Latest business headlines

The latest business news from the region and nation

Joey Kramer’s signature Joe will soon be available on House of Blues coffee menu

Aerosmith’s Joey Kramer, hard rock drummer and recreational barista, will soon have his Rockin’ & Roastin’ coffee at House of Blues restaurants throughout the country.


Harpoon Brewery chief executive steps aside, turns stake over to employees

The Harpoon Brewery will become an employee-owned company, with cofounder Rich Doyle handing over the CEO role to cofounder Dan Kenary.

Developer Abbey Group holds ‘topping off’ ceremony for the Viridian in the Fenway

The Abbey Group raised a ceremonial final beam at the traditional “topping-off” event for the Viridian, a Fenway apartment building set to open in April.

Tufts study: Orphan drug approvals up, but high costs pose challenges

Orphan drugs are being approved at a faster rate, but US patients could be paying more out-of-pocket costs for them, a Tufts study says.

Data shows Sarepta’s muscular dystrophy drug is effective

The Cambridge biotech will seek approval from the Food and Drug Administration later this year for the treatment.

Jounce Therapeutics appoints Richard Murray as chief executive

Jounce Therapeutics, a Cambridge company focused on the discovery and development of cancer immunotherapies, announced the appointment of Richard Murray as CEO.

App allows users to claim parking spots, resell them

A new digital service called Haystack, launched in Baltimore in May, is expanding to Boston this week.

Maine town hosts 33d annual tribute to Moxie soda

It’s a four-day celebration of the carbonated beverage that many Mainers consider a symbol of the state’s unique character

Scholars warn of NSA loopholes

Researchers at Harvard University and Boston University warn the NSA could freely monitor the electronic communications of American citizens.

A summer without swagger for Hollywood

This season’s blockbuster output has been curiously low on the summer’s stock in trade: bigness.

Oil on 2-week slide even with Mideast turmoil

That could mean lower gasoline prices for US drivers in the weeks ahead.

LogMeIn stock falls on ‘sell’ recommendation

The research firm Off Wall Street launched coverage of LogMeIn Inc. with a “sell” rating and a $30 price target.

Market movers

Garmin’s stock slides

Garmin Ltd. fell following a Pacific Crest downgrade to “underperform.” Analyst Brad Erickson also listed a fair value for the stock in the mid-$40 range.

US students in middle of pack on financial knowhow

The testing is part of OECD’s Program for International Student Assessment, which aims to evaluate education systems.

American Apparel, top shareholders find comon ground

The retailer appears to have reached a deal to remake the board of directors and bolster the company’s finances.

More relying on Walmart for financial services

The state’s dominant check-cashing operation isn’t an inner-city storefront or a fly-by-night business. It’s your neighborhood Walmart.

Evan Horowitz

If you don’t have a bank account, how do you manage your money?

Lots of people do it, with help from a variety of sources.


Alcoa helps lift market after 2 days of declines

Stocks rebounded from a two-day sell-off as optimism about earnings and job growth overshadowed the Fed’s concern that investors might be too complacent about the economy.

Google picks 5 charities to create ideas for Glass

WASHINGTON — Google has chosen five charities to develop ideas using Web-connected Google Glass to enhance their work.

$580 million EU antitrust fine for drug makers

BRUSSELS (AP) — The European Union’s antitrust body is imposing a fine of 428 million euros ($580 million) on France’s pharmaceutical company Servier and five producers of generic medicines for distorting competition.

More flights arriving late; complaints are rising

WASHINGTON — More flights on U.S. airlines are running late or getting canceled, and complaints are rising.

PC shipment slump bottoms out

NEW YORK — A two-year slump in personal computer sales ended in the second quarter, helped by improving demand in developed markets like North America and Europe.

China auto sales cool in June

HONG KONG — Car sales in China cooled in June, with domestic brands falling further behind their foreign rivals in the world’s biggest auto market, an industry group reported Wednesday.

Many homeowners ignoring US program to cut loan rates

Neither the regulators nor the lenders can figure out how to get these homeowners to bite before the program expires at the end of 2015.

Tech Lab

Paying the price for free software

For unwary users, a lot of free software can end up costing quite a bit more than they’d expect.

MCCA sets record for convention bookings in June

The Massachusetts Convention Center Authority said it booked 38 future events for Boston during the month of June.

New Baskin-Robbins research: A scoop of chocolate ice cream equals a ‘dose of happy’

According to a new Baskin-Robbins research project, some ice cream flavors can make you happier than others.

