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Dana-Farber gets $26 million for research


PHARMACEUTICALS

Stock of Cambridge firm soars with possible coronavirus vaccine

Drugmaker Moderna has shipped its first batch of a possible coronavirus vaccine for humans to government researchers for testing. Shares of the biotech company soared Tuesday, a day after the company said it sent vials to the National Institute of Allergy and Infectious Diseases for early-stage testing in the United States. More than 80,000 people have been infected globally from the viral outbreak that began late last year in China. More than 2,600 people have died from the virus in mainland China, including one US citizen. Shares of the Cambridge company jumped nearly 28 percent Tuesday.
— ASSOCIATED PRESS

ENTERTAINMENT

Iger steps down as Disney CEO

Disney CEO Bob Iger, who steered the company through successful purchases of Star Wars, Marvel, and Fox’s entertainment businesses, is stepping down immediately, the company said in a surprise announcement Tuesday. The Walt Disney Co. named as his replacement Bob Chapek, most recently chairman of Disney’s parks, experiences, and products business. Iger will remain executive chairman through the end of his contract Dec. 31, 2021. — ASSOCIATED PRESS

SEAFOOD

China making US lobster eligible for break on tariffs

China is making US lobster eligible for a tariff reduction, good news for lobster fishermen who lost a key export market during trade hostilities, Maine’s congressional delegation announced Tuesday. The one-year exemption process may exclude $300 million worth of US seafood from punitive tariffs imposed during a trade war with the United States, Senators Susan Collins and Angus King and Representatives Chellie Pingree and Jared Golden, said in a joint statement. Starting next week, Chinese businesses could apply for a tariff exemption that would let them buy US lobster at a lower price, officials said.
— ASSOCIATED PRESS

RETAIL

New owners of Forever 21 hire former H & M executive as CEO

The new owners of Forever 21 Inc. have hired an executive from another fast-fashion chain to steer the troubled retailer out of bankruptcy. Daniel Kulle, who worked at H & M for more than two decades, will take over as Forever 21’s chief executive officer, Authentic Brands Group Inc. said in a statement Tuesday. Authentic Brands is part of a group that bought Forever 21. Kulle recently served as H&M’s North America president for nine years. — ASSOCIATED PRESS

VAPING

39 states sue Juul

A coalition of 39 states will look into the marketing and sales of vaping products by Juul Labs, including whether the company targeted youths and made misleading claims about nicotine content in its devices, officials announced Tuesday. Attorneys general from Connecticut, Florida, Nevada, Oregon, and Texas said they will lead the multi-state investigation into San Francisco-based Juul, which also is facing lawsuits by teenagers and others who say they became addicted to the company’s vaping products. Nine attorneys general previously announced lawsuits against the company, most alleging that the company adopted the playbook of Big Tobacco by luring teens with youth-oriented marketing while failing to stop underage sales. Massachusetts Attorney General Maura Healey sued the company this month, citing company records to allege that Juul bought advertisements on websites designed for teens and children, including Seventeen.com, Nickjr.com and Cartoonnetwork.com. — ASSOCIATED PRESS

PHARMACEUTICALS

Mallinckrodt tentatively agrees to pay $1.6 billion to settle opioid lawsuits

The generic-drug manufacturer Mallinckrodt Pharmaceuticals has tentatively agreed to pay $1.6 billion to settle thousands of lawsuits in a major federal case attempting to determine who should pay for the ravages of the opioid crisis. Mallinckrodt, one of the largest manufacturer of generic opioids, will pay $1.6 billion to a trust over eight years and enter its generics business into Chapter 11 bankruptcy. The company reached the agreement with a group of lawyers representing thousands of municipalities that have sued companies up and down the opioid supply chain. The framework for the agreement has also been approved by 47 state and territory attorneys general, who have brought separate cases against opioid companies. — WASHINGTON POST

AUTOMOTIVE

Ford recalling more than 217,000 pickups

Ford is recalling more than 217,000 pickup trucks mainly in North America to fix a problem with the daytime running lights. The recall covers certain F-150 trucks with LED headlights from the 2018 through 2020 model years. The automaker says the running lights will keep working if the driver moves the headlight switch from auto to the low beam position. — ASSOCIATED PRESS

FINANCE

JPMorgan Chase to cut ties with coal companies

JPMorgan Chase & Co. will no longer do business with coal companies and will restrict financing to companies that drill in the Arctic, the company announced Tuesday. The announcement came in tandem with the bank announcing it would extend $200 billion in financing to clean and renewable energy companies by 2025. The bank is currently holding its annual investor day in San Francisco, where the announcement was made.
— ASSOCIATED PRESS

GROCERY STORES

Amazon opens supermarket sans cashiers in Seattle

Amazon is aiming to kill the supermarket checkout line. The online retailing giant is opening its first cashier-less supermarket, the latest sign that Amazon is serious about shaking up the $800 billion grocery industry. At the new store, opening Tuesday in Seattle, shoppers can grab milk or eggs and walk out without checking out or opening their wallets. Shoppers scan a smartphone app to enter the store. Cameras and sensors track what’s taken off shelves. Items are charged to an Amazon account after leaving. — ASSOCIATED PRESS

RETAIL

Macy’s had better than expectedfourth-quarter

Macy’s reported stronger-than-expected sales and profits for the fourth quarter less than a month after it announced a major restructuring. The quarterly report comes three weeks after the department store chain said it was closing 125 of its least productive stores and cutting 2,000 corporate jobs. It also says it is testing new smaller-store formats. The store closures represent one fifth of Macy’s total. They include about 30 that are in the process of closing and account for $1.4 billion in annual sales. — ASSOCIATED PRESS



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