UPS expanding keyless system to 10 cities, including Boston
United Parcel Service Inc. is expanding a keyless-entry system for package deliveries at apartment buildings after a successful test in New York and San Francisco. The efficiency gains from not having to resend packages or fumble with a ring full of keys prompted UPS to extend the service to 10 other cities where high-rise residential towers are common, including Boston, Chicago, and Los Angeles. The system, in which drivers can enter buildings but not individual apartments, will be available in mid-2019, UPS said in a statement Tuesday. The expansion furthers efforts by couriers to develop automation and technology as customers demand swift, secure home delivery of e-commerce wares. Amazon.com Inc. introduced a smart lock in 2017 that can let its delivery people into a customer’s home to leave a package. — BLOOMBERG NEWS
Report says NYC could lose 11,000 housing units to Airbnb, other home-sharing platforms
A new report from critics of Airbnb and other home-sharing platforms claims New York City could lose nearly 11,000 housing units if new regulations on the companies don’t go forward. A federal judge this month blocked a New York City law that would have subjected Airbnb and HomeAway to reveal detailed information about their business. The ruling comes as the companies challenge the new law in court. The groups New York Communities for Change and Tenants PAC issued a report on Tuesday that analyzed government and rental data. It found that without the law, 10,800 units could be diverted for use as short-term rentals. The groups maintain that home-sharing platforms drive up rental prices by reducing available residential units. San Francisco-based Airbnb hailed the judge’s decision as a huge win. — ASSOCIATED PRESS
Stanley Black & Decker stock plummets most in more than 30 years
Stanley Black & Decker Inc. became the most recent manufacturer to warn investors about a global economic slowdown that led the company to reduce its sales guidance. The stock tumbled the most since 1987’s Black Monday. The maker of power and hand tools, which counts Lowe’s Cos. and Home Depot Inc. as its largest customers, now sets its long-term sales growth target at 4 percent — down from an earlier goal of as high as 6 percent. The company also forecast profit that missed analysts’ average estimate.
— BLOOMBERG NEWS
Toyota and Panasonic team up on batteries for green cars
Toyota Motor Corp. and Panasonic Corp. are setting up a joint venture to research, manufacture, and sell batteries for ecological autos, an increasingly lucrative sector amid concerns about global warming. The Japanese automaker and the Japanese electronics maker said in a joint statement Tuesday that Toyota will take a 51 percent stake and Panasonic 49 percent in the joint venture, which is to be running by the end of 2020. The companies have been studying working together on batteries since 2017. They did not say how much would be invested in the joint venture. — ASSOCIATED PRESS
Arconic takes itself off the market
Arconic Inc. shocked investors as the board decided not to sell the company, scuttling a highly anticipated deal that would have been one of the biggest leveraged buyouts since the global financial crisis. The shares plunged the most in eight months after the manufacturer said it “did not receive a proposal for a full-company transaction that we believe would be in the best interests of Arconic’s shareholders and other stakeholders.” Apollo Global Management had been in talks to buy the maker of aerospace and auto parts in a deal valued at more than $10 billion, Bloomberg News had reported. Tuesday’s announcement extends Arconic’s brief but tumultuous life as an independent company since splitting with aluminum producer Alcoa a little over two years ago. — BLOOMBERG NEWS
BlackRock breach exposes data of 20,000 advisers
A data leak revealed last week at BlackRock Inc. exposed names, e-mail addresses, and other information of about 20,000 advisers who are clients of the asset manager, including 12,000 at LPL Financial, the largest US independent broker dealer. LPL informed advisers over the weekend that BlackRock posted details about some of them on its website. The leak affected advisers who do business with BlackRock’s iShares exchange-traded funds unit. — BLOOMBERG NEWS
HEALTH CARE PRODUCTS
Johnson & Johnson boosted by overseas drug sales
A big jump in prescription drug sales, particularly overseas, helped Johnson & Johnson swing to a large fourth-quarter profit after posting a huge loss a year earlier, when it took a $13.6 billion charge related to the late-2017 US tax overhaul. The world’s biggest maker of health care products also benefited from an effective tax rate of 2.6 percent for the latest quarter, amounting to just $80 million. That was the main reason J&J topped Wall Street profit expectations, Credit Suisse analyst Vamil Divan wrote to investors.
— ASSOCIATED PRESS
Sun setting on Sunset Strip’s gritty past
For decades, the Sunset Strip was known for its rock clubs and celebrity hot spots. Now, the once-gritty stretch of boulevard is becoming better known for its luxury hotels. Real estate developers AECOM Capital and Combined Properties Inc. provided a fresh glimpse of the future of the section of Sunset Boulevard that runs through West Hollywood, Calif., by unveiling new details of a $450 million hotel-and-condo project they’re building where the House of Blues once stood. Called the Pendry West Hollywood, the project has 149 guest rooms, 40 branded residences, and a small music venue that nods to the property’s history. There are five more projects in various stages of planning in the West Hollywood portion of Sunset Boulevard alone, including a futuristic hotel tower on the site of the former Viper Room, the nightclub where actor River Phoenix died of a drug overdose in 1993.
— BLOOMBERG NEWS
PG&E lines up $5.5b to fund operations during bankruptcy
PG&E Corp. has arranged $5.5 billion to fund its operations during a bankruptcy process that it expects to take about two years, boosting the shares. Four banks agreed to provide debtor-in-possession funding including a $3.5 billion revolving credit facility, the embattled California utility said in a filing with the US Securities and Exchange Commission Tuesday. PG&E reiterated its intention to begin a Chapter 11 reorganization around January 29. PG&E previously sought protection from creditors in 2001 in a process that took about three years, after its Pacific Gas & Electric utility unit filed for bankruptcy. — BLOOMBERG NEWS
Volvo recalling 200,000 diesel cars over fuel line issue
Swedish automaker Volvo Cars, owned by China’s Geely holding company, says it is recalling 200,000 diesel cars worldwide because the fuel line may crack, saying it is ‘‘a preventive safety measure.’’ Group spokeswoman Annika Bjerstaf says, ‘‘What may happen is that the fuel may leak out into the engine compartment over a long period of time.’’ She says Volvo Cars ‘‘however, has not received any reports of incidents surrounding this.’’ Bjerstaf said Tuesday the recall covers the Volvo V40, S60 and V60 and their Cross Country versions. Also covered are the V70 and XC70, S80, XC60 and XC90 built in 2015 and 2016. — ASSOCIATED PRESS