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Check out photos from this weekend's Levitate festival
As the 11th annual Levitate Music and Arts Festival heads into the final day Sunday, California rockers Sublime will make a rare appearance to close out a festival full of surprises.<\p> Local band Ripe, which formed while studying at Berklee College of Music and were not on the festival lineup, made an unexpected popup performance Saturday, delighting the crowd with their funk pop sound.<\p>
Eastern Nazarene College closure to eliminate 125 jobs
Eastern Nazarene College in Quincy said its planned closure will eliminate all 125 jobs, the school disclosed this week in a mandated WARN report.<\p> A small Christian school of just over 500 students, the college said last month that it will cease operations before the end of the year. In its filing to the state regarding the layoffs, Eastern Nazarene said the closure will begin in late August and last through next spring.<\p>
Teaching 'knife skills and life skills': Future Chefs founder retires
Over the past 17 years, Toni Elka helped build the next generation of diverse chefs, transforming kitchens all over Massachusetts. Now she's retiring from her role as executive director of Boston-based nonprofit, Future Chefs, which she founded in 2008.<\p> “We had this opportunity to do really good youth development with a hook like food,” said Elka. “I see the importance of a program like this really having a focus for when they leave and having support when they leave high school, because when that structure falls away, it can be a very risky and dangerous time for young people.”<\p>
A popular job-posting strategy can backfire
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> The hiring process sparks plenty of questions for employers and candidates alike. <\p>
In the wake of $10M settlement, BlueSnap is in ‘a better place’
Henry Helgeson had been CEO of BlueSnap for less than two months when the Federal Trade Commission announced the settlement of a lawsuit against the company for “knowingly processing payments for deceptive and fraudulent companies.” <\p> The Waltham-based global payment software company settled for $10 million in May, and a personal investment from Helgeson when he took over as CEO was enough to cover the fine, the executive said. <\p>
A year of innovation at Perkins School for the Blind
When the Perkins School for the Blind launched its innovation center last year, it planned to use its deep roots in the disability community to make innovation more equitable. <\p> A year in, both communities are ready to collaborate to bolster the disability tech sector, according to Sandy Lacey, executive director of the Howe Innovation Center. <\p>
Five things you need to know, and Salem’s 'Parade of Horribles'
Good morning and happy Friday, Boston. If you are working today, first of all, I'm sorry. I'm right there with you. This is Managing Editor Don Seiffert here to bring you five things you need to know in Boston business news, plus a Salem tradition that has nothing to do with witches and Halloween.<\p> On the morning of July 3, an email went out to more than 15,000 employees of the staffing tech firm UKG (known as Kronos until 2020) informing them that layoffs would affect some 14% of the company. Lucia Maffei and I got the scoop.<\p>
Renters in Boston make 39% less than they should to afford housing
Renters in the Boston area typically earn 39% less than what they should to afford a place to live here, among the biggest gaps in the country, according to a new analysis from Redfin.<\p> The median income of a renter in the Boston area is $69,000 — among the highest in the country. But to pay a typical monthly rent payment, a renter in Greater Boston ought to make $113,000, according to Redfin’s estimates, which are based the ideal that a household should spend 30% of its income or less on rent.<\p>
Maryland-based wealth advisory firm opens in Greater Boston
Maryland-based wealth advisory firm Verdence Capital Advisors has expanded into Greater Boston with the opening of a new office in Concord.<\p> Dwight Davenport, co-founder of investment management firm GreenPort Capital Advisors, will lead the new office as its executive director.<\p>
Petri Dish: uniQure sells site; Sanofi backs Watertown biotech
This week might have been a short week for many given the Fourth of July holiday — but nothing slows down in the global biotech sector. UniQure sold a local facility, Sanofi invested in a Watertown biotech and Alkeus brought in a new CEO. Read the latest on the state’s life sciences, biotech and medical device industries.<\p> UniQure (Nasdaq: QURE) is selling its commercial gene therapy facility in Lexington to Genezen, a gene therapy contract development and manufacturing organization. Genezen said the new site, a commercially-licensed viral vector manufacturing facility, will complement its existing clinical manufacturing operations and team in Indianapolis. Genezen is paying $25 million — $12.5 million of newly issued Series C Preferred Stock and a $12.5 million convertible note — for the site.<\p>
Would Google buy HubSpot? Experts say yes — but see hurdles ahead
Rumors that Alphabet wants to buy HubSpot Inc. have not faded since first emerging in April, and the idea that Google’s parent company is targeting one of the state’s largest public companies for its potentially largest acquisition ever has set the imagination of analysts and Boston tech scene observers on fire.<\p> With HubSpot’s market cap just under $30 billion, the price tag could be more than double Google’s (Nasdaq: GOOGL) combined purchases of Motorola Mobility, YouTube and Fitbit.<\p>
Authors & Innovators: What if you could do ... anything?
