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CORPORATIONS

Dana-Farber CEO joining Analog board

Analog Devices Inc. said Tuesday it named Dr. Laurie H. Glimcher, chief executive of Dana-Farber Cancer Institute, to its board of directors, expanding the board to 11 members. “The insights [Glimcher] has gained over her medical career will be of great benefit to ADI as we aim to accelerate the growth of our healthcare business” Ray Stata, chairman of the Norwood semiconductor maker, said in a statement. Glimcher’s appointment follows the resignation last month of Brigham and Women’s president Dr. Elizabeth Nabel from the board of Cambridge biotech company Moderna Inc. Nabel cited the perception of a conflict of interest because a Brigham doctor is helping oversee a clinical trial of Moderna’s coronavirus vaccine. Glimcher received $1.7 million in compensation from Dana-Farber in 2018, according to the hospital’s most recent public filing. She also sits on the board of drugmaker GlaxoSmithKline, where she was paid $296,000 in stock and benefits in 2019. Directors at Analog Devices were paid more than $300,000 in cash and stock last year, with the exception of Stata, who received $480,000. — LARRY EDELMAN

PHARMACEUTICALS

Teva charged with funnelling $300 million to foundations to boost sales

Teva Pharmaceutical Industries Ltd. violated anti-kickback laws by channeling $300 million through two charitable foundations to boost sales of the company’s best-selling multiple-sclerosis drug Copaxone, the US government said in a lawsuit. The Israel-based drugmaker used the payments to insulate patients from big price increases and prop up excessive drug costs, the US Justice Department said in a lawsuit filed Tuesday in federal court in Boston. From 2007 to 2015, Teva raised the price of Copaxone from about $17,000 a year to more than $73,000, according to the government. “Teva intended the payments to ensure that Copaxone patients never faced the steep prices that Teva charged for its drug, thus inducing the patients, including Medicare patients, to purchase the drug,” the government said in its complaint, which is seeking triple damages, restitution, and fines. In January, Teva agreed to pay $54 million to settle whistle-blower claims it bribed doctors to prescribe Copaxone and Azilect, a drug used to treat Parkinson’s Disease, by paying them thousands of dollars in sham speaker fees for dinners attended only by company officials, according to lawyers for the whistle-blowers. Teva declined to comment on the settlement at the time. — BLOOMBERG NEWS

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FINANCE

Fidelity assets under management at record $3.3 trillion

Fidelity Investments’ assets under management reached a record of $3.3 trillion at the end of June, a 15 percent increase from the year prior, as a surge in stock trading and new accounts helped bring in money. Customers opened almost 1.2 million retail accounts, the Boston-based company said Tuesday in a report, boosting flows to the firm’s mutual funds and exchange-traded funds. Equity trading more than doubled to an average of 2.3 million daily transactions in the second quarter as markets rebounded. — BLOOMBERG NEWS

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CORPORATIONS

Ratio of CEO-to-worker pay was 320-1 in 2019

Fueled by a surging stock market, CEO compensation climbed to its highest level in seven years last year and could be poised to rise again in 2020, despite the widespread layoffs and pay cuts of the coronavirus recession. The Economic Policy Institute, a left-leaning think tank, found that chief executives of America’s 350 largest companies earned an average of $21.3 million in realized compensation in 2019, setting the ratio of CEO-to-worker pay at 320-to-1, up from 293-to-1 in 2018 and more than five times higher than the 61-to-1 ratio in 1989. Details about CEO pay lag because they are shared in corporate proxy statements, which are typically released early in the following year before many companies’ spring annual meetings. — WASHINGTON POST

