Fed chief says economy could be out of the woods; Walgreens plaza in Stoughton sold; Mayflower Cooperative sees increase in profit.
Bernanke says downturn danger has passed
CHATHAM – Despite a recent spike in the nation’s unemployment rate, the danger that the economy has fallen into a “substantial downturn” appears to have waned, Federal Reserve Chairman Ben Bernanke said Monday.
Addressing a Fed conference in Chatham on Monday night, Bernanke said a government report last week showing the unemployment rate rising from 5 percent in April to 5.5 percent in May – the biggest one-month jump in two decades – was “unwelcome.” However, the Fed chief said other forces should “provide some offset to the headwinds that still face the economy.”
The Fed’s powerful doses of interest rate cuts, the government’s $168 billion stimulus package, further progress in the repair of problems in financial and credit markets, a gradual ebbing of the drag from the deep housing slump and still solid demand from abroad for U.S. exports should help the economy over the remainder of this year, he said.
Shopping center in Stoughton sold
A Burlington investment firm is buying a Walgreens-anchored shopping center in Stoughton and a Dedham store occupied by Lenscrafters together for $12.6 million, according to GlobeSt.com.
The Web site reported that Linear Retail Properties of Burlington teamed up with Principal Financial Group to buy the two properties, a 26,000-square-foot strip plaza on Route 138 in Stoughton and a 5,500-square-foot shop on Providence Highway in Dedham. The sale of the two properties won’t be completed until early 2009. The Stoughton plaza also houses an Eastern Bank branch, a Hertz car rental location, a pizza shop and a Starbucks. That center is valued at $9.1 million as part of the deal.
Bedford company buys Third Wave
BEDFORD – Hologic Inc., a Bedford medical device company, has reached a deal to buy Third Wave Technologies Inc. for $580 million. Third Wave is a Madison, Wis., company that develops and markets diagnostic products that can test for conditions such as cystic fibrosis, hepatitis C and cardiovascular risks.
Mayflower bank reports profit hike
MIDDLEBORO – The holding company for Mayflower Cooperative Bank said its net income rose in the quarter that ended on April 30 to $269,000, up 8.5 percent from the same time a year ago. Middleboro-based Mayflower Bancorp Inc. recorded no loan losses in the quarter, compared with $30,000 a year ago. Bank CEO Edward Pratt said he is continuing to see positive developments at the bank.
South Shore medical acquires more space
WEYMOUTH – South Shore Medical Center has subleased nearly 6,000 square feet at 90 Libbey Parkway to accommodate the physician practice’s expansion. The medical suite previously had been occupied by Healthcare South. South Shore Medical Center, which was represented by The Conrad Group of Quincy in the deal, plans to occupy the space later this summer.
Apple shows off its new iPhone
Apple Inc. unveiled an upgraded iPhone Monday with a faster Internet connection and satellite navigation capabilities. The new iPhone is priced $200 lower than current models, but with more expensive service. The Associated Press reported that Apple needed to slash the gadget’s price and upgrade it to work over so-called 3G, or third-generation, wireless networks to hit the company’s target of selling 10 million iPhones by the end of 2008. An 8 gigabyte model will sell for $199, starting July 11. A 16 gigabyte model will cost $299.
Patriot Ledger staff