FINANCE

State Street’s executive urges boards to slow down activist deals

State Street Corp.’s asset management head, Ron O’ Hanley, is calling on directors of public companies to resist the short-term interests of activist investors as they win a growing number of board seats. In a statement Monday, he said corporate boards are hastily giving more seats to activists without offering long-term shareholders a chance for input on questions such as strategy and compensation. He said activists should be required to hold stock for long periods from the settlement date to better align them with the interests of other shareholders. “We recognize there are different ways for activists to engage with companies and that some activists can drive positive change,’’ O’Hanley said. “But we are wary of activist situations that favor short-term gains at the expense of long-term investor interests.’’ O’Hanley’s comments come in response to research from Lazard’s Corporate Preparedness Group that shows that more companies are reaching quick settlements with activists. As of August, 49 companies had conceded 104 board seats to activists in settlements this year, compared with 106 seats given by 54 companies in 2015. — BLOOMBERG NEWS

SMARTPHONES

Power down Galaxy Note 7s, Samsung says, as battery problems linger

Samsung has instructed users of the original and replacement Galaxy Note 7s to power down and store their devices until further notice, amid reports that a number of the devices had caught fire. The South Korean company also temporarily halted production of the Note 7, a person familiar with the decision said on Monday. The decision comes just five weeks after Samsung said it would recall 2.5 million of the sleek, high-end smartphones following reports of battery fires, suggesting that it has not been able to fix the problem. The South Korean electronics giant had initially said that the problem was solved, after allowing consumers to trade in their phones for new ones. But production was halted after telecommunications companies in the United States and Australia said they would not offer the Note 7 following reports of fires involving new phones in which the problem was supposedly fixed. Samsung made the decision to halt production for consumer safety reasons and in cooperation with the authorities in the United States and China, according to the person familiar with the process. Samsung said it hoped to provide an update within a month. — NEW YORK TIMES

MANUFACTURING

Tesla, SolarCity shares rise as merger looms

Shares of Tesla Motors and SolarCity are up after the head of both companies said they won’t have to raise money this year. Elon Musk tweeted over the weekend that the money-losing companies won’t need to raise equity or corporate debt, despite a proposed merger and other potentially costly moves. Musk said Tesla will introduce a new product on Oct. 17. Its lower-cost Model 3 is also due out next year. Musk, chairman of SolarCity and CEO of Tesla, proposed in June that Tesla acquire SolarCity. Shareholders must still vote on the merger, which has been delayed by multiple lawsuits. — ASSOCIATED PRESS

BIOTECH

Mylan tries to move past EpiPen controversy

The worst appears to be over for Mylan and its EpiPen controversy. It took a $465 million settlement with the Justice Department and a grilling from Congress for its chief executive to get there. The drug maker’s shares rallied Monday following Friday’s settlement, resolving claims by Medicaid that Mylan overcharged the government for the allergy shot. That helped erase some of the stock’s 26 percent slide since August, when lawmakers began asking why Mylan had raised EpiPen’s price sixfold since 2007 and ripped off the government along the way. Details of the agreement have not been filed in court. A Justice Department spokeswoman didn’t immediately respond to an e-mail seeking comment on Monday, when federal offices were closed — BLOOMBERG NEWS

FOOD

Turkey Hill recalls mislabeled ice cream

Turkey Hill is recalling some mislabeled packages of ice cream. The dairy says some of its 48-ounce containers of Dutch Chocolate Premium actually contain Rocky Road Premium instead. Rocky Road contains almond and egg ingredients, which could pose problems for people with allergies. The dairy is recalling all packages of Dutch Chocolate ice cream that have Rocky Road lids and a sell-by date of May 23, 2017. The company has told stores to pull the ice cream from their shelves. There have been no reports of illness. The ice cream is sold in 25 states, including New England. — ASSOCIATED PRESS