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ENTERTAINMENT

NBCUniversal vice chairman resigns after revealing extortion threat

NBCUniversal vice chairman Ron Meyer, a Hollywood power player, is leaving the entertainment company after revealing he received threats of extortion following a settlement with a woman with whom he had an affair. Jeff Shell, CEO of NBCUniversal, said in a statement Tuesday that Meyer “acted in a manner which we believe is not consistent with our company policies or values.’’ NBC declined to elaborate. Meyer, in a statement provided by Comcast’s NBCUniversal, said he “made a settlement, under threat, with a woman outside the company who had made false accusations against me.” He said he had a “very brief and consensual affair” a long time ago with the woman, whom he did not name. He said other people, whom he also did not name, tried to extort him after they learned of the settlement. The extortion included threats to “falsely implicate NBCUniversal, which had nothing to do with this matter.” Shell’s statement said that Meyer disclosed his actions to NBC late last week and “we have mutually concluded that Ron should leave the company, effective immediately.” — ASSOCIATED PRESS

HOME BUILDING

Construction surged more than 22% last month

Construction of new US homes surged 22.6 percent last month as homebuilders bounced back from a lull induced by the coronavirus pandemic. The Commerce Department reported Tuesday that new homes were started an annual pace of nearly 1.5 million in July, highest since February and well above what economists were expecting. Housing starts have now risen three straight months after plunging in March and April as the virus outbreak paralyzed the American economy. Last month’s pace of construction was 23.4 percent above July 2019’s. — ASSOCIATED PRESS

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INTERNATIONAL

UK provides more than 35 million discounted meals to boost restaurants

Everyone, it seems, loves a discount especially when it’s on the government’s credit card. Early indications suggest that hungry, and often nervous, customers are being enticed back to restaurants in the United Kingdom as a result of a British government program that provides discounts from Monday to Wednesday this month. The plan aims to protect jobs in a sector that was hit hard during the coronavirus pandemic. New figures published Tuesday by the Treasury show food outlets claimed for over 35 million discounted meals in the first half of August with the number of covers more than tripling in the second week, when much of the country was basking in unusual tropical heat. — ASSOCIATED PRESS

RETAIL

Walmart’s bottom line boosted by online business

Americans turned to Walmart’s online business as well as its stores for supplies and home goods as the virus surged in new regions, resulting in soaring sales for the fiscal second quarter. Walmart’s online sales nearly doubled in the fiscal second quarter, helped by an expansion of its online delivery services. Sales at US locations opened at least a year jumped 9.3 percent, the company reported Tuesday.
— ASSOCIATED PRESS

RETAIL

Home Depot sales soar

Home Depot reported sales growth that was more than double the already brisk rate analysts had been expecting, but rising expenses meant flat margins in an otherwise standout quarter. Same-store sales rose 23.4 percent, sharply beating the estimate for an 11.4 percent gain from Consensus Metrix. Revenue of $38.1 billion also surpassed expectations. The gain was driven by both higher average customer checks and more transactions, meaning more shoppers bought from Home Depot in the quarter and they spent more every time they came in. — BLOOMBERG NEWS

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RETAIL

Kohl’s stock plummets on declining sales

Kohl’s Corp. shares fell more than 14 percent Tuesday after the retailer posted a quarterly loss and declining sales, a sign of the struggle of many retailers amid pandemic uncertainty. The company’s second-quarter report also contrasts sharply with the booming sales figures released Tuesday by Home Depot Inc. and Walmart Inc., two massive retailers that were deemed essential and allowed to operate through the pandemic. Kohl’s and its nonessential peers, meanwhile, have struggled to regain sales as shoppers stay home and flock to e-commerce. — BLOOMBERG NEWS

JEWELRY

Tiffany to offer detailed information on source of precious stones

Tiffany & Co. wants to ease customers’ concerns about human rights abuses in the diamond industry by providing them with an unprecedented amount of detail about the precious stones it sells. Beginning in October, the 183-year-old luxury retailer will provide expanded origin details for newly sourced, individually registered diamonds that trace the stone’s path from the ground to the jewelry case. The project, which the company says is an industry first, took nearly two decades to complete due to the challenges of tracking down sourcing information. — BLOOMBERG NEWS