fb-pixelColby hikes its fund-raising target to $1 billion - The Boston Globe Skip to main content
TALKING POINTS

Colby hikes its fund-raising target to $1 billion

Colby College in Waterville, Maine.Carl D. Walsh for The Boston Globe

HIGHER EDUCATION

Colby hikes its fund-raising target to $1 billion

Colby College is raising its target for its Dare Northward fund-raising campaign to $1 billion, a big increase from its original goal of $750 million. The college in Waterville, Maine, announced this step on Thursday after it recently reached the $780 million mark, declaring this effort as one of “the most ambitious fundraising initiatives in the United States by a liberal arts college.” The campaign had originally been intended to end in December, but the college is now extending it until the end of 2027. Top priorities for this new money include the college’s science research and technology programs, more support for financial aid, and upgrading the students’ residential experience and facilities. The Dare Northward program has also supported a number of arts programs and facilities at the college, including the newly opened Gordon Center for Creative and Performing Arts, as well as the school’s Harold Alfond Athletics and Recreation Center. — JON CHESTO

ECONOMY

Advertisement



Wages and salaries locally rose more than 4 percent through September

Wages and salaries for private-sector workers in the Boston-Worcester-Providence area rose 4.7 percent in the 12 months through September, outpacing the rate of inflation, the Labor Department said Thursday. From September 2022 to September 2023, wages and salaries, the largest component of total compensation, rose 4.7 percent. Local consumer prices, meanwhile, rose 2.6 percent for the year ending in September 2023. Nationally, wages and salaries rose 4.5 percent and total compensation increased 4.3 percent. — LARRY EDELMAN

INTERNET

Comcast doubles digital grants to nonprofits

Comcast Corp. is doubling its digital equity grants to Greater Boston nonprofits in 2023 from last year’s levels, reporting more than $1 million in donations to local recipients. The Philadelphia-based cable and broadband company said the money will be split among 16 organizations in Greater Boston. The funds will be used to support programs designed to expand Internet service to Boston-area residents and help them with their digital skills. This year, local recipients include YMCA of Greater Boston, Urban League of Eastern Massachusetts, Elder Services of Cape Cod, and Ethos, a nonprofit that helps seniors. The announcement is part of “Project UP,” Comcast’s program to help digital equity initiatives across its footprint. — JON CHESTO

Advertisement



Uber and Lyft stickers are displayed on a vehicle in the Times Square neighborhood of New York.Jeenah Moon/Bloomberg

RIDE HAILING

Uber and Lyft to pay $328 million to settle N.Y. wage theft complaints

Ride-hailing companies Uber and Lyft will pay a combined $328 million to settle wage theft claims in New York, Attorney General Letitia James announced Thursday. James said the settlements resolve investigations into the companies improperly charging drivers sales taxes and other fees when the costs should have been paid by customers. Uber will pay $290 million and Lyft will pay $38 million. The money will be distributed to current and former drivers, she said. The companies have also agreed to provide drivers outside of New York City with paid sick leave and give drivers outside of New York City a minimum wage of $26 per hour. — ASSOCIATED PRESS

AUTOMOTIVE

Toyota recalling SUVs over replacement batteries

Toyota, the world’s largest automaker, recalled more than 1.8 million RAV4 sport utility vehicles spanning several model years Wednesday because a replacement battery could pose a fire risk. The voluntary recall covers 1.85 million vehicles from model years 2013 to 2018, the company said in a statement. Some of the vehicles may be equipped with replacement 12-volt batteries that have dimensions that are too small, it said. “If a small-top battery is used for replacement and the hold-down clamp is not tightened correctly, the battery could move when the vehicle is driven with forceful turns,” it said. Movement from a strong turn could create a short circuit that could potentially ignite a fire, the company said. — NEW YORK TIMES

Advertisement



PHARMACEUTICALS

Novo Nordisk sales soar on obesity, diabetes drugs

Novo Nordisk’s sales surged in the third quarter and double-digit growth should carry into 2024, driven by burgeoning demand for its obesity and diabetes blockbusters. Revenue jumped 38 percent to 58.73 billion kroner ($8.3 billion) excluding some items, the Danish drug maker said Thursday, strengthening its grip on an obesity market estimated to hit $100 billion by 2030. Operating profit also rose 47 percent during the period. Novo has vaulted into the limelight as Wegovy and another related medicine for diabetes, Ozempic, proved they could help people shed unwanted weight by curbing their appetite. — BLOOMBERG NEWS

AIRLINES

JetBlue denied landing slots at Amsterdam airport

JetBlue was denied the right to serve Amsterdam’s Schiphol Airport next summer as the Dutch government’s capacity restrictions at the European hub limit available slots for all airlines. Airlines with historical rights to allocations at Schiphol Airport will have to reduce their slots by 3.1 percent as the first stage of capacity cuts will kick in next year, Hugo Thomassen, managing director of Airport Coordination Netherlands, or ACNL, told Bloomberg on Thursday. JetBlue was among 24 new entrants to the airport for the summer season who were not granted any landing and takeoff rights, Thomassen said. — BLOOMBERG NEWS

A sign outside a home for sale in Atlanta, Georgia, on Sept. 6.Elijah Nouvelage/Bloomberg

MORTGAGES

Rates fall a bit

The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb — modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market. The decline brought the average rate on a 30-year mortgage down to 7.76 percent from 7.79 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95 percent. — ASSOCIATED PRESS

Advertisement



SHORT-TERM RENTALS

Airbnb sees tricky times ahead

Airbnb gave a disappointing outlook for the fourth quarter, citing “greater volatility” in the economic environment that it expects will slow demand for travel after a record summer season. Revenue for the three months ending in December will be $2.13 billion to $2.17 billion, falling short of analysts’ average estimate of $2.18 billion, the company said Wednesday in a letter to shareholders. Airbnb expects the pace of growth in nights booked to “moderate” relative to the third quarter. — BLOOMBERG NEWS

COFFEE

Starbucks had a record quarter

Starbucks reported record revenue in its fourth quarter as it improved sales and efficiency at its existing stores and opened hundreds of new ones. Revenue for the July-September period rose 11 percent to $9.4 billion. That surpassed Wall Street’s expectation of $9.3 billion, according to analysts polled by FactSet. The Seattle coffee giant opened 816 net new stores in the quarter, ending its fiscal year with more than 38,000 stores worldwide. — ASSOCIATED PRESS

ECONOMY

An unexpected expense would trip up Gen Z

The share of Americans who said they could cover a $400 emergency expense with cash or equivalent dropped for the third quarter in a row, according to a survey out Thursday. Young adults in particular are showing higher financial stress as they face the return of student loan payments and higher prices. The share of Gen Z adults who say they’d have the cash to cover an unexpected expense dropped to 28 percent, down 11 percentage points from the first quarter of this year, according to a poll conducted by decision intelligence company Morning Consult for Bloomberg News. — BLOOMBERG NEWS

Advertisement