REGULATION

Former SEC commissioner returns to Boston law firm

Keith F. Higgins, an attorney who led regulation of corporate finance at the Securities and Exchange Commission under President Barack Obama, has returned to the Boston law firm Ropes & Gray. Higgins was with the SEC from May 2013 through last December. During his tenure, he worked on implementing the Dodd-Frank Wall Street reforms, as well as the JOBS act, which allowed crowdfunding for small businesses. In his new role at Ropes, Higgins will help clients that face SEC inquiries. He will be a special adviser to clients “on high-stakes securities, governance and disclosure matters,’’ and will assist the firm’s government enforcement and business & securities litigation practices. — BETH HEALY

BIOTECH

Biogen drug wins approval from European regulators

Cambridge biotech Biogen Inc. said Thursday that Spinraza, its injectable treatment for spinal ­muscular atrophy, has won approval from European regulators. The disease is the leading genetic cause of death in infants. The marketing authorization by the European Commission comes less than six months after the Food and Drug Administration OK’d the drug for sale in the United States. It’s the first approved genetic treatment for the neuromuscular disease, known as SMA. Regulators from the European Medicines Agency approved Spinraza initially for the most common form of SMA, which affects about 95 percent of all patients. The treatment was approved by the FDA last December for all US patients with SMA, which causes loss of muscle control. Biogen priced the drug at $750,000 for the first year in the United States and $375,000 a year after that. But it didn’t announce a price in Europe, where each country sets the price separately. Typically, drugs cost less in Europe than in the United States. — ROBERT WEISMAN

EMPLOYMENT

Private businesses added 253,000 jobs in May

US private businesses added a robust 253,000 jobs in May, a private survey found, a sign that employers expect economic growth to keep plowing ahead. Payroll processor ADP said Thursday that the hiring primarily came from companies with fewer than 500 employees — which accounted for more than 75 percent of the jobs added last month. Total hiring is up from 174,000 jobs in April and nearly matched the 255,000 jobs added in March. The strong gains all point to a falling unemployment rate. This is because the hiring exceeds the roughly 80,000 people who come into the job market each month, said Mark Zandi, chief economist at Moody’s Analytics. With hiring at the current pace, companies are choosing among a shallower pool of jobseekers — which may cause many firms to raise pay in order to attract talented workers. — ASSOCIATED PRESS

TECHNOLOGY

Microsoft to overhaul Skype

Microsoft Corp.’s Skype helped pioneer modern video conferencing and instant messaging. But its power has taken a backseat in recent years to the convenience of communicating via nearly ubiquitous social networking applications like Snap Inc.’s Snapchat and Apple Inc.’s iMessage. To stay afloat, Skype announced an end-to-end overhaul of the service Thursday -- with iMessage and Snapchat in its sights. The new app has Skype’s standard instant messaging service, international dialing, and multiperson video calling, but it adds integration with third-party services like YouTube, simpler photo sharing, and revamped group chatting with an interface similar to Skype-owned GroupMe. — BLOOMBERG NEWS

CONSTRUCTION

Building falls in April by largest amount in a year

US construction fell in April by the largest amount in a year, reflecting weakness in homebuilding, nonresidential construction, and government projects. The Commerce Department reported Thursday that construction spending fell 1.4 percent in April, the biggest drop since a 2.9 percent fall in April of last year. The decline left spending at a seasonally adjusted annual rate of $1.22 trillion. Construction activity has been one of the bright spots for the economy over the past year, and the big decline in April is expected to be temporary. Analysts are forecasting that construction will provide continued fuel for the economy in the coming year. — ASSOCIATED PRESS

INDUSTRIAL EQUIPMENT

John Deere to pay nearly $5b for German firm

John Deere, famous for its green and yellow farm tractors, will pay almost $5 billion to buy Germany’s Wirtgen, a maker of pavers, compacters, and other machinery used in road construction. Moline, Ill.-based Deere & Co. says the deal will help its construction business expand internationally. Wirtgen’s machines are used to lay concrete and asphalt for highways and roads, crush large rocks, and to flatten roads after hot asphalt has been laid down. Deere says it plans to keep Wirtgen’s brands, employees, and its business operations. The deal is expected to close before the end of January, and values Wirtgen at about $5.2 billion including debt. — ASSOCIATED PRESS

MORTGAGES

Rates are largely flat

Long-term US mortgage rates were flat to slightly lower this week, as the key 30-year rate marked a new low for the year. Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate home loans slipped to 3.94 percent from 3.95 percent last week. The rate stood at 3.66 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971. The rate on 15-year mortgages held steady from last week at 3.19 percent. — ASSOCIATED PRESS

ECONOMY

More people filed for unemployment last week

More people sought US unemployment benefits last week, the second straight week of increases, though levels remain historically low. Applications for weekly unemployment aid rose 13,000 to 248,000. The four-week average, a less volatile figure, rose 2,500 to 238,000. Applications are a close indication of layoffs. They have been below 300,000, a historically low figure, for 117 weeks. That’s the longest streak since 1970. The number of people receiving aid rose 3,244 to 1.8 million, compared with 2 million in the same week last year. The figure has fallen 10 percent in the past year. — ASSOCIATED PRESS

RETAIL

Kmart stores hit by hackers

Sears Holdings Corp. says some of its Kmart stores were targeted by hackers, leading to unauthorized activity on some of its customers’ credit cards. The company said in a blog post that Kmart’s store payment systems were infected with virus-like computer code undetectable by current anti-virus systems. It says some credit card numbers were stolen, although it did not say how many or when. However, it says no personal information, such as names, addresses, social security numbers, and email addresses, was pilfered. The company said it has removed the hackers’ code and is confident Kmart customers can safely use their credit and debit cards in its stores. It says there is no evidence kmart.com or Sears customers were affected. — ASSOCIATED PRESS

RIDE HAILING

Lyft releases first staff diversity report

Ride-hailing startup Lyft Inc. released its first staff diversity report, revealing more women and minorities than rival Uber Technologies Inc., which presented its demographics in March. Lyft said 18 percent of its tech workers are women, compared with just more than 15 percent at Uber. Eleven percent of Lyft’s tech workers belong to a group other than white or Asian, almost double Uber’s corresponding figure. The inclusion reports come as Lyft has tried to distinguish itself as more welcoming than its larger foe, which has been plagued by allegations of sexual harassment and gender discrimination. The data may give Lyft a slight boost in its public relations battle with Uber, but the numbers are in line with the rest of Silicon Valley, where most tech and leadership roles go to white and Asian men. — BLOOMBERG NEWS