnpike authority likely will have to use cash reserves to meet upcoming debt service payments. Fitch had previously rated the bonds negatively, but temporarily removed the negative grade after the turnpike authority on March 5 voted for a two-phase toll hike.
Workshop to help with paying mortgage
BROCKTON – The state Office of Consumer Affairs and Brockton Mayor James Harrington are teaming up to help organize a workshop for homeowners to discuss mortgage payment problems directly with a number of national lenders, such as Wells Fargo, Bank of America and HSBC. The event will be held from 2 to 8 p.m. next Friday at The Conference Center at Massasoit in Brockton.
State trying to shut down stock adviser
BOSTON – Secretary of State William Galvin accused an investment adviser in Wilbraham of fraudulently taking more than $3 million from clients and using the cash for personal expenses, including a down payment for a $30 million beachfront Puerto Rico property. Galvin filed a complaint against Sean Edward Mansfield and his company RCI Management LLC, seeking an accounting of the money that was taken, a reimbursement to investors, an administrative fine and a permanent revocation of Mansfield’s investment adviser registration.
The Patriot Ledger