BIOTECH
FDA rejects drug pump by Intarcia Therapeutics
The Food and Drug Administration has rejected a highly anticipated drug pump made by Intarcia Therapeutics Inc. The Boston biotech has been developing a tiny implantable device that treats diabetes by periodically releasing the blood sugar-modulating drug exenatide — for up to six months at a time. In its letter, the FDA said it has some questions about the company’s manufacturing practices. Intarcia says it plans to address regulators’ concerns, but does not expect that will require more testing of the pump. Intarcia chief executive Kurt Graves said in a statement that the company remains “confident in the approvability’’ of the device. Intarcia, he said, has an “unwavering commitment to bring forward a new category of medicines that are fundamentally designed to address major unmet needs in diabetes and other serious chronic diseases.’’ Intarcia, which last year was valued at about $3.5 billion, brought in $600 million in its latest funding round. — STAT
MORTGAGES
Rates unchanged this week
Long-term mortgage rates are unchanged this week: The 30-year fixed-rate mortgage remained at 3.83 percent; the 15-year home loan, popular among homeowners who refinance their mortgages, stayed at 3.13 percent, mortgage buyer Freddie Mac said. — ASSOCIATED PRESS
RETAIL
Ikea buys TaskRabbit to help you put furniture together
Ikea, the Swedish furniture store, is famous for its wordless assembly instruction booklets. But in case you have trouble figuring out the pictures — or simply lack the patience for hex wrenches — the company said Thursday that it’s buying TaskRabbit, the gig-economy startup that lets you contract out those types of tasks to other people. The two companies did not disclose the size of the purchase. But in a release, Ikea said that the deal will allow it to connect customers to the freelancers on TaskRabbit’s digital platform, many of whom already do packing and moving, furniture assembly, or cleaning. — WASHINGTON POST
TECHNOLOGY
Drone experiment takes flight in Switzerland
Drones will help deliver toothbrushes, deodorant, and smartphones to Swiss homes this fall as part of a pilot project, the first of its kind over a densely populated area. The drones will take items from a distribution center in the Zurich area and transport them 8 to 16 kilometers to waiting delivery vans. The van drivers will then bring the packages to homes. Matternet, which is based in Menlo Park, Calif., is partnering on the project with Mercedes-Benz’s vans division and Swiss e-commerce startup Siroop. — ASSOCIATED PRESS
REGULATION
FDA approves blood sugar monitor that doesn’t require finger prick
US regulators have approved the first continuous blood sugar monitor for diabetics that doesn’t need backup finger-prick tests. Current models require users to test a drop of blood twice daily to calibrate, or adjust, the monitor. The pain of finger sticks and the cost of testing supplies discourage many people from keeping close tabs on their blood sugar, which is needed to manage insulin use and adjust what they eat. Abbott’s new FreeStyle Libre Flash Glucose Monitoring System, approved Wednesday by the Food and Drug Administration, uses a sensor attached to the upper arm. Patients wave a reader device over it to see the current blood sugar level and changes during the past eight hours. — ASSOCIATED PRESS
AIRLINES
Flights delayed worldwide by software malfunction
Flights were delayed and travelers struggled to check in at airports around the world on Thursday after a software program used by several major airlines went down. The program, known as Altea and developed by a company called Amadeus, encountered problems as a result of what Amadeus called a “network issue.’’ Altea helps airlines manage customer reservations, including tagging luggage and issuing boarding passes. Amadeus software is used by 189 airlines — including major carriers like British Airways, Lufthansa, Thai Airways, and Air France. — NEW YORK TIMES
FOOD
Struggling Kellogg gets a new CEO
Kellogg’s CEO is retiring and will be succeeded by an executive from a vitamin and protein bar company, as packaged-food makers try to keep customers who are looking for healthier products. The maker of Frosted Flakes, Pop-Tarts, and Eggo waffles said chief executive John Bryant will be replaced by Steven Cahillane, 52, an executive from Nature’s Bounty Co., which makes Balance bars, Solgar supplements, and Ester-C vitamins. Kellogg has struggled to make its cereals and snacks more appealing to Americans who are seeking to avoid processed food. Its revenue has fallen every year since 2013. — ASSOCIATED PRESS
UNEMPLOYMENT
Claims rise in wake of Hurricane Irma
The number of Americans applying for unemployment benefits rose by 12,000 last week to 272,000 as Florida continued to absorb the economic impact of Hurricane Irma. The Labor Department said Thursday that the less-volatile four-week average rose by 9,000 to 277,750, the highest since February 2016. The number of Americans collecting unemployment checks has fallen nearly 7 percent during the past year. — ASSOCIATED PRESS
EMPLOYMENT
Paid sick time is now the law in Rhode Island
Democratic Rhode Island Governor Gina Raimondo has signed legislation to mandate paid time off for workers who call in sick. Raimondo, who signed the law Thursday, said it will enable 100,000 Rhode Island workers to take sick days. Lawmakers approved the measure this month. Republican lawmakers opposed it, saying it will hurt businesses and the economy. Raimondo said being able to recover from an illness or care for a sick relative without having to worry about losing your job or going without pay is a basic right. Employees will be guaranteed three days of paid sick leave in 2018, four days in 2019, and five days in 2020. The requirement only applies to businesses with 18 or more employees. Neighboring Massachusetts and Connecticut currently require paid sick leave. — ASSOCIATED PRESS
INDUSTRY
India wants to alter locomotive contract with GE
Two years after signing an agreement with General Electric Co. for a local diesel-engine factory, India said it is in talks to alter the contract as it favors electric locomotives. Railway Minister Piyush Goyal said the government is negotiating ways to tweak the agreement as the nation shifts to less-polluting modes of transportation. The two sides have considered options including exports of some of the engines and making them more fuel efficient to reduce pollution. GE doesn’t make electric locomotives. In a statement on Tuesday, the Boston-based company said if Indian officials walked away from the deal it will damage efforts to create jobs, and altering it will “undermine one of the most promising infrastructure projects in the country.’’ India may also be on the hook for “substantial fees associated with this project,’’ GE said. — BLOOMBERG NEWS
AIRLINES
Southwest says disasters to cut sales by $100m
Southwest Airlines Co. said third-quarter sales will take a $100 million blow from this year’s devastating hurricanes and earthquakes. About 5,000 flights had been canceled through Wednesday because of the natural disasters, the carrier said in a statement Thursday. Southwest also pared its outlook for revenue from each seat flown a mile, saying the benchmark gauge would be little changed in the third quarter even in a best-case scenario. Previously, it said the figure would potentially increase “slightly.’’ — BLOOMBERG NEWS
