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Leerink Partners sold for $280m


Leerink Partners sold for $280m

Leerink Partners, the Boston-based investment bank that has helped arrange financing for life science companies, has been bought by the parent company of Silicon Valley Bank for $280 million. SVB Financial Group signed a deal to buy Leerink Holdings LLC, the parent company of Leerink Partners. The new entity, SVB Leerink, will operate as a subsidiary of SVB Financial Group. The leadership team at Leerink will remain in place, according to SVB Financial. The deal comes with a $60 million pool to retain employees, money that will be paid out over five years. Leerink has managed dozens of life sciences initial public offerings and helped arrange financing rounds for venture-backed companies. — JONATHAN SALTZMAN



Uber and Lyft launching loyalty programs

Uber and Lyft are rolling out loyalty programs similar to airline frequent flyer miles. Uber Rewards starts Wednesday in nine US areas and will spread nationwide during the next six months. Riders get points for every dollar spent on Uber rides or food deliveries. For every 500 points, they get $5 to be used for rides or deliveries. Other goodies come with more points. The areas are Miami, Denver, Tampa, New York City, Washington, D.C., Philadelphia, Atlanta, San Diego, and all of New Jersey. Lyft says its program starts in December in several cities it wouldn't identify. The company plans to make it available to more riders next year but would not give details. Riders also get points for every dollar spent that can be used for rides and upgrades. — ASSOCIATED PRESS


Prices up 0.3 percent in October

Consumer prices climbed 0.3 percent in October, with higher prices for gasoline, used autos, and housing contributing to the increase. The Labor Department said Wednesday that this measure of inflation has jumped 2.5 percent over the past 12 months. Adjusted for rising prices, average weekly wages have improved 0.9 percent this year. That's an increase of $8.52 in weekly earnings from October 2017. The Federal Reserve targets inflation at 2 percent, just enough to encourage consumer spending and economic growth without leading to price increases that could destabilize the economy. Fed officials are expected at an upcoming meeting in December to raise a key short-term interest rate for the fourth time this year, in hopes of keeping inflation in check and preventing economic growth from overheating in ways that could trigger a downturn. But inflation could be tamer in future months because oil prices have been trending lower and the value of the dollar has strengthened. — ASSOCIATED PRESS



Nationwide to cut about 1,100 jobs

Nationwide intends to eliminate the jobs of about 1,100 employees across the country — around 3.6 percent of its workforce. The insurance and financial services company says about 80 workers in Des Moines and 350 in Columbus, Ohio, were told Tuesday that their jobs would be eliminated by the end of March. The remaining workers affected will be informed in the coming weeks. Nationwide says the employees will receive severance pay and other support, and they can apply for company jobs elsewhere. Nationwide is based in Columbus. The job cuts will occur mostly in information technology, marketing, property, and casualty operations and bank organizations. Nationwide says it is taking advantage of new technologies as it positions the organization for long-term success and growth. — ASSOCIATED PRESS


Things looking up for Macy’s as it heads into the holidays

Macy's is heading into the crucial holiday season firing on all cylinders, logging its fourth consecutive quarter of sales growth at existing locations and getting strong reactions from customers both online and in its stores. The company also upped its annual earnings expectations, sending shares up more than 3 percent before the opening bell Wednesday. Department stores like Macy's are under intense pressure reinvent themselves with so many shoppers migrating online or just spending money elsewhere, such has having dinner out, or on vacations. Macy's, the first of the department stores to release quarterly results, has been expanding its store label brands to differentiate itself from rivals. It's also adding more of its off-price Backstage stores and putting into place technology that allows customers to skip the line at the register. — ASSOCIATED PRESS



Bloomingdales in NYC to sell $7,000 refrigerators

Another retailer is jumping into appliance sales. Bloomingdale's, the upscale department-store chain owned by Macy's Inc., is adding high-end LG televisions, washers, stoves, and other items to its website and flagship Manhattan location on 59th Street. The company says the products complement its existing offerings, which draws shoppers on the hunt for designer apparel and accessories. Bloomingdale's will start offering limited-distribution Signature series products from LG Electronics Inc. starting Nov. 19, including a $7,000 refrigerator with an opaque door that turns transparent to the touch, so the owner can view what's inside. There's also a washer-dryer (price tag $3,200) that automatically measures laundry's dirtiness and distributes the appropriate amount of detergent. — BLOOMBERG NEWS


Snap shares fall amid federal probe

Snap Inc. shares fell Wednesday after the company said the US Justice Department and Securities and Exchange Commission are looking into allegations it misled investors ahead of its initial public offering last year. The shares fell as much as 7.3 percent in early trading in New York to close down 3.43 percent. Shares are down 54 percent this year. Snap investors allege in a securities lawsuit in federal court in Los Angeles that prior to its IPO, Snap didn't reveal how much competition from Instagram, the photo-sharing app owned by Facebook Inc., was hurting its growth in the second half of 2016. They also say Snap failed to disclose a sealed whistle-blower lawsuit by a former employee who claimed inaccuracies in the company's calculation and reporting of daily active users. — BLOOMBERG NEWS



Chick-fil-A teams up with DoorDash

Chick-fil-A customers no longer have to go get their chicken because the chicken will come to them. The company is partnering with DoorDash to offer home delivery from more than 1,100 of its restaurants nationwide. Participating restaurants will deliver everything on the menu to customers within a 10-minute radius. Chick-fil-A has been testing DoorDash delivery since 2017 in select markets. Chick-fil-A and DoorDash will give away up to 200,000 chicken sandwiches until Nov. 20 when placing an order through DoorDash. The giveaway is exclusively available through the DoorDash app and website with a $5 minimum order when using a promo code. — ASSOCIATED PRESS


Walmart works with Ford to test a self-driving grocery delivery service

Ford and Walmart are teaming up to test a self-driving grocery delivery service. The pilot program in Florida's Miami-Dade County will incorporate Postmates, a logistics company that operates a network of couriers, to deliver groceries and more. The vehicles will collect data on consumer preferences to help the companies understand what people want. Ford said Wednesday that it'll also look at different vehicle configurations or modifications that may be needed to accommodate orders such as perishable goods, or when a vehicle is making multiple deliveries on a single trip. — BLOOMBERG NEWS