BIOTECH
Biogen revises hopes for Alzheimer’s treatment
Biogen is declaring success with a once-failed treatment for Alzheimer’s disease, pointing to positive secondary results from a mid-stage study in hopes of saving a drug many in the field had written off. The treatment, BAN2401, failed its primary goal of beating out placebo over the course of 12 months. But looking at 18 months’ worth of data from the Phase 2 trial, Biogen and partner Eisai said late Thursday that one dose of the treatment — the highest of five tested — had a significant effect on both cognition and the accumulation of toxic plaques in the brain. But just how significant that effect was remains unknown. Biogen and Eisai are disclosing only top-line results from the study while planning to present detailed data at a future medical meeting. Now the company, partnered with Japanese drug maker Eisai, plans to meet with US and European regulators about a path forward, aiming to design a large-scale study that might get BAN2401 approved for sale. — STAT
CASINOS
General counsel of Wynn Resorts leaves
Wynn Resorts Ltd., whose founder left earlier this year over allegations of sexual harassment, said general counsel Kim Sinatra left her position, marking another high-profile change at the casino company. Wynn Resorts hasn’t finalized the terms of her transition, according to a filing Thursday. Sinatra (right) had held the post since 2004. Sinatra’s departure follows other high-level changes at the Las Vegas-based company, including on the board, following the resignation of chief executive Steve Wynn in February. — BLOOMBERG NEWS
INTERNATIONAL
Kim Dotcom loses another bid to avoid extradition to US
Internet entrepreneur Kim Dotcom (left) and three of his former colleagues have lost their latest bid to avoid extradition to the United States to face criminal charges. New Zealand’s Court of Appeal on Thursday upheld court rulings that found the men were eligible to be handed over to US authorities. Dotcom’s lawyer Ira Rothken said they were disappointed with the judgment and planned to file an appeal with New Zealand’s Supreme Court. The latest decision comes more than six years after US authorities shut down Dotcom’s file-sharing website Megaupload and filed charges of conspiracy, racketeering, and money laundering against the men. If found guilty, they could face decades in prison. — ASSOCIATED PRESS
COFFEE
Starbucks employee fired for allegedly mocking stuttering customer
Starbucks said an employee in Philadelphia has been fired after reportedly mocking a customer with a stutter. The coffee chain said the behavior did not reflect the experience customers should have and the employee is no longer with Starbucks. A customer posted Sunday on Facebook that his friend stuttered when giving his name. He said the barista then made light of it verbally and then spelled the name with extra letters. The friend e-mailed Starbucks and was offered $5 as an apology, according to the post. Starbucks also said that was not the ideal response. In May, Starbucks held antiracial-bias training for thousands of US employees after a worker at another Philadelphia store called police on two black men waiting for a friend. — ASSOCIATED PRESS
TRAVEL
Summer airport crowds bigger than at the holidays
If you’re looking to avoid the big crowds at the airport, you might delay traveling until — get this — Thanksgiving or Christmas. Contrary to popular belief, airlines carry thousands more people on some days in June, July, and August than around the end-of-year holidays. American Airlines Group expects to fly 692,300 people on July 8, making it the busiest day this summer. It will operate 6,892 flights on July 13 and again on July 20, the most so far this year. The carrier’s most-crowded day last summer was June 30, when it flew 698,300 people. By contrast, American’s biggest day in November involved 677,317 passengers, and its heaviest day in December, 682,390. — BLOOMBERG NEWS
BANKING
Credit Suisse to pay $77 million fine for hiring relatives of Chinese officials
Credit Suisse is paying $77 million to the Justice Department and the Securities and Exchange Commission to settle charges that it hired relatives of influential Chinese officials in order to win business for the bank in the country. Prosecutors said Credit Suisse’s managers in Asia admitted that between 2007 and 2013 they hired job candidates suggested by powerful people in China’s government and state-run corporations with the expectation that the bank would receive lucrative new deals in return. As part of the settlement, the bank acknowledged its actions violated the Foreign Corrupt Practices Act. — NEW YORK TIMES
INTERNATIONAL
ZTE names new leader as US weighs ban
ZTE Corp. has appointed a 20-year veteran to lead the Chinese telecom as the United States weighs an end to a seven-year ban. Board members unanimously voted in Xu Ziyang, who was most recently in charge of the company’s wireless-network products, to replace Zhao Xianming, according to a Hong Kong stock exchange filing. Wang Xiyu, Gu Junying, and Li Ying, who was also selected as chief financial officer, were named vice presidents. New leadership was one of several conditions in an agreement struck between ZTE and the United States to end a ban on technology purchases that crippled its business. The Chinese company also agreed to pay a steep fine for violating sanctions on exports to Iran and North Korea, then lying about it. — BLOOMBERG NEWS
AVIATION
Boeing in joint venture with Brazilian company
Boeing Co. and the Brazilian jet maker Embraer will attempt to form a joint venture that would push the US aerospace giant more aggressively into the regional aircraft market. The new company, which faces scrutiny from lawmakers in Brazil, is valued at about $4.7 billion. The companies said Thursday that Boeing will own 80 percent of the venture, and Embraer SA 20 percent. Brazilian lawmakers have been hesitant to allow any deal, fearing the loss of control of a major industrial and defense asset. — ASSOCIATED PRESS
EMPLOYMENT
177,000 workers added in June
US businesses added 177,000 workers in June, a sign of health and resilience for the US labor market and economy, according to a private survey. Payroll processor ADP said Thursday that hiring was led by employers with more than 50 workers, accounting for 84 percent of the job growth. Education and health added 46,000 workers. Leisure and hospitality added 33,000 jobs, as did professional and business services. — ASSOCIATED PRESS
MORTGAGES
Rates fall for fifth time in six weeks
Long-term mortgage rates fell this week, offering a slight degree of relief to would-be home buyers. Mortgage buyer Freddie Mac said the average rate on 30-year, fixed-rate mortgages dropped to 4.52 percent from 4.55 percent a week ago. Rates have declined in five of the past six weeks. Still, the average rate has increased from a year ago when it stood at 3.96 percent. — ASSOCIATED PRESS
INTERNATIONAL
London black cabs to show up on German streets
London EV Co. plans to start selling an electric version of the iconic black cab in Germany, targeting a slice of the nation’s taxi business dominated for decades by Daimler’s diesel vehicles. As being green matters more and more to European consumers, LEVC plans to benefit from a partnership with Volvo to sell hundreds of its battery-run black cabs in Berlin and other German cities. The car is already ferrying passengers on the streets of Amsterdam and Oslo. — BLOOMBERG NEWS
