Bridgewater Savings Bank, Mansfield Bank to merge

The Boston Globe Finance 1 week ago

FINANCE

Bridgewater Savings Bank, Mansfield Bank to merge

Bridgewater Savings Bank and Mansfield Bank have reached a deal to merge, with the leaders of both banks planning to stick around once the deal is complete. Bridgewater Savings CEO Peter Dello Russo will be chief executive of the new bank, while Mansfield CEO Meg McIsaac will be president. The two banks are similar in size: Bridgewater Savings has $630 million in assets, 118 employees, and 8 branches, while Mansfield has $525 million in assets, nearly 100 workers, and four branches. No job cuts are expected, the executives said. The new bank will be based in Raynham, where Bridgewater Savings is headquartered today. The bank will remain mutually owned, like its predecessors. The executives have not yet announced a new name; they’re still working through a trademark review for the one they have in mind. They hope to have the regulatory approvals they need to complete the deal by mid-2020. — JON CHESTO

STREAMING

Jay-Z returns his music to Spotify

Jay-Z, who pulled most of his albums from Spotify in 2017 in favor of his rival Tidal platform, celebrated his 50th birthday Wednesday by returning his music to the world’s largest audio streaming service. Jay-Z, born Shawn Carter, returned some albums to Apple Inc.’s music service earlier this year. It also raises questions about the health of Tidal, which Jay-Z bought for $56 million in 2014. The closely held service hasn’t reported subscriber figures since touting 3 million paying customers in 2016. Spotify reported 113 million subscribers in its most recent quarterly results, in October. Tidal didn’t immediately respond to a request for comment Wednesday. — BLOOMBERG NEWS

ENERGY

Shell gets court order to keep protesters from North Sea oil platforms

Royal Dutch Shell won a court ruling preventing environmental protesters from boarding unmanned oil installations in the North Sea. Greenpeace activists in October boarded two of Shell’s offshore platforms in the Brent field to protest decommissioning plans they claimed will leave “hazardous oily sludge” in the sea. A judge in Scotland said that the protesters had no right to enter the installations, and are now banned from going within a 1,640-feet safety zone around the platforms. — BLOOMBERG NEWS

AVIATION

Ryanair to close two hubs

Europe’s busiest airline, budget carrier Ryanair, says it is closing bases in Nuremberg, Germany, and Stockholm because of delays to deliveries of Boeing 737 Max airplanes, which have been grounded for months over security concerns. The company said in a statement Wednesday that it now expects to receive 10 aircraft rather than the 20 previously planned. As a consequence, the low-cost carrier is predicting passenger traffic will drop from 157 million to 156 million. — ASSOCIATED PRESS

WIND POWER

N.H. prepping for offshore wind development

New Hampshire Governor Chris Sununu has signed an executive order preparing the state for future offshore wind development. The order signed Tuesday establishes four advisory boards focused on fisheries and endangered species, workforce, and economic development, offshore industries, and infrastructure. The boards will report to a Bureau of Ocean Energy Management Offshore Renewable Task Force, which has its first meeting Dec. 12 at the University of New Hampshire. — ASSOCIATED PRESS

ALTERNATIVE ENERGY

BlackRock raises $1b for projects

BlackRock just raised $1 billion for wind, solar, and battery-storage projects. The world’s largest money manager received initial commitments from over 35 institutional investors in North America, Europe, and Asia for its third global renewables fund. It’s the most BlackRock has raised yet for a clean-power fund’s first close. Clean-energy investments have surged as much of the world pushes to move beyond fossil fuels to fight climate change.
— BLOOMBERG NEWS

ENTERTAINMENT

Sony says PlayStation recognized as best-selling console

Sony Interactive Entertainment announced Tuesday that its PlayStation home video game console series has been recognized by the Guinness World Records as the best-selling home console brand in history. From the release of the PlayStation in 1994 to the PlayStation 4, sales of the console have reached about 450 million units. SIE plans to release PlayStation 5 sometime during the 2020 end-of-year shopping season. — BLOOMBERG NEWS

AVIATION

United Airlines opts for Airbus rather than Boeing

United Airlines ordered its first long-range Airbus SE A321neo jets, dealing a new setback to Boeing as it struggles through the grounding of its 737 Max. The carrier said it would take 50 of Airbus’s A321XLR jets, with deliveries to begin in 2024 — a year after the model’s planned debut. Valued at $7.1 billion before customary discounts, the order expands the US foothold of a single-aisle variant capable of handling North Atlantic routes. — BLOOMBERG NEWS

DEFENSE

Navistar accused of bilking $1.3b from US government

Navistar International and its defense unit are accused of bilking almost $1.3 billion from the US government in connection with a contract for military vehicles used by American forces in Iraq and Afghanistan. Filed in 2013, the whistle-blower suit was made public Tuesday by the US District Court in Washington. The federal government elected to join part of the suit in September, according to an earlier court filing that also was just made available. Lyndi McMillan, a Navistar spokeswoman, said the complaint wasn’t well-founded in fact or law. — BLOOMBERG NEWS

EMPLOYMENT

Companies added just 67,000 jobs in November

US companies added just 67,000 jobs in November, a private survey found, barely half the gain of the previous month. Payroll processor ADP said that manufacturers, construction firms, and mining companies cut 18,000 jobs combined. Companies with fewer than 20 employees also slashed their payrolls. November’s job gain is the fewest in six months and suggests that hiring could be weakening, economists said. Yet job gains frequently fluctuate from month-to-month, so last month’s meager increase could also be a one-time blip.
— ASSOCIATED PRESS

TRAVEL

Expedia CEO and CFO leave in clash with board

Expedia Group Inc. said chief executive Mark Okerstrom and chief financial officer Alan Pickerill will resign effective immediately after clashing with the board on the travel company’s direction. Barry Diller, board chairman, and vice chairman Peter Kern will oversee the company’s leadership team and manage daily operations while the board looks for long-term leadership, according to a statement Wednesday. Expedia has been plowing resources into its home-sharing division, Vrbo, in a bid to challenge rivals Airbnb Inc. and Booking Holdings Inc. in the booming market for alternative accommodation. — BLOOMBERG NEWS

RESTAURANTS

Kid Rock won’t renew Detroit eatery license

Kid Rock will close his Made in Detroit restaurant in Detroit’s Little Caesars Arena once its licensing agreement expires this spring, the singer and arena operator announced separately Wednesday. The news comes after the musician was recently filmed delivering a vulgarity-laced rant against Oprah Winfrey. The restaurant opened in 2017 in the arena that’s home to the Detroit Pistons and Red Wings. Cellphone video obtained by TMZ shows Kid Rock onstage last month at his steakhouse in Nashville using graphic language to convey his dislike of Winfrey and Joy Behar, co-host of ABC’s “The View” talk show. — ASSOCIATED PRESS


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