Boston’s QuEra Computing opens – The Boston Globe

ballot paper

Package stores run an ad that supports question 3

The Massachusetts Package Stores Association has launched its own TV ad to counter rival superstore chain Total Wine & More in the battle for Question 3, a ballot question set to go before voters next Tuesday that would set new limits on how many retail locations can be under common ownership. Can sell alcohol. The ad, which ran on several cable TV stations through Comcast, is intended to explain that Question 3 is supported by MassPack’s small-business members. This is a response to Total Wine’s ads implying that Question 3 is not favorable to small businesses, including saying that family-owned businesses will suffer. (Total Wine is owned by two brothers, and is thus technically a family business, but has more than 200 locations nationwide.) Question 3 would increase the number of locations a company can sell beer and wine to 18 from the current level of nine, including locations where the company sells hard alcohol. Reduces the number of places it can sell from nine to seven. MassPack pitched the solution as a compromise for food retailers who want the ability to sell beer and wine in more locations. Total Wine, however, considers this a restriction of free trade. The Maryland company spent more than $2.6 million this fall to tackle Question 3, while MassPack spent nearly $1 million over the past two years on the campaign. – John Chesto

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betting

New executive at Suffolk Downs simulcast facility

There is a new boss at Stirling Suffolk Racecourse, operator of the simulcast facility at Suffolk Downs. Michael Buckley will be SSR’s new Chief Operating Officer, taking over for Chip Tuttle. Buckley is a principal at Belmont Capital, the investment firm that O’Donnell and one of the three SSR shareholders run. Tuttle will resume a full-time position at CTP, a Boston communications agency he co-owned as CEO after 15 years at Suffolk Downs, including the final years of great racing at Suffolk Downs. The former track is being redeveloped, and SSR hopes to eventually open a new facility offering sports betting. “He plans to lead SSR into its next phase as the premier sports betting company in Massachusetts,” Buckley said in a statement. About 50 full- and part-time employees work for SSR today. – John Chesto

media

The NYT added 180,000 digital subscribers in the latest quarter

The New York Times Company said Wednesday that it gained 180,000 online subscribers in the most recent quarter and is revising its revenue forecast for the full year. In its latest quarterly financial results, the company said revenue from those new subscribers made up for higher operating costs from The Athletic, a sports news website The Times bought in January. Overall, The Times reported an adjusted operating profit of $69 million in the quarter, compared to $65 million in the same period last year. The Athletic had an operating loss of $9.6 million. It has lost nearly $29 million in the three quarters since it was acquired. – New York Times

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International

Glencore executives allegedly smuggled cash from private jet to officials in West Africa

Glencore officials funneled cash to officials in West Africa in private jets, UK prosecutors said, creating a network of bribery and corruption through the London oil trading desk. The company, founded by Mark Richt, admitted to seven bribery operations in countries including Nigeria and Cameroon following an investigation by the Serious Fraud Office. Prosecutors said the company paid more than $28 million in bribes to secure access to the oil cargo. – Bloomberg News

Pharmaceuticals

GSK buoyed by vaccine sales

GSK raised its outlook for a second time and expressed optimism for next year, buoyed by demand for existing vaccines and a newcomer for a common respiratory virus. Excluding some costs, operating profit could rise to 17 percent and sales growth could rise to 10 percent this year, the U.K. drugmaker said on Wednesday, higher than earlier expectations of 15 percent and 8 percent. The upgrade comes as Shingrix, the maker of the blockbuster shingles vaccine, introduced its new shot, which it submits to regulators to protect against respiratory syncytial virus, or RSV. – Bloomberg News

Airlines

The FAA receives whistleblowers from cabin passengers

Back in August, Federal Aviation Administration officials asked people their opinions on how safe they felt airline seats were in their size. Passengers fed up with suffering alongside other unhappy customers flooded the agency with nearly 25,000 comments by Tuesday’s deadline. While many balked at the FAA’s request to address whether seat width, length, pitch and other dimensions pose a direct threat to passenger safety in an emergency, many took the opportunity to reduce comfort levels in typical economy cabins. . Congress in 2018 ordered the agency to issue regulations for minimum dimensions of passenger seats for safety reasons. A 2021 agency study determined that the current seat size would be safe during evacuation for 99 percent of the population. – Bloomberg News

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Electric vehicles

Tesla chose a showroom in Beijing

Tesla closed its flagship China showroom in Beijing last month, a person familiar with the matter said. The US electric car maker has several showrooms in the Chinese capital, and the now-closed showroom was located in a shopping center called Parkview Green, a predominantly residential area. Reuters reported the closure earlier Wednesday. Tesla sells its cars through a direct sales model over the Internet, rather than through a large-scale dealership or its own showroom. China is its most important market after the United States, and it delivered a record 83,135 cars in September after improving production capacity at its Shanghai factory. – Bloomberg News

banking

Credit Suisse’s stock fell to junk levels

Credit Suisse’s long-term rating was downgraded to just one notch above junk status by S&P Global Ratings, underscoring the bank’s challenges after unveiling a radical restructuring plan last week. The Swiss bank’s long-term rating was cut to BBB- from BBB with a stable outlook. It is just one step above BB “speculative grade”. Credit Suisse’s new strategy triggered the day’s biggest one-day decline, sending shares down 18 percent. – Bloomberg News

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