Staples recalls defective office chairs

Staples Inc. has recalled 2,000 office chairs that tip over backwards when a person reclines. The Framingham company reported problems with the black bonded-leather chairs, dubbed the “Back-In-Motion” chair, to the federal Consumer Product Safety Commission earlier this year after their engineers discovered a tilting malfunction. Staples did not immediately respond to requests for comment. The company has said it will send a free repair kit with a new base and castors to consumers who call 844-442-6980. Customers will receive a repair kit with replacement parts. — MEGAN WOOLHOUSE


Canton firm raises $30 million to expand wound care products

The Canton biotech firm Organogenesis Inc. has raised $30 million from investors to expand the company’s wound care work, officials announced Thursday. The money will go toward increasing its commercial operations and product portfolio, including the company’s line of PuraPly antimicrobial shields that help protect wounds and support healing. Organogenesis is planning to launch burn treatment and soft tissue reinforcement products aimed at outpatient care, the company said. It is also looking for new opportunities in the inpatient and surgical markets. More than 1,500 hospitals and wound centers currently use Organogenesis products. The growth comes after the company was dealt a blow in late 2013 when the federal government cut reimbursement rates for its main skin-graft product. The company then scaled back its workforce and returned more than $800,000 in tax incentives. — KATIE JOHNSTON


New York Times to invest in international digital audience

The New York Times Co. will invest more than $50 million over the next three years to support an ambitious plan to expand its international digital audience and increase revenue outside the United States, the company said Thursday. The Times has formed a new team, NYT Global, to lead the effort. “Because our digital report is still designed and produced mainly for a U.S. audience, we have not come close to realizing our potential to attract readers outside our home market,” Arthur Sulzberger Jr., The Times’ publisher; Mark Thompson, its chief executive; and Dean Baquet, its executive editor, wrote in a memo to employees. About the $50 million investment, they said: “We are confident this will be a down payment on a new era of international growth for our company.” The Times outlined a strategy in October to double its digital revenue to $800 million by 2020, from $400 million in 2014. The company was “setting even more ambitious targets for our international growth,” according to the memo. — NEW YORK TIMES



Stoneham company raises $1.6m for single-use marijuana vaporizer system

Stoneham-based CannaKorp Inc. announced this week that it has raised nearly $1.6 million from angel investors to help launch its single-use marijuana vaporizer system, surpassing its goal of $1 million. The company is developing a counter-top device dubbed the “CannaCloud,” which will heat disposable “CannaCups” filled with a single dose of marijuana. Comparisons to the coffee pod system sold by Keurig are not unfounded: two former top Keurig executives are working on the project. CannaKorp is hoping to bring the vaporizer, along with pods containing various marijuana strains, to market late this year or early next year. The company is just one of many local firms hoping to cash in on the nascent but rapidly growing marijuana industry. Massachusetts and a number of other states are poised to vote this fall on initiatives that would legalize recreational use of marijuana by adults, which could dramatically expand the market for the drug and related devices and services. — DAN ADAMS



Majority of Americans prefer cheap over ‘Made in the USA’

The vast majority of Americans say they prefer lower prices instead of paying a premium for items labeled ‘‘Made in the USA,’’ even if it means those cheaper items are made abroad, according to an Associated Press-GfK poll. While presidential candidates like Donald Trump and Bernie Sanders are vowing to bring back millions of American jobs lost to China and other foreign competitors, public sentiment reflects core challenges confronting the US economy. Incomes have barely improved, forcing many households to look for the most convenient bargains instead of goods made in America. Nearly three in four say they would like to buy goods manufactured inside the United States, but those items are often too costly or difficult to find, according to the survey released Thursday. A mere 9 percent say they only buy American. — ASSOCIATED PRESS



Rates are lowest of the year

Average long-term US mortgage rates edged down this week to their lowest levels of the year, offering a continued incentive for purchasing during the spring home-buying season. The benchmark 30-year fixed-rate loan touched its lowest point in nearly three years, since May 2013. Mortgage buyer Freddie Mac said Thursday that the average slipped to 3.58 percent from 3.59 percent last week. The key rate stood at 3.67 percent a year ago. The average rate on 15-year fixed-rate mortgages declined to 2.86 percent from 2.88 percent last week. — ASSOCIATED PRESS


Applications for unemployment benefits decline

The number of Americans filing applications for unemployment benefits unexpectedly declined last week to match a more than 42-year low, indicating employers are upbeat about an economy that bogged down in the first quarter. Jobless claims dropped by 13,000 to 253,000 in the week ended April 9, equaling the level in March that was the lowest since November 1973, a report from the Labor Department showed Thursday. The median forecast in a Bloomberg survey called for 270,000. Continuing claims also declined, to the lowest since mid-October. — BLOOMBERG



NYC employees pull $1.5 billion out of hedge fund

New York City’s pension for civil employees voted to exit its $1.5 billion portfolio of hedge funds and shift the money to other assets, deciding that the loosely regulated investment pools didn’t perform well enough to justify the high fees. The action Thursday by the trustees of the $51 billion Employees Retirement System, known as NYCERS, may signal a growing willingness among public pensions to pull their money from the investment vehicles, whose highly paid managers have become a political lightning rod and have frequently failed to outperform. In September 2014, California’s Public Employees’ Retirement System, the largest US pension, divested its $4 billion portfolio saying it cost too much and was too small to affect its overall returns. — BLOOMBERG


shareholders object to pay package for BP chief executive

In a symbolic backlash against high executive pay at a money-losing company, BP shareholders voted against the $19.6 million pay package given to the chief executive, Robert W. Dudley (left), for 2015. Though it was a nonbinding vote that will not affect Dudley’s pay for the year past, a BP spokesman said Thursday at the annual shareholders meeting that investors had sent “a message to the board” that might influence deliberations on a new pay policy. The policy will be submitted to shareholders at the annual meeting next year, in a vote that will be binding. Investors have chafed at Dudley’s receiving a 20 percent increase in overall compensation, despite a $6.5 billion loss reported by the company for 2015, as sharply lower oil prices exacted a severe toll on profits. — NEW YORK TIMES