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TALKING POINTS

Catania expanding its Ayer plant

Catania Oils is investing more than $14 million in an expansion of its Ayer facility and plans to add 30 jobs.
Catania Oils is investing more than $14 million in an expansion of its Ayer facility and plans to add 30 jobs.Catania Oils

FOOD OILS

Catania expanding its Ayer plant

Catania Oils is expanding its headquarters and manufacturing plant in Ayer. The company plans to invest $14.4 million in the 51,500-square-foot expansion, and will add 30 jobs to the company’s 170-person workforce. The state Economic Assistance Coordinating Council approved a local property tax break last week worth nearly $785,000 over the next 10 years for the project. Chief executive Joseph Basile and his team are still in discussions about which product line will move into the new space. Catania is the Northeast’s largest producer of plant-based food oils, such as olive and vegetable oil. The family-owned company sells its own Marconi brand and also provides private label products for other brands. — JON CHESTO

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INDUSTRY

GE Healthcare gets a new CEO

General Electric chief executive Larry Culp has hired another top lieutenant, recruiting Peter Arduini from Integra LifeSciences to be chief executive of GE Healthcare. It is one of GE’s four major industrial divisions, and reported $18 billion in revenue and about 47,000 employees worldwide last year. Arduini will take over for Kieran Murphy, a GE veteran who will continue to lead Healthcare until the end of the year. That’s when Arduini is expected to leave Integra, which he has led since 2012, and join GE. Murphy will then serve as a strategic advisor to Culp and work with Arduini to ensure a smooth transition, before retiring from the company. GE is based in Boston, while Murphy has been based in the United Kingdom; it’s not yet clear where Arduini will be based, although Integra is headquartered in New Jersey. — JON CHESTO

MEDIA

BuzzFeed to go public

BuzzFeed will become a publicly traded company with an implied value of $1.5 billion through a merger with a special purpose acquisition company. The company, founded by Jonah Peretti in 2006 and initially known for listicles and online quizzes, has established itself as a serious contender in the news business, this year winning a Pulitzer for international reporting. BuzzFeed also said Thursday that it plans to buy Complex Networks from Verizon and Hearst for $300 million, a global youth network that engages with millennials and Gen Z. — ASSOCIATED PRESS

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MANUFACTURING

Factory orders for durable goods up for 12th time in 13 months

Orders to US factories for big-ticket manufactured goods rose for the 12th time in the last 13 months in May, pulled up by surgin demand for civilian aircraft. The Commerce Department said Thursday that orders for durable goods — meant to last at least three years — climbed 2.3 percent in May, reversing a 0.8 percent drop in April and coming despite a backlogged supply chain and a shortage of workers. Orders for aircraft shot up 27.4 percent last month after climbing 31.5 percent in April. — ASSOCIATED PRESS

RESTAURANTS

Sales up 80 percent at company that owns Olive Garden

Darden Restaurants, owner of Olive Garden and other restaurant chains, boosted sales 80 percent last quarter, regaining all the revenue it lost during the height of the COVID-19 pandemic. The company’s same-store sales, a key measure in the industry, anchored the gains with a 90 percent surge in the quarter spanning March to May, compared with the same period in 2020 when Americans isolated themselves. — BLOOMBERG NEWS

EQUITY

Best Buy to spend at least $1.2b at minority businesses by 2025

Best Buy says it will spend at least $1.2 billion with businesses owned by Black, Indigenous, and other people of color by 2025, as US companies expand pledges toward racial equity a year after last summer’s protests. The money will go to suppliers, advertising, and media. The electronics retailer will send 10 percent of its media spend to BIPOC media and it also committed to requiring diverse production crews and cast members in at least 30 percent of its paid advertising. — BLOOMBERG NEWS

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CLOTHING

Canada Goose latest to stop using fur

Canada Goose plans to stop using fur in all its products after years of criticism from animal-rights activists. The apparel brand and retailer will cease the purchase of fur by the end of this year and stop manufacturing with fur no later than the end of 2022, the company said on Thursday. The company has received negative press for its use of coyote fur. It also has been criticized for the treatment of the geese whose down feathers are used in its jackets. Canada Goose becomes the latest company to move away from fur as the apparel industry grapples with concerns over animal treatment. Saks Fifth Avenue said in April that it would stop selling products with animal fur by 2023, following similar moves by Macy’s, Bloomingdale’s, and Nordstrom. — BLOOMBERG NEWS

FINTECH

Visa to buy Swedish startup

Visa has agreed to buy Swedish open-banking platform Tink as the payment giant looks to expand beyond its card network. San Francisco-based Visa said it will pay a total of 1.8 billion euros ($2.15 billion) — including cash and retention incentives — to acquire the fintech firm, according to a statement Thursday. Banks and startups use Tink to access consumer financial data. The startup was founded in Stockholm in 2012 and it has about 400 employees, with technology that connects to more than 3,400 banks that reach over 250 million bank customers across Europe. — BLOOMBERG NEWS

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TECHNOLOGY

Google delays removing cookies for two years

Google says it’s delaying plans to phase out Chrome browser technology that tracks users for ad purposes because it needs more time to develop a replacement system. The tech giant said Thursday that proposals to remove so-called third-party cookies will be pushed back to late 2023, nearly two years later than planned. Third-party cookies are snippets of code that log user info and are used by advertisers to more effectively target their campaigns, thereby helping fund free online content such as newspapers and blogs. However, they’ve also been a longstanding source of privacy concerns because they can be used to track users across the Internet. — ASSOCIATED PRESS

SOCIAL MEDIA

Snap signs deal to give users access to music

Snap has struck a licensing deal with Universal Music Group that gives its users access to thousands of songs, including tracks from Taylor Swift and Drake, in the latest tie-up between social-media giants and record labels. Snap users will be able to use songs from Universal in messages and posts in the app, the two companies said Thursday. Music fans also can share links to full songs from their streaming service of choice. — BLOOMBERG NEWS

MORTGAGES

Rate on 30-year loans edges past 3 percent

After hovering below 3 percent for the past 2½ months, the 30-year fixed mortgage rate average crossed that hurdle this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.02 percent. It was 2.93 percent a week ago and 3.13 percent a year ago. The 15-year fixed-rate average jumped to 2.34 percent. It was 2.24 percent a week ago and 2.59 percent a year ago. — WASHINGTON POST

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