Fidelity cuts 400 printing, mailing jobs in Kentucky, Texas

Workers in the printing and mailing divisions of the company will have their work outsourced to a firm based in New York.

Mass. biotech firm acquired by global health care company Baxter

Illinois-based Baxter International has acquired a Newton biotechnology firm developing a treatment for sickle cell disease.

Developer Samuels & Associates tops off Van Ness project in the Fenway

Developer Samuels & Associates is holding a topping-off event Wednesday for Van Ness, its two-building Fenway project that is set to open next spring.

David M. Hashmall will become the new chairman of law firm Goodwin Procter

Goodwin Procter LLP, a law firm with offices in Boston, said Wednesday that David M. Hashmall will succeed Regina M. Pisa as the firm’s chairman Oct. 1.

Waters and Chinese Pharmacopeia Commission sign laboratory cooperation agreement

Waters Corp. and Chinese Pharmacopeia Commission sign an agreement to open a lab that will seek to ensure quality control for drugs.

Suffolk Construction tapped for a Lahey Hospital & Medical Center project

Lahey Hospital & Medical Center in Burlington has tapped Suffolk Construction to perform construction management services on an early phase of Lahey’s plan to expand its facility.

Shirley Leung

Hotel near Fenway Park a nod to rock club past

The Verb hotel, a $10 million overhaul of the HoJo on Boylston Street, pays homage to the local rock club scene of the ’70s and ’80s.

Banks trying giveaways for new customers

Checking accounts are the prize for financial institutions chasing fee revenue, loyal customers and additional capital to help them grow.

Crumbs shows dangers of focusing on single product

Being beholden to a single item makes companies more susceptible to customers’ whims and changing tastes.

Bill would permit for-profit debt firms

The proposed legislation would end the 43-year-old ban but subject the firms to increased oversight by the state.

Hefty pay, perks lure teen interns to Silicon Valley

For the companies, it’s all about keeping up with Silicon Valley’s youth-oriented culture.

Mortgage companies join first-time homebuyer program

The goal of the program is to provide 10,000 mortgage loans in the next five years to first-time buyers.

Overcapacity hurting earnings at Air France-KLM

The airline, Europe’s third-largest by number of passengers, forecast an operating profit of no more than $3.1 billion, this year, less than an earlier target.

US companies post most jobs in 7 years in May

More Americans also quit their jobs — a good sign, because that usually occurs when workers find new and higher-paying jobs.

Drug firm AbbVie raises bid for Shire

The American drug maker said it had raised its bid to acquire the Irish drug maker that has already rejected its prior takeover offer worth $46 billion.

NY reaches price limit deal with car service Uber

The car service agreed to limit prices during emergencies, natural disasters or other unusual market disruptions consistent with New York’s law against price gouging.

Luxury Rolls-Royce car sales soar worldwide

The British-made cars have become must-haves for the new global elite, a group growing in number.

Samsung earnings hit by slowing China sales

The South Korean electronics giant’s operating profit declined to a two-year low in the second quarter.

Mass. Movers

FDA clears NeuroMetrix wearable tech

The Waltham medical device maker said its wearable technology to treat chronic pain has been cleared by the FDA for over-the-counter sales.

Market Movers

Pandora Media stock falls as Nasdaq slumps

Pandora Media, the music streaming service, fell 7.3 percent, while Twitter fell 7 percent.

Jury Clears Rengan Rajaratnam in Insider Trading Case

NEW YORK — Rengan Rajaratnam, the younger brother of Raj Rajaratnam, the former billionaire hedge fund manager who was convicted of insider trading in 2011, has been found not guilty of conspiracy to commit insider trading — a stunning blow to federal prosecutors in New York.

US consumer borrowing rises at slower pace in May

WASHINGTON — Consumers increased their borrowing at a slower pace in May compared to the previous month.

Bay Area governments make big electric-vehicle buy

SAN FRANCISCO — A group of San Francisco Bay Area cities, counties and water agencies has joined forces for what is being billed as one of the largest single government purchases of all-electric vehicles in the country.

Corinthian to close campuses in 11 states

WASHINGTON — The dozen campuses that for-profit education company Corinthian Colleges Inc. is closing include one in Chelsea, Mass., the company said Tuesday.

Snapshot: Stocks fall for a second day; Nasdaq slumps

Investors unloaded all manner of stocks as they awaited earnings reports to help them decide if the market’s run-up is justified.