For most startups, a stockholders agreement covering the “what-if’s” is a must. As a venture progresses, circumstances change, and quite often, so does the composition of the founding team. I like to see co-founders sort out the impact on the business and the stock ledger of the “three Ds” — namely, death, disability, or departure (voluntary or involuntary) — right up front, while everyone is aligned (and also on this earth). Indeed, the first “D,” death, can be the most challenging. It sparks the most existential of questions: If I am gone, what have I left? And was it worth my time?<\p> Over the years, I have participated in many of these candid, searching conversations. I’ve come to know that although people can join forces with common business goals, their individual aspirations can and will vary pretty widely. Each of us is on a journey for meaning, motivation and purpose. Decades into my practice, I’m still on my own. Judging from a few new, captivating books, I’m on the right track. <\p>
DEI 2.0: How Boston’s business community can lead its reinvention
Everywhere you look, DEI is under attack. Billionaire investor Bill Ackman. Florida Gov. Ron DeSantis. Even once-sympathetic leaders like former ADL and American Jewish Committee presidents Abe Foxman and David Harris are now calling for the end of diversity, equity and inclusion programs in the workplace and broader society. <\p> What do these people have in common? They are all white men.<\p>
Slack CEO, a Mass. native, talks Salesforce integration
Denise Dresser, a longtime Salesforce executive, became CEO of Slack last year, the third executive to serve in that role since the cloud software company announced its plans to buy the work chat in 2020 for a whopping $28 billion.<\p> Born at Winchester Hospital, Dresser grew up in Southborough before graduating with honors from UMass Amherst and launching her career in the technology sector focusing on product go-to-market.<\p>
Forward Financing, ICIC and closing the capital-access gap
Partners with a Purpose is a monthly editorial feature that highlights companies and nonprofits working together in unique and interesting ways. To suggest a partnership to feature, nominate a partnership online.<\p> After Justin Bakes, the co-founder and CEO of Forward Financing, met with Steve Grossman, the CEO of Initiative for a Competitive Inner City (ICIC), about a year ago, the two quickly learned that the organizations' missions aligned. So they formed a partnership. <\p>
Editorial: Get out of your car and take the T
As of July 5, the MBTA will once again make it cheaper to use public transportation from the North Shore while the Sumner Tunnel is closed for repairs. The plan is a repeat from last summer, except instead of lasting for two months, this year the closures and discounted fares will last just one month, until Aug. 5.<\p> With traffic expected to be as bad as last summer, what better time to ditch your cars and try taking a train to work instead?<\p>
UKG lays off more than 2,000 on July 3
UKG conducted mass layoffs on Wednesday, just before the July 4 holiday, cutting an estimated 2,200 workers.<\p> The privately held staffing software company cut approximately 14% of its workforce, according to a July 3 email to employees from UKG CEO Chris Todd that was reviewed by the Business Journal. <\p>
Insurers agree to cover out-of-network urgent care to curb ER demand
Starting today, if you’re facing an urgent medical problem, you can visit urgent care centers in Eastern Massachusetts all summer without worrying about whether it's in-network.<\p> The state’s health insurers have agreed to reimburse out-of-network care to curb emergency room demand throughout the summer. The Massachusetts Executive Office of Health and Human Services and the Department of Public Health said Wednesday that a 90-day urgent care strategy is now in place. <\p>
Worcester cannabis firm sues investor for alleged nonpayment
A Worcester-based social equity cannabis business has filed a lawsuit in Massachusetts superior court alleging that a California firm has not paid the $2 million it owes for buying a 49% stake in the company.<\p> New Dia, a Worcester cannabis operator, alleges that CR Operator Holdings LLC and other defendants “have been engaged in a pattern of misconduct to seek to take an interest in New Dia and its unique social equity applicant cannabis license in Massachusetts without paying for the same,” the plaintiffs wrote in the lawsuit. New Dia called it a breach of a membership interest purchase agreement.<\p>
CureVac licenses vaccines to GSK, plans layoffs
CureVac NV, a German biopharma company with its U.S. headquarters in Boston, is licensing three of its vaccines in development to GSK plc, and plans to lay off hundreds of works.<\p> CureVac (Nasdaq: CVAC) and GSK have been working together since 2020 to make mRNA vaccines for infectious diseases. On Wednesday, the companies announced plans to restructure their existing deal into a new licensing agreement. <\p>
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