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Latest JAY FITZGERALD Stories

2008-10-10 21:00:26

By JAY FITZGERALD The financial system's historic woes have led to at least one piece of good news: Gas prices are falling below $3 a gallon at many stations across the state. At least 15 area stations are now charging less than $3 for a gallon of regular gas, with the lowest being $2.87 at a Roslindale filling station, according to BostonGasPrices.com. The Boston area's average price for gasoline - which set a record of $4.09 a gallon on July 8 - was hovering at about $3.27 yesterday,...

2008-09-13 18:00:09

By JAY FITZGERALD Fidelity Investments yesterday agreed to buy back from customers about $300 million in auction-rate securities, even as it asserted it had little to do with the sale or marketing of the controversial bond-like products. Fidelity, which was pressured by Massachusetts Secretary of State William Galvin and New York Attorney General Andrew Cuomo make the repurchases, informed Galvin in a letter that Fidelity has a "long history of going above and beyond to serve our...

2008-09-11 21:00:11

By JAY FITZGERALD Local lenders are seeing a surge in home-refinancing applications as mortgage rates fall in the wake of the federal government's takeover of mortgage giants Freddie Mac and Fannie Mae. "It's a nice way to start September," said Amy Tierce, regional manager for Fairway New England, a mortgage lender affiliated with Fairway Independent Mortgage. Tierce said her branch handled about 15 deals on Tuesday alone, more than triple its normal daily activity. "Refinancing...

2008-09-10 21:00:20

By JAY FITZGERALD About 1,500 Verizon employees would be moved out of the company's famous Post Office Square building next year if a new agreement to sell the landmark property moves forward. Verizon said yesterday that it has a tentative sale agreement with Kennedy Associates/Commonwealth Ventures, with the deal expected to close later this month. Commonwealth Ventures is also involved with developments in the Seaport and Fort Point Channel areas. No financial details were released...

2008-09-03 21:00:18

By JAY FITZGERALD Like gasoline, the price of winter heating oil has fallen dramatically in recent weeks. But no one is cheering too loudly because heating-oil prices are still a staggering $1.78 higher than they were at this time last year, all but ensuring a very expensive winter for homeowners across the region. The price of heating oil is now going for an average of $4.04 a gallon, down from a high of $4.71 in early July, according to the latest survey of oil dealers by the...

2008-08-17 18:00:34

By JAY FITZGERALD Boston has earned the dubious distinction of having the fastest growing inflation rate among metropolitan areas across the country. The U.S. Bureau of Labor Statistics reported yesterday that consumer prices here jumped 6.3 percent in July, compared to last year, the largest increase since the Persian Gulf crisis in 1990. If you like pork, don't fret. The price of pork at supermarkets is rising only modestly. But prices for just about all other foods are increasing...

2008-08-08 21:00:11

By JAY FITZGERALD Massachusetts investors will get back millions of dollars from major Wall Street firms as a result of two settlements announced yesterday regarding the controverisal sale of auction-rate securities. Attorney General Martha Coakley, who's already wrung nearly $40 million out of UBS for its role in selling the risky bond-like products, said yesterday she's reached an agreement with Morgan Stanley for its repurchase of about $1.5 million in securities from New Bedford and...

2008-08-02 18:00:03

By JAY FITZGERALD Verizon and union leaders are negotiating down to the wire today in an attempt to avert a possible strike by thousands of workers after expiration of a contract tonight. A spokesman for the telecom giant expressed confidence that an agreement can be reached before the midnight deadline, when the current five-year contract ends. "We are expecting a settlement," said Verizon spokesman Phil Santoro. But Paul Feeney, a spokesman for the International Brotherhood of...

2008-08-01 21:00:32

By JAY FITZGERALD U.S. Rep. Edward Markey and other congressional Democrats yesterday slammed Exxon Mobil's record $11.7 billion earnings, the largest quarterly profit ever for an American company. Exxon Mobil's profits - which some published reports calculated at $90,000 a minute during the three-month period ending June 30 - were published the same day Royal Dutch Shell reported its quarterly profit of $11.6 billion. Other companies, such as British Petroleum and ConocoPhillips, also...

2008-08-01 21:00:25

By JAY FITZGERALD Teamsters Local 25 has settled a bitter labor dispute with three former union members who charged they were unfairly blocked from working on movies filmed in Massachusetts. But Local 25 - which has a controversial past that includes allegations of shakedowns of Hollywood film officials - still faces a federal complaint that it signed an "unlawful" agreement with Hollywood firms that didn't spell out labor divisions between the union and movie companies. Yesterday's...


Word of the Day
caparison
  • A cloth or covering, more or less ornamented, laid over the saddle or furniture of a horse, especially of a sumpter-horse or horse of state.
  • Clothing, especially sumptuous clothing; equipment; outfit.
  • To cover with a caparison, as a horse.
  • To dress sumptuously; adorn with rich dress.
This word ultimately comes from the Medieval Latin 'cappa,' cloak.
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