Airlines shift rewards programs, favoring the big spenders

United Airlines and Delta Air Lines have announced that in 2015, frequent flier points will be based on dollars rather than miles.

King Street Properties gets financing for two-building lab redevelopment project in Alewife

HFF, a commercial real estate services firm, has arranged financing for the purchase and renovation of two laboratory buildings in Cambridge.

AbbVie raises its bid for Shire by about 11 pct

US drugmaker AbbVie has boosted its offer for Shire by 11 percent to about $51.3 billion. Shire has a big presence in Lexington.

Bruins to build new practice facility in Brighton

The Bruins expect to move into a state-of-the-art facility near the New Balance headquarters at Boston Landing by 2016.

Global Partners, Kansas City Southern plan to develop a crude oil terminal in Texas

Global Partners LP, a Waltham company focused on the logistics of transporting crude oil and other energy products, announced plans to develop a crude oil terminal in Texas.

Staples survey: Many parents like to get an early start on back-to-school shopping

According to a new Staples survey, nearly three quarters of parents say one or two months before school is the best time to shop for supplies.

NeuroMetrix gets clearance to market an over-the-counter pain management device

Waltham medical device maker NeuroMetrix Inc. said its wearable technology for treatment of chronic pain has received an FDA clearance for over-the-counter use.

Boston Capital

Harvard professors clash over rebuke of business theory

Academic fireworks went off when history professor Jill Lepore wrote a rebuke of Clay Christensen’s theory of disruptive innovation.

Stunned, friends rally behind TelexFree cofounder

Neighbors called him the consummate family man, but James Merrill is now awaiting trial for allegedly helping run one of the largest pyramid schemes ever.

Investor’s role key to recovery of solar firm

Two years ago, the solar power company SunEdison was in a crisis. Now, its managed to turn itself around.

Unique setbacks, successes paved inspiring career path

James H. Simons is quick to tell of his career failings.

Pact on Libyan terminals helps to lower oil prices

The price of oil slipped below $104 a barrel Monday on expectations that Libya will soon boost its exports of crude.

38 Studios settlement draws fire

A judge was asked to block a settlement over the failed $75 million deal with former Red Sox pitcher Curt Schilling’s video game company.

For investors, the Everything Boom doesn’t always mean solid returns

Around the world, nearly every asset class is expensive by historical standards. Call it the Everything Boom.

Developer alters look of Middlesex Courthouse site

A prior proposal by the company was blocked by neighbors and city officials over concerns about its height and traffic impacts.

Ignition woes traced to criticism

General Motors’ deadly ignition switch flaws emerged from an effort to improve its cars.

Archer Daniels buys Swiss flavor company

The agribusiness giant, based in Decatur, Illinois, said Monday it will acquire the privately held Swiss company Wild Flavors in an all-cash deal.

Uber tests price cuts in New York

The car- sharing service that lets people order transportation via a smartphone, cut fares to step up competition with NYC cabs.

Snapshot: Awaiting earnings, traders get cautious

Investors turned cautious ahead of a batch of corporate earnings reports.

US seeks freer tech trade with China

The US is looking for concessions from China to kick-start negotiations on liberalizing trade in high-technology products.

Truckers strike at LA, Long Beach ports

Drivers in a labor dispute at the ports of Los Angeles and Long Beach began an indefinite strike Monday.

Mass. Movers

Synta Pharmaceuticals stock surges after FDA notice

Lexington-based Synta focuses on developing small-molecule drugs for severe conditions like cancer and chronic inflammatory diseases.

Market Movers

Airline stocks slip following security change

Airline stocks fell after the TSA announced new security measures for international flights to the United States.

State to spend $83 million on affordable housing

The state will spend more than $83 million to build or preserve hundreds of units of affordable housing from Provincetown to Pittsfield, Governor Deval Patrick said Monday

Judge asked to block 38 Studios settlement

Two former employees of Rhode Island’s economic development agency have objected to the settlement.

Hurricane Arthur steered crowds indoors to Boston eateries

“People had nothing to do but go to restaurants,” said the president of the Massachusetts Restaurant Association.

Motorcyclists due $15m in refunds

The settlement amount is the largest in an investigation by the attorney general’s office into motorcycle insurance practices.

Teachers union joins Staples boycott in support of postal workers

A Mass. teachers union with 25,000 members is joining the boycott over Staples’ offering of post office services.