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AVIATION

GE cutting 59 engineering jobs in Lynn

General Electric Co. said Thursday it was eliminating the jobs of 59 engineers in Lynn, part of larger national cutbacks in its aviation unit. The cuts came two weeks after the $130 billion industrial giant announced it would move its headquarters to Boston from Fairfield, Conn. Boston and the state have offered GE $145 million in tax incentives to station about 800 people here. GE employs about 2,800 people in Lynn, designing and building aircraft engines, according to spokesman Rich Gorham. The layoff in Lynn is part of a 7 percent reduction — or about 300 jobs — in the overall aviation group, based in Evendale, Ohio. Gorham said the cuts follow a period of rapid expansion in the aviation operation in recent years. “This is an unfortunate reality of our business,’’ he said. General Electric is Lynn’s largest employer, although its numbers have fallen dramatically since the 1980s, when it employed 13,000. — BETH HEALY

BIOTECH

FDA approves Merck hepatitis C drug

Patients with hepatitis C have yet another advanced treatment option, as the Food on Drug Administration on Thursday approved a new once-a-day pill developed by drug maker Merck. The FDA said Merck can begin marketing Zepatier for patients with two of the subtypes the liver-destroying virus, types 1 and 4. The combination pill includes the medications elbasvir and grazoprevir, which attack the virus in two different ways. Merck & Co. said the price will be $54,600 for a 12-week treatment regimen. The increasing competition will help insurers and other payers win bigger discounts from all the makers of hepatitis C drugs. That includes market leader Gilead Sciences Inc., which makes Harvoni and Sovaldi. Massachusetts Attorney General Maura Healey has written to Gilead about the high cost of Harvoni, $94,500 for a full course of treatment, and Solvaldi, $84,000 for a 12-week regimen. — ASSOCIATED PRESS

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MARKETS

Mortgage rates fall for fourth week

Average long-term US mortgage rates fell for a fourth straight week amid turmoil in stock markets and global economic worries. Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage slipped to 3.79 percent from 3.81 percent a week earlier. The rate has increased from its 3.66 percent average a year ago but remains well below its historic average of 6 percent. The average rate on 15-year fixed-rate mortgages declined to 3.07 percent from 3.10 percent. — ASSOCIATED PRESS

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LAW

Ticket-selling policies hurt consumers, N.Y. AG says

Pair of Blank Red Concert Performance Tickets Isolated on White Background.; Shutterstock ID 180581276; PO: 0129business
Pair of Blank Red Concert Performance Tickets Isolated on White Background.; Shutterstock ID 180581276; PO: 0129businessShutterstock / Mega Pixel

Had a hard time getting a ticket to a concert or sporting event? New York’s attorney general says that’s probably because more than half of tickets to many events are held for industry insiders or otherwise unavailable to the general public. Attorney General Eric Schneiderman said in a report released Thursday that his investigation of the industry was prompted by consumer complaints, which his office receives regularly. Venues and sellers like Ticketmaster regularly tacked on fees that added more than 21 percent to the face value, investigators said. They found that on average, 16 percent of tickets are reserved for various industry insiders like the venue employees, artists, and promoters, while 38 percent are reserved for presales to certain groups like holders of a particular credit card. Investigators found that third-party brokers resell tickets on sites like StubHub and TicketsNow at average margins of 49 percent above face value and sometimes more than 1,000 percent. — ASSOCIATED PRESS

ECONOMY

Jobless claims drop

Applications for unemployment benefits declined last week from a six-month high, indicating firings remain low after the volatility typically associated with post-holiday staff adjustments. Jobless claims fell by 16,000 to 278,000 in the week ended Jan. 23, from 294,000 in the prior period, a report from the Labor Department showed Thursday. — BLOOMBERG

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MARKETS

Sixth broker is acquitted in Libor case

A sixth former broker was acquitted Thursday of charges that he helped a onetime trader at UBS and Citigroup manipulate an important benchmark interest rate known as Libor. A jury found Darrell P. Read, who worked at the British financial firm ICAP, not guilty on the one remaining conspiracy count that he faced. On Wednesday, the jury acquitted five other former brokers who worked at the British financial firms RP Martin and Tullett Prebon, as well as ICAP, of all charges and acquitted Read on a separate count of conspiracy to defraud. — NEW YORK TIMES

ATHLETIC WEAR

Under Armour has a winning quarter

A line of Stephen Curry basketball sneakers and increased demand for its athletic wear helped Under Armour post better-than-expected financial results in the fourth quarter. Under Armour began selling Curry basketball sneakers last year. The company expanded its deal with Curry, who plays for the Golden State Warriors, through 2024 late last year. Under Armour said Thursday that its footwear revenue in the fourth quarter jumped 95 percent to $167 million. Apparel revenue rose 22 percent to $865 million, helped by higher demand for training, running, golf, and basketball gear. — ASSOCIATED PRESS

RETAIL

Walgreens demands lab not be sent blood samples

Walgreens has told blood-testing startup Theranos to stop sending samples collected at the drugstore chain’s stores to a testing facility that drew regulatory scrutiny over possible patient risks. The firm said Thursday that it told Theranos to either send tests to a certified lab in the Phoenix area that Theranos runs or to an accredited third-party lab. The decision affects 40 stores in Arizona and a Palo Alto, Calif., store, where Walgreens has suspended Theranos lab services. Inspectors for the Centers for Medicare and Medicaid Services warned Theranos Inc. that they found five deficiencies at its Newark, Calif., laboratory, and some ‘‘pose immediate jeopardy to patient safety and health.’’ Theranos has said the inspection took place last year and doesn’t reflect its current practices. — ASSOCIATED PRESS

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MEDIA

A Super Bowl AD for Death Wish Coffee

Death Wish Coffee Co.
Death Wish Coffee Co.

A coffee with an edgy name and made by a small business is getting a commercial in Super Bowl 50. Death Wish Coffee Co. won a competition held by software maker Intuit for a 30-second spot during the third quarter of the big game on Feb. 7. The Round Lake, N.Y., company beat more than 15,000 other small businesses in voting by the public and Intuit employees. Death Wish was founded in 2012 by Mike Brown, who owns a coffeehouse in Saratoga Springs, N.Y., and wanted to find a highly caffeinated brew. — ASSOCIATED PRESS

BIOTECH

Amgen reports big rise in quarterly profit

Capping an enviable year, Amgen’s fourth-quarter profit soared 39 percent, as the biologic drug maker posted higher revenue for nearly all its medicines. The company’s results trounced analyst expectations for the fifth straight quarter, and Amgen boosted its 2016 financial forecast. The world’s biggest biotech drug maker benefited from new products, reduced operating expenses, and lower restructuring charges, compared with the year-ago quarter. The Thousand Oaks, Calif.-based company said Thursday that its net income was $1.8 billion, or $2.37 per share, up from $1.29 billion, or $1.68 per share. Adjusted net income was $1.99 billion, or $2.61 per share. Analysts surveyed by FactSet were expecting $2.29 per share, on average. Revenue grew 4 percent to $5.54 billion, led by sales of Enbrel for rheumatoid arthritis and other immune disorders, Neulasta and Aranesp for anemia, and the osteoporosis injection Prolia. — ASSOCIATED PRESS

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