GASOLINE
Mass. prices rise for first time in weeks
Gasoline prices in Massachusetts rose for the first time in weeks this summer, up three cents to an average of $2.07 a gallon, according to AAA Northeast. The increase was the first time this summer that gas rose since late June, according to the latest AAA survey. This time last year the average was $2.40 per gallon. The price in Massachusetts is 9 cents below the national per gallon average for regular unleaded of $2.16. Gasoline prices in Massachusetts as of Monday ranged from a low of $1.89 to a high of $2.59 for regular unleaded, according to the auto club. Monday’s average gas prices per gallon for other grades were $2.37 for midgrade unleaded and $2.55 for premium unleaded. Diesel averaged $2.32 per gallon. — HAE YOUNG YOO
PHARMACEUTICALS
Embattled Valeant replaces CFO
Valeant Pharmaceuticals replaced Robert Rosiello as chief financial officer as the embattled company attempts to normalize operations amid a host of investigations and class action lawsuits. The Canadian company named Paul Herendeen, former Zoetis chief financial officer, to fill the post immediately on Monday. Valeant has been under fire for its strategy of buying smaller drug companies, then hiking the prices of the drugs that those companies make. Earlier this year, the company ousted Michael Pearson, the CEO who engineered the Valeant’s acquisition strategy, replacing him with Joseph Papa. Valeant is the target of at least 11 investigations in the US and Canada, and a number of class action suits. — ASSOCIATED PRESS
INVESTMENTS
Kobe Bryant moves from the court to Wall Street
Retired NBA star Kobe Bryant is moving to Wall Street, announcing the formation of a $100 million venture capital fund to invest in media, technology and data companies. The fund, known as Bryant Stibel, is being co-managed by investor Jeff Stibel. Bryant Stibel has already made investments in 15 companies, including LegalZoom and home juicing company Juicero, according to their website. The firm was founded in 2013, but is going public now with the retirement of Bryant from the Lakers. Bryant earned roughly $680 million in salary and endorsements during his 18-year career, according to Forbes, and has been in the process of transition from athlete to businessman. Bryant created a company in 2014 called Kobe Inc. to help handle his image.
— ASSOCIATED PRESS
FANTASY SPORTS
DraftKings, FanDuel can resume operations in New York
DraftKings, FanDuel, and other daily fantasy sports companies have been cleared to resume business in New York state. The state’s Gaming Commission on Monday granted permits to five daily fantasy operators following the passage of a new state law regulating the popular online games. This year, the industry suspended business in New York after Attorney General Eric Schneiderman likened the games to illegal gambling. Lawmakers then passed a law that defined daily fantasy sports as a ‘‘game of skill’’ and imposed consumer protections. The law also required operators to pay a $50,000 annual fee and a 15 percent tax on revenue. The temporary permits issued Monday come just before the start of the 2016 NFL season. The gaming commission continues to work on long-term regulations. “MLB pennant races are heating up, an exciting NFL season is just around the corner and we are thrilled to be able to bring DraftKings back to millions of New York sports fans,’’ Jason Robins, CEO of Boston-based DraftKings, said in a statement. — ASSOCIATED PRESS
OFFICE SUPPLIES
Office Depot CEO to retire next year
Office Depot CEO Roland Smith will retire next year after a replacement is found. The office supplies retailer also said Monday that it is reorganizing its executive committee to bring its retail store, e-commerce and marketing operations together. Troy Rice, who is currently executive vice president, was named to the newly created position of chief operating officer. Smith’s retirement comes three months after rival Staples dropped its $6.3 billion buyout of Office Depot. The deal was blocked by a federal judge who ruled that the deal would throttle competition. Staples Inc. CEO Ron Sargent stepped down in June, and a permanent replacement has not been named. — ASSOCIATED PRESS
CREDIT CARDS
Citigroup sends e-mails in error to Costco customers
Citigroup Inc. mistakenly sent e-mails to some active Costco Wholesale Corp. members telling them their wholesale club membership had lapsed and that their cards would be canceled, bringing a fresh headache to the new partnership. The e-mails, sent Friday, were meant for Costco customers who hadn’t renewed their memberships. The bank promptly alerted affected customers that their accounts remain active, and just a “small portion” of Costco cardholders received the errant communications, Jennifer Bombardier, a Citigroup spokeswoman, said Monday in a statement. Citigroup struggled with the rollout of its Costco Anywhere Visa cards after taking over a portfolio of about 11 million accounts from American Express Co. in June. — BLOOMBERG NEWS
CALL CENTERS
French firm buys company that provides phone and video translation
Teleperformance SA, a French call-center operator, is adding online phone and video translation by acquiring LanguageLine Solutions LLC for $1.52 billion from a US private-equity firm. Paris-based Teleperformance, which has customers in industries including health care, insurance, banking, and retail, said in a statement Monday it’s buying LanguageLine of Monterey, Calif., from Abry Partners and other investors in a debt-financed deal. LanguageLine’s Insight product can pair customer-support representatives with one of 8,000 interpreters via video link so they can have translated conversations in 240 languages including Chinese, Spanish, French, German, and Arabic, according to LanguageLine’s website. — BLOOMBERG NEWS
VIDEO GAMING
Sony reportedly about to release two new models of PlayStation
If you were planning to give the gamers in your life new consoles before they head back to school, you may want to pump the brakes. A report from the Wall Street Journal indicates that Sony will release two models of the PlayStation early next month: a high-end model with enhanced graphics and a new version of the console’s standard model. The Verge has also published images of a slimmer console with PlayStation 4 branding from someone claiming to have the new device. On forums at the gaming site NeoGAF, others have posted similar photos claiming to show a new PlayStation model. — WASHINGTON POST