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Ten stories you may have missed Tuesday from the world of business

Handel Architects


Four recognized as New Englanders of the Year

The New England Council paid tribute to a diverse group of honorees at its annual dinner on Tuesday night in Boston, spotlighting four “New Englanders of the Year.” This year’s recipients included R. Nicholas Burns, a professor at the Harvard Kennedy School who had a long career as a diplomat, including as former under secretary of state for political affairs; Abbey D’Agostino, the runner from Topsfield who helped a fallen competitor up during a 5,000-meter race in the 2016 Summer Olympics; General Electric CEO Jeff Immelt, who led the relocation of his company’s headquarters to Boston from Connecticut; and Rhode Island Governor Gina Raimondo, a former venture capitalist who has made improving her state’s economy a top priority. — JON CHESTO



Development of defunct Winthrop Square garage approved

The Boston Planning and Development Agency Tuesday gave Millennium Partners tentative designation to build a 750-foot tower at the site of the defunct Winthrop Square garage. The approval by the agency’s board was quick, and members did not question Millennium representatives about the possibility that its tower, as currently designed, would cast shadows over Boston Common and the Public Garden for as long as 90 minutes in the morning at certain times of year. State law limits how much shadow new buildings can cast on the parks, and the city wants the law changed to allow the tower. Parks advocates and some key lawmakers are concerned, saying a change could encourage construction of more towers darkening the two historic public spaces. Jonathan Greeley, the BPDA’s director of development review, told the board prior to the vote that the morning shadow issue would be a “key component” of the examination city officials will conduct of the project during public review. Millennium representatives told the BPDA that the tower’s design could change as it moves through the process. Millennium will pay nearly $153 million for the site in installments. It has until the end of 2017 to complete permitting on the project but the company expects to break ground sooner, by September or October. — KATHELEEN CONTI


Pfizer pulls plug on cholesterol drug

Pfizer Inc. surprised investors Tuesday by announcing it is ending development of an experimental cholesterol-lowering drug that was projected to be a blockbuster, and reported third-quarter earnings that fell short of analysts’ estimates. The drug, an injection called bococizumab, had unexpected side effects and was becoming less effective over time, Pfizer said in a statement. Stopping two large, final-stage tests of the treatment will lower full-year adjusted earnings by 4 cents a share. Two similar drugs are already sold by competitors, and sales of Pfizer’s were projected to reach $958 million by 2022, according to analysts’ projections. — BLOOMBERG NEWS



Car sales fall in October, but still strong

Automakers reported October sales that fell while remaining strong enough to reinforce the idea that demand is staying at a healthy level and supporting the economy. The companies faced a difficult comparison to the year-earlier month, which was the best of 2015. General Motor Co. exceeded estimates with a decline of 1.7 percent instead of the 6.9 percent predicted in a Bloomberg survey of analysts. Toyota Motor Corp. missed big with an 8.7 percent drop, while Fiat Chrysler Automobiles NV and Nissan Motor Co. also fell. Ford Motor Co.’s report is delayed until later this week. — BLOOMBERG NEWS


Angie’s List looks for partner or buyer amid sales decline

Angie’s List may be seeking a partner or a buyer after watching its sales slide for more than a year. Though third-quarter results released Tuesday were disappointing, shares surged 7 percent in early trading on the possibility of a sale. The Indianapolis company is working with Allen & Co. LLC and BofA Merrill Lynch to explore ‘‘strategic alternatives.’’ Last year, Angie’s List rejected a $512 million takeover offer from Internet company IAC/InterActiveCorp. Angie’s List Inc. reported a third-quarter loss of $16.8 million Tuesday, with per-share results and revenue missing Wall Street expectations. — ASSOCIATED PRESS



Coach turnaround seems to take hold

Shares in Coach Inc. rose more than 3 percent after the luxury handbag maker reported strong international growth and profit that beat Wall Street estimates after it announced store closings last quarter. The company said in August that it would close 25 percent of its weaker locations within department stores in the next year and planned fewer promotions and sales. Coach credited that trimming in part for its first-quarter profit of $117.4 million, a 21 percent improvement over the $96 million for the same period last year. International sales rose 7 percent to $395 million, the company reported. — ASSOCIATED PRESS


Thomson Reuters to cut 2,000 jobs

Thomson Reuters said Tuesday that it plans to cut 2,000 jobs and take a charge of up to $250 million as the news and financial information company seeks to streamline its business. The job cuts will affect its financial and risk unit, as well as its enterprise, technology, and operations group, but won’t affect the company’s newsroom. The cuts were first reported by Reuters, the company’s news service, and were confirmed by a Thomson Reuters spokesman. The announcement of the cuts came on the same day the company reported a slight drop in profit and revenue in its third quarter, although its adjusted earnings beat expectations. — ASSOCIATED PRESS



Days of cheap gasoline in New Jersey are over

The days of cheap gas in New Jersey came to an end Tuesday when a 23-cents-per-gallon increase in the gas tax took effect. New Jersey previously had the nation’s second-lowest gas tax, behind only Alaska. But the boost has catapulted it to the sixth-highest. The increase came about after the state ran out of money to pay for transportation projects. The boost from 14.5 cents per gallon to 37.5 cents marks the first time the gas tax has been raised since 1988. The tax boost is part of a deal between Republican Governor Chris Christie and the state’s Democratic-led Legislature that includes an eight-year, $16 billion transportation trust fund and cuts to the estate and sales taxes. — ASSOCIATED PRESS


Freddie Mac to pay $2.3 billion to US Treasury

Mortgage giant Freddie Mac reported net income of $2.3 billion for the third quarter, reversing a loss in the same period of 2015. The government-controlled company said Tuesday its fees from lenders for backing mortgages increased and the impact of interest rates moderated in the July-September period. McLean, Va.-based Freddie will pay an equivalent dividend of $2.3 billion to the US Treasury next month. Freddie will have paid $101.4 billion in dividends, exceeding its government bailout of $71 billion. — ASSOCIATED PRESS


Starbucks unveils ‘unity’ cup week before divisive election

One week before Election Day, Starbucks has unveiled a new cup in the United States that it says is meant to be ‘‘a symbol of unity.’’ The green cup features a mosaic of more than 100 people, including a coffee farmer and barista. Starbucks CEO Howard Schultz calls it ‘‘a divisive time in our country’’ and says in a statement that the coffee giant wanted to come up with a symbol to serve ‘‘as a reminder of our shared values.’’ The cup debuts Tuesday, the same day Seattle-based Starbucks brings back its traditional holiday drinks. But, the company isn’t saying if it will replace the somewhat derided red holiday cup from last year. The simple red design of that cup was criticized by some for lacking in holiday spirit. — ASSOCIATED PRESS