GE CEO buys $3m in company stock


GE CEO buys $3m in company stock

General Electric CEO Larry Culp just made a $3 million bet on his employer, buying nearly 332,000 shares in the Boston-based company that he leads, for an average of $9.04 a share. A filing with the Securities and Exchange Commission shows Culp bought the stock on Monday, bringing his total GE stake to more than 940,000 shares. Culp was appointed CEO abruptly last October by the board with the hopes he could accelerate the company’s turnaround. Analysts see Culp’s big stock purchase as a sign that he believes his efforts are starting to pay off, with stronger corporate performance predicted for GE in 2020, particularly in its struggling power business. Board member Thomas Horton also bought a large number of shares on Monday — roughly $498,000 worth. A company spokeswoman says the purchases reflect the GE leaders’ “confidence in GE’s long-term strengths and its progress.” — JON CHESTO



Glitch at Needham antenna tower affects several local stations

If you’re having problems picking up local Boston television broadcasts, it’s probably not your set. Since local stations shifted their broadcast frequencies nearly two weeks ago, some stations have been hampered by technical glitches that could make them unavailable to some viewers in outlying areas. Several stations, including WBZ (Channel 4), MyTV38, NBC10, and public broadcasting station WGBX (Channel 44) are broadcasting at reduced power because of defects in an antenna tower in Needham. Jeanne Hopkins, spokeswoman for WGBX and WGBH, said the repairs will take time because the stations must call in a crew of tower repair specialists. “It’s going to be a little bit,” Hopkins said. “More than a week.” Hopkins said that the technical problem in Needham is unrelated to the Aug. 2 changeover, when nine local stations switched to different frequencies. But Hopkins said that the changeover did cause problems at WBGH (Channel 2). She said a very small number of viewers can’t receive the channel at its new frequency, while others can only receive programs in standard-definition video instead of high definition. Hopkins said that WGBH will file a request with the Federal Communications Commission to increase the power output of the station’s transmitter. “We’re going to ask for the maximum allowable power boost,” Hopkins said. “It will take a few weeks.” Viewers who use cable, satellite, or streaming Internet TV services will be unaffected. — HIAWATHA BRAY


Snap unveils new video-recording sunglasses

Snap Inc. unveiled the third — and most expensive — iteration of the company’s video-recording sunglasses on Tuesday. Spectacles 3, the latest wearable device from the company behind the Snapchat social-messaging app, let users record with two cameras instead of one, and have a steel wire frame rather than the chunkier plastic of previous models. At $380 a pair, the new glasses are more than twice as expensive as Snap’s second version. Spectacles 3 are available for preorder, and will be shipped this fall. Snap has not had much success with Spectacles thus far. The company sold more than 200,000 pairs of the original version, which debuted in 2016. — BLOOMBERG NEWS



Wendy’s manager says most job candidates are ‘recovering addicts’

A customer who complained about the service at a Wendy’s in Wareham says a manager responded that the chain has struggled to find qualified candidates. A district manager for the chain blamed the difficulty on the fact that many of the candidates are recovering addicts. That came in a response to customer Matthew Rose who e-mailed the chain’s corporate offices after a couple of bad experiences. He said a district manager e-mailed him back, writing that while it wasn’t an excuse for poor service, the Massachusetts town ‘‘has little to no talent pool to hire from.’’ The manager continued that the restaurant was constantly interviewing candidates but ‘‘most are recovering addicts.’’ Rose said the response was offensive. Wendy’s says the e-mail doesn’t reflect the company’s values or hiring practices and promised to address the matter. — ASSOCIATED PRESS



Effort launched to increase number of women, people of color on boards

In the Russell 3000 index of the 3,000 largest US companies, there are still more than 300 all-male boards. A group of 11 pension and union funds with a collective $750 billion called the Midwest Investor Diversity Initiative, which includes the United Auto Workers Medical Benefits Trust, the Illinois State Treasurer’s Office, and the Ohio Public Employees Retirement System, is calling on small and mid-size companies across six Midwest states to add women and people of color to their boards. So far, the group has persuaded two dozen companies to adopt a version of the National Football League’s Rooney Rule to ensure women and people of color are considered for open directorships. Ten boards have added new members as part of the process, according to data released Tuesday.


Coca-Cola putting Dasani water in aluminum cans

Coca-Cola Co. is putting its Dasani water brand into aluminum cans as the beverage industry faces pressure to reduce its use of plastic. Coke will start selling canned Dasani in the Northeast next month, with plans to expand the product to other parts of the country in 2020. The announcement comes after PepsiCo Inc. said recently it would experiment with selling Aquafina, its mainstream water brand, in cans at restaurants and stadiums. — BLOOMBERG NEWS



World’s biggest tanker begins trek to Asia

The world’s biggest oil tanker has begun a 12,400-mile voyage to a fuel-storage zone in Asia, the latest movement of a vessel that’s intrigued the shipping market and fuel traders for months. More than 1,200 feet long, 16 years old, and able to hold roughly a day of France’s and Britain’s combined oil consumption, Oceania will arrive at Sungai Linggi in Malaysia at the end of September, according to recent signals from the vessel. Oceania has been accumulating cargoes in the Mediterranean Sea since about March. — BLOOMBERG NEWS


CIT Group to buy Mutual of Omaha Bank for $1b

CIT Group is buying Mutual of Omaha Bank for $1 billion to expand its commercial banking operations. The deal would mean the end to the Mutual of Omaha’s foray into the banking sector, initiated in 2007. About $4.5 billion of Mutual of Omaha’s $6.8 billion in deposits come from home owners’ associations and other community groups nationwide. — ASSOCIATED PRESS


Consumer prices rose in July

A key measure of consumer prices unexpectedly accelerated in July in a broad-based advance, signaling inflation may be firming as the Federal Reserve debates whether to lower interest rates further. The core consumer price index, which excludes food and energy, rose 0.3 percent from the prior month, and 2.2 percent from a year earlier, according to a Labor Department report Tuesday. Both gains exceeded the median estimate of economists, while the broader CPI advanced 0.3 percent on the month and 1.8 percent annually. Faster inflation may strengthen the hand of those policy makers who are reluctant to keep lowering borrowing costs following last month’s quarter-point reduction, as employment and consumer spending remain solid. — BLOOMBERG NEWS