Israeli firm Nipendo raises $8M, will open Hub HQ

Israeli technology company Nipendo said today it has raised $8 million in a second round of funding, which it will use to scale its business operations and expand to the United States by opening its new headquarters in Boston.

The funding round was led by Facebook, Spotify and Siri investor Horizons Ventures. Tel Aviv-based Magma Venture Partners also participated in the round.

The company added that Gilad Novik, chief technology officer of Horizons Ventures, has joined Nipendo's board of directors.

Nipendo said it provides enterprise-level organizations with a highly scalable, cloud-based, trading partner network that removes the barriers to widespread deployment of electronic procurement and invoicing.

The company said its platform is used by numerous companies, including Pfizer, HP, IBM and Office Depot.

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Brown Rudnick hires Adolfo Garcia as partner

Brown Rudnick LLP said today it has hired Adolfo R. Garcia as a partner in the law firm's corporate and capital markets department.

Prior to joining Brown Rudnick, Garcia was a partner at K&L Gates.

Previously, Garcia was a partner in the corporate department at Ropes & Gray and served as co-founder and co-head of Ropes & Gray's international practice where he integrated, managed and expanded a worldwide network of international counsel.

"Few U.S. attorneys can rival Dolf's global expertise, or his reputation for being a world class corporate advisor. Our clients in the U.S. and abroad will benefit greatly from Dolf's knowledge, capabilities and tremendous depth of experiences," said Joseph F. Ryan, chairman and CEO of Brown Rudnick, in a statement. "With the addition of Dolf to our corporate practice, Brown Rudnick further advances our strategic goal of providing top tier legal talent and expertise to our clients who do business here and across the globe."

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Dominion Resources to sell trio of power stations

RICHMOND, Va. — Dominion Resources Inc. said Monday that it has agreed to sell three power stations to funds controlled by the private equity firm Energy Capital Partners as part of its plan to exit the merchant coal-fired generation business.

The Richmond, Va.-based energy provider said the sale is expected to result in after-tax proceeds of about $650 million, which includes cash tax benefits generated by the sale.

The deal remains subject to Federal Energy Regulatory Commission and antitrust approvals and is expected to close in the second quarter.

The stations include a 1,528-megawatt power station in Somerset, Mass., with three coal-fired units and one unit fired by oil or natural gas; a 1,158-megawatt power station in the southern Illinois town of Kincaid with two 579-megawatt coal-fired units; and a 1,424-megawatt power station outside Chicago, with nine natural gas-fired combustion turbines.

The buyer has offices in Short Hills, N.J., and San Diego,

Dominion said last year that it would exit the merchant coal-fired generation business as part of a refocusing of its resources on the more profitable ventures. The company said it plans to invest the proceeds of Monday's sale in its regulated businesses and to reduce debt.

Dominion shares rose 30 cents to $56.17 in morning trading. Its shares have traded in a 52-week range of $48.94 to $57.19.

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Mass. gas prices down 3 cents per gallon

Mass. gas prices down 3 cents per gallon

BOSTON — The price of a gallon of gas has fallen three cents in Massachusetts and is now in line with the national average.

AAA Southern New England reports Monday that self-serve, regular has dropped to an average of $3.69 per gallon, the same as the national average.

The current price is still a penny higher than a month ago, but two cents per gallon lower than at the same time last year.

AAA found self-serve. Regular selling for as low as $3.55 per gallon and high as $3.89.

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172 flights canceled in Duesseldorf airport strike

BERLIN — Scores of flights have been canceled at Duesseldorf airport after security personnel walked off the job in a one-day strike to press their demands for higher pay.

By midday Monday, the dpa news agency reported 172 starts and landings of 593 planned had been canceled. Some 250 workers staged the so-called warning strike, a tactic used by German unions to increase pressure on employers.

The ver.di union seeks a roughly 30 percent pay increase this year for private security workers, including about 2,000 airport security personnel and 32,000 others in the state of North Rhine-Westphalia. Employers have offered a 9 percent raise.

Ver.di has staged regular strikes this year at the state's Cologne-Bonn and Duesseldorf airports as well as in Hamburg, where it's also seeking a new wage deal.

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Grain futures mostly rise, pork prices fal

Grain futures mostly rise, pork prices fal

March 11, 2013

CHICAGO — Grains futures were mostly rose Monday on the Chicago Board of Trade.

Wheat for May delivery rose 1 cent to $6.98 a bushel; May corn added 3.50 cents to $7.07 a bushel; May oats were flat at $3.88 a bushel; while May soybeans rose 9 cents to $14.80 a bushel.

Beef prices rose, while pork prices fell on the Chicago Mercantile Exchange.

April live cattle rose 0.50 cent to $1.2805 a pound; April feeder cattle rose 0.15 cent to $1.4150 a pound; April lean hogs fell 0.87 cent to 81.15 cents a pound.

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US stocks waver in midday trading

NEW YORK — U.S. stocks are flipping from slight gains to losses in midday trading.

The Dow Jones industrial average was up five points to 14,402 shortly before noon on Monday. That modest climb puts the index on track for its seventh straight day of gains.

Boeing led the Dow up, rising 1 percent. The Standard & Poor's 500 fell one point to 1,551. The index is 14 points below the record high it reached in October 2007.

The Nasdaq composite fell four points to 3,240.

The economic calendar is light on Monday, offering investors little to latch on to.

The Dow blew past its record high from October 2007 last Tuesday. It set records the rest of the week and ended up 2 percent.

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Fuel tank gets wedged under plane in Philadelphia

Fuel tank gets wedged under plane in Philadelphia

March 11, 2013

PHILADELPHIA — A fuel tank somehow disconnected from its trailer hitch at Philadelphia International Airport, rolled onto the taxiway and got stuck under an airplane.

It happened at 10:30 a.m. Monday. Airport spokeswoman Victoria Lupica says it took about 10 minutes to get the wedged tanker out from under the US Airways plane.

Lupica says there was no fuel spill and no one was injured. She says the plane was towed back to the gate to be checked out and the passengers are being rebooked on other flights.

Lupica says the plane had been moving on the taxiway but may have been fully stopped when the tank rolled into it. It's not clear how the tank got unhooked from the truck.

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Massachusetts gas prices drop three cents

Bay State gas prices are down another three cents this week, according to AAA Southern New England.

Self-serve, regular unleaded gas is currently averaging $3.69 a gallon, the same price as the national average. Local prices are up a penny over the past month.

A year ago at this time, the Massachusetts average price was $3.71.

Premium unleaded is also down three cents this week to $4 a gallon. Midgrade unleaded and diesel are both down a penny to $3.88 and $4.14 a gallon, respectively.

The range in prices in the latest AAA survey for unleaded regular is 34 cents, from a low of $3.55 to a high of $3.89.

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Group of Mass. economists back tax hike

Group of Mass. economists back tax hike

BOSTON — Gov. Deval Patrick's proposal to raise the state income tax rate to pay for investments in transportation and education has been endorsed by a group of more than 50 economists.

The economists — who come from public and private universities around Massachusetts — said in a statement on Monday that the investments are critical to the state's long-term economic health. They added that the income tax is the most equitable way to raise the revenue needed for transportation and education.

Patrick has called for hiking the state income tax from 5.25 percent to 6.25 percent, while doubling the personal exemption and eliminating dozens of itemized deductions. He also wants to lower the sales tax.

House Speaker Robert DeLeo said last week he favored a "significantly smaller" tax hike.

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