New England business briefs.
State Street shares tumble after disclosure
State Street Corp. shares plunged by nearly 60 percent in one day to their lowest level in more than 12 years after the company disclosed that its unrealized investment losses have grown significantly in the past three months.
The Boston financial company has insisted that those investments are improperly valued due to weak market conditions. But analysts and investors are becoming increasingly worried that State Street could be forced to sell those investments and report billions of dollars in losses.
State’s jobless rate catching up to nation’s
The difference between the state's jobless rate and the nation's jobless rate narrowed significantly in December, as the state's economic recession began to catch up with the nation's.
The Massachusetts unemployment rate rose to 6.9 percent - compared with 7.2 percent nationally - as employers shed an estimated 16,800 jobs in a broad range of industries.
Madoff assistant resists Galvin’s subpoena bid
A top assistant of alleged swindler Bernie Madoff continued to resist Secretary of State Bill Galvin's efforts to subpoena him for testimony about the impact of Madoff's actions on Massachusetts investors.
Robert Jaffe, a recruiter for Madoff who helped find investors in this state, is fighting Galvin in Superior Court, claiming that Galvin doesn't have the authority to compel Jaffe to testify.
Firm sues T, wants more money for managing parking lots
Commuters aren't the only ones who are unhappy about the MBTA's recent parking fee increase: Providence-based AIM Parking Management has filed a lawsuit because it said the recent $2 increase in parking fees will raise AIM's annual expenses by nearly $300,000.
AIM, which manages lots in more than a dozen suburban towns and Boston neighborhoods, wants to be compensated for the extra labor needed to count the influx of coins and dollar bills.
Bose Corp. forced to slash work force
Bose Corp. will cut 1,000 jobs, or 10 percent of its global work force, as it reacts to the consumer credit crunch and a slowdown in TV purchases. The audio products company declined to say how many jobs would be lost at its Framingham headquarters.
The Patriot Ledger