BNY Mellon has a simple name for Boston business
Financial giant BNY Mellon has a new name for its newly combined asset management business based in Boston, and it’s an easy one to remember: Mellon. Earlier this year, BNY Mellon combined its Boston Co., Standish Mellon, and Mellon Capital operations under one umbrella. Division CEO Des Mac Intyre says the company has used the three legacy names since the merger took effect, while the new name will become official in January. The merger’s goal, he said, was to more closely align the three groups’ complementary strengths. The combined group manages about $550 billion in assets and has more than 500 employees worldwide. — JON CHESTO
Two more Necco brands sold
Two more Necco candy brands — Slap Stix lollipops and Banana Split chews — have a new home. Mega Candy Co. of Reading, Pa., has acquired the candy lines and plans to relaunch them within six months, according to president Martin Deutschman. The manufacturing of those candies will move from Massachusetts to Pennsylvania. The Necco empire, once based in a giant Revere factory, is being split up following the company’s sale at a bankruptcy auction this past spring and its closure in July. Spangler Candy is holding on to the Sweethearts and Necco wafers, while Boyer Candy has bought the Clark Bar.
— JON CHESTO
EU lawmakers to demand audits of Facebook by cybersecurity agency
European Union lawmakers appear set this month to demand audits of Facebook by Europe’s cybersecurity agency and data protection authority in the wake of the Cambridge Analytica scandal. A draft resolution submitted Thursday to the EU Parliament’s civil liberties and justice committee urged Facebook to accept ‘‘a full and independent audit of its platform investigating data protection and security of personal data.’’ The assembly summoned Facebook CEO Mark Zuckerberg in May to testify about allegations that political consulting firm Cambridge Analytica used the data of millions of Facebook users to target voters during political campaigns, including the one that brought President Trump to office. — ASSOCIATED PRESS
Sales of political books soar in the Trump era
Make America read again. That could be the publishing industry’s slogan given what President Trump has done for book sales. Just as newspaper subscriptions surged after the 2016 election, book publishers are now enjoying a jump in customers. The number of political books sold in print is up 27 percent this year from a year earlier. Those 7.55 million copies include blockbusters like Bob Woodward’s “Fear,” which went on sale this month and sold 1.1 million copies its first week. Other big sellers include Michael Wolff’s “Fire and Fury,” which has sold more than 2 million copies, former FBI director James Comey’s memoir, “A Higher Loyalty,” and “Unhinged” by former White House staffer Omarosa Manigault Newman. Many more Trump-related titles are in the works.
— BLOOMBERG NEWS
Rite Aid shuffles board after failed buyouts
After two failed buyout attempts that could have put it in a better position to compete against larger rivals, Rite Aid is shuffling its board of directors and dividing power at the top of the drugstore chain. Rite Aid said Thursday that three new, independent directors will be nominated to its board and that CEO John Standley will no longer hold the title of chairman. That goes to current board member Bruce Bodaken. The company accelerated a board shake-up after speaking with shareholders in the wake of a failed buyout attempt by the grocer Albertsons, Bodaken said in a prepared statement. The collapse of the Albertsons deal followed another proposed buyout, from Walgreens, which ended the same way. — ASSOCIATED PRESS
Rates continue to climb
Long-term mortgage rates are up for the fifth straight week, with the key 30-year rate reaching its highest level in more than seven years. Costs for would-be home buyers continue to climb. Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages jumped to 4.72 percent from 4.65 percent last week. The average benchmark rate has risen from 3.83 percent a year ago. The average rate on 15-year, fixed-rate loans increased to 4.16 percent this week from 4.11 percent last week.
— ASSOCIATED PRESS
Jobless claims rise in wake of Hurricane Florence
Filings for unemployment benefits rose last week, reflecting jumps in states hit by Hurricane Florence, though the national figure remains near the lowest in almost five decades, Labor Department figures showed Thursday. The increase in weekly claims reflects an almost fivefold jump to about 10,000 in North Carolina and a more than doubling to nearly 3,400 in South Carolina, two states grappling with flooding and damage from Florence. The jump is expected to prove temporary, similar to the pattern from previous major storms, such as Harvey and Irma in 2017. — BLOOMBERG NEWS
China celebrates 40 years of reform with a bucket of chicken
China began an audacious experiment four decades ago to inject free-market thinking into its rigid, Communist-controlled political system, beginning a process that would lift hundreds of millions of people out of poverty and create the world’s second-largest economy. And what better way to celebrate this accomplishment than with a bucket of fried chicken? Last week, KFC introduced an advertising campaign in mainland China celebrating 40 years of “reform and opening up,” the catch phrase that defined the era. As the ad continues, it shows people carrying boxes and buckets of KFC, with one group of 20-somethings clinking chicken nuggets together as if toasting with champagne. — NEW YORK TIMES
Workers to strike for higher wages next week in seven states
As union membership in the United States has hit historic lows, thousands of service industry workers will strike next week in seven states to demand union representation. Workers at major fast-food chains will walk off the job between Oct. 2 and Oct. 4, in tandem with strikes and rallies by airport, hospital, child-care, and higher education workers, to corral public and political support for unions ahead of the November election. The effort is being orchestrated by Fight for $15, the group that helped popularize the push for a $15 minimum wage. Centered in cities in Michigan, Wisconsin, Illinois, Florida, Georgia, California, and Connecticut, the strikes come at a pivotal moment in public attitudes toward unions: Last year 10.7 percent of American workers were union members, the lowest since the 1930s, before the country had labor protection laws, according to a January Labor report. But the number of nonunion American workers interested in joining unions is at a four-decade high, at 48 percent, according to a recent MIT survey.
— WASHINGTON POST