You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • China detains employees of suspect meat seller
    Five employees of a company accused of selling expired beef and chicken to McDonald’s, KFC and other restaurants in China were detained by police Wednesday after an official said illegal activity was an organized effort by the
  • Meat supplier in China scandal has global reach
    It isn’t a household name, but the company at the center of a food scandal in China helps make some of the world’s most popular foods, including the Big Macs and Quarter Pounders served at McDonald’s locations.
  • IMF sees US growth at weakest since recession
    U.S. economic growth this year will likely be at the weakest pace since the Great Recession ended, the International Monetary Fund said, mostly because of a sharp, weather-related contraction in the first quarter.
Advertisement
Briefs

New drug could get rival off shelf

Purdue Pharma plans to apply for regulatory approval of a tamper-resistant competitor to Zogenix’s powerful pain pill, a move that could get its rival’s drug pulled from the market by U.S. regulators.

Purdue’s experimental drug hydrocodone bitartrate met the goal of reducing chronic low-back pain in a final-stage trial, the closely held company said last week. Purdue’s pill is hard to crush and snort or inject, while Zogenix’s Zohydro ER doesn’t have abuse-deterrent features.

Zohydro’s potential for abuse led two senators this month to ask the Food and Drug Administration to pull the medicine from the market.

“If and when they, or another manufacturer, are able to create an abuse-deterrent formulation that remains safe and effective for patients, we would certainly give serious consideration to assuring that any non-abuse formulations are removed from the market,” Bob Rappaport, the FDA’s director of pain drugs, said in an Oct. 25 review of Zohydro’s approval.

eBay CEO’s 2013 pay sinks 53 percent

eBay Inc. CEO John J. Donahoe’s total compensation for 2013 plunged 53 percent compared with 2012, when the e-commerce company gave its leader more than $23 million in stock awards.

The San Jose, Calif., company, which is sparring with activist investor Carl Icahn over board seats and its future direction, also gave Donahoe, 53, and other executives a lower-than-targeted incentive payment earlier this year. It noted that eBay missed financial targets last year, according to a regulatory filing.

Textron closes purchase of Beechcraft

Textron announced last week it has completed its purchase of Beechcraft and will combine the airplane maker with its Cessna unit to form an aviation business that generates about $4.6 billion in annual revenue.

The defense contractor paid about $1.4 billion in cash for Beechcraft parent Beech Holdings LLC. Textron used cash, issued $600 million in senior notes, and borrowed $500 million to finance the deal, which was announced in late December.

The company said it would preserve the Beechcraft, Cessna and Hawker general-aviation brands under Cessna CEO Scott Ernest. The acquisition gives Textron a broader selection of aircraft and services to sell to customers, the company said.

Advertisement