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Raytheon’s Waltham headquarters to add employees after UT merger

Associated Press


Raytheon’s Waltham headquarters to add employees after UT merger

A spokesman for Raytheon Co. and United Technologies Corp. said fewer than 100 employees will relocate to Raytheon’s Waltham headquarters after the merger of the two companies is completed this week. The company will put the relocations on hold until after the coronavirus pandemic subsides. The two defense contractors said on Monday that they expect to complete the merger before trading begins on Friday, which is when the UTC spinoffs of its Carrier heating-and-cooling division and its Otis elevator division are supposed to take effect. At that point, UTC will be renamed Raytheon Technologies Corp., and its stock will be traded under the ticker symbol RTX. UTC chief executive Greg Hayes will be the chief executive of the combined company. However, the companies decided when the merger was announced last year that the combined business would be based in the Boston area, and not in Farmington, Conn., where UTC is currently based. Raytheon CEO Tom Kennedy will stay on as executive chairman for two years, before Hayes takes over as chairman. The federal antitrust review process with the US Department of Justice requires several divestitures. The companies need to divest Raytheon’s military airborne radios business, including facilities in Indiana and Florida, and UTC’s military Global Positioning System business to BAE Systems, or an alternative acquirer approved the federal government. UTC also needs to divest its space-based optical systems business, including a facility in Danbury, Conn., to a to-be-determined acquirer. — JON CHESTO


Disney chair to give up his salary as virus-related closures take hold

Walt Disney Co. chairman Bob Iger will give up his salary, and other executives will take cuts in pay, in response to park closings and other hardships tied to the coronavirus. In a note to senior executives Monday, new chief executive Bob Chapek said the cuts begin April 5 and last indefinitely. His salary is being sliced in half, while other executives will see reductions of 20 percent to 30 percent. The world’s largest entertainment company has been hard hit by the virus, which has shuttered movie theaters and theme parks, and idled cruise ships. Disney has deferred some new film releases and sped others to home video. The company’s theme-park workers are receiving pay at least through April 18. Iger made $3 million in salary last year and $47.5 million in total compensation. He stepped down as CEO in February, becoming executive chairman under the same compensation package. — BLOOMBERG NEWS



Facebook to spend $100m supporting local news

Facebook announced Monday that it would dole out $25 million in grants to local news outlets and spend $75 million in a marketing drive aimed at news organizations internationally in response to the coronavirus-prompted economic downturn, which has caused advertising to plummet and has threatened media industry revenues. Despite huge interest in news that has led to traffic surges and a rise in digital subscription sign-ups, the media industry has seen cutbacks as advertising has dropped sharply. Some alt-weeklies have laid off as many as three-quarters of their employees. BuzzFeed and American Media Inc. have instituted pay cuts. In Louisiana, The Advocate and The Times-Picayune have furloughed some staff and put the rest on four-day work weeks. The money announced Monday will come on top of $300 million that Facebook, one of the world’s largest tech platforms and a critical digital news gatekeeper, pledged last year to invest in local news by the end of 2021. — NEW YORK TIMES



Prices at the pump near $2 a gallon

Gasoline prices are quickly approaching the $2 per gallon level in Massachusetts, AAA Northeast said Monday. The average price of a gallon of self-serve, regular fell 11 cents in the past week to an average of $2.05, the organization said. Massachusetts’ price is 4 cents higher than the national per-gallon average of $2.01. A year ago, the average price in Massachusetts was 48 cents higher. The national price is expected to drop lower than $2 per gallon in the coming week, as demand diminishes because Americans are staying home amid the coronavirus pandemic and crude prices stay low. AAA also found a wide range of prices for regular in Massachusetts from a low of $1.72 to a high of $2.75 per gallon. — ASSOCIATED PRESS



European budget airline easyJet grounds all of its planes

European budget airline easyJet is grounding all of its 344 aircraft amid a collapse in demand. It said there was “no certainty of the date for restarting commercial flights.” The carrier had already canceled most of its flights and reached an agreement with unions on furlough arrangements for its cabin crew. — ASSOCIATED PRESS


Former business partner of Trump can pursue claims in Panama lawsuit

A former business partner of Donald Trump’s hotel company can pursue its allegations that the president’s firm evaded income taxes on a project in Panama and under-reported employee salaries there, a federal judge ruled, while dismissing some of Trump’s counterclaims. US District Judge Edgardo Ramos on Monday allowed the business partner, Orestes Fintiklis, and his fund, Ithaca Capital Investments, to amend their 2018 lawsuit against Trump International Hotels Management to add claims of fraud and breach of contract. Ithaca assumed control of the property after Trump withdrew from it in March 2018, and a bitter feud over the development ensued.



Bayer to pay nearly $40m to settle suits over Monsanto ads

Bayer agreed to pay $39.5 million to settle allegations that its Monsanto unit ran misleading ads about the controversial Roundup weedkiller and its potential health risks to humans and animals. As part of the deal, language will be removed from Roundup Weed and Grass Killer’s label saying that glyphosate — the product’s active ingredient — only affects an enzyme found in plants. Consumers alleged that the chemical attacks an enzyme found in humans and some animals.The settlement comes as Bayer is feverishly working to resolve more than 13,000 lawsuits blaming exposure to glyphosate in Roundup for cancer in users. — BLOOMBERG NEWS


Clothing manufacturers in Bangladesh look at $3b in lost orders

Bangladesh garment manufacturers say fashion retailers have cancelled or put on hold more than $3 billion in orders due to the coronavirus outbreak, though a handful have agreed to pay anyway. The data from the Bangladesh Garment Manufacturers and Exporters Association released Monday reflected both orders already made or in the works and planned orders from the country, which is the world’s second largest exporter of clothing after China. The cancelled orders, according to reports to the BGMEA from manufacturers, included tens of millions in purchases from many big buyers, including European buyers C&A and Inditex, Primark of Ireland and Britain’s Marks & Spencer. — ASSOCIATED PRESS