STARTUPS
Cullinan Oncology raises $150m from venture capital firms
A pair of venture capital firms is investing $150 million in a Cambridge startup that hopes develop cancer medicines using what it says is a new streamlined business model. The startup, Cullinan Oncology LLC, raised the initial financing round from UBS Oncology Impact Fund, which is managed by MPM Capital of Cambridge, and London-based F2 Ventures. The backers “seek innovative ways to finance and develop new therapies” as new genetic targets emerge for cancers, said MPM co-founder Ansbert Gadicke. Cullinan will be led by chief executive Owen Hughes, the former chief business officer and head of corporate development at Boston’s Intarcia Therapeutics. The company’s goal is to create a “scalable model” that will enable it to develop multiple cancer drugs while minimizing the fixed costs and inefficiencies of traditional drug development programs. — ROBERT WEISMAN
TECHNOLOGY
All Yahoo accounts hit by 2013 breach
All of Yahoo’s 3 billion user accounts in 2013 were affected by its massive data breach — not the 1 billion accounts that were initially reported, the company said Tuesday. The revised number vastly expands the scope of the historic hack, which had previously broken records as the world’s largest data breach. The updated figure comes as the public is still reeling from back-to-back reports of data breaches at Equifax and the fast-food chain Sonic. News of the Yahoo breach broke last summer as it was being acquired by Verizon. The incident raised major questions about whether Verizon should go through with the deal, and it delayed its closing by several months. But now, Yahoo is pointing to ‘‘new intelligence’’ that persuaded it that the scope of the data breach was far more significant. Yahoo added that no credit card information or unencrypted passwords associated with the additional affected accounts appear to have been stolen. — WASHINGTON POST
WEBSITES
Three women who say they were sold for sex on Backpage.com settle lawsuit
Three women who alleged they were sold for sex on Backpage.com as teenagers have settled their lawsuit against the website. Their lawyers, Jason Amala and Erik Bauer, announced the confidential settlement Tuesday. The case had been scheduled for trial in Pierce County Superior Court next week. In the 2012 lawsuit, the three said they were 13 to 15 years old when they were advertised on Backpage.com. They argued the website knowingly marketed commercial sex. Attorneys for Backpage.com haven’t returned e-mails seeking comment. Backpage shut down its ‘‘escort’’ section this year. The Washington Supreme Court ruled in 2015 that the federal Communications Decency Act doesn’t protect Backpage if plaintiffs allege the company didn’t just host the ads, but helped develop the content. Other cases against Backpage remain pending in Washington, California, and Texas. — ASSOCIATED PRESS
RIDE HAILING
Uber wants to sign up women drivers in Saudi Arabia
Ride-hailing app Uber Technologies Inc. plans to sign up women drivers in Saudi Arabia to take advantage of the kingdom’s decision to overturn a ban on female drivers. Pierre-Dimitri Gore-Coty, head of Uber’s operations in Europe, the Middle East, and Africa, said in an interview in Riyadh that the process will likely begin “shortly” before women can start applying for driver’s licenses, which is expected to be in June 2018, but would not elaborate. The world’s largest ride-hailing startup also plans to open support centers for female Uber drivers in the kingdom, with the first one to open in Riyadh, but Gore-Coty did not say when. Saudi Arabia announced last week that it would open its roads to female drivers next year, overturning a ban that had been widely condemned by Saudi activists and global human rights organizations. While Uber is set to increase its pool of drivers, the repeal of the ban could cause a drop in demand for ride-sharing apps, as more women buy their own cars and get behind the wheel. About 80 percent of the company’s rides in Saudi Arabia are for women. — BLOOMBERG NEWS
AUTOMOBILES
Fiat Chrysler recalling SUVS over brake shields
Fiat Chrysler is recalling nearly 710,000 Jeep and Dodge SUVs in North America because an improperly installed brake shield could let water leak in and limit braking ability. The recall covers 2011 to 2014 Jeep Grand Cherokees and Dodge Durangos. The company says brake booster shields were added as part of a 2014 recall, but a check of warranty claims found that some weren’t installed correctly. In those cases water can cause corrosion or get inside the booster and freeze. That can reduce braking ability, increasing the risk of a crash, according to documents filed with the US National Highway Traffic Safety Administration. Drivers could see a dashboard warning light before any problem occurs. Fiat Chrysler says it knows of one potentially related crash but no injuries. The recall is expected to start Nov. 7. — ASSOCIATED PRESS
RETAIL
Walmart looks to make same-day deliveries in NYC
Walmart doesn’t have stores in New York City, but it’s looking to deliver same-day service to residents. The company said Tuesday that it has acquired delivery service Parcel, which has a warehouse in Brooklyn and has learned to deftly navigate densely populated areas and get groceries to customers fast. The announcement came just a few days after Jet.com, the online retailer Walmart bought last year for more than $3 billion, introduced higher-end, online groceries under a private brand that are aimed at younger urbanites.
— ASSOCIATED PRESS
RETAIL
Holiday sales predicted to rise between 3.6 and 4 percent
The nation’s largest retail trade group is forecasting holiday sales for the November and December period to rise between 3.6 percent and 4 percent to $678.75 billion to $682 billion. The estimate from the National Retail Federation, released Tuesday, compares with 3.6 percent in the same period last year. The dollar figure excludes sales from autos, gas, and restaurants but includes online spending and other non-store sales. The forecast is based on an economic model that considers such indicators as consumer credit, disposable personal income and monthly retail sales. It’s a key industry barometer for retailers who depend on the last two months of the year. Holiday sales account for nearly 20 percent of annual retail industry sales. — ASSOCIATED PRESS
TRUCK STOPS
Berkshire Hathaway to acquire major stake in Pilot Flying J
Warren Buffett’s company is acquiring a major stake in Pilot Flying J truck stops and it will become a majority owner within about five years. The ubiquitous truck stops, 750 of them in 44 states and Canada, make up the 15th largest private company in the United States, according to Forbes, with revenue of more than $20 billion per year. Berkshire Hathaway and Pilot Travel Centers announced the deal Tuesday morning. Initially, Berkshire will buy 38.6 percent of the company but in 2023 that will increase to 80 percent. — ASSOCIATED PRESS
AUTOMOBILES
Ford CEO outlines blueprint for new technologies
Ford Motor’s new chief executive offered a blueprint Tuesday to take advantage of changing customer tastes and new technologies such as electric and self-driving cars. The executive, Jim Hackett, who took Ford’s top job in May, told investors in New York that the company would spend more heavily on businesses and regions that are growing and profitable, including China and the United States, and less on slower-growing regions like Europe. The company will also cut back on developing passenger cars. Instead, it will shift about $7 billion in investment toward trucks, SUVs, electric cars, and autonomous vehicles — products that are growing in popularity and likely to generate profits in the years ahead. —NEW YORK TIMES