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New owners for health IT firm Arcadia Solutions

Written By Unknown on Rabu, 14 November 2012 | 23.14

Burlington-based Arcadia Solutions LLC, a provider of data-driven health information technology services, said today it will be acquired by private-equity firm Ferrer Freeman & Co. LLC and Arcadia's senior management team.

Terms of the deal were not disclosed. Based in Greenwich, Conn., Ferrer Freeman & Co. focuses exclusively on growth capital investments in the health-care industry.

Carlos Ferrer, David Freeman and Ted Lundberg of FFC will join Arcadia's board of managers. In addition, Jim Crook, a health-care IT industry veteran who was CEO of IDX Systems when it was sold to GE Healthcare for $1.2 billion, will also join the board.


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People magazine says Channing Tatum is sexiest man

NEW YORK — Channing Tatum is People magazine's "sexiest man alive" for 2012.

The 32-year-old actor says his first thought on hearing the news was: "'Y'all are messing with me.'"

Tatum's film roles include "Magic Mike" and the upcoming "Foxcatcher."

People announced its 2012 list Wednesday.

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Online:

http://www.people.com/people

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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AAA: More expected to travel by car this Thanksgiving weekend

A whopping 43.6 million Americans are projected to travel 50 miles or more from home during the Thanksgiving holiday weekend, a 0.7 percent increase from last year and the fourth consecutive annual uptick, according to AAA Southern New England.

While holiday air travel is expected to decline to 3.14 million travelers this year from 3.2 million last year, 39.1 million will travel by automobile, an increase of 0.6 percent, AAA said.

Median spending is expected to drop 10 percent to $498, compared to $554 last year as Americans continue to prioritize travel while finding ways to economize, AAA said, adding the average distance traveled will drop to 588 miles from 706 miles, due in part to a decrease in the number of air travelers and Americans' desire to economize budgets.

The Thanksgiving holiday travel period is defined as Wednesday, Nov. 21, to Sunday, Nov. 25. AAA said its projections are based on economic forecasting and research by Colorado-based business information provider IHS Global Insight.


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Pending Massachusetts home sales jump in October

The Massachusetts Association of Realtors said today that pending home sales in October had their second biggest year-over-year increase since the organization began tracking this data.

The number of single-family homes put under agreement last month was up 35.9 percent to 4,355, compared to 3,204 for the same period last year. This marks the 18th straight month of year-over-year increases, and the 10th straight month of double-digit year-over-year increases.

On a month-to-month basis, single-family homes put under agreement went up 6.45 percent compared to 4,091 homes put under agreement in September.

Pending sales figures are a leading indicator of actual housing sales in Massachusetts for the following two to three months.

The number of condos put under agreement last month was up 43.5 percent to 1,673 units compared to 1,166 in October 2011, marking the 11th straight month of double-digit year-over-year increases.


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Patrick administration focuses on need for more housing

Gov. Deval Patrick has outlined plans to build 10,000 multi-family units of housing per year with a goal of retaining the state's young, well-educated base of talent.

"Access to housing for our middle- and moderate-income families is an important component in the Commonwealth's continued growth to retain and build our young and innovative workforce," Patrick said yesterday in Worcester. "By working to strengthen and expand our current initiatives and through greater collaboration with organizations and agencies across the Commonwealth, we aim to produce 10,000 multi-family housing units annually. This will further support our state's continued growth and economic competitiveness for generations to come."

Patrick has unveiled a new Compact Neighborhoods program, which is designed to complement smart-growth programs by providing incentives to encourage residential development near transit and town centers. The program will recognize communities planning ahead systematically for economic and housing growth, and will offer Chapter 40B relief and priority consideration in discretionary funding programs, such as the MassWorks Infrastructure Program, Patrick said.

The goal of 10,000 units a year was set after collaborating with the Metropolitan Area Planning Council and the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University, Patrick said.


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Shawmut Design and Construction taps Bill Walczak for VP post

Shawmut Design and Construction said today it has appointed William Walczak, co-founder and former CEO of Codman Square Health Center and Codman Academy Charter Public School, as vice president of community relations.

"As a fixture in the Boston community for more than 30 years, Bill's work to improve the neighborhoods where we live and work every day is well-documented, and has been met with glowing accolades," said Tom Goemaat, CEO of Shawmut Design and Construction. "Shawmut has a proud history of community service since our founding in 1982, and we look forward to further building on this tradition as we continue to expand."

Walczak's new duties will include enhancing Shawmut's profile within the community, expanding existing client relationships, developing new relationships and making recommendations on philanthropic endeavors, company officials said.

Most recently, Walczak was president of Steward Carney Hospital in Dorchester. A Barr Foundation fellow, he is also the founding president of the Massachusetts Nonprofit Network, president of STRIVE, a job training program in Dorchester, and a member of the executive advisory council for WBUR Radio. Walczak has also been named a senior fellow at the Boston University Institute for Nonprofit Management and Leadership.


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Stocks open mixed after gloomy retail report

NEW YORK — Stock indexes were mixed in early trading on Wall Street Wednesday. Strong earnings from Abercrombie & Fitch were offset by a gloomy prognosis on retail spending from the government.

The Dow Jones industrial average was down seven points at 12,751 after the first 40 minutes of trading. The Standard & Poor's 500 index was up 1 point at 1,375 and the Nasdaq composite was up 9 points at 2,892.

Abercrombie & Fitch, the purveyor of apparel to teenagers, was among the standout stocks. Abercrombie jumped $9 to $40.22 after reporting that its international business was thriving and that its net income soared 40 percent in the most recent quarter, more than analysts were expecting.

The strong results from Abercrombie were tempered by a report from the Commerce Department saying that Americans cut back on spending in October, suggesting that many are still cautious about the economy.

Sales dropped 0.3 percent last month after three months of gains. That's worse than analysts had been expecting, according to FactSet. The government also said auto sales fell 1.5 percent, the most in more than a year. Sales may have been hurt by Superstorm Sandy.

Investors will be closely watching a press briefing later Wednesday by President Barack Obama.

Stocks were roiled in the immediate aftermath of last week's presidential election on concern that the U.S. will fall over the "fiscal cliff." Unless lawmakers hammer out a deal to cut the budget deficit by Jan. 1, a series of tax increases and revenue cuts will be implemented that will likely push the U.S. back into recession.

Market participants are also awaiting the publication of the minutes from the Federal Reserve's October meeting on Thursday for more insight into how the U.S. economy is developing. The notes are scheduled to be released at 2 p.m. Eastern.

The yield on the 10-year Treasury notes ros to 1.62 percent from 1.59 percent.

Among other stocks making big moves:

Cisco Systems, the world's largest maker of computer networking equipment, gained $1.27 to $18.10. Cisco said late Tuesday that its earnings rose 18 percent in the latest quarter and that U.S. companies are starting to spend again.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Enchanted Village opens Saturday at Jordan's Furniture in Avon

The iconic animated Enchanted Village kicks off its 2012 season at Jordan's Furniture in Avon this Saturday and is free to the public.

The old-fashioned, Victorian-era 8,000-square-foot display went from Jordan Marsh to its new home of Jordan's Furniture in 2009 after being bought at auction that year by Eliot Tatelman, president and CEO of Jordan's Furniture.

The family staple includes Santa Claus, a reindeer game, a holiday song laser light show, and a Polar Express 4D The Ride attraction.

Jordan Marsh initially commissioned a Bavarian toymaker to create the Village in order to attract customers to its Downtown Crossing store, where it remained until the mid-1970s. The attraction came back for brief periods in the ensuing decades.

The Enchanted Village at Jordan's Furniture in Avon will stay open through December during regular store hours. Tickets to Polar Express 4D The Ride and to the laser light show LITE are available on-site at the MOM Theater.


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FDA chief seeks new powers to police pharmacies

WASHINGTON — The country's top medical regulator is preparing to tell Congress that new laws are needed to police large specialty pharmacies like the one at the center of a deadly meningitis outbreak.

Testimony released ahead of the first congressional hearing on the incident shows that Food and Drug Administration Commissioner Margaret Hamburg will ask lawmakers to give her agency more authority and funding to oversee compounding pharmacies. Hamburg is one of four witnesses called to testify before the House Energy and Commerce Committee. The committee will also hear from a Massachusetts health official, the owner of the Framingham, Mass.-based pharmacy tied to the outbreak and the widow of a patient killed by the company's product.

About 440 people have been sickened by contaminated steroid shots distributed by New England Compounding Center, and more than 32 deaths have been reported since the outbreak began in September. Compounding pharmacies have been linked to occasional safety problems for decades, but the current outbreak of fungal meningitis is the deadliest case in modern U.S. history, according to industry experts.

That has put the NECC at the center of congressional scrutiny as lawmakers consider tighter regulation of compounding pharmacies, which have long operated in a legal gray area between state and federal laws.

"FDA's authority over compounding pharmacies is limited by law and is not suited to effectively regulate the evolving compounding industry," Hamburg said, in a statement released ahead of the hearing. "We need a clear path forward that is proactive and preventive."

Compounding pharmacies traditionally fill special orders placed by doctors for individual patients, turning out a small number of customized formulas each week. They are typically overseen by state pharmacy boards, though the FDA occasionally steps in when major problems arise. Some pharmacies have grown into much larger businesses in the last 20 years, supplying bulk orders of medicines to hospitals that need a steady supply of drugs on hand.

NECC shipped more than 17,000 single-dose vials of the steroid linked to the outbreak, which were given to an estimated 14,000 patients in 23 states.

Hamburg says Congress should put in place a two-tier system in which traditional compounding pharmacies continue to be regulated at the state level, but larger pharmacies would be subject to FDA oversight.

Pharmacies that ship bulk product or produce complex drugs would have to register with the FDA and undergo regular inspections, similar to pharmaceutical manufacturers. These non-traditional compounding pharmacies would also have to meet the more stringent manufacturing standards required of pharmaceutical companies.

"In light of growing evidence of threats to the public health, the administration urges Congress to strengthen standards for non-traditional compounding," Hamburg states in her testimony.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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Warren Buffett's firm will close suburban DC newspaper

OMAHA, Neb. — Warren Buffett's company is planning to close a small Virginia newspaper that it bought from Media General earlier this year.

The 10,000-circulation Manassas (Va.) News & Messenger, which began publishing in 1869, has been struggling to compete in the Washington D.C. suburbs. It will print its last issue on Dec. 30.

Buffett's Berkshire Hathaway Inc. says it has no plans to close any of its other newspapers.

The Manassas closing will eliminate 33 jobs. An additional 72 corporate positions that Berkshire acquired with the Media General deal will be eliminated.

The Omaha World-Herald reported the closure on Wednesday. Officials at Berkshire's newspaper unit, which is run by the World-Herald, did not immediately respond to a message.

Buffett did not immediately respond to a message sent to his assistant Wednesday